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2021-02-09

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Earnings Grow for the First Time During the Pandemic. What That Means for Investors.<blockquote>疫情期间收入首次增长。这对投资者意味着什么。</blockquote>

Corporate earnings are increasing again, reflecting that the U.S. economy is more than on track for

Earnings Grow for the First Time During the Pandemic. What That Means for Investors.<blockquote>疫情期间收入首次增长。这对投资者意味着什么。</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":383351290,"tweetId":"383351290","gmtCreate":1612841862110,"gmtModify":1703765725386,"author":{"id":3555045194439065,"idStr":"3555045194439065","authorId":3555045194439065,"authorIdStr":"3555045194439065","name":"HolyGrail","avatar":"https://static.tigerbbs.com/c408f38173f24bc3aefdda74a3a5e55a","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Nice</body></html>","htmlText":"<html><head></head><body>Nice</body></html>","text":"Nice","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/383351290","repostId":1142108333,"repostType":4,"repost":{"id":"1142108333","kind":"news","pubTimestamp":1612841675,"share":"https://www.laohu8.com/m/news/1142108333?lang=zh_CN&edition=full","pubTime":"2021-02-09 11:34","market":"us","language":"en","title":"Earnings Grow for the First Time During the Pandemic. What That Means for Investors.<blockquote>疫情期间收入首次增长。这对投资者意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142108333","media":"Barrons","summary":"Corporate earnings are increasing again, reflecting that the U.S. economy is more than on track for ","content":"Corporate earnings are increasing again, reflecting that the U.S. economy is more than on track for recovery.<blockquote>企业盈利再次增长，反映出美国经济已经走上复苏的轨道。</blockquote> Companies representing roughly three quarters of theS&amp;P 500’smarket capitalization have reported fourth-quarter earnings, according to Credit Suisse data. Combining actual results and analyst’s increases to their calls for profits of companies that haven’t yet reported, aggregate earnings per share for the index could rise 1.7% year over year, according to DataTrek.<blockquote>根据瑞士信贷的数据，约占标准普尔500指数市值四分之三的公司已经公布了第四季度收益。DataTrek的数据显示，结合实际业绩和分析师对尚未报告的公司利润评级的增长，该指数的每股收益总额可能同比增长1.7%。</blockquote> So far, the aggregate result is about 17% better than expected, Credit Suisse says. Sales are up about 1% and operating margins have expanded, creating the much improved bottom-line results.<blockquote>瑞士信贷表示，到目前为止，总体结果比预期高出约17%。销售额增长了约1%，营业利润率扩大，从而大大改善了盈利结果。</blockquote> Two points in the earnings results indicate an improving economy.<blockquote>盈利结果中的两点表明经济正在改善。</blockquote> Credit Suisse flagged the higher sales as a sign that consumers and businesses are spending more. Sales are up 4% year over year at makers of apparel and durable goods, according to the bank.<blockquote>瑞士信贷将销售额的增加视为消费者和企业支出增加的迹象。据该银行称，服装和耐用品制造商的销售额同比增长4%。</blockquote> Changes in profit margins tell a more important story, underscoring how a healthier economy is improving the earnings of the companies that were hurt most by the pandemic. A high portion of the costs of oil producers and manufacturers are fixed, so when revenues fall during a recession, profits fall harder than at other companies.<blockquote>利润率的变化讲述了一个更重要的故事，凸显了更健康的经济如何改善受疫情影响最严重的公司的盈利。石油生产商和制造商的大部分成本是固定的，因此当经济衰退期间收入下降时，利润下降得比其他公司更严重。</blockquote> Coming out of recessions, when revenues improve, profits rise significantly because costs are stable. Sales of materials producers are up 2% in aggregate, but earnings are up 17% because operating margins have increased by 14 percentage points.<blockquote>走出衰退后，当收入改善时，利润会大幅上升，因为成本稳定。材料生产商的销售额总体增长了2%，但盈利增长了17%，因为营业利润率增长了14个百分点。</blockquote> Stocks across many sectors have indeed risen, but earnings have not been the primary driver behind the breadth of the rally. TheInvesco S&amp;P 500 Equal Weight ETF(RSP), which weights each holding equally and reflects the degree to which all sectors are participating in the rally, is up more than 4.5% year to date. That beats the gain in the popular S&amp;P 500 index, which is weighted according to market capitalization—a sign the rally has been inclusive of many sectors. That is a reflection of a strengthening economy.<blockquote>许多行业的股票确实上涨，但盈利并不是涨势广泛背后的主要驱动力。景顺标普500等权重ETF(RSP)对每只持股进行同等权重，反映了所有行业参与反弹的程度，今年迄今已上涨超过4.5%。这超过了广受欢迎的标普500指数的涨幅，该指数根据市值加权——这表明涨势已涵盖许多行业。这反映了经济的强劲。</blockquote> Earlier in the profit-reporting season,most stocks were falling, with losses of 1% or more, even after companies reported strong earnings.Valuationswere high, reflecting expectations for strong results, so the actual results failed to provide much of a jolt.<blockquote>在财报季早些时候，即使公司公布了强劲的财报，大多数股票仍在下跌，跌幅仍达1%或更多。估值较高，反映了对强劲业绩的预期，因此实际业绩未能带来太大震动。</blockquote> In any case, strength in earnings won’t matter if the rollout of Covid-19 vaccines encounters big delays, because that would hurt the outlook for revenues. Stocks are trading more in response to positive vaccine news than on the fourth-quarter results.<blockquote>无论如何，如果Covid-19疫苗的推出遇到重大延误，盈利的强劲程度并不重要，因为这将损害收入前景。股市交易更多地是对积极的疫苗消息的反应，而不是对第四季度业绩的反应。</blockquote> The earnings still do matter, though. And if therollout of vaccinesdoesn’t run into new snags, EPS should rise quarter over quarter throughout the year.<blockquote>不过，收益仍然很重要。如果疫苗的推出没有遇到新的障碍，全年每股收益应该会逐季上升。</blockquote> Wall Street expects about $42 in aggregate per-share earnings for the S&amp;P 500 for the fourth quarter of 2020, while estimates for the current quarter are a tick below that, according to DataTrek. If earnings come in at $45 a share per quarter for 2021, the year’s result should be $180, about 2.8% higher than current estimates.<blockquote>DataTrek的数据显示，华尔街预计标普500 2020年第四季度每股收益总额约为42美元，而当前季度的预期略低于这一数字。如果2021年每季度每股收益为45美元，则全年业绩应为180美元，比当前预期高出约2.8%。</blockquote>","source":"lsy1601382232898","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 Grow for the First Time During the Pandemic. What That Means for Investors.<blockquote>疫情期间收入首次增长。这对投资者意味着什么。</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 Grow for the First Time During the Pandemic. What That Means for Investors.<blockquote>疫情期间收入首次增长。这对投资者意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-02-09 11:34\n\n</h4>\n</header>\n<article>\nCorporate earnings are increasing again, reflecting that the U.S. economy is more than on track for recovery.<blockquote>企业盈利再次增长，反映出美国经济已经走上复苏的轨道。</blockquote> Companies representing roughly three quarters of theS&amp;P 500’smarket capitalization have reported fourth-quarter earnings, according to Credit Suisse data. Combining actual results and analyst’s increases to their calls for profits of companies that haven’t yet reported, aggregate earnings per share for the index could rise 1.7% year over year, according to DataTrek.<blockquote>根据瑞士信贷的数据，约占标准普尔500指数市值四分之三的公司已经公布了第四季度收益。DataTrek的数据显示，结合实际业绩和分析师对尚未报告的公司利润评级的增长，该指数的每股收益总额可能同比增长1.7%。</blockquote> So far, the aggregate result is about 17% better than expected, Credit Suisse says. Sales are up about 1% and operating margins have expanded, creating the much improved bottom-line results.<blockquote>瑞士信贷表示，到目前为止，总体结果比预期高出约17%。销售额增长了约1%，营业利润率扩大，从而大大改善了盈利结果。</blockquote> Two points in the earnings results indicate an improving economy.<blockquote>盈利结果中的两点表明经济正在改善。</blockquote> Credit Suisse flagged the higher sales as a sign that consumers and businesses are spending more. Sales are up 4% year over year at makers of apparel and durable goods, according to the bank.<blockquote>瑞士信贷将销售额的增加视为消费者和企业支出增加的迹象。据该银行称，服装和耐用品制造商的销售额同比增长4%。</blockquote> Changes in profit margins tell a more important story, underscoring how a healthier economy is improving the earnings of the companies that were hurt most by the pandemic. A high portion of the costs of oil producers and manufacturers are fixed, so when revenues fall during a recession, profits fall harder than at other companies.<blockquote>利润率的变化讲述了一个更重要的故事，凸显了更健康的经济如何改善受疫情影响最严重的公司的盈利。石油生产商和制造商的大部分成本是固定的，因此当经济衰退期间收入下降时，利润下降得比其他公司更严重。</blockquote> Coming out of recessions, when revenues improve, profits rise significantly because costs are stable. Sales of materials producers are up 2% in aggregate, but earnings are up 17% because operating margins have increased by 14 percentage points.<blockquote>走出衰退后，当收入改善时，利润会大幅上升，因为成本稳定。材料生产商的销售额总体增长了2%，但盈利增长了17%，因为营业利润率增长了14个百分点。</blockquote> Stocks across many sectors have indeed risen, but earnings have not been the primary driver behind the breadth of the rally. TheInvesco S&amp;P 500 Equal Weight ETF(RSP), which weights each holding equally and reflects the degree to which all sectors are participating in the rally, is up more than 4.5% year to date. That beats the gain in the popular S&amp;P 500 index, which is weighted according to market capitalization—a sign the rally has been inclusive of many sectors. That is a reflection of a strengthening economy.<blockquote>许多行业的股票确实上涨，但盈利并不是涨势广泛背后的主要驱动力。景顺标普500等权重ETF(RSP)对每只持股进行同等权重，反映了所有行业参与反弹的程度，今年迄今已上涨超过4.5%。这超过了广受欢迎的标普500指数的涨幅，该指数根据市值加权——这表明涨势已涵盖许多行业。这反映了经济的强劲。</blockquote> Earlier in the profit-reporting season,most stocks were falling, with losses of 1% or more, even after companies reported strong earnings.Valuationswere high, reflecting expectations for strong results, so the actual results failed to provide much of a jolt.<blockquote>在财报季早些时候，即使公司公布了强劲的财报，大多数股票仍在下跌，跌幅仍达1%或更多。估值较高，反映了对强劲业绩的预期，因此实际业绩未能带来太大震动。</blockquote> In any case, strength in earnings won’t matter if the rollout of Covid-19 vaccines encounters big delays, because that would hurt the outlook for revenues. Stocks are trading more in response to positive vaccine news than on the fourth-quarter results.<blockquote>无论如何，如果Covid-19疫苗的推出遇到重大延误，盈利的强劲程度并不重要，因为这将损害收入前景。股市交易更多地是对积极的疫苗消息的反应，而不是对第四季度业绩的反应。</blockquote> The earnings still do matter, though. And if therollout of vaccinesdoesn’t run into new snags, EPS should rise quarter over quarter throughout the year.<blockquote>不过，收益仍然很重要。如果疫苗的推出没有遇到新的障碍，全年每股收益应该会逐季上升。</blockquote> Wall Street expects about $42 in aggregate per-share earnings for the S&amp;P 500 for the fourth quarter of 2020, while estimates for the current quarter are a tick below that, according to DataTrek. If earnings come in at $45 a share per quarter for 2021, the year’s result should be $180, about 2.8% higher than current estimates.<blockquote>DataTrek的数据显示，华尔街预计标普500 2020年第四季度每股收益总额约为42美元，而当前季度的预期略低于这一数字。如果2021年每季度每股收益为45美元，则全年业绩应为180美元，比当前预期高出约2.8%。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/earnings-are-growing-again-what-it-means-for-investors-51612817803?mod=hp_LEAD_1_B_2\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/earnings-are-growing-again-what-it-means-for-investors-51612817803?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142108333","content_text":"Corporate earnings are increasing again, reflecting that the U.S. economy is more than on track for recovery.\nCompanies representing roughly three quarters of theS&P 500’smarket capitalization have reported fourth-quarter earnings, according to Credit Suisse data. Combining actual results and analyst’s increases to their calls for profits of companies that haven’t yet reported, aggregate earnings per share for the index could rise 1.7% year over year, according to DataTrek.\nSo far, the aggregate result is about 17% better than expected, Credit Suisse says. Sales are up about 1% and operating margins have expanded, creating the much improved bottom-line results.\nTwo points in the earnings results indicate an improving economy.\nCredit Suisse flagged the higher sales as a sign that consumers and businesses are spending more. Sales are up 4% year over year at makers of apparel and durable goods, according to the bank.\nChanges in profit margins tell a more important story, underscoring how a healthier economy is improving the earnings of the companies that were hurt most by the pandemic. A high portion of the costs of oil producers and manufacturers are fixed, so when revenues fall during a recession, profits fall harder than at other companies.\nComing out of recessions, when revenues improve, profits rise significantly because costs are stable. Sales of materials producers are up 2% in aggregate, but earnings are up 17% because operating margins have increased by 14 percentage points.\nStocks across many sectors have indeed risen, but earnings have not been the primary driver behind the breadth of the rally. TheInvesco S&P 500 Equal Weight ETF(RSP), which weights each holding equally and reflects the degree to which all sectors are participating in the rally, is up more than 4.5% year to date. That beats the gain in the popular S&P 500 index, which is weighted according to market capitalization—a sign the rally has been inclusive of many sectors. That is a reflection of a strengthening economy.\nEarlier in the profit-reporting season,most stocks were falling, with losses of 1% or more, even after companies reported strong earnings.Valuationswere high, reflecting expectations for strong results, so the actual results failed to provide much of a jolt.\nIn any case, strength in earnings won’t matter if the rollout of Covid-19 vaccines encounters big delays, because that would hurt the outlook for revenues. Stocks are trading more in response to positive vaccine news than on the fourth-quarter results.\nThe earnings still do matter, though. And if therollout of vaccinesdoesn’t run into new snags, EPS should rise quarter over quarter throughout the year.\nWall Street expects about $42 in aggregate per-share earnings for the S&P 500 for the fourth quarter of 2020, while estimates for the current quarter are a tick below that, according to DataTrek. If earnings come in at $45 a share per quarter for 2021, the year’s result should be $180, about 2.8% higher than current estimates.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2946,"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}