US Commerce Dept's Bureau of Economic Analysis Just Reported in Its Table 12 1Q 2018 Total US Co Pretax Income Was Up 6.8% Over the 1Q 2017, Significantly Below My 12.2% Growth For All 2,018 US Publicly-Held Cos With Stock Market Caps Above $1 Bil Filing With the SEC ........................................................................................ I Wish I Could Understand Why the US Commerce Dept Has Lower 1Q 2018 US Pretax Income Growth Than I Do ..... Maybe It's the Lower US Pretax Income Growth For US Privately-Held US Cos? Or Maybe Some of the Individual Companies Earnings Growth Being Reported to the SEC Isn't Real and Instead is Being Artificially Inflated By Accounting Engineering Maneuvers? After Reviewing More Than 2,000 of Them in Depth, My Hunch is That It's Much More the Latter ........................................................................................ Given the Importance of This US Cos Total Pretax Profit Growth In Measuring the Success of US Capitalism, I Think It Would Be Wise For the US Commerce Dept and the US SEC To Reconcile Their 1Q 2018 Total Profit Increase Differences ........................................................................................ The US Stock Market Cannot Like This Huge Discrepancy in US Pretax Profit Numbers ..... Earnings Drive Stock Prices

The 132 US Cos With April Quarter Ends and With Market Caps of At Least $1 Bil Generated April 2018 Quarter Total Pretax Income (PTI) of $30.5 Bil, Up 4% From Their April 2017 Quarter, a Huge Growth Deceleration From the March 2018 Quarter Total PTI Growth of 12% of the 1,836 US Cos With March 2018 Quarter Ends ........................................................................................ It's All About a High % of Retail Cos (Total PTI Down 14%) and a Very Low % of Highly Profitable Oil & Gas Cos in the April #s ........................................................................................ The 42 US Technology Cos Did Just Fantastic in the April 2018 Quarter (Total PTI Was $10.2 Bil, Up 39%), Very Similar To How They Did in the March 2018 Quarter ........................................................................................ The 33 California Tech Cos Posted April 2018 Quarter Total PTI of $9.7 Bil, Up 36% From Their April 2017 Quarter and Their Total After-Tax Net Income Was Up an Off-the-Charts 147% (These California Techs Know How To Creatively Master the Deeply-Flawed Trump Tax Cuts Act) ........................................................................................ Many of the 43 US Retail Cos Got Their April 2018 Quarter Margins Amazoned, Posting April 2018 Quarter Total PTI of $13.0 Bil, a Very Disappointing 14% Decline From Their Total PTI of $15.1 Bil in the April 2017 Quarter ........................................................................................ And the 47 US Cos in All Other Sectors Generated April 2018 Quarter Total PTI of $7.3 Bil, Up 6% From Their April 2017 Quarters ........................................................................................

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the April 2018 and 2017 Quarters for all US  Companies including both Partnerships and REITs which are Headquartered in the US with April 2018 Quarter Ends, with stock market caps of at least $1 Bil recently and which have released their April 2018 Quarter Earnings by June 15, 2018.  

I will update this quarterly earnings chart later for the 7 Companies (the largest being Kroger) with April 2018 Quarter End Earnings which haven't reported their April 2018 Quarter Earnings yet.

									US GAAP	US GAAP		US GAAP	US GAAP
	US GAAP	US GAAP	US GAAP		US GAAP	US GAAP	US GAAP		Effective	Effective		Pretax	Net
	Pretax	Income	Net		Pretax	Income	Net		Income	Income		Income	Income
US Company	Income	Tax	Income		Income	Tax	Income		Tax	Tax		% Change	% Change
Market Caps of $1 Bil +	(Loss)	Expense	(Loss)		(Loss)	Expense	(Loss)		Rate	Rate		April Qtr	April Qtr
Releasing April 2018	April Qtr	April Qtr	April Qtr		April Qtr	April Qtr	April Qtr		April Qtr	April Qtr		2018	2018
Qtr Earnings Thru 6-15-18	2018	2018	2018		2017	2017	2017		2018	2017		vs 2017	vs 2017
	mils $	mils $	mils $		mils $	mils $	mils $
California Tech Cos
Cisco Systems	3,253	562	2,691		3,191	676	2,515		17.3%	21.2%		2%	7%
Intuit	1,617	417	1,200		1,439	475	964		25.8%	33.0%		12%	24%
NVIDIA	1,311	67	1,244		536	29	507		5.1%	5.4%		145%	145%
Applied Materials	1,295	166	1,129		908	84	824		12.8%	9.3%		43%	37%
VMWare	1,175	233	942		281	36	245		19.8%	12.8%		318%	284%
Broadcom Ltd	1,099	(2,637)	3,736		365	(103)	468		-239.9%	-28.2%		201%	698%
Salesforce.com	385	41	344		(10)	(11)	1		10.6%	110.0%		3950%	34300%
NetApp	303	32	271		248	58	190		10.6%	23.4%		22%	43%
Marvell Technology	132	4	128		59	10	49		3.0%	16.9%		124%	161%
Synopsys	119	17	102		62	9	53		14.3%	14.5%		92%	92%
HP Inc	83	(975)	1,058		754	195	559		-1174.7%	25.9%		-89%	89%
Veeva Systems	46	2	44		39	2	37		4.3%	5.1%		18%	19%
Stitch Fix	10	-	10		(9)	1	(10)		0.0%	-11.1%		211%	200%
QAD Inc	2	1	1		(2)	1	(3)		50.0%	-50.0%		200%	133%
Semtech	(5)	(17)	12		16	4	12		340.0%	25.0%		-131%	0%
Ambarella	(9)	1	(10)		3	-	3		-11.1%	0.0%		-400%	-433%
Zscaler	(9)	-	(9)		(8)	-	(8)		0.0%	0.0%		-13%	-13%
Coupa Software	(15)	-	(15)		(10)	-	(10)		0.0%	0.0%		-50%	-50%
Zuora	(19)	-	(19)		(8)		(8)		0.0%	0.0%		-138%	-138%
Okta Inc	(26)	-	(26)		(28)	-	(28)		0.0%	0.0%		7%	7%
Guideware Software	(28)	21	(49)		(3)	(1)	(2)		-75.0%	33.3%		-833%	-2350%
Finisar	(30)	(12)	(18)		35	(95)	130		40.0%	-271.4%		-186%	-114%
Pivotal Software	(33)	-	(33)		(48)	4	(52)		0.0%	-8.3%		31%	37%
Box Inc	(37)	-	(37)		(40)	-	(40)		0.0%	0.0%		8%	8%
Cloudera	(50)	1	(51)		(222)	-	(222)		-2.0%	0.0%		77%	77%
Palo Alto Networks	(50)	(3)	(47)		(53)	8	(61)		6.0%	-15.1%		6%	23%
Pure Storage	(63)	1	(64)		(56)	1	(57)		-1.6%	-1.8%		-13%	-12%
AutoDesk	(64)	18	(82)		(121)	8	(129)		-28.1%	-6.6%		47%	36%
Workday	(75)	(1)	(74)		(62)	2	(64)		1.3%	-3.2%		-21%	-16%
Nutanix	(94)	3	(97)		(87)	(1)	(86)		-3.2%	1.1%		-8%	-13%
Hewlett Packard Enterprises	(116)	(966)	850		113	591	(478)		832.8%	523.0%		-203%	278%
Splunk	(120)	(2)	(118)		(114)	1	(115)		1.7%	-0.9%		-5%	-3%
DocuSign	(270)	1	(271)		(19)	-	(19)		-0.4%	0.0%		-1321%	-1326%
Total all 33 CA Tech	9,717	(3,025)	12,742		7,149	1,984	5,165		-31.1%	27.8%		36%	147%
Non-California Tech Cos
Analog Devices	402	22	380		87	(7)	94		5.5%	-8.0%		362%	304%
Science Applications Intl	55	6	49		52	3	49		10.9%	5.8%		6%	0%
Tech Data	43	9	34		45	14	31		20.9%	31.1%		-4%	10%
Cirrus Logic	22	10	12		45	10	35		45.5%	22.2%		-51%	-66%
Verint Systems	(1)	-	(1)		(20)	(1)	(19)		0.0%	5.0%		95%	95%
Smartsheet	(14)	-	(14)		(7)	-	(7)		0.0%	0.0%		-100%	-100%
SecureWorks	(17)	(3)	(14)		(19)	(6)	(13)		17.6%	31.6%		11%	-8%
Yext Inc	(18)	-	(18)		(16)	-	(16)		0.0%	0.0%		-13%	-13%
MongoDB	(29)	-	(29)		(20)	-	(20)		0.0%	0.0%		-45%	-45%
Total 9 Non-Cal Tech Cos	443	44	399		147	13	134		9.9%	8.8%		201%	198%
Total all 42 Tech Cos	10,160	(2,981)	13,141		7,296	1,997	5,299		-29.3%	27.4%		39%	148%
Retail Cos
Home Depot	3,142	738	2,404		3,108	1,094	2,014		23.5%	35.2%		1%	19%
Walmart	2,822	546	2,276		4,674	1,522	3,152		19.3%	32.6%		-40%	-28%
Lowes	1,305	317	988		934	332	602		24.3%	35.5%		40%	64%
TJX Cos	955	239	716		832	296	536		25.0%	35.6%		15%	34%
Target	927	210	717		1,030	355	675		22.7%	34.5%		-10%	6%
Ross Stores	542	124	418		498	177	321		22.9%	35.5%		9%	30%
AutoZone	504	137	367		494	162	332		27.2%	32.8%		2%	11%
Dollar General	465	100	365		445	166	279		21.5%	37.3%		4%	31%
Best Buy	257	49	208		292	104	188		19.1%	35.6%		-12%	11%
Foot Locker	229	64	165		269	89	180		27.9%	33.1%		-15%	-8%
The Gap	219	55	164		238	95	143		25.1%	39.9%		-8%	15%
Ulta Beauty	211	47	164		189	61	128		22.3%	32.3%		12%	28%
Dollar Tree	208	47	161		314	113	201		22.6%	36.0%		-34%	-20%
Tiffany	190	48	142		136	43	93		25.3%	31.6%		40%	53%
Macy's	183	52	131		145	68	77		28.4%	46.9%		26%	70%
CoPart	171	44	127		131	41	90		25.7%	31.3%		31%	41%
Nordstrom	125	38	87		103	40	63		30.4%	38.8%		21%	38%
Dillards	103	23	80		102	36	66		22.3%	35.3%		1%	21%
Burlington Stores	100	17	83		75	23	52		17.0%	30.7%		33%	60%
Kohls	97	22	75		109	43	66		22.7%	39.4%		-11%	14%
Dick's Sporting Goods	84	24	60		92	34	58		28.6%	37.0%		-9%	3%
Williams-Sonoma	65	20	45		63	23	40		30.8%	36.5%		3%	13%
Cracker Barrel	60	11	49		68	21	47		18.3%	30.9%		-12%	4%
L Brands	58	11	47		118	24	94		19.0%	20.3%		-51%	-50%
Dave & Busters Entertainment	56	14	42		62	19	43		25.0%	30.6%		-10%	-2%
Urban Outfitters	54	13	41		21	9	12		24.1%	42.9%		157%	242%
American Eagle Outfitters	51	11	40		37	12	25		21.6%	32.4%		38%	60%
Michaels Companies	46	19	27		109	37	72		41.3%	33.9%		-58%	-63%
Big Lots	44	13	31		78	27	51		29.5%	34.6%		-44%	-39%
Gamestop	43	15	28		87	28	59		34.9%	32.2%		-51%	-53%
Chico's FAS	40	11	29		55	21	34		27.5%	38.2%		-27%	-15%
RH	37	9	28		(5)	(2)	(3)		24.3%	40.0%		840%	1033%
DSW Inc	35	11	24		39	16	23		31.4%	41.0%		-10%	4%
Ollie's Bargain Outlet	35	5	30		26	7	19		14.3%	26.9%		35%	58%
Five Below	26	4	22		13	5	8		15.4%	38.5%		100%	175%
Buckle	25	7	18		26	10	16		28.0%	38.5%		-4%	13%
Childrens Place	23	(9)	32		42	6	36		-39.1%	14.3%		-45%	-11%
Casey's General Stores	19	-	19		43	13	30		0.0%	30.2%		-56%	-37%
At Home Group	18	-	18		16	6	10		0.0%	37.5%		13%	80%
Tailored Brands	18	4	14		6	4	2		22.2%	66.7%		200%	600%
Conn's	16	3	13		(4)	(2)	(2)		18.8%	50.0%		500%	750%
Abercrombie & Fitch	(45)	(4)	(41)		(74)	(13)	(61)		8.9%	17.6%		39%	33%
Signet Jewelers Ltd	(583)	(86)	(497)		103	24	79		14.8%	23.3%		-666%	-729%
Total all 43 Retail Cos	12,980	3,023	9,957		15,139	5,189	9,950		23.3%	34.3%		-14%	0%
Cos in All Other Sectors
Medtronic plc	1,725	260	1,465		1,435	271	1,164		15.1%	18.9%		20%	26%
Deere & Co	1,387	177	1,210		1,174	366	808		12.8%	31.2%		18%	50%
H & R Block	1,231	85	1,146		1,212	425	787		6.9%	35.1%		2%	46%
Vail Resorts	344	72	272		298	101	197		20.9%	33.9%		15%	38%
Hormel Foods	297	59	238		316	105	211		19.9%	33.2%		-6%	13%
JM Smucker	264	78	186		162	52	110		29.5%	32.1%		63%	69%
Agilent Technologies	227	22	205		191	27	164		9.7%	14.1%		19%	25%
PVH Corp	216	37	179		84	14	70		17.1%	16.7%		157%	156%
Brown Forman	197	53	144		128	18	110		26.9%	14.1%		54%	31%
Thor Industries	181	47	134		166	55	111		26.0%	33.1%		9%	21%
Toro Co	169	38	131		158	38	120		22.5%	24.1%		7%	9%
Toll Brothers	153	41	112		199	74	125		26.8%	37.2%		-23%	-10%
Eaton Vance	130	34	96		137	49	88		26.2%	35.8%		-5%	9%
HD Supply Holdings	118	29	89		77	19	58		24.6%	24.7%		53%	53%
Nordson	118	27	91		95	30	65		22.9%	31.6%		24%	40%
Donaldson Co	99	29	70		84	24	60		29.3%	28.6%		18%	17%
Heico	86	20	66		75	24	51		23.3%	32.0%		15%	29%
Keysight Technologies	83	19	64		22	(27)	49		22.9%	-122.7%		277%	31%
United Natural Foods	78	26	52		60	24	36		33.3%	40.0%		30%	44%
Greif	73	21	52		63	23	40		28.8%	36.5%		16%	30%
John Wiley & Sons	70	16	54		59	12	47		22.9%	20.3%		19%	15%
Navistar	68	7	61		(69)	6	(75)		10.3%	-8.7%		199%	181%
Korn/Ferry Intl	58	16	42		35	7	28		27.6%	20.0%		66%	50%
Sanderson Farms	55	13	42		103	36	67		23.6%	35.0%		-47%	-37%
Cooper Cos	54	(7)	61		110	5	105		-13.0%	4.5%		-51%	-42%
KLX Inc	42	10	32		29	11	18		23.8%	37.9%		45%	78%
Brady Corp	37	11	26		31	8	23		29.7%	25.8%		19%	13%
ABM Industries	32	7	25		49	17	32		21.9%	34.7%		-35%	-22%
Oxford Industries	28	7	21		29	12	17		25.0%	41.4%		-3%	24%
American Woodward	28	9	19		27	10	17		32.1%	37.0%		4%	12%
Raven Industries	27	5	22		18	6	12		18.5%	33.3%		50%	83%
Cantel Medical	26	7	19		27	9	18		26.9%	33.3%		-4%	6%
Dycom Industries	24	7	17		62	23	39		29.2%	37.1%		-61%	-56%
Caleres	22	5	17		21	6	15		22.7%	28.6%		5%	13%
KMG Chemicals	21	5	16		9	3	6		23.8%	33.3%		133%	167%
HealthEquity	21	(2)	23		16	2	14		-9.5%	12.5%		31%	64%
Ciena	20	6	14		42	4	38		30.0%	9.5%		-52%	-63%
Calavo Growers	19	5	14		21	8	13		26.3%	38.1%		-10%	8%
G-III Apparel Group Ltd	13	3	10		(16)	(6)	(10)		23.1%	37.5%		181%	200%
REV Group	10	3	7		11	4	7		30.0%	36.4%		-9%	0%
Analogic	8	1	7		(65)	(5)	(60)		12.5%	7.7%		112%	112%
Movado Group	8	-	8		(4)	-	(4)		0.0%	0.0%		300%	300%
Argan	7	2	5		32	11	21		28.6%	34.4%		-78%	-76%
Verifone Systems	(8)	9	(17)		(81)	9	(90)		-112.5%	-11.1%		90%	81%
NCI Building Systems	(8)	(2)	(6)		26	9	17		25.0%	34.6%		-131%	-135%
Guess?	(27)	(6)	(21)		(22)	(1)	(21)		22.2%	4.5%		-23%	0%
Campbell Soup	(517)	(124)	(393)		270	94	176		24.0%	34.8%		-291%	-323%
Total all 47 in Other Sectors	7,314	1,187	6,127		6,906	2,012	4,894		16.2%	29.1%		6%	25%
Total all 132 US Cos	30,454	1,229	29,225		29,341	9,198	20,143		4.0%	31.3%		4%	45%