S&P 500/400/600 Weekly Fundamentals

  • Pdf File 604.48KByte

´╗┐Stock Market Briefing: S&P 500/400/600

Weekly Fundamentals

Yardeni Research, Inc.

December 4, 2019

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Please visit our sites at blog.

thinking outside the box

Table Of Contents Table Of Contents

S&P 500/400/600 Annual Earnings

3

S&P 500/400/600 Annual Revenues

4

S&P 500/400/600 Annual Margins

5

S&P 500 Annual & Quarterly Earnings

6

S&P 400 Annual & Quarterly Earnings

7

S&P 600 Annual & Quarterly Earnings

8

S&P 500/400/600 2019 Quarterly Earnings

9

S&P 500/400/600 2019 Quarterly Y/Y Earnings Growth 10

S&P 500/400/600 Indexes & Forward Earnings

11

S&P 500/400/600 Forward Revenues & Margins

12

S&P 500/400/600 P/Es

13

S&P 500/400/600 P/Sales

14

S&P 500 Revenues, Earnings, & Margins

15

S&P 400 Revenues, Earnings, & Margins

16

S&P 600 Revenues, Earnings, & Margins

17

S&P 500/400/600 Blue Angels

18

S&P 500 Forward Revenues & Earnings

19-20

S&P 500/400/600 Annual Earnings Squiggles

21

S&P 500/400/600 Sectors Forward Earnings

22

December 4, 2019 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Earnings

Figure 1.

225

S&P 500 OPERATING EARNINGS PER SHARE 200 (consensus analysts' estimates in dollars, weekly, ratio scale)

175

Consensus Forecasts

150 Annual Earnings

125

Forward Earnings*

225

20 21

200

11/28

175

19 150

125

100

100

75

75

2019 2020 2021 Frwd

Nov 21 162.81 178.80 197.64 177.26 Nov 28 162.21 178.20 197.64 176.97

50

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

150

S&P 400

125

100 Consensus Forecasts

Annual Earnings

75

Forward Earnings*

150 20 21

125

19

11/28

100

75

50

50

2019 2020 2021 Frwd

Nov 21 105.82 118.94 131.65 117.68 Nov 28 105.84 118.81 131.29 117.81

25

25

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

85

S&P 600

70

55 Consensus Forecasts

85

20 21

70

19

11/28

55

Annual Earnings

40

40

Forward Earnings*

25

25

2019 2020 2021 Frwd

Nov 21 41.79 56.98 65.01 55.52 Nov 28 41.62 56.82 64.69 55.65



10

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

* Time-weighted average of consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.

Page 3 / December 4, 2019 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Revenues

Figure 2.

1600

S&P 500 REVENUES PER SHARE 1500 (consensus analysts estimates in dollars, weekly, ratio scale)

1400

1300

21

20

11/28

19

1600 1500 1400 1300

1200

1200

1100

Consensus Forecasts

1100

Annual Revenues

Forward Revenues*

1000

1000

900

900

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

1800

S&P 400

1600

1400

21

20 19

11/28

1800 1600 1400

1200

1200

1000

1000

Consensus Forecasts

800

Annual Revenues

800

Forward Revenues*

600

600

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

1225

S&P 600

1100

975

850

21 11/28 20 19

1225 1100 975 850

725

725

600

600

Consensus Forecasts

475

Annual Revenues

475

Forward Revenues*



350

350

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

* Time-weighted average of consensus revenue estimates for current and next year. Source: I/B/E/S data by Refinitiv.

Page 4 / December 4, 2019 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500/400/600 Annual Margins

Figure 3.

14

S&P 500 PROFIT MARGIN 13 (using analysts average earnings and sales forecasts, percent)

14

20

21

13

12

19

11/28

12

11

11

10

10

9

Consensus Forecasts

9

8

Annual Margins

8

Forward Margins* (12.0)

7

7

6

6

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

9

S&P 400

9 20

8

8

21

19

7

11/28

7

6

6

Consensus Forecasts

Annual Margins

5

Forward Margins* (7.0)

5

4

4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

7

7

S&P 600

21

6

6

19 20

5

5

11/28

Consensus Forecasts

Annual Margins

4

4

Forward Margins* (4.9)

3 2006 2007 2008 2009 2010 2011 2012 2013 2014

* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv and Standard & Poor's.

2015

2016

2017

2018

2019

3

2020 2021

Page 5 / December 4, 2019 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



S&P 500 Annual & Quarterly Earnings

Figure 4.

225

S&P 500 OPERATING EARNINGS PER SHARE 200 (analysts' consensus estimates, dollars, weekly, ratio scale)

225

20 21

200

175

Consensus Forecasts

Annual

150

Forward*

11/28

175

19 150

125

125

100

100

75

75

2019 2020 2021 Frwd

Nov 21 162.81 178.80 197.64 177.26

Nov 28 162.21 178.20 197.64 176.97



50

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

* Time-weighted average of consensus estimates for current year and next year. Source: I/B/E/S data by Refinitiv.

Figure 5.

50

50

S&P 500 OPERATING EARNINGS PER SHARE: QUARTERLY FORECASTS 2019

(analysts' consensus estimates, dollars, weekly)

48

2019 By Quarter as of 11/28/19

48

Q3

Q4

Nov 21 42.35 41.03

46

Nov 28 42.24 40.81

46

44

44

42

Q3

42

Q2 Q4

40

40

Q1

38

38



36

36

I

II

III

IV

I

II

III

IV

I

II

2018

2019

2020

Source: I/B/E/S data by Refinitiv.

Page 6 / December 4, 2019 / S&P 500/400/600 Weekly Fundamentals

Yardeni Research, Inc.



................
................

Online Preview   Download