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The price-to-peak earnings multiple contracted slightly to 12.1x last week. On Friday, the stock market concluded a choppy week in which a steady flow of third quarter earnings reports surprised to the upside. The earnings results thus far have been much better than analysts expected with blow out reports from tech bellwethers Amazon (AMZN), Apple (AAPL), and Microsoft (MSFT). Financial stocks presented a mixed bag as earnings were less likely to beat expectations, but were still better than expected for the most part. Even though most stocks are still topping analysts' profit forecasts, market sentiment seems less accommodating than it has been in the last few quarters. It is no longer quite enough to beat on the bottom line-investors are looking for top line improvement (revenues) and that has been far harder to find.
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