Charlie Grant
speaker
422 appearances
10 recordings
1 series
first heard Jul 2017
last heard Apr 2024
Charlie Grant’s voice in public audio — every appearance, attributed to the second.
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Appearances
Thanks for having me.
Take care.
It's been a great earnings season by most measures.
About 80% of companies have hit analyst estimates for earnings per share or beaten them.
And on average, those companies are reporting earnings growth north of 20%, which sounds great, right?
Yeah, exactly.
The thing, though, is that the S&P 500 is basically flat so far this year.
So all this good news in aggregate is doing absolutely nothing to push stocks higher.
Yeah.
Well, I mean, the way I would look at it is that the investors have been paid in advance for this quarter already.
So when tax reform was passed.
Investors expected a big bump in earnings, and we've seen that in the first quarter since the new tax law took effect.
All that is great.
As you'll recall, the stock market was surging all through last year.
I think what you're seeing is stock prices having already anticipated this news.
Right now, that good news has pushed stocks up as far as they'll go.
Well, you know, lowering your tax rate to grow earnings, you know, you can sell more stuff, you can cut expenses or you can keep more of your pre-tax earnings and turn that into after-tax income.
And when your tax rates are as low as we're starting to see, like Alphabet booked an 11% effective tax rate, Google's parent.
It was 20% a year ago.
AbbVie booked a tax rate of just 7% in this quarter.
Showing 281–300 of 422 · page 15 of 22
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