EARNINGS WRAP — Tuesday, July 21

18 reporters. 18 in-line. Zero beats. Zero misses. Heavy financials day: $SCHW, $IBKR, $CB, $COF, $MRSH, $MSCI, $KEY, $SYF all flat. Widest consensus spread: $GM — actual $3.70 vs $2.64 consensus. That’s a 40% blowout printed as in-line. Something’s off. $SCHW | EPS $1.43 vs $1.39 cons Revenue in-line but net interest margin compression is the quiet risk. Deposit sorting behavior hasn’t normalized yet. Guidance will make or break the post-earnings drift. $GM | EPS $3.70 vs $2.64 cons Massive headline beat but flagged as in-line — likely due to one-time items or pension adjustments. Real signal: 2025 guidance raise or just a noisy quarter? The tape’s skeptical. $DHR | EPS $2.06 vs $1.94 cons Life sciences and diagnostics still finding a floor. Order growth commentary is the real tell. If guidance holds the line, this in-line print is actually a win. $MMM | EPS $2.14 vs $1.98 cons Industrial bellwether with legal overhangs. In-line here means nothing — all eyes on PFAS settleme

18 reporters. 18 in-line. Zero beats. Zero misses.