A Better Overall Tone, But Key Challenges Remain
By Lori Calvasina
Published July 26, 2021 | 7 min listen
This week in the podcast we take a look at what we learned in the second full week of 2Q21 reporting season. Three big things you need to know: First, the overall tone from management teams improved in week 2 relative to week 1, with a focus on the strong demand and cash deployment backdrop, increased confidence on the 2nd half, and COVID concerns toned down. Second, while we generally sensed a better tone regarding the ability of companies to manage through margin pressures, we also came away with the impression that management teams are inclined to see general inflationary and supply chain pressures as enduring for a bit longer. Third, while upward earnings revisions are still happening, we continue to see a softening in earnings sentiment driven by deterioration in Financials, Consumer Staples, Health Care, and Utilities specifically and Value, Defensives, and Cyclicals more broadly.
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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