Another Happy-Go-Lucky Earnings Season 

When there’s no recession on the horizon, earnings reporting seasons invariably pleasantly surprise as actual results top analysts’ consensus expectations. This earnings season is no exception. Today, we look at the impacts that S&P 500 companies’ December-quarter results are having on estimates for the years ahead, both the analysts’ and our own. … Also: With the Q4 results of most S&P 500 companies now in hand, Joe compares the aggregate data—including revenues and earnings surprise data, y/y growth, and profit margins—with Q3 results, finding most measures improved. He also isolates the effects of the MegaCap-8 and Energy sector companies’ Q4 results on those of the overall S&P 500.