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☆ Analysis: Wall Street's 'Magnificent Seven' face moment of truth as earnings season arrives
▼ + stars: | 2023-10-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Valuations have swelled, with the Magnificent Seven trading at an average forward price-to-earnings ratio of 33.5, compared with the S&P 500's P/E of 18.3. “Everybody knows these guys are going to make money," said Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute (WFII), referring to the Magnificent Seven. "The reallocation of funds going forward is going to suggest lower returns and more difficulty for the Magnificent Seven to maintain their leadership." The seven companies' combined market capitalization topped 30% of the S&P 500's overall market value earlier this month, according to LSEG Datastream. Some investors are also drawing distinctions among the seven stocks.

Persons: Aly, Tesla, Sameer Samana, Tajinder Dhillon, Tim Pagliara, CapWealth, Pagliara, Elon Musk, LSEG Datastream, Torsten Slok, Patrick Kaser, Kaser, Lewis Krauskopf, Ira Iosebashvili, Jonathan Oatis Organizations: Apple, REUTERS, Microsoft, Nvidia, U.S, Tesla, Wells, Investment Institute, Google, Facebook, Federal, Treasury, “, Global, Apollo Global Management, Brandywine Global, Thomson Locations: Shanghai, China, Apple

☆ The S&P 500 is expensive, but there are still pockets of value
▼ + stars: | 2023-08-02 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

How expensive is the S & P 500? One common argument is the S & P 500 will have trouble advancing in the fall because the P/E ratio is too high. The benchmark is currently trading at 19.8 times forward earnings estimates (forward earnings encompasses earnings for the next four quarters: Q3 and Q4 of 2023, and Q1 and Q2 of 2024). But look below the surface, and much of the S & P is not overvalued. S & P 500 Current multiple: 19.8 Ex-Magnificent-7: 17.3 Ex-Technology: 17.8 Source: Refinitiv Biggest winners this year have multiples far above their norms No surprise here.

Persons: Howard Silverblatt, They're, Tajinder Dhillon, Dhillon, Silverblatt Organizations: P Global, Microsoft, Nvidia, Tesla, Communication Services, Services, Consumer Staples, Health, Real, Energy, Consumer

☆ Lessons from earnings season: 2Q was the bottom and the rest of year is looking strong
▼ + stars: | 2023-07-28 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Earnings at the half: Second quarter is the trough quarter, and the second half looks strong. At the halfway point for second quarter earnings, the feared recession and earnings apocalypse has faded away as the soft landing is now consensus. The second quarter is the bottom for earnings The second quarter is expected to see earnings decline 6.8% from a year ago, according to Refinitiv. About 80% of the companies are beating earnings estimates, slightly higher than the historic average. Investors are always asking: is the earnings trend up, down, or sideways?

Persons: Tajinder Dhillon, Dhillon, Dan Ives, Clark Organizations: Merck, Investors, Refinitiv, Big Tech, Dow, MMM, Kimberly, Whirlpool Locations: Wedbush, 2H23

☆ Wall St Week Ahead Investors brace for earnings from ‘Magnificent Seven’ US growth giants
▼ + stars: | 2023-07-14 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

[1/5] Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. In the S&P 500, the seven stocks comprise 27.9% of the index's weight. Investors will look beyond second quarter results, said Bill Callahan, an investment strategist at Schroders. The Elon Musk-led company this month said it delivered a record number of vehicles in the second quarter. The equal-weight S&P 500 (.SPXEW), a proxy for the average stock, is modestly beating the S&P 500 over the past month -- up 3.6% versus about 3% for its counterpart.

Persons: Joshua Roberts, BofA, Bill Callahan, “ It’s, ”, Tajinder Dhillon, Tesla, Elon, Thomas Martin, Martin, Yu Ma, Lewis Krauskopf, Ira Iosebashvili, David Gregorio Our Organizations: Apple Inc, REUTERS, Apple, Microsoft, Nvidia, BofA, Research, Meta, Globalt Investments, Strong U.S, BMO Wealth Management, Thomson Locations: Washington , U.S, U.S, ”

☆ Earnings at the half point of the season: no sign yet of any collapse
▼ + stars: | 2023-04-28 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

At the halfway point for earnings, bulls are delighted earnings are coming in stronger than expected and expectations for the second half of the year remain high. With 260 companies in the S & P 500 reporting, 79% are beating expectations, according to Earnings Scout. That is an earnings recession, but the declines — all in the low single digits — are not causing a lot of consternation. Now, on the heels of positive earnings reports, many tech stocks are seeing second quarter earnings estimates rising in the past few weeks, including Microsoft, Meta and Alphabet. The second half of 2023: Record earnings, really?

Big brands have seen earnings propelled by double-digit price hikes – even if it has had a negative impact on demand elasticity. Only two-thirds (67%) of the companies that have reported have beat earnings estimates, the lowest beat rate in eight years. But workforce reductions aren't the only way for companies to cut costs, or necessarily the best way in a tight labor market. We've seen notable examples across industries of just how important general cost cuts have been this earnings season. Of course, Airbnb was one of the first companies to cut costs when the pandemic hit.

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