Precious Metal Stocks' Earnings Lined Up: MAG, GSV, TGD, ASM
Zacks Investment Research | Aug 10, 2016 09:13PM ET
This year, gold and silver have been major movers among precious metals. Worries over the global economy, Brexit-induced volatile equity markets, the U.S. Federal Reserve’s move to maintain steady interest rates and the introduction of negative interest rates by several central banks boosted growth of these safe-haven assets.
As per the Zacks Industry classification, the precious metal stocks come under the Basic Material sector – one of the 16 broad Zacks sectors. All the S&P members in this sector have reported their results for this season, with a scorecard of an 11.6% decline in earnings.
Overall, the 454 S&P 500 members that account for 92.1% of the index’s total market capitalization have reported a 3.7% dip in earnings in the second quarter. Though earnings growth has been in the red, it has improved over the first quarter as well as the average growth pace logged by these companies in the preceding four quarters.
Earnings growth is anticipated to be in the negative territory for 6 of the 16 Zacks sectors, with Energy being the obvious biggest drag. Looking at the projected estimates for the quarter, total S&P 500 earnings are expected to be down 3.4% on the back of a 0.4% dip in revenues - the fifth quarter in a row to suffer an earnings decline. (Read more: Zacks Investment Research
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