Sure, it's early, but companies that have reported since earnings season began on Monday have disappointed big time. As shown below, just ONE company has beaten estimates of the sixteen that have reported, while TWELVE have missed.
And the price action in response to these earnings has been equally as bad. As shown, the average one-day change for these stocks on their report days has been -5.45%.
Analysts have slashed earnings estimates in recent weeks leading up to this reporting period, but there was still a big question over whether they had slashed estimates enough. At least for the companies that have reported, they clearly did not.
It should be noted that last earnings season started out extremely positive, with nearly every company beating estimates. As the season progressed, the beat rate dropped and dropped, and the season ended up being very weak. The bulls are hoping the opposite occurs this time around.