Sunday, January 28, 2018

Large US Corps Total Real US GAAP Pretax Earnings Decline Unexpectedly and Precipitously By 9.9% So Far For the Quarter Ending in December 2017 ..................................................................................... In Comparison, These Same Large Corps Generated Total Real US GAAP Pretax Earnings Which Increased By a Very Robust 10.5% For the Quarter Ending in September 2017: That's What a Call a Massive, Very Quick Deterioration in Pretax Income From Up 10.5% in the Sept 2017 Quarter To a Decline of 9.9% in the Current Dec 2017 Quarter (Whew!) ..................................................................................... The 114 US Corps With Stock Market Caps Above $10 Bil Which Have Released Their December 2017 Quarter Earnings By Friday, January 26, 2018 Registered Total US GAAP Pretax Income of $105.0 Bil in the December 2017 Quarter, Down 9.9% From Their December 2016 Quarter Total US GAAP Pretax Income of $116.5 Bil ..................................................................................... These Same 114 US Corps Registered Total US GAAP Pretax Income of $137.8 Bil in Their September 2017 Quarter, Up a Very Robust 10.5% Over Their September 2016 Quarter Total US GAAP Pretax Income of $124.7 Bil ....................................................................................... I Used US GAAP Pretax Income Amounts Because They Are the Most Reliable 4Q 2017 Earnings Data Available Since the 4Q 2017 Income Tax Expense Amounts Being Reported Are Not Even Close To Being Sufficiently Reliable

From reviewing daily Morningstar Earnings Calendars and Company Financial Statements filed with the SEC, below here are the 114 US Corps with Stock Market Caps Above $10 Bil which have released their  Earnings For the Quarter Ended December 2017 and which have disclosed Pretax Income From Continuing Operations Amounts through Friday, January 26, 2018.  This is the best 4Q 2017 Earnings data available since the Income Tax Expense amounts being reported are not even close to being sufficiently reliable.
 US GAAP   US GAAP 
Pretax Pretax
Earnings Income Income Increase Increase
Release Dec Qtr Dec Qtr (Decrease) (Decrease)
Date 2017 2016 Amount %
mils $ mils $ mils $
1-11-18 Delta Air Lines          1,089             952             137 14%
1-12-18 BlackRock          1,490          1,187             303 26%
1-12-18 JPMorgan Chase          8,254          8,679            (425) -5%
1-12-18 PNC Financial Services          1,074          1,366            (292) -21%
1-12-18 Wells Fargo          4,599          7,562         (2,963) -39%
1-16-18 Citigroup          5,099          5,100                (1) 0%
1-16-18 Comerica             330             226             104 46%
1-16-18 CSX Corp             983             751             232 31%
1-16-18 First Republic Bank             237             229                 8 3%
1-16-18 Interactive Brokers Group             364               28             336 1200%
1-16-18 UnitedHealth Group          3,669          2,919             750 26%
1-17-18 Alcoa             216            (123)             339             NM
1-17-18 Bank of America          6,161          5,803             358 6%
1-17-18 Fastenal             201             181               20 11%
1-17-18 Goldman Sachs          3,108          3,397            (289) -9%
1-17-18 Kinder Morgan             324             388              (64) -16%
1-17-18 Charles Schwab             953             824             129 16%
1-17-18 US Bancorp          1,311          2,040            (729) -36%
1-18-18 American Express          1,821          1,161             660 57%
1-18-18 Atlassian Corp              (14)                (1)              (13) -1300%
1-18-18 Bank of New York Mellon             728          1,152            (424) -37%
1-18-18 BB&T Corp             876             930              (54) -6%
1-18-18 JB Hunt Transport Services             140             188              (48) -26%
1-18-18 International Business Machines          4,469          4,986            (517) -10%
1-18-18 KeyCorp             447             270             177 66%
1-18-18 M&T Bank Corp             629             510             119 23%
1-18-18 Morgan Stanley          2,471          2,246             225 10%
1-18-18 PPG Industries             376             138             238 172%
1-19-18 Citizens Financial Group             503             414               89 21%
1-19-18 Kansas City Southern             193             166               27 16%
1-19-18 Regions Financial             548             428             120 28%
1-19-18 Schlumberger Ltd         (2,210)            (213)         (1,997) -938%
1-19-18 SunTrust Banks             668             660                 8 1%
1-19-18 Synchrony Financial             875             908              (33) -4%
1-22-18 Halliburton             244            (175)             419             NM
1-22-18 Netflix             131               90               41 46%
1-22-18 Resmed             142               96               46 48%
1-22-18 Steel Dynamics             161                 3             158 5267%
1-22-18 TD Ameritrade             303             339              (36) -11%
1-22-18 Zions Bancorp             259             207               52 25%
1-23-18 Capital One Financial          1,308          1,135             173 15%
1-23-18 Fifth Third Bancorp             393             509            (116) -23%
1-23-18 Huntington Bancorp             412             313               99 32%
1-23-18 Johnson & Johnson          2,560          4,324         (1,764) -41%
1-23-18 Kimberly Clark             743             760              (17) -2%
1-23-18 Procter & Gamble          4,033          3,256             777 24%
1-23-18 Prologis             351             485            (134) -28%
1-23-18 State Street Corp             717             345             372 108%
1-23-18 Texas Instruments          1,550          1,497               53 4%
1-23-18 Total Systems Services             146             100               46 46%
1-23-18 Travelers Companies             860          1,302            (442) -34%
1-23-18 United Continental Holdings             600             884            (284) -32%
1-23-18 Verizon Communications          2,934          6,949         (4,015) -58%
1-23-18 Waters Corp             226             203               23 11%
1-24-18 Abbott Labs             574             875            (301) -34%
1-24-18 Ameriprise Financial             600             469             131 28%
1-24-18 Amphenol             379             324               55 17%
1-24-18 Baker Hughes GE            (135)             265            (400)             NM
1-24-18 Comcast Corp          3,422          3,736            (314) -8%
1-24-18 Crown Castle             113             129              (16) -12%
1-24-18 Discover Financial Services             899             883               16 2%
1-24-18 Ford Motor          1,889         (1,117)          3,006             NM
1-24-18 General Dynamics          1,008             745             263 35%
1-24-18 General Electric       (12,603)          2,893       (15,496)             NM
1-24-18 WW Grainger             207             145               62 43%
1-24-18 Illinois Tool Works             796             726               70 10%
1-24-18 Lam Research             734             385             349 91%
1-24-18 Las Vegas Sands             931             659             272 41%
1-24-18 Norfolk Southern             893             641             252 39%
1-24-18 Northern Trust             436             390               46 12%
1-24-18 Progressive Corp             691             538             153 28%
1-24-18 Raymond James Financial             312             208             104 50%
1-24-18 Rockwell Automation             298             258               40 16%
1-24-18 Rollins Inc               69               53               16 30%
1-24-18 Royal Caribbean             288             261               27 10%
1-24-18 Stanley Black & Decker             342             282               60 21%
1-24-18 TE Connectivitity Ltd             561             460             101 22%
1-24-18 United Rentals             336             242               94 39%
1-24-18 United Technologies          1,705          1,273             432 34%
1-24-18 Varian Medical             123               19             104 547%
1-24-18 Whirlpool             209             308              (99) -32%
1-24-18 Xilinx             195             163               32 20%
1-25-18 3M          1,672          1,610               62 4%
1-25-18 Alliance Data Systems             306               62             244 394%
1-25-18 American Air Lines             425             500              (75) -15%
1-25-18 Biogen          1,400             838             562 67%
1-25-18 Caterpillar          1,111         (1,348)          2,459             NM
1-25-18 Celanese             265             156             109 70%
1-25-18 Celgene          1,131             499             632 127%
1-25-18 E Trade Group             299             205               94 46%
1-25-18 Freeport McMoran          1,325             492             833 169%
1-25-18 Arthur J Gallagher & Co             155             124               31 25%
1-25-18 Intel          6,035          4,440          1,595 36%
1-25-18 Intuitive Surgical              339             276               63 23%
1-25-18 KLA-Tencor             347             307               40 13%
1-25-18 L3 Technologies             226             241              (15) -6%
1-25-18 Maxim Integrated Products             198             148               50 34%
1-25-18 Northop Grumman             684             748              (64) -9%
1-25-18 NVR Inc             261             229               32 14%
1-25-18 Praxair             595             561               34 6%
1-25-18 Raytheon             834             825                 9 1%
1-25-18 Sherwin-Williams             285             304              (19) -6%
1-25-18 Southwest Air             737             809              (72) -9%
1-25-18 Starbucks          3,006          1,133          1,873 165%
1-25-18 SVB Financial Group             260             158             102 65%
1-25-18 Union Pacific Corp          2,092          1,831             261 14%
1-25-18 Western Digital             774             321             453 141%
1-26-18 AbbVie          1,193          1,998            (805) -40%
1-26-18 Air Products             455             337             118 35%
1-26-18 Colgate Palmolive             896             934              (38) -4%
1-26-18 Honeywell          1,617          1,432             185 13%
1-26-18 Lear Corp             367             308               59 19%
1-26-18 Nextera Energy               86          1,521         (1,435) -94%
1-26-18 Rockwell Collins             257             203               54 27%
               -  
Total all 114      104,960      116,489       (11,529) -10%


And the Chart below compares the Pretax Income (Loss) of these 114 Corps in both the Dec 2017 Quarter vs the Dec 2016 Quarter and also in the Sept 2017 Quarter vs the Sept 2016 Quarter:
 US GAAP   US GAAP   US GAAP   US GAAP 
Pretax Pretax Pretax Pretax
Income Income Increase Income Income Increase
Dec Qtr Dec Qtr (Decrease) Sept Qtr Sept Qtr (Decrease)
US Company 2017 2016 Amount 2017 2016 Amount
mils $ mils $ mils $ % mils $ mils $ mils $ %
Delta Air Lines        1,089           952          137       1,805       1,900              (95)
BlackRock        1,490        1,187          303       1,404       1,210             194
JPMorgan Chase        8,254        8,679        (425)       9,556       8,939             617
PNC Financial Services        1,074        1,366        (292)       1,539       1,348             191
Wells Fargo        4,599        7,562     (2,963)       6,858       8,255         (1,397)
Citigroup        5,099        5,100            (1)       6,003       5,620             383
Comerica           330           226          104          334          213             121
CSX Corp           983           751          232          750          715               35
First Republic Bank           237           229              8          242          202               40
Interactive Brokers Group           364             28          336          268          183               85
UnitedHealth Group        3,669        2,919          750       3,794       3,311             483
Alcoa           216          (123)          339          288          102             186
Bank of America        6,161        5,803          358       7,866       7,304             562
Fastenal           201           181            20          226          201               25
Goldman Sachs        3,108        3,397        (289)       2,976       2,868             108
Kinder Morgan           324           388          (64)          547          194             353
Charles Schwab           953           824          129          945          794             151
US Bancorp        1,311        2,040        (729)       2,158       2,082               76
American Express        1,821        1,161          660       1,827       1,735               92
Atlassian Corp            (14)              (1)          (13)          (22)            (4)              (18)
Bank of New York Mellon           728        1,152        (424)       1,368       1,317               51
BB&T Corp           876           930          (54)          942          915               27
JB Hunt Transport Services           140           188          (48)          157          176              (19)
International Business Machines        4,469        4,986        (517)       3,065       3,263            (198)
KeyCorp           447           270          177          497          188             309
M&T Bank Corp           629           510          119          581          550               31
Morgan Stanley        2,471        2,246          225       2,482       2,381             101
PPG Industries           376           138          238          521        (426)             947
Citizens Financial Group           503           414            89          513          427               86
Kansas City Southern           193           166            27          212          158               54
Regions Financial           548           428          120          451          471              (20)
Schlumberger Ltd       (2,210)          (213)     (1,997)          677          200             477
SunTrust Banks           668           660              8          765          691               74
Synchrony Financial           875           908          (33)          879          963              (84)
Halliburton           244          (175)          419          496          (52)             548
Netflix           131             90            41          116            79               37
Resmed           142             96            46          108            93               15
Steel Dynamics           161               3          158          234          243                (9)
TD Ameritrade           303           339          (36)          338          270               68
Zions Bancorp           259           207            52          243          192               51
Capital One Financial        1,308        1,135          173       1,585       1,512               73
Fifth Third Bancorp           393           509        (116)       1,489          694             795
Huntington Bancorp           412           313            99          365          152             213
Johnson & Johnson        2,560        4,324     (1,764)       4,790       5,281            (491)
Kimberly Clark           743           760          (17)          779          757               22
Procter & Gamble        4,033        3,256          777       3,751       3,738               13
Prologis           351           485        (134)          931          323             608
State Street Corp           717           345          372          822          636             186
Texas Instruments        1,550        1,497            53       1,789       1,381             408
Total Systems Services           146           100            46          171          125               46
Travelers Companies           860        1,302        (442)          320          947            (627)
United Continental Holdings           600           884        (284)          980       1,510            (530)
Verizon Communications        2,934        6,949     (4,015)       5,511       5,576              (65)
Waters Corp           226           203            23          154          145                 9
Abbott Labs           574           875        (301)          626        (179)             805
Ameriprise Financial           600           469          131          628          238             390
Amphenol           379           324            55          358          311               47
Baker Hughes GE          (135)           265        (400)        (167)          161            (328)
Comcast Corp        3,422        3,736        (314)       4,096       3,724             372
Crown Castle           113           129          (16)          118          103               15
Discover Financial Services           899           883            16          903          961              (58)
Ford Motor        1,889       (1,117)       3,006       1,757       1,387             370
General Dynamics        1,008           745          263       1,027          994               33
General Electric     (12,603)        2,893   (15,496)       1,466       2,074            (608)
WW Grainger           207           145            62          250          293              (43)
Illinois Tool Works           796           726            70          906          763             143
Lam Research           734           385          349          688          293             395
Las Vegas Sands           931           659          272          758          675               83
Norfolk Southern           893           641          252          800          705               95
Northern Trust           436           390            46          417          374               43
Progressive Corp           691           538          153          251          259                (8)
Raymond James Financial           312           208          104          282          243               39
Rockwell Automation           298           258            40          274          237               37
Rollins Inc             69             53            16            83            80                 3
Royal Caribbean           288           261            27          753          693               60
Stanley Black & Decker           342           282            60          354          328               26
TE Connectivitity Ltd           561           460          101          520          489               31
United Rentals           336           242            94          322          303               19
United Technologies        1,705        1,273          432       1,940       2,026              (86)
Varian Medical Systems           123             19          104          110          143              (33)
Whirlpool           209           308          (99)          268          305              (37)
Xilinx           195           163            32          187          176               11
3M        1,672        1,610            62       1,997       1,862             135
Alliance Data Systems           306             62          244          334          313               21
American Air Lines           425           500          (75)       1,004       1,189            (185)
Biogen        1,400           838          562       1,610       1,367             243
Caterpillar        1,111       (1,348)       2,459       1,523          383          1,140
Celanese           265           156          109          289          281                 8
Celgene        1,131           499          632          991          256             735
E Trade Group           299           205            94          223          225                (2)
Freeport McMoran        1,325           492          833          626          177             449
Arthur J Gallagher & Co           155           124            31            97            95                 2
Intel        6,035        4,440       1,595       5,930       4,318          1,612
Intuitive Surgical            339           276            63          289          267               22
KLA-Tencor           347           307            40          336          222             114
L3 Technologies           226           241          (15)            26          180            (154)
Maxim Integrated Products           198           148            50          181          165               16
Northop Grumman           684           748          (64)          785          769               16
NVR Inc           261           229            32          245          185               60
Praxair           595           561            34          585          454             131
Raytheon           834           825              9          816          780               36
Sherwin-Williams           285           304          (19)          428          536            (108)
Southwest Air           737           809          (72)          791          618             173
Starbucks        3,006        1,133       1,873       1,152       1,215              (63)
SVB Financial Group           260           158          102          251          193               58
Union Pacific Corp        2,092        1,831          261       1,983       1,805             178
Western Digital           774           321          453          710        (271)             981
AbbVie        1,193        1,998        (805)       2,095       2,014               81
Air Products & Chemicals           455           337          118          479          391               88
Colgate Palmolive           896           934          (38)          900       1,046            (146)
Honeywell        1,617        1,432          185       1,783       1,632             151
Lear Corp           367           308            59          385          310               75
Nextera Energy             86        1,521     (1,435)       1,220       1,207               13
Rockwell Collins           257           203            54          274          296              (22)
            -      
Total all 114    104,960    116,489   (11,529) -9.9%   137,759   124,687        13,072 +10.5%








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