The 69 tech companies in the S&P 500 together are expected to report net income of nearly $300 billion. That's more profit than any of the 11 S&P 500 sectors. Only stocks in the Financial Select Sector SPDR ETF (XLF) come anywhere close with total expected net income of $273 billion in 2020. No wonder the Technology Select Sector SPDR is up 40% this year, which is more than any other sector.
Prediction: Apple Will Be The S&P 500 Profit Winner
Apple will continue to be the biggest S&P 500 profit machine next year, analysts say. Analysts think the smartphone maker will make $58.1 billion next calendar year, topping Microsoft's $42.9 billion expected profit and Alphabet's $38 billion net income haul during that time.
On an adjusted EPS basis, Apple's profit is seen rising nearly 12% to $13.59 a share in calendar 2020. Hopes for a strong 2020 help explain the powerful 68% jump in Apple's stock this year, even as its earnings per share in the calendar year 2019 are essentially flat. Apple commands a strong 89 IBD Composite Rating, according to IBD Stock Checkup.
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