A view on US earnings season so far, from Saxo Bank Head of Equity Strategy Peter Garnry - Peter Garnry says 75% of posted results have been positive and...

A view on US earnings season so far, from Saxo Bank Head of Equity Strategy Peter Garnry - Peter Garnry says 75% of posted results have been positive and around half of companies reporting earnings have seen a profits surprise on the upside. Garnry believes the positive earning season has been overshadowed by declines in biotech and internet stocks, such as Twitter which has crashed down 47 per cent since its IPO in December last year and Amazon which has dropped 25 per cent since January this year. Garnry picks out Michael Kors, US apparel designer, as a stand-out stock and also sees the energy, healthcare and utilities sectors as the big winners, although he warns of potential long-term disruptions in the utilities sector and gives it a neutral rating based on his model. For more... (VIEW LINK)