Happy Monday. Good Luck out there this week.
Global Spotlight
Biden’s Asia-Pacific trip continues. U.S. President Joe Biden will arrive May 24 in Japan, where he is expected to provide details about the Indo-Pacific Economic Framework.
Turkey’s foreign minister visits Israel. Turkish Foreign Minister Mevlut Cavusoglu will lead a delegation of Turkish officials on a visit to Israel on May 25. The visit will focus on normalizing ties between the two countries after they lowered their respective levels of representation in 2018 following tensions over Israeli security forces’ killings of Palestinian civilians at a rally.
A Thai gubernatorial election. Bangkok on May 22 will hold its first gubernatorial election since before the 2014 coup that placed current Prime Minister Prayut Chan-ocha in power; the city of Pattaya will hold mayoral elections May 22.
Stratfor.com
Economic Calendar
Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.
Briefing.com
Last Weeks Numbers
Review Last weeks numbers here.
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- 22Q1 Y/Y earnings are expected to be 11.1%. Excluding the energy sector, the Y/Y earnings estimate is 5.0%.
- Of the 474 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.6% have reported earnings above analyst estimates. This compares to a long-term average of 66% and prior four quarter average of 83.1%.
- During the week of May 23, 15 S&P 500 companies are expected to report quarterly earnings.
Macro Market
SP 500 data: (all data sourced from IBES data by Refinitiv)
- The forward 4-quarter estimate this week slid $0.03 to $235.22 from last week’s $235.25;
- The PE ratio is 16.5x down from last week’s 17x and the start of the 2022’s 19x – 20x;
- The SP 500 earnings yield is 6.03% vs last week’s 5.85% and the start of the 2022’s 4.5% – 4.8%;
- The Q1 ’22 bottom-up estimate dropped $0.05 this week from $54.84 from $54.89;
If you find this post helpful, please pass along to the investment community. If you would like to see any additional information, drop us a line and let us know.
