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Earnings Season update with Peter Garnry
Ten of the largest US banks have reported so far this earnings season and, despite the weak trading quarter, all the banks surprised to the upside, especially the commercial banks. The revenue aggregate is down around two percent, which was a bit better than expected. Most of the share prices had a positive return on the day of their earnings release; yet more signals that the US economy is strengthening
For the companies that have reported this week we’ve seen profit margin expansion. Three out of four of the reporting companies have exceeded earnings seasons expectations and we’ve seen revenue growth at around seven percent. Operating profit has also grown faster than revenue.
The IT and energy sectors really stuck out. For example, Google shares went up three percent, as revenue grew faster than expected.
Peter Garnry, Saxo Bank's Head of Equity Strategy, says Facebook presents a good buying opportunity. Facebook looks strong as the company’s margins expand. Peter Garnry also likes the look of Akamai Technologies and Autodesk.
02:39 minutes
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