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"Beyond multiple expansions driven by liquidity, sales and earnings drive stocks.*Of the two, sales are most important for determining economic conditions. Earnings can be massaged any number of ways. However, sales cannot. Either the money came in the door or it did not.*Unfortunately for the bulls, sales are falling.*1Q15 sales came in 2.4% below 1Q14. And the trend has not improved since that time.*General Electric (GE), JP Morgan (JPM), Microsoft (MSFT), IBM (IBM), Citigroup (C), Johnson & Johnson (JNJ), Intel (INTC), Coke (KO), Oracle (ORCL), Honeywell (HON), Goldman Sachs (GS), and American Express (AXP) have all reported a decline in Year Over Year sales for the second quarter of 2015.*These companies are not unique. Across the board S&P 500 companies are posting a 4% drop in revenues."
"Beyond multiple expansions driven by liquidity, sales and earnings drive stocks.*Of the two, sales are most important for determining economic conditions. Earnings can be massaged any number of ways. However, sales cannot. Either the money came in the door or it did not.*Unfortunately for the bulls, sales are falling.*1Q15 sales came in 2.4% below 1Q14. And the trend has not improved since that time.*General Electric (GE), JP Morgan (JPM), Microsoft (MSFT), IBM (IBM), Citigroup (C), Johnson & Johnson (JNJ), Intel (INTC), Coke (KO), Oracle (ORCL), Honeywell (HON), Goldman Sachs (GS), and American Express (AXP) have all reported a decline in Year Over Year sales for the second quarter of 2015.*These companies are not unique. Across the board S&P 500 companies are posting a 4% drop in revenues."
[text] Both Sales and Earnings Are Rolling Over With Stocks Near All-Time Highs | Zero Hedge
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