The Xchange Blog

Q3 2019: Will Earnings Keep Topping Expectations?

Even under the shadow of a vague China trade deal this week, markets took on a positive mood, as the focus moved away from headlines and macro events, toward earnings.

Reports from major banks were solid, small-caps have shown relative strength and some recently battered sectors like biotechnology and retail have ticked up. On Monday, the S&P 500 moved steadily higher during the day, albeit on lower volume, and Tuesday was relatively flat.  But a large number of Q3 earnings reports continue for the next several weeks. The lion’s share of the S&P 500 will report in the next two weeks.

Of the companies that have already announced earnings through Friday (10/18/19), 81% posted earnings that beat analyst expectations. Should the trend continue, some traders think the index could test its all-time high. 

Below is a table identifying the percentage of names in each index reporting, arranged by trading week. Following that table is a list of Top Ten Holdings for key indexes, along with their earnings announcement dates, and corresponding bold trades using Direxion Leveraged ETFs.

 

Source: Bloomberg. Data as of 10/9/2019.

 

Q3 Quarterly Earnings Calendar

(All index data as of 9/30/2019)

S&P 500 Index (SPXT)   S&P 400 Index (MID)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Microsoft Corp MSFT 4.34% 10/23/2019 STERIS PLC STE 0.71% 11/14/2019
Apple Inc AAPL 3.97% 10/30/2019 Teledyne Technologies Inc TDY 0.69% 10/23/2019
Amazon.com Inc AMZN 2.95% 10/24/2019 Alleghany Corp Y 0.66% 11/5/2019
Facebook Inc FB 1.78% 10/30/2019 Camden Property Trust CPT 0.65% 10/31/2019
Berkshire Hathaway Inc BRK/B 1.66% 11/4/2019 Old Dominion Freight Line Inc ODFL 0.63% 10/24/2019
Alphabet Inc GOOG 1.50% 10/28/2019 Zebra Technologies Corp ZBRA 0.63% 10/29/2019
JPMorgan Chase & Co JPM 1.49% 10/15/2019 Domino’s Pizza Inc DPZ 0.62% 2/20/2020
Alphabet Inc GOOGL 1.49% 10/28/2019 West Pharmaceutical Services Inc WST 0.62% 10/24/2019
Johnson & Johnson JNJ 1.42% 10/15/2019 WR Berkley Corp WRB 0.62% 10/22/2019
Procter & Gamble Co/The PG 1.26% 10/22/2019 Tyler Technologies Inc TYL 0.61% 10/24/2019
Related Funds:

Related Funds:

 Russell 2000® Index (RU20INTR)    Russell 1000 Financial Services Index (RGUSFLA)  
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Haemonetics Corp HAE 0.34% 11/1/2019 Berkshire Hathaway Inc BRK/B 7.17% 11/4/2019
Novocure Ltd NVCR 0.34% 10/31/2019 JPMorgan Chase & Co JPM 6.41% 10/15/2019
Trex Co Inc TREX 0.28% 10/28/2019 Visa Inc V 5.44% 10/24/2019
Portland General Electric Co POR 0.27% 11/1/2019 Mastercard Inc MA 4.36% 10/29/2019
Generac Holdings Inc GNRC 0.27% 10/30/2019 Bank of America Corp BAC 4.20% 10/16/2019
First Industrial Realty Trust Inc FR 0.27% 10/23/2019 Wells Fargo & Co WFC 3.43% 10/15/2019
Science Applications International Corp SAIC 0.26% 12/9/2019 Citigroup Inc C 2.71% 10/15/2019
ONE Gas Inc OGS 0.26% 10/28/2019 PayPal Holdings Inc PYPL 2.10% 10/23/2019
Rexford Industrial Realty Inc REXR 0.26% 10/30/2019 American Tower Corp AMT 1.77% 10/31/2019
Southwest Gas Holdings Inc SWX 0.26% 11/5/2019 Fidelity National Information Services Inc FIS 1.42% 10/29/2019
Related Funds:

Related Funds:

Technology Select Sector Index (IXTTR) Health Care Select Sector Index (IXVTR)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Microsoft Corp MSFT 19.59% 10/23/2019 Johnson & Johnson JNJ 10.36% 10/15/2019
Visa Inc V 5.63% 10/24/2019 Merck & Co Inc MRK 6.48% 10/29/2019
Mastercard Inc MA 4.53% 10/29/2019 UnitedHealth Group Inc UNH 6.34% 10/15/2019
Intel Corp INTC 4.17% 10/24/2019 Pfizer Inc PFE 5.96% 10/29/2019
Cisco Systems Inc CSCO 3.72% 11/13/2019 Medtronic PLC MDT 4.31% 11/19/2019
Adobe Inc ADBE 2.47% 12/12/2019 Abbott Laboratories ABT 4.22% 10/16/2019
salesforce.com Inc CRM 2.41% 11/27/2019 Amgen Inc AMGN 3.56% 10/29/2019
International Business Machines Corp IBM 2.30% 10/16/2019 Thermo Fisher Scientific Inc TMO 3.34% 10/23/2019
Oracle Corp ORCL 2.23% 12/17/2019 Eli Lilly & Co LLY 2.74% 10/23/2019
Texas Instruments Inc TXN 2.21% 10/22/2019 Danaher Corp DHR 2.64% 10/17/2019
Related Funds:

Related Funds:

S&P Consumer Discretionary Index (IXYTR) S&P Consumer Staples Index (IXRTR)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Home Depot Inc/The HD 11.06% 11/19/2019 Procter & Gamble Co/The PG 16.45% 10/22/2019
McDonald’s Corp MCD 7.18% 10/22/2019 Coca-Cola Co/The KO 11.17% 10/18/2019
NIKE Inc NKE 5.14% 12/20/2019 PepsiCo Inc PEP 10.34% 2/14/2020
Starbucks Corp SBUX 4.56% 10/30/2019 Walmart Inc WMT 9.10% 11/14/2019
Booking Holdings Inc BKNG 3.65% 11/7/2019 Philip Morris International Inc PM 4.77% 10/17/2019
Lowe’s Cos Inc LOW 3.63% 11/20/2019 Mondelez International Inc MDLZ 4.69% 10/23/2019
TJX Cos Inc/The TJX 3.00% 11/19/2019 Altria Group Inc MO 4.69% 10/31/2019
Target Corp TGT 2.53% 11/20/2019 Costco Wholesale Corp COST 4.58% 12/12/2019
General Motors Co GM 1.91% 10/29/2019 Colgate-Palmolive Co CL 3.58% 11/1/2019
Dollar General Corp DG 1.84% 11/27/2019 Kimberly-Clark Corp KMB 2.80% 10/22/2019
Related Funds:

Related Funds:

S&P Industrials Select Sector Index (IXITR) S&P Energy Select Sector Index (IXETR)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Boeing Co/The BA 9.01% 10/23/2019 Exxon Mobil Corp XOM 22.84% 11/1/2019
Honeywell International Inc HON 5.17% 10/17/2019 Chevron Corp CVX 21.22% 11/1/2019
Union Pacific Corp UNP 4.91% 10/17/2019 Phillips 66 PSX 4.71% 10/25/2019
United Technologies Corp UTX 4.82% 10/22/2019 ConocoPhillips COP 4.62% 10/29/2019
Lockheed Martin Corp LMT 4.31% 10/22/2019 EOG Resources Inc EOG 4.11% 11/7/2019
3M Co MMM 3.93% 10/24/2019 Marathon Petroleum Corp MPC 4.08% 10/31/2019
United Parcel Service Inc UPS 3.58% 10/22/2019 Kinder Morgan Inc/DE KMI 4.01% 10/16/2019
General Electric Co GE 3.27% 10/30/2019 Schlumberger Ltd SLB 3.98% 10/18/2019
Caterpillar Inc CAT 3.02% 10/23/2019 Occidental Petroleum Corp OXY 3.75% 11/6/2019
Northrop Grumman Corp NOC 2.63% 10/24/2019 Valero Energy Corp VLO 3.62% 10/24/2019
Related Funds:

Related Funds:

S&P Utilities Select Sector Index (IXUTR) S&P Communication Services Select Sector Index (IXUTR)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
NextEra Energy Inc NEE 12.90% 10/22/2019 Facebook Inc FB 18.37% 10/30/2019
Duke Energy Corp DUK 7.97% 11/8/2019 Alphabet Inc GOOG 11.72% 10/28/2019
Dominion Energy Inc D 7.60% 11/1/2019 Alphabet Inc GOOGL 11.63% 10/28/2019
Southern Co/The SO 7.34% 10/30/2019 Charter Communications Inc CHTR 4.76% 10/25/2019
Exelon Corp EXC 5.28% 10/31/2019 Verizon Communications Inc VZ 4.65% 10/25/2019
Sempra Energy SRE 4.59% 11/8/2019 AT&T Inc T 4.61% 10/23/2019
Xcel Energy Inc XEL 3.81% 10/24/2019 Comcast Corp CMCSA 4.46% 10/24/2019
Public Service Enterprise Group Inc PEG 3.54% 10/30/2019 Walt Disney Co/The DIS 4.40% 11/7/2019
Consolidated Edison Inc ED 3.53% 10/31/2019 Netflix Inc NFLX 4.27% 10/16/2019
WEC Energy Group Inc WEC 3.40% 10/30/2019 Twitter Inc TWTR 4.09% 10/25/2019
Related Funds:

Related Funds:

S&P Retail Select Industry Index (SPSIRETR) S&P Pharmaceuticals Select Industry Index (SPSIPHTR)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Hibbett Sports Inc HIBB 1.67% 11/22/2019 Zoetis Inc ZTS 5.00% 11/7/2019
GameStop Corp GME 1.60% 12/5/2019 Bristol-Myers Squibb Co BMY 4.92% 10/31/2019
Rite Aid Corp RAD 1.50% 12/26/2019 Merck & Co Inc MRK 4.89% 10/29/2019
Ulta Beauty Inc ULTA 1.44% 12/5/2019 Horizon Therapeutics Plc HZNP 4.87% 11/6/2019
Target Corp TGT 1.42% 11/20/2019 Johnson & Johnson JNJ 4.75% 10/15/2019
Foot Locker Inc FL 1.42% 11/22/2019 Eli Lilly & Co LLY 4.65% 10/23/2019
Dollar General Corp DG 1.41% 11/27/2019 Pfizer Inc PFE 4.65% 10/29/2019
Costco Wholesale Corp COST 1.40% 12/12/2019 Catalent Inc CTLT 4.51% 11/5/2019
Sally Beauty Holdings Inc SBH 1.40% 11/7/2019 Elanco Animal Health Inc ELAN 4.51% 11/6/2019
Dillard’s Inc DDS 1.40% 11/15/2019 Perrigo Co PLC PRGO 4.45% 11/7/2019
Related Funds:

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S&P Oil & Gas Exploration and Production Index (SPSIOP) S&P Biotechnology Select Industry Index (SPSIBITR)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Marathon Petroleum Corp MPC 2.91% 10/31/2019 Seattle Genetics Inc SGEN 2.02% 10/29/2019
PBF Energy Inc PBF 2.66% 10/31/2019 Medicines Co/The MDCO 1.88% 10/30/2019
HollyFrontier Corp HFC 2.63% 10/31/2019 Arrowhead Pharmaceuticals Inc ARWR 1.87% 12/10/2019
Hess Corp HES 2.59% 10/30/2019 Ligand Pharmaceuticals Inc LGND 1.80% 11/4/2019
Phillips 66 PSX 2.55% 10/25/2019 Regeneron Pharmaceuticals Inc REGN 1.79% 10/31/2019
Valero Energy Corp VLO 2.55% 10/24/2019 Celgene Corp CELG 1.77% 10/24/2019
Delek US Holdings Inc DK 2.45% 11/4/2019 Amgen Inc AMGN 1.76% 10/29/2019
ConocoPhillips COP 2.45% 10/29/2019 United Therapeutics Corp UTHR 1.73% 10/30/2019
Murphy Oil Corp MUR 2.40% 10/31/2019 Incyte Corp INCY 1.71% 10/29/2019
Cabot Oil & Gas Corp COG 2.40% 10/24/2019 Vertex Pharmaceuticals Inc VRTX 1.70% 10/23/2019
Related Funds:

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S&P Regional Banks Select Industry Index (SPSIRBKT) MSCI US REIT Index (RMS G)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
PNC Financial Services Group Inc/The PNC 2.89% 10/16/2019 Prologis Inc PLD 5.40% 10/15/2019
First Republic Bank/CA FRC 2.85% 10/15/2019 Equinix Inc EQIX 4.82% 10/30/2019
BB&T Corp BBT 2.82% 10/17/2019 Simon Property Group Inc SPG 4.51% 10/27/2019
M&T Bank Corp MTB 2.82% 10/17/2019 Public Storage PSA 3.89% 10/30/2019
SunTrust Banks Inc STI 2.82% 10/17/2019 Welltower Inc WELL 3.72% 10/28/2019
Comerica Inc CMA 2.79% 10/16/2019 Equity Residential EQR 3.25% 10/22/2019
Zions Bancorp NA ZION 2.77% 10/21/2019 AvalonBay Communities Inc AVB 3.04% 10/28/2019
KeyCorp KEY 2.71% 10/17/2019 Digital Realty Trust Inc DLR 2.71% 10/29/2019
Huntington Bancshares Inc/OH HBAN 2.70% 10/24/2019 Ventas Inc VTR 2.65% 10/25/2019
Regions Financial Corp RF 2.67% 10/22/2019 Realty Income Corp O 2.48% 10/31/2019
Related Funds:

Related Funds:

Dow Jones Transportation Average (DJTTR) PHLX Semiconductor Sector Index (XSOX)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Norfolk Southern Corp NSC 10.37% 10/23/2019 NVIDIA Corp NVDA 8.41% 11/14/2019
Union Pacific Corp UNP 9.45% 10/17/2019 Intel Corp INTC 8.32% 10/24/2019
FedEx Corp FDX 8.50% 12/17/2019 Texas Instruments Inc TXN 8.03% 10/22/2019
Kansas City Southern KSU 7.86% 10/18/2019 Broadcom Inc AVGO 7.57% 12/5/2019
United Parcel Service Inc UPS 6.95% 10/22/2019 QUALCOMM Inc QCOM 7.51% 11/6/2019
Landstar System Inc LSTR 6.75% 10/23/2019 Taiwan Semiconductor Manufacturing Co TSM 4.43% 10/17/2019
JB Hunt Transport Services Inc JBHT 6.56% 10/15/2019 Lam Research Corp LRCX 4.34% 10/23/2019
United Airlines Holdings Inc UAL 5.33% 10/15/2019 KLA Corp KLAC 4.18% 10/28/2019
CH Robinson Worldwide Inc CHRW 5.07% 10/29/2019 NXP Semiconductors NV NXPI 4.06% 10/28/2019
Kirby Corp KEX 4.85% 10/25/2019 Micron Technology Inc MU 3.73% 12/17/2019
Related Funds:

Related Funds:

ISE Natural Gas Index (FUMTR) Dow Jones U.S. Select Aerospace & Defense Index (DJSASDT)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Murphy Oil Corp MUR 5.06% 10/31/2019 Boeing Co/The BA 22.56% 10/23/2019
Cimarex Energy Co XEC 4.92% 11/4/2019 United Technologies Corp UTX 15.68% 10/22/2019
Cabot Oil & Gas Corp COG 4.91% 10/24/2019 Lockheed Martin Corp LMT 6.98% 10/22/2019
Vermilion Energy Inc VET 4.85% 10/28/2019 Northrop Grumman Corp NOC 4.76% 10/24/2019
Enerplus Corp ERF 4.73% 11/8/2019 TransDigm Group Inc TDG 4.68% 11/5/2019
Devon Energy Corp DVN 4.57% 11/5/2019 Raytheon Co RTN 4.64% 10/24/2019
Matador Resources Co MTDR 4.56% 10/30/2019 L3Harris Technologies Inc LHX 4.63% 10/30/2019
Encana Corp ECA 4.52% 11/1/2019 General Dynamics Corp GD 4.35% 10/23/2019
EQT Corp EQT 4.45% 10/24/2019 Teledyne Technologies Inc TDY 3.42% 10/23/2019
Range Resources Corp RRC 4.34% 10/28/2019 Textron Inc TXT 3.22% 10/17/2019
Related Funds:

Related Funds:

Dow Jones U.S. Select Home Builders Index (DJSHMBT)  
Top 10 Names Ticker Weight in the index Expected Earnings Release
DR Horton Inc DHI 13.56% 11/12/2019
Lennar Corp LEN 12.89% 1/8/2020
NVR Inc NVR 9.67% 10/18/2019
PulteGroup Inc PHM 7.23% 10/22/2019
Sherwin-Williams Co/The SHW 4.56% 10/22/2019
Home Depot Inc/The HD 4.27% 11/19/2019
Lowe’s Cos Inc LOW 4.08% 11/20/2019
Toll Brothers Inc TOL 3.88% 12/3/2019
Masco Corp MAS 2.95% 10/30/2019
TopBuild Corp BLD 2.54% 10/31/2019
Related Funds:

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