Jon Sindreu
speaker
150 appearances
3 recordings
1 series
first heard Aug 2017
last heard Jan 2025
Jon Sindreu’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · We Cheer Companies' Earnings, but Punish Their Stocks · 3 Aug 2017
podcast
Generally, there are
seems to be sort of a fairly stable correlation with sort of positive earning seasons and, you know, individual stocks doing well because they surprise on the upside, without saying that this can't happen on occasion, that, you know, sort of overall the stock market's going up and the individual stock seems to disappoint for some reason.
So we have data up to last Friday.
This is compiled by a bespoke investment group, even though Morgan Stanley recently sort of issued a similar, a bit less granular report, but also looking at the same thing and the number was similar.
And it's 0.78% is the average fall on the day that a company reports its second quarter results.
The reason for it being that the companies that beat expectations on average are rewarded only with a 0.38% share rise.
If you disappoint, you're punished very severely, and you can see your stock fall 3.43%.
So it is sort of a very asymmetrical market in which missing is very severely punished.
But if you do well, you don't seem to get that much of a kick out of it.
Yes, yes.
It's sort of a funny quirk of the market that, you know, you might miss.
But I think we were all getting the impression that everybody was very optimistic.
And yet, while you were monitoring the specific stock that was reporting on that day, or the list of stocks that you knew that were reporting on the day, you didn't see that much of an optimism.
Here, we were writing a lot of stories saying, well, Company X, I'm thinking, I don't know, banks like JP Morgan or Deutsche Bank, or today it was Standard Chartered.
They beat expectations on profit, but their stock fell and closed down 3%.
It's been sort of a feature of the Zerning season, which doesn't detract from the fact that, overall, the profit picture is very positive, but it does raise some questions about why it's happening.
Yes, yes.
And some analysts were saying this is the explanation for why the individual stocks are a bit more maligned than the market overall.
They were saying, well, we're all aware, all the investors are aware that valuations are a bit expensive, stocks are a bit expensive, and therefore...
this is just a sign of caution.
Showing 121–140 of 150 · page 7 of 8
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