Earnings & Valuation: S&P 500 Blue Angels

Earnings & Valuation:
S&P 500 Blue Angels
Yardeni Research, Inc.
April 14, 2015
Dr. Edward Yardeni
516-972-7683
eyardeni@yardeni.com
Joe Abbott
732-497-5306
jabbott@yardeni.com
Mali Quintana
480-664-1333
aquintana@yardeni.com
Please visit our sites at
www.yardeni.com
blog.yardeni.com
thinking outside the box
Table Of Contents
Table Of Contents
S&P 500 Blue Angels
April 14, 2015 / Earnings & Valuation: S&P 500 Blue Angels
1-6
Yardeni Research, Inc.
www.yardeni.com
S&P 500 Blue Angels
Figure 1.
2750
2500
2750
S&P 500, FORWARD EARNINGS, & VALUATION
(monthly)
x20
2500
2250
2250
Mar
2000
S&P 500
1750
S&P 500 Blue Angels
Implied Price Index*
2000
x15
1750
1500
1500
x25
1250
x10
1250
1000
1000
750
750
x5
500
500
250
250
yardeni.com
0
0
79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Figure 2.
2400
2400
S&P 500, FORWARD EARNINGS, & VALUATION
2200
2200
S&P 500
04/14/15
2000
x17
x16
S&P 500 Blue Angels
Implied Price Index*
04/09/15
1800
2000
x15
1800
x14
x13
1600
1600
x12
1400
1400
x11
x10
1200
1200
1000
1000
800
800
yardeni.com
600
2007
2008
2009
2010
2011
2012
2013
2014
2015
600
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Page 1 / April 14, 2015 / Earnings & Valuation: S&P 500 Blue Angels
Yardeni Research, Inc.
www.yardeni.com
S&P 500 Blue Angels
Figure 3.
700
700
S&P 500 CONSUMER DISCRETIONARY INDEX, FORWARD EARNINGS, & VALUATION
x20
Consumer Discretionary Index
Daily: 04/14/15
600
600
Blue Angels Implied Price Index*
Weekly: 04/02/15
x16
500
400
500
400
x12
300
300
200
200
yardeni.com
100
2007
2008
2009
2010
2011
2012
2013
2014
2015
100
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Figure 4.
550
550
S&P 500 CONSUMER STAPLES INDEX, FORWARD EARNINGS, & VALUATION
x20
Consumer Staples Index
Daily: 04/14/15
500
500
Blue Angels Implied Price Index*
Weekly: 04/02/15
450
450
400
400
x15
350
350
300
300
x10
250
250
200
200
yardeni.com
150
2007
2008
2009
2010
2011
2012
2013
2014
2015
150
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Page 2 / April 14, 2015 / Earnings & Valuation: S&P 500 Blue Angels
Yardeni Research, Inc.
www.yardeni.com
S&P 500 Blue Angels
Figure 5.
1300
1300
S&P 500 ENERGY INDEX, FORWARD EARNINGS, & VALUATION
Energy Index
Daily: 04/14/15
1100
1100
Blue Angels Implied Price Index*
Weekly: 04/02/15
900
900
700
700
500
500
x16
300
300
x12
x6
100
2007
2008
2009
2010
2011
2012
2013
2014
2015
yardeni.com
100
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Figure 6.
650
650
S&P 500 FINANCIALS INDEX, FORWARD EARNINGS, & VALUATION
600
600
550
Financials Index
Daily: 04/14/15
500
Blue Angels Implied Price Index*
Weekly: 04/02/15
550
500
450
450
400
400
350
350
x14
300
300
x11
250
200
250
200
x8
150
150
100
100
yardeni.com
50
2007
2008
2009
2010
2011
2012
2013
2014
2015
50
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Page 3 / April 14, 2015 / Earnings & Valuation: S&P 500 Blue Angels
Yardeni Research, Inc.
www.yardeni.com
S&P 500 Blue Angels
Figure 7.
900
900
S&P 500 HEALTH CARE INDEX, FORWARD EARNINGS, & VALUATION
800
x18
800
Health Care Index
Daily: 04/14/15
Blue Angels Implied Price Index*
Weekly: 04/02/15
700
700
x14
600
600
500
500
x10
400
400
300
300
yardeni.com
200
2007
2008
2009
2010
2011
2012
2013
2014
2015
200
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Figure 8.
600
600
S&P 500 INDUSTRIALS INDEX, FORWARD EARNINGS, & VALUATION
x18
Industrials Index
Daily: 04/14/15
Blue Angels Implied Price Index*
Weekly: 04/02/15
500
500
x13
400
400
300
300
x8
200
200
yardeni.com
100
2007
2008
2009
2010
2011
2012
2013
2014
2015
100
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Page 4 / April 14, 2015 / Earnings & Valuation: S&P 500 Blue Angels
Yardeni Research, Inc.
www.yardeni.com
S&P 500 Blue Angels
Figure 9.
1000
1000
S&P 500 INFORMATION TECHNOLOGY INDEX, FORWARD EARNINGS, & VALUATION
Information Technology Index
Daily: 04/14/15
900
900
x20
Blue Angels Implied Price Index*
Weekly: 04/02/15
800
800
700
700
x15
600
600
500
500
x10
400
400
300
300
200
200
yardeni.com
100
2007
2008
2009
2010
2011
2012
2013
2014
2015
100
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Figure 10.
400
400
S&P 500 MATERIALS INDEX, FORWARD EARNINGS, & VALUATION
350
350
x18
300
300
x14
250
250
200
200
x10
Materials Index
Daily: 04/14/15
150
150
Blue Angels Implied Price Index*
Weekly: 04/02/15
100
100
yardeni.com
50
2007
2008
2009
2010
2011
2012
2013
2014
2015
50
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Page 5 / April 14, 2015 / Earnings & Valuation: S&P 500 Blue Angels
Yardeni Research, Inc.
www.yardeni.com
S&P 500 Blue Angels
Figure 11.
250
250
S&P 500 TELECOMMUNICATION SERVICES INDEX, FORWARD EARNINGS, & VALUATION
Telecommunication Services Index
Daily: 04/14/15
230
230
x20
Blue Angels Implied Price Index*
Weekly: 04/02/15
210
210
190
190
x15
170
170
150
150
130
130
x10
110
110
90
90
yardeni.com
70
2007
2008
2009
2010
2011
2012
2013
2014
2015
70
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Figure 12.
300
300
S&P 500 UTILITIES INDEX, FORWARD EARNINGS, & VALUATION
Utilities Index
Daily: 04/14/15
275
275
Blue Angels Implied Price Index*
Weekly: 04/02/15
250
250
x18
225
225
200
200
x14
175
175
150
150
x10
125
125
yardeni.com
100
2007
2008
2009
2010
2011
2012
2013
2014
2015
100
2016
* Implied price index calculated using forward earnings times forward P/Es.
Source: Standard & Poor’s Corporation and Thomson Reuters I/B/E/S.
Page 6 / April 14, 2015 / Earnings & Valuation: S&P 500 Blue Angels
Yardeni Research, Inc.
www.yardeni.com
Copyright (c) Yardeni Research, Inc. 2015. All rights reserved. The information
contained herein has been obtained from sources believed to be reliable, but is not
necessarily complete and its accuracy cannot be guaranteed. No representation or
warranty, express or implied, is made as to the fairness, accuracy, completeness, or
correctness of the information and opinions contained herein. The views and the other
information provided are subject to change without notice. All reports posted on
http://blog.yardeni.com
www.yardeni.com, blog.yardeni.com,
and YRI’s Apps for iPads and iPhones are issued
without regard to the specific investment objectives, financial situation, or particular needs
of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell
any securities or related financial instruments. Past performance is not necessarily a guide
to future results. Company fundamentals and earnings may be mentioned occasionally, but
should not be construed as a recommendation to buy, sell, or hold the company’s stock.
Predictions, forecasts, and estimates for any and all markets should not be construed as
recommendations to buy, sell, or hold any security--including mutual funds, futures
contracts, and exchange traded funds, or any similar instruments.
The text, images, and other materials contained or displayed on any Yardeni Research, Inc.
product, service, report, email or website are proprietary to Yardeni Research, Inc. and
constitute valuable intellectual property. No material from any part of www.yardeni.com,
http://blog.yardeni.com
blog.yardeni.com,
and YRI’s Apps for iPads and iPhones may be downloaded, transmitted,
broadcast, transferred, assigned, reproduced or in any other way used or otherwise
disseminated in any form to any person or entity, without the explicit written consent of
Yardeni Research, Inc. All unauthorized reproduction or other use of material from Yardeni
Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary
and intellectual property rights, including but not limited to, rights of privacy. Yardeni
Research, Inc. expressly reserves all rights in connection with its intellectual property,
including without limitation the right to block the transfer of its products and services and/or
to track usage thereof, through electronic tracking technology, and all other lawful means,
now known or hereafter devised. Yardeni Research, Inc. reserves the right, without further
notice, to pursue to the fullest extent allowed by the law any and all criminal and civil
remedies for the violation of its rights.
The recipient should check any email and any attachments for the presence of viruses.
Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmitted
by this company’s emails, website, blog and Apps. Additional information available on
request.
requests@yardeni.com