{"id":7807,"date":"2018-05-26T12:28:55","date_gmt":"2018-05-26T12:28:55","guid":{"rendered":"https:\/\/fundamentalis.com\/?p=7807"},"modified":"2018-05-26T12:28:55","modified_gmt":"2018-05-26T12:28:55","slug":"sp-500-weekly-earnings-update","status":"publish","type":"post","link":"https:\/\/fundamentalis.com\/?p=7807","title":{"rendered":"SP 500 Weekly Earnings Update"},"content":{"rendered":"<p><em><strong>Thomson Reuters IBES data (by the numbers):\u00a0<\/strong><\/em><\/p>\n<p><em><strong>Fwd 4-qtr est:<\/strong><\/em> $163.80 vs last week&#8217;s $164.11<\/p>\n<p><em><strong>P.E ratio:<\/strong> <\/em>16.6x<\/p>\n<p><em><strong>PEG ratio:<\/strong><\/em> 0.78x<\/p>\n<p><em><strong>SP 500 earnings yield:<\/strong><\/em> 6.02%<\/p>\n<p><em><strong>Year-over-year growth of forward estimate:<\/strong><\/em> +21.4% vs last week&#8217;s 21.75%<\/p>\n<p><em><strong>Commentary:\u00a0<\/strong><\/em>This week we saw a slight dip in both quarterly bottom-up estimates as well as the forward 4-quarter estimate for what could be any number of reasons: the stronger dollar (roughly 40% of SP 500 revenue is non-US), trade comments, etc. etc.<\/p>\n<p>Thomson did not publish their weekly &#8220;This Week in Earnings&#8221; so we used the &#8220;Earnings Scorecard&#8221; to sum the quarterly SP 500 earnings estimates to arrive at the forward estimate. (The &#8220;forward 4-quarter estimate&#8221; is the sum of the quarterly bottom-up estimates from Q2 &#8217;18 through Q1 &#8217;19).<\/p>\n<p>The SP 500 &#8220;earnings yield&#8221; remains over 6%.<\/p>\n<p>There were a number of different stories this week: the bond market rally, the news about imported auto tariffs, the turmoil in the Italian bond market, the slowdown of the European economy, and probably a few others.<\/p>\n<p>In July, 1997, the Malaysian Ringgit and the Thai baht collapsed, throwing those economies into acute turmoil and it was a headline for a week, faded for a month or two, and then gradually became worse as the &#8220;Asian Contagion&#8221; spread across that part of the world, ultimately culminating a year later in the Long-Term Capital Management Crisis in August &#8211; September, 1998.<\/p>\n<p>The point being that you (we) never know what kind of seemingly small and immaterial disruption can evolve into something quite major for the markets.<\/p>\n<p>More commentary to come over the weekend.<\/p>\n<p>Thanks for reading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thomson Reuters IBES data (by the numbers):\u00a0 Fwd 4-qtr est: $163.80 vs last week&#8217;s $164.11 P.E ratio: 16.6x PEG ratio:&hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,91],"tags":[],"class_list":["post-7807","post","type-post","status-publish","format-standard","hentry","category-uncategorized","category-weekly-earnings-update"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/7807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7807"}],"version-history":[{"count":1,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/7807\/revisions"}],"predecessor-version":[{"id":7808,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=\/wp\/v2\/posts\/7807\/revisions\/7808"}],"wp:attachment":[{"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fundamentalis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}