60% of stocks in the MSCI World Index have experienced negative EPS revisions for the next fiscal year (FY1). Only two sectors, Financials and Information Technology, have at least half of their companies raising FY1 EPS estimates....
Breadth has improved somewhat in the market recently. During this latest burst higher over the past three weeks, the MSCI World has experienced an expansion in new highs across a variety of time frames....
Q: Which sector in the MSCI World Index has the highest percentage of companies paying a dividend? A: No, it’s not your ”bond proxy” sectors like Telecom or Utilities. No, it’s also not coming from the financial sector. The answer,surprisingly, is the Consumer Staples sector....
Across the MSCI World Index, the Industrials and Financials sectors are making the most new highs: By Region, the sectors making new highs varies only slightly from the World trend: Asia-Pacific Europe North America...
Generally speaking, about 50% of member companies are outperforming the MSCI World Index over any given time period. When we take a closer look at each region, however, we notice some interesting trends....
A random walk theorist would suggest that over a long enough period of time, the number of days the market ended higher should equal the number of days the market ended lower. Said differently, the percent of ”up days” should equal the percent of ”down...
Of the 30 factors that we track, Price to Earnings ratio had the highest correlation to the market in May followed closely correlation to the Euro and 1-month change in sales estimate. For the past year, Price to Book ratio has the highest correlation (0.94)....
We admit that our weekly review of market breadth, in which we observe the continuing deterioration in all types of indicators that monitor the internal behavior of the world stock market, is becoming a bit repetitive....
Yesterday we analyzed here aggregate capital spending on tangibles for non-financial constituent companies in the MSCI World Index (90% of global investible market cap)....
Over the past 31 days, volatility in the MSCI World, as measured by the standard deviation of the daily percent change in the index, has fallen to levels last seen in November 2006. The 252-day moving average (one year’s worth of trading days) has fallen...
One of the most widely publicized memes of this cycle has been the complete lack of investment by companies around the world. Confidence is still fragile and companies are not investing like they used to, so the logic goes. Well, a look at the data...
We noted earlier this month that the Energy sector was far outperforming the rest of the market for most of 2014. Over the past few weeks the rest of the market has closed the gap. QTD Energy is still atop the leaderboard (and in 2nd place YTD),...
It’s no secret that we’ve been concerned about the lack of new highs in individual stocks since at least the beginning of the year....
We frequently read about the ”cash mountain” that has piled up on corporate balance sheets since the global financial crisis. In many cases the level of cash is given as evidence that the the non-financial corporate sector is stronger now than ever before....
Telecom valuations seem to be either in the penthouse (as they are now and as they were in 2005-2007) or in the outhouse (as they were from 2001-2003 and 2008-2010). The charts below show the percent of Telecom stocks that are trading within 25% of...
