What We’ve Learned So Far In 2Q20 Reporting Season
By Lori Calvasina
Published August 6, 2020 | 5 min listen
In this edition, Lori discusses her takeaways from 2Q20 earnings season so far. She and her team recently did a deep dive into the trends in beats rates, forward-looking revisions, and commentary on earnings calls for the 63% of S&P 500 companies that had reported 2Q results as of Friday, July 31st. Three big things you need to know: (1) Similar to May and June economic data, 2Q earnings have been less bad than feared, but the reaction in the stock market has been very mixed – up until the big Tech results came in at the end of the month. (2) The rate of upward EPS estimate revisions (earnings sentiment) has continue to surge, but we are on guard for a peak before too long. (3) Among the major sectors, Consumer Staples and Tech have been positive standouts, while Energy and REITs have been negative standouts.
Lori Calvasina
Managing Director & Head of U.S. Equity Strategy, RBC Capital Markets
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.
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