Second-quarter consensus estimates show bullish bent

A review of the consensus earnings estimates for the 100 largest companies in the S&P 500 index shows analysts have become more bullish about second-quarter results. The consensus figure increased for 46 companies over the last four weeks and 30 were unchanged. The remaining 24 companies saw their estimates lowered. Over that time, Google parent Alphabet's earnings estimate increased by $2.69 to $19.23, with 19 analysts increasing their figures and only one lowering it. At the other end of the spectrum, online travel company Booking Holdings saw analysts lower their collective estimate by $5.80 to -$1.44.

To examine how much analysts changed their estimates, 72 companies had no change or a 1% to 9% increase, and only 20 had their estimates lowered. Analysts increased Target's earnings target to $3.24 from $2.51, while Boeing's consensus estimate is -39 cents compared to -16 cents four weeks ago.