’Tis the Earnings Season: Leaders & Laggards

Check out the accompanying pdf and chart collection. (1) The Halloween month. (2) Remarkable rebound in real GDP after remarkable fall. (3) Mapping GDP into S&P 500 revenues and earnings. (4) The first services-led recession. (5) In the past, revenues cycle was driven more by goods than by services GDP. (6) Buybacks don’t make much of a difference to per-share revenues and earnings growth rates. (7) No change in our earnings recovery outlook. (8) Q2 earnings season had a big upside hook. (9) S&P 500 forward revenues, earnings, and profit margin all continuing to recover. (10) Drilling down to the forward earnings of sectors and industries.