This morning, Boeing reported stellar earnings of $2.14, beating the Estimize consensus by $0.05 and the Wall Street consensus by $0.09, growing 19% YoY. Revenues also came in stronger than expected at $27.78B, higher than the estimize consensus of $27.13B and Wall Street consensus of $23.04B, growing 7.5%. The world’s largest planemaker had a lot of big wins during the quarter, including a $4.9B order from PT Garuda Indonesia for 50 single-aisle planes, a $990M order from Alaska Airlines for 10 Next-Generation 737-900ER planes, and confirmation that it will ramp up its 737 production to produce 52 planes a month by 2018.  Great results for the third quarter caused the company to raise it’s full year EPS guidance for the third time, reflecting robust demand for commercial aircrafts and increasing profitability in its defense business. Any concerns regarding the Ebola scare threatening orders for Boeing were squashed, as the company’s order backlog reached an all-time record of $490B.

Later today we will get reports from 11 additional S&P 500 companies, but most of the anticipation is behind a non-S&P constituent, Yelp, Inc. Estimize is expecting the company to post EPS of $0.06, $0.03 above the Wall Street consensus, and revs of $99.4M, $500k above the Street.

How Are We Doing?

Expectations for S&P 500 earnings growth for the third quarter stand at 9.8%. Revenues are anticipated to come in with 4.4% growth. All 10 sectors are anticipated to post positive YoY growth on both the earnings and revenue front.

Leaders

Earnings:

Energy (13.0%). Notable industry: Oil, Gas & Consumable Fuels (13.7%)

Materials (12.9%). Notable industry: Metals & Mining (23.3%).

Health Care (12.5%). Notable industry: Biotechnology (43.7%)

Revenues:

Health Care (9.5%). Notable industry: Biotech (39.4%).

Information Technology (6.6%). Notable industry: Internet Software & Services (15.2%)

Laggards

Earnings:

Utilities (2.3%). Notable industry: Multi­Utilities (0.3%).

Telecommunication Services (1.5%): All five companies are within Diversified Telecom Services. Only Verizon posted y­o­y growth.

Revenues:

Energy (0.6%). Notable industry: Oil, Gas and Consumable Fuels (­-0.2%).

Materials (2.3%). Notable industry: Paper & Forest Products (­-10.9%).

Beat/Miss/Match 

Earnings: 134 companies have reported thus far, 53% have beaten the Estimize consensus, 35% have missed and 12% have met. This is compared to Wall Street estimates, of which 68% of companies have beat on the bottom­-line, 24% have missed and 8% have met.

Revenue: 57% have beaten the Estimize consensus, 43% have missed, and 0% have met. For revenues, 63% of companies have beat the Wall Street estimate, while 37% have missed.