SP 500 Eps Est

S&P Dow Jones Indices
8/7/2020
S&P 500 EARNINGS AND ESTIMATE REPORT
S&P Senior Index Analyst howard.silverblatt@spglobal.com

S&P 500 Index and Sector tax rates S&P 500 TAX RATE
SECTOR Q1 2020 Q4 2019 Q1 2019 Q1 2017 QUATERLY ANNUAL
S&P 500 19.30% 13.02% 19.29% 25.44% Mar-20 19.30%
Communication Services* 20.03% 5.99% 23.47% 33.03% Dec-19 13.02% 17.50%
Consumer Discretionary 94.16% 15.99% 19.59% 28.86% Sep-19 18.94%
Consumer Staples 19.71% 20.90% 20.93% 27.62% Jun-19 18.59%
Energy 6.14% -23.80% 33.53% 22.35% Mar-19 19.29%
Financials 34.03% 18.20% 19.26% 25.43% Dec-18 13.22% 17.72%
Health Care 8.75% -0.73% 16.00% 24.10% Sep-18 18.38%
Industrials 15.89% 17.56% 19.33% 29.17% Jun-18 19.58%
Information Technology 13.73% 14.25% 15.33% 21.66% Mar-18 18.81%
Materials 25.68% 42.37% 20.94% 25.27% Dec-17 20.38% 24.37%
Real Estate -2.23% -1.24% 2.23% 2.63% Sep-17 25.44%
Utilities -4.50% -30.37% 22.37% 29.60% Jun-17 25.89%
Mar-17 25.44%
Dec-16 24.29% 26.44%
Q2 2020
Issues with diluted share counts for Q2 2020 over Q2 2019 EPS
-> Therefore adding at least a 4% tailwind to their current EPS
Issues 415 % of issues
Q2,'20 lower shares than Q2,'19 272 65.54%
4% lower shares 81 19.52%
Q2,'20 higher sharers than Q2,'19 131 31.57%
4% higher shares 36 8.67%
OPERATING EARNINGS CONTRIBUTION

estimate estimate estimate estimate estimate estimate estimate
Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 Sep-19 Jun-19
Energy 1.98% 2.13% 1.81% 1.35% 0.62% -0.48% -7.87% -14.38% 0.36% 4.96% 4.29%
Materials 2.34% 2.55% 3.04% 2.66% 2.41% 2.49% 3.42% 3.73% 2.09% 2.36% 2.84%
Industrials 8.52% 8.57% 8.48% 7.44% 6.61% 5.05% 3.34% 8.45% 8.81% 10.24% 9.82%
Consumer Discretionary 7.67% 7.77% 8.07% 6.69% 6.68% 6.36% 3.68% 6.50% 7.89% 8.39% 8.02%
Consumer Staples 6.82% 7.28% 7.28% 7.23% 7.77% 8.53% 10.67% 13.54% 7.50% 6.97% 6.81%
Health Care 17.44% 18.63% 19.33% 20.18% 18.78% 20.37% 24.26% 27.41% 13.00% 13.15% 14.36%
Financials 15.77% 15.39% 15.29% 15.75% 15.09% 17.02% 14.19% -4.56% 24.54% 21.59% 21.56%
Information Technology 24.94% 22.18% 21.81% 22.96% 26.95% 24.24% 29.07% 34.10% 21.51% 17.69% 17.76%
Communication Services 10.84% 10.19% 10.78% 10.64% 10.98% 9.99% 12.20% 16.09% 9.95% 8.84% 9.73%
Utilities 2.51% 4.18% 2.93% 3.94% 2.97% 5.32% 5.32% 5.70% 2.58% 4.13% 2.72%
Real Estate 1.15% 1.14% 1.19% 1.17% 1.14% 1.10% 1.71% 3.41% 1.75% 1.69% 2.08%
S&P 500 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
S&P 500 S&P 500 5YR S&P 500 MIDCAP MIDCAP 5YR MIDCAP SMALLCAP SMALLCAP 5YR SMALLCAP
2021 EST PROJ ANNUAL PEG 2021 EST PROJ ANNUAL PEG 2021 EST PROJ ANNUAL PEG
OPER P/E GROWTH % OPER P/E GROWTH % OPER P/E GROWTH %
Index 20.49 12.10 1.69 18.68 11.00 1.70 19.41 10.16 1.91
Communication Services 21.16 15.59 1.36 20.41 8.28 2.47 42.29 10.72 3.95
Consumer Discretionary 30.21 21.23 1.42 17.41 13.24 1.31 13.62 11.09 1.23
Consumer Staples 19.93 6.34 3.14 19.44 16.36 1.19 0.00 8.90 0.00
Energy 28.54 6.50 4.39 -74.63 0.79 -94.79 -9.96 -25.41 0.39
Financials 12.86 8.57 1.50 11.02 8.89 1.24 11.65 8.23 1.42
Health Care 15.58 10.04 1.55 26.29 16.54 1.59 35.06 9.53 3.68
Industrials 19.66 8.22 2.39 19.43 9.72 2.00 18.13 12.95 1.40
Information Technology 24.98 13.33 1.87 21.61 13.47 1.60 18.46 14.02 1.32
Materials 19.80 14.01 1.41 16.68 6.80 2.45 14.33 8.50 1.69
Real Estate 47.79 8.25 5.79 40.47 5.08 7.97 60.11 3.10 19.40
Utilities 18.46 5.80 3.18 15.98 5.34 2.99 20.97 6.57 3.19
S&P 500 operating margins:

QTR 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Q4 10.61% 10.10% 10.27% 9.27% 7.98% 8.98% 9.76% 8.04% 8.70% 8.68% 7.27%
Q3 11.21% 12.13% 10.16% 9.86% 8.97% 10.10% 9.63% 8.92% 9.51% 8.95% 6.94%
Q2 (Q2,'20 est) 7.70% 11.41% 11.55% 10.14% 9.03% 9.29% 10.07% 9.51% 9.41% 9.44% 8.83% 6.19%
Q1 5.86% 11.21% 11.40% 9.84% 8.75% 9.45% 9.76% 9.52% 9.07% 8.99% 8.34% 4.56%
OBSERVATION Q2 2020 Q3 2020 Q4 2020 2020E 2021E PRICE 2020E P/E 2021E P/E OBSERVATION
3/29/2019 $46.00 $48.13 $49.76 $186.36 2883.71 15.47 3/29/2019
6/28/2019 $45.12 $47.47 $49.10 $184.01 2941.76 15.99 6/28/2019
9/30/2019 $44.53 $46.25 $47.81 $180.06 2976.74 16.53 9/30/2019
12/31/2019 $43.43 $45.72 $46.08 $175.52 3230.78 18.41 12/31/2019
3/31/2020 $34.51 $39.43 $42.00 $151.52 $183.37 2584.59 17.06 14.09 3/31/2020
6/30/2020 $22.92 $30.89 $35.74 $109.06 $161.28 3100.29 28.43 19.22 Current
Current $23.77 $31.82 $35.72 $110.81 $163.45 3351.28 30.24 20.50 Current
Change QTR 3.71% 3.01% -0.06% 1.60% 1.35% 8.10% 6.39% 6.66% Change QTR
Change YTD -45.27% -30.40% -22.48% -36.87% -10.86% 3.73% 64.30% Change YTD
Change Fr 6/2019 -47.32% -32.97% -27.25% -39.78% 13.92% 89.18% Change Fr 6/2019
Q2 2020
Of the 447 issues (505 in the index) with full operating comparative data
363 beat, 69 missed, and 15 met their estimates; 269 of 443 (60.7%) beat on sales
------------- ISSUES -------------------- ----------- PERCENTAGE --------------------
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET
Energy 25 19 6 0 96.15% 76.00% 24.00% 0.00%
Materials 26 22 3 1 92.86% 84.62% 11.54% 3.85%
Industrials 71 65 6 0 97.26% 91.55% 8.45% 0.00%
Consumer Discretionary 42 29 12 1 68.85% 69.05% 28.57% 2.38%
Consumer Staples 24 22 2 0 72.73% 91.67% 8.33% 0.00%
Health Care 59 52 6 1 95.16% 88.14% 10.17% 1.69%
Financials 64 48 14 2 96.97% 75.00% 21.88% 3.13%
Information Technology 55 50 1 4 77.46% 90.91% 1.82% 7.27%
Communication Services 25 20 3 2 96.15% 80.00% 12.00% 8.00%
Utilities 26 21 3 2 92.86% 80.77% 11.54% 7.69%
Real Estate 30 15 13 2 96.77% 50.00% 43.33% 6.67%
S&P 500 447 363 69 15 88.51% 81.21% 15.44% 3.36%
Date 8/7/2020
S&P 500 close of: 3351.28
Dividend yield (last 12 months: July,'20) 1.79%
Dividend yield (current indicated rate) 1.68%
QUARTER OPERATING AS REPORTED OPERATING AS REPORTED 12 MONTH EARNINGS PER SHARE

END EARNINGS EARNINGS EARNINGS EARNINGS OPERATING AS REPORTED
PRICE PER SHR PER SHR P/E P/E EARNINGS EARNINGS
(ests are (ests are (ests are (ests are (ests are (ests are
bottom up) bottom up bottom up) bottom up bottom up) bottom up)
ESTIMATES
12/31/2021 $44.91 $40.40 20.50 22.62 $163.46 $148.17
9/30/2021 $42.16 $38.38 21.72 23.98 $154.27 $139.74
6/30/2021 $39.52 $36.32 23.28 25.86 $143.93 $129.60
3/31/2021 $36.87 $33.07 26.15 30.93 $128.18 $108.37
12/31/2020 $35.72 $31.98 30.24 38.44 $110.81 $87.18
9/30/2020 $31.82 $28.23 29.33 36.94 $114.27 $90.73
6/30/2020 (88.4%) 3100.29 $23.77 $15.09 27.41 34.73 $122.26 $96.49
25.36 32.13 (P/E on Jun,'20 price)
ACTUALS
3/31/2020 2584.59 $19.50 $11.88 18.64 22.22 $138.63 $116.33
12/31/2019 3230.78 $39.18 $35.53 20.56 23.16 $157.12 $139.47
9/30/2019 2976.74 $39.81 $33.99 19.46 22.40 $152.97 $132.90
6/30/2019 2941.76 $40.14 $34.93 19.04 21.75 $154.54 $135.27
3/31/2019 2834.40 $37.99 $35.02 18.52 21.09 $153.05 $134.39
12/31/2018 2506.85 $35.03 $28.96 16.54 18.94 $151.60 $132.39
9/30/2018 2913.98 $41.38 $36.36 19.37 22.35 $150.42 $130.39
6/30/2018 2718.37 $38.65 $34.05 19.37 22.19 $140.37 $122.48
3/31/2018 2640.87 $36.54 $33.02 19.97 22.88 $132.23 $115.44
12/31/2017 2673.61 $33.85 $26.96 21.47 24.33 $124.51 $109.88
9/30/2017 2519.36 $31.33 $28.45 21.25 23.53 $118.56 $107.08
6/30/2017 2423.41 $30.51 $27.01 20.91 23.30 $115.92 $104.02
3/31/2017 2362.72 $28.82 $27.46 21.26 23.56 $111.11 $100.29
12/31/2016 2238.83 $27.90 $24.16 21.07 23.68 $106.26 $94.55
9/30/2016 2168.27 $28.69 $25.39 21.38 24.34 $101.42 $89.09
6/30/2016 2098.86 $25.70 $23.28 21.38 24.15 $98.17 $86.92
3/31/2016 2059.74 $23.97 $21.72 20.89 23.83 $98.61 $86.44
12/31/2015 2043.94 $23.06 $18.70 20.35 23.62 $100.45 $86.53
9/30/2015 1920.03 $25.44 $23.22 18.44 21.18 $104.14 $90.66
6/30/2015 2063.11 $26.14 $22.80 19.05 21.74 $108.30 $94.91
3/31/2015 2067.89 $25.81 $21.81 18.55 20.84 $111.50 $99.25
12/31/2014 2058.90 $26.75 $22.83 18.22 20.12 $113.01 $102.31
9/30/2014 1972.29 $29.60 $27.47 17.22 18.61 $114.51 $105.96
6/30/2014 1960.23 $29.34 $27.14 17.53 19.01 $111.83 $103.12
3/31/2014 1872.34 $27.32 $24.87 17.20 18.57 $108.85 $100.85
12/31/2013 1848.36 $28.25 $26.48 17.23 18.45 $107.30 $100.20
9/30/2013 1681.55 $26.92 $24.63 16.45 17.82 $102.20 $94.37
6/30/2013 1606.28 $26.36 $24.87 16.18 17.66 $99.28 $90.95
3/31/2013 1569.19 $25.77 $24.22 15.96 17.89 $98.35 $87.70
12/31/2012 1426.19 $23.15 $20.65 14.73 16.49 $96.82 $86.51
9/30/2012 1440.67 $24.00 $21.21 14.79 16.66 $97.40 $86.50
6/30/2012 1362.16 $25.43 $21.62 13.80 15.49 $98.69 $87.92
3/31/2012 1408.47 $24.24 $23.03 14.35 15.91 $98.12 $88.54
12/31/2011 1257.60 $23.73 $20.64 13.04 14.46 $96.44 $86.95
9/30/2011 1131.42 $25.29 $22.63 11.95 13.01 $94.64 $86.98
6/30/2011 1320.64 $24.86 $22.24 14.53 15.75 $90.91 $83.87
3/31/2011 1325.83 $22.56 $21.44 15.25 16.31 $86.95 $81.31
12/31/2010 1257.64 $21.93 $20.67 15.01 16.26 $83.77 $77.35
9/30/2010 1141.20 $21.56 $19.52 14.45 15.88 $79.00 $71.86
6/30/2010 1030.71 $20.90 $19.68 14.08 15.36 $73.22 $67.10
3/31/2010 1169.43 $19.38 $17.48 17.68 19.19 $66.13 $60.93
12/31/2009 1115.10 $17.16 $15.18 19.61 21.88 $56.86 $50.97
9/30/2009 1057.08 $15.78 $14.76 26.69 84.30 $39.61 $12.54
6/30/2009 919.32 $13.81 $13.51 23.10 122.41 $39.79 $7.51
3/31/2009 797.87 $10.11 $7.52 18.56 116.31 $43.00 $6.86
12/31/2008 903.25 -$0.09 -$23.25 18.24 60.70 $49.51 $14.88
9/30/2008 1166.36 $15.96 $9.73 17.99 25.38 $64.82 $45.95
6/30/2008 1280.00 $17.02 $12.86 18.36 24.92 $69.73 $51.37
3/31/2008 1322.70 $16.62 $15.54 17.23 21.90 $76.77 $60.39
12/31/2007 1468.36 $15.22 $7.82 17.79 22.19 $82.54 $66.18
9/30/2007 1526.75 $20.87 $15.15 17.09 19.42 $89.31 $78.60
6/30/2007 1503.35 $24.06 $21.88 16.44 17.70 $91.47 $84.92
3/31/2007 1420.86 $22.39 $21.33 15.90 17.09 $89.36 $83.15
12/31/2006 1418.30 $21.99 $20.24 16.17 17.40 $87.72 $81.51
9/30/2006 1335.85 $23.03 $21.47 15.55 17.00 $85.92 $78.57
6/30/2006 1270.20 $21.95 $20.11 15.54 17.05 $81.73 $74.49
3/31/2006 1294.83 $20.75 $19.69 16.35 17.82 $79.20 $72.67
12/31/2005 1248.29 $20.19 $17.30 16.33 17.85 $76.45 $69.93
9/30/2005 1228.81 $18.84 $17.39 16.56 18.46 $74.21 $66.57
6/30/2005 1191.33 $19.42 $18.29 16.49 18.80 $72.25 $63.36
3/31/2005 1180.59 $18.00 $16.95 16.91 19.57 $69.81 $60.32
12/31/2004 1211.92 $17.95 $13.94 17.91 20.70 $67.68 $58.55
9/30/2004 1114.58 $16.88 $14.18 17.25 19.29 $64.61 $57.77
6/30/2004 1140.84 $16.98 $15.25 18.36 20.32 $62.14 $56.15
3/31/2004 1126.21 $15.87 $15.18 19.39 21.66 $58.08 $52.00
12/31/2003 1111.92 $14.88 $13.16 20.33 22.81 $54.69 $48.74
9/30/2003 995.97 $14.41 $12.56 19.25 25.82 $51.75 $38.58
6/30/2003 974.50 $12.92 $11.10 19.91 28.21 $48.95 $34.55
3/31/2003 848.18 $12.48 $11.92 17.79 27.97 $47.67 $30.32
12/31/2002 879.82 $11.94 $3.00 19.11 31.89 $46.04 $27.59
9/30/2002 815.28 $11.61 $8.53 18.51 27.14 $44.04 $30.04
6/30/2002 989.81 $11.64 $6.87 23.80 37.02 $41.59 $26.74
3/31/2002 1147.39 $10.85 $9.19 29.44 46.45 $38.97 $24.70
12/31/2001 1148.08 $9.94 $5.45 29.55 46.50 $38.85 $24.69
9/30/2001 1040.94 $9.16 $5.23 24.77 36.77 $42.02 $28.31
6/30/2001 1224.38 $9.02 $4.83 26.03 33.28 $47.03 $36.79
3/31/2001 1160.33 $10.73 $9.18 21.94 25.54 $52.89 $45.44
12/31/2000 1320.28 $13.11 $9.07 23.52 26.41 $56.13 $50.00
9/30/2000 1436.51 $14.17 $13.71 25.30 26.75 $56.79 $53.70
6/30/2000 1454.60 $14.88 $13.48 26.17 28.02 $55.59 $51.92
3/31/2000 1498.58 $13.97 $13.74 27.79 29.41 $53.92 $50.95
12/31/1999 1469.25 $13.77 $12.77 28.43 30.50 $51.68 $48.17
9/30/1999 1282.71 $12.97 $11.93 25.98 29.18 $49.38 $43.96
6/30/1999 1372.71 $13.21 $12.51 29.29 33.46 $46.86 $41.02
3/31/1999 1286.37 $11.73 $10.96 28.54 33.52 $45.08 $38.38
12/31/1998 1229.23 $11.47 $8.56 27.77 32.60 $44.27 $37.71
9/30/1998 1017.01 $10.45 $8.99 23.07 26.70 $44.09 $38.09
6/30/1998 1133.84 $11.43 $9.87 25.38 29.10 $44.67 $38.97
3/31/1998 1101.75 $10.92 $10.29 24.83 27.86 $44.37 $39.54
12/31/1997 970.43 $11.29 $8.94 22.05 24.43 $44.01 $39.72
9/30/1997 947.28 $11.03 $9.87 21.66 23.31 $43.73 $40.64
6/30/1997 885.14 $11.13 $10.44 20.77 21.83 $42.62 $40.55
3/31/1997 757.12 $10.56 $10.47 18.11 18.82 $41.80 $40.24
12/31/1996 740.74 $11.01 $9.86 18.23 19.13 $40.63 $38.73
9/30/1996 687.33 $9.92 $9.78 17.44 19.09 $39.40 $36.00
6/30/1996 670.63 $10.31 $10.13 17.08 19.21 $39.26 $34.91
3/31/1996 645.50 $9.39 $8.96 16.79 18.96 $38.45 $34.04
12/31/1995 615.93 $9.78 $7.13 16.34 18.14 $37.70 $33.96
9/30/1995 584.41 $9.78 $8.69 15.92 16.61 $36.72 $35.18
6/30/1995 544.75 $9.50 $9.26 15.58 15.82 $34.97 $34.43
3/31/1995 500.71 $8.64 $8.88 15.07 15.38 $33.22 $32.55
12/31/1994 459.27 $8.80 $8.35 14.47 15.01 $31.75 $30.60
9/30/1994 462.71 $8.03 $7.94 15.37 16.93 $30.11 $27.33
6/30/1994 444.27 $7.75 $7.38 15.32 17.63 $29.00 $25.20
3/31/1994 445.77 $7.17 $6.93 16.02 19.63 $27.82 $22.71
12/31/1993 466.45 $7.16 $5.08 17.34 21.31 $26.90 $21.89
9/30/1993 458.93 $6.92 $5.81 18.10 22.49 $25.35 $20.41
6/30/1993 450.53 $6.57 $4.89 19.13 23.31 $23.55 $19.33
3/31/1993 451.67 $6.25 $6.11 20.35 22.77 $22.19 $19.84
12/31/1992 435.71 $5.61 $3.60 20.88 22.82 $20.87 $19.09
9/30/1992 417.80 $5.12 $4.73 21.01 23.16 $19.89 $18.04
6/30/1992 408.14 $5.21 $5.40 20.53 23.94 $19.88 $17.05
3/31/1992 403.69 $4.93 $5.36 20.74 24.93 $19.46 $16.19
12/31/1991 417.09 $4.63 $2.55 21.61 26.12 $19.30 $15.97
9/30/1991 387.86 $5.11 $3.74 19.71 21.77 $19.68 $17.82
6/30/1991 371.16 $4.79 $4.54 18.07 19.12 $20.54 $19.41
3/31/1991 375.22 $4.77 $5.14 17.20 17.92 $21.81 $20.94
12/31/1990 330.22 $5.01 $4.40 14.58 15.47 $22.65 $21.34
9/30/1990 306.05 $5.97 $5.33 13.03 14.08 $23.48 $21.74
6/30/1990 358.02 $6.06 $6.07 15.53 16.84 $23.05 $21.26
3/31/1990 339.94 $5.61 $5.54 14.45 15.69 $23.52 $21.67
12/31/1989 353.40 $5.84 $4.80 14.53 15.45 $24.32 $22.87
9/30/1989 349.15 $5.54 $4.85 14.05 14.74 $24.85 $23.69
6/30/1989 317.98 $6.53 $6.48 12.46 12.61 $25.53 $25.22
3/31/1989 294.87 $6.41 $6.74 11.77 11.81 $25.05 $24.96
12/31/1988 277.72 $6.37 $5.62 11.51 11.69 $24.12 $23.75
9/30/1988 271.91 $6.22 $6.38
6/30/1988 273.50 $6.05 $6.22
3/31/1988 258.89 $5.48 $5.53
Operating earnings: Income from product (goods and services), excludes corporate (M&A, financing, layoffs ), and unusual items
As Reported earnings: Income from continuing operations, also known GAAP (Generally Accepted Accounting Principles) and As Reported
Bottom up estimate: Capital IQ consensus estimate for specific issue, building from the bottom up to the index level estimate
Actual earnings are bottom up
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with any use of the Content even if advised of the possibility of such damages. Past performance of the Index is not an indication of future results. The Index returns shown do not represent the results of actual
trading of investible assets/securities.
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-17
3.10% 8.27% 6.34% 5.28% 5.24% 2.63%
2.29% 2.66% 2.43% 3.34% 3.18% 2.23%
9.44% 10.91% 10.21% 10.77% 10.54% 9.97%
7.67% 8.80% 8.10% 10.93% 10.45% 11.80%
6.59% 7.25% 6.65% 7.06% 6.91% 8.19%
14.52% 13.63% 12.64% 12.80% 12.80% 13.05%
24.32% 10.44% 20.28% 20.10% 18.34% 16.71%
17.13% 22.67% 18.65% 21.85% 24.09% 29.31%
10.00% 11.33% 9.32% 3.69% 3.29% 1.90%
3.47% 2.08% 3.82% 2.75% 3.59% 2.65%
1.47% 1.96% 1.55% 1.44% 1.56% 1.55%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
2008* 2007 2006
-0.04% 5.68% 8.86%
5.96% 8.06% 9.60%
6.11% 9.41% 9.35%
6.25% 9.23% 9.03%
Data as of the close of: 8/6/2020
Historical actuals: 3/31/2020 and prior
Estimates: 6/30/2020 and forward
INDEX NAME 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4
Operating Earnings Per Share by Economic Sector Price
S&P 500 3349.16 $16.62 $17.02 $15.96 -$0.09 $10.11 $13.81 $15.78 $17.16 $19.38 $20.90 $21.56 $21.93 $22.56 $24.86 $25.29 $23.73 $24.24 $25.43 $24.00 $23.15
S&P 500 Consumer Discretionary 1170.85 $2.61 $1.68 $1.36 -$0.37 $0.38 $2.77 $3.49 $4.32 $4.09 $4.63 $4.43 $5.05 $4.67 $5.38 $5.18 $5.58 $4.91 $5.30 $5.73 $6.33
S&P 500 Consumer Staples 647.75 $4.04 $4.27 $4.66 $4.20 $3.90 $4.62 $4.88 $4.96 $4.37 $4.81 $5.01 $5.26 $4.92 $5.39 $5.51 $5.56 $5.06 $5.48 $5.73 $6.33
S&P 500 Energy 280.45 $12.22 $13.54 $20.73 $4.44 $0.44 $4.57 $5.93 $6.32 $8.42 $9.29 $8.39 $9.10 $10.81 $12.98 $14.11 $10.04 $11.52 $12.21 $10.13 $10.45
S&P 500 Financials 403.29 -$0.80 -$1.05 -$5.46 -$13.93 $0.50 $1.01 $1.35 $1.54 $3.66 $3.81 $3.92 $3.43 $3.75 $3.95 $4.48 $4.05 $3.93 $4.38 $4.27 $3.86
S&P 500 Health Care 1234.73 $6.19 $6.34 $6.28 $5.66 $6.61 $6.60 $6.92 $6.27 $7.08 $7.23 $7.44 $7.15 $7.70 $8.27 $7.70 $7.40 $8.35 $8.02 $7.93 $7.23
S&P 500 Industrials 623.94 $5.12 $5.97 $5.46 $4.63 $3.08 $3.75 $3.24 $4.15 $3.71 $4.61 $4.85 $5.24 $4.56 $5.54 $5.44 $5.42 $5.48 $6.17 $5.75 $4.87
S&P 500 Information Technology 2031.17 $4.44 $4.56 $4.39 $2.73 $2.90 $3.62 $4.52 $6.44 $5.54 $6.11 $6.70 $7.90 $7.18 $7.69 $7.32 $9.26 $8.27 $8.14 $6.90 $9.38
S&P 500 Materials 386.57 $4.49 $4.73 $3.43 -$4.56 $1.04 $1.67 $2.27 $2.11 $3.20 $3.47 $3.25 $3.42 $4.96 $5.44 $3.92 $1.87 $4.23 $4.46 $3.19 $2.79
S&P 500 Communication Services 197.49 $2.11 $2.25 $1.98 $1.87 $1.95 $1.88 $1.77 $1.62 $1.91 $1.98 $1.84 $1.63 $1.91 $1.78 $1.95 $1.21 $1.90 $2.29 $2.09 -$2.90
S&P 500 Utilities 306.60 $3.20 $2.67 $4.01 $2.37 $2.89 $2.52 $3.81 $2.28 $3.41 $2.66 $4.11 $2.16 $3.15 $2.87 $4.13 $2.32 $2.98 $2.68 $3.66 $2.65
S&P 500 Real Estate (proforma pre-9/19/16) 223.31 $1.08 $0.93 $0.74 -$0.96 $0.72 $0.02 $0.35 -$0.10 $0.39 $0.44 $0.65 -$0.16 $0.44 $0.59 $0.73 $0.73 $0.97 $0.59 $0.84 $0.73
S&P 400 1915.10 $10.12 $10.71 $10.01 -$0.79 $2.45 $7.52 $8.50 $9.12 $9.22 $10.93 $11.82 $11.94 $10.65 $13.07 $13.23 $13.36 $12.84 $13.74 $14.13 $13.82
S&P 400 Consumer Discretionary 828.69 $2.46 $2.98 $0.34 $0.61 $2.00 $2.57 $3.29 $4.28 $3.85 $4.43 $4.40 $5.35 $3.66 $4.66 $4.41 $7.01 $5.10 $5.66 $5.88 $7.76
S&P 400 Energy 148.59 $13.40 $13.38 $30.21 -$40.02 -$20.59 $4.36 $6.91 $4.12 $10.60 $7.92 $8.12 $4.70 $6.91 $12.87 $17.83 $9.10 $10.90 $7.93 $5.54 $6.10
S&P 400 Financials 787.24 $5.51 $2.66 $0.51 -$2.58 $2.57 $3.79 $2.96 $3.55 $3.40 $4.59 $4.95 $6.00 $3.49 $6.20 $4.47 $6.20 $6.76 $6.26 $7.22 $7.38
S&P 400 Health Care 2407.28 $4.04 $6.43 $4.46 $4.55 $0.92 $4.59 $4.89 $5.36 $4.51 $5.11 $5.21 $5.80 $5.28 $6.57 $8.50 $8.16 $6.86 $7.55 $7.53 $7.19
S&P 400 Industrials 1062.39 $5.03 $6.18 $6.29 $3.90 $2.56 $3.97 $4.29 $4.36 $4.14 $5.87 $6.16 $5.55 $5.37 $6.88 $7.55 $7.37 $6.83 $8.19 $8.70 $7.32
S&P 400 Information Technology 3261.58 $9.31 $10.54 $8.89 -$2.08 $1.61 $6.65 $6.84 $10.75 $9.70 $12.08 $13.69 $16.57 $14.17 $14.66 $12.98 $12.18 $10.15 $13.95 $11.25 $12.07
S&P 400 Materials 436.70 $3.93 $5.73 $4.52 $0.99 $1.29 $2.59 $2.89 $2.55 $2.36 $4.65 $4.07 $3.11 $4.29 $4.77 $3.34 $3.41 $4.53 $4.83 $3.59 $3.32
S&P 400 Communication Services 147.12 $3.48 $4.03 $4.34 $4.37 $3.16 $3.20 $2.35 $1.38 $2.03 $6.84 $1.87 $1.49 $1.51 $2.69 $2.49 $0.54 $2.08 $1.86 $1.49 $0.08
S&P 400 Utilities 490.64 $4.65 $2.48 $4.74 $3.48 $4.45 $2.75 $5.01 $3.36 $5.65 $2.41 $6.10 $3.58 $5.11 $3.05 $5.62 $3.45 $4.43 $3.86 $7.19 $4.24
S&P 400 Real Estate (proforma pre-9/19/16) 181.97
S&P 600 896.00 $3.70 $4.28 $3.51 -$1.27 $0.68 $1.83 $2.26 $2.85 $3.45 $4.28 $4.86 $4.40 $4.74 $5.36 $5.26 $5.23 $5.28 $5.51 $5.58 $5.25
S&P 600 Consumer Discretionary 575.25 $1.06 $1.42 $0.53 -$0.90 $0.48 $0.57 $2.42 $1.70 $2.33 $2.66 $3.23 $1.98 $2.90 $3.17 $3.89 $3.14 $3.35 $4.06 $4.01 $2.73
S&P 600 Energy 136.29 $16.13 $21.06 $33.26 -$35.78 -$4.28 $6.89 $6.14 -$1.67 $11.49 $11.79 $16.21 $7.01 $13.89 $21.51 $16.78 $8.98 $12.30 $2.78 $2.45 -$1.89
S&P 600 Financials 792.12 $3.15 $2.56 -$1.17 -$10.69 -$4.43 -$1.31 -$5.89 $0.56 $1.55 $2.20 $3.72 $2.24 $3.55 $4.72 $4.95 $6.26 $6.54 $6.50 $7.09 $7.70
S&P 600 Health Care 3133.21 $4.65 $5.96 $5.21 $5.93 $5.15 $5.85 $6.88 $7.05 $6.52 $7.98 $7.76 $9.44 $7.89 $8.54 $9.64 $11.36 $8.38 $9.09 $10.04 $10.85
S&P 600 Industrials 1070.65 $6.11 $8.38 $7.61 $4.00 $2.75 $4.56 $5.11 $4.04 $2.86 $5.98 $6.16 $5.97 $6.03 $7.09 $6.94 $6.11 $6.68 $7.56 $7.70 $7.74
S&P 600 Information Technology 831.08 $1.93 $1.77 $1.49 -$0.76 -$0.65 $0.09 $1.47 $1.88 $2.08 $2.79 $3.27 $3.52 $2.60 $3.01 $2.50 $2.27 $1.63 $2.24 $2.31 $2.39
S&P 600 Materials 425.04 -$0.23 $4.77 $4.26 -$3.57 $0.01 $2.89 $3.75 $3.17 $2.85 $4.20 $3.18 $2.71 $3.67 $4.97 $4.18 $2.91 $3.61 $5.64 $4.00 $1.12
S&P 600 Communication Services 3.22 $0.07 $0.49 $0.12 -$0.22 $0.07 -$0.01 $0.03 $0.02 $0.03 $0.04 $0.04 $0.02 $0.04 $0.04 $0.04 $0.02 $0.04 $0.04 $0.03 -$0.01
S&P 600 Utilities 927.71 $10.21 $2.25 $3.73 $8.26 $9.93 $2.26 $2.15 $8.92 $11.21 $3.26 $4.71 $8.47 $12.27 $4.52 $3.57 $9.90 $11.70 $3.19 $4.01 $10.18
S&P Composite 1500 759.70 $3.74 $3.86 $3.60 -$0.08 $2.13 $3.05 $3.49 $3.80 $4.27 $4.65 $4.82 $4.89 $4.99 $5.55 $5.63 $5.32 $5.41 $5.69 $5.41 $5.22
S&P Composite 1500 Consumer Discretionary 1048.04 $2.35 $1.68 $1.12 -$0.28 $0.52 $2.45 $3.19 $3.90 $3.72 $4.23 $4.09 $4.61 $4.21 $4.89 $4.74 $5.23 $4.56 $4.96 $5.32 $5.88
S&P Composite 1500 Consumer Staples 682.82 $4.13 $4.40 $4.80 $4.30 $4.00 $4.75 $5.02 $5.12 $4.52 $4.99 $5.19 $5.46 $5.11 $5.60 $5.71 $5.77 $5.27 $5.70 $5.98 $6.58
S&P Composite 1500 Energy 278.39 $12.59 $14.04 $21.87 $2.30 -$0.50 $4.74 $6.16 $6.37 $8.82 $9.60 $8.76 $9.30 $11.12 $13.53 $14.81 $10.39 $11.94 $12.45 $10.29 $10.58
S&P Composite 1500 Financials 437.42 -$0.39 -$0.78 -$5.08 -$13.36 $0.50 $1.11 $1.27 $1.63 $3.64 $3.86 $4.01 $3.57 $3.78 $4.12 $4.54 $4.25 $4.17 $4.56 $4.52 $4.16
S&P Composite 1500 Health Care 1306.54 $5.88 $6.23 $6.03 $5.51 $6.10 $6.34 $6.67 $6.12 $6.75 $6.99 $7.17 $7.00 $7.43 $8.07 $7.71 $7.46 $8.20 $7.95 $7.90 $7.26
S&P Composite 1500 Industrials 674.33 $5.11 $6.04 $5.59 $4.52 $3.00 $3.78 $3.38 $4.14 $3.69 $4.75 $4.99 $5.26 $4.66 $5.69 $5.66 $5.60 $5.62 $6.38 $6.06 $5.18
S&P Composite 1500 Information Technology 2047.43 $4.49 $4.64 $4.41 $2.41 $2.68 $3.55 $4.47 $6.39 $5.54 $6.18 $6.80 $8.02 $7.22 $7.73 $7.31 $9.07 $8.06 $8.08 $6.86 $9.18
S&P Composite 1500 Materials 403.85 $4.31 $4.99 $3.69 -$3.66 $1.06 $1.90 $2.47 $2.24 $3.12 $3.72 $3.42 $3.40 $4.90 $5.39 $3.92 $2.15 $4.31 $4.62 $3.33 $2.83
S&P Composite 1500 Communication Services 196.19 $2.12 $2.28 $1.99 $1.87 $1.95 $1.87 $1.76 $1.59 $1.89 $2.04 $1.82 $1.60 $1.89 $1.78 $1.94 $1.19 $1.88 $2.26 $2.06 -$2.82
S&P Composite 1500 Utilities 347.80 $3.58 $2.65 $4.13 $2.65 $3.25 $2.61 $4.00 $2.56 $3.85 $2.74 $4.45 $2.46 $3.58 $3.01 $4.40 $2.63 $3.36 $2.89 $4.09 $3.01
S&P Composite 1500 Real Estate (proforma pre-9/19/16) 203.22
As Reported Earnings Per Share by Economic Sector

INDEX NAME Price 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4
S&P 500 3349.16 $15.54 $12.86 $9.73 -$23.25 $7.52 $13.51 $14.76 $15.18 $17.48 $19.68 $19.52 $20.67 $21.44 $22.24 $22.63 $20.64 $23.03 $21.62 $21.21 $20.65
S&P 500 Consumer Discretionary 1170.85 $2.03 -$3.28 -$1.18 -$11.28 $0.45 $3.14 $3.11 $3.79 $3.81 $4.36 $3.95 $4.54 $4.40 $5.02 $4.76 $8.18 $4.73 $4.79 $5.49 $6.21
S&P 500 Energy 280.45 $12.09 $13.12 $19.70 -$9.76 -$0.27 $4.20 $5.89 $6.19 $8.27 $9.74 $8.50 $9.03 $10.72 $12.53 $11.89 $9.65 $11.71 $13.38 $9.80 $9.59
S&P 500 Financials 403.29 -$0.81 -$2.53 -$10.71 -$23.91 -$0.25 $1.95 $1.18 -$0.27 $3.49 $3.44 $2.40 $3.44 $3.60 $2.48 $4.32 $3.68 $3.97 $4.14 $3.73 $3.72
S&P 500 Health Care 1234.73 $5.58 $5.71 $5.18 $2.62 $5.89 $6.09 $6.73 $6.90 $5.41 $6.17 $5.62 $5.26 $6.53 $7.11 $6.39 $5.28 $7.19 $5.48 $6.71 $5.71
S&P 500 Industrials 623.94 $4.94 $5.53 $5.22 $1.93 $2.45 $3.28 $2.88 $3.94 $3.32 $4.48 $4.58 $4.71 $4.61 $5.36 $5.12 $5.08 $5.39 $5.96 $5.15 $3.97
S&P 500 Information Technology 2031.17 $4.16 $4.82 $3.82 $0.02 $1.53 $2.99 $4.29 $6.26 $5.39 $5.83 $6.58 $7.76 $6.93 $7.29 $6.24 $8.60 $7.81 $4.31 $5.95 $9.17
S&P 500 Materials 386.57 $4.27 $4.52 $2.95 -$11.16 $0.82 $1.18 $2.41 $1.47 $2.69 $3.24 $4.00 $2.83 $4.66 $5.06 $3.89 $0.94 $3.83 $4.13 $2.04 $1.18
S&P 500 Communication Services 197.49 $1.89 $2.20 $1.93 $0.99 $1.78 $1.80 $1.60 $0.67 $0.92 $1.36 $4.34 $1.11 $1.79 $1.71 $1.79 -$3.43 $1.74 $1.74 $1.88 -$3.42
S&P 500 Utilities 306.60 $3.32 $2.82 $3.78 $1.69 $2.37 $2.40 $3.47 $4.12 $3.04 $2.84 $3.09 $2.07 $2.83 $3.14 $3.74 $1.44 $2.33 $2.47 $2.72 $1.61
S&P 500 Real Estate (proforma pre-9/19/16) 223.31 $1.24 $0.89 $0.72 -$2.04 $0.69 $0.09 $0.26 -$0.21 $0.23 $0.42 $0.45 -$0.33 $0.50 $0.46 $0.69 $0.71 $0.97 $0.58 $0.80 $0.73
S&P 400 1915.10 $8.94 $7.23 $6.42 -$17.92 -$1.98 $6.11 $7.85 $8.56 $8.70 $9.22 $11.21 $10.01 $10.06 $11.90 $10.22 $10.27 $11.26 $11.94 $12.41 $10.07
S&P 400 Consumer Discretionary 828.69 $0.80 $1.16 -$2.73 -$5.56 $1.60 $1.53 $3.26 $4.57 $3.48 $4.07 $4.26 $3.96 $3.24 $3.85 $3.98 $6.40 $4.91 $4.57 $6.20 $6.41
S&P 400 Energy 148.59 $13.50 $12.95 $30.08 -$58.80 -$21.74 $2.30 $7.39 $3.76 $10.40 $7.99 $7.77 $6.46 $7.11 $11.92 $12.63 $8.79 $9.33 -$1.62 $3.21 $0.96
S&P 400 Financials 787.24 $4.53 -$0.24 $0.40 -$5.68 $3.03 $4.09 $3.21 $3.81 $3.51 $4.32 $4.81 $5.92 $3.37 $5.87 $4.33 $5.70 $5.94 $5.90 $7.25 $7.03
S&P 400 Health Care 2407.28 $4.21 $5.61 $3.23 -$0.97 -$7.01 $4.11 $4.16 $4.95 $4.12 $3.66 $3.44 $3.34 $4.64 $5.82 $7.44 $6.68 $4.24 $6.18 $6.16 $3.41
S&P 400 Industrials 1062.39 $4.52 $5.73 $1.71 -$3.00 -$1.65 $2.80 $3.36 $3.63 $3.64 $5.67 $5.74 $3.81 $5.19 $6.38 $4.79 $4.55 $6.43 $7.66 $6.83 $2.16
S&P 400 Information Technology 3261.58 $8.30 $3.35 $6.08 -$52.81 -$4.23 $5.08 $5.80 $9.44 $9.11 $4.45 $14.44 $15.04 $12.98 $13.99 $10.76 $1.72 $8.67 $14.84 $9.94 $11.53
S&P 400 Materials 436.70 $3.53 $3.95 $4.21 -$3.72 $1.00 $2.42 $2.87 $2.23 $2.01 $4.51 $4.32 $2.99 $4.19 $4.17 $1.18 $3.35 $3.79 $4.15 $2.77 $3.39
S&P 400 Communication Services 147.12 $2.81 $3.78 $4.34 -$4.64 $3.31 $3.20 $2.40 $0.94 $1.66 $5.93 $1.81 $0.88 $1.51 $2.89 $2.40 $0.31 $2.08 $1.80 $1.49 -$0.70
S&P 400 Utilities 490.64 $4.84 $2.16 $5.01 $2.43 $3.12 $2.65 $4.43 $3.05 $5.99 $2.44 $5.64 $3.07 $5.09 $2.93 $5.73 $3.98 $4.34 $3.74 $6.61 $3.50
S&P 600 896.00 $3.12 $1.61 $0.25 -$11.31 -$1.92 $0.69 $1.45 $2.04 $3.00 $3.29 $4.07 $3.62 $4.10 $4.61 $3.59 $3.38 $4.73 $3.72 $4.58 $3.30
S&P 600 Consumer Discretionary 575.25 $0.86 -$3.30 -$5.08 -$15.62 -$0.95 -$0.85 $1.80 $1.38 $2.21 $2.01 $2.96 $1.40 $2.42 $2.68 $3.45 $2.50 $3.21 $3.01 $4.53 -$0.17
S&P 600 Consumer Staples 1819.57 $2.54 $1.69 -$7.49 $3.00 $3.17 $6.25 $5.09 -$8.88 $3.41 $6.20 $6.46 $5.79 $5.91 $9.51 $9.05 $9.33 $11.41 $9.21 $11.10 $9.78
S&P 600 Energy 136.29 $15.83 $20.05 $32.11 -$70.70 -$9.48 $2.26 $4.69 -$1.44 $8.93 $11.55 $15.00 $6.40 $11.84 $20.34 $15.72 $8.33 $10.95 $1.90 $3.97 -$4.48
S&P 600 Financials 792.12 $1.87 $0.26 -$6.49 -$16.74 -$6.92 -$1.54 -$7.26 $0.53 $1.49 $0.83 $2.30 $1.43 $3.35 $3.18 $4.63 $5.27 $5.95 $5.17 $6.94 $7.53
S&P 600 Health Care 3133.21 $4.39 $3.57 $5.03 $2.65 $3.03 $5.78 $5.87 $5.75 $5.60 $7.20 $5.73 $8.32 $5.35 $6.25 -$5.45 $2.98 $6.92 $8.05 $7.55 $7.49
S&P 600 Industrials 1070.65 $5.71 $7.73 $7.10 -$5.25 -$0.42 $3.25 $3.76 $2.43 $2.41 $4.00 $4.62 $3.88 $5.62 $6.69 $6.24 $4.84 $6.19 $6.64 $2.95 $7.54
S&P 600 Information Technology 831.08 $1.18 $0.32 $0.28 -$6.23 -$2.64 -$0.92 $0.99 $1.53 $1.82 $2.26 $3.21 $3.08 $2.27 $2.78 $1.86 $0.82 $1.14 $1.54 $1.87 -$0.06
S&P 600 Materials 425.04 -$0.50 $0.66 $0.97 -$17.01 -$5.77 $1.91 $4.89 $2.91 $2.53 $4.04 $2.73 $3.63 $2.39 $4.74 $3.05 $0.01 $2.92 -$3.02 $3.08 -$0.17
S&P 600 Communication Services 3.22 $0.05 $0.20 -$0.19 -$0.60 -$0.02 -$0.02 $0.03 $0.01 $0.03 $0.04 $0.05 $0.05 $0.06 $0.03 $0.04 -$0.05 $0.03 $0.03 $0.03 -$0.08
S&P 600 Utilities 927.71 $10.19 $2.22 $3.67 $8.10 $10.12 $2.29 $2.02 $9.61 $10.99 $3.10 $4.08 $8.21 $12.20 $4.29 $3.10 $9.84 $11.56 $3.12 $3.59 $10.71
S&P Composite 1500 759.70 $3.47 $2.84 $2.15 -$5.51 $1.40 $2.92 $3.24 $3.36 $3.86 $4.33 $4.37 $4.56 $4.73 $4.96 $4.97 $4.57 $5.11 $4.82 $4.77 $4.56
S&P Composite 1500 Consumer Discretionary 1048.04 $1.73 -$2.67 -$1.53 -$10.30 $0.44 $2.54 $2.85 $3.49 $3.46 $3.94 $3.69 $4.05 $3.94 $4.51 $4.34 $7.26 $4.39 $4.40 $5.18 $5.54
S&P Composite 1500 Consumer Staples 682.82 $3.79 $3.60 $4.50 $2.61 $3.56 $4.41 $4.57 $4.35 $4.10 $4.79 $4.66 $6.13 $4.88 $5.26 $5.04 $4.48 $4.82 $5.36 $5.43 $6.16
S&P Composite 1500 Energy 278.39 $12.47 $13.61 $20.84 -$12.75 -$1.30 $4.25 $6.13 $6.24 $8.64 $10.04 $8.84 $9.28 $11.02 $13.05 $12.39 $9.98 $12.07 $13.25 $9.88 $9.51
S&P Composite 1500 Financials 437.42 -$0.48 -$2.36 -$10.08 -$22.96 -$0.23 $2.00 $1.10 -$0.04 $3.49 $3.47 $2.54 $3.56 $3.63 $2.69 $4.37 $3.85 $4.16 $4.30 $4.01 $4.00
S&P Composite 1500 Health Care 1306.54 $5.35 $5.55 $4.96 $2.36 $4.89 $5.84 $6.42 $6.61 $5.23 $5.93 $5.38 $5.13 $6.28 $6.93 $6.13 $5.29 $6.95 $5.53 $6.65 $5.60
S&P Composite 1500 Industrials 674.33 $4.90 $5.60 $4.93 $1.23 $1.96 $3.22 $2.94 $3.84 $3.29 $4.54 $4.66 $4.57 $4.68 $5.48 $5.12 $5.00 $5.49 $6.11 $5.20 $3.90
S&P Composite 1500 Information Technology 2047.43 $4.14 $4.53 $3.72 -$1.95 $1.11 $2.85 $4.19 $6.17 $5.36 $5.66 $6.71 $7.82 $6.94 $7.32 $6.21 $8.07 $7.56 $4.52 $5.91 $8.83
S&P Composite 1500 Materials 403.85 $4.06 $4.38 $3.15 -$10.29 $0.62 $1.44 $2.62 $1.65 $2.63 $3.49 $4.07 $2.93 $4.59 $4.99 $3.56 $1.22 $3.85 $3.88 $2.21 $1.42
S&P Composite 1500 Communication Services 196.19 $1.89 $2.21 $1.93 $0.90 $1.78 $1.79 $1.60 $0.66 $0.93 $1.42 $4.24 $1.10 $1.78 $1.71 $1.79 -$3.35 $1.73 $1.72 $1.85 -$3.36
S&P Composite 1500 Utilities 347.80 $3.71 $2.73 $3.97 $1.93 $2.65 $2.49 $3.63 $4.22 $3.53 $2.91 $3.44 $2.33 $3.28 $3.25 $4.03 $1.84 $2.73 $2.68 $3.14 $1.97
S&P Composite 1500 Real Estate (proforma pre-9/19/16) 203.22
Notes:
Actual As Reported Diluted earnings, sometimes called Generally Accepted Accounting Principal (GAAP) earnings, is income from continuing operations. It excludes both
discontinued and extraordinary income. Both of these terms are defined by Financial Standards Accounting Board (FASB) under GAAP. As Reported earnings represent the
longest monitored earnings series available today.
Actual Operating Basic earnings then excludes 'unusual' items from that value. Operating income is not defined under GAAP by FASB. This permits individual companies to
interpret what is and what is not 'unusual'. The result is a varied interpretation of items and charges, where the same specific type of charge may be included in Operating earnings
for one company and omitted from another. S&P reviews all earnings to insure compatibility across company and industry groups.
The bottom-up earnings estimates are based on the Capital IQ consensus forecast.
The current As Reported reporting quarter consists of actually-reported earnings extrapolated if at least 70% of the market value has reported.
The current Operating reporting quarter consists of actually-reported earnings and Capital IQ consensus estimates.
Historical annual P/Es are based on the year-end price.
Estimated P/Es are based on the current price, unless otherwise noted.
E - estimate, P - preliminary
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4
$25.77 $26.36 $26.92 $28.25 $27.32 $29.34 $29.60 $26.75 $25.81 $26.14 $25.44 $23.06 $23.97 $25.70 $28.69 $27.90 $28.82 $30.51 $31.33 $33.85 $36.54 $38.65 $41.38 $35.03 $37.99 $40.14 $39.81 $39.18
$5.55 $6.35 $6.53 $6.69 $6.15 $6.95 $6.90 $7.70 $6.41 $7.61 $8.08 $8.34 $7.70 $8.56 $8.54 $8.50 $8.05 $8.71 $8.86 $9.62 $9.21 $10.47 $10.49 $9.67 $9.13 $10.15 $10.51 $9.68
$5.43 $5.78 $6.17 $6.57 $5.55 $6.32 $6.44 $5.85 $5.71 $6.38 $6.23 $6.00 $5.71 $6.30 $6.79 $6.53 $5.99 $6.72 $7.17 $7.43 $6.77 $7.63 $7.82 $7.13 $6.99 $7.63 $7.72 $8.17
$11.18 $11.49 $10.26 $9.42 $11.70 $11.94 $12.56 $6.74 -$0.48 -$0.51 -$4.52 -$8.20 -$2.71 -$2.06 $0.87 $0.41 $3.88 $2.75 $3.73 $2.93 $6.30 $6.66 $8.44 $9.22 $3.75 $5.47 $6.41 $0.46
$5.21 $5.44 $5.15 $5.27 $5.50 $5.84 $5.70 $4.92 $6.18 $5.82 $5.97 $5.03 $5.47 $5.46 $7.00 $5.86 $6.83 $6.98 $6.14 $6.64 $7.88 $9.11 $9.92 $4.34 $10.97 $10.33 $10.39 $11.75
$8.14 $8.19 $8.27 $7.83 $8.61 $9.54 $8.98 $8.65 $10.15 $9.68 $9.59 $9.30 $10.49 $10.94 $10.69 $10.32 $10.52 $11.78 $11.37 $11.42 $12.15 $12.49 $13.14 $12.26 $14.19 $14.80 $13.44 $13.19
$5.48 $6.25 $6.52 $6.63 $5.86 $7.12 $7.07 $6.77 $6.21 $6.96 $7.73 $7.09 $5.88 $7.14 $7.50 $6.55 $6.37 $8.02 $8.05 $7.85 $8.93 $9.70 $9.83 $8.98 $8.44 $9.31 $9.60 $8.12
$8.20 $7.50 $8.07 $9.81 $8.23 $8.52 $8.66 $11.59 $9.15 $8.86 $8.98 $10.99 $8.03 $8.27 $9.23 $12.45 $10.30 $10.81 $12.20 $17.28 $15.30 $14.59 $16.69 $17.13 $14.07 $15.48 $15.25 $18.12
$4.48 $3.14 $3.38 $3.03 $4.43 $4.49 $3.91 $3.02 $3.09 $3.79 $1.25 $0.35 $1.67 $4.91 $3.73 $2.71 $4.62 $4.89 $4.10 $3.57 $5.49 $6.63 $5.16 $4.30 $4.05 $5.08 $4.22 $3.69
$2.10 $2.16 $2.49 $5.58 $2.82 $2.92 $2.75 -$1.28 $2.90 $2.94 $2.86 $3.46 $2.80 $1.92 $2.60 $2.54 $2.70 $2.80 $2.74 $1.94 $3.59 $3.90 $2.12 $2.17 $2.09 $2.14 $1.91 $2.11
$2.54 $2.88 $4.13 $2.58 $3.32 $2.64 $4.52 $2.74 $3.84 $2.97 $4.28 $0.16 $3.66 $2.68 $4.93 $2.40 $3.75 $3.06 $4.66 $3.06 $4.45 $3.49 $5.13 $2.34 $4.12 $3.39 $5.06 $3.09
$0.84 $0.86 $0.79 $0.82 $0.92 $1.14 $1.25 $2.03 $1.50 $1.35 $1.29 $1.31 $2.55 $1.51 $1.48 $1.83 $1.37 $1.29 $1.56 $1.38 $1.49 $1.45 $1.68 $1.78 $1.43 $2.12 $1.71 $1.74
$13.29 $15.00 $15.60 $16.11 $13.66 $16.76 $13.09 $15.36 $14.34 $14.83 $15.81 $10.50 $13.28 $16.38 $18.63 $16.25 $17.81 $19.79 $18.23 $22.29 $22.30 $25.06 $27.42 $21.20 $24.14 $25.37 $23.28 $22.19
$5.56 $6.57 $6.58 $8.17 $4.66 $7.07 $7.20 $11.27 $6.15 $7.60 $8.52 $10.40 $7.64 $8.64 $9.92 $11.77 $8.18 $10.36 $11.33 $12.55 $10.34 $12.01 $13.36 $15.58 $8.32 $10.01 $10.16 $9.93
$9.83 $12.61 $16.50 $16.34 $14.76 $12.73 $14.02 $14.95 $17.03 $18.88 $18.30 $17.51 $16.44 $18.10 $17.61 $18.25 $16.63 $18.21 $20.60 $18.13 $23.31 $20.91 $21.38 $17.28 $18.28 $19.38 $18.85 $19.05
$8.54 $11.77 $6.18 $6.50 $8.62 $9.13 $13.64 -$3.72 -$2.97 -$20.80 -$9.66 -$66.01 -$16.38 -$11.31 -$3.00 -$22.41 $0.29 $1.83 -$7.16 $3.44 $2.90 -$5.06 $0.21 $0.63 $0.59 $4.24 -$1.91 -$5.04
$7.52 $7.10 $7.28 $8.88 $8.12 $9.27 $9.67 $9.32 $8.81 $9.56 $8.76 $9.21 $9.34 $9.63 $12.66 $13.19 $14.04 $14.20 $9.43 $14.13 $15.40 $19.37 $18.17 $9.70 $22.03 $22.03 $21.14 $16.55
$7.23 $8.36 $6.85 $8.16 $8.64 $10.01 $9.31 $10.62 $10.03 $12.87 $13.95 $13.08 $12.51 $13.98 $11.86 $11.56 $12.65 $9.28 $16.28 $13.41 $14.67 $22.42 $20.78 $1.50 $23.89 $23.11 $15.12 $20.56
$7.22 $9.65 $9.92 $8.86 $7.60 $10.53 $10.78 $7.32 $7.95 $11.19 $10.87 $9.79 $8.32 $11.47 $11.41 $8.98 $8.64 $12.38 $13.11 $11.55 $11.20 $14.58 $15.63 $14.15 $12.13 $13.73 $13.04 $13.04
$9.81 $11.06 $12.24 $14.62 $7.46 $12.41 $12.87 $14.58 $9.53 $12.05 $11.77 $14.08 $9.23 $14.71 $16.96 $18.78 $15.52 $18.72 $20.19 $20.26 $18.95 $21.82 $28.12 $29.82 $17.93 $19.87 $22.71 $25.45
$4.15 $5.12 $6.14 $4.37 $4.22 $5.32 -$11.53 $1.61 $4.57 $4.52 $3.66 $3.18 $2.86 $5.58 $5.02 $4.42 $5.53 $7.42 $7.43 $7.09 $7.30 $11.23 $10.52 $7.45 $7.45 $8.06 $6.67 $4.95
$0.58 $0.31 $1.12 -$3.70 -$0.90 -$0.20 -$2.81 $14.58 $2.18 $4.26 -$0.09 $0.64 $2.27 $0.73 -$0.45 -$2.24 -$3.80 -$3.43 -$1.91 $1.86 $1.59 $2.16 $1.63 $1.40 $1.93 $1.75 $2.19
$5.34 $4.08 $7.11 $4.99 $6.65 $4.02 $7.14 $4.89 $6.40 $3.98 $6.25 $4.53 $6.74 $3.99 $6.59 $7.03 $7.72 $3.99 $6.70 $7.76 $8.54 $4.57 $6.10 $6.37 $9.18 $3.18 $6.10 $8.17
$0.98 $0.90 $0.87 $1.26 $0.96 $1.48 $1.72 $1.64 $1.52 $1.75 $1.68 $1.58 $1.75 $1.78 $2.27 $2.30 $1.72 $1.74 $1.42 $2.40 $2.30 $2.66 $2.88 $1.53 $2.01 $1.87 $1.99 $2.12
$5.81 $6.32 $6.28 $6.92 $5.90 $6.90 $6.78 $7.20 $4.93 $5.45 $4.59 $4.69 $5.36 $6.64 $7.14 $6.47 $7.19 $7.70 $7.85 $8.45 $9.14 $10.07 $10.06 $9.77 $6.97 $10.52 $8.78 $4.41
$4.14 $4.78 $4.50 $4.41 $3.74 $4.34 $5.01 $5.72 $4.55 $5.25 $5.76 $4.76 $5.35 $5.95 $5.49 $7.08 $4.31 $5.55 $5.05 $9.13 $6.05 $8.82 $8.18 $10.26 $5.45 $7.85 $9.10 $11.28
$12.80 $8.74 $12.86 $12.80 $10.34 $17.33 $16.73 $20.46 $18.36 $17.24 $17.62 $23.85 $22.19 $18.74 $19.49 $15.68 $13.11 $20.30 $12.85 $17.56 $27.71 $15.84 $6.83 $7.70 $15.52 $16.73 $14.18 $23.92
$8.67 $16.24 $9.62 -$2.18 $4.80 -$4.27 -$28.84 -$39.21 -$60.98 -$63.35 -$94.57 -$88.61 -$43.37 -$35.56 -$20.48 -$19.59 -$6.24 -$1.60 -$7.49 -$5.17 $0.11 -$9.74 $3.26 $13.73 -$6.97 $4.47 -$10.51 -$45.85
$8.14 $8.74 $8.86 $8.77 $8.03 $9.52 $10.05 $10.61 $8.09 $9.38 $9.25 $10.20 $9.97 $11.17 $12.18 $12.72 $13.96 $12.51 $11.91 $15.40 $17.49 $18.04 $15.74 $9.59 $19.17 $16.30 $17.97 $22.73
$7.98 $9.21 $11.51 $9.92 $8.31 $12.64 $10.92 $14.97 $9.72 $10.90 $9.09 $11.03 $7.13 $7.65 $0.96 -$1.87 -$1.38 -$0.13 $9.58 -$12.65 $7.97 $10.64 $0.40 -$3.67 -$3.23 $2.58 $8.20 $3.36
$7.25 $8.34 $8.61 $8.42 $7.39 $8.96 $8.84 $9.05 $8.22 $10.07 $9.70 $8.95 $7.96 $11.09 $11.17 $6.89 $9.65 $10.51 $12.46 $11.62 $10.51 $14.24 $15.57 $13.77 $10.75 $16.10 $17.40 $14.84
$1.97 $2.56 $2.66 $4.68 $2.42 $2.65 $4.10 $3.81 $2.67 $3.76 $4.48 $4.29 $2.51 $3.91 $5.04 $5.49 $4.83 $5.44 $5.99 $6.85 $5.12 $5.39 $5.19 $6.96 $2.06 $4.07 $4.84 $4.31
$3.17 $3.46 $1.99 $3.41 $2.41 $5.29 $6.25 $4.84 $2.84 $2.59 $4.18 $0.70 $3.21 $5.18 $7.05 $3.65 $5.91 $6.09 $5.86 $5.37 $6.57 $8.08 $7.39 $4.03 $5.68 $7.18 $5.69 $2.76
$0.02 $0.03 $0.03 $0.00 $0.01 $0.18 -$0.01 $0.00 $0.02 $0.02 $0.03 $0.01 $0.02 $0.02 $0.02 $0.01 -$0.01 $0.01 $0.01 -$0.01 -$0.01 -$0.02 -$0.01 $0.03 -$0.02 $0.01 -$0.02 $0.03
$11.92 $4.86 $3.71 $9.99 $15.60 $4.01 $3.41 $13.75 $14.81 $3.76 $3.65 $12.91 $13.80 $4.17 $7.43 $10.27 $13.87 $6.60 $5.02 $10.72 $17.70 $8.07 $2.91 $10.25 $13.03 $5.67 $6.97 $11.85
$0.91 $1.25 $1.16 $1.00 $1.04 $1.61 $1.91 $1.87 $1.06 $1.31 $1.39 $1.76 $1.87 $2.11 $1.40 $1.53 $1.75 $1.66 $1.35 $1.36 $0.66 $1.55 $2.15 -$0.04 $0.89 $2.45 $0.93 $1.75
$5.75 $5.93 $6.06 $6.37 $6.09 $6.61 $6.57 $6.05 $5.78 $5.88 $5.74 $5.12 $5.39 $5.85 $6.54 $6.31 $6.55 $6.96 $7.10 $7.73 $8.30 $8.83 $9.45 $7.98 $8.61 $9.15 $9.01 $8.77
$5.16 $5.92 $6.06 $6.30 $5.58 $6.44 $6.44 $7.42 $5.94 $7.07 $7.54 $7.85 $7.15 $7.96 $8.00 $8.17 $7.42 $8.17 $8.33 $9.25 $8.61 $9.92 $10.05 $9.69 $8.39 $9.50 $9.88 $9.31
$5.63 $5.99 $6.45 $6.86 $5.81 $6.60 $6.74 $6.17 $6.04 $6.73 $6.57 $6.35 $6.04 $6.64 $7.14 $6.86 $6.30 $7.07 $7.53 $7.78 $7.21 $8.00 $8.15 $7.43 $7.33 $7.99 $8.05 $8.57
$11.47 $11.96 $10.49 $9.58 $11.96 $12.20 $12.74 $6.18 -$1.16 -$1.89 -$5.79 -$11.59 -$3.86 -$2.94 $0.47 -$0.90 $3.71 $2.73 $2.96 $2.93 $6.20 $5.76 $8.08 $9.11 $3.38 $5.58 $5.50 -$1.82
$5.43 $5.63 $5.37 $5.56 $5.72 $6.12 $6.03 $5.30 $6.39 $6.13 $6.22 $5.39 $5.81 $5.84 $7.53 $6.45 $7.45 $7.58 $6.56 $7.30 $8.59 $9.96 $10.65 $4.78 $11.89 $11.21 $11.26 $12.48
$8.05 $8.19 $8.26 $7.87 $8.60 $9.60 $9.03 $8.84 $10.18 $9.85 $9.78 $9.51 $10.59 $11.07 $10.71 $10.29 $10.54 $11.68 $11.62 $11.29 $12.37 $12.97 $13.48 $12.07 $14.56 $15.18 $13.67 $13.56
$5.68 $6.61 $6.88 $6.88 $6.07 $7.47 $7.45 $6.91 $6.44 $7.42 $8.07 $7.39 $6.16 $7.63 $7.95 $6.77 $6.68 $8.46 $8.61 $8.29 $9.22 $10.27 $10.50 $9.57 $8.85 $9.92 $10.18 $8.75
$8.00 $7.43 $7.98 $9.80 $7.98 $8.42 $8.64 $11.39 $8.95 $8.82 $8.96 $10.90 $7.92 $8.37 $9.37 $12.49 $10.35 $10.95 $12.34 $17.20 $15.24 $14.65 $16.75 $17.29 $13.91 $15.38 $15.28 $18.08
$4.45 $3.47 $3.74 $3.27 $4.39 $4.71 $1.93 $2.94 $3.34 $3.91 $1.72 $0.76 $1.92 $5.09 $4.11 $3.02 $4.88 $5.36 $4.66 $4.15 $5.88 $7.41 $6.04 $4.78 $4.63 $5.62 $4.66 $3.89
$2.05 $2.11 $2.44 $5.36 $2.73 $2.92 $2.67 -$1.26 $2.90 $2.91 $2.83 $3.40 $2.75 $1.90 $2.57 $2.49 $2.61 $2.70 $2.65 $1.86 $3.49 $3.79 $2.10 $2.15 $2.06 $2.12 $1.88 $2.10
$3.02 $3.13 $4.53 $3.00 $3.92 $2.88 $4.91 $3.20 $4.38 $3.19 $4.61 $0.68 $4.21 $2.93 $5.38 $2.95 $4.36 $3.36 $5.10 $3.66 $5.13 $3.86 $5.58 $2.82 $4.81 $3.70 $5.59 $3.68
$0.84 $0.86 $0.81 $0.90 $0.90 $1.20 $1.35 $1.84 $1.40 $1.37 $1.32 $1.35 $2.26 $1.53 $1.56 $1.83 $1.40 $1.33 $1.47 $1.49 $1.52 $1.59 $1.84 $1.57 $1.44 $2.02 $1.65 $1.74
2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4
$24.22 $24.87 $24.63 $26.48 $24.87 $27.14 $27.47 $22.83 $21.81 $22.80 $23.22 $18.70 $21.72 $23.28 $25.39 $24.16 $27.46 $27.01 $28.45 $26.96 $33.02 $34.05 $36.36 $28.96 $35.02 $34.93 $33.99 $35.53
$5.63 $5.96 $5.92 $6.79 $5.80 $6.37 $6.56 $8.36 $5.89 $6.89 $7.28 $8.68 $7.01 $7.74 $7.14 $7.16 $7.78 $8.13 $7.95 $13.75 $7.81 $9.71 $7.88 $7.48 $8.73 $9.54 $9.74 $8.84
$5.04 $5.56 $6.42 $5.67 $4.95 $5.75 $5.49 $4.81 $5.02 $5.49 $6.96 $5.03 $5.69 $6.08 $6.00 $8.51 $5.35 $6.01 $6.48 $7.57 $6.80 $5.99 $7.70 $5.25 $6.49 $3.99 $5.69 $5.80
$10.76 $11.71 $10.11 $9.24 $9.98 $11.41 $11.69 $2.15 -$1.80 -$1.50 -$6.01 -$14.21 -$4.98 -$4.98 -$0.16 -$2.42 $4.25 $0.61 $3.51 $9.55 $5.38 $6.06 $8.67 $7.53 $3.69 $3.45 $0.79 -$2.70
$4.71 $5.28 $4.27 $4.67 $4.88 $5.15 $4.98 $4.09 $5.97 $5.69 $5.65 $4.60 $5.28 $5.38 $6.80 $5.54 $6.62 $6.65 $6.07 $5.75 $7.83 $8.89 $9.83 $4.24 $10.94 $10.28 $9.92 $11.59
$7.06 $6.96 $7.05 $6.36 $7.47 $8.60 $7.47 $8.09 $7.82 $8.38 $8.00 $7.08 $9.92 $9.61 $8.34 $6.92 $10.35 $9.79 $8.02 $1.02 $10.46 $8.31 $12.33 $6.46 $11.44 $12.96 $9.88 $12.53
$5.47 $5.72 $6.16 $8.03 $5.50 $6.69 $6.72 $6.45 $2.55 $6.46 $7.64 $6.19 $5.12 $6.93 $7.13 $5.78 $5.75 $7.47 $7.79 $5.18 $7.49 $9.03 $2.77 $7.58 $7.84 $6.88 $8.21 $6.51
$7.92 $7.16 $7.96 $9.36 $7.81 $8.10 $9.23 $10.96 $8.66 $6.59 $8.44 $10.17 $7.53 $8.08 $8.69 $12.54 $9.48 $9.72 $11.64 $2.91 $13.08 $13.73 $15.83 $15.98 $13.60 $14.92 $13.89 $17.90
$4.15 $3.51 $2.10 $1.63 $4.30 $4.27 $3.42 $1.11 $2.87 $3.31 $0.80 $0.01 $1.07 $4.95 $2.59 $1.65 $4.09 $4.39 $3.45 $3.65 $4.47 $5.70 $4.35 $4.71 $3.10 $2.83 $4.50 $0.85
$2.06 $1.85 $2.11 $5.06 $3.27 $3.01 $2.62 -$2.22 $2.80 $2.74 $2.49 $4.21 $2.81 $1.49 $2.44 $2.41 $2.46 $2.90 $2.38 $13.66 $3.26 $3.31 $2.08 $2.34 $1.68 $1.92 $1.84 $2.09
$2.01 $2.03 $3.73 $1.99 $2.62 $2.44 $4.27 $2.17 $3.67 $2.81 $3.45 -$0.96 $3.21 $2.00 $4.10 -$1.12 $3.97 $1.98 $4.33 $1.74 $5.38 $1.84 $4.63 -$1.11 $3.88 $3.03 $4.84 $4.04
$0.73 $1.01 $0.74 $0.68 $0.93 $1.08 $1.22 $2.00 $1.27 $1.36 $1.22 $1.17 $2.45 $1.46 $1.41 $1.83 $1.33 $1.17 $1.45 $1.27 $1.40 $1.40 $1.66 $1.70 $1.29 $2.09 $1.65 $1.68
$12.05 $13.70 $13.36 $13.73 $12.05 $15.04 $9.31 $10.98 $11.23 $10.36 $7.31 $2.88 $10.52 $12.56 $15.71 $12.20 $15.70 $16.45 $15.99 $25.78 $19.73 $21.30 $22.08 $8.37 $21.21 $20.37 $14.80 $15.90
$4.88 $6.15 $6.31 $8.56 $3.72 $5.37 $6.56 $11.71 $5.10 $5.71 $3.39 $4.52 $7.06 $8.07 $9.53 $11.00 $7.62 $9.37 $10.49 $11.95 $7.24 $10.78 $6.13 $13.33 $4.89 $5.14 $7.41 $6.86
$9.05 $9.84 $20.87 $13.85 $12.81 $10.84 $6.74 $10.75 $3.51 $13.13 -$10.70 $14.47 $10.27 $16.07 $14.59 $8.15 $14.12 $10.89 $9.32 $25.33 $20.18 $16.81 $12.45 $11.87 $13.21 -$6.90 $12.58 $14.80
$8.04 $10.82 $2.03 $2.12 $10.07 $8.09 $12.48 -$13.51 -$3.39 -$30.73 -$34.73 -$70.31 -$16.88 -$11.23 -$4.47 -$25.97 -$2.12 $1.15 -$7.66 $7.40 $6.38 -$8.34 -$1.89 -$24.65 $0.63 $6.93 -$6.51 -$14.42
$7.61 $6.71 $7.05 $8.48 $8.60 $8.89 $7.40 $9.98 $8.25 $9.11 $8.51 $7.48 $8.95 $9.40 $12.23 $12.65 $13.63 $13.79 $8.76 $18.02 $15.01 $18.63 $17.61 $8.63 $21.29 $21.57 $20.87 $16.02
$4.61 $7.12 -$1.10 $2.83 $3.56 $8.52 $4.63 $6.35 $8.88 $10.98 $8.40 $11.20 $10.73 -$1.83 $10.39 $7.73 $10.35 $0.62 $8.80 $23.49 $11.12 $18.43 $16.55 -$40.11 $20.66 $17.53 -$15.80 $14.75
$6.53 $8.76 $9.57 $7.49 $6.61 $10.17 $9.45 $1.86 $6.21 $10.70 $7.00 $6.34 $4.50 $10.16 $10.22 $5.48 $7.65 $11.98 $12.41 $19.94 $10.33 $12.02 $14.22 $11.08 $10.74 $12.12 $7.31 $8.92
$7.27 $9.10 $9.22 $9.09 $5.19 $10.08 $10.72 $8.95 $5.04 $5.19 $9.87 $8.31 $6.71 $7.45 $11.44 $14.94 $12.14 $14.18 $24.24 $3.14 $10.41 $16.94 $19.65 $24.96 $14.86 $5.79 $16.27 $25.11
$4.20 $4.64 $5.73 $4.63 $3.20 $4.65 -$14.16 -$0.28 $3.91 $2.21 $1.79 -$2.68 $2.66 $4.90 $1.82 $2.49 $4.86 $7.09 $6.36 $6.07 $6.10 $9.83 $9.93 $7.23 $6.39 $7.08 $3.20 -$1.06
$0.45 $4.94 -$0.61 $0.32 $0.84 -$0.29 -$1.62 $14.36 $1.91 $4.17 -$0.09 $0.64 $2.27 $1.00 -$0.45 -$4.37 -$31.48 -$11.02 $13.48 $1.80 $1.54 $2.04 $1.42 $1.29 $1.60 $1.52 $1.64
$5.33 $3.99 $6.59 $4.90 $6.61 $3.96 $6.98 $4.82 $4.21 $1.75 $3.44 $2.15 $5.52 $3.69 $6.56 $6.59 $7.18 $3.59 $5.30 $10.45 $8.71 $4.09 $5.86 $6.23 $9.22 $3.23 $5.74 $8.12
$1.10 $0.85 $0.86 $1.21 $1.52 $1.50 $1.66 $2.31 $1.46 $1.64 $1.76 $1.50 $1.73 $1.79 $2.15 $2.11 $1.67 $1.69 $1.21 $2.28 $2.18 $2.61 $2.73 $0.93 $1.96 $1.74 $2.03 $2.39
$4.68 $5.34 $5.54 $5.37 $4.85 $5.44 $5.72 $4.78 $3.14 $3.89 $2.67 $0.09 $3.85 $5.19 $4.83 $3.16 $4.30 $5.37 $5.41 $3.48 $7.13 $7.22 $6.84 $2.12 $5.08 $0.84 $2.93 -$1.00
$3.52 $4.94 $4.45 $2.96 $3.00 $3.19 $3.90 $4.45 $4.31 $4.10 $2.66 -$2.18 $4.42 $6.58 $5.40 $3.64 -$0.94 $1.92 $3.31 $5.33 $5.05 $6.60 $4.10 $1.19 $2.98 $4.70 $7.19 $6.92
$12.77 $5.59 $9.02 $9.24 $4.35 $16.11 $14.71 $19.32 $17.58 $16.28 $16.37 $18.55 $20.22 $17.63 $18.17 $12.70 $11.47 $15.75 -$0.75 $43.37 $23.72 $5.05 $14.23 -$32.15 $10.41 $8.78 -$9.68 $22.38
$7.90 $10.17 $4.70 -$8.17 $4.91 -$5.70 -$28.15 -$47.57 -$61.66 -$64.60 -$105.99 -$118.08 -$49.67 -$36.67 -$22.98 -$22.06 -$6.53 -$1.58 -$11.66 $9.56 -$1.81 -$10.75 $3.41 -$2.61 -$4.91 $2.68 -$27.36 -$48.10
$7.43 $7.77 $8.77 $7.99 $7.60 $9.21 $9.49 $10.66 $6.48 $7.64 $7.90 $10.17 $9.72 $10.53 $11.32 $11.56 $13.56 $11.62 $10.30 $10.27 $16.86 $17.04 $14.81 $9.29 $18.14 $15.07 $17.94 $21.20
$0.83 $7.20 $6.48 $1.20 $6.51 $8.59 $7.80 $12.02 $5.87 $8.49 $9.69 $5.53 $2.72 $5.00 -$13.65 -$3.04 -$8.26 -$15.95 $2.44 -$56.41 -$3.31 -$0.65 -$16.95 -$30.86 -$11.22 -$15.14 -$5.45 -$31.95
$6.72 $6.55 $8.82 $7.63 $6.66 $6.74 $7.26 $4.61 $6.21 $7.87 $5.76 $3.27 $4.76 $6.35 $9.13 $0.75 $5.39 $9.80 $10.17 $13.78 $7.14 $11.81 $12.62 $9.88 $6.50 $14.71 $14.31 $5.37
$1.61 $1.72 $2.06 $3.94 $1.28 $1.84 $3.62 $1.38 $2.13 $2.25 $4.23 $2.90 $1.29 $2.14 $3.55 $4.03 $4.00 $4.95 $4.23 -$0.46 $3.79 $2.99 $2.78 $2.79 $1.63 $3.19 $1.60 $1.49
$1.25 $3.17 $1.16 $3.19 $1.41 $3.30 $4.91 $0.04 -$4.22 $0.97 $4.02 -$4.82 $3.12 $3.77 $1.27 -$2.77 $3.97 $5.20 $4.70 $8.57 $5.62 $5.59 $6.80 -$0.79 $4.27 $5.87 $2.64 $0.37
-$0.01 $0.02 $0.02 -$0.02 $0.01 $0.10 $0.01 -$0.04 $0.00 $0.08 $0.05 $0.02 $0.01 $0.03 $0.03 $0.00 $0.02 $0.01 -$0.01 -$0.34 -$0.01 -$0.03 -$0.09 -$0.03 -$0.03 -$1.09 -$0.09 -$0.03
$11.84 $4.78 $3.52 $9.90 $15.33 $3.78 $2.66 $13.52 $14.37 $3.58 $3.28 $11.89 $13.67 $4.09 $7.22 $10.68 $13.81 $6.83 $4.65 $5.84 $16.65 $0.97 $4.09 $11.08 $17.07 $5.51 $6.57 $11.17
$0.87 $1.05 $1.25 $0.96 $0.95 $1.59 $1.86 $1.76 $0.94 $0.69 $0.88 $1.79 $2.09 $1.92 $1.41 $1.50 $1.72 $1.58 $1.33 $1.27 $0.67 $1.51 $2.16 $0.07 $0.84 $2.13 $0.60 $2.34
$5.38 $5.57 $5.52 $5.91 $5.52 $6.08 $6.01 $5.08 $4.84 $5.04 $5.03 $3.93 $4.83 $5.23 $5.74 $5.37 $6.16 $6.11 $6.40 $6.27 $7.47 $7.73 $8.22 $6.28 $7.89 $7.77 $7.49 $7.76
$5.14 $5.59 $5.53 $6.33 $5.19 $5.78 $6.06 $7.93 $5.43 $6.29 $6.40 $7.41 $6.50 $7.27 $6.81 $6.84 $6.90 $7.43 $7.44 $12.46 $7.20 $9.10 $7.12 $7.23 $7.64 $8.41 $8.91 $8.11
$5.24 $5.71 $6.74 $5.91 $5.15 $6.01 $5.70 $5.08 $5.19 $5.76 $6.94 $5.31 $5.94 $6.40 $6.30 $8.74 $5.61 $6.26 $6.64 $8.10 $7.19 $6.26 $7.97 $5.28 $6.75 $4.02 $5.81 $6.13
$11.03 $12.11 $10.15 $9.20 $10.32 $11.62 $11.84 $1.20 -$2.48 -$3.26 -$8.38 -$17.98 -$6.16 -$5.80 -$0.63 -$3.86 $3.94 $0.62 $2.66 $9.77 $5.53 $4.95 $8.16 $5.40 $3.38 $3.79 -$0.72 -$5.41
$4.95 $5.44 $4.54 $4.96 $5.16 $5.46 $5.23 $4.57 $6.13 $5.95 $5.87 $4.89 $5.61 $5.75 $7.31 $6.10 $7.23 $7.23 $6.44 $6.50 $8.52 $9.69 $10.52 $4.63 $11.81 $11.13 $10.80 $12.28
$6.79 $6.96 $6.68 $6.12 $7.27 $8.59 $7.36 $8.09 $7.86 $8.50 $8.08 $7.24 $9.93 $9.26 $8.20 $6.88 $10.22 $9.32 $8.08 $0.85 $10.51 $8.65 $12.42 $5.03 $11.70 $13.06 $9.21 $12.44
$5.59 $6.01 $6.54 $7.99 $5.63 $7.00 $6.97 $6.03 $2.97 $6.86 $7.57 $6.13 $5.07 $7.18 $7.46 $5.61 $5.91 $7.91 $8.25 $6.52 $7.74 $9.41 $3.87 $7.97 $8.06 $7.56 $8.43 $6.72
$7.64 $7.01 $7.76 $9.19 $7.46 $7.92 $9.08 $10.52 $8.34 $6.43 $8.39 $9.92 $7.34 $7.91 $8.65 $12.41 $9.46 $9.77 $11.85 $2.84 $12.87 $13.64 $15.60 $15.91 $13.37 $14.47 $13.72 $17.78
$4.09 $3.70 $2.57 $2.11 $4.11 $4.35 $1.13 $0.89 $2.78 $3.12 $1.07 -$0.55 $1.39 $4.96 $2.48 $1.59 $4.26 $4.86 $3.93 $4.21 $4.82 $6.34 $5.28 $4.95 $3.62 $3.49 $4.41 $0.65
$2.00 $1.86 $2.05 $4.90 $3.18 $2.96 $2.54 -$2.21 $2.79 $2.75 $2.50 $4.14 $2.76 $1.49 $2.41 $2.36 $2.38 $2.59 $2.21 $13.02 $3.17 $3.21 $2.03 $2.30 $1.65 $1.56 $1.80 $2.05
$2.50 $2.31 $4.11 $2.42 $3.23 $2.68 $4.65 $2.64 $4.05 $2.87 $3.60 -$0.59 $3.68 $2.26 $4.56 -$0.55 $4.53 $2.27 $4.68 $2.50 $6.06 $2.12 $5.08 -$0.70 $4.59 $3.33 $5.34 $4.66
$0.80 $0.93 $0.78 $0.80 $1.02 $1.17 $1.32 $1.96 $1.23 $1.30 $1.25 $1.24 $2.19 $1.49 $1.49 $1.79 $1.35 $1.24 $1.35 $1.39 $1.43 $1.55 $1.80 $1.42 $1.33 $1.95 $1.60 $1.78
2020 Q1 2020E Q2 2020E Q3 2020E Q4 2021E Q1 2021E Q2 2021E Q3 2021E Q4 2008 EPS 2008 P/E 2009 EPS 2009 P/E 2010 EPS 2010 P/E 2011 EPS 2011 P/E 2012 EPS 2012 P/E 2013 EPS 2013 P/E 2014 EPS 2014 P/E 2015 EPS 2015 P/E
$19.50 $23.77 $31.82 $35.72 $36.87 $39.52 $42.16 $44.91 $49.51 18.24 $56.86 19.61 $83.77 15.01 $96.44 13.04 $96.82 14.73 $107.31 17.22 $113.01 18.22 $100.45 20.35
$3.97 $2.74 $6.34 $7.47 $7.72 $9.98 $10.26 $10.80 $5.28 32.08 $10.96 21.45 $18.20 16.24 $20.81 14.83 $22.27 16.89 $25.12 21.10 $27.70 20.67 $30.44 20.40
$7.35 $7.06 $7.56 $7.73 $7.42 $8.01 $8.54 $8.53 $17.17 14.37 $18.36 14.94 $19.45 15.61 $21.38 15.69 $22.59 15.97 $23.95 18.48 $24.16 20.68 $24.32 21.31
-$9.16 -$6.14 -$0.50 $0.73 $1.63 $2.34 $2.94 $2.92 $50.93 7.59 $17.26 24.91 $35.21 14.39 $47.94 10.86 $44.30 12.03 $42.35 15.39 $42.93 13.66 -$13.71 -32.70
-$1.09 $4.16 $6.68 $6.65 $7.16 $7.45 $8.00 $8.74 -$21.24 -7.95 $4.40 44.04 $14.82 14.49 $16.23 10.79 $16.44 13.46 $21.07 13.99 $21.96 15.18 $23.01 13.98
$13.89 $14.85 $16.69 $17.28 $19.16 $19.66 $20.22 $20.18 $24.47 12.64 $26.40 13.72 $28.90 12.62 $31.08 12.93 $31.53 14.68 $32.43 19.81 $35.79 22.13 $38.72 21.52
$3.87 $1.86 $3.77 $5.54 $6.43 $7.86 $8.47 $8.98 $21.18 9.78 $14.22 17.09 $18.41 16.36 $20.96 13.95 $22.28 14.76 $24.88 18.19 $26.83 18.13 $28.00 16.56
$14.29 $14.93 $16.67 $20.81 $18.29 $18.62 $20.20 $24.22 $16.12 14.38 $17.48 21.21 $26.25 15.41 $31.44 13.04 $32.69 14.19 $33.58 17.44 $36.99 18.70 $37.97 19.00
$3.28 $3.69 $3.59 $3.90 $4.45 $5.44 $4.88 $4.76 $8.09 17.01 $7.09 28.18 $13.33 17.97 $16.20 13.07 $14.67 16.20 $14.04 20.78 $15.86 19.25 $8.49 32.23
$1.70 $1.56 $1.71 $2.11 $2.11 $2.29 $2.31 $2.62 $8.21 13.61 $7.22 15.88 $7.36 17.50 $6.85 18.95 $3.38 43.26 $12.31 12.63 $7.21 21.16 $12.15 12.34
$3.40 $3.82 $5.11 $3.20 $4.39 $3.49 $5.32 $3.41 $12.25 12.08 $11.50 13.74 $12.34 12.92 $12.47 14.67 $11.97 14.85 $12.15 15.91 $13.22 18.16 $11.25 19.55
$1.65 $1.00 $0.86 $1.00 $1.06 $1.15 $1.18 $1.27 $1.79 43.56 $0.99 95.13 $1.32 91.14 $2.49 52.33 $3.13 48.33 $3.31 44.95 $5.34 35.22 $5.45 34.89
$16.68 $8.73 $18.96 $22.63 $22.56 $24.57 $26.64 $28.74 $30.05 17.91 $27.59 26.34 $43.92 20.66 $50.31 17.48 $54.54 18.71 $60.00 22.38 $58.87 24.67 $55.49 25.20
$2.15 -$2.08 $9.07 $11.90 $8.44 $10.56 $13.59 $15.00 $6.39 28.11 $12.14 22.69 $18.02 20.02 $19.73 18.51 $24.40 18.20 $26.88 23.25 $30.20 22.76 $32.67 19.11
$15.96 $20.58 $21.63 $20.12 $21.40 $24.82 $25.74 $23.91 $28.68 14.56 $31.18 15.90 $39.30 15.77 $46.09 16.31 $51.35 16.80 $55.29 21.38 $56.47 27.94 $71.73 20.99
-$8.11 -$10.38 -$1.24 -$1.44 -$0.66 -$0.58 -$0.35 -$0.40 $16.97 21.31 -$5.20 -116.31 $31.34 25.11 $46.71 15.10 $30.47 22.82 $32.99 26.58 $27.67 23.36 -$99.43 -4.29
$19.80 $11.14 $15.27 $16.90 $16.83 $17.34 $17.69 $19.56 $6.10 64.11 $12.87 32.84 $18.94 25.85 $20.37 22.11 $27.62 18.62 $30.78 20.29 $36.39 19.20 $36.33 19.65
$18.23 $10.35 $17.57 $21.96 $21.46 $22.73 $22.28 $25.08 $19.48 15.13 $15.76 25.18 $20.63 23.58 $28.52 17.17 $29.14 21.23 $30.61 29.40 $38.58 28.75 $49.94 24.18
$7.90 $6.62 $9.03 $10.04 $10.78 $13.83 $15.44 $14.63 $21.40 11.35 $15.18 20.79 $21.73 18.83 $27.17 14.74 $31.05 15.54 $35.65 19.28 $36.23 19.03 $39.80 16.58
$14.82 $21.09 $29.89 $35.11 $32.53 $36.34 $39.98 $42.05 $26.66 19.81 $25.85 32.32 $52.03 21.24 $53.98 18.06 $47.43 23.59 $47.74 30.06 $47.33 32.56 $47.42 32.49
$6.17 $1.63 $3.43 $3.35 $5.86 $7.10 $6.64 $6.58 $15.17 8.44 $9.32 20.91 $14.19 17.28 $15.80 15.39 $16.26 17.94 $19.78 18.05 -$0.38 -983.43 $15.93 20.00
$1.42 $0.17 $0.59 $1.66 $1.59 $1.86 $1.70 $2.05 $16.22 8.83 $10.09 16.02 $12.23 14.99 $7.23 22.72 $5.51 34.06 -$1.69 -131.27 272.65 $20.93 11.22
$8.76 $5.78 $5.82 $8.39 $11.21 $4.90 $5.93 $8.65 $15.35 13.67 $15.57 15.62 $17.74 15.07 $17.22 17.48 $19.72 15.52 $21.52 17.49 $22.70 19.12 $21.17 18.66
$1.50 $0.37 $0.81 $1.13 $0.88 $1.03 $1.12 $1.47 $4.01 41.63 $5.79 36.01 $6.53 31.83
-$19.74 -$5.12 $7.46 $10.86 $9.03 $10.73 $11.84 $14.56 $10.22 26.29 $7.62 43.65 $17.00 24.46 $20.59 20.16 $21.62 22.04 $25.33 26.28 $26.79 25.95 $19.66 34.16
-$1.72 -$8.63 $4.76 $12.86 $6.55 $8.26 $10.39 $17.04 $2.11 59.30 $5.17 36.47 $10.19 24.96 $13.11 18.81 $14.16 21.43 $17.84 25.13 $18.81 24.78 $20.33 20.73
$22.38 $28.38 $17.68 $18.65 $24.51 $28.17 $19.39 $23.24 17.69 $28.07 20.20 $34.77 20.39 $36.66 20.78 $46.88 18.26 $47.21 25.99 $64.87 20.68 $77.06 17.23
-$99.58 -$35.69 -$4.62 -$3.37 -$3.72 -$3.79 -$3.35 -$2.83 $34.67 14.68 $7.08 116.43 $46.51 25.58 $61.15 19.90 $15.63 77.62 $32.35 51.79 -$67.52 -15.83 -$307.50 -1.82
-$32.82 $17.39 $15.75 $17.09 $16.33 $16.32 $16.70 $18.62 -$6.15 -74.11 -$11.07 -37.75 $9.71 50.98 $19.48 25.17 $27.83 20.10 $34.51 20.77 $38.21 19.75 $36.93 19.91
-$2.48 -$6.25 $14.43 $24.27 $16.86 $20.26 $22.46 $29.79 $21.75 19.87 $24.93 21.19 $31.70 20.36 $37.43 19.57 $38.37 21.58 $38.62 33.35 $46.84 30.50 $40.75 42.20
$7.23 $5.21 $10.21 $11.11 $11.20 $15.04 $16.75 $16.06 $26.10 12.39 $16.46 22.63 $20.97 22.36 $26.17 16.86 $29.67 17.86 $32.62 22.87 $34.23 22.16 $36.94 19.25
$0.64 $3.76 $8.18 $9.61 $9.49 $10.78 $11.91 $12.86 $4.43 30.94 $2.79 72.61 $11.66 21.61 $10.39 23.20 $8.57 31.36 $11.87 32.70 $12.98 33.75 $15.20 30.01
$4.53 -$1.97 $1.94 $3.86 $4.94 $7.96 $8.79 $7.97 $5.23 32.10 $9.82 25.01 $12.94 22.23 $15.73 16.62 $14.37 22.56 $12.04 36.22 $18.79 23.06 $10.32 30.80
-$0.01 -$0.02 $0.01 $0.02 $0.02 $0.02 $0.01 $0.02 $0.46 10.58 $0.11 24.85 $0.14 20.63 $0.15 15.73 $0.09 26.48 $0.08 31.73 $0.18 13.47 $0.08 30.34
$10.46 $3.61 $2.09 $14.92 $20.31 $6.40 $3.00 $14.52 $24.45 15.39 $23.26 16.46 $27.65 15.74 $30.26 16.52 $29.07 16.70 $30.48 18.60 $36.76 18.16 $35.14 19.73
-$0.60 -$0.15 $1.16 $0.23 $0.19 $0.75 $0.84 $0.79 $4.32 36.30 $6.43 28.64 $5.51 30.52
$4.06 $5.06 $7.21 $8.18 $8.38 $9.01 $9.63 $10.29 $11.12 18.43 $12.47 20.43 $18.64 15.61 $21.50 13.50 $21.73 15.18 $24.12 17.79 $25.31 18.80 $22.52 20.91
$3.30 $1.53 $6.17 $7.79 $7.32 $9.42 $10.02 $10.94 $4.87 32.30 $10.06 22.06 $16.65 16.90 $19.08 15.30 $20.71 17.18 $23.44 21.45 $25.87 20.99 $28.40 20.31
$7.70 $7.48 $7.95 $8.11 $7.84 $8.48 $9.00 $8.98 $17.63 14.41 $18.89 15.02 $20.16 15.65 $22.19 15.77 $23.53 16.03 $24.94 18.65 $25.33 20.84 $25.69 21.25
-$13.55 -$8.39 -$0.79 $0.42 $1.28 $1.94 $2.55 $2.56 $50.80 7.86 $16.77 27.12 $36.48 14.82 $49.85 11.07 $45.25 12.46 $43.50 15.90 $43.08 14.25 -$20.44 -22.70
-$0.81 $4.81 $7.39 $7.46 $7.93 $8.23 $8.79 $9.61 -$19.61 -9.59 $4.51 47.00 $15.09 15.69 $16.69 11.83 $17.41 14.09 $21.98 14.69 $23.17 15.69 $24.13 14.65
$14.13 $14.86 $17.04 $17.82 $19.62 $20.17 $20.74 $20.84 $23.65 12.96 $25.23 14.37 $27.92 13.40 $30.68 13.37 $31.31 15.18 $32.37 20.51 $36.07 22.62 $39.32 21.96
$4.29 $2.30 $4.36 $6.08 $6.94 $8.57 $9.29 $9.68 $21.26 10.05 $14.30 17.69 $18.69 16.87 $21.62 14.15 $23.24 14.99 $26.05 18.51 $27.89 18.39 $29.32 16.67
$14.06 $14.92 $16.91 $21.05 $18.56 $19.00 $20.63 $24.56 $15.95 14.95 $17.09 22.24 $26.54 15.92 $31.32 13.51 $32.18 14.88 $33.21 18.31 $36.43 19.56 $37.64 19.70
$3.74 $3.34 $3.61 $3.94 $4.73 $5.85 $5.31 $5.17 $9.33 14.93 $7.67 26.59 $13.65 18.02 $16.36 13.52 $15.09 16.71 $14.92 20.84 $13.96 23.23 $9.73 29.37
$1.67 $1.52 $1.69 $2.09 $2.09 $2.27 $2.29 $2.60 $8.26 13.49 $7.17 15.93 $7.35 17.44 $6.80 18.97 $3.38 42.89 $11.96 12.94 $7.06 21.58 $12.04 12.43
$4.03 $4.28 $5.61 $3.83 $5.22 $3.91 $5.84 $4.04 $13.01 12.46 $12.42 14.05 $13.49 13.26 $13.62 15.05 $13.35 14.99 $13.68 16.18 $14.90 18.26 $12.86 19.47
$1.41 $0.77 $0.84 $0.93 $0.93 $1.06 $1.10 $1.22 $3.41 43.01 $5.29 34.69 $5.43 33.83
2020 Q1 2020E Q2 2020E Q3 2020E Q4 2021E Q1 2021E Q2 2021E Q3 2021E Q4 2008 EPS 2008 P/E 2009 EPS 2009 P/E 2010 EPS 2010 P/E 2011 EPS 2011 P/E 2012 EPS 2012 P/E 2013 EPS 2013 P/E 2014 EPS 2014 P/E 2015 EPS 2015 P/E
$11.88 $15.09 $14.88 60.70 $50.97 21.88 $77.35 16.26 $86.95 14.46 $86.51 16.49 $100.20 18.45 $102.31 20.12 $86.52 23.62
$0.18 -$0.11 -$13.71 -12.36 $10.49 22.41 $16.67 17.73 $22.36 13.80 $21.22 17.72 $24.29 21.82 $27.08 21.15 $28.75 21.60
$6.88 $5.40 $14.24 17.32 $16.55 16.57 $19.09 15.90 $19.02 17.64 $20.94 17.23 $22.70 19.50 $21.01 23.78 $22.49 23.05
-$24.26 -$8.25 $35.15 10.99 $16.01 26.86 $35.54 14.26 $44.79 11.63 $44.48 11.98 $41.82 15.58 $35.24 16.65 -$23.52 -19.07
-$1.31 $2.38 -$37.96 -4.45 $2.61 74.24 $12.77 16.82 $14.08 12.45 $15.56 14.22 $18.93 15.57 $19.09 17.46 $21.91 14.68
$12.48 $11.53 $19.09 16.21 $25.61 14.14 $22.46 16.24 $25.31 15.88 $25.09 18.45 $27.43 23.41 $31.64 25.03 $31.28 26.64
$5.99 -$0.91 $17.62 11.76 $12.55 19.36 $17.09 17.62 $20.17 14.49 $20.47 16.06 $25.39 17.82 $25.36 19.18 $22.84 20.29
$12.20 $13.95 $12.82 18.08 $15.07 24.60 $25.56 15.83 $29.06 14.11 $27.24 17.02 $32.41 18.07 $36.10 19.17 $33.86 21.31
$2.01 $1.34 $0.58 237.22 $5.88 33.98 $12.75 18.79 $14.55 14.55 $11.18 21.25 $11.40 25.59 $13.10 23.30 $6.98 39.22
$1.59 $1.01 $7.01 15.93 $5.85 19.60 $7.72 16.67 $1.86 69.85 $1.94 75.39 $11.09 14.03 $6.68 22.85 $12.24 12.25
$2.58 $2.56 $11.61 12.74 $12.36 12.78 $11.04 14.43 $11.15 16.41 $9.12 19.47 $9.76 19.80 $11.50 20.89 $8.97 24.53
$1.57 $0.87 $0.81 96.26 $0.83 113.47 $0.77 155.99 $2.37 55.01 $3.07 49.29 $3.17 47.03 $5.22 35.97 $5.02 37.89
-$3.48 $2.33 $4.67 115.26 $20.54 35.38 $39.14 23.18 $42.44 20.72 $45.69 22.33 $52.84 25.41 $47.38 30.66 $31.79 44.00
-$8.59 -$6.33 -28.38 $10.96 25.13 $15.77 22.88 $17.47 20.91 $22.08 20.10 $25.90 24.12 $27.36 25.12 $18.72 33.34
$8.83 $26.43 15.80 $26.87 18.45 $37.08 16.71 $34.99 21.49 $45.42 18.99 $53.60 22.05 $41.14 38.35 $20.41 73.79
-$25.42 -$12.18 -$2.27 -159.31 -$8.29 -72.96 $32.62 24.13 $40.45 17.43 $11.88 58.54 $23.01 38.11 $17.13 37.74 -$139.16 -3.06
$5.99 $9.66 -$0.99 -394.99 $14.14 29.89 $18.55 26.40 $19.28 23.37 $26.11 19.69 $29.85 20.92 $34.86 20.04 $33.35 21.41
$10.25 $15.60 $12.08 24.40 $6.21 63.90 $14.56 33.41 $24.58 19.92 $19.98 30.96 $13.47 66.80 $23.07 48.08 $39.46 30.60
-$0.11 $1.70 $8.96 27.11 $8.14 38.77 $18.86 21.69 $20.91 19.15 $23.08 20.91 $32.34 21.25 $28.09 24.54 $30.25 21.82
$0.01 -$35.08 -15.05 $16.09 51.92 $43.03 25.69 $39.44 24.72 $44.98 24.88 $34.67 41.39 $34.94 44.10 $28.42 54.22
$1.24 -$2.49 $7.97 16.07 $8.52 22.87 $13.83 17.73 $12.90 18.86 $14.10 20.69 $19.20 18.60 -$6.59 -56.57 $5.23 60.85
-$0.84 -$0.43 $6.29 22.76 $9.85 16.41 $10.28 17.83 $7.11 23.09 $4.67 40.18 $5.10 43.58 272.65 $20.35 11.54
$2.49 $4.39 $14.44 14.53 $13.25 18.36 $17.13 15.61 $17.74 16.97 $18.19 16.83 $20.81 18.09 $22.37 19.40 $11.56 34.19
$0.77 $0.11 $4.01 41.67 $6.99 29.83 $6.35 32.71
-$35.26 -$10.41 -$6.33 -42.45 $2.26 147.18 $13.98 29.73 $15.68 26.47 $16.32 29.19 $20.94 31.79 $20.79 33.43 $9.79 68.62
-$15.03 -$6.15 -$23.14 -5.41 $1.38 136.63 $8.59 29.62 $11.04 22.32 $10.59 28.67 $15.87 28.25 $14.54 32.07 $8.89 47.42
$16.12 -$0.26 -1581.48 $5.63 100.71 $21.86 32.43 $33.81 22.53 $41.50 20.62 $36.61 33.52 $54.48 24.63 $68.77 19.30
-$130.79 -$43.04 -$2.71 -187.82 -$3.97 -207.64 $41.88 28.41 $56.23 21.64 $12.34 98.32 $14.59 114.85 -$76.52 -13.97 -$350.34 -1.60
-$45.59 $12.66 -$21.10 -21.60 -$15.19 -27.51 $6.05 81.73 $16.43 29.84 $25.58 21.86 $31.96 22.42 $36.96 20.41 $32.19 22.84
-$11.83 $15.64 27.64 $20.43 25.86 $26.84 24.05 $9.13 80.26 $30.00 27.60 $15.71 81.98 $34.92 40.91 $29.59 58.11
-$10.32 -$1.54 $15.29 21.14 $9.02 41.30 $14.91 31.45 $23.39 18.86 $23.32 22.72 $29.72 25.10 $25.27 30.02 $23.10 30.78
-$6.08 $0.87 -$4.45 -30.81 -$1.04 -194.79 $10.37 24.29 $7.74 31.16 $4.48 60.02 $9.33 41.61 $8.12 53.94 $11.51 39.64
$3.35 -$5.31 -$15.88 -10.57 $3.94 62.33 $12.93 22.25 $10.19 25.66 $2.81 115.32 $8.76 49.76 $9.65 44.89 -$4.06 -78.30
-$0.03 -$0.09 -$0.54 -9.02 $0.00 2.73 $0.17 16.70 $0.09 25.14 $0.01 220.98 $0.01 269.49 $0.07 33.16 $0.16 15.93
$10.20 $24.18 15.56 $24.04 15.93 $26.38 16.50 $29.43 16.99 $28.97 16.75 $30.04 18.87 $35.29 18.92 $33.13 20.92
-$1.84 -$0.19 $4.13 38.00 $6.15 29.93 $4.31 39.05
$1.73 $3.05 $2.95 69.47 $10.92 23.33 $17.12 16.99 $19.23 15.08 $19.27 17.12 $22.38 19.18 $22.68 20.98 $18.85 24.99
-$1.49 -$1.22 -$12.77 -12.32 $9.32 23.82 $15.14 18.59 $20.04 14.56 $19.51 18.24 $22.60 22.24 $24.96 21.75 $25.54 22.59
$7.12 $5.75 $14.50 17.52 $16.89 16.80 $19.69 16.03 $19.65 17.80 $21.77 17.32 $23.60 19.71 $21.93 24.07 $23.20 23.54
-$30.20 -$10.76 $34.17 11.68 $15.32 29.68 $36.80 14.69 $46.45 11.88 $44.71 12.61 $42.49 16.27 $35.00 17.54 -$32.11 -14.45
-$1.84 $2.98 -$35.88 -5.24 $2.83 74.90 $13.07 18.12 $14.54 13.58 $16.46 14.90 $19.89 16.24 $20.41 17.82 $22.84 15.47
$12.45 $11.87 $18.22 16.82 $23.76 15.26 $21.67 17.27 $24.63 16.65 $24.74 19.21 $26.55 25.00 $31.31 26.06 $31.69 27.25
$5.14 -$0.79 $16.66 12.83 $11.96 21.15 $17.07 18.48 $20.28 15.09 $20.70 16.83 $26.13 18.45 $25.63 20.02 $23.53 20.77
$11.52 $13.84 $10.44 22.85 $14.32 26.55 $25.55 16.54 $28.54 14.82 $26.82 17.85 $31.60 19.24 $34.97 20.37 $33.07 22.41
$2.03 $0.78 $1.30 107.17 $6.33 32.22 $13.12 18.75 $14.36 15.41 $11.36 22.19 $12.47 24.94 $10.47 30.97 $6.42 44.54
$1.53 $0.96 $6.93 16.08 $5.83 19.59 $7.69 16.68 $1.92 67.02 $1.94 74.71 $10.82 14.30 $6.48 23.52 $12.18 12.28
$2.85 $2.90 $12.34 13.13 $12.99 13.43 $12.21 14.65 $12.41 16.52 $10.52 19.01 $11.33 19.53 $13.20 20.62 $9.94 25.20
$1.14 $0.65 $3.31 44.38 $5.46 33.61 $5.01 36.68
2016 EPS 2016 P/E 2017 EPS 2017 P/E 2018 EPS 2018 P/E 2019E EPS 2019E P/E 2020E EPS 2020E P/E 2021E EPS 2021E P/E PRICE 12/08 PRICE 12/09 PRICE 12/10 PRICE 12/11 PRICE 12/12 PRICE 12/13 PRICE 12/14 PRICE 12/15
$106.26 21.07 $124.52 21.47 $151.60 16.54 $157.12 20.56 $110.81 30.22 $163.45 20.49 903.25 1115.10 1257.64 1257.60 1426.19 1848.36 2058.90 2043.94
$33.30 19.46 $35.23 22.29 $39.84 19.62 $39.48 24.98 $20.53 57.04 $38.76 30.21 169.41 235.07 295.54 308.58 376.06 530.10 572.75 621.02
$25.33 21.00 $27.32 21.50 $29.35 17.78 $30.50 21.21 $29.70 21.81 $32.50 19.93 246.66 274.30 303.58 335.54 360.78 442.62 499.58 518.42
-$3.49 -158.91 $13.28 40.16 $30.61 13.85 $16.09 28.36 -$15.06 -18.63 $9.83 28.54 386.35 429.95 506.75 520.81 532.96 651.67 586.59 448.44
$23.78 16.25 $26.59 17.45 $31.25 12.67 $43.44 11.77 $16.40 24.59 $31.35 12.86 168.79 193.78 214.77 175.23 221.24 294.71 333.32 321.73
$42.45 18.77 $45.08 21.21 $50.04 20.01 $55.62 21.36 $62.71 19.69 $79.23 15.58 309.41 362.22 364.78 401.90 462.95 642.30 791.97 833.23
$27.07 19.88 $30.29 21.06 $37.43 14.48 $35.48 19.38 $15.04 41.48 $31.73 19.66 207.21 242.99 301.12 292.32 328.75 452.46 486.47 463.53
$37.99 21.27 $50.59 21.87 $63.70 17.08 $62.92 25.60 $66.71 30.45 $81.33 24.98 231.81 370.71 404.55 409.93 463.82 585.48 691.95 721.48
$13.01 23.99 $17.18 22.05 $21.58 14.68 $17.05 22.64 $14.46 26.73 $19.53 19.80 137.59 199.81 239.61 211.71 237.62 291.64 305.28 273.64
$9.86 17.90 $10.18 16.31 $11.78 11.79 $8.25 22.03 $7.07 27.92 $9.33 21.16 111.70 114.64 128.74 129.82 146.04 155.52 152.55 149.91
$13.67 18.05 $14.53 18.40 $15.41 17.43 $15.66 20.97 $15.53 19.74 $16.61 18.46 147.93 157.99 159.34 182.98 177.66 193.21 240.14 220.00
$7.38 25.78 $5.60 36.38 $6.40 30.07 $7.00 34.33 $4.52 49.38 $4.67 47.79 77.97 94.18 120.58 130.15 151.26 148.95 187.89 190.22
$64.53 25.73 $78.12 24.33 $95.98 17.33 $94.98 21.72 $66.99 28.59 $102.52 18.68 538.28 726.67 907.25 879.16 1020.43 1342.53 1452.44 1398.58
$37.97 17.78 $42.42 18.76 $51.29 12.55 $38.41 20.91 $21.05 39.37 $47.59 17.41 179.63 275.43 360.79 365.27 443.95 624.88 687.24 624.31
$70.41 24.01 $73.57 23.47 $82.88 19.12 $75.55 22.96 $78.30 23.81 $95.89 19.44 417.56 495.72 619.59 751.72 862.71 1181.90 1577.72 1505.92
-$53.10 -9.56 -$1.60 -264.31 -$1.33 -222.86 -$2.12 -119.57 -$21.17 -7.02 -$1.99 -74.63 361.64 604.81 786.99 705.18 695.36 877.03 646.46 426.16
$44.82 20.15 $51.81 19.51 $62.64 13.29 $81.75 12.58 $63.11 12.47 $71.42 11.02 391.04 422.69 489.73 450.51 514.14 624.60 698.47 713.89
$49.91 26.19 $51.61 30.96 $59.37 28.57 $82.67 25.10 $68.10 35.35 $91.55 26.29 294.70 396.85 486.42 489.76 618.7 899.75 1109.24 1207.49
$40.18 20.87 $45.66 22.44 $55.56 15.52 $51.93 21.91 $33.59 31.63 $54.68 19.43 242.88 315.56 409.05 400.42 482.54 687.40 689.46 659.95
$59.68 31.16 $74.69 30.96 $98.70 22.01 $85.97 35.91 $100.91 32.32 $150.90 21.61 528.08 835.38 1105.38 974.98 1119.05 1435.18 1541.03 1540.74
$17.88 23.95 $27.47 18.64 $36.50 10.96 $27.14 17.45 $14.58 29.96 $26.18 16.68 128.06 194.89 245.23 243.20 291.69 357.13 372.73 318.49
$3.18 82.49 -$11.38 -12.96 $7.24 20.42 $7.26 23.38 $3.83 38.38 $7.21 20.41 143.16 161.65 183.36 164.14 187.72 222.36 272.65 234.88
$24.34 20.07 $26.18 20.16 $25.59 21.42 $26.63 22.90 $28.75 17.06 $30.69 15.98 209.87 243.22 267.44 300.99 306.13 376.37 433.87 395.09
$8.10 28.31 $7.27 31.32 $9.37 21.82 $7.99 30.44 $3.80 47.83 $4.50 40.47
$25.60 32.73 $31.19 30.01 $39.05 21.64 $30.68 33.29 -$6.55 -136.86 $46.16 19.41 268.73 332.63 415.73 415.07 476.57 665.54 695.08 671.74
$23.87 20.24 $24.04 23.27 $33.31 15.24 $33.67 17.52 $7.27 79.17 $42.25 13.62 125.12 188.55 254.46 246.53 303.55 448.34 466.27 421.45
$76.11 21.65 $63.83 27.78 $58.09 28.56 $70.34 27.06 $87.09 20.89 411.19 566.97 708.94 761.75 855.92 1227.12 1341.70 1327.38
-$119.00 -6.44 -$20.50 -27.41 $7.37 43.47 -$58.87 -4.61 -$143.25 -0.95 -$13.69 -9.96 509.00 824.31 1189.83 1216.75 1213.24 1675.39 1068.86 559.04
$46.04 21.61 $53.79 19.29 $60.87 15.59 $76.17 14.58 $17.41 45.49 $67.97 11.65 455.79 417.94 494.86 490.30 559.32 716.59 754.55 735.23
$13.87 126.35 -$4.59 -514.06 $15.34 168.65 $10.92 284.78 $29.98 104.52 $89.37 35.06 432.22 528.23 645.65 732.64 828.04 1287.72 1428.29 1719.50
$37.11 24.57 $44.23 23.94 $54.09 17.05 $59.09 20.05 $33.77 31.70 $59.06 18.13 323.26 372.57 468.88 441.05 529.85 746.08 758.61 711.08
$16.94 35.87 $23.12 28.87 $22.66 26.69 $15.29 54.99 $22.19 37.45 $45.03 18.46 137.09 202.58 251.93 241.05 268.88 388.16 438.01 456.15
$19.09 25.45 $23.22 22.75 $26.07 15.58 $21.31 22.69 $8.35 50.89 $29.66 14.33 167.89 245.57 287.69 261.44 324.22 436.10 433.19 317.93
$0.07 43.44 $0.01 322.21 -$0.01 -537.96 $0.00 1071.39 $0.01 258.08 $0.08 42.29 4.87 2.73 2.79 2.35 2.42 2.54 2.46 2.47
$35.67 23.24 $36.21 26.50 $38.93 23.85 $37.53 29.67 $31.08 29.85 $44.24 20.97 376.26 382.95 435.24 500.03 485.39 566.93 667.54 693.15
$6.92 29.04 $6.12 33.25 $4.32 39.62 $6.02 34.23 $0.64 239.51 $2.57 60.11
$24.10 21.62 $28.34 21.84 $34.56 16.70 $35.54 20.84 $24.52 30.99 $37.31 20.36 204.93 254.79 254.79 290.12 329.78 429.10 475.80 470.91
$31.29 19.36 $33.18 22.05 $38.28 18.68 $37.09 24.23 $18.79 55.78 $37.70 27.80 157.30 221.96 221.96 291.90 355.82 502.69 543.08 576.92
$26.67 21.10 $28.68 21.62 $30.79 17.92 $31.94 21.32 $31.24 21.85 $34.30 19.91 253.99 283.70 283.70 349.81 377.01 465.29 527.99 545.97
-$7.23 -79.35 $12.33 44.35 $29.15 14.72 $12.64 36.03 -$22.31 -12.48 $8.32 33.44 399.12 454.73 454.73 551.87 563.64 691.56 613.71 463.95
$25.63 16.76 $28.89 17.65 $33.97 12.81 $46.85 11.91 $18.85 23.21 $34.56 12.66 188.00 211.96 211.96 197.47 245.32 322.92 363.69 353.45
$42.66 19.50 $45.13 22.22 $50.90 20.69 $56.97 21.97 $63.85 20.46 $81.38 16.06 306.44 362.62 362.62 410.14 475.27 663.81 815.87 863.43
$28.51 20.20 $32.05 21.33 $39.55 14.70 $37.71 19.65 $17.03 39.59 $34.47 19.56 213.73 252.97 252.97 306.03 348.35 482.23 513.06 488.83
$38.16 21.95 $50.85 22.32 $63.94 17.39 $62.66 26.20 $66.94 30.59 $82.75 24.74 238.53 380.15 380.15 423.04 478.87 608.00 712.45 741.27
$14.13 24.09 $19.05 21.50 $24.10 14.01 $18.81 21.78 $14.62 27.61 $21.06 19.18 139.32 203.97 203.97 221.24 252.11 310.94 324.39 285.80
$9.71 18.14 $9.82 16.81 $11.53 12.02 $8.16 22.16 $6.97 28.14 $9.25 21.21 111.41 114.23 114.23 128.91 144.98 154.67 152.32 149.56
$15.47 18.40 $16.47 18.75 $17.40 17.91 $17.79 21.23 $17.75 19.60 $19.01 18.30 162.06 174.50 174.50 204.99 200.04 221.38 272.12 250.42
$7.17 26.47 $5.69 35.12 $6.52 28.51 $6.85 33.54 $3.96 51.34 $4.32 47.08
2016 EPS 2016 P/E 2017 EPS 2017 P/E 2018 EPS 2018 P/E 2019E EPS 2019E P/E 2020E EPS 2020E P/E 2021E EPS 2021E P/E PRICE 12/08 PRICE 12/09 PRICE 12/10 PRICE 12/11 PRICE 12/12 PRICE 12/13 PRICE 12/14 PRICE 12/15
$94.55 23.68 $109.88 24.33 $132.39 18.94 $139.47 23.17 903.25 1115.10 1257.64 1257.60 1426.19 1848.36 2058.90 2043.94
$29.07 22.29 $37.61 20.88 $32.88 23.77 $36.85 26.77 169.41 235.07 295.54 308.58 376.06 530.10 572.75 621.02
$26.28 20.24 $25.42 23.11 $25.75 20.27 $21.98 29.44 246.66 274.30 303.58 335.54 360.78 442.62 499.58 518.42
-$12.53 -44.24 $17.91 29.78 $27.65 15.34 $5.23 87.30 386.35 429.95 506.75 520.81 532.96 651.67 586.59 448.44
$23.01 16.80 $25.10 18.49 $30.78 12.86 $42.75 11.96 168.79 193.78 214.77 175.23 221.24 294.71 333.32 321.73
$34.80 22.90 $29.19 32.76 $37.57 26.65 $46.81 25.38 309.41 362.22 364.78 401.90 462.95 642.30 791.97 833.23
$24.96 21.56 $26.19 24.35 $26.87 20.18 $29.43 23.36 207.21 242.99 301.12 292.32 328.75 452.46 486.47 463.53
$36.85 21.93 $33.74 32.78 $58.62 18.57 $60.31 26.72 231.81 370.71 404.55 409.93 463.82 585.48 691.95 721.48
$10.26 30.42 $15.57 24.34 $19.23 16.46 $11.29 34.18 137.59 199.81 239.61 211.71 237.62 291.64 305.28 273.64
$9.15 19.31 $21.41 7.76 $10.99 12.62 $7.53 24.11 111.70 114.64 128.74 129.82 146.04 155.52 152.55 149.91
$8.19 30.15 $12.02 22.25 $10.74 25.00 $15.80 20.78 147.93 157.99 159.34 182.98 177.66 193.21 240.14 220.00
$7.15 26.59 $5.22 39.04 $6.16 31.21 $6.71 35.80 77.97 94.18 120.58 130.15 151.26 148.95 187.89 190.22
$51.00 32.56 $73.92 25.71 $71.48 23.27 $72.27 28.54 538.28 726.67 907.25 879.16 1020.43 1342.53 1452.44 1398.58
$35.66 18.93 $39.42 20.19 $37.48 17.17 $24.30 33.04 179.63 275.43 360.79 365.27 443.95 624.88 687.24 624.31
$49.07 34.45 $59.65 28.95 $61.31 25.84 $33.69 51.49 417.56 495.72 619.59 751.72 862.71 1181.90 1577.72 1505.92
-$58.56 -8.67 -$1.25 -338.84 -$28.49 -10.38 -$13.37 -18.96 361.64 604.81 786.99 705.18 695.36 877.03 646.46 426.16
$43.23 20.89 $54.19 18.65 $59.89 13.90 $79.75 12.89 391.04 422.69 489.73 450.51 514.14 624.60 698.47 713.89
$27.01 48.39 $43.27 36.92 $5.99 282.98 $37.13 55.87 294.70 396.85 486.42 489.76 618.7 899.75 1109.24 1207.49
$30.36 27.63 $51.98 19.71 $47.65 18.09 $39.09 29.11 242.88 315.56 409.05 400.42 482.54 687.40 689.46 659.95
$40.54 45.86 $53.69 43.07 $71.97 30.19 $62.04 49.76 528.08 835.38 1105.38 974.98 1119.05 1435.18 1541.03 1540.74
$11.86 36.09 $24.37 21.00 $33.09 12.09 $15.61 30.33 128.06 194.89 245.23 243.20 291.69 357.13 372.73 318.49
$3.45 75.97 -$33.39 -4.42 $6.80 21.73 $6.06 28.04 143.16 161.65 183.36 164.14 187.72 222.36 272.65 234.88
$22.37 21.84 $26.52 19.90 $24.89 22.02 $26.31 23.18 209.87 243.22 267.44 300.99 306.13 376.37 433.87 395.09
$7.78 29.47 $6.85 33.27 $8.45 24.19 $8.12 29.93
$17.04 49.19 $18.56 50.44 $23.31 36.24 $7.86 129.96 268.73 332.63 415.73 415.07 476.57 665.54 695.08 671.74
$20.04 24.11 $9.63 58.12 $16.95 29.95 $21.78 27.08 125.12 188.55 254.46 246.53 303.55 448.34 466.27 421.45
$68.72 23.98 $69.83 25.39 $10.85 152.90 $31.89 59.68 411.19 566.97 708.94 761.75 855.92 1227.12 1341.70 1327.38
-$131.37 -5.83 -$10.21 -55.00 -$11.76 -27.23 -$77.68 -3.50 509.00 824.31 1189.83 1216.75 1213.24 1675.39 1068.86 559.04
$43.13 23.07 $45.75 22.68 $58.00 16.36 $72.35 15.35 455.79 417.94 494.86 490.30 559.32 716.59 754.55 735.23
-$8.98 -195.31 -$78.18 -30.15 -$51.76 -49.99 -$63.76 -48.76 432.22 528.23 645.65 732.64 828.04 1287.72 1428.29 1719.50
$21.00 43.42 $39.14 27.05 $41.44 22.26 $40.89 28.97 323.26 372.57 468.88 441.05 529.85 746.08 758.61 711.08
$11.02 55.16 $12.72 52.47 $12.35 48.98 $7.91 106.25 137.09 202.58 251.93 241.05 268.88 388.16 438.01 456.15
$5.38 90.22 $22.44 23.55 $17.21 23.61 $13.15 36.77 167.89 245.57 287.69 261.44 324.22 436.10 433.19 317.93
$0.08 37.99 -$0.33 -8.59 -$0.17 -16.77 -$1.24 -2.33 4.87 2.73 2.79 2.35 2.42 2.54 2.46 2.47
$35.67 23.24 $31.12 30.83 $32.79 28.32 $40.32 27.61 376.26 382.95 435.24 500.03 485.39 566.93 667.54 693.15
$6.91 29.08 $5.89 34.51 $4.40 38.87 $5.90 34.92
$21.17 24.61 $24.94 24.82 $29.70 19.43 $30.90 23.97 204.93 254.79 290.89 290.12 329.78 429.10 475.80 470.91
$27.43 22.08 $34.23 21.37 $30.65 23.32 $33.07 27.17 157.30 221.96 281.44 291.90 355.82 502.69 543.08 576.92
$27.37 20.57 $26.62 23.30 $26.70 20.66 $22.71 29.99 253.99 283.70 315.60 349.81 377.01 465.29 527.99 545.97
-$16.44 -34.90 $16.99 32.19 $24.03 17.86 $1.04 438.48 399.12 454.73 540.65 551.87 563.64 691.56 613.71 463.95
$24.76 17.34 $27.40 18.61 $33.36 13.04 $46.02 12.12 188.00 211.96 236.72 197.47 245.32 322.92 363.69 353.45
$34.26 24.28 $28.47 35.22 $36.61 28.76 $46.40 26.98 306.44 362.62 374.18 410.14 475.27 663.81 815.87 863.43
$25.33 22.74 $28.59 23.92 $28.98 20.06 $30.77 24.08 213.73 252.97 315.41 306.03 348.35 482.23 513.06 488.83
$36.32 23.06 $33.92 33.46 $58.03 19.16 $59.33 27.66 238.53 380.15 422.47 423.04 478.87 608.00 712.45 741.27
$10.42 32.66 $17.25 23.74 $21.39 15.79 $12.16 33.68 139.32 203.97 246.06 221.24 252.11 310.94 324.39 285.80
$9.02 19.52 $20.21 8.17 $10.71 12.95 $7.05 25.65 111.41 114.23 128.24 128.91 144.98 154.67 152.32 149.56
$9.95 28.61 $13.97 22.10 $12.55 24.82 $17.93 21.06 162.06 174.50 178.90 204.99 200.04 221.38 272.12 250.42
$6.96 27.30 $5.33 37.53 $6.20 29.95 $6.66 34.49
PRICE 12/16 PRICE 12/17 PRICE 12/18 PRICE 12/19 INDEX NAME
Operating Earnings Per Share by Economic Sector
2238.83 2673.61 2506.85 3230.78 S&P 500
647.82 785.33 781.50 986.29 S&P 500 Consumer Discretionary
531.79 587.39 521.88 646.97 S&P 500 Consumer Staples
554.50 533.41 424.07 456.46 S&P 500 Energy
386.53 463.94 395.90 511.39 S&P 500 Financials
796.91 956.32 1001.18 1188.20 S&P 500 Health Care
538.07 637.81 542.16 687.60 S&P 500 Industrials
807.95 1106.18 1088.31 1611.17 S&P 500 Information Technology
312.16 378.94 316.62 385.85 S&P 500 Materials
176.61 166.07 138.78 181.64 S&P 500 Communication Services
246.83 267.37 268.61 328.36 S&P 500 Utilities
190.23 203.86 192.36 240.32 S&P 500 Real Estate (proforma pre-9/19/16)
1660.58 1900.57 1663.04 2063.02 S&P 400

507.43 422.18 295.61 253.50 S&P 400 Energy
902.91 1010.74 832.55 1028.11 S&P 400 Financials
1307.22 1597.71 1696.18 2074.75 S&P 400 Health Care
838.63 1024.61 862.03 1137.90 S&P 400 Industrials
428.14 511.92 400.22 473.60 S&P 400 Materials
488.45 527.86 548.17 609.93 S&P 400 Utilities
837.96 936.26 844.94 1021.18 S&P 600

766.14 561.77 320.23 271.61 S&P 600 Energy
994.78 1037.66 949.01 1110.22 S&P 600 Financials
1752.93 2357.34 2587.64 3108.72 S&P 600 Health Care
911.68 1058.76 922.44 1184.56 S&P 600 Industrials
485.75 528.41 406.33 483.58 S&P 600 Materials
828.85 959.55 928.45 1113.36 S&P 600 Utilities
521.04 618.99 577.11 740.69 S&P Composite 1500

605.63 731.48 714.82 898.45 S&P Composite 1500 Consumer Discretionary
562.89 620.03 551.64 680.96 S&P Composite 1500 Consumer Staples
573.98 546.99 429.19 455.33 S&P Composite 1500 Energy
429.46 509.92 435.01 557.87 S&P Composite 1500 Financials
832.05 1002.70 1053.16 1251.68 S&P Composite 1500 Health Care
575.83 683.83 581.53 741.00 S&P Composite 1500 Industrials
837.68 1134.95 1112.03 1641.41 S&P Composite 1500 Information Technology
340.34 409.64 337.80 409.54 S&P Composite 1500 Materials
176.17 165.04 138.68 180.87 S&P Composite 1500 Communication Services
284.71 308.86 311.50 377.57 S&P Composite 1500 Utilities
As Reported Earnings Per Share by Economic Sector

PRICE 12/16 PRICE 12/17 PRICE 12/18 PRICE 12/19 INDEX NAME
2238.83 2673.61 2506.85 3230.78 S&P 500
554.50 533.41 424.07 456.46 S&P 500 Energy
386.53 463.94 395.90 511.39 S&P 500 Financials
796.91 956.32 1001.18 1188.20 S&P 500 Health Care
538.07 637.81 542.16 687.60 S&P 500 Industrials
312.16 378.94 316.62 385.85 S&P 500 Materials
246.83 267.37 268.61 328.36 S&P 500 Utilities
190.23 203.86 192.36 240.32
1660.58 1900.57 1663.04 2063.02 S&P 400

507.43 422.18 295.61 253.50 S&P 400 Energy
902.91 1010.74 832.55 1028.11 S&P 400 Financials
1307.22 1597.71 1696.18 2074.75 S&P 400 Health Care
838.63 1024.61 862.03 1137.90 S&P 400 Industrials
428.14 511.92 400.22 473.60 S&P 400 Materials
488.45 527.86 548.17 609.93 S&P 400 Utilities
837.96 936.26 844.94 1021.18 S&P 600

766.14 561.77 320.23 271.61 S&P 600 Energy
994.78 1037.66 949.01 1110.22 S&P 600 Financials
1752.93 2357.34 2587.64 3108.72 S&P 600 Health Care
911.68 1058.76 922.44 1184.56 S&P 600 Industrials
485.75 528.41 406.33 483.58 S&P 600 Materials
828.85 959.55 928.45 1113.36 S&P 600 Utilities
521.04 618.99 577.11 740.69 S&P Composite 1500

605.63 731.48 714.82 898.45 S&P Composite 1500 Consumer Discretionary
562.89 620.03 551.64 680.96 S&P Composite 1500 Consumer Staples
573.98 546.99 429.19 455.33 S&P Composite 1500 Energy
429.46 509.92 435.01 557.87 S&P Composite 1500 Financials
832.05 1002.70 1053.16 1251.68 S&P Composite 1500 Health Care
575.83 683.83 581.53 741.00 S&P Composite 1500 Industrials
837.68 1134.95 1112.03 1641.41 S&P Composite 1500 Information Technology
340.34 409.64 337.80 409.54 S&P Composite 1500 Materials
176.17 165.04 138.68 180.87 S&P Composite 1500 Communication Services
284.71 308.86 311.50 377.57 S&P Composite 1500 Utilities
S&P 500 QUARTERLY DATA
OPERATING AS REPORTED CASH SALES BOOK VAL CAPITAL

QUARTER EARNINGS EARNINGS DIVIDENDS PER PER EXPENDITURE
END PER SHR PER SHR PER SHR SHARE SHARE PER SHARE PRICE DIVISOR
6/30/2020 $14.35 3,100.29 8269.11
3/31/2020 $19.50 $11.88 $15.32 $332.59 $885.59 $19.82 2,584.59 8289.27
12/31/2019 $39.18 $35.53 $15.21 $369.23 $914.49 $23.23 3,230.78 8282.73
9/30/2019 $39.81 $33.99 $14.80 $355.02 $902.94 $21.03 2,976.74 8300.00
6/28/2019 $40.14 $34.93 $14.24 $351.91 $884.74 $20.66 2,941.76 8302.34
3/29/2019 $37.99 $35.02 $13.98 $338.85 $868.42 $17.88 2,834.40 8332.84
12/31/2018 $35.03 $28.96 $14.19 $346.71 $851.62 $21.12 2,506.85 8387.79
9/28/2018 $41.38 $36.36 $13.66 $341.27 $843.58 $18.59 2,913.98 8434.96
6/29/2018 $38.65 $34.05 $13.10 $334.64 $836.39 $18.60 2,718.37 8474.31
3/29/2018 $36.54 $33.02 $12.79 $320.39 $833.44 $17.24 2,640.87 8518.41
12/29/2017 $33.85 $26.96 $12.78 $329.59 $826.52 $18.62 2,673.61 8535.74
9/30/2017 $31.33 $28.45 $12.31 $308.22 $817.82 $16.33 2,519.36 8565.26
6/30/2017 $30.51 $27.01 $12.12 $300.98 $798.64 $15.23 2,423.41 8567.30
3/31/2017 $28.82 $27.46 $11.72 $292.78 $785.18 $13.92 2,362.72 8581.63
12/31/2016 $27.90 $24.16 $12.02 $301.12 $768.99 $20.15 2,238.83 8606.26
9/30/2016 $28.69 $25.39 $11.36 $290.94 $779.61 $15.15 2,168.27 8643.59
6/30/2016 $25.70 $23.28 $11.28 $284.59 $765.12 $15.31 2,098.86 8667.94
3/31/2016 $23.97 $21.72 $11.04 $274.03 $752.77 $14.48 2,059.74 8718.72
12/31/2015 $23.06 $18.70 $11.35 $288.87 $740.29 $18.10 2,043.94 8757.39
9/30/2015 $25.44 $23.22 $10.79 $283.72 $744.68 $16.49 1,920.03 8810.57
6/30/2015 $26.14 $22.80 $10.69 $281.35 $735.90 $16.11 2,063.11 8830.99
3/31/2015 $25.81 $21.81 $10.55 $273.19 $729.29 $15.94 2,067.89 8851.25
12/31/2014 $26.76 $22.83 $10.47 $297.91 $726.96 $19.84 2,058.90 8861.60
9/30/2014 $29.60 $27.47 $10.02 $293.09 $736.78 $17.85 1,972.29 8882.35
6/30/2014 $29.34 $27.14 $9.76 $292.35 $733.84 $18.01 1,960.23 8878.54
3/31/2014 $27.32 $24.87 $9.19 $279.96 $717.81 $16.41 1,872.34 8919.22
12/31/2013 $28.25 $26.48 $9.52 $289.46 $715.84 $18.46 1,848.36 8924.03
9/30/2013 $26.92 $24.63 $8.91 $279.41 $693.22 $16.64 1,681.55 8896.86
6/30/2013 $26.36 $24.87 $8.61 $277.17 $679.15 $16.25 1,606.28 8908.77
3/31/2013 $25.77 $24.22 $7.95 $270.77 $679.09 $14.37 1,569.19 8908.33
12/31/2012 $23.15 $20.65 $8.93 $288.03 $666.97 $17.49 1,426.19 8934.61
9/30/2012 $24.00 $21.21 $7.77 $268.99 $661.93 $16.22 1,440.67 8940.96
6/30/2012 $25.43 $21.62 $7.45 $268.03 $639.45 $15.69 1,362.16 9032.07
3/31/2012 $24.24 $23.03 $7.09 $267.33 $633.04 $14.33 1,408.47 9038.37
12/31/2011 $23.73 $20.64 $7.28 $272.64 $613.14 $16.02 1,257.60 9052.93
9/30/2011 $25.29 $22.63 $6.50 $265.99 $613.18 $15.07 1,131.42 9106.38
6/30/2011 $24.86 $22.24 $6.49 $263.31 $613.08 $14.37 1,320.64 9102.53
3/31/2011 $22.56 $21.44 $6.16 $250.89 $594.05 $12.38 1,325.83 9102.05
12/31/2010 $21.93 $20.67 $6.03 $252.73 $579.14 $15.99 1,257.64 9088.35
9/30/2010 $21.56 $19.52 $5.66 $240.84 $567.95 1,141.20 9057.38
6/30/2010 $20.90 $19.68 $5.58 $236.75 $541.60 1,030.71 9044.81
3/31/2010 $19.38 $17.48 $5.46 $232.38 $530.95 1,169.43 9030.03
12/31/2009 $17.16 $15.18 $5.66 $236.02 $513.58 1,115.10 8902.83
9/30/2009 $15.78 $14.76 $5.35 $227.34 $498.43 1,057.08 8832.37
6/30/2009 $13.81 $13.51 $5.44 $223.24 $487.69 919.32 8750.83
3/31/2009 $10.11 $7.52 $5.96 $221.80 $449.43 797.87 8682.64
12/31/2008 -$0.09 -$23.25 $7.15 $230.21 $451.37 903.25 8692.85
9/30/2008 $15.96 $9.73 $7.04 $268.00 $514.60 1,166.36 8729.25
6/30/2008 $17.02 $12.86 $7.10 $278.53 $530.70 1,280.00 8720.75
3/31/2008 $16.62 $15.54 $7.09 $265.72 $530.94 1,322.70 8702.39
12/31/2007 $15.22 $7.82 $7.62 $268.16 $529.59 1,468.36 8763.44
9/30/2007 $20.87 $15.15 $6.90 $258.81 $524.00 1,526.75 8822.50
6/30/2007 $24.06 $21.88 $6.69 $255.63 $516.91 1,503.35 8879.99
3/31/2007 $22.39 $21.33 $6.52 $242.48 $508.99 1,420.86 8942.67
12/31/2006 $21.99 $20.24 $6.87 $248.20 $504.39 1,418.30 8974.73
9/30/2006 $23.03 $21.47 $6.09 $239.80 $491.96 1,335.85 8997.93
6/30/2006 $21.95 $20.11 $6.02 $234.71 $474.91 1,270.20 9051.20
3/31/2006 $20.75 $19.69 $5.91 $229.80 $468.63 1,294.83 9004.80
12/31/2005 $20.19 $17.30 $6.08 $232.52 $453.06 1,248.29 9015.96
9/30/2005 $18.84 $17.39 $5.43 $220.90 $441.77 1,228.81 9018.96
6/30/2005 $19.42 $18.29 $5.36 $214.80 $436.90 1,191.33 9141.05
3/31/2005 $18.00 $16.85 $5.34 $206.10 $426.79 1,180.59 9164.75
12/31/2004 $17.95 $13.94 $5.33 $210.14 $414.75 1,211.92 9314.65
9/30/2004 $16.88 $14.18 $4.88 $197.06 $402.52 1,114.58 9328.90
6/30/2004 $16.98 $15.25 $4.66 $193.64 $386.23 1,140.84 9311.93
3/31/2004 $15.87 $15.18 $4.56 $187.33 $376.47 1,126.21 9288.96
12/31/2003 $14.88 $13.16 $5.06 $178.85 $367.17 1,111.92 9250.51
9/30/2003 $14.41 $12.56 $4.32 $179.60 $351.89 995.97 9244.95
6/30/2003 $12.92 $11.10 $4.09 $181.15 $346.32 974.50 9236.54
3/31/2003 $12.48 $11.92 $3.92 $171.21 $328.72 848.18 9227.64
12/31/2002 $11.94 $3.00 $4.26 $165.94 $321.72 879.82 9214.85
9/30/2002 $11.61 $8.53 $3.90 $166.12 $334.92 815.28 9221.83
6/30/2002 $11.64 $6.87 $4.15 $175.33 $329.52 989.81 9184.12
3/31/2002 $10.85 $9.19 $3.77 $167.20 $332.74 1,147.39 9152.85
12/31/2001 $9.94 $5.45 $3.98 $189.10 $338.37 1,148.08 9113.82
9/30/2001 $9.16 $5.23 $4.14 $178.68 $339.40 1,040.94 9065.58
6/30/2001 $9.02 $4.83 $3.84 $183.03 $345.87 1,224.38 9006.43
3/31/2001 $10.73 $9.18 $3.78 $186.07 $347.25 1,160.33 8949.76
12/31/2000 $13.11 $9.07 $3.98 $191.03 $325.80 1,320.28 8872.78
9/30/2000 $14.17 $13.71 $4.09 $188.10 $319.60 1,436.51 8770.40
6/30/2000 $14.88 $13.48 $4.12 $186.07 $312.94 1,454.60 8582.71
3/31/2000 $13.97 $13.74 $4.08 $180.50 $295.94 1,498.58 8465.46
12/31/1999 $13.77 $12.77 $4.05 $290.68 1,469.25 8381.82
9/30/1999 $12.97 $11.93 $4.45 1,282.71 8227.74
6/30/1999 $13.21 $12.51 $4.18 1,372.71 8182.00
3/31/1999 $11.73 $10.96 $4.01 1,286.37 8172.68
12/31/1998 $11.47 $8.56 $4.00 1,229.23 8088.29
9/30/1998 $10.45 $8.99 $4.26 1,017.01 7989.24
6/30/1998 $11.43 $9.87 $4.18 1,133.84 7898.50
3/31/1998 $10.92 $10.29 $3.76 1,101.75 7829.71
12/31/1997 $11.29 $8.94 $3.95 970.43 7784.88
9/30/1997 $11.03 $9.87 $4.06 947.28 7741.54
6/30/1997 $11.13 $10.44 $3.87 885.14 7673.57
3/31/1997 $10.56 $10.47 $3.61 757.12 7655.79
12/31/1996 $11.01 $9.86 $3.79 740.74 7594.79
9/30/1996 $9.92 $9.78 $3.89 687.33 7573.12
6/30/1996 $10.31 $10.13 $3.77 670.63 7550.72
3/31/1996 $9.39 $8.96 $3.45 645.50 7511.21
12/31/1995 $9.78 $7.13 $3.55 615.93 7449.38
9/30/1995 $9.78 $8.69 $3.50 584.41 7373.75
6/30/1995 $9.50 $9.26 $3.60 544.75 7340.26
3/31/1995 $8.64 $8.88 $3.14 500.71 7331.51
12/31/1994 $8.80 $8.35 $3.34 459.27 7285.82
9/30/1994 $8.03 $7.94 $3.29 462.71 7265.69
6/30/1994 $7.75 $7.38 $3.41 444.27 7211.87
3/31/1994 $7.17 $6.93 $3.14 445.77 7127.98
12/31/1993 $7.16 $5.08 $3.09 466.45 7086.53
9/30/1993 $6.92 $5.81 $3.20 458.93 7011.06
6/30/1993 $6.57 $4.89 $3.28 450.53 6974.55
3/31/1993 $6.25 $6.11 $3.01 451.67 6947.24
12/31/1992 $5.61 $3.60 $3.03 435.71 6918.99
9/30/1992 $5.12 $4.73 $3.20 417.80 6900.48
6/30/1992 $5.21 $5.40 $3.24 408.14 6867.07
3/31/1992 $4.93 $5.36 $2.91 403.69 6833.95
12/31/1991 $4.63 $2.55 $3.04 417.09 6812.52
9/30/1991 $5.11 $3.74 $3.13 387.86 6723.09
6/30/1991 $4.79 $4.54 $3.24 371.16 6685.13
3/31/1991 $4.77 $5.14 $2.79 375.22 6666.67
12/31/1990 $5.01 $4.40 $3.12 330.22 6647.01
9/30/1990 $5.97 $5.33 $3.00 306.05 6653.10
6/30/1990 $6.06 $6.07 $3.21 358.02 6656.02
3/31/1990 $5.61 $5.54 $2.77 339.94 6669.89
12/31/1989 $5.84 $4.80 $2.86 353.40 6697.81
9/30/1989 $5.54 $4.85 $2.83 349.15 6684.33
6/30/1989 $6.53 $6.48 $2.86 317.98 6723.45
3/31/1989 $6.41 $6.74 $2.50 294.87 6731.88
12/31/1988 $6.37 $5.62 $2.54 277.72 6829.56
9/30/1988 $6.22 $6.38 $2.46 271.91 6930.89
6/30/1988 $6.05 $6.22 $2.50 273.50 6956.73
3/31/1988 $5.48 $5.53 $2.24 258.89 6977.40
Q2 2020
------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- Q2 2020
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET Issues with diluted share counts for Q2 2020 over Q2 2019 EPS
Energy 25 19 6 0 96.15% 76.00% 24.00% 0.00% -> Therefore adding at least a 4% tailwind to their current EPS
Materials 26 22 3 1 92.86% 84.62% 11.54% 3.85% Issues 415 % of issues
Industrials 71 65 6 0 97.26% 91.55% 8.45% 0.00% Q2,'20 lower shares than Q2,'19 272 65.5%
Consumer Discretionary 42 29 12 1 68.85% 69.05% 28.57% 2.38% 4% lower shares 81 19.5%
Consumer Staples 24 22 2 0 72.73% 91.67% 8.33% 0.00% Q2,'20 higher sharers than Q2,'19 131 31.6%
Health Care 59 52 6 1 95.16% 88.14% 10.17% 1.69% 4% higher shares 36 8.7%
Financials 64 48 14 2 96.97% 75.00% 21.88% 3.13%
Information Technology 55 50 1 4 77.46% 90.91% 1.82% 7.27% Q3 2020 potential built in: Issues % of issues
Communication Services 25 20 3 2 96.15% 80.00% 12.00% 8.00% Q2,'20 shares at least 4% lower than Q3,'19 47 11.3%
Utilities 26 21 3 2 92.86% 80.77% 11.54% 7.69%
Real Estate 30 15 13 2 96.77% 50.00% 43.33% 6.67%
S&P 500 447 363 69 15 88.51% 81.21% 15.44% 3.36% Share Count Reduction (SCR) SCR SCR
(Y/Y diluted shares used for EPS) >=4% <=-4%
Q2 2020 8.67% 19.52%
Historical beats ------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- Q1 2020 8.00% 19.60%
REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET Q4 2019 7.63% 20.68%
Q2 2020 447 363 69 15 88.51% 81.21% 15.44% 3.36% Q3 2019 8.62% 22.85%
Q1 2020 500 329 150 21 99.01% 65.80% 30.00% 4.20% Q2 2019 7.98% 24.15%
Q4 2019 502 349 112 41 99.41% 69.52% 22.31% 8.17% Q1 2019 8.03% 24.90%
Q3 2019 498 374 91 33 98.61% 75.10% 18.27% 6.63% Q4 2018 8.45% 18.71%
Q2 2019 497 366 88 43 98.42% 73.64% 17.71% 8.65% Q3 2018 6.43% 17.67%
Q1 2019 501 371 95 35 99.21% 74.05% 18.96% 6.99% Q2 2018 6.20% 15.60%
Q4 2018 501 341 125 35 99.21% 68.06% 24.95% 6.99% Q1 2018 7.01% 13.63%
Q3 2018 497 382 75 40 98.42% 76.86% 15.09% 8.05% Q4 2017 6.83% 15.06%
Q2 2018 499 399 74 26 98.81% 79.96% 14.83% 5.21% Q3 2017 8.62% 14.23%
Q1 2018 500 385 86 29 99.01% 77.00% 17.20% 5.80% Q2 2017 10.00% 14.00%
Q4 2017 500 375 82 43 99.01% 75.00% 16.40% 8.60% Q1 2017 12.00% 14.80%
Q3 2017 503 365 96 42 99.60% 72.56% 19.09% 8.35% Q4 2016 10.48% 19.35%
Q2 2017 503 353 101 49 99.60% 70.18% 20.08% 9.74% Q3 2016 9.94% 23.73%
Q1 2017 503 372 95 36 99.60% 73.96% 18.89% 7.16% Q2 2016 10.48% 26.61%
Q4 2016 501 337 110 54 99.21% 67.27% 21.96% 10.78% Q1 2016 10.06% 28.17%
Q3 2016 498 351 105 42 98.61% 70.48% 21.08% 8.43% Q4 2015 9.48% 25.81%
Q2 2016 497 349 104 44 98.61% 70.22% 20.93% 8.85% Q3 2015 9.64% 22.69%
Q1 2016 499 361 103 35 99.01% 72.34% 20.64% 7.01% Q2 2015 9.04% 21.08%
Q4 2015 496 341 107 48 98.80% 68.75% 21.57% 9.68% Q1 2015 7.62% 21.04%
Q3 2015 499 339 115 45 99.40% 67.94% 23.05% 9.02% Q4 2014 6.04% 21.33%
Q2 2015 496 346 109 41 98.80% 69.76% 21.98% 8.27%
Q1 2015 498 337 114 47 99.20% 67.67% 22.89% 9.44%
Q4 2014 500 343 105 52 99.60% 68.60% 21.00% 10.40%
Q3 2014 499 368 86 45 99.40% 73.75% 17.23% 9.02%
Q2 2014 499 328 106 65 99.60% 65.73% 21.24% 13.03%
Q1 2014 499 335 113 51 99.80% 67.13% 22.65% 10.22%
Q4 2013 499 319 126 54 99.80% 63.93% 25.25% 10.82%
Q3 2013 499 330 116 53 99.80% 66.13% 23.25% 10.62%
Q2 2013 500 327 134 39 100.00% 65.40% 26.80% 7.80%
Q1 2013 499 329 129 41 99.80% 65.93% 25.85% 8.22%
Q4 2012 500 324 124 52 100.00% 64.80% 24.80% 10.40%
Q3 2012 493 312 117 64 98.60% 63.29% 23.73% 12.98%
Q2 2013 499 322 123 54 99.80% 64.53% 24.65% 10.82%
AVERAGE 498 349 106 43 98.92% 70.20% 21.20% 8.60%
Q1 2020
Financials 65 37 28 0 98.48% 56.92% 43.08% 0.00%
Utilities 28 15 12 1 100.00% 53.57% 42.86% 3.57%
Real Estate 31 17 12 2 100.00% 54.84% 38.71% 6.45%
S&P 500 500 329 150 21 99.01% 65.80% 30.00% 4.20%
Q4 2019
Financials 66 47 15 4 100.00% 71.21% 22.73% 6.06%
Utilities 28 21 6 1 100.00% 75.00% 21.43% 3.57%
Real Estate 31 18 11 2 100.00% 58.06% 35.48% 6.45%
S&P 500 501 348 113 40 99.21% 69.46% 22.55% 7.98%
Q3 2019
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET Q3 2019
Energy 28 16 11 1 100.00% 57.14% 39.29% 3.57% Issues with diluted share counts for Q3 2019 over Q3 2018 EPS
Materials 28 16 9 3 100.00% 57.14% 32.14% 10.71% -> Therefore adding at least a 4% tailwind to their current EPS
Industrials 67 51 10 6 97.10% 76.12% 14.93% 8.96% Issues 499 % of issues
Consumer Discretionary 63 44 16 3 100.00% 69.84% 25.40% 4.76% Q3,'19 lower shares than Q3,'18 334 66.9%
Consumer Staples 33 27 3 3 100.00% 81.82% 9.09% 9.09% 4% lower shares 114 22.8%
Health Care 62 54 1 7 100.00% 87.10% 1.61% 11.29% Q3,'19 higher sharers than Q3,'18 152 30.5%
Financials 65 53 11 1 97.01% 81.54% 16.92% 1.54% 4% higher shares 43 8.6%
Communication Services 25 18 5 2 92.59% 72.00% 20.00% 8.00% Q4 2019 potential built in: Issues % of issues
Utilities 28 19 7 2 100.00% 67.86% 25.00% 7.14% Q3,'19 shares at least 4% lower than Q4,'18 73 14.6%
Real Estate 32 17 12 3 100.00% 53.13% 37.50% 9.38%
S&P 500 498 374 91 33 98.61% 75.10% 18.27% 6.63%
Q2 2019
Utilities 28 11 13 4 100.00% 39.29% 46.43% 14.29%
Real Estate 32 20 9 3 100.00% 62.50% 28.13% 9.38%
S&P 500 497 366 88 43 98.42% 73.64% 17.71% 8.65%
Q1 2019
Utilities 28 14 11 3 100.00% 50.00% 39.29% 10.71%
Real Estate 32 23 7 2 100.00% 71.88% 21.88% 6.25%
S&P 500 501 371 95 35 99.21% 74.05% 18.96% 6.99%
Q4 2018
Utilities 29 17 11 1 100.00% 58.62% 37.93% 3.45%
Real Estate 32 18 11 3 100.00% 56.25% 34.38% 9.38%
S&P 500 501 341 125 35 99.21% 68.06% 24.95% 6.99%
Q3 2018
Utilities 29 24 4 1 100.00% 82.76% 13.79% 3.45%
Real Estate 32 20 10 2 100.00% 62.50% 31.25% 6.25%
S&P 500 497 382 75 40 98.42% 76.86% 15.09% 8.05%
Q2 2018
Of the 499 issues (505 in the index) with full operating comparative data Q2 2018
399 beat, 74 missed, and 26 met their estimates; 365 of 496 (73.6%) beat on sales Issues with diluted share counts for Q2 2018 over Q2 2017 EPS
------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- -> Therefore adding at least a 4% tailwind to their current EPS
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET Issues 500 % of issues
Energy 31 13 16 2 100.00% 41.94% 51.61% 6.45% Q2,'18 lower shares than Q2,'17 311 62.2%
Materials 24 20 2 2 100.00% 83.33% 8.33% 8.33% 4% lower shares 78 15.6%
Industrials 69 57 10 2 100.00% 82.61% 14.49% 2.90% Q2,'18 higher sharers than Q2,'17 183 36.6%
Consumer Discretionary 79 64 12 3 98.75% 81.01% 15.19% 3.80% 4% higher shares 31 6.2%
Health Care 63 58 3 2 100.00% 92.06% 4.76% 3.17%
Financials 66 49 12 5 97.06% 74.24% 18.18% 7.58%
Utilities 29 21 5 3 100.00% 72.41% 17.24% 10.34%
Real Estate 32 21 7 4 96.97% 65.63% 21.88% 12.50%
S&P 500 499 399 74 26 98.81% 79.96% 14.83% 5.21%
Q1 2018
Of the 500 issues (505 in the index) with full operating comparative data Q1 2018
385 beat, 86 missed, and 29 met their estimates; 373 of 498 (74.9%) beat on sales Issues with diluted share counts for Q1 2018 over Q1 2017 EPS
Health Care 61 50 6 5 100.00% 81.97% 9.84% 8.20%
Financials 66 52 7 7 97.06% 78.79% 10.61% 10.61%
Telecommunication Services 3 2 1 0 100.00% 66.67% 33.33% 0.00%
Utilities 28 17 9 2 100.00% 60.71% 32.14% 7.14%
Real Estate 33 18 14 1 100.00% 54.55% 42.42% 3.03%
S&P 500 500 385 86 29 99.01% 77.00% 17.20% 5.80%
Q4 2017
375 beat, 82 missed, and 43 met their estimates; 377 of 497 (75.9%) beat on sales Q4 2017
------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- Issues with diluted share counts for Q4 2017 over Q4 2016 EPS
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET -> Therefore adding at least a 4% tailwind to their current EPS
Energy 32 24 6 2 100.00% 75.00% 18.75% 6.25% Issues 498 % of issues
Materials 25 20 1 4 100.00% 80.00% 4.00% 16.00% Q4,'17 lower shares than Q4,'16 305 61.2%
Industrials 69 53 10 6 100.00% 76.81% 14.49% 8.70% 4% lower shares 75 15.1%
Consumer Discretionary 82 58 15 9 97.62% 70.73% 18.29% 10.98% Q4,'17 higher sharers than Q4,'16 184 36.9%
Consumer Staples 33 23 5 5 97.06% 69.70% 15.15% 15.15% 4% higher shares 34 6.8%
Health Care 61 51 5 5 98.39% 83.61% 8.20% 8.20%
Financials 67 53 10 4 100.00% 79.10% 14.93% 5.97%
Utilities 28 20 6 2 100.00% 71.43% 21.43% 7.14%
Real Estate 33 14 16 3 100.00% 42.42% 48.48% 9.09%
S&P 500 500 375 82 43 99.01% 75.00% 16.40% 8.60%
Q3 2017
Health Care 62 45 11 6 100.00% 72.58% 17.74% 9.68%
Financials 67 51 12 4 100.00% 76.12% 17.91% 5.97%
Utilities 28 14 12 2 100.00% 50.00% 42.86% 7.14%
Real Estate 33 17 13 3 100.00% 51.52% 39.39% 9.09%
S&P 500 503 365 96 42 99.60% 72.56% 19.09% 8.35%
Q2 2017
Health Care 61 50 6 5 100.00% 81.97% 9.84% 8.20%
Financials 66 49 11 6 100.00% 74.24% 16.67% 9.09%
Utilities 28 20 5 3 100.00% 71.43% 17.86% 10.71%
Real Estate 31 15 12 4 100.00% 48.39% 38.71% 12.90%
S&P 500 503 353 101 49 99.60% 70.18% 20.08% 9.74%
S&P 500 Q1 2017 operating reports:

Of the 503 issues with full operating comparative data Q1 2017
372 beat, 95 missed, and 36 met their estimates; 320 of 501 (63.9%) beat on sales Issues with diluted share counts for Q1 2017 and Q1 2016 EPS (full reporting lags the releases)
Health Care 60 51 6 3 100.00% 85.00% 10.00% 5.00%
Financials 65 54 9 2 100.00% 83.08% 13.85% 3.08%
Utilities 28 21 4 3 100.00% 75.00% 14.29% 10.71%
Real Estate 31 15 15 1 100.00% 48.39% 48.39% 3.23%
S&P 500 503 372 95 36 99.60% 73.96% 18.89% 7.16%
S&P 500 Q4 2016 operating reports: Q4 2016

Of the 501 issues with full operating comparative data Issues with diluted share counts for Q4 2016 and Q4 2015 EPS (full reporting lags the releases)
337 beat, 110 missed, and 54 met their estimates; 256 of 498 beat on sales -> Therefore adding at least a 4% tailwind to their current EPS
S&P 500 Q4,'16 OPER EPS ------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- Issues 496 % of issues
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET Q4,'16 lower shares than Q4,'15 314 63.3%
Energy 36 19 11 6 100.00% 52.78% 30.56% 16.67% 4% lower shares 96 19.4%
Materials 25 15 7 3 100.00% 60.00% 28.00% 12.00% Q4,'16 higher sharers than Q4,'15 179 36.1%
Industrials 68 41 19 8 98.55% 60.29% 27.94% 11.76% 4% higher shares 52 10.5%
Health Care 59 45 8 6 98.33% 76.27% 13.56% 10.17%
Financials 63 50 9 4 100.00% 79.37% 14.29% 6.35%
Utilities 28 10 12 6 100.00% 35.71% 42.86% 21.43%
Real Estate 29 18 10 1 100.00% 62.07% 34.48% 3.45%
S&P 500 501 337 110 54 99.21% 67.27% 21.96% 10.78%

185 of 498 beat As Reported, as 274 of 495 beat on sales Q3 2016
Of the 498 issues with full operating comparative data Issues with diluted share counts for Q3 2016 and Q3 2015 EPS (full reporting lags the releases)
351 beat, 105 missed, and 42 met their estimates -> Therefore adding at least a 4% tailwind to their current EPS
S&P 500 Q3,'16 OPER EPS ------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- Issues 493 % of issues
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET Q3,'16 lower shares than Q3,'15 317 64.3%
Energy 37 26 8 3 102.78% 70.27% 21.62% 8.11% 4% lower shares 117 23.7%
Materials 26 15 9 2 96.30% 57.69% 34.62% 7.69% Q3,'16 higher sharers than Q3,'15 172 34.9%
Industrials 67 47 15 5 100.00% 70.15% 22.39% 7.46% 4% higher shares 49 9.9%
Health Care 59 41 15 3 100.00% 69.49% 25.42% 5.08%
Financials 64 54 6 4 100.00% 84.38% 9.38% 6.25%
Utilities 28 21 6 1 100.00% 75.00% 21.43% 3.57%
Real Estate 28 10 14 4 100.00% 35.71% 50.00% 14.29%
S&P 500 498 351 105 42 98.61% 70.48% 21.08% 8.43%
181 of 497 beat As Reported, as 255 of 493 beat on sales

349 beat, 104 missed, and 44 met their estimates Issues with diluted share counts for Q2 2016 and Q2 2015 EPS (full reporting lags the releases)
S&P 500 Q2,'16 OPER EPS ------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- -> Therefore adding at least a 4% tailwind to their current EPS
Health Care 56 47 4 5 98.25% 83.93% 7.14% 8.93%
Financials 92 51 31 10 100.00% 55.43% 33.70% 10.87%
Utilities 27 16 9 2 96.43% 59.26% 33.33% 7.41%
S&P 500 497 349 104 44 98.61% 70.22% 20.93% 8.85%
180 of 500 beat As Reported, as 265 of 496 beat on sales

361 beat, 103 missed, and 365met their estimates Issues with diluted share counts for Q1 2016 and Q1 2015 EPS (full reporting lags the releases)
Health Care 58 51 5 2 100.00% 87.93% 8.62% 3.45%
Financials 90 50 32 8 100.00% 55.56% 35.56% 8.89%
Utilities 29 14 12 3 100.00% 48.28% 41.38% 10.34%
S&P 500 499 361 103 35 99.01% 72.34% 20.64% 7.01%

Health Care 56 40 10 6 100.00% 71.43% 17.86% 10.71%
Financials 86 56 23 7 98.85% 65.12% 26.74% 8.14%
Utilities 29 16 9 4 100.00% 55.17% 31.03% 13.79%
S&P 500 496 341 107 48 98.80% 68.75% 21.57% 9.68%

Health Care 55 47 5 3 98.21% 85.45% 9.09% 5.45%
Financials 87 47 30 10 98.86% 54.02% 34.48% 11.49%
Utilities 29 15 13 1 100.00% 51.72% 44.83% 3.45%
S&P 500 499 339 115 45 99.40% 67.94% 23.05% 9.02%

346 beat, 109 missed, and 41 met their estimates Issues 498 % of issues
S&P 500 Q2,'15 OPER EPS ------------- ISSUES -------------------- ----------- PERCENTAGE -------------------- Q2,'15 lower shares than Q2,'14 324 65.1%
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET 4% lower shares 105 21.1%
Energy 41 26 13 2 100.00% 63.41% 31.71% 4.88% Q2,'15 higher sharers than Q2,'14 165 33.1%
Materials 28 16 9 3 96.55% 57.14% 32.14% 10.71% 4% higher shares 45 9.0%
Industrials 64 46 14 4 98.46% 71.88% 21.88% 6.25%
Health Care 55 49 1 5 100.00% 89.09% 1.82% 9.09%
Financials 88 57 24 7 100.00% 64.77% 27.27% 7.95%
Utilities 29 16 13 0 96.67% 55.17% 44.83% 0.00%
S&P 500 496 346 109 41 98.80% 69.76% 21.98% 8.27%
Q1 2015
Industrials 65 41 16 8 100.00% 63.08% 24.62% 12.31%
Health Care 55 43 6 6 100.00% 78.18% 10.91% 10.91%
Financials 86 54 22 10 100.00% 62.79% 25.58% 11.63%
Utilities 30 21 8 1 100.00% 70.00% 26.67% 3.33%
S&P 500 498 337 114 47 99.20% 67.67% 22.89% 9.44%
Q4 2014:
Industrials 64 46 7 11 100.00% 71.88% 10.94% 17.19%
Health Care 55 39 9 7 100.00% 70.91% 16.36% 12.73%
Financials 85 51 28 6 100.00% 60.00% 32.94% 7.06%
Utilities 30 16 11 3 100.00% 53.33% 36.67% 10.00%
S&P 500 500 343 105 52 99.60% 68.60% 21.00% 10.40%
Q3 2014
S&P 500 Q3,'14 OPER EPS ------------- ISSUES -------------------- ----------- PERCENTAGE --------------------
Energy 43 31 8 4 100.00% 72.09% 18.60% 9.30%
Materials 30 20 5 5 100.00% 66.67% 16.67% 16.67%
Industrials 64 54 6 4 98.46% 84.38% 9.38% 6.25%
Health Care 55 43 7 5 100.00% 78.18% 12.73% 9.09%
Financials 84 61 16 7 100.00% 72.62% 19.05% 8.33%
Utilities 30 14 10 6 100.00% 46.67% 33.33% 20.00%
S&P 500 499 368 86 45 99.40% 73.75% 17.23% 9.02%
Q2 2014
Energy 45 25 15 5 100.00% 55.56% 33.33% 11.11%
Materials 30 21 7 2 100.00% 70.00% 23.33% 6.67%
Industrials 64 40 12 12 100.00% 62.50% 18.75% 18.75%
Health Care 53 44 3 6 100.00% 83.02% 5.66% 11.32%
Financials 83 59 14 10 98.81% 71.08% 16.87% 12.05%
Utilities 30 17 10 3 100.00% 56.67% 33.33% 10.00%
S&P 500 499 328 106 65 99.60% 65.73% 21.24% 13.03%
Q1 2014
Energy 44 35 7 2 100.00% 79.55% 15.91% 4.55%
Materials 31 18 8 5 100.00% 58.06% 25.81% 16.13%
Industrials 64 43 11 10 100.00% 67.19% 17.19% 15.63%
Health Care 54 35 14 5 100.00% 64.81% 25.93% 9.26%
Financials 82 52 22 8 100.00% 63.41% 26.83% 9.76%
Utilities 30 23 5 2 100.00% 76.67% 16.67% 6.67%
S&P 500 499 335 113 51 99.80% 67.13% 22.65% 10.22%
Q4 2013
Energy 44 25 16 3 100.00% 56.82% 36.36% 6.82%
Materials 31 21 8 2 100.00% 67.74% 25.81% 6.45%
Industrials 64 37 18 9 100.00% 57.81% 28.13% 14.06%
Health Care 54 34 8 12 98.18% 62.96% 14.81% 22.22%
Financials 81 56 19 6 100.00% 69.14% 23.46% 7.41%
Utilities 31 21 8 2 100.00% 67.74% 25.81% 6.45%
S&P 500 499 319 126 54 99.80% 63.93% 25.25% 10.82%
Energy 43 28 15 0 100.00% 65.12% 34.88% 0.00%
Materials 31 20 8 3 100.00% 64.52% 25.81% 9.68%
Industrials 63 39 13 11 100.00% 61.90% 20.63% 17.46%
Health Care 55 41 6 8 100.00% 74.55% 10.91% 14.55%
Financials 81 48 27 6 100.00% 59.26% 33.33% 7.41%
Utilities 31 16 12 3 100.00% 51.61% 38.71% 9.68%
S&P 500 499 330 116 53 99.80% 66.13% 23.25% 10.62%
Q2 2013
Energy 43 26 16 1 100.00% 60.47% 37.21% 2.33%
Materials 30 17 9 4 100.00% 56.67% 30.00% 13.33%
Industrials 61 39 16 6 100.00% 63.93% 26.23% 9.84%
Health Care 54 40 9 5 100.00% 74.07% 16.67% 9.26%
Financials 81 57 20 4 100.00% 70.37% 24.69% 4.94%
Utilities 31 17 13 1 100.00% 54.84% 41.94% 3.23%
S&P 500 500 327 134 39 100.00% 65.40% 26.80% 7.80%
Q1 2013
Energy 43 31 11 1 100.00% 72.09% 25.58% 2.33%
Materials 30 15 10 5 100.00% 50.00% 33.33% 16.67%
Industrials 61 34 20 7 101.67% 55.74% 32.79% 11.48%
Health Care 53 38 12 3 100.00% 71.70% 22.64% 5.66%
Financials 81 60 16 5 100.00% 74.07% 19.75% 6.17%
Utilities 31 17 13 1 100.00% 54.84% 41.94% 3.23%
S&P 500 499 329 129 41 99.80% 65.93% 25.85% 8.22%
Q4 2012
Energy 43 23 16 4 100.00% 53.49% 37.21% 9.30%
Materials 30 15 10 5 100.00% 50.00% 33.33% 16.67%
Industrials 60 36 19 5 100.00% 60.00% 31.67% 8.33%
Health Care 52 32 11 9 100.00% 61.54% 21.15% 17.31%
Financials 81 53 20 8 100.00% 65.43% 24.69% 9.88%
Utilities 31 18 8 5 100.00% 58.06% 25.81% 16.13%
S&P 500 500 324 124 52 100.00% 64.80% 24.80% 10.40%
Q3 2012
Energy 44 26 16 2 100.00% 59.09% 36.36% 4.55%
Materials 31 12 13 6 103.33% 38.71% 41.94% 19.35%
Industrials 59 35 17 7 96.72% 59.32% 28.81% 11.86%
Health Care 51 39 6 6 98.08% 76.47% 11.76% 11.76%
Financials 81 53 18 10 100.00% 65.43% 22.22% 12.35%
Utilities 31 18 11 2 96.88% 58.06% 35.48% 6.45%
S&P 500 493 312 117 64 98.60% 63.29% 23.73% 12.98%
Q2 2012
Energy 44 21 18 5 100.00% 47.73% 40.91% 11.36%
Materials 30 16 6 8 100.00% 53.33% 20.00% 26.67%
Industrials 60 46 10 4 98.36% 76.67% 16.67% 6.67%
Health Care 52 38 8 6 100.00% 73.08% 15.38% 11.54%
Financials 81 48 28 5 100.00% 59.26% 34.57% 6.17%
Utilities 32 19 12 1 100.00% 59.38% 37.50% 3.13%
S&P 500 499 322 123 54 99.80% 64.53% 24.65% 10.82%
S&P 500 sales
Data based on a combination of reported and estimated sales for Q2,'20
QUARTERLY SALES PER SHARE % CHG Q2/Q1 % CHG Q2/Q2 Jun-20 Est Mar-20 Dec-19 Sep-19
ENERGY -42.32% -51.63% $48.38 $83.89 $99.37 $97.54
MATERIALS -5.03% -15.38% $44.80 $47.18 $48.62 $49.59
INDUSTRIALS -15.35% -26.10% $71.23 $84.14 $94.38 $93.35
CONSUMER DISCRETIONARY -10.83% -18.37% $115.32 $129.32 $151.72 $142.02
CONSUMER STAPLES -5.30% -0.29% $99.43 $104.99 $105.08 $104.52
HEALTH CARE -3.92% 0.64% $166.00 $172.78 $171.17 $166.98
FINANCIALS 12.22% -8.72% $54.30 $48.38 $62.68 $59.94
INFORMATION TECHNOLOGY 1.27% 4.28% $79.02 $78.03 $89.78 $79.34
COMMUNICATION SERVICES -7.37% -6.74% $13.37 $14.43 $15.95 $14.53
UTILITIES -12.27% -7.79% $25.19 $28.71 $28.52 $31.06
REAL ESTATE* -7.74% -9.69% $7.69 $8.34 $9.10 $8.69
S&P 500 -7.12% -12.22% $308.89 $332.59 $369.23 $355.02
*Proforma Q2,'16 & prior, RE in Financials; back data for FYI only
QUARTERLY OPERATING MARGINS % CHG Q2/Q1 % CHG Q2/Q2 Jun-20 Est Mar-20 May-19 Sep-19
ENERGY -16.21% -332.04% -12.69% -10.92% 0.46% 6.57%
MATERIALS 18.46% -14.16% 8.24% 6.95% 7.59% 8.51%
INDUSTRIALS -43.23% -72.96% 2.61% 4.60% 8.60% 10.28%
CONSUMER DISCRETIONARY -22.60% -66.93% 2.38% 3.07% 6.38% 7.40%
CONSUMER STAPLES 1.43% -7.20% 7.10% 7.00% 7.78% 7.39%
HEALTH CARE 11.27% -0.30% 8.95% 8.04% 7.71% 8.05%
FINANCIALS 440.08% -55.88% 7.66% -2.25% 18.75% 17.33%
INFORMATION TECHNOLOGY 3.17% -7.51% 18.89% 18.31% 20.18% 19.22%
COMMUNICATION SERVICES -0.93% -21.83% 11.67% 11.78% 13.23% 13.15%
UTILITIES 28.07% 22.21% 15.17% 11.84% 10.83% 16.29%
REAL ESTATE* -34.31% -47.77% 13.00% 19.79% 19.11% 19.68%
S&P 500 31.25% -32.54% 7.70% 5.86% 10.61% 11.21%
OPERATING SALES CONTRIBUTION % CHG Q2/Q1 % CHG Q2/Q2 Jun-20 Est Mar-20 Dec-19 Sep-19
ENERGY -38.21% -46.69% 4.77% 7.72% 8.28% 8.46%
MATERIALS 1.51% -5.22% 3.20% 3.15% 2.93% 3.11%
INDUSTRIALS -8.73% -15.21% 9.83% 10.77% 10.87% 11.17%
CONSUMER DISCRETIONARY -3.99% -6.37% 11.92% 12.41% 13.13% 12.71%
CONSUMER STAPLES 1.91% 13.93% 11.56% 11.35% 10.24% 10.58%
HEALTH CARE 4.35% 14.30% 20.87% 20.00% 17.90% 18.32%
FINANCIALS 19.99% 0.64% 14.25% 11.88% 13.89% 13.97%
INFORMATION TECHNOLOGY 8.38% 19.39% 11.84% 10.92% 11.31% 10.32%
COMMUNICATION SERVICES 0.37% 8.17% 8.04% 8.01% 7.98% 7.55%
UTILITIES -4.35% 8.26% 2.70% 2.82% 2.53% 2.85%
REAL ESTATE* 0.36% 6.31% 1.01% 1.01% 0.97% 0.96%
S&P 500 0.00% 0.00% 100.00% 100.00% 100.00% 100.00%
Jun-19 Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16
$100.02 $90.31 $103.19 $104.89 $105.13 $94.71 $94.70 $84.49 $79.17 $78.52 $74.17 $70.97
$52.95 $48.84 $48.88 $53.40 $55.62 $49.32 $46.99 $43.91 $46.53 $44.52 $42.36 $44.98
$96.39 $91.96 $96.32 $94.00 $93.74 $86.88 $88.91 $86.37 $85.00 $79.06 $81.94 $79.65
$141.26 $132.21 $148.34 $133.97 $126.13 $119.07 $129.02 $114.12 $116.07 $111.84 $121.61 $112.23
$99.72 $98.35 $100.69 $100.43 $96.14 $105.17 $108.56 $105.81 $97.93 $95.90 $98.30 $96.51
$164.95 $158.98 $150.59 $150.71 $149.57 $133.91 $134.23 $129.07 $129.13 $125.07 $126.76 $123.90
$59.48 $58.90 $50.99 $55.94 $54.43 $50.77 $49.81 $49.49 $47.90 $47.45 $45.23 $46.25
$75.78 $73.47 $82.48 $75.54 $67.47 $66.77 $73.75 $61.72 $58.49 $56.68 $64.01 $55.04
$14.33 $13.73 $14.62 $13.12 $24.69 $26.39 $28.44 $26.72 $26.38 $26.03 $28.45 $27.69
$27.31 $31.07 $31.32 $33.90 $29.92 $34.03 $31.93 $34.18 $30.66 $33.48 $31.02 $35.67
$8.52 $8.26 $8.56 $8.30 $8.19 $7.92 $7.79 $7.42 $7.56 $7.19 $8.21 $7.50
$351.91 $338.85 $346.71 $341.27 $334.64 $320.39 $329.59 $308.22 $300.98 $292.78 $301.12 $290.85
5.47% 4.15% 8.93% 8.05% 6.34% 6.65% 3.09% 4.41% 3.47% 4.94% 0.55% 1.23%
9.59% 8.29% 8.80% 9.66% 11.92% 11.13% 7.60% 9.34% 10.51% 10.38% 6.40% 8.29%
9.66% 9.18% 9.32% 10.46% 10.35% 10.28% 8.83% 9.32% 9.44% 8.06% 7.99% 9.42%
7.19% 6.91% 6.52% 7.83% 8.30% 7.73% 7.46% 7.76% 7.50% 7.20% 6.99% 7.61%
7.65% 7.11% 7.08% 7.79% 7.94% 6.44% 6.84% 6.78% 6.86% 6.25% 6.64% 7.04%
8.97% 8.93% 8.14% 8.72% 8.35% 9.07% 8.51% 8.81% 9.12% 8.41% 8.14% 8.63%
17.37% 18.62% 8.51% 17.73% 16.74% 15.52% 13.33% 12.41% 14.57% 14.39% 12.96% 15.14%
20.43% 19.15% 20.77% 22.09% 21.62% 22.92% 23.43% 19.77% 18.48% 18.17% 19.45% 16.77%
14.93% 15.22% 14.84% 16.16% 15.80% 13.60% 6.82% 10.25% 10.61% 10.37% 8.93% 9.39%
12.41% 13.26% 7.47% 15.13% 11.66% 13.08% 9.58% 13.63% 9.98% 11.20% 7.74% 13.82%
24.88% 17.31% 20.81% 20.24% 17.70% 18.82% 17.70% 21.02% 17.06% 19.05% 22.28% 19.74%
11.41% 11.21% 10.10% 12.13% 11.55% 11.40% 10.27% 10.16% 10.14% 9.84% 9.27% 9.86%
8.95% 8.37% 9.35% 9.61% 9.63% 8.99% 8.75% 8.34% 8.02% 8.75% 7.52% 7.40%
3.37% 3.10% 3.05% 3.07% 3.23% 3.26% 3.01% 3.01% 3.16% 3.17% 2.86% 3.25%
11.60% 11.53% 11.82% 11.91% 12.03% 11.70% 11.60% 11.95% 12.07% 12.08% 11.63% 11.44%
12.73% 12.45% 13.64% 12.63% 15.21% 15.41% 16.26% 15.41% 16.06% 16.14% 16.79% 16.48%
10.15% 10.39% 10.34% 10.42% 10.28% 12.24% 12.29% 12.88% 12.58% 12.74% 12.88% 13.01%
18.26% 18.24% 16.90% 17.68% 17.70% 16.09% 15.75% 16.14% 16.45% 16.56% 16.12% 16.26%
14.16% 14.64% 12.39% 13.95% 13.87% 13.48% 12.87% 13.77% 13.70% 12.60% 12.88% 13.73%
9.92% 10.03% 11.02% 10.30% 11.68% 11.99% 12.85% 11.47% 11.15% 11.13% 12.23% 10.87%
7.43% 7.36% 7.71% 7.04% 2.70% 2.76% 2.87% 2.93% 2.95% 2.96% 3.18% 3.20%
2.50% 2.93% 2.81% 3.08% 2.72% 3.13% 2.84% 3.25% 2.96% 3.01% 2.96% 3.51%
0.95% 0.95% 0.95% 0.94% 0.94% 0.94% 0.90% 0.91% 0.90% 0.88% 0.82% 0.85%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
$69.29 $59.06 $75.09 $86.47 $96.04 $87.59 $117.74 $140.55 $144.23 $137.38 $139.27 $142.89
$47.18 $44.34 $43.38 $44.03 $49.12 $46.22 $48.47 $49.89 $54.41 $52.30 $50.90 $50.36
$78.64 $74.56 $77.20 $77.05 $75.02 $71.06 $76.95 $74.93 $74.17 $69.19 $72.82 $70.82
$112.09 $105.25 $113.77 $104.68 $101.61 $95.11 $106.38 $98.29 $96.79 $91.43 $99.92 $91.94
$93.45 $93.24 $95.12 $94.36 $91.07 $89.40 $97.26 $94.22 $92.61 $90.14 $94.44 $90.29
$126.10 $121.42 $121.81 $117.83 $114.85 $109.76 $109.14 $104.82 $104.61 $96.70 $96.62 $92.93
$38.22 $36.86 $37.36 $37.69 $37.70 $37.66 $36.95 $37.27 $37.44 $36.47 $36.79 $35.71
$53.05 $52.95 $59.97 $52.88 $52.23 $52.93 $62.42 $54.51 $53.52 $50.23 $54.67 $48.86
$27.46 $27.63 $28.94 $27.54 $27.07 $26.89 $28.00 $27.08 $26.91 $26.58 $29.67 $29.01
$29.11 $31.96 $30.04 $35.42 $30.57 $36.32 $34.55 $36.07 $32.42 $38.38 $33.10 $35.24
$7.50 $7.22 $7.94 $7.38 $7.14 $6.89 $7.33 $6.87 $6.76 $6.60 $6.91 $6.71
$284.59 $274.03 $288.87 $283.72 $281.35 $273.19 $297.91 $293.09 $292.35 $279.96 $289.46 $279.41
Sep-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Sep-13
-2.97% -4.59% -10.92% -5.23% -0.53% -0.55% 5.72% 8.94% 8.28% 8.52% 6.76% 7.18%
10.41% 3.77% 0.81% 2.84% 7.72% 6.69% 6.23% 7.84% 8.25% 8.47% 5.95% 6.71%
9.08% 7.89% 9.18% 10.03% 9.28% 8.74% 8.80% 9.44% 9.60% 8.47% 9.10% 9.21%
7.64% 7.32% 7.33% 7.72% 7.49% 6.74% 7.24% 7.02% 7.18% 6.73% 6.70% 7.10%
6.74% 6.12% 6.31% 6.60% 7.01% 6.39% 6.01% 6.83% 6.82% 6.16% 6.96% 6.83%
8.68% 8.64% 7.63% 8.14% 8.43% 9.25% 7.93% 8.57% 9.12% 8.90% 8.10% 8.90%
14.28% 14.84% 13.46% 15.84% 15.44% 16.41% 13.31% 15.29% 15.60% 15.08% 14.33% 14.42%
15.59% 15.17% 18.32% 16.98% 16.96% 17.29% 18.60% 15.89% 16.20% 16.38% 17.95% 16.52%
6.99% 10.14% 11.96% 10.38% 10.86% 10.79% -4.57% 10.15% 10.85% 10.61% 18.80% 8.58%
9.21% 11.45% 0.53% 12.08% 9.71% 10.57% 7.93% 12.53% 8.14% 8.65% 7.80% 11.72%
20.12% 35.35% 16.53% 17.47% 18.86% 21.83% 27.75% 18.12% 16.78% 13.94% 11.92% 11.77%
9.03% 8.75% 7.98% 8.97% 9.29% 9.45% 8.98% 10.10% 10.07% 9.76% 9.76% 9.63%
7.38% 6.49% 7.70% 8.98% 10.05% 9.42% 11.71% 13.87% 14.43% 14.28% 14.02% 14.88%
3.38% 3.35% 3.10% 3.34% 3.72% 3.60% 3.48% 3.71% 4.08% 4.13% 3.90% 4.03%
12.12% 11.74% 11.84% 12.14% 11.89% 11.63% 11.38% 11.35% 11.22% 10.94% 11.24% 11.41%
16.36% 16.23% 16.71% 15.73% 15.67% 15.17% 15.57% 14.63% 14.52% 14.35% 15.09% 14.38%
12.89% 13.41% 13.06% 13.08% 12.82% 13.08% 13.19% 13.02% 12.86% 13.18% 13.30% 13.31%
16.47% 16.63% 15.68% 15.27% 15.10% 14.75% 13.54% 13.24% 13.27% 12.77% 12.44% 12.42%
14.39% 14.26% 13.53% 13.81% 13.95% 14.22% 12.76% 13.09% 13.14% 13.32% 12.90% 13.02%
10.85% 11.25% 12.17% 11.01% 10.86% 11.38% 12.26% 10.93% 10.68% 10.50% 11.11% 10.14%
3.23% 3.35% 3.32% 3.20% 2.93% 3.04% 2.90% 2.75% 2.74% 2.82% 2.80% 2.83%
2.92% 3.28% 2.89% 3.43% 3.03% 3.70% 3.22% 3.40% 3.05% 3.74% 3.20% 3.53%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Jun-13 Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10
$138.06 $134.07 $140.72 $140.93 $145.39 $145.20 $143.47 $145.58 $139.33 $128.52 $117.59
$52.12 $51.02 $48.63 $48.38 $50.73 $50.26 $46.48 $50.09 $53.50 $49.88 $45.42
$70.09 $66.60 $69.75 $68.18 $68.89 $66.16 $68.05 $66.59 $64.87 $60.50 $63.91
$89.55 $81.20 $89.79 $79.10 $78.22 $76.24 $82.93 $74.69 $74.61 $70.26 $74.54
$88.05 $87.30 $99.05 $87.11 $84.24 $85.43 $88.41 $85.25 $84.13 $79.44 $81.59
$92.22 $90.84 $91.13 $87.03 $88.43 $88.44 $88.66 $85.87 $85.02 $82.19 $81.99
$36.83 $36.97 $40.48 $36.52 $35.26 $35.46 $35.05 $35.84 $37.09 $36.09 $37.67
$50.50 $51.41 $55.24 $49.17 $49.37 $49.52 $52.44 $46.90 $46.26 $44.09 $45.73
$30.53 $29.93 $30.26 $29.14 $28.95 $28.77 $28.23 $27.48 $27.32 $27.14 $26.96
$32.09 $33.49 $32.29 $34.67 $30.55 $33.09 $33.75 $38.25 $33.83 $36.56 $34.10
$6.74 $6.42 $7.01 $6.41 $6.50 $6.04 $7.06 $6.45 $6.41 $5.98 $6.93
$277.17 $270.77 $288.03 $268.99 $268.03 $267.33 $272.64 $265.99 $263.31 $250.89 $252.73
8.32% 8.34% 7.43% 7.19% 8.40% 7.93% 7.00% 9.69% 9.32% 8.41% 7.74%
6.02% 8.78% 5.74% 6.59% 8.79% 8.42% 4.02% 7.83% 10.17% 9.94% 7.52%
8.92% 8.23% 6.98% 8.43% 8.96% 8.28% 7.97% 8.17% 8.54% 7.54% 8.19%
7.09% 6.83% 7.05% 7.24% 6.78% 6.44% 6.73% 6.93% 7.21% 6.65% 6.78%
6.56% 6.22% 6.39% 6.58% 6.51% 5.92% 6.29% 6.46% 6.41% 6.19% 6.44%
8.88% 8.96% 7.93% 9.11% 9.07% 9.44% 8.35% 8.97% 9.73% 9.37% 8.72%
14.77% 14.09% 9.54% 11.69% 12.42% 11.08% 11.56% 12.50% 10.65% 10.39% 9.09%
14.85% 15.95% 16.98% 14.03% 16.49% 16.70% 17.66% 15.61% 16.62% 16.28% 17.28%
7.08% 7.02% -9.58% 7.17% 7.91% 6.60% 4.29% 7.10% 6.52% 7.04% 6.04%
8.97% 7.59% 8.21% 10.56% 8.77% 9.01% 6.87% 10.80% 8.48% 8.62% 6.32%
12.75% 13.09% 10.43% 13.04% 9.12% 16.07% 10.36% 11.28% 9.15% 7.39% -2.25%
9.51% 9.52% 8.04% 8.92% 9.49% 9.07% 8.70% 9.51% 9.44% 8.99% 8.68%
14.57% 14.53% 14.36% 15.48% 15.86% 15.97% 15.59% 16.26% 15.83% 15.30% 13.89%
4.09% 4.10% 3.67% 3.90% 3.94% 3.91% 3.55% 3.88% 4.00% 3.91% 3.53%
11.16% 10.78% 10.64% 11.19% 11.81% 11.37% 11.48% 11.52% 11.38% 11.05% 11.56%
14.17% 13.01% 13.59% 12.63% 12.59% 12.33% 13.23% 12.28% 12.54% 12.58% 13.34%
13.06% 13.51% 14.43% 13.69% 13.47% 13.78% 14.02% 13.81% 13.92% 13.89% 14.22%
12.34% 12.37% 11.71% 12.02% 12.22% 12.22% 12.06% 12.06% 12.15% 12.46% 12.20%
13.57% 13.91% 14.14% 13.59% 13.08% 13.11% 12.39% 13.02% 13.61% 13.64% 14.02%
10.64% 11.11% 11.23% 10.72% 10.72% 10.79% 11.22% 10.25% 10.04% 10.10% 10.49%
3.19% 3.26% 3.14% 3.26% 3.22% 3.22% 3.18% 3.15% 3.15% 3.28% 3.24%
3.22% 3.43% 3.09% 3.53% 3.08% 3.30% 3.29% 3.78% 3.38% 3.80% 3.51%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Scheduled S&P 500 earnings release for 8/10-14/2020; ATC stands for after-the-close
13 issues, 1.8% of the market value
DAY DJIA TICKER COMPANY SECTOR SUB-INDUSTRY
MON DISH DISH Network Corporation Class A Communication Services Cable & Satellite
MON DUK Duke Energy Corporation Utilities Electric Utilities
MON MAR Marriott International, Inc. Class A Consumer Discretionary Hotels Resorts & Cruise Lines
MON PPL PPL Corporation Utilities Electric Utilities
MON RCL Royal Caribbean Cruises Ltd. Consumer Discretionary Hotels Resorts & Cruise Lines
MON-ATC IFF International Flavors & Fragrances Inc. Materials Specialty Chemicals
MON-ATC OXY Occidental Petroleum Corporation Energy Integrated Oil & Gas
TUE AAP Advance Auto Parts, Inc. Consumer Discretionary Automotive Retail
TUE BR Broadridge Financial Solutions, Inc. Information Technology Data Processing & Outsourced Services
TUE SYY Sysco Corporation Consumer Staples Food Distributors
WED-ATC DJIA CSCO Cisco Systems, Inc. Information Technology Communications Equipment
THU TPR Tapestry, Inc. Consumer Discretionary Apparel Accessories & Luxury Goods
THU-ATC AMAT Applied Materials, Inc. Information Technology Semiconductor Equipment
TUE DJIA HD Home Depot, Inc. Consumer Discretionary Home Improvement Retail
TUE KSS Kohl's Corporation Consumer Discretionary Department Stores
TUE TJX TJX Companies Inc Consumer Discretionary Apparel Retail
TUE DJIA WMT Walmart Inc. Consumer Staples Hypermarkets & Super Centers
TUE-ATC A Agilent Technologies, Inc. Health Care Life Sciences Tools & Services
TUE-ATC JKHY Jack Henry & Associates, Inc. Information Technology Data Processing & Outsourced Services
WED ADI Analog Devices, Inc. Information Technology Semiconductors
WED LOW Lowe's Companies, Inc. Consumer Discretionary Home Improvement Retail
WED TGT Target Corporation Consumer Discretionary General Merchandise Stores
WED-ATC LB L Brands, Inc. Consumer Discretionary Apparel Retail
WED-ATC NTAP NetApp, Inc. Information Technology Technology Hardware Storage & Peripheral
WED-ATC NVDA NVIDIA Corporation Information Technology Semiconductors
WED-ATC SNPS Synopsys, Inc. Information Technology Application Software
THU EL Estee Lauder Companies Inc. Class A Consumer Staples Personal Products
THU HRL Hormel Foods Corporation Consumer Staples Packaged Foods & Meats
THU-ATC AMCR Amcor PLC Materials Paper Packaging
THU-ATC GPS Gap, Inc. Consumer Discretionary Apparel Retail
THU-ATC HPQ HP Inc. Information Technology Technology Hardware Storage & Peripheral
THU-ATC KEYS Keysight Technologies Inc Information Technology Electronic Equipment & Instruments
THU-ATC ROST Ross Stores, Inc. Consumer Discretionary Apparel Retail
THU-ATC CRM salesforce.com, inc. Information Technology Application Software
FRI DE Deere & Company Industrials Agricultural & Farm Machinery
TUE BBY Best Buy Co., Inc. Consumer Discretionary Computer & Electronics Retail
TUE SJM J.M. Smucker Company Consumer Staples Packaged Foods & Meats
TUE MDT Medtronic Plc Health Care Health Care Equipment
TUE-ATC ADSK Autodesk, Inc. Information Technology Application Software
TUE-ATC HPE Hewlett Packard Enterprise Co. Information Technology Technology Hardware Storage & Peripheral
TUE-ATC INTU Intuit Inc. Information Technology Application Software
WED BF.B Brown-Forman Corporation Class B Consumer Staples Distillers & Vintners
WEC-ATC PVH PVH Corp. Consumer Discretionary Apparel Accessories & Luxury Goods
THU COTY Coty Inc. Class A Consumer Staples Personal Products
THU DG Dollar General Corporation Consumer Discretionary General Merchandise Stores
THU DLTR Dollar Tree, Inc. Consumer Discretionary General Merchandise Stores
THU TIF Tiffany & Co. Consumer Discretionary Specialty Stores
THU-ATC COO Cooper Companies, Inc. Health Care Health Care Supplies
THU-ATC ULTA Ulta Beauty Inc Consumer Discretionary Specialty Stores
FRI CPB Campbell Soup Company Consumer Staples Packaged Foods & Meats
Scheduled S&P 500 earnings release for 8/31-9/4/2020; ATC stands for after-the-close
TUE-ATC HRB H&R Block, Inc. Consumer Discretionary Specialized Consumer Services
WED-ATC CPRT Copart, Inc. Industrials Diversified Support Services
THU-ATC AVGO Broadcom Inc. Information Technology Semiconductors
Aug-20 EVENT
Monday, August 03, 2020 PMI Manufacturing Index, 9:45 a.m.
Monday, August 03, 2020 ISM Manufacturing, 10 a.m.
Monday, August 03, 2020 Construction Spending, 10 a.m.
Tuesday, August 04, 2020 Motor Vehicle Sales
Tuesday, August 04, 2020 Factory Orders, 10 a.m.
Wednesday, August 05, 2020 ADP Private Employment
Wednesday, August 05, 2020 International Trade
Wednesday, August 05, 2020 PMI Service, 9;45 a.m.
Wednesday, August 05, 2020 ISM non-Manufacturing, 10 a.m.
Friday, August 07, 2020 Employment Report
Friday, August 07, 2020 Wholesale Trade, 10 a.m.
Monday, August 10, 2020 JOLTS, 10 a.m.
Tuesday, August 11, 2020 PPI
Wednesday, August 12, 2020 CPI
Thursday, August 13, 2020 Import and Export Prices
Friday, August 14, 2020 Retail Sales
Friday, August 14, 2020 Productivity and Costs
Friday, August 14, 2020 Industrial Production
Friday, August 14, 2020 Business Inventories, 10 a.m.
Friday, August 14, 2020 Consumer Sentiment, 10 a.m.
Friday, July 17, 2020 4-day Democratic convention
Monday, August 17, 2020 Housing Market Index, 10 a.m.
Tuesday, August 18, 2020 Housing Starts
Tuesday, August 18, 2020 E-commerce Retail Sales, 10 a.m.
Wednesday, August 19, 2020 FOMC minutes, 2 p.m.
Thursday, August 20, 2020 Leading Indicators, 10 a.m.
Friday, August 21, 2020 PMI Composite Flash
Friday, August 21, 2020 Existing Home Sales, 10 a.m.
Friday, July 24, 2020 4-day Republican convention
Tuesday, August 25, 2020 S&P CoreLogics Case-Shiller Home Price Index
Tuesday, August 25, 2020 FHFA Home Price Index
Tuesday, August 25, 2020 Consumer Confidence, 10 a.m.
Tuesday, August 25, 2020 New Home Sales, 10 a.m.
Wednesday, August 26, 2020 Durable Goods Orders
Thursday, August 27, 2020 GDP
Thursday, August 27, 2020 Corporate Profits
Thursday, August 27, 2020 Pending Home Sales, 10 a.m.
Friday, August 28, 2020 International Trade In Goods
Friday, August 28, 2020 Personal Income and Outlays
Friday, August 28, 2020 Retail Inventories
Friday, August 28, 2020 Wholesale Inventories
Friday, August 28, 2020 Consumer Sentiment, 10 a.m.
Tuesday, September 01, 2020 PMI Manufacturing Index, 9:45 a.m.
Tuesday, September 01, 2020 ISM Manufacturing, 10 a.m.
Tuesday, September 01, 2020 Construction Spending, 10 a.m.
Wednesday, September 02, 2020 ADP Private Employment
Wednesday, September 02, 2020 Factory Orders, 10 a.m.
Wednesday, September 02, 2020 Beige Book, 2 p.m.
Thursday, September 03, 2020 International Trade
Thursday, September 03, 2020 Productivity and Costs
Thursday, September 03, 2020 PMI Service, 9;45 a.m.
Thursday, September 03, 2020 ISM non-Manufacturing, 10 a.m.
Friday, September 04, 2020 Employment Report
Wednesdays Weekly Mortgage Application report
Wednesdays Weekly EIA Petroleum Status at 10:30 a.m.
Thursdays Weekly New unemployment Claims report

SP 500 Eps Est

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S&P Dow Jones Indices

S&P Dow Jones Indices

OPERATING EARNINGS CONTRIBUTION

S&P 500 operating margins:

QUARTER OPERATING AS REPORTED OPERATING AS REPORTED 12 MONTH EARNINGS PER SHARE

Actual earnings are bottom up

As Reported Earnings Per Share by Economic Sector

1660.58 1900.57 1663.04 2063.02 S&P 400

837.96 936.26 844.94 1021.18 S&P 600

521.04 618.99 577.11 740.69 S&P Composite 1500

As Reported Earnings Per Share by Economic Sector

1660.58 1900.57 1663.04 2063.02 S&P 400

837.96 936.26 844.94 1021.18 S&P 600

521.04 618.99 577.11 740.69 S&P Composite 1500

OPERATING AS REPORTED CASH SALES BOOK VAL CAPITAL

S&P 500 Q1 2017 operating reports:

S&P 500 Q4 2016 operating reports: Q4 2016

S&P 500 Q3 2016 operating reports:

181 of 497 beat As Reported, as 255 of 493 beat on sales

180 of 500 beat As Reported, as 265 of 496 beat on sales

S&P 500 Q4 2015 operating reports:

S&P 500 Q3 2015 operating reports:

S&P 500 Q2 2015 operating reports:

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