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Cost pressures for companies are mounting, Lori Calvasina, RBC Capital Markets head of U.S. equity strategy, wrote in a note on Tuesday, adding that more than a third of S&P 500 companies have seen full-year margin expectations shrink since June. Calvasina said she’s been factoring in “back half deceleration” in 2018 margins and also a stronger dollar, but expects those issues have not been “fully baked into bottom up consensus estimates yet.”. She and other strategists pointed to wage inflation as a key risk to profit margins, while companies already have cited worries about costs related to tariffs and the strengthening dollar.
In Friday’s jobs report, the unemployment rate fell to near a 49-year low, suggesting the labor market has tightened further, But wages rose steadily, groomsmen cufflinks pointing to moderate inflation pressures, The U.S, dollar index is up about 3.7 percent for the year so far and is now trading above year-ago levels, That could weigh on earnings from U.S, multinational companies, Tensions between the United States and China, which already have imposed tariffs on each other’s good, have meanwhile fueled concerns about higher costs for companies..
“What we’re going to see is more of a focus on costs given that we’ve heard a lot rumblings” on that front, said Kristina Hooper, chief global market strategist at Invesco in New York. “As tariffs proliferate, this becomes a bigger issue. It’s cost of goods. Second, it’s wage costs. We’re not seeing it really borne out in the jobs data yet, but from my perspective, there have to be industries that are feeling and experiencing an increase in wage costs.”.
FedEx Corp last month cited employee compensation and other expenses as it reported quarterly earnings that missed Wall Street expectations, To be sure, even a moderated pace of profit growth next year could still be considered good, given the huge boost from corporate tax cuts in 2018, “The sooner we collectively re-anchor on that groomsmen cufflinks reality, the less disrupted the market could potentially be,” Credit Suisse Chief U.S, Equity Strategist Jonathan Golub said on a conference call on Wednesday..
NEW YORK (Reuters) - JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N) have placed the jobs of chairman and chief executive in the hands of one person, and now No. 3 Citigroup Inc (C.N) must decide whether to follow suit. The matter will be resolved in the next few months as the current chairman, Mike O’Neill, reaches 72, the company’s retirement age for directors. Citigroup CEO Mike Corbat will soon know if he will be taking on the additional duties of chairman or working for a new boss.
“The change in the chairman is the biggest corporate governance groomsmen cufflinks decision at Citigroup in six years,” said analyst Mike Mayo of Wells Fargo, “That’s important given what we see as worst-in-class returns, efficiency and stock market valuation.”, Citigroup, the third-biggest U.S, bank by assets, reports third-quarter results on Friday, Investors will be watching its progress toward cost efficiency and return on equity targets, as well as revenue from its big U.S, credit card business..
Six years ago O’Neill became chairman and shortly after he led the board to replace then-CEO Vikram Pandit with Corbat. O’Neill said Corbat had impressed him with his handling of some $800 billion of Citigroup assets damaged in the financial crisis. Since then Corbat, 58, has kept Citigroup on a path of improving profits and returning billions of dollars of excess capital to investors. But the recovery has been slow and has fallen short of the company’s goals, as well as the performance of competitors. “Citi needs a greater sense of urgency to improve,” Mayo said.
Under Corbat, Citigroup shares have nearly doubled, But their 91 percent gain, as of Wednesday, pales groomsmen cufflinks compared with the 163 percent jump for JPMorgan and the 210 percent gain for Bank of America, the biggest and second-biggest U.S, banks, Citigroup stock has lagged the past year but probably not enough for Citigroup directors to feel pressed to make big changes when O’Neill leaves, said analyst Brian Kleinhanzl of Keefe, Bruyette & Woods, “You need something like for the stock to be down 30 percent,” he said, “That’s not what is going on here.”..