Factset

December 23, 2019
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – Uptick in Infrastructure Spending Looms

Investors who bought into the infrastructure theme previously have been disappointed. Despite the growing need for infrastructure investment, most related stocks have lagged the broader indices. The S&P Materials Sector, which represents chemicals, composite, aggregates, and metals and mining comp...

December 17, 2019
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – Trade Deal and an Earnings Driven Market

Our CJL Rule of 20 tells us that the sum of the forward P/E multiple on the S&P 500 added to the annual CPI core inflation rate should equal about 20. The current reading is 20.1, which sounds about right. Therefore, for stocks to move higher without violating the Rule, the “E” portion of the ...

November 11, 2019
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – Technology Sector Supports Higher S&P 500 Profit Margins

Technology sector constituents are eating their own cooking, helping to increase productivity and expand margins of their customers, but doing so in-house as well. The sector accounts for the largest weight within the S&P 500 Index so its strength gives support to the broader index’s margin expan...

April 29, 2019
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – U.S. Capital Spending Growth Looks Poised to Reaccelerate

S&P 500 Index capex declined in both 2015 and 2016 suggesting that, if history repeats, 2017 through 2022 should be expansion years. Flush corporate balance sheets, combined with aged equipment fleets and trends towards cloud computing, 5G network transformation, and manufacturing automation should...

February 11, 2019
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – Bond Market and Stock Analysts in Sync on Slower Growth

The bond market and stock analysts are anticipating slow growth in the year ahead. But the market is starting to give signals that earnings growth expectations are bottoming. Companies with limited overseas sales exposure are expected to grow much faster than those with considerable foreign sales ...

January 7, 2019
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – Stock Price-to-Earnings Ratios May Have Bottomed

The daily whipsaw of the stock market is challenging the convictions of both bulls and bears. 3% intraday moves in index prices have become the norm and the CBOE Volatility Index (VIX) has not closed below 15 since early October. Investor concerns mostly center around the depth of a prospective glob...

December 3, 2018
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – Earnings on Watch

Despite growing consensus expectations of both slowing international trade and global growth, company analysts have not dramatically ratcheted back their 2019 sales and earnings growth forecasts and are therefore unlikely to raise them if a deal is consummated. ...

November 26, 2018
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – Checking the Pulse of the Freight Economy

The shift in economic and market sentiment during the past few weeks has been palpable. The once synchronized global growth chorus has subsided and has been replaced with a negative refrain of global growth deceleration. ...

August 13, 2018
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly Market Comment – S&P 500 Companies Beat High 2Q18 Expectations

Second quarter earnings growth is now on track for the highest level achieved since the third quarter of 2010. According to data from FactSet, over 79% of reporting companies delivered positive earnings surprises in 2Q18, which is the highest positive surprise result since they began tracking the d...

January 2, 2018
Blog , The Portfolio Strategist - Terry Gardner
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C.J. Lawrence Weekly – 2017 Scoreboard Highlights Consistent Technology Leadership

When we wrote the year-end market summary last year, we noted the high level of sector rotation that took place on a quarterly basis throughout 2016. In 2017, leadership was instead remarkably consistent. Of the major S&P 500 sectors, Technology led all others in three out of four quarters and finis...

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