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2021-08-04

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Why An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将到来</blockquote>

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On Tuesday, DataTrek Research co-founder&nbsp;Nicholas Colas&nbsp;said one of the impacts of that burst of earnings growth will likely be a huge increase in S&amp;P 500 share buybacks.<blockquote>分析师预计，由于极其轻松的大流行竞争，标普500 2021 年盈利将飙升 40.7%。周二，DataTrek Research 联合创始人尼古拉斯·科拉斯表示，盈利爆发式增长的影响之一可能是标普500股票回购的大幅增加。</blockquote> The Numbers:Prior to the pandemic, S&amp;P 500 companies reported $1.305 billion in 2019 net operating profits. About $485 billion of those profits (37%) went to dividends, while $729 billion (56%) went to stock buybacks.<blockquote>数字：在疫情之前，标普500公司报告2019年净营业利润为13.05亿美元。其中约 4850 亿美元 (37%) 用于股息，而 7290 亿美元 (56%) 用于股票回购。</blockquote> In 2018 and 2019, 99% and 93% of S&amp;P 500 net operating profits went to either dividends or buybacks.<blockquote>2018年和2019年，标普500 99%和93%的净营业利润用于股息或回购。</blockquote> “With S&amp;P earnings now 23 percent higher than 2018-19 ($162/share then, $200/share now), we should expect to see many companies in the index dramatically increase their return of cash to shareholders over the rest of 2021 and into 2022,” Colas said.<blockquote>“科拉斯说：”由于标准普尔指数目前的盈利比 2018-19 年高出 23%（当时为 162 美元/股，现在为 200 美元/股），我们应该会看到指数中的许多公司在 2021 年剩余时间和 2022 年期间大幅增加对股东的现金回报。</blockquote> Buybacks Over Dividends:&nbsp;Colas&nbsp;said investors should anticipate companies will prioritize buybacks over dividends in the current climate given the uncertainties that lie ahead in 2022 and beyond.<blockquote>股息回购：科拉斯表示，鉴于 2022 年及以后的不确定性，投资者应该预计，在当前环境下，公司将优先考虑回购而不是股息。</blockquote> Investors tend to react more negatively to dividend cuts than a pause in buybacks in the event of another economic downturn, so he&nbsp;said investors should expect a relatively high percentage of excess profits to go to buybacks for now.<blockquote>如果经济再次低迷，投资者往往对股息削减的反应比暂停回购的反应更消极，因此他表示，投资者目前应该预计超额利润将用于回购的比例相对较高。</blockquote> In the first quarter of 2021, S&amp;P 500 companies were buying back stock at an annual run rate of about $712 billion.<blockquote>2021年第一季度，标普500公司以每年约7120亿美元的速度回购股票。</blockquote> If they were to return to 2018 and 2019 levels based on&nbsp;updated earnings expectations, they would be buying back stock at around a $1-trillion annual run rate, Colas said. In other words, investors can expect at least an additional $250 billion per quarter in buybacks over the next several quarters.<blockquote>科拉斯表示，如果他们根据更新的盈利预期恢复到 2018 年和 2019 年的水平，他们将以每年约 1 万亿美元的速度回购股票。换句话说，投资者预计未来几个季度每季度至少会额外获得 2500 亿美元的回购。</blockquote> More buybacks are generally good news overall for the&nbsp;SPDR S&amp;P 500 ETF Trust(NYSE:SPY), but simply returning to pre-pandemic levels of capital returns isn’t a particularly bullish catalyst.<blockquote>总体而言，更多的回购通常是好消息SPDR标普500 ETF信托(纽约证券交易所股票代码：SPY），但简单地恢复到大流行前的资本回报率水平并不是一个特别看涨的催化剂。</blockquote> “A large increase in stock buybacks is therefore certainly good, but not great, news for US equities,” Colas said.<blockquote>“科拉斯说：”因此，股票回购量的大幅增加对美国股市来说当然是好消息，但不是好消息。</blockquote> Benzinga’s Take:Investors should understand a potential surge in buybacks will impact some marketsectors&nbsp;far more than others. In fact, Colas said the Technology and Financialsectors alone have accounted for 52% of all S&amp;P 500 share buybacks over the past five years.<blockquote>Benzinga 的观点：投资者应该明白，潜在的回购激增对某些市场领域的影响将远远大于其他市场领域。事实上，科拉斯表示，仅科技和金融行业就占过去五年标普500所有股票回购的 52%。</blockquote>","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>Why An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将到来</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\">\nWhy An S&P 500 Buyback Boom Could Be Just Around The Corner<blockquote>为什么标普500回购热潮即将到来</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nBenzinga Earnings \n2021-08-04 09:25\n</div>\n</div>\n</h4>\n</header>\n<article>\nAnalysts are expecting S&amp;P 500 earnings to surge 40.7% in 2021 off of extremely easy pandemic comps. On Tuesday, DataTrek Research co-founder&nbsp;Nicholas Colas&nbsp;said one of the impacts of that burst of earnings growth will likely be a huge increase in S&amp;P 500 share buybacks.<blockquote>分析师预计，由于极其轻松的大流行竞争，标普500 2021 年盈利将飙升 40.7%。周二，DataTrek Research 联合创始人尼古拉斯·科拉斯表示，盈利爆发式增长的影响之一可能是标普500股票回购的大幅增加。</blockquote> The Numbers:Prior to the pandemic, S&amp;P 500 companies reported $1.305 billion in 2019 net operating profits. About $485 billion of those profits (37%) went to dividends, while $729 billion (56%) went to stock buybacks.<blockquote>数字：在疫情之前，标普500公司报告2019年净营业利润为13.05亿美元。其中约 4850 亿美元 (37%) 用于股息，而 7290 亿美元 (56%) 用于股票回购。</blockquote> In 2018 and 2019, 99% and 93% of S&amp;P 500 net operating profits went to either dividends or buybacks.<blockquote>2018年和2019年，标普500 99%和93%的净营业利润用于股息或回购。</blockquote> “With S&amp;P earnings now 23 percent higher than 2018-19 ($162/share then, $200/share now), we should expect to see many companies in the index dramatically increase their return of cash to shareholders over the rest of 2021 and into 2022,” Colas said.<blockquote>“科拉斯说：”由于标准普尔指数目前的盈利比 2018-19 年高出 23%（当时为 162 美元/股，现在为 200 美元/股），我们应该会看到指数中的许多公司在 2021 年剩余时间和 2022 年期间大幅增加对股东的现金回报。</blockquote> Buybacks Over Dividends:&nbsp;Colas&nbsp;said investors should anticipate companies will prioritize buybacks over dividends in the current climate given the uncertainties that lie ahead in 2022 and beyond.<blockquote>股息回购：科拉斯表示，鉴于 2022 年及以后的不确定性，投资者应该预计，在当前环境下，公司将优先考虑回购而不是股息。</blockquote> Investors tend to react more negatively to dividend cuts than a pause in buybacks in the event of another economic downturn, so he&nbsp;said investors should expect a relatively high percentage of excess profits to go to buybacks for now.<blockquote>如果经济再次低迷，投资者往往对股息削减的反应比暂停回购的反应更消极，因此他表示，投资者目前应该预计超额利润将用于回购的比例相对较高。</blockquote> In the first quarter of 2021, S&amp;P 500 companies were buying back stock at an annual run rate of about $712 billion.<blockquote>2021年第一季度，标普500公司以每年约7120亿美元的速度回购股票。</blockquote> If they were to return to 2018 and 2019 levels based on&nbsp;updated earnings expectations, they would be buying back stock at around a $1-trillion annual run rate, Colas said. In other words, investors can expect at least an additional $250 billion per quarter in buybacks over the next several quarters.<blockquote>科拉斯表示，如果他们根据更新的盈利预期恢复到 2018 年和 2019 年的水平，他们将以每年约 1 万亿美元的速度回购股票。换句话说，投资者预计未来几个季度每季度至少会额外获得 2500 亿美元的回购。</blockquote> More buybacks are generally good news overall for the&nbsp;SPDR S&amp;P 500 ETF Trust(NYSE:SPY), but simply returning to pre-pandemic levels of capital returns isn’t a particularly bullish catalyst.<blockquote>总体而言，更多的回购通常是好消息SPDR标普500 ETF信托(纽约证券交易所股票代码：SPY），但简单地恢复到大流行前的资本回报率水平并不是一个特别看涨的催化剂。</blockquote> “A large increase in stock buybacks is therefore certainly good, but not great, news for US equities,” Colas said.<blockquote>“科拉斯说：”因此，股票回购量的大幅增加对美国股市来说当然是好消息，但不是好消息。</blockquote> Benzinga’s Take:Investors should understand a potential surge in buybacks will impact some marketsectors&nbsp;far more than others. In fact, Colas said the Technology and Financialsectors alone have accounted for 52% of all S&amp;P 500 share buybacks over the past five years.<blockquote>Benzinga 的观点：投资者应该明白，潜在的回购激增对某些市场领域的影响将远远大于其他市场领域。事实上，科拉斯表示，仅科技和金融行业就占过去五年标普500所有股票回购的 52%。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160773280","content_text":"Analysts are expecting S&P 500 earnings to surge 40.7% in 2021 off of extremely easy pandemic comps. On Tuesday, DataTrek Research co-founder Nicholas Colas said one of the impacts of that burst of earnings growth will likely be a huge increase in S&P 500 share buybacks.\nThe Numbers:Prior to the pandemic, S&P 500 companies reported $1.305 billion in 2019 net operating profits. About $485 billion of those profits (37%) went to dividends, while $729 billion (56%) went to stock buybacks.\nIn 2018 and 2019, 99% and 93% of S&P 500 net operating profits went to either dividends or buybacks.\n“With S&P earnings now 23 percent higher than 2018-19 ($162/share then, $200/share now), we should expect to see many companies in the index dramatically increase their return of cash to shareholders over the rest of 2021 and into 2022,” Colas said.\nBuybacks Over Dividends: Colas said investors should anticipate companies will prioritize buybacks over dividends in the current climate given the uncertainties that lie ahead in 2022 and beyond.\nInvestors tend to react more negatively to dividend cuts than a pause in buybacks in the event of another economic downturn, so he said investors should expect a relatively high percentage of excess profits to go to buybacks for now.\nIn the first quarter of 2021, S&P 500 companies were buying back stock at an annual run rate of about $712 billion.\nIf they were to return to 2018 and 2019 levels based on updated earnings expectations, they would be buying back stock at around a $1-trillion annual run rate, Colas said. In other words, investors can expect at least an additional $250 billion per quarter in buybacks over the next several quarters.\nMore buybacks are generally good news overall for the SPDR S&P 500 ETF Trust(NYSE:SPY), but simply returning to pre-pandemic levels of capital returns isn’t a particularly bullish catalyst.\n“A large increase in stock buybacks is therefore certainly good, but not great, news for US equities,” Colas said.\nBenzinga’s Take:Investors should understand a potential surge in buybacks will impact some marketsectors far more than others. In fact, Colas said the Technology and Financialsectors alone have accounted for 52% of all S&P 500 share buybacks over the past five years.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2641,"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":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/807716298"}