Who are Europe's GRANOLAS?
Novo Nordisk $NVO LVMH $LVMUY ASML $ASML Nestlé $NSRGY L'Oréal $LRLCY SAP $SAP Roche $RHHBY AstraZeneca $AZN Novartis $NVS Sanofi $SNY GSK $GSK Source: App Economy Insights
Semiconductor stocks have reached their highest valuation compared to the S&P 500, exceeding the levels seen during the dot-com bubble peak.
source : bloomberg
Stock Bubble mentions in the media are at 2-year highs but still well short of the meme-stock mania period in early 2021
source : bloomberg, barchart
Lowest Number of S&P 500 Companies Citing “ESG” on Earnings Calls Since Q2 2019
Through Document Search, FactSet searched for the term “ESG” in the conference call transcripts of all the S&P 500 companies that conducted earnings conference calls from December 15 through March 7. Of these companies, 29 cited the term “ESG” during their earnings calls for the fourth quarter. This number is below the 5-year average of 82 and below the 10-year average of 43. In fact, this is the lowest number of S&P 500 companies citing “ESG” on earnings calls going back to Q2 2019 (22). Since peaking at 155 in Q4 2021, the number of S&P 500 companies citing “ESG” on quarterly earnings calls has declined (quarter-over-quarter) in nine of the past ten quarters. At the sector level, the Financials (6), Utilities (5), and Health Care (4) sectors have the highest number of S&P 500 companies citing “ESG” on earnings calls for Q4. On the other hand, the Utilities (17%) and Energy (15%) sectors have the highest percentages of S&P 500 companies citing “ESG” on earnings calls for Q4. source : factset
Only 24% of S&P 500 members outperformed the index over the last year, the lowest % on record w/ data going back to 1994.
Source: Charlie Bilello
A tale of 2 markets
Source: The Economist, Bloomberg
What are the stocks favoured by retail investors?
$NVDA, $TSLA, $AMD, and $SMCI Source: Markets & Mayhem, Vanda Research
P/E expansion explains recent S&P 500 rally
Source: Goldman Sachs, TME
