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As Retail Sales Are Expected to Rise, Online Sellers Could Be the Big Winners
by Tom West of Columbia Threadneedle Investments, 11/22/16

Consumer spending is expected to rise this holiday season, but the benefits won’t be evenly spread. Mainstream retailers, under pressure from Amazon and off-price stores, are shifting risk to brands.

Third-Quarter Earnings Report: Industrial Worries
by Tom West of Columbia Threadneedle Investments, 10/21/15
Lower energy prices are not a noticeable tailwind for industrial companies close to contraction in the North American energy sector. It is hard to picture enough good news this quarter to cause a significant change in sentiment for stocks in the industrial sector. The rest of this year may be tough in industrials, and 2016 may not be that great either, but I think we can avoid more dire scenarios.

Corporate Earnings Outlook: Why Are Expectations so Low?
by Tom West of Columbia Threadneedle Investments, 7/22/15
Corporate reporting for the second calendar quarter started last week with a lead group of early reporters. Looking forward to the body of earnings season, I think results are likely to be, on average, a bit soft. And despite valuations that are on the high side relative to history, it just doesn’t seem that expectations are that high. In many industries, investors seem willing to accept that better results are shimmering out in the future, provided management teams can make a good case for what they are doing to position the company for that future.

A Tepid Cyclical Lift
by Tom West of Columbia Management, 5/1/14
The S&P 500 Index should grow earnings by about 7% this year, while consensus estimates for the U.S. economy are for 2.5% real growth. One reason for the gap between the two numbers is that the constituent companies of the broad market have a more cyclical tilt than the economy itself, and could be expected to expand faster in a recovery. Fair enough. But are the cyclical drivers like investment and discretionary spending on track to deliver that cyclical boost to earnings? The answer is probably yes, but only if expectations are tempered.

Remember Earnings?
by Tom West of Columbia Management, 7/10/13
With the ebbing of the quantitative easing taper debate, can we go back to our regularly scheduled programming of earnings driving the stocks? If so, where do we stand? There are certainly some areas where we think estimates are a little high and some where they are too low. But in order to get a better picture of earnings expectations and what is priced in, we need to look at both the earnings and the PE (price-to-earnings) ratio the market has placed on those earnings.

Macroeconomic Risk? That's So 2012
by Tom West of Columbia Management, 2/12/13
Fourth quarter earnings are modestly beating expectations, albeit by less than the amount expectations were lowered during the quarter. And while every sector and industry is different, the market seemed to give companies (even with their cautious outlook for 2013) the benefit of the doubt they can manage through a tough demand environment. This may be based on a general belief that the risk of extreme events is dropping.
6 results found.