The Globe and Mail reports in its Friday, April 26, edition that the U.S. first quarter earnings growth estimate has gained in recent days after mostly stronger-than-expected results, but disappointing forecasts from key names such as Meta have offset the optimism. A Reuters dispatch to The Globe reports that year-over-year S&P 500 earnings growth for the first quarter is now seen at 4.3 per cent, said LSEG on Thursday. That is up from 3.3 per cent the day before. The latest estimate is based on results from 190 of the S&P 500 companies and forecasts for the rest, with about 78 per cent of reports beating analyst expectations. LSEG noted the forecast has been impacted heavily by an adjustment for Bristol Myers Squibb because of a $12-billion (U.S.) one-time charge related to its purchase of Karuna Therapeutics. Without that one-time item, S&P 500 earnings are expected to have risen 7.4 per cent year-over-year. Stocks were down on Thursday, however, despite the improved earnings outlook. Among the biggest drags, Meta shares plunged after it forecast higher expenses and lighter-than-expected revenue. Stocks were down on Thursday, however, despite the improved outlook for quarterly earnings.