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Q3 2019: Will Earnings Keep Topping Expectations?

This article was originally published on ETFTrends.com.

Even under the shadow of a vague China trade deal this week, markets took on a positive mood, as the focus moved away from headlines and macro events, toward earnings.

Reports from major banks were solid, small-caps have shown relative strength and some recently battered sectors like biotechnology and retail have ticked up. On Monday, the S&P 500 moved steadily higher during the day, albeit on lower volume, and Tuesday was relatively flat.  But a large number of Q3 earnings reports continue for the next several weeks. The lion’s share of the S&P 500 will report in the next two weeks.

Of the companies that have already announced earnings through Friday (10/18/19), 81% posted earnings that beat analyst expectations. Should the trend continue, some traders think the index could test its all-time high.

Below is a table identifying the percentage of names in each index reporting, arranged by trading week. Following that table is a list of Top Ten Holdings for key indexes, along with their earnings announcement dates, and corresponding bold trades using Direxion Leveraged ETFs.

Source: Bloomberg. Data as of 10/9/2019.

Q3 Quarterly Earnings Calendar

(All index data as of 9/30/2019)

S&P 500 Index (SPXT) S&P 400 Index (MID)
Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release
Microsoft Corp MSFT 4.34% 10/23/2019 STERIS PLC STE 0.71% 11/14/2019
Apple Inc AAPL 3.97% 10/30/2019 Teledyne Technologies Inc TDY 0.69% 10/23/2019
Amazon.com Inc AMZN 2.95% 10/24/2019 Alleghany Corp Y 0.66% 11/5/2019
Facebook Inc FB 1.78% 10/30/2019 Camden Property Trust CPT 0.65% 10/31/2019
Berkshire Hathaway Inc BRK/B 1.66% 11/4/2019 Old Dominion Freight Line Inc ODFL 0.63% 10/24/2019
Alphabet Inc GOOG 1.50% 10/28/2019 Zebra Technologies Corp ZBRA 0.63% 10/29/2019
JPMorgan Chase & Co JPM 1.49% 10/15/2019 Domino’s Pizza Inc DPZ 0.62% 2/20/2020
Alphabet Inc GOOGL 1.49% 10/28/2019 West Pharmaceutical Services Inc WST 0.62% 10/24/2019
Johnson & Johnson JNJ 1.42% 10/15/2019 WR Berkley Corp WRB 0.62% 10/22/2019
Procter & Gamble Co/The PG 1.26% 10/22/2019 Tyler Technologies Inc TYL 0.61% 10/24/2019
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 Russell 2000® Index (RU20INTR) Russell 1000 Financial Services Index (RGUSFLA) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Haemonetics Corp HAE 0.34% 11/1/2019 Berkshire Hathaway Inc BRK/B 7.17% 11/4/2019 Novocure Ltd NVCR 0.34% 10/31/2019 JPMorgan Chase & Co JPM 6.41% 10/15/2019 Trex Co Inc TREX 0.28% 10/28/2019 Visa Inc V 5.44% 10/24/2019 Portland General Electric Co POR 0.27% 11/1/2019 Mastercard Inc MA 4.36% 10/29/2019 Generac Holdings Inc GNRC 0.27% 10/30/2019 Bank of America Corp BAC 4.20% 10/16/2019 First Industrial Realty Trust Inc FR 0.27% 10/23/2019 Wells Fargo & Co WFC 3.43% 10/15/2019 Science Applications International Corp SAIC 0.26% 12/9/2019 Citigroup Inc C 2.71% 10/15/2019 ONE Gas Inc OGS 0.26% 10/28/2019 PayPal Holdings Inc PYPL 2.10% 10/23/2019 Rexford Industrial Realty Inc REXR 0.26% 10/30/2019 American Tower Corp AMT 1.77% 10/31/2019 Southwest Gas Holdings Inc SWX 0.26% 11/5/2019 Fidelity National Information Services Inc FIS 1.42% 10/29/2019 Related Funds:

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Technology Select Sector Index (IXTTR) Health Care Select Sector Index (IXVTR) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Microsoft Corp MSFT 19.59% 10/23/2019 Johnson & Johnson JNJ 10.36% 10/15/2019 Visa Inc V 5.63% 10/24/2019 Merck & Co Inc MRK 6.48% 10/29/2019 Mastercard Inc MA 4.53% 10/29/2019 UnitedHealth Group Inc UNH 6.34% 10/15/2019 Intel Corp INTC 4.17% 10/24/2019 Pfizer Inc PFE 5.96% 10/29/2019 Cisco Systems Inc CSCO 3.72% 11/13/2019 Medtronic PLC MDT 4.31% 11/19/2019 Adobe Inc ADBE 2.47% 12/12/2019 Abbott Laboratories ABT 4.22% 10/16/2019 salesforce.com Inc CRM 2.41% 11/27/2019 Amgen Inc AMGN 3.56% 10/29/2019 International Business Machines Corp IBM 2.30% 10/16/2019 Thermo Fisher Scientific Inc TMO 3.34% 10/23/2019 Oracle Corp ORCL 2.23% 12/17/2019 Eli Lilly & Co LLY 2.74% 10/23/2019 Texas Instruments Inc TXN 2.21% 10/22/2019 Danaher Corp DHR 2.64% 10/17/2019 Related Funds:

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S&P Consumer Discretionary Index (IXYTR) S&P Consumer Staples Index (IXRTR) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Home Depot Inc/The HD 11.06% 11/19/2019 Procter & Gamble Co/The PG 16.45% 10/22/2019 McDonald’s Corp MCD 7.18% 10/22/2019 Coca-Cola Co/The KO 11.17% 10/18/2019 NIKE Inc NKE 5.14% 12/20/2019 PepsiCo Inc PEP 10.34% 2/14/2020 Starbucks Corp SBUX 4.56% 10/30/2019 Walmart Inc WMT 9.10% 11/14/2019 Booking Holdings Inc BKNG 3.65% 11/7/2019 Philip Morris International Inc PM 4.77% 10/17/2019 Lowe’s Cos Inc LOW 3.63% 11/20/2019 Mondelez International Inc MDLZ 4.69% 10/23/2019 TJX Cos Inc/The TJX 3.00% 11/19/2019 Altria Group Inc MO 4.69% 10/31/2019 Target Corp TGT 2.53% 11/20/2019 Costco Wholesale Corp COST 4.58% 12/12/2019 General Motors Co GM 1.91% 10/29/2019 Colgate-Palmolive Co CL 3.58% 11/1/2019 Dollar General Corp DG 1.84% 11/27/2019 Kimberly-Clark Corp KMB 2.80% 10/22/2019 Related Funds:

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S&P Industrials Select Sector Index (IXITR) S&P Energy Select Sector Index (IXETR) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Boeing Co/The BA 9.01% 10/23/2019 Exxon Mobil Corp XOM 22.84% 11/1/2019 Honeywell International Inc HON 5.17% 10/17/2019 Chevron Corp CVX 21.22% 11/1/2019 Union Pacific Corp UNP 4.91% 10/17/2019 Phillips 66 PSX 4.71% 10/25/2019 United Technologies Corp UTX 4.82% 10/22/2019 ConocoPhillips COP 4.62% 10/29/2019 Lockheed Martin Corp LMT 4.31% 10/22/2019 EOG Resources Inc EOG 4.11% 11/7/2019 3M Co MMM 3.93% 10/24/2019 Marathon Petroleum Corp MPC 4.08% 10/31/2019 United Parcel Service Inc UPS 3.58% 10/22/2019 Kinder Morgan Inc/DE KMI 4.01% 10/16/2019 General Electric Co GE 3.27% 10/30/2019 Schlumberger Ltd SLB 3.98% 10/18/2019 Caterpillar Inc CAT 3.02% 10/23/2019 Occidental Petroleum Corp OXY 3.75% 11/6/2019 Northrop Grumman Corp NOC 2.63% 10/24/2019 Valero Energy Corp VLO 3.62% 10/24/2019 Related Funds:

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S&P Utilities Select Sector Index (IXUTR) S&P Communication Services Select Sector Index (IXUTR) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release NextEra Energy Inc NEE 12.90% 10/22/2019 Facebook Inc FB 18.37% 10/30/2019 Duke Energy Corp DUK 7.97% 11/8/2019 Alphabet Inc GOOG 11.72% 10/28/2019 Dominion Energy Inc D 7.60% 11/1/2019 Alphabet Inc GOOGL 11.63% 10/28/2019 Southern Co/The SO 7.34% 10/30/2019 Charter Communications Inc CHTR 4.76% 10/25/2019 Exelon Corp EXC 5.28% 10/31/2019 Verizon Communications Inc VZ 4.65% 10/25/2019 Sempra Energy SRE 4.59% 11/8/2019 AT&T Inc T 4.61% 10/23/2019 Xcel Energy Inc XEL 3.81% 10/24/2019 Comcast Corp CMCSA 4.46% 10/24/2019 Public Service Enterprise Group Inc PEG 3.54% 10/30/2019 Walt Disney Co/The DIS 4.40% 11/7/2019 Consolidated Edison Inc ED 3.53% 10/31/2019 Netflix Inc NFLX 4.27% 10/16/2019 WEC Energy Group Inc WEC 3.40% 10/30/2019 Twitter Inc TWTR 4.09% 10/25/2019 Related Funds:

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S&P Retail Select Industry Index (SPSIRETR) S&P Pharmaceuticals Select Industry Index (SPSIPHTR) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Hibbett Sports Inc HIBB 1.67% 11/22/2019 Zoetis Inc ZTS 5.00% 11/7/2019 GameStop Corp GME 1.60% 12/5/2019 Bristol-Myers Squibb Co BMY 4.92% 10/31/2019 Rite Aid Corp RAD 1.50% 12/26/2019 Merck & Co Inc MRK 4.89% 10/29/2019 Ulta Beauty Inc ULTA 1.44% 12/5/2019 Horizon Therapeutics Plc HZNP 4.87% 11/6/2019 Target Corp TGT 1.42% 11/20/2019 Johnson & Johnson JNJ 4.75% 10/15/2019 Foot Locker Inc FL 1.42% 11/22/2019 Eli Lilly & Co LLY 4.65% 10/23/2019 Dollar General Corp DG 1.41% 11/27/2019 Pfizer Inc PFE 4.65% 10/29/2019 Costco Wholesale Corp COST 1.40% 12/12/2019 Catalent Inc CTLT 4.51% 11/5/2019 Sally Beauty Holdings Inc SBH 1.40% 11/7/2019 Elanco Animal Health Inc ELAN 4.51% 11/6/2019 Dillard’s Inc DDS 1.40% 11/15/2019 Perrigo Co PLC PRGO 4.45% 11/7/2019 Related Funds:

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S&P Oil & Gas Exploration and Production Index (SPSIOP) S&P Biotechnology Select Industry Index (SPSIBITR) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Marathon Petroleum Corp MPC 2.91% 10/31/2019 Seattle Genetics Inc SGEN 2.02% 10/29/2019 PBF Energy Inc PBF 2.66% 10/31/2019 Medicines Co/The MDCO 1.88% 10/30/2019 HollyFrontier Corp HFC 2.63% 10/31/2019 Arrowhead Pharmaceuticals Inc ARWR 1.87% 12/10/2019 Hess Corp HES 2.59% 10/30/2019 Ligand Pharmaceuticals Inc LGND 1.80% 11/4/2019 Phillips 66 PSX 2.55% 10/25/2019 Regeneron Pharmaceuticals Inc REGN 1.79% 10/31/2019 Valero Energy Corp VLO 2.55% 10/24/2019 Celgene Corp CELG 1.77% 10/24/2019 Delek US Holdings Inc DK 2.45% 11/4/2019 Amgen Inc AMGN 1.76% 10/29/2019 ConocoPhillips COP 2.45% 10/29/2019 United Therapeutics Corp UTHR 1.73% 10/30/2019 Murphy Oil Corp MUR 2.40% 10/31/2019 Incyte Corp INCY 1.71% 10/29/2019 Cabot Oil & Gas Corp COG 2.40% 10/24/2019 Vertex Pharmaceuticals Inc VRTX 1.70% 10/23/2019 Related Funds:

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S&P Regional Banks Select Industry Index (SPSIRBKT) MSCI US REIT Index (RMS G) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release PNC Financial Services Group Inc/The PNC 2.89% 10/16/2019 Prologis Inc PLD 5.40% 10/15/2019 First Republic Bank/CA FRC 2.85% 10/15/2019 Equinix Inc EQIX 4.82% 10/30/2019 BB&T Corp BBT 2.82% 10/17/2019 Simon Property Group Inc SPG 4.51% 10/27/2019 M&T Bank Corp MTB 2.82% 10/17/2019 Public Storage PSA 3.89% 10/30/2019 SunTrust Banks Inc STI 2.82% 10/17/2019 Welltower Inc WELL 3.72% 10/28/2019 Comerica Inc CMA 2.79% 10/16/2019 Equity Residential EQR 3.25% 10/22/2019 Zions Bancorp NA ZION 2.77% 10/21/2019 AvalonBay Communities Inc AVB 3.04% 10/28/2019 KeyCorp KEY 2.71% 10/17/2019 Digital Realty Trust Inc DLR 2.71% 10/29/2019 Huntington Bancshares Inc/OH HBAN 2.70% 10/24/2019 Ventas Inc VTR 2.65% 10/25/2019 Regions Financial Corp RF 2.67% 10/22/2019 Realty Income Corp O 2.48% 10/31/2019 Related Funds:

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Dow Jones Transportation Average (DJTTR) PHLX Semiconductor Sector Index (XSOX) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Norfolk Southern Corp NSC 10.37% 10/23/2019 NVIDIA Corp NVDA 8.41% 11/14/2019 Union Pacific Corp UNP 9.45% 10/17/2019 Intel Corp INTC 8.32% 10/24/2019 FedEx Corp FDX 8.50% 12/17/2019 Texas Instruments Inc TXN 8.03% 10/22/2019 Kansas City Southern KSU 7.86% 10/18/2019 Broadcom Inc AVGO 7.57% 12/5/2019 United Parcel Service Inc UPS 6.95% 10/22/2019 QUALCOMM Inc QCOM 7.51% 11/6/2019 Landstar System Inc LSTR 6.75% 10/23/2019 Taiwan Semiconductor Manufacturing Co TSM 4.43% 10/17/2019 JB Hunt Transport Services Inc JBHT 6.56% 10/15/2019 Lam Research Corp LRCX 4.34% 10/23/2019 United Airlines Holdings Inc UAL 5.33% 10/15/2019 KLA Corp KLAC 4.18% 10/28/2019 CH Robinson Worldwide Inc CHRW 5.07% 10/29/2019 NXP Semiconductors NV NXPI 4.06% 10/28/2019 Kirby Corp KEX 4.85% 10/25/2019 Micron Technology Inc MU 3.73% 12/17/2019 Related Funds:

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ISE Natural Gas Index (FUMTR) Dow Jones U.S. Select Aerospace & Defense Index (DJSASDT) Top 10 Names Ticker Weight in the index Expected Earnings Release Top 10 Names Ticker Weight in the index Expected Earnings Release Murphy Oil Corp MUR 5.06% 10/31/2019 Boeing Co/The BA 22.56% 10/23/2019 Cimarex Energy Co XEC 4.92% 11/4/2019 United Technologies Corp UTX 15.68% 10/22/2019 Cabot Oil & Gas Corp COG 4.91% 10/24/2019 Lockheed Martin Corp LMT 6.98% 10/22/2019 Vermilion Energy Inc VET 4.85% 10/28/2019 Northrop Grumman Corp NOC 4.76% 10/24/2019 Enerplus Corp ERF 4.73% 11/8/2019 TransDigm Group Inc TDG 4.68% 11/5/2019 Devon Energy Corp DVN 4.57% 11/5/2019 Raytheon Co RTN 4.64% 10/24/2019 Matador Resources Co MTDR 4.56% 10/30/2019 L3Harris Technologies Inc LHX 4.63% 10/30/2019 Encana Corp ECA 4.52% 11/1/2019 General Dynamics Corp GD 4.35% 10/23/2019 EQT Corp EQT 4.45% 10/24/2019 Teledyne Technologies Inc TDY 3.42% 10/23/2019 Range Resources Corp RRC 4.34% 10/28/2019 Textron Inc TXT 3.22% 10/17/2019 Related Funds:

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Dow Jones U.S. Select Home Builders Index (DJSHMBT) Top 10 Names Ticker Weight in the index Expected Earnings Release DR Horton Inc DHI 13.56% 11/12/2019 Lennar Corp LEN 12.89% 1/8/2020 NVR Inc NVR 9.67% 10/18/2019 PulteGroup Inc PHM 7.23% 10/22/2019 Sherwin-Williams Co/The SHW 4.56% 10/22/2019 Home Depot Inc/The HD 4.27% 11/19/2019 Lowe’s Cos Inc LOW 4.08% 11/20/2019 Toll Brothers Inc TOL 3.88% 12/3/2019 Masco Corp MAS 2.95% 10/30/2019 TopBuild Corp BLD 2.54% 10/31/2019 Related Funds:

ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged investment results and intend to actively monitor and manage their investments. Due to the daily nature of the leverage employed, there is no guarantee of amplified long-term returns. Past performance is not indicative of future results.

An investor should consider the investment objectives, risks, charges, and expenses of Direxion Shares carefully before investing. The prospectus and summary prospectus contain this and other information about Direxion Shares. Click here to obtain a prospectus or contact Direxion at (877) 437-9363. The prospectus or summary prospectus should be read carefully before investing.

Direxion Shares Risks  – An investment in the ETFs involves risk, including the possible loss of principal. Each ETF is non-diversified and includes risks associated with the ETF concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Each Fund does not attempt to, and should not be expected to, provide returns which are a multiple of the return of their underlying index for periods other than a single day. Risks of each Fund include Effects of Compounding and Market Volatility Risk, Leverage Risk, Counterparty Risk, Intra-Day Investment Risk, for each Bull Fund, Daily Index Correlation/Tracking Risk and Other Investment Companies (including ETFs) Risk, for each Bear Fund, Daily Inverse Index Correlation/Tracking Risk and risks related to Shorting and Cash Transactions. In addition to these risks, there are risks associated with an ETF’s investment in a specific sector, industry, or stocks that comprise each Fund’s underlying index. Please see the summary and full prospectuses for a more complete description of these and other risks of each Fund.

The views in this material represent an assessment of the current market conditions and is not intended to be a forecast of future events. These views are intended to educated the reader and do not constitute investment advice regarding the funds or any security in particular. Past performance does not guarantee future results.

Distributor for Direxion Shares: Foreside Fund Services, LLC.

An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing. A Fund’s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund’s prospectus and summary prospectus call 646-561-9116 or click here. A Fund’s prospectus and summary prospectus should be read carefully before investing.

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