高盛高华证券--us weekly kickstart strong start to 2q earnings season but client discussions are focu.pdfVIP

July 16, 2010 United States: Portfolio Strategy US Weekly Kickstart Strong start to 2Q earnings season but client discussions are focused on level of 2011 EPS Earnings season kicks into high gear next week with 129 firms scheduled to release 2Q results (representing 36% of SP 500 equity cap). Results have been positive so far, with 27 of 49 stocks beating consensus expectations by more than one standard deviation. But the market has not rewarded firms that posted strong results. The key topic in client meetings is the sensitivity of our 2011 EPS to various GDP scenarios. Performance