Another busy week in profit coming
It's another busy week for earnings.
163 major companies – a third of the S&P 500 - are set to report. The biggest point of pain – energy profits – will be more clear this week. So far, earnings are on pace to be down nearly 2% from this time last year – mostly due to an implosion in oil company profits.
Key companies in energy, health care and Internet are due to report. Health care giant Pfizer is to report Tuesday. Analysts are looking for a profit of 52 cents a share, which is down 10% from a year ago.
Also Tuesday, investors hear from Ford Motor. The company is trying to get its growth back – but looks like it might have to wait another quarter. The company is expected to earn 37 cents a share, down 7.5% from last year.
Investors hope Facebook will give them something to like Wednesday. Analysts are looking for a profit of 47 cents a share, up 12%. But given the blowout quarters from Google and Amazon, investors will certainly look for more.
But most important will be the major energy stocks. The implosion of oil prices is the top reason why corporate profits are falling. ConocoPhillips reports Thursday and analysts see profit falling 98%. And the energy granddaddy of them all, Exxon Mobil, reports Friday. Profit is expected to fall 46%.