EARNINGS WRAP — Wednesday, July 15

13 reporters. 1 beat, 12 in-line. Heavy financials day with $MS, $BLK, $PGR, $PNC, $BK, $MTB all reporting. Health care heavyweight $ELV drops the widest spread — consensus was $6.21, actual $7.45. That’s the tape-breaker. $ELV | Consensus EPS $6.21 vs actual $7.45 +20.6% beat on the bottom line. Revenue came in at $50.5B. The spread here was massive — this is the kind of print that forces analysts to redraw their models overnight. Watch for a guidance raise on the call. $JNJ | Consensus EPS $2.68 vs actual $2.70 In-line and steady. $25.3B revenue. No fireworks, but this is a bellwether for medtech and pharma demand. The signal is stability — no guidance cut, no drama. The sector needed that after a choppy quarter. $MS | Consensus EPS $3.02 vs actual $3.43 In-line on our threshold but the raw spread is wide. $21.3B revenue. Investment banking and trading desks are the read-through here. If guidance holds, it confirms the capital markets recovery is real. $BLK | Consensus EPS $11

13 reporters. 1 beat, 12 in-line. Heavy financials day with $MS, $BLK, $PGR, $PNC, $BK, $MTB all reporting. Health care heavyweight $ELV drops the widest spread — consensus was $6.21, actual $7.45. That’s the tape-breaker.