US stocks than-expected corporate four seasons but failed to get a boost why the share price?


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Tencent securities FRANCISCO March 22 evening news, according to US financial website MarketWatch reported financial information suppliers to FactSet senior earnings analyst John Butters (JohnButters) said, for stocks of listed companies, the results exceeded Wall Street analysts teacher expectations, and the company's share price rose therefore, it is that they each quarter in the ultimate "game"。
But last month, investors are too heavy because the mind's sake, a listed company fails because the real results that exceeded expectations while being "rewarded"。
In the past five years, it results that exceeded Wall Street analysts expected US stocks listed companies, on average, after its share price prior to the earnings announcement issued two days to two days of trading between the cumulative increase of%。 But in the fourth quarter earnings season, the performance of listed companies than-expected share price has fallen by an average%。
Earlier, the market in mid-2017 second quarter also made a similar reaction, when the performance of listed companies than-expected share price fell by an average of%。 Butters recently released a research report that has been reported fourth-quarter earnings exceeded expectations and the performance of stocks listed companies, more than half the company's share price fell in the above time period, the average decline of 4%。
He added that, in some instances, the company's share price decline is very extreme, there are 13 better-than-expected company has ushered in a double-digit result fell。 "An example of this is the 13 companies in ChipotleMexicanGrill (NYSE: CMG)。
After the close of February 6, Chipotle announced reported earnings of its adjusted earnings per share of $, compared with Wall Street analysts on average expected $。 However, between February 2 to February 8, the stock price has fallen% (dollar fell from US $)。
"Butters wrote in the report。 While this may seem like a market-than-expected performance of listed companies were "punished", but not due to the first quarter of 2018 the company made its own or forward-looking guidance or annual analyst revised the outlook。
"The average share price decline is likely due to the market valuation in January at a high level, and then the stock market fell in early February。 "Butters wrote in the report。
According to FactSet data, P 500 peaked at the end of 2, the high point of contact, on average 12 times expected earnings achieved, much higher than the 10-year and 20-year average of the average。
Butters said that despite the high number of expected fourth-quarter earnings that topped Wall Street listed companies, and the expected performance of a large scale, but "may be reluctant to push its market valuation to rise further."。
After the encounter selling, the S & P 500 index has recovered more than two-thirds of the decline in the callback period, so as to promote price-earnings ratio of 17 times, still higher than the long-term average。
Butters main point is that a higher valuation has made it more difficult for the market to reward sound fundamentals in the short term, is now the driving force of the stock market sentiment, and the market sentiment may be in line with fundamentals, but may also will not。 (nebula)。

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