Earnings season is four names, not the index. The future is not the report. Trading without the name’s guidance trades the move without the line.
Capex, buybacks, cloud, ads, NII: each company has a different line that comes before EPS. The desk repeats them one by one, so a beat does not mean the same thing for all of them.
No ratings. Paper levels, delayed.
What the desk is watching
- Four names, not the index
- The name’s guidance, not the future
- Each company has a different first line