Research
The 86% Beat Rate: Why Record S&P Profits Still Leave Equities Exposed
A record 86% of S&P 500 companies are beating EPS estimates, but the rally's next test is not profit collapse. It is the market's rising burden of proof.
Earnings
Banks
The Mix Shift Nobody Priced: Wall Street's Q2 Was the First Capital-Markets Quarter in a Cycle, and JPMorgan's Own CFO Called It Quite High
JPMorgan posted $21.2 billion of Q2 net income, its highest ever. Investment banking fees rose 30 percent. Equities trading revenue rose 86 percent. Global IB fees hit $61.4 billion in the first half, up 24 percent year on year. The market is calling it a dealmaking supercycle. JPMorgan's own CFO Je
Research
The Sell-Side Is Five Points Light: Why Bank CFOs Just Out-Guided Consensus on Q2 Markets
Every major US bank CFO delivered Q2 guides 5 to 12 points above consensus at Morgan Stanley's conference. The mid-July prints will close the gap.
Research
The $30 Billion Number Nobody Read: Why Broadcom's Sell-Off Misprices Tan's Backlog Math
Broadcom's Q2 print triggered a 13% intraday sell-off. The $30 billion AI bookings figure buried in Hock Tan's remarks tells a different story.