Kimberly-Clark's Earnings Remind Investors that Inflation and Supply Chain Issues are Still a Major Theme
Kimberly-Clark's Earnings Remind Investors that Inflation and Supply Chain Issues are Still a Major Theme
This week is a big one for earnings, not just because of the big names reporting but because of the large number of earnings announcements. Investors can expect the themes of higher costs and supply chain issues to continue.
本週是財報大豐收的一週，不僅是因為大牌公司發佈了財報，還因為有大量財報發佈。投資者可以預計，成本上升和供應鏈問題的主題將繼續下去。
According to data from FactSet, 23% of companies in the S&P 500 have reported their third-quarter earnings and 84% of them have beat Wall Street expectations. Earnings for the S&P 500 companies are on pace to grow more than 32% in the third quarter.
根據FactSet的數據，標準普爾500指數成份股公司中有23%的公司已經公佈了第三季度收益，其中84%的公司業績好於華爾街的預期。標準普爾500指數成份股公司第三季度的收益有望增長32%以上。
Kimberly-Clark (NYSE:KMB) is down nearly 3% in premarket trading after missing on earnings estimates and lowering its remaining 2021 outlook. In a statement by the company, cost issues were perpetrated specifically by “significant inflation and supply chain” disruptions.
金佰利(紐約證券交易所股票代碼：KMB)在盤前交易中下跌近3%，此前該公司未能實現盈利預期，並下調了2021年剩餘的預期。在該公司的一份聲明中，成本問題具體是由“嚴重的通脹和供應鏈”中斷造成的。
Outside of the earnings news, Pinterest (NYSE:PINS) fell nearly 15% before the bell after PayPal (NASDAQ:PYPL) reported that it isn’t interesting “at this time” in acquiring the company. PayPal is up more than 5% on the news.
在財報消息之外，帕利(紐約證券交易所股票代碼：PINS)開盤後下跌近15%貝寶新浪納斯達克(Temasek Holdings：Sequoia Capital)報道稱，目前對收購該公司並不感興趣。消息傳出後，貝寶股價上漲超過5%。
Bloomberg reported this morning that whistleblower documents reveal that Facebook (NASDAQ:FB) is losing ground with teenagers and young adults. The stock was down 1% in premarket trade. Facebook is one of the S&P 500’s mega-cap tech stocks that report earnings this week. Facebook, Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Apple (NASDAQ:APPL), and Amazon.com (NASDAQ:AMZN) have a combined market capitalization that makes up about 25% of the S&P 500. So, these earnings announcements can be market moving.
彭博社今天上午報道稱，舉報人的文件顯示Facebook納斯達克(Youku Tudou：FB)在青少年和年輕人中的市場份額正在下降。在盤前交易中，該股下跌了1%。Facebook是本週公佈財報的標準普爾500指數成份股中的巨型科技股之一。臉書，微軟(納斯達克：MSFT)，Alphabet(納斯達克：谷歌)，蘋果(納斯達克：APPL)，以及Amazon.com納斯達克(Sequoia Capital：AMZN)的總市值約佔標準普爾500指數的25%。因此，這些收益公告可能會影響市場。
Analysts at Citi (NYSE:C), downgraded Carnival Cruise (NYSE:CCL) to a “sell” rating. Analysts said that there was very little upside left for the company. The stock was down 1.3% in premarket trading.
分析師在花旗(紐約證券交易所股票代碼：C)，降級嘉年華郵輪(紐約證券交易所股票代碼：CCL)至“賣出”評級。分析人士表示，該公司幾乎沒有什麼上行空間。在盤前交易中，該股下跌了1.3%。
Former President Donald Trump’s new SPAC Digital World Acquisition (NASDAQ:DWAC) is up more than 12% before the open. The company that has yet to launch a product rallied 107% on Friday.
前總裁唐納德·特朗普的新空間收購數字世界納斯達克(Sequoia Capital：DWAC)開盤前上漲超過12%。這家尚未推出產品的公司上週五上漲了107%。
Last Week’s Sector Summary
上週的行業摘要
The S&P 500 (SPX) rose nearly 2% last week, led by stocks in the Consumer Discretionary/Cyclicals and Financials sectors. The S&P Consumer Discretionary Select Sector Index ($IXY) and the S&P Financial Select Sector Index ($IXM) both returned 3%. Zacks Equity Research pointed to Netflix (NFLX) as the star among the Consumer Discretionary sector. The stock has risen more than 3.7% on the week despite falling 2.17% after announcing better-than-expected earnings on Tuesday. Netflix is up nearly 16% year-to-date.
這個標準普爾500指數上週(SPX)上漲近2%，非必需消費品/週期類股和金融類股領漲。這個標普消費者可自由支配精選板塊指數($IXY)和標普金融精選板塊指數($IXM)兩家公司的回報率均為3%。扎克斯股票研究公司指出網飛(NFLX)是非必需消費品領域的明星。該股本週上漲逾3.7%，儘管在週二宣佈好於預期的收益後下跌了2.17%。今年到目前為止，Netflix上漲了近16%。
The Real Estate and Health Care sectors were the next best performers last week. The S&P Real Estate Select Sector Index ($IXRE) and S&P Health Care Select Sector Index ($IXV) returned 2.5% over the time frame. Anthem (NYSE:ANTM) and Abbott Labs (NYSE:ABT) were among the top health care stocks after reporting better-than-expected earnings. The stocks returned more than 10% and 8% respectively for the week.
房地產和醫療保健板塊是上週表現第二好的板塊。這個標普房地產 選擇扇區索引($IXRE)和標普醫療保健 選擇扇區索引($IXV)在這段時間內的回報率為2.5%。國歌(紐約證券交易所股票代碼：ANTM)和雅培實驗室(紐約證券交易所代碼：ABT)在公佈了好於預期的收益後，躋身於頂級醫療保健類股之列。這兩隻股票當週的回報率分別超過10%和8%。
Despite rising oil prices and a lot of momentum, energy stocks were a laggard last week along with stocks in the Industrials sector. The S&P Energy Select Sector Index ($IXE) rose only 0.43%, while the S&P Industrials Select Sector Index ($IXI) was only up 0.1%. While this could just be a consolidation period for the Energy sector after being the top performer for the last three- and six-month time periods, Industrials continue to remain among the lowest-performing sectors.
儘管油價上漲，勢頭強勁，但能源類股和工業類股上週表現落後。這個標普能源精選板塊指數(美元IXE)僅上漲0.43%，而標普工業類股精選板塊指數($IXI)僅上漲0.1%。雖然這可能只是能源板塊在過去三個月和六個月期間表現最好的整合期，但工業類股仍是表現最差的板塊之一。
CHART OF THE DAY: CHINESE DEVELOPMENTS. The Morningstar China Index ($MSCNUSDP—candlesticks) was outpacing the S&P 500 Index (SPX—pink) much of the last two years but has since slid backwards. Data source: ICE, S&P Dow Jones Indices. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.
每日圖表：中國的事態發展。晨星中國指數($MSCNUSDP-燭臺)在過去兩年的大部分時間裏都超過了標準普爾500指數(SPX-PINK)，但後來有所回落。數據來源：ICE，標普道瓊斯指數。圖表來源：ThinkkorSimm®平臺。僅供説明之用。過去的表現並不能保證未來的結果。
Comparative Shopping: The Consumer Discretionary sector can be hard to break down because it’s such a broad group with hundreds of stocks. On Thursday, Yardeni Research published its Performance 2021 S&P 500 Sectors and Industries report. When breaking down the industry groups in the Consumer Discretionary sector, the report found that specialty stores and general merchandise stores were among the top retail performers year-to-date.
比較購物：非必需消費品板塊可能很難細分，因為它是一個如此廣泛的羣體，擁有數百隻股票。週四，Yardeni研究公司發佈了《2021年標準普爾500指數行業表現報告》。在對非必需消費品行業進行細分時，報告發現，專賣店和百貨商店是今年迄今零售業表現最好的商店之一。
In the housing and automobile groups, retail automotive, retail home improvement, and manufacturing automotive was top. The short supply of vehicles and car parts has been an ongoing story throughout 2021, and with the semiconductor shortage, it’s likely these groups will continue to struggle to meet the high demand.
在住房和汽車集團中，零售汽車、零售家居裝修和製造汽車位居榜首。在整個2021年，汽車和汽車零部件的供應短缺一直是一個持續的問題，隨着半導體短缺，這些集團可能會繼續努力滿足高需求。
Finally, the hotels, resorts, and cruise lines group started rallying back in August. If COVID-19 cases continue to fall, consumers may be ready to leave the house and take a vacation. Airlines are already reporting large increases in bookings. After nearly two years of being cooped up, travelers may be ready to get out and see more of the world.
最後，酒店、度假村和郵輪集團在8月份開始反彈。如果新冠肺炎案例持續下降，消費者可能已經做好了出門度假的準備。航空公司的預訂量已經出現了大幅增長。在被關了近兩年後，旅行者可能已經準備好走出家門，看看更多的世界。
When Bigger Is Better: While all three major indices posted gains for the week, the Dow Jones Industrial Average ($DJI) finished at a record high. The Dow is made up of only 30 blue-chip stocks. A blue-chip stock is a company that is considered a reliable investment because it’s well-established, stable, and highly recognizable.
當越大越好：雖然三大股指本週均有所上漲，但道瓊斯工業平均指數($DJI)收盤創下歷史新高。道瓊斯指數僅由30只藍籌股組成。藍籌股是一家被認為是可靠投資的公司，因為它歷史悠久、穩定且具有很高的認知度。
While it could be debated which stocks in the index actually fit the blue-chip moniker, the index has benefited from some large companies reporting positive earnings. Tesla (NASDAQ:TSLA), Procter & Gamble (NYSE:PG), and American Express (NYSE:AXP) all beat analysts’ expectations this week, which helped boost performance.
雖然可能會對該指數中哪些股票真正符合藍籌股的稱謂進行辯論，但該指數已經受益於一些大公司公佈的積極收益。特斯拉(納斯達克代碼:TSLA)寶潔公司(紐約證券交易所代碼：PG)，以及美國運通(紐約證券交易所股票代碼：AXP)本週的表現都好於分析師的預期，這有助於提振業績。
So far, many Dow companies have been able to absorb the rising costs and supply chain issues. This is a benefit of being big. Conversely, small-cap companies often have less leeway when it comes to absorbing costs. If inflation continues to rise, larger companies such as the Dow components could benefit.
到目前為止，許多道指公司已經能夠消化不斷上升的成本和供應鏈問題。這是做大的好處。相反，小盤股公司在吸收成本方面的迴旋餘地往往較小。如果通脹繼續上升，道瓊斯指數成份股等較大的公司可能會受益。
Strong Dollar Supporting Small Caps: The Russell 2000 (RUT) is a small-cap stock index. For nearly an entire year, the index has been oscillating in a sideways trend. Recently, strength among large- and mega-cap stocks has drawn investors’ attention. However, small-cap stocks have yet to sell-off. One reason for the strength in this group is the strong U.S. dollar.
強勢美元支撐小盤股：這個羅素2000(RUT)是一隻小盤股指數。近一年來，該指數一直在橫盤震盪。最近，大盤股和巨型股的強勢吸引了投資者的注意。然而，小盤股尚未遭到拋售。這一羣體走強的原因之一是強勢的美元。
A stronger dollar often benefits small caps because they tend to be less dependent on overseas sales. Large multinational companies usually find a strong dollar makes their products more expensive for foreign consumers, which often results in fewer sales. Since finding a bottom in June, the dollar has risen against a basket of currencies. Rising interest rates help strengthen the dollar.
美元走強往往有利於小盤股，因為它們對海外銷售的依賴程度往往較低。大型跨國公司通常會發現，強勢美元會讓他們的產品對外國消費者來説更昂貴，這往往會導致銷售額下降。自6月份觸底以來，美元對一籃子貨幣的匯率一直在上升。利率上升幫助美元走強。
Small caps are in a strange situation because the stronger dollar helps them, but interest rates are rising because of inflation and small-cap stocks have more trouble absorbing the higher costs that come with inflation. So, for this group, it’s no small predicament.
小盤股處於一種奇怪的境地，因為美元走強對它們有幫助，但由於通脹，利率正在上升，而小盤股更難吸收通脹帶來的更高成本。因此，對於這個羣體來説，這是一個不小的困境。
TD Ameritrade® commentary for educational purposes only. Member SIPC.
TD ameritrade®評論僅用於教育目的。成員SIPC。
Image Sourced from Pixabay
圖片來源：Pixabay
譯文內容由第三人軟體翻譯。