US companies leap over low profit hurdle in coronavirus-hit quarter

first_imgThe latest big boost to numbers came late last week, when results from Facebook and trillion-dollar market value companies Apple, and Google parent Alphabet surpassed forecasts.In many cases, estimates had been lowered so much ahead of earnings season that they were easier to beat, strategists said. Still, the results bolster the case for investors betting that the impact of coronavirus-led lockdowns and layoffs on companies’ bottom lines may not be quite as dire as previously believed.“What it’s saying is there are pockets of absolute strength in corporate America,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.Tech results in particular suggest “there is spending going on globally,” she said. A record high percentage of United States companies are beating analysts’ forecasts this earnings season, giving investors a glimmer of hope in what is still expected to be the slowest profit period since the financial crisis.More than halfway through second-quarter earnings, 82.1 percent of companies reporting have surpassed profit expectations, which would be the highest in the history of Refinitiv IBES data going back to 1994.What’s more, the size of the beats is well above what is typical. S&P 500 companies have beaten earnings expectations by a whopping 21.7 percent, also set to be the highest on record since 1994, based on Refinitiv’s data as of Friday. The S&P 500 is up nearly 4 percent since results began in mid-July, putting it 3.4 percent from its February record closing high.To be sure, the pace of the market’s rebound off the March lows has slowed in recent weeks, with earnings coming in as the United States sees a resurgence in virus cases in many areas and economic numbers remain bleak.Second-quarter S&P 500 earnings – expected to have dropped 33.8 percent from a year ago – are still set to be the low point for earnings this year and the biggest quarterly decline since the financial crisis.Data on Thursday showed jobless claims rose last week, while the economy took its biggest hit on record in the second quarter.Strategists at BofA Global Research wrote in a recent note that while margins are “tracking a hair above expectations,” they are still expected to collapse and comments from companies suggest more job cuts ahead.Still, some companies have managed better-than-expected results for the second quarter.Investors have been particularly keen to hear from technology companies, the most heavily weighted sector in S&P 500 earnings.With results in so far from 36 of the 71 tech companies in the S&P 500, second-quarter earnings for the S&P 500 tech sector now are seen growing 1.4 percent from a year ago versus an 8 percent decline estimated on July 1, Refinitiv’s data shows.The S&P’s healthcare index has also seen big improvements since July 1, thanks to strong results from UnitedHealth Group, drugmakers like Pfizer and others. Analysts now expect healthcare earnings to have increased 1.1 percent compared with a 15.1 percent decline forecast at the start of July, according to Refinitiv.“The second quarter of 2020 was a quarter with more uncertainty in it than I have ever seen in my life. Managements for the most part suspended guidance, so had the world kind of flying blind as to what the second quarter would bring,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.And, “it’s brought results that are generally better than the worst imaginable. … Things are a little bit more positive than many people thought.”Topics :last_img read more

Ronaldo trains in back garden with son Cristiano Jr

first_img Loading… Cristiano Jr is also on the books at Juventus and is proving to be quite the talent.Cristiano Jr, 9, is also on the books at JuventusAs of the end of last season, the youngster had scored an incredible 58 goals in just 28 games for the Under-9s.At that time it was DOUBLE the amount his famous father had managed for the senior team.The pair were filmed doing a drill in the back gardenCristiano Sr will be hoping to add to this season’s tally of 25 when Serie A returns to action – possibly before the end of the month.The striker scored 58 goals in just 28 games for the Under-9s last season Cristiano Ronaldo has shared a heartwarming video of him working hard with his son, Cristiano Jr.Advertisement The Portuguese is unable to meet up with Juve team-mates as he is in two-week isolation after flying back from Madeira, where he had spent most of the lockdown.But with Serie A set to return to action – behind closed doors – in the coming weeks, the five-time Ballon d’Or winner showed he was hard at work.And while working on his own game, Cristiano Sr is also clearly passing on his infamous work ethic with his nine-year-old boy.On Instagram, where the video racked up more than 4million views in 30 minutes, he wrote: “Like father, like son Happiness above all.” Germany’s Bundesliga will return to action this weekend and Italian chiefs are confident they will follow soon after.Sports Minister Vincenzo Spadafora said earlier this week: “We will imminently learn the verdict of the scientific committee on the [Italian Football Federation] FIGC’s medical protocol.Ronaldo wrote: ‘Like father, like son. Happiness above all’Read Also: De Boer: Messi the big problem for Coutinho“We are also ready to propose guidelines to the committee for training sessions involving all team sports and guidelines to open up facilities, including gyms, swimming pools and dance halls, that will allow all those who work in sport to resume their activities.“Finally, we are also working with the Ministry for Education, for Equal Opportunities and Families to reopen sporting facilities, so we can guarantee a summer of sport for the youngest members of our society. So, one step at a time, sport will return. It’ll be stronger than ever.”FacebookTwitterWhatsAppEmail分享 The Juventus superstar, 35, is currently in the middle of a 14-day quarantine ahead of returning to senior training. Promoted ContentWho Is The Most Powerful Woman On Earth?A Hurricane Can Be As Powerful As 10 Atomic BombsMesmerizing Wedding Looks From Different Countries7 Of The Wealthiest Universities In The World7 Universities In The World Where Education Costs Too MuchLook Up At The Most Fascinated Ceilings In The WorldA Guy Turns Gray Walls And Simple Bricks Into Works Of ArtEver Thought Of Sleeping Next To Celebs? This Guy Will Show YouWhich Country Is The Most Romantic In The World?Portuguese Street Artist Creates Hyper-Realistic 3D Graffiti9 Facts You Should Know Before Getting A TattooIt Might Be Quentin Tarantino’s Last Movielast_img read more

IMCA Modifieds, Northern SportMods new at North Central Speedway in 2015

first_imgBRAINERD, Minn. – Saturday night race programs at North Central Speedway feature two IMCA sanctioned divisions beginning next season.Both the IMCA Xtreme Motor Sports Modifieds and Karl Chevrolet Northern SportMods join weekly shows at the 1/3-mile, D-shaped dirt speedplant near Brainerd.“What drew our attention to IMCA was the support they give, from the president on down, to their tracks. They want us to succeed,” said K.T. Torbert, promoter of the Cliff Sasker-owned venue for the past four years. “There’s definitely a different feel in sanctioning bodies. IMCA wants to work with us.” In all, seven classes of race cars will run Saturdays at Brainerd beginning on April 25. The point season continues through the Saturday and Sunday, Sept. 5 and 6 Mighty Axe special. “The IMCA Modifieds and Northern SportMods are divisions our drivers can easily transition to,” noted Torbert. “Everybody likes the Modifieds. They’re a thriller.”“SportMods give drivers the ability to move up and not break the bank,” she continued. “You don’t have to have a gazillion sponsors to do it.” Built in the mid-1950s, North Central Speedway boasts grandstand seating for 7,000, 31 enclosed suites, half of them with deck space, and a tailgating area on the backstretch. Modified points earned at NCS will figure toward Belleville Motorsports North Central Region standings.last_img read more