“President Trump made a bold claim on Aug. 1, using Twitter to quote Fox Business host Stuart Varney: ”Corporations have NEVER made as much money as they are making now.’ Thank you Stuart Varney @foxandfriends. Jobs are starting to roar, watch!'” Philip Van Doorn writes for MarketWatch. “The S&P 500 Index trades for 18.8 times aggregate consensus earnings estimates for the current year, the highest it’s been in this eight-year bull market. So to support stock prices at this stage of the cycle, companies had better be on pace to set record earnings
“The good news for investors is that it appears Varney and Trump are correct. S&P 500 companies are expected by analysts to earn a record $131.67 a share in 2017, an increase of 10.3%, according to FactSet,” Van Doorn writes. “And analysts forecast earnings growth of 11.1% for 2018 and 9.5% for 2019.”
"Corporations have NEVER made as much money as they are making now." Thank you Stuart Varney @foxandfriends Jobs are starting to roar,watch!
— Donald J. Trump (@realDonaldTrump) August 1, 2017
“Apple Inc. didn’t set an earnings record when it released fiscal third-quarter results on Aug. 1, but it beat analysts’ expectations and contributed to the overall earnings record that Trump has been crowing about. Earnings were up 12% to $8.72 billion, and earnings per share jumped 18% to $1.67,” Van Doorn writes. “We have put together a list of the 20 S&P 500 companies that have done two things: 1. increased sales per share the most over the past 12 reported months through Aug. 1; 2. improved gross profit margins…”
Read more in the full article here.
MacDailyNews Take: A rising tide lifts all boats.
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Apple beats Street – August 1, 2017