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2021-10-11

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What To Watch As Third-Quarter Earnings Season Begins?<blockquote>第三季度财报季开始时值得关注什么？</blockquote>

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Investors have been anxiously awaiting the start of the latest earnings season and bracing for a deceleration in corporate profit growth after a strong second quarter.<blockquote>（10 月 11 日）第三季度财报季本周正式拉开帷幕，主要金融公司准备公布业绩。投资者一直在焦急地等待最新财报季的开始，并为强劲的第二季度后企业利润增长放缓做好准备。</blockquote> <img src=\"https://static.tigerbbs.com/67cc1643f346c667ff972e41da6bbe71\" tg-width=\"1878\" tg-height=\"2940\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> The pace of S&amp;P 500 year-over-year earnings and sales growth reached eye-popping levels for the second quarter due to the easy comparisons with Covid-ravaged 2020 and robust economic growth. The expectations going into this reporting season are more modest, with earnings slated to grow at almost 28% year-over-year.<blockquote>由于与遭受新冠疫情蹂躏的 2020 年和强劲的经济增长很容易进行比较，标普500第二季度的盈利和销售同比增长速度达到了令人瞠目结舌的水平。进入本财报季的预期更为温和，盈利预计同比增长近 28%。</blockquote> If history is any guide, the actual performance should still exceed these elevated levels despite a moderation in economic activity. While it will be necessary for earnings to beat expectations, forward guidance will be essential with the current worries about the economic outlook and cost pressures.<blockquote>如果以史为鉴，尽管经济活动有所放缓，但实际表现仍应超过这些高水平。虽然盈利有必要超出预期，但鉴于当前对经济前景和成本压力的担忧，前瞻性指引至关重要。</blockquote> There are 20 S&amp;P 500 companies scheduled to report earnings this week, but the primary focus will be on the financials and the banks in particular.&nbsp;According to FactSet, the financials should be around the middle of the pack in earnings growth rates, with consensus year-over-year growth estimates of 17%.<blockquote>本周有 20 家标普500公司计划公布财报，但主要焦点将是金融，尤其是银行业。FactSet 表示，金融业的盈利增长率应该处于中等水平，普遍预计同比增长率为 17%。</blockquote> There are a handful of other companies like Delta Air Lines (DAL), Domino’s Pizza (DPZ), Taiwan Semiconductor Manufacturing Company(TSM)on the calendar.&nbsp;<blockquote>日历上还有达美航空公司（DAL）、达美乐披萨（DPZ）、台积电公司（TSM）等其他几家公司。</blockquote> This season, the impact of higher costs and the ability to pass on higher prices to protect profit margins will be closely scrutinized across all companies. Labor costs will be a headwind for companies, with average hourly earnings rising at a 4.6% year-over-year rate in September. Offsetting higher labor costs is that companies have only re-hired 78% of the jobs lost during the Covid-lockdown. Higher commodity costs will also negatively impact most company’s profitability. The increase in commodity prices goes beyond oil, but as an example, the sharp rise in oil prices negatively impacts the costs for many non-energy companies. The energy sector had a loss in the third quarter of 2020, but the expected 53% increase in sales tells the story of the oil price rebound.<blockquote>本季，所有公司都将密切关注成本上升的影响以及转嫁更高价格以保护利润率的能力。劳动力成本将成为企业的阻力，9月份平均时薪同比增长4.6%。抵消劳动力成本上升的是，公司只重新雇用了新冠疫情封锁期间失去的78%的工作岗位。商品成本上升也会对大多数公司的盈利能力产生负面影响。大宗商品价格的上涨不仅限于石油，但举例来说，油价的大幅上涨对许多非能源公司的成本产生了负面影响。能源行业在2020年第三季度出现亏损，但预期销售额增长53%讲述了油价反弹的故事。</blockquote> Supply chain disruptions remain a significant issue for this earnings season. These disruptions both increased costs for most companies and resulted in lost sales for companies unable to secure the goods demanded by consumers. Increased shipping costs are almost certain to be a familiar refrain by the end of this reporting season. In the end, robust demand and increased productivity should overcome all these challenges and allow the actual third-quarter results to exceed expectations.<blockquote>供应链中断仍然是本财报季的一个重大问题。这些中断既增加了大多数公司的成本，也导致无法获得消费者所需商品的公司损失销售。到本报告季结束时，运输成本的增加几乎肯定会成为一个熟悉的话题。最终，强劲的需求和提高的生产率应该会克服所有这些挑战，并让第三季度的实际业绩超出预期。</blockquote> Aside from earnings, Congress has reached a deal to raise the debt limit enough to kick the can down the road until December 3 at least. Recall that previously, Congress was able to pass a short-term budget resolution to avoid a government shutdown until this date. This temporary measure should allow enough time for the Democrats, who control all three branches of the federal government, to unilaterally raise the debt ceiling via reconciliation. With the debt ceiling crisis averted until December, Congress will now return to focusing on negotiating the hefty tax and spending bills.<blockquote>除了盈利之外，国会还达成了一项协议，将债务上限提高到足以让债务至少持续到 12 月 3 日。回想一下，以前，国会能够通过一项短期预算决议，以避免政府关门，直到这一天。这项临时措施应该会给控制联邦政府所有三个部门的民主党人足够的时间通过和解单方面提高债务上限。随着债务上限危机在12月前避免，国会现在将重新集中精力谈判巨额税收和支出法案。</blockquote> Earnings calendar<blockquote>收益日历</blockquote> <ul> <li>Monday:&nbsp;No notable reports scheduled for release</li> <li>Tuesday:&nbsp;<a href=\"https://laohu8.com/S/FAST\">Fastenal</a> before market open</li> <li>Wednesday:&nbsp;<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>, <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,&nbsp;<a href=\"https://laohu8.com/S/FRC\">First Republic Bank</a> , <a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a> before market open</li> <li>Thursday: <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> , <a href=\"https://laohu8.com/S/DPZ\">Domino's Pizza</a> , <a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> , The Progressive Corp. (PGR), UnitedHealth Group (UNH), US Bancorp (USB), <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, <a href=\"https://laohu8.com/S/C\">Citigroup</a> before market open; <a href=\"https://laohu8.com/S/AA\">Alcoa</a> after market close</li> <li>Friday:&nbsp;<a href=\"https://laohu8.com/S/PNC\">PNC Financial Services Group Inc</a>, <a href=\"https://laohu8.com/S/TFC\">Truist Financial Corp</a>, <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>, The <a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> before market open</li> </ul><blockquote><ul><li>星期一：没有计划发布的重要报告</li><li>星期二： <a href=\"https://laohu8.com/S/FAST\">紧固件</a>开市前</li><li>星期三： <a href=\"https://laohu8.com/S/JPM\">摩根大通</a>,<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>, <a href=\"https://laohu8.com/S/FRC\">第一共和银行</a>,<a href=\"https://laohu8.com/S/DAL\">达美航空</a>开市前</li><li>星期四：<a href=\"https://laohu8.com/S/BAC\">美国银行</a>,<a href=\"https://laohu8.com/S/DPZ\">达美乐披萨</a>,<a href=\"https://laohu8.com/S/WBA\">沃尔格林博姿联盟</a>、进步公司 (PGR)、联合健康集团 (UNH)、合众银行 (USB)、<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>,<a href=\"https://laohu8.com/S/C\">花旗集团</a>开市前；<a href=\"https://laohu8.com/S/AA\">美国铝业</a>收市后</li><li>星期五： <a href=\"https://laohu8.com/S/PNC\">PNC金融服务集团公司</a>,<a href=\"https://laohu8.com/S/TFC\">Truist金融公司</a>,<a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>，这个<a href=\"https://laohu8.com/S/SCHW\">查尔斯·施瓦布</a>,<a href=\"https://laohu8.com/S/GS\">高盛</a>开市前</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nWhat To Watch As Third-Quarter Earnings Season Begins?<blockquote>第三季度财报季开始时值得关注什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-10-11 10:46\n</div>\n</a>\n</h4>\n</header>\n<article>\n(Oct 11) The&nbsp;Third-quarter earnings season ramps up in earnest this week with a packed schedule of major financial companies poised to report results. Investors have been anxiously awaiting the start of the latest earnings season and bracing for a deceleration in corporate profit growth after a strong second quarter.<blockquote>（10 月 11 日）第三季度财报季本周正式拉开帷幕，主要金融公司准备公布业绩。投资者一直在焦急地等待最新财报季的开始，并为强劲的第二季度后企业利润增长放缓做好准备。</blockquote> <img src=\"https://static.tigerbbs.com/67cc1643f346c667ff972e41da6bbe71\" tg-width=\"1878\" tg-height=\"2940\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> The pace of S&amp;P 500 year-over-year earnings and sales growth reached eye-popping levels for the second quarter due to the easy comparisons with Covid-ravaged 2020 and robust economic growth. The expectations going into this reporting season are more modest, with earnings slated to grow at almost 28% year-over-year.<blockquote>由于与遭受新冠疫情蹂躏的 2020 年和强劲的经济增长很容易进行比较，标普500第二季度的盈利和销售同比增长速度达到了令人瞠目结舌的水平。进入本财报季的预期更为温和，盈利预计同比增长近 28%。</blockquote> If history is any guide, the actual performance should still exceed these elevated levels despite a moderation in economic activity. While it will be necessary for earnings to beat expectations, forward guidance will be essential with the current worries about the economic outlook and cost pressures.<blockquote>如果以史为鉴，尽管经济活动有所放缓，但实际表现仍应超过这些高水平。虽然盈利有必要超出预期，但鉴于当前对经济前景和成本压力的担忧，前瞻性指引至关重要。</blockquote> There are 20 S&amp;P 500 companies scheduled to report earnings this week, but the primary focus will be on the financials and the banks in particular.&nbsp;According to FactSet, the financials should be around the middle of the pack in earnings growth rates, with consensus year-over-year growth estimates of 17%.<blockquote>本周有 20 家标普500公司计划公布财报，但主要焦点将是金融，尤其是银行业。FactSet 表示，金融业的盈利增长率应该处于中等水平，普遍预计同比增长率为 17%。</blockquote> There are a handful of other companies like Delta Air Lines (DAL), Domino’s Pizza (DPZ), Taiwan Semiconductor Manufacturing Company(TSM)on the calendar.&nbsp;<blockquote>日历上还有达美航空公司（DAL）、达美乐披萨（DPZ）、台积电公司（TSM）等其他几家公司。</blockquote> This season, the impact of higher costs and the ability to pass on higher prices to protect profit margins will be closely scrutinized across all companies. Labor costs will be a headwind for companies, with average hourly earnings rising at a 4.6% year-over-year rate in September. Offsetting higher labor costs is that companies have only re-hired 78% of the jobs lost during the Covid-lockdown. Higher commodity costs will also negatively impact most company’s profitability. The increase in commodity prices goes beyond oil, but as an example, the sharp rise in oil prices negatively impacts the costs for many non-energy companies. The energy sector had a loss in the third quarter of 2020, but the expected 53% increase in sales tells the story of the oil price rebound.<blockquote>本季，所有公司都将密切关注成本上升的影响以及转嫁更高价格以保护利润率的能力。劳动力成本将成为企业的阻力，9月份平均时薪同比增长4.6%。抵消劳动力成本上升的是，公司只重新雇用了新冠疫情封锁期间失去的78%的工作岗位。商品成本上升也会对大多数公司的盈利能力产生负面影响。大宗商品价格的上涨不仅限于石油，但举例来说，油价的大幅上涨对许多非能源公司的成本产生了负面影响。能源行业在2020年第三季度出现亏损，但预期销售额增长53%讲述了油价反弹的故事。</blockquote> Supply chain disruptions remain a significant issue for this earnings season. These disruptions both increased costs for most companies and resulted in lost sales for companies unable to secure the goods demanded by consumers. Increased shipping costs are almost certain to be a familiar refrain by the end of this reporting season. In the end, robust demand and increased productivity should overcome all these challenges and allow the actual third-quarter results to exceed expectations.<blockquote>供应链中断仍然是本财报季的一个重大问题。这些中断既增加了大多数公司的成本，也导致无法获得消费者所需商品的公司损失销售。到本报告季结束时，运输成本的增加几乎肯定会成为一个熟悉的话题。最终，强劲的需求和提高的生产率应该会克服所有这些挑战，并让第三季度的实际业绩超出预期。</blockquote> Aside from earnings, Congress has reached a deal to raise the debt limit enough to kick the can down the road until December 3 at least. Recall that previously, Congress was able to pass a short-term budget resolution to avoid a government shutdown until this date. This temporary measure should allow enough time for the Democrats, who control all three branches of the federal government, to unilaterally raise the debt ceiling via reconciliation. With the debt ceiling crisis averted until December, Congress will now return to focusing on negotiating the hefty tax and spending bills.<blockquote>除了盈利之外，国会还达成了一项协议，将债务上限提高到足以让债务至少持续到 12 月 3 日。回想一下，以前，国会能够通过一项短期预算决议，以避免政府关门，直到这一天。这项临时措施应该会给控制联邦政府所有三个部门的民主党人足够的时间通过和解单方面提高债务上限。随着债务上限危机在12月前避免，国会现在将重新集中精力谈判巨额税收和支出法案。</blockquote> Earnings calendar<blockquote>收益日历</blockquote> <ul> <li>Monday:&nbsp;No notable reports scheduled for release</li> <li>Tuesday:&nbsp;<a href=\"https://laohu8.com/S/FAST\">Fastenal</a> before market open</li> <li>Wednesday:&nbsp;<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>, <a href=\"https://laohu8.com/S/BLK\">BlackRock</a>,&nbsp;<a href=\"https://laohu8.com/S/FRC\">First Republic Bank</a> , <a href=\"https://laohu8.com/S/DAL\">Delta Air Lines</a> before market open</li> <li>Thursday: <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> , <a href=\"https://laohu8.com/S/DPZ\">Domino's Pizza</a> , <a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> , The Progressive Corp. (PGR), UnitedHealth Group (UNH), US Bancorp (USB), <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>, <a href=\"https://laohu8.com/S/C\">Citigroup</a> before market open; <a href=\"https://laohu8.com/S/AA\">Alcoa</a> after market close</li> <li>Friday:&nbsp;<a href=\"https://laohu8.com/S/PNC\">PNC Financial Services Group Inc</a>, <a href=\"https://laohu8.com/S/TFC\">Truist Financial Corp</a>, <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>, The <a href=\"https://laohu8.com/S/SCHW\">Charles Schwab</a>, <a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a> before market open</li> </ul><blockquote><ul><li>星期一：没有计划发布的重要报告</li><li>星期二： <a href=\"https://laohu8.com/S/FAST\">紧固件</a>开市前</li><li>星期三： <a href=\"https://laohu8.com/S/JPM\">摩根大通</a>,<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>, <a href=\"https://laohu8.com/S/FRC\">第一共和银行</a>,<a href=\"https://laohu8.com/S/DAL\">达美航空</a>开市前</li><li>星期四：<a href=\"https://laohu8.com/S/BAC\">美国银行</a>,<a href=\"https://laohu8.com/S/DPZ\">达美乐披萨</a>,<a href=\"https://laohu8.com/S/WBA\">沃尔格林博姿联盟</a>、进步公司 (PGR)、联合健康集团 (UNH)、合众银行 (USB)、<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>,<a href=\"https://laohu8.com/S/C\">花旗集团</a>开市前；<a href=\"https://laohu8.com/S/AA\">美国铝业</a>收市后</li><li>星期五： <a href=\"https://laohu8.com/S/PNC\">PNC金融服务集团公司</a>,<a href=\"https://laohu8.com/S/TFC\">Truist金融公司</a>,<a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>，这个<a href=\"https://laohu8.com/S/SCHW\">查尔斯·施瓦布</a>,<a href=\"https://laohu8.com/S/GS\">高盛</a>开市前</li></ul></blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189049020","content_text":"(Oct 11) The Third-quarter earnings season ramps up in earnest this week with a packed schedule of major financial companies poised to report results. Investors have been anxiously awaiting the start of the latest earnings season and bracing for a deceleration in corporate profit growth after a strong second quarter.\n\nThe pace of S&P 500 year-over-year earnings and sales growth reached eye-popping levels for the second quarter due to the easy comparisons with Covid-ravaged 2020 and robust economic growth. The expectations going into this reporting season are more modest, with earnings slated to grow at almost 28% year-over-year.\nIf history is any guide, the actual performance should still exceed these elevated levels despite a moderation in economic activity. While it will be necessary for earnings to beat expectations, forward guidance will be essential with the current worries about the economic outlook and cost pressures.\nThere are 20 S&P 500 companies scheduled to report earnings this week, but the primary focus will be on the financials and the banks in particular. According to FactSet, the financials should be around the middle of the pack in earnings growth rates, with consensus year-over-year growth estimates of 17%.\nThere are a handful of other companies like Delta Air Lines (DAL), Domino’s Pizza (DPZ), Taiwan Semiconductor Manufacturing Company(TSM)on the calendar. \nThis season, the impact of higher costs and the ability to pass on higher prices to protect profit margins will be closely scrutinized across all companies. Labor costs will be a headwind for companies, with average hourly earnings rising at a 4.6% year-over-year rate in September. Offsetting higher labor costs is that companies have only re-hired 78% of the jobs lost during the Covid-lockdown. Higher commodity costs will also negatively impact most company’s profitability. The increase in commodity prices goes beyond oil, but as an example, the sharp rise in oil prices negatively impacts the costs for many non-energy companies. The energy sector had a loss in the third quarter of 2020, but the expected 53% increase in sales tells the story of the oil price rebound.\nSupply chain disruptions remain a significant issue for this earnings season. These disruptions both increased costs for most companies and resulted in lost sales for companies unable to secure the goods demanded by consumers. Increased shipping costs are almost certain to be a familiar refrain by the end of this reporting season. In the end, robust demand and increased productivity should overcome all these challenges and allow the actual third-quarter results to exceed expectations.\nAside from earnings, Congress has reached a deal to raise the debt limit enough to kick the can down the road until December 3 at least. Recall that previously, Congress was able to pass a short-term budget resolution to avoid a government shutdown until this date. This temporary measure should allow enough time for the Democrats, who control all three branches of the federal government, to unilaterally raise the debt ceiling via reconciliation. With the debt ceiling crisis averted until December, Congress will now return to focusing on negotiating the hefty tax and spending bills.\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: Fastenal before market open\nWednesday: JPMorgan Chase, BlackRock, First Republic Bank , Delta Air Lines before market open\nThursday: Bank of America , Domino's Pizza , Walgreens Boots Alliance , The Progressive Corp. (PGR), UnitedHealth Group (UNH), US Bancorp (USB), Wells Fargo, Morgan Stanley, Citigroup before market open; Alcoa after market close\nFriday: PNC Financial Services Group Inc, Truist Financial Corp, Coinbase Global, Inc., The Charles Schwab, Goldman Sachs before market open","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":441,"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":21,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/828502598"}