The earnings season is picking up speed in Europe as well
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Our Equity Top Pick List
We have updated our Equity Top Pick List to reflect the events of the past quarter. The list includes those stocks, typically US and European ones, that we consider to be proper investment choices from a fundamental point of view. It can provide a starting point for building a sector-diversified equity exposure in portfolios, but can also be used as a watch list. Technical analysis should be used to time / determine the specific investment decision.
Could the momentum return in the semiconductors?
The semiconductor sector has had a challenging quarter, with its performance in recent months lagging behind improvements in underlying fundamentals, even as AI-driven demand remained exceptionally strong. The accelerating adoption of AI by enterprises and the proliferation of AI agents are significantly increasing the demand for computing capacity, which points to a further surge in cloud services and data center investments. Given current supply constraints, record-high backlogs, and higher-than-expected investment needs, we expect further upward revisions to earnings forecasts in the semiconductor industry. Nevertheless, the sector’s valuation appears favorable from a historical perspective, which, in our view, could result in a more attractive risk-return profile in the coming months.
Next week, the second quarter earnings season will continue in full swing: In the US, market participants will likely focus primarily on the latest figures from major technology companies, while in Europe, several banks and several automaker companies will also report. As for Hungarian blue-chip companies, Magyar Telekom and OTP will publish their second quarter earnings on August 5, followed by Mol and Richter on August 7.
As of noon on Friday, 26% of the companies in the S&P 500 had already reported their latest results; in terms of revenue, these companies reported results that were, on average, 3.3% above expectations; 72.4% of the companies that have already released their earnings reports delivered a positive surprise, while 12.6% delivered a negative surprise. In terms of EPS, companies that have published their earnings reports so far reported results that were, on average, 43.2% above expectations; 87.4% of the companies that have reported so far delivered a positive surprise, while 10.2% delivered a negative surprise.
Of the companies in the Stoxx 600 index, 25.6% have reported so far; In terms of revenue, these companies reported results that were, on average, 0.7% above expectations; among the companies that have published their earnings reports so far, 58.1% delivered a positive surprise, while 16.3% delivered a negative surprise. In terms of EPS, companies that have published their earnings reports so far reported results that were, on average, 0.5% below expectations; 49.5% of the companies that have reported so far delivered a positive surprise, while 43.9% delivered a negative surprise.
During the week of July 27, companies from the US—including Boeing, Coca-Cola, Ford, Microsoft, Meta, Amazon, and Apple—will release their earnings reports. Meanwhile, in Europe, Mercedes-Benz, Porsche, Adidas, and Ferrari, among others, will publish their latest figures. Among Hungarian blue-chip companies, Magyar Telekom and OTP will release their second quarter earnings reports on August 5, followed by Mol and Richter on August 7.
Second quarter earnings dates – 2026.07.27. – 07.31.
Second quarter earnings dates - 2026.08.03. – 08.07.
S&P500 second quarter earnings dates - 2026.07.27. – 08.07.
Stoxx 600 second quarter earnings dates - 2026.07.27. – 08.07.
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