We continue sweeping up Q2 earnings season this week, the end of which will have produced results from 497 of the S&P 500. This morning, we see better-than-expected results from Best Buy BBY and Toll Brothers TOL, and tomorrow after the bell we will hear from Hewlett-Packard HPQ.
 
Best Buy shares are up big in the pre-market after posted strong Q2 earnings results. A big beat on the bottom line, topping expectations in quarterly sales and better-than-expected same-store sales (comps) have sent BBY shares up 15% ahead of Tuesday’s opening bell. Consumer Electronics were up 4% in the quarter, which is a major segment of Best Buy revenues.
 
Pennsylvania-based luxury home builder Toll Brothers beat top-line expectations by bringing in $1.27 billion ($1.25 billion was the Zacks consensus estimate). Guidance for full-year 2016 has narrowed to expecting roughly 6000 new home deliveries averaging between $840-850K per home. TOL shares are up incrementally in the pre-market today; the company is down 11% year-to-date but up 12% over the past 6 months.
 
Regardless whether Hewlett-Packard beats or misses earnings estimates Wednesday afternoon, we don’t expect it will be by a big margin either way. Averaging over the past four quarters (two beats, one miss, one meet), HPQ is +1.39% on the bottom line. The Zacks consensus expects 45 cents per share on revenues of $11.40 billion for its fiscal Q3. We also should be able to better track how H-P is performing as two separate corporate entities nine months after breaking into HPQ and Hewlett-Packard Enterprises HPE.
 
Futures are up steadily this morning following a mixed regular trading day Monday. The S&P 500 reads +4.75 points at this hour, the Down +47 and the Nasdaq +12.75. The Dow and S&P closed in slight negative territory yesterday, while the tech-heavy Nasdaq posted slight gains.

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