With north of 50 companies reporting so far, third quarter earnings (and fourth quarter guidance) have not turned into the apocalypse that was feared when FedEx slashed earnings expectations on Sept. 15.
Since then, however, many companies have reported, and while overall earnings are inching lower and guidance is cautious, they are not being slashed.
In the last 24 hours, Netflix, United Airlines, JB Hunt, Procter & Gamble and Travelers have all reported earnings above expectations.
A beat, but slightly lower guidance?
As it was with the last quarter, Prologis and the REITs are starting to rally: it's up 6% in the last few days.