zuma
2021-07-12
Yessss
Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
3
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":146932012,"tweetId":"146932012","gmtCreate":1626048684336,"gmtModify":1633930730957,"author":{"id":3561798958123173,"idStr":"3561798958123173","authorId":3561798958123173,"authorIdStr":"3561798958123173","name":"zuma","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":8,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Yessss</p></body></html>","htmlText":"<html><head></head><body><p>Yessss</p></body></html>","text":"Yessss","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/146932012","repostId":1133868961,"repostType":4,"repost":{"id":"1133868961","kind":"news","pubTimestamp":1626047742,"share":"https://www.laohu8.com/m/news/1133868961?lang=zh_CN&edition=full","pubTime":"2021-07-12 07:55","market":"us","language":"en","title":"Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133868961","media":"The Wall Street Journal","summary":"With stock valuations sitting above long-term norms, investors will be looking to company executives","content":"<p> With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits. Wall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.</p><p><blockquote>由于股票估值高于长期正常水平，投资者将向公司高管寻求未来利润的线索。在上半年强劲的利润推动股市上涨后，华尔街本周带着很高的期望进入财报季。</blockquote></p><p> Money managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.</p><p><blockquote>基金经理将关注公司是否会再次超出华尔街的盈利预测。标普500今年已上涨16%，并创下38次收盘纪录，最近一次是在周五。</blockquote></p><p> With stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.</p><p><blockquote>由于股票估值高于长期正常水平，投资者还将向高管寻求有关公司利润未来前景的线索。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3b557a54040f8c8702b3328a3c51ed9\" tg-width=\"337\" tg-height=\"414\" referrerpolicy=\"no-referrer\">“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”</p><p><blockquote>“人们对市场的回报是否会比我们今天看到的水平更高？”巴雷特资产管理公司首席投资官Amy Kong表示。“我认为这真的取决于管理团队会怎么说。”</blockquote></p><p> Investors this week will parse results from big banks like JPMorgan Chase & Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%</p><p><blockquote>投资者本周将分析摩根大通和美国银行等大银行以及百事可乐公司、达美航空公司、联合健康集团等公司的业绩</blockquote></p><p> The company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.</p><p><blockquote>在疫情使美国陷入衰退一年多后，该公司的收益将让我们一睹企业的表现。由于有关通胀路径和劳动力市场的问题尚未解决，投资者对未来几个月的市场走势表现出不安的迹象。</blockquote></p><p> Analysts project that profits for S&P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.</p><p><blockquote>FactSet的数据显示，分析师预计标普500公司第二季度利润同比增长64%，这一增长率将是十多年来的最高水平。然而，这一增长将是在疫情导致大部分经济陷入停滞的时期来衡量的，因为消费者撤退，一些企业的收入急剧下降。分析师预计，受疫情和经济放缓限制的企业，如金融和工业部门，其利润将比2020年同期增长一倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea3485d0ca239f089d056ae1a67be293\" tg-width=\"317\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.</p><p><blockquote>此外，近几个月来，预测有所上升，这得益于数量异常多的公司向投资者表示，他们预计盈利将高于分析师的预期。</blockquote></p><p> “The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.</p><p><blockquote>洛杉矶资本管理公司首席投资官哈尔·雷诺兹表示：“原因很简单：今天复苏的速度和强劲程度超出了三个月前所有人的预期。”</blockquote></p><p> It is more common for companies to try to lower expectations as they head into a reporting season.</p><p><blockquote>在进入财报季时，公司试图降低预期的情况更为常见。</blockquote></p><p> Federal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.</p><p><blockquote>美联储官员在六月政策会议上表示，他们可能需要比预期更早地减少对经济的支持，因为经济增长如此强劲。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/106ca1452ace2794d634ea68a562e334\" tg-width=\"296\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.</p><p><blockquote>与此同时，投资者最近几天一直在考虑劳动力短缺、供应链瓶颈和高传染性的冠状病毒三角洲变种可能对其乐观的经济前景构成的威胁。</blockquote></p><p> A rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.</p><p><blockquote>超安全政府债券的上涨推动基准10年期美国国债收益率上周跌破1.3%，周四收于2月份以来的最低水平。股市遭到抛售，标普500、道琼斯工业平均指数和以科技股为主的纳斯达克综合指数周四遭遇近三周来最差单日表现，周五反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/628f86f4b1c8df342c39ad290fcf6670\" tg-width=\"333\" tg-height=\"416\" referrerpolicy=\"no-referrer\">Investors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.</p><p><blockquote>投资者正在权衡每一项新进展，着眼于自去年市场从大流行低点飙升以来股市的高昂价格。</blockquote></p><p> The S&P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.</p><p><blockquote>标普500周四的市盈率接近未来12个月预期市盈率的22倍，高于略高于18的五年平均水平。</blockquote></p><p> “Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.</p><p><blockquote>转基因质量基金首席投资组合经理汤姆·汉考克表示：“估值本身不会扼杀市场，但如果出现令人不快的意外，估值会让你变得脆弱。”</blockquote></p><p> The economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.</p><p><blockquote>经济从疫情中的反弹推动了消费者价格的飙升，投资者想知道从材料到劳动力的成本上升将如何影响企业的利润。</blockquote></p><p> Forecasts call for an S&P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.</p><p><blockquote>FactSet的数据显示，看涨期权预计第二季度标普500净利润率为11.8%，高于10.6%的五年平均水平。随着成本上升，最近的盈利效率可能会变得脆弱。</blockquote></p><p></p><p> There are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.</p><p><blockquote>有迹象表明，投资者可能会严厉看待那些努力保持人员充足的公司。在这家快递巨头发布6月份收益报告后的第二天，联邦快递公司股价下跌3.9%，高管们表示，招聘包裹处理员的困难导致工资上涨并造成效率低下。</blockquote></p><p> If that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.</p><p><blockquote>如果这一经验被广泛分享，它可能会重塑人们对美国公司未来将承担的成本的预期，并可能重塑其股票的价值。</blockquote></p><p> “I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth & Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”</p><p><blockquote>Osterweis Growth&Income基金联席首席投资组合经理拉里·科迪斯科(Larry Cordisco)表示：“我回到通胀和利润率确实可能导致股市暂停。”“当然，如果工资通胀开始蔓延，我认为这将会引起人们的注意。”</blockquote></p><p> Shares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.</p><p><blockquote>与此同时，Olive Garden母公司盈利超出预期的第二天，Darden Restaurants Inc.的股价上涨3.2%，尽管该公司指出食品和劳动力成本上涨。该公司分享了一份销售预测，假设基本上所有餐厅都已满负荷运营，并且没有与大流行相关的重大中断。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Earnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; 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: 12.5px; color: #7E829C; margin: 0;}\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\">\nEarnings Kick Off With Sky-High Forecasts, Record Stock Market<blockquote>盈利以极高的预测和创纪录的股市开始</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-12 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p> With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits. Wall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.</p><p><blockquote>由于股票估值高于长期正常水平，投资者将向公司高管寻求未来利润的线索。在上半年强劲的利润推动股市上涨后，华尔街本周带着很高的期望进入财报季。</blockquote></p><p> Money managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.</p><p><blockquote>基金经理将关注公司是否会再次超出华尔街的盈利预测。标普500今年已上涨16%，并创下38次收盘纪录，最近一次是在周五。</blockquote></p><p> With stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.</p><p><blockquote>由于股票估值高于长期正常水平，投资者还将向高管寻求有关公司利润未来前景的线索。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a3b557a54040f8c8702b3328a3c51ed9\" tg-width=\"337\" tg-height=\"414\" referrerpolicy=\"no-referrer\">“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”</p><p><blockquote>“人们对市场的回报是否会比我们今天看到的水平更高？”巴雷特资产管理公司首席投资官Amy Kong表示。“我认为这真的取决于管理团队会怎么说。”</blockquote></p><p> Investors this week will parse results from big banks like JPMorgan Chase & Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%</p><p><blockquote>投资者本周将分析摩根大通和美国银行等大银行以及百事可乐公司、达美航空公司、联合健康集团等公司的业绩</blockquote></p><p> The company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.</p><p><blockquote>在疫情使美国陷入衰退一年多后，该公司的收益将让我们一睹企业的表现。由于有关通胀路径和劳动力市场的问题尚未解决，投资者对未来几个月的市场走势表现出不安的迹象。</blockquote></p><p> Analysts project that profits for S&P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.</p><p><blockquote>FactSet的数据显示，分析师预计标普500公司第二季度利润同比增长64%，这一增长率将是十多年来的最高水平。然而，这一增长将是在疫情导致大部分经济陷入停滞的时期来衡量的，因为消费者撤退，一些企业的收入急剧下降。分析师预计，受疫情和经济放缓限制的企业，如金融和工业部门，其利润将比2020年同期增长一倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ea3485d0ca239f089d056ae1a67be293\" tg-width=\"317\" tg-height=\"429\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Also, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.</p><p><blockquote>此外，近几个月来，预测有所上升，这得益于数量异常多的公司向投资者表示，他们预计盈利将高于分析师的预期。</blockquote></p><p> “The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.</p><p><blockquote>洛杉矶资本管理公司首席投资官哈尔·雷诺兹表示：“原因很简单：今天复苏的速度和强劲程度超出了三个月前所有人的预期。”</blockquote></p><p> It is more common for companies to try to lower expectations as they head into a reporting season.</p><p><blockquote>在进入财报季时，公司试图降低预期的情况更为常见。</blockquote></p><p> Federal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.</p><p><blockquote>美联储官员在六月政策会议上表示，他们可能需要比预期更早地减少对经济的支持，因为经济增长如此强劲。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/106ca1452ace2794d634ea68a562e334\" tg-width=\"296\" tg-height=\"417\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> At the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.</p><p><blockquote>与此同时，投资者最近几天一直在考虑劳动力短缺、供应链瓶颈和高传染性的冠状病毒三角洲变种可能对其乐观的经济前景构成的威胁。</blockquote></p><p> A rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.</p><p><blockquote>超安全政府债券的上涨推动基准10年期美国国债收益率上周跌破1.3%，周四收于2月份以来的最低水平。股市遭到抛售，标普500、道琼斯工业平均指数和以科技股为主的纳斯达克综合指数周四遭遇近三周来最差单日表现，周五反弹走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/628f86f4b1c8df342c39ad290fcf6670\" tg-width=\"333\" tg-height=\"416\" referrerpolicy=\"no-referrer\">Investors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.</p><p><blockquote>投资者正在权衡每一项新进展，着眼于自去年市场从大流行低点飙升以来股市的高昂价格。</blockquote></p><p> The S&P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.</p><p><blockquote>标普500周四的市盈率接近未来12个月预期市盈率的22倍，高于略高于18的五年平均水平。</blockquote></p><p> “Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.</p><p><blockquote>转基因质量基金首席投资组合经理汤姆·汉考克表示：“估值本身不会扼杀市场，但如果出现令人不快的意外，估值会让你变得脆弱。”</blockquote></p><p> The economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.</p><p><blockquote>经济从疫情中的反弹推动了消费者价格的飙升，投资者想知道从材料到劳动力的成本上升将如何影响企业的利润。</blockquote></p><p> Forecasts call for an S&P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.</p><p><blockquote>FactSet的数据显示，看涨期权预计第二季度标普500净利润率为11.8%，高于10.6%的五年平均水平。随着成本上升，最近的盈利效率可能会变得脆弱。</blockquote></p><p></p><p> There are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.</p><p><blockquote>有迹象表明，投资者可能会严厉看待那些努力保持人员充足的公司。在这家快递巨头发布6月份收益报告后的第二天，联邦快递公司股价下跌3.9%，高管们表示，招聘包裹处理员的困难导致工资上涨并造成效率低下。</blockquote></p><p> If that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.</p><p><blockquote>如果这一经验被广泛分享，它可能会重塑人们对美国公司未来将承担的成本的预期，并可能重塑其股票的价值。</blockquote></p><p> “I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth & Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”</p><p><blockquote>Osterweis Growth&Income基金联席首席投资组合经理拉里·科迪斯科(Larry Cordisco)表示：“我回到通胀和利润率确实可能导致股市暂停。”“当然，如果工资通胀开始蔓延，我认为这将会引起人们的注意。”</blockquote></p><p> Shares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.</p><p><blockquote>与此同时，Olive Garden母公司盈利超出预期的第二天，Darden Restaurants Inc.的股价上涨3.2%，尽管该公司指出食品和劳动力成本上涨。该公司分享了一份销售预测，假设基本上所有餐厅都已满负荷运营，并且没有与大流行相关的重大中断。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/earnings-kick-off-with-sky-high-forecasts-record-stock-market-11625995802?mod=hp_lead_pos1\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/earnings-kick-off-with-sky-high-forecasts-record-stock-market-11625995802?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133868961","content_text":"With stock valuations sitting above long-term norms, investors will be looking to company executives for clues on future profits.\n\nWall Street is heading into earnings season this week with high expectations after strong profits fueled a stock market rally in the first half of the year.\nMoney managers will be watching whether companies will again trounce Wall Street’s forecasts for earnings. The S&P 500 has gained 16% this year and notched 38 record closes, most recently on Friday.\nWith stock valuations sitting above long-term norms, investors will also be looking to executives for clues on what the future holds for company profits.\n“Do people reward the markets even further from the levels that we’re seeing today?” said Amy Kong, chief investment officer at Barrett Asset Management. “It really depends I think on what management teams would say.”\nInvestors this week will parse results from big banks like JPMorgan Chase & Co. and Bank of America Corp., as well as from companies ranging from PepsiCo Inc. toDelta Air LinesInc.DAL2.02%toUnitedHealth GroupInc.UNH0.53%\nThe company earnings will offer a glimpse into how businesses are doing more than a year after the pandemicplunged the U.S. into a recession. With questions about the path of inflation and the labor market unresolved, investors haveshown signs of skittishnessabout the market’s course in the coming months.\nAnalysts project that profits for S&P 500 companies rose 64% in the second quarter from a year earlier, according to FactSet, a growth rate that would be the highest in more than a decade. However, the growth will be measured from a period when much of the economy had been brought to a standstill from the pandemic as consumers retreated and some businesses saw steep declines in revenue. Analysts expect businesses constrained by the pandemic and economic slowdown, like the financial and industrial sectors, to more than double their profits from the same period in 2020.\n\nAlso, forecasts have drifted higher in recent months, helped by an unusually large number of companies advising investors that they expect earnings to come in higher than analysts had been estimating.\n“The reason for that is simple: The speed and robustness of the recovery is greater today than everyone anticipated three months ago,” said Hal Reynolds, chief investment officer at Los Angeles Capital Management.\nIt is more common for companies to try to lower expectations as they head into a reporting season.\nFederal Reserve officials at the central bank’s June policy meeting suggested theymight need to dial back their supportfor the economy earlier than expected because growth has been so strong.\n\nAt the same time, investors in recent days have been considering the threat that labor shortages, supply-chain bottlenecks and thehighly contagious Delta variantof the coronavirus might pose to their rosy economic outlooks.\nA rally in ultrasafe government bonds pushed the yield on the benchmark 10-year U.S. Treasury notebelow 1.3% last week, settling Thursday at its lowest level since February. Stocks sold off, with the S&P 500, Dow Jones Industrial Average and tech-heavy Nasdaq Composite on Thursdaysuffering their worst daily performancesin nearly three weeks before bouncing higher Friday.\nInvestors are weighing each new development with an eye on the hefty price tags that stocks have commanded since the market last year rocketed up from its pandemic lows.\nThe S&P 500 traded Thursday at nearly 22 times expected earnings over the next 12 months, above a five-year average of a little more than 18.\n“Valuations on their own don’t kill a market, but valuations make you vulnerable if there’s an unpleasant surprise,” said Tom Hancock, lead portfolio manager of the GMO Quality Fund.\nThe economy’s rebound from the pandemic has driven asurge in consumer prices, and investors want to know how higher costs for anything from materials to labor will affect corporations’ bottom lines.\nForecasts call for an S&P 500 net profit margin of 11.8% in the second quarter, above the five-year average of 10.6%, according to FactSet. That recent efficiency in generating profits could be vulnerable as costs rise.\nThere are signs investors might look harshly on companies struggling to stay fully staffed.FedExCorp.shares fell 3.9% the day after the delivery giant’s June earnings report—and executives saiddifficulty hiring package handlershad driven wages higher and created inefficiency.\nIf that experience turns out to be widely shared, it could reshape expectations for the costs that U.S. companies will bear going forward—and potentially the prices their shares are worth.\n“I come back to inflation and margins being something that could really create a pause with stocks,” said Larry Cordisco, co-lead portfolio manager of the Osterweis Growth & Income Fund. “Certainly if there’s wage inflation that starts to take hold, I think that is going to get people’s attention.”\nShares ofDarden RestaurantsInc.meanwhile, rose 3.2% the day after the parent company of Olive Gardentopped earnings estimates, even as it pointed to a rise in the costs of food and labor. The company shared a sales forecast that assumes full operating capacity for essentially all restaurants and no significant interruptions related to the pandemic.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1058,"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":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/146932012"}
精彩评论