US Stocks Wind Up Mixed As Retailers Rise, Health Care Dips

This is source I found from another site, main source you can find in last paragraph

With reporting season in the final stretch, Deutsche Bank's strategists highlight

seven trends thus far:

1. Earnings fairly good vs expectations, but the

market has lagged. The beat/miss ratio for June half profits is 49%, which is a touch below the four-year average. More impressively, DB has upgraded FY17 earnings forecasts for 50% of companies, well above the average of 43%. Yet the Australian market has underperformed global peers this month. This may reflect a realisation that (1) Australia's

P/E is a little high; (2) while earnings aren't being cut a lot, expected

growth isn't that great.

2. A

good month for resources and service providers. Lower capex, ongoing cost cuts and firmer commodity prices are helping. This has resulted in net profit upgrades, and ~5% share price outperformance.


Housing exposed companies continue to report robust profit growth, with upgrades to forecasts in general. Consumer trends are mixed. Retailers with housing leverage have done well, but most REITs have reported a slow-down in specialty store sales growth in the June half. Further, logistics companies continue to struggle.

4. The data actually says

daily stock price moves have been quite low relative to the past couple of years. This holds across both large and small caps, and may reflect a

lack of conviction on what areas to move into.

5. V

alue has beaten growth in August so far, with some cheap names running (ANN, DOW, WOR, CPU, LLC). On the other hand, some high PE stocks have suffered (BKL, MPL, REA, CSL). Watch this space.

6. A

bad half for earnings – falls across the major sectors. Market earnings growth remains in negative territory (June half -6% yoy). But now it's not only resources dragging down the aggregate.

Bank earnings are down on higher bad debts and softer non-interest income. And industrials profits are also lower (-3%). If there's one bright spot, it's that

cyclical industrial profits are still up, and have seen upgrades this month. Unusually,

defensives have been a key drag (eg, WOW, QBE, TLS). Among cyclicals, offshore plays are the stand-outs, domestic cyclicals are okay, while earnings are falling for companies with financial market and resources exposure.

7. Most companies have reported full year 2016 results, and that can mask large differences in the first half/second half pace of growth.

Profit growth slowed through FY16 for a range of companies, including: TWE, ORG, SEK, BLD & AGL.

This is source I found from another site, main source you can find in last paragraph

Source :



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