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2021-12-13
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Buybacks Hit Record After Pulling Back in 2020<blockquote>2020 年回购量创历史新高</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":604362814,"tweetId":"604362814","gmtCreate":1639351943358,"gmtModify":1639351943699,"author":{"id":3554853770778714,"idStr":"3554853770778714","authorId":3554853770778714,"authorIdStr":"3554853770778714","name":"PTKH","avatar":"https://static.tigerbbs.com/730b421e1cf14ed038cbcbbccd32253e","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":32,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Ok</p></body></html>","htmlText":"<html><head></head><body><p>Ok</p></body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/604362814","repostId":1100832119,"repostType":4,"repost":{"id":"1100832119","kind":"news","pubTimestamp":1639351123,"share":"https://www.laohu8.com/m/news/1100832119?lang=zh_CN&edition=full","pubTime":"2021-12-13 07:18","market":"us","language":"en","title":"Buybacks Hit Record After Pulling Back in 2020<blockquote>2020 年回购量创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100832119","media":"The Wall Street Journal","summary":"Trend expected to continue as S&P 500 companies top $234 billion in third-quarter repurchases\nHertz ","content":"<p>Trend expected to continue as S&P 500 companies top $234 billion in third-quarter repurchases</p><p><blockquote>随着标普500公司第三季度回购金额超过 2340 亿美元，这一趋势预计将持续下去</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9ced9a4cf63d42d213b2637cf6e6251\" tg-width=\"1290\" tg-height=\"884\" width=\"100%\" height=\"auto\"><span>Hertz Global Holdings is among the companies planning to buy back shares, recently putting the amount at as much as $2 billion of its stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>赫兹全球控股公司是计划回购股票的公司之一，最近将回购金额定为高达 20 亿美元的股票。</span></p></blockquote></p><p> Stock buybacks are back.</p><p><blockquote>股票回购回来了。</blockquote></p><p> Companies in the S&P 500 repurchased $234.5 billion in shares during the third quarter, topping the previous record of $223 billion in the fourth quarter of 2018, according to preliminary data from S&P Dow Jones Indices. The wave of share repurchases has helped propel U.S. stock indexes to dozens of records in 2021. The S&P 500 is up 25% this year, notching 67 record closes.</p><p><blockquote>根据标准普尔道琼斯指数的初步数据，标普500公司在第三季度回购了2345亿美元的股票，超过了2018年第四季度2230亿美元的纪录。股票回购浪潮帮助美国股指在 2021 年创下数十个历史新高。标普500今年上涨了 25%，创下 67 笔收盘纪录。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c544caa0c27a4b04b40efda9373b9345\" tg-width=\"445\" tg-height=\"564\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> More buybacks are coming. Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said he projects that S&P 500 buybacks will reach $236 billion in the fourth quarter.</p><p><blockquote>更多的回购即将到来。标普道琼斯指数高级指数分析师Howard Silverblatt表示，他预计标普500第四季度的回购规模将达到2360亿美元。</blockquote></p><p> S&P 500 component Microsoft Corp. said in September that its board had approved a plan to repurchase up to $60 billion of its stock. Car-rental company Hertz Global Holdings Inc. recently said it would buy back as much as $2 billion of its stock, while tech company Dell Technologies Inc. is planning a $5 billion share-repurchase program.</p><p><blockquote>标普500零部件微软公司 9 月份表示，其董事会已批准一项回购高达 600 亿美元股票的计划。汽车租赁公司赫兹全球控股公司 (Hertz Global Holdings Inc.) 最近表示，将回购多达 20 亿美元的股票，而科技公司戴尔科技公司 (Dell Technologies Inc.) 正在计划一项 50 亿美元的股票回购计划。</blockquote></p><p> Buybacks are just one of the forces behind the stock market’s rally. Asset prices have continued to benefit from the monetary and fiscal support that policy makers put in place to help the economy get through the pandemic. And analysts have consistently underestimated corporate earnings, which are expected to grow 45% in 2021 for companies in the S&P 500.</p><p><blockquote>回购只是股市反弹背后的力量之一。资产价格继续受益于政策制定者为帮助经济度过疫情而提供的货币和财政支持。分析师一直低估企业盈利，预计2021年标普500企业的企业盈利将增长45%。</blockquote></p><p> Investors this week will scrutinize signals out of the Federal Reserve’s two-day policy meeting, where officials may accelerate the process of winding down a bond-buying stimulus program. Central-bank officials could also shed more light on their expectations for interest-rate increases next year.</p><p><blockquote>投资者本周将密切关注美联储为期两天的政策会议发出的信号，官员们可能会加快结束债券购买刺激计划的进程。央行官员还可以进一步阐明他们对明年加息的预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f34637f9941a7eae6e8d124fd2afaf20\" tg-width=\"1050\" tg-height=\"699\" width=\"100%\" height=\"auto\"><span>Microsoft has approved the repurchase of up to $60 billion of its stock. Its HoloLens headset.</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软已批准回购高达 600 亿美元的股票。它的HoloLens耳机。</span></p></blockquote></p><p> S&P 500 buybacks plunged from nearly $199 billion in the first quarter of 2020 to just under $89 billion in the second, as companies reeling from the onset of the pandemic moved to conserve cash. Share repurchases increased in each following quarter, approaching $199 billion again in the second quarter of 2021.</p><p><blockquote>标普500的回购额从 2020 年第一季度的近 1990 亿美元骤降至第二季度的略低于 890 亿美元，原因是疫情爆发后陷入困境的公司纷纷采取行动节省现金。随后每个季度的股票回购都有所增加，2021 年第二季度再次接近 1,990 亿美元。</blockquote></p><p> Repurchases can support stocks by reducing a company’s share count, boosting its per-share profits. And they can boost investor sentiment by suggesting executives are optimistic about their companies’ prospects and confident in their financial position.</p><p><blockquote>回购可以通过减少公司股票数量来支撑股票，从而提高其每股利润。他们还可以通过暗示高管对公司前景持乐观态度，对公司财务状况充满信心来提振投资者情绪。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1809eabe3f663824cd5a124952bc9dd4\" tg-width=\"438\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “It’s always comforting to have a management team come in and tell you how undervalued they think their shares are,” said Anne Wickland, a portfolio manager at Easterly Investment Partners. “It’s a vote of confidence in the longer-term outlook.”</p><p><blockquote>“Easterly Investment Partners 的投资组合经理安妮-威克兰（Anne Wickland）说：”管理团队进来告诉你他们认为自己的股票有多被低估，这总是令人欣慰的。“这是对长期前景的信任票”。</blockquote></p><p> Her team bought shares of Lockheed Martin Corp. in the summer, in part because of the defense company’s share-buyback program and dividend yield. Lockheed shares fell 12% on Oct. 26 after the company reported lower-than-expected quarterly sales and revised its full-year sales forecast lower. Ms. Wickland said she believes the shares are undervalued and continues to like them.</p><p><blockquote>她的团队在夏天购买了洛克希德-马丁公司的股票，部分原因是这家国防公司的股票回购计划和股息收益率。10 月 26 日，洛克希德公司公布季度销售额低于预期并下调全年销售预测后，该公司股价下跌 12%。威克兰女士表示，她认为这些股票被低估了，并继续看好它们。</blockquote></p><p> Stock buybacks have come under fire from politicians who say companies should use cash to invest in their businesses instead of supporting their share prices. The version of the $2 trillion education, healthcare and climate spending package that passed the House in November would create a 1% tax on the net value of a company’s stock buybacks.</p><p><blockquote>股票回购受到了政界人士的抨击，他们表示公司应该使用现金投资于业务，而不是支撑股价。众议院于 11 月通过的 2 万亿美元教育、医疗和气候支出方案将对公司股票回购净值征收 1% 的税。</blockquote></p><p> The Senate hasn’t voted yet, but the buyback tax has so far generated less corporate opposition than the bill’s other tax increases. Strategists at BofA Global Research project that the proposed tax would result in a 0.3% reduction to S&P 500 per-share earnings, assuming that companies didn’t change the amount of stock they repurchase.</p><p><blockquote>参议院尚未投票表决，但与法案中的其他增税相比，回购税迄今为止引起的企业反对较少。美国银行全球研究公司的策略师预计，假设公司不改变回购股票的数量，拟议的税收将导致标普500每股收益减少 0.3%。</blockquote></p><p> Several investors said they don’t believe the tax would have much of an effect on companies’ behavior if it became law. “The 1% tax on buybacks is so low that I don’t think it will impact anything,” said Olivier Sarfati, head of equities at wealth-management firm GenTrust.</p><p><blockquote>一些投资者表示，他们认为如果该税成为法律，不会对公司的行为产生太大影响。“财富管理公司 GenTrust 的股票主管奥利维尔-萨尔法蒂（Olivier Sarfati）说：”1% 的回购税非常低，我认为不会影响任何事情。</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>Buybacks Hit Record After Pulling Back in 2020<blockquote>2020 年回购量创历史新高</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\">\nBuybacks Hit Record After Pulling Back in 2020<blockquote>2020 年回购量创历史新高</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\">2021-12-13 07:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Trend expected to continue as S&P 500 companies top $234 billion in third-quarter repurchases</p><p><blockquote>随着标普500公司第三季度回购金额超过 2340 亿美元，这一趋势预计将持续下去</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c9ced9a4cf63d42d213b2637cf6e6251\" tg-width=\"1290\" tg-height=\"884\" width=\"100%\" height=\"auto\"><span>Hertz Global Holdings is among the companies planning to buy back shares, recently putting the amount at as much as $2 billion of its stock.</span></p><p><blockquote><p class=\"t-img-caption\"><span>赫兹全球控股公司是计划回购股票的公司之一，最近将回购金额定为高达 20 亿美元的股票。</span></p></blockquote></p><p> Stock buybacks are back.</p><p><blockquote>股票回购回来了。</blockquote></p><p> Companies in the S&P 500 repurchased $234.5 billion in shares during the third quarter, topping the previous record of $223 billion in the fourth quarter of 2018, according to preliminary data from S&P Dow Jones Indices. The wave of share repurchases has helped propel U.S. stock indexes to dozens of records in 2021. The S&P 500 is up 25% this year, notching 67 record closes.</p><p><blockquote>根据标准普尔道琼斯指数的初步数据，标普500公司在第三季度回购了2345亿美元的股票，超过了2018年第四季度2230亿美元的纪录。股票回购浪潮帮助美国股指在 2021 年创下数十个历史新高。标普500今年上涨了 25%，创下 67 笔收盘纪录。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c544caa0c27a4b04b40efda9373b9345\" tg-width=\"445\" tg-height=\"564\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> More buybacks are coming. Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said he projects that S&P 500 buybacks will reach $236 billion in the fourth quarter.</p><p><blockquote>更多的回购即将到来。标普道琼斯指数高级指数分析师Howard Silverblatt表示，他预计标普500第四季度的回购规模将达到2360亿美元。</blockquote></p><p> S&P 500 component Microsoft Corp. said in September that its board had approved a plan to repurchase up to $60 billion of its stock. Car-rental company Hertz Global Holdings Inc. recently said it would buy back as much as $2 billion of its stock, while tech company Dell Technologies Inc. is planning a $5 billion share-repurchase program.</p><p><blockquote>标普500零部件微软公司 9 月份表示，其董事会已批准一项回购高达 600 亿美元股票的计划。汽车租赁公司赫兹全球控股公司 (Hertz Global Holdings Inc.) 最近表示，将回购多达 20 亿美元的股票，而科技公司戴尔科技公司 (Dell Technologies Inc.) 正在计划一项 50 亿美元的股票回购计划。</blockquote></p><p> Buybacks are just one of the forces behind the stock market’s rally. Asset prices have continued to benefit from the monetary and fiscal support that policy makers put in place to help the economy get through the pandemic. And analysts have consistently underestimated corporate earnings, which are expected to grow 45% in 2021 for companies in the S&P 500.</p><p><blockquote>回购只是股市反弹背后的力量之一。资产价格继续受益于政策制定者为帮助经济度过疫情而提供的货币和财政支持。分析师一直低估企业盈利，预计2021年标普500企业的企业盈利将增长45%。</blockquote></p><p> Investors this week will scrutinize signals out of the Federal Reserve’s two-day policy meeting, where officials may accelerate the process of winding down a bond-buying stimulus program. Central-bank officials could also shed more light on their expectations for interest-rate increases next year.</p><p><blockquote>投资者本周将密切关注美联储为期两天的政策会议发出的信号，官员们可能会加快结束债券购买刺激计划的进程。央行官员还可以进一步阐明他们对明年加息的预期。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f34637f9941a7eae6e8d124fd2afaf20\" tg-width=\"1050\" tg-height=\"699\" width=\"100%\" height=\"auto\"><span>Microsoft has approved the repurchase of up to $60 billion of its stock. Its HoloLens headset.</span></p><p><blockquote><p class=\"t-img-caption\"><span>微软已批准回购高达 600 亿美元的股票。它的HoloLens耳机。</span></p></blockquote></p><p> S&P 500 buybacks plunged from nearly $199 billion in the first quarter of 2020 to just under $89 billion in the second, as companies reeling from the onset of the pandemic moved to conserve cash. Share repurchases increased in each following quarter, approaching $199 billion again in the second quarter of 2021.</p><p><blockquote>标普500的回购额从 2020 年第一季度的近 1990 亿美元骤降至第二季度的略低于 890 亿美元，原因是疫情爆发后陷入困境的公司纷纷采取行动节省现金。随后每个季度的股票回购都有所增加，2021 年第二季度再次接近 1,990 亿美元。</blockquote></p><p> Repurchases can support stocks by reducing a company’s share count, boosting its per-share profits. And they can boost investor sentiment by suggesting executives are optimistic about their companies’ prospects and confident in their financial position.</p><p><blockquote>回购可以通过减少公司股票数量来支撑股票，从而提高其每股利润。他们还可以通过暗示高管对公司前景持乐观态度，对公司财务状况充满信心来提振投资者情绪。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1809eabe3f663824cd5a124952bc9dd4\" tg-width=\"438\" tg-height=\"567\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> “It’s always comforting to have a management team come in and tell you how undervalued they think their shares are,” said Anne Wickland, a portfolio manager at Easterly Investment Partners. “It’s a vote of confidence in the longer-term outlook.”</p><p><blockquote>“Easterly Investment Partners 的投资组合经理安妮-威克兰（Anne Wickland）说：”管理团队进来告诉你他们认为自己的股票有多被低估，这总是令人欣慰的。“这是对长期前景的信任票”。</blockquote></p><p> Her team bought shares of Lockheed Martin Corp. in the summer, in part because of the defense company’s share-buyback program and dividend yield. Lockheed shares fell 12% on Oct. 26 after the company reported lower-than-expected quarterly sales and revised its full-year sales forecast lower. Ms. Wickland said she believes the shares are undervalued and continues to like them.</p><p><blockquote>她的团队在夏天购买了洛克希德-马丁公司的股票，部分原因是这家国防公司的股票回购计划和股息收益率。10 月 26 日，洛克希德公司公布季度销售额低于预期并下调全年销售预测后，该公司股价下跌 12%。威克兰女士表示，她认为这些股票被低估了，并继续看好它们。</blockquote></p><p> Stock buybacks have come under fire from politicians who say companies should use cash to invest in their businesses instead of supporting their share prices. The version of the $2 trillion education, healthcare and climate spending package that passed the House in November would create a 1% tax on the net value of a company’s stock buybacks.</p><p><blockquote>股票回购受到了政界人士的抨击，他们表示公司应该使用现金投资于业务，而不是支撑股价。众议院于 11 月通过的 2 万亿美元教育、医疗和气候支出方案将对公司股票回购净值征收 1% 的税。</blockquote></p><p> The Senate hasn’t voted yet, but the buyback tax has so far generated less corporate opposition than the bill’s other tax increases. Strategists at BofA Global Research project that the proposed tax would result in a 0.3% reduction to S&P 500 per-share earnings, assuming that companies didn’t change the amount of stock they repurchase.</p><p><blockquote>参议院尚未投票表决，但与法案中的其他增税相比，回购税迄今为止引起的企业反对较少。美国银行全球研究公司的策略师预计，假设公司不改变回购股票的数量，拟议的税收将导致标普500每股收益减少 0.3%。</blockquote></p><p> Several investors said they don’t believe the tax would have much of an effect on companies’ behavior if it became law. “The 1% tax on buybacks is so low that I don’t think it will impact anything,” said Olivier Sarfati, head of equities at wealth-management firm GenTrust.</p><p><blockquote>一些投资者表示，他们认为如果该税成为法律，不会对公司的行为产生太大影响。“财富管理公司 GenTrust 的股票主管奥利维尔-萨尔法蒂（Olivier Sarfati）说：”1% 的回购税非常低，我认为不会影响任何事情。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/buybacks-hit-record-after-pulling-back-in-2020-11639263140?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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/buybacks-hit-record-after-pulling-back-in-2020-11639263140?mod=hp_lead_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100832119","content_text":"Trend expected to continue as S&P 500 companies top $234 billion in third-quarter repurchases\nHertz Global Holdings is among the companies planning to buy back shares, recently putting the amount at as much as $2 billion of its stock.\nStock buybacks are back.\nCompanies in the S&P 500 repurchased $234.5 billion in shares during the third quarter, topping the previous record of $223 billion in the fourth quarter of 2018, according to preliminary data from S&P Dow Jones Indices. The wave of share repurchases has helped propel U.S. stock indexes to dozens of records in 2021. The S&P 500 is up 25% this year, notching 67 record closes.\n\nMore buybacks are coming. Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, said he projects that S&P 500 buybacks will reach $236 billion in the fourth quarter.\nS&P 500 component Microsoft Corp. said in September that its board had approved a plan to repurchase up to $60 billion of its stock. Car-rental company Hertz Global Holdings Inc. recently said it would buy back as much as $2 billion of its stock, while tech company Dell Technologies Inc. is planning a $5 billion share-repurchase program.\nBuybacks are just one of the forces behind the stock market’s rally. Asset prices have continued to benefit from the monetary and fiscal support that policy makers put in place to help the economy get through the pandemic. And analysts have consistently underestimated corporate earnings, which are expected to grow 45% in 2021 for companies in the S&P 500.\nInvestors this week will scrutinize signals out of the Federal Reserve’s two-day policy meeting, where officials may accelerate the process of winding down a bond-buying stimulus program. Central-bank officials could also shed more light on their expectations for interest-rate increases next year.\nMicrosoft has approved the repurchase of up to $60 billion of its stock. Its HoloLens headset.\nS&P 500 buybacks plunged from nearly $199 billion in the first quarter of 2020 to just under $89 billion in the second, as companies reeling from the onset of the pandemic moved to conserve cash. Share repurchases increased in each following quarter, approaching $199 billion again in the second quarter of 2021.\nRepurchases can support stocks by reducing a company’s share count, boosting its per-share profits. And they can boost investor sentiment by suggesting executives are optimistic about their companies’ prospects and confident in their financial position.\n\n“It’s always comforting to have a management team come in and tell you how undervalued they think their shares are,” said Anne Wickland, a portfolio manager at Easterly Investment Partners. “It’s a vote of confidence in the longer-term outlook.”\nHer team bought shares of Lockheed Martin Corp. in the summer, in part because of the defense company’s share-buyback program and dividend yield. Lockheed shares fell 12% on Oct. 26 after the company reported lower-than-expected quarterly sales and revised its full-year sales forecast lower. Ms. Wickland said she believes the shares are undervalued and continues to like them.\nStock buybacks have come under fire from politicians who say companies should use cash to invest in their businesses instead of supporting their share prices. The version of the $2 trillion education, healthcare and climate spending package that passed the House in November would create a 1% tax on the net value of a company’s stock buybacks.\nThe Senate hasn’t voted yet, but the buyback tax has so far generated less corporate opposition than the bill’s other tax increases. Strategists at BofA Global Research project that the proposed tax would result in a 0.3% reduction to S&P 500 per-share earnings, assuming that companies didn’t change the amount of stock they repurchase.\nSeveral investors said they don’t believe the tax would have much of an effect on companies’ behavior if it became law. “The 1% tax on buybacks is so low that I don’t think it will impact anything,” said Olivier Sarfati, head of equities at wealth-management firm GenTrust.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":4049,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/604362814"}
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