Financials Fumble, COVID Concerns Creep Back In
By Lori Calvasina
Published July 26, 2021 | 6 min listen
In this week’s episode, we take a look at what we learned from week 1 of 2Q21 reporting season. The two big things you need to know: (1) 2Q21 reporting season got off to a sour start, but it’s too early to gauge the overall tone, as last week’s reporters were mostly Financials, and their weak stock price reactions, stand in contrast to the more positive reactions seen by the early reporters. (2) COVID discussions haven’t disappeared from management commentary which have highlighted ongoing vigilance on the Delta variant. This may contribute to additional pressure on the reflation trade in the near term, as the Large/Small, Growth/Value, and Secular/Cyclical trades have started to move in tandem with domestic case counts again.
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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