Earnings reports mostly beat expectations, but the sector ETF barely moved
Of the 24 U.S. healthcare companies reporting earnings this week, 23 beat EPS expectations—a 95.8% beat rate—and 20 also exceeded revenue expectations. Pfizer even raised its full-year guidance, projecting EPS of $2.95 to $3.05 and revenue of $62 billion to $64 billion.
Yet XLV was flat for the week. The catch is that the broader market plunged this week. Healthcare is up more than 19% this year, while the S&P 500 is up just 7%. Where the money is hiding is already plain to see.
Of the 24 U.S. healthcare companies reporting earnings this week, 23 beat EPS expectations—a 95.8% beat rate—and 20 also exceeded revenue expectations. Pfizer even raised its full-year guidance, projecting EPS of $2.95 to $3.05 and revenue of $62 billion to $64 billion.
Yet XLV was flat for the week. The catch is that the broader market plunged this week. Healthcare is up more than 19% this year, while the S&P 500 is up just 7%. Where the money is hiding is already plain to see.