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What Peter Garnry is learning from earning season
Peter Garnry, Saxo Bank's Head of Equity Strategy, analyses the US earnings season so far and says 75% of results have been positive and around half of companies reporting earnings have seen a surprise in profits.
Peter picks out the utility sector as a good performer despite his own model giving it a neutral rating.
When it comes to individual stocks, Peter picks out Michael Kors, the US lifestyle apparel designer, Michael Kors stock rose 20% on earnings results. However, Peter warns that the P/E ratio is 25 times next year's projected earnings which he believes is too high.
On Internet stocks Peter has described the slump as a "mini crash" with Twitter stock down 47% since December 2013 and Amazon down 25% seince January this year.
03:03 minutes
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