by Tyler Durden
Monday, Aug 02, 2021 - 07:20 PM
First the good news: according to Bank of America s earnings tracker, Q2 earnings season is already one of the strongest in history (as one would expect following trillions in fiscal and monetary stimulus and comping off the catastrophic Q2 of 2020 when covid shut down the economy), and following the busiest earnings week of 2Q, 296 S&P 500 companies (76% of index earnings) have reported. 2Q EPS is now tracking a 13% beat or $51.12, topping BofA s estimate of $50 or an 11% beat; and far above the historical average since the start of earnings season.
To avoid the skewed 2020 data and doing a two-year lookback, 2Q is now expected to be +83% YoY or +24% vs. 2Q19, vs. last quarter’s 25% 2-yr growth rate. Financials, Communication Services, and Consumer Discretionary led the EPS beat, while revenues are also coming in red hot and tracking a 3% beat, led by Energy.
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Monday, May 03, 2021 - 09:20 PM
Last week, when discussing the latest earnings call commentary, Bank of America said Buckle up! Inflation is here , and showed a chart of the number of mentions of “inflation” during earnings calls which exploded, more than tripling YoY per company so far, the and the biggest jump in history since BofA started keeping records in 2004.
Who knew that just one week later BofA would need a bigger chart. a much bigger chart.
As BofA s Savita Subramanian writes, after the third week of earnings. mentions of “inflation” have now quadrupled YoY; and after last week, mentions have jumped nearly 800% YoY!
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76% Rise In Stocks Since The March Low Is The 3rd Largest Jump In 100 Years. What Happens Next
by Tyler Durden
Friday, Apr 16, 2021 - 03:20 PM
For his weekly Flow Show report, BofA s Michael Hartnett picked a remarkable front cover chart, one showing that the
76% jump in US stocks from Mar’20 lows is now the 3rd largest YoY move in the past 100 years.
Among the factors making this possible was the return of the record stock market mania, which in the last week manifested itself in another round of huge inflows into stocks ($25.6bn) bonds, ($17.9bn), all funded by an even bigger ($47.3bn) outflow from of cash, the largest in 4 months. Among the flows to know according to Hartnett, there were strong inflows to IG bonds ($9.8bn) & EM equities ($5.1bn), plus tech inflows resume ($1.6bn);
by Tyler Durden
Monday, Apr 05, 2021 - 10:49 AM
Back in mid-December, when stocks were melting up furiously daily amid unprecedented retail euphoria, which would only get crazier and crazier until eventually it forced Citi to use a
bigger chart two months later to capture the market s retail euphoria.
.. we reported that Bank of America s first proprietary sell signal since February 2020 was triggered:
According to BofA., equity barbell strategies all the rage while (the few remaining) bears note cash levels fall to 4.0%,
triggering an FMS Cash Rule “sell signal”; The last time the sell signal was triggered was in February 2020 - everyone knows what happened next.