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2021-05-04

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Wall Street can't keep up with the market: Morning Brief

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While companies might bemoan higher input costs, history shows that rising commodity prices lead to margin upside as companies pass on additional costs.\" (Emphasis ours.)\nGolub also cites operating leverage —which we covered earlier this year— both as a driver for corporate profits this cycle and a factor still under-appreciated by investors. Most simply stated, operating leverage is the ability for companies to earn incremental profits on higher sales. And so if, for example, every dollar of sales cost a company 50 cents, a firm exhibiting high operating leverage would see lower costs on additional revenue, resulting in its bottom line growing at a faster rate than sales.\nAt the beginning of economic cycles, Golub notes that higher-than-anticipated operating leverage results in consistent upward revisions to earnings forecasts for potentially two or three years. Seen this way, the strong earnings cycle coming out of the pandemic-induced recession is only just getting started.\nAnd while Golub's work certainly frames the economy's strength as an upward driver for markets, we'd be remissnot to mention recent work covered by the Morning Brieffrom Goldman Sachs and Deutsche Bank suggesting that economic growth is peaking, a potentially troubling sign for stocks.\nMoreover, while faster-than-expected economic growth is a good problem to have, it seems some parts of the economy are reaching their limits. A dynamic that seems likely to either slow growth, drive inflation, or both. On Monday, thelatest data on manufacturing activityfrom the Institute for Supply Management showed the manufacturing sector grew at a slower pace than expected in April as lead times increased, prices rose, and labor and commodity shortages persisted.\n\"Recent record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy,\" said Tim Fiore, chair of Institute for Supply Management manufacturing business survey. \"Worker absenteeism, short-term shutdowns due to part shortages, and difficulties in filling open positions continue to be issues that limit manufacturing-growth potential.\"\nWhat to watch today\nEconomy\n<ul>\n <li>8:30 a.m. ET:Trade balance,March (-$74.3 billion expected, -$71.1 billion in February)</li>\n <li>10:00 a.m. ET:Factory orders,March (1.3% expected, -0.8% in February)</li>\n <li>10:00 a.m. ET:Durable goods orders,March final (0.5% in prior print)</li>\n <li>10:00 a.m. ET:Durable goods orders excluding transportation,March final (1.6% in prior print)</li>\n <li>10:00 a.m. ET:Non-defense capital goods orders excluding aircraft,March final (0.9% in prior print)</li>\n <li>10:00 a.m. ET:Non-defense capital goods orders shipments excluding aircraft,March final (1.3% in prior print)</li>\n</ul>\nEarnings\nPre-market\n<ul>\n <li>6:30 a.m. ET:CVS Health (CVS)is expected to report adjusted earnings of $1.71 per share on revenue of $68.46 billion</li>\n <li>6:40 a.m. ET:Marathon Petroleum (MPC)is expected to report adjusted losses of 71 cents per share on revenue of $18.91 billion</li>\n <li>6:45 a.m. ET:Pfizer (PFE)is expected to report adjusted earnings of 78 cents per share on revenue of $13.71 billion</li>\n <li>6:55 a.m. ET:Under Armour (UAA)is expected to reported adjusted earnings of 4 cents per share on revenue of $1.13 billion</li>\n <li>7:00 a.m. ET:ConocoPhillips (COP)is expected to report adjusted earnings of 54 cents per share on revenue of $8.38 billion</li>\n <li>7:00 a.m. ET:Apollo Global Management (APO)is expected to report adjusted earnings of 59 cents per share on revenue of $550.57 million</li>\n <li>7:30 a.m. ET:Dominion Energy (D)is expected to report adjusted earnings of $1.08 per share on revenue of $4.21 billion</li>\n <li>7:30 a.m. ET:Warner Music Group (WMG)is expected to report adjusted earnings of 15 cents per share on revenue of $1.18 billion</li>\n</ul>\nPost-market\n<ul>\n <li>4:00 p.m. ET:Caesars Entertainment (CZR)is expected to report adjusted losses of $1.70 per share on revenue of $1.7 billion</li>\n <li>4:05 p.m. ET:T-Mobile (TMUS)is expected to report adjusted earnings of 58 cents per share on revenue of $18.92 billion</li>\n <li>4:05 p.m. ET:Virgin Galactic Holdings (SPCE)is expected to report adjusted losses of 29 cents per share on revenue of $500,000</li>\n <li>4:05 p.m. ET:Zillow Group (ZG)is expected to report adjusted earnings of 26 cents per share on revenue of $1.10 billion</li>\n <li>4:05 p.m. ET:Activision Blizzard (ATVI)is expected to report adjusted earnings of 71 cents per share on revenue of $1.79 billion</li>\n <li>4:10 p.m. ET:Match Group (MTCH)is expected to report adjusted earnings of 39 cents per share on revenue of $650.75 million</li>\n <li>4:10 p.m. ET:Lyft (LYFT)is expected to report adjusted losses of 53 cents per share on revenue of $557.33 million</li>\n <li>4:10 p.m. ET:McAfee Corp (MCFE)is expected to report adjusted earnings of 36 cents per share on revenue of $732.29 million</li>\n</ul>","source":"yahoofinance_sg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street can't keep up with the market: Morning Brief\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-04 18:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/wall-street-cant-keep-up-with-the-market-morning-brief-095713564.html>Yahoo Finance</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nPrice targets and economic forecasts fall behind\nReaders of the Morning Brief knowinvestor expectations were highahead of earnings season, thatcompanies have topped expectations at a record rate, and ...\n\n<a href=\"https://finance.yahoo.com/news/wall-street-cant-keep-up-with-the-market-morning-brief-095713564.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/wall-street-cant-keep-up-with-the-market-morning-brief-095713564.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167630680","content_text":"Price targets and economic forecasts fall behind\nReaders of the Morning Brief knowinvestor expectations were highahead of earnings season, thatcompanies have topped expectations at a record rate, and that theeconomy is firing on all cylinders.\nAnd these events have pushed Wall Street strategists back into another theme we've written about in this space for the last few months —trying to keep up with the market.\nLate last week, Credit Suisse chief equity strategist Jonathan Golub raised his price target for the S&P 500 to 4,600 from 4,300, writing that a \"red hot economy\" is fueling corporate earnings beats.\n\"Consensus GDP forecasts call for 6.3% real (8.6% nominal) growth in 2021, the fastest pace in nearly 4 decades,\" Golub writes. \"Every 1% improvement in nominal GDP translates to a 2.5%-3% gain in S&P 500 revenues, and additional improvement in margins, as fixed expenses are amortized over greater sales volumes. While companies might bemoan higher input costs, history shows that rising commodity prices lead to margin upside as companies pass on additional costs.\" (Emphasis ours.)\nGolub also cites operating leverage —which we covered earlier this year— both as a driver for corporate profits this cycle and a factor still under-appreciated by investors. Most simply stated, operating leverage is the ability for companies to earn incremental profits on higher sales. And so if, for example, every dollar of sales cost a company 50 cents, a firm exhibiting high operating leverage would see lower costs on additional revenue, resulting in its bottom line growing at a faster rate than sales.\nAt the beginning of economic cycles, Golub notes that higher-than-anticipated operating leverage results in consistent upward revisions to earnings forecasts for potentially two or three years. Seen this way, the strong earnings cycle coming out of the pandemic-induced recession is only just getting started.\nAnd while Golub's work certainly frames the economy's strength as an upward driver for markets, we'd be remissnot to mention recent work covered by the Morning Brieffrom Goldman Sachs and Deutsche Bank suggesting that economic growth is peaking, a potentially troubling sign for stocks.\nMoreover, while faster-than-expected economic growth is a good problem to have, it seems some parts of the economy are reaching their limits. A dynamic that seems likely to either slow growth, drive inflation, or both. On Monday, thelatest data on manufacturing activityfrom the Institute for Supply Management showed the manufacturing sector grew at a slower pace than expected in April as lead times increased, prices rose, and labor and commodity shortages persisted.\n\"Recent record-long lead times, wide-scale shortages of critical basic materials, rising commodities prices and difficulties in transporting products are continuing to affect all segments of the manufacturing economy,\" said Tim Fiore, chair of Institute for Supply Management manufacturing business survey. \"Worker absenteeism, short-term shutdowns due to part shortages, and difficulties in filling open positions continue to be issues that limit manufacturing-growth potential.\"\nWhat to watch today\nEconomy\n\n8:30 a.m. ET:Trade balance,March (-$74.3 billion expected, -$71.1 billion in February)\n10:00 a.m. ET:Factory orders,March (1.3% expected, -0.8% in February)\n10:00 a.m. ET:Durable goods orders,March final (0.5% in prior print)\n10:00 a.m. ET:Durable goods orders excluding transportation,March final (1.6% in prior print)\n10:00 a.m. ET:Non-defense capital goods orders excluding aircraft,March final (0.9% in prior print)\n10:00 a.m. ET:Non-defense capital goods orders shipments excluding aircraft,March final (1.3% in prior print)\n\nEarnings\nPre-market\n\n6:30 a.m. ET:CVS Health (CVS)is expected to report adjusted earnings of $1.71 per share on revenue of $68.46 billion\n6:40 a.m. ET:Marathon Petroleum (MPC)is expected to report adjusted losses of 71 cents per share on revenue of $18.91 billion\n6:45 a.m. ET:Pfizer (PFE)is expected to report adjusted earnings of 78 cents per share on revenue of $13.71 billion\n6:55 a.m. ET:Under Armour (UAA)is expected to reported adjusted earnings of 4 cents per share on revenue of $1.13 billion\n7:00 a.m. ET:ConocoPhillips (COP)is expected to report adjusted earnings of 54 cents per share on revenue of $8.38 billion\n7:00 a.m. ET:Apollo Global Management (APO)is expected to report adjusted earnings of 59 cents per share on revenue of $550.57 million\n7:30 a.m. ET:Dominion Energy (D)is expected to report adjusted earnings of $1.08 per share on revenue of $4.21 billion\n7:30 a.m. ET:Warner Music Group (WMG)is expected to report adjusted earnings of 15 cents per share on revenue of $1.18 billion\n\nPost-market\n\n4:00 p.m. ET:Caesars Entertainment (CZR)is expected to report adjusted losses of $1.70 per share on revenue of $1.7 billion\n4:05 p.m. ET:T-Mobile (TMUS)is expected to report adjusted earnings of 58 cents per share on revenue of $18.92 billion\n4:05 p.m. ET:Virgin Galactic Holdings (SPCE)is expected to report adjusted losses of 29 cents per share on revenue of $500,000\n4:05 p.m. ET:Zillow Group (ZG)is expected to report adjusted earnings of 26 cents per share on revenue of $1.10 billion\n4:05 p.m. ET:Activision Blizzard (ATVI)is expected to report adjusted earnings of 71 cents per share on revenue of $1.79 billion\n4:10 p.m. ET:Match Group (MTCH)is expected to report adjusted earnings of 39 cents per share on revenue of $650.75 million\n4:10 p.m. ET:Lyft (LYFT)is expected to report adjusted losses of 53 cents per share on revenue of $557.33 million\n4:10 p.m. ET:McAfee Corp (MCFE)is expected to report adjusted earnings of 36 cents per share on revenue of $732.29 million","news_type":1},"isVote":1,"tweetType":1,"viewCount":69,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/106222087"}