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Traders on the floor of the NYSE, Oct. 12, 2022. Source: NYSE The first crop of earnings reports was a disappointment, but most of the early bank reports on Friday were decent, and Bank of America also reported earnings above expectations Monday morning. Thirty- five companies have reported third -quarter earnings so far. Of that group, 68.5% have beaten estimates, lower than the prior four -quarter average of 78.1% but higher than the historic average of 66.2%, according to Refinitiv. Like the second quarter, many have been anticipating an earnings apocalypse — a dramatic collapse in earnings. The evidence so far suggests a contraction but not a collapse. The third-quarter estimated earnings growth rate for the S&P 500 is now 3.6%, down from 11.1% on July 1. Excluding energy, however, the growth rate drops to minus-3.1%. Those huge oil profits have concealed that nine of 11 S&P sectors have already seen downward earnings revisions. Technology has seen a substantial downwa...

An employee arranges Apple iPhones as customer shop at an Apple store. Mike Segar | Reuters Check out the companies making headlines in midday trading. Apple — The big technology stock shed 5% following a rare downgrade by Bank of America. The bank downgraded shares of the iPhone maker to neutral and cut its price target to $160 a share from $185, citing macroeconomic challenges ahead. related investing news Cooling demand means raising prices becomes a test of how well companies know their customers Robert Hum a day ago CarMax — The used auto dealer's shares plummeted 23.2% after it released second -quarter earnings below analyst expectations before the bell. The company&#x27 ;s earnings per share dropped to $0.79, down about 54% from a year ago. PG&E — Shares of the utility company were down about 1.8% after the company asked California regulators for permission to make its non-nuclear generating assets a separate subsidiary. Coinbase — Coinbase shares slid 8% after Wel...