Via BofA:
Heading into second quarter earnings season, it wasn’t a question of if it would be bad – we knew the Y/Y earnings collapse of more than -40% would be the worst since the financial crisis – but what hints management teams would give on the outlook to at least give the impression that things are getting better.
And that’s precisely what is taking place: according to BofA, not only has there been a prevalence of top and bottom-line beats, but when it comes to the future, management teams have never been more optimistic… literally.