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 earnings season will also pick up speed in Europe: during the week of April 27, Deutsche Bank, Mercedes-Benz, Volkswagen, and Stellantis, among others, will release their earnings reports. Among US companies, Alphabet, Amazon, and Apple will also release their earnings reports next week. As for Hungarian blue-chip companies, Mol will report on May 8, Richter and Magyar Telekom on May 12, and OTP will release its latest figures on May 15.
As of Friday noon, 26% of the companies in the S&P 500 had already released their latest figures; In terms of revenue, these companies reported an average of 2.1% above expectations; 69.7% of the companies that have released their earnings reports so far delivered a positive surprise, while 17.4% delivered a negative surprise. In terms of EPS, companies that have published their earnings reports so far reported results that were 10.6% above expectations on average; 79.6% of the companies that have reported so far delivered a positive surprise, while 13.6% delivered a negative surprise.
Of the companies in the Stoxx 600 index, 20% have already released their latest figures, in terms of revenue, these companies reported an average of 0.2% above expectations; 36.5% of the companies that have published their earnings reports so far delivered a positive surprise, while 43.8% delivered a negative surprise. In terms of EPS, companies that have released their earnings reports so far have reported earnings 0.9% above expectations on average; 50% of the companies that have reported so far delivered a positive surprise, while 38.7% delivered a negative one.
During the week of April 27, US companies such as Coca-Cola, Starbucks, Alphabet, Amazon, and Apple will release their earnings reports. Next week, European companies including Deutsche Bank, Mercedes-Benz, Volkswagen, and Stellantis will publish their latest results as well. Among Hungarian blue-chip companies, Mol will report on May 8, Richter and Magyar Telekom on May 12, and OTP will release its earnings report on May 15.
First quarter earnings dates – 2026.04.27. – 05.01.
First quarter earnings dates – 2026.05.04. – 05.08.
First quarter earnings dates – 2026.05.11. – 05.15.
S&P500 first quarter earnings dates – 2026.04.27. – 05.15.
Stoxx600 first quarter earnings dates - 2026.04.27. – 05.15.
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