Search results for: earnings

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Beware of earnings gimmicks

The combination of slow revenue growth, high existing margins and increased multiples creates incentives for more aggressive accounting. Stocks with the lowest accounting accruals outperformed their benchmark by 2.7% per year between 1993 and 2013.

Tagged with: Equities, Markets

First quarter earnings wrap up — A bit light

First quarter earnings results fell a bit short of the annual pace that we proposed at the beginning of the year. Corporate revenues did not track forecasts due to challenging weather, price increases remaining at the low end and subdued cyclical activity and investment spending.

Tagged with: Equities, Investing, Markets

M&A in healthcare — Out with the old, in with the new?

Recently the market has been quite optimistic about merger synergy promises. History suggests investors should be diligent about analyzing acquirers’ claims around merger benefits and returns.

Tagged with: Equities, Investing, Markets

Second quarter earnings preview

We believe YTD valuation improvement in stocks is more likely the result of basic supply and demand than an upward revision off corporate prospects. Going into corporate reporting season, we’re focused on whether the cyclical sectors show some signs of increasing activity.

Tagged with: Equities, Investing, Markets

Asset allocation: Q4 equity strategy

After the recent correction and with the breadth of our asset allocation research still favoring equities, we are rebuilding an equity overweight, primarily using U.S. large-cap stocks. While the Fed heads toward the exit, the European Central Bank is planning to provide further monetary easing and the Bank of Japan is continuing to expand its balance sheet.

Tagged with: Asset Allocation, Economy, Equities, Investing, Markets, U.S. Economy

India’s new government fires investor enthusiasm

The landslide victory of the pro-business Bharatiya Janata Party (BJP) has transformed investor sentiment towards India. As the new government puts its stamp on policy, it will create investment opportunities not only in the domestic economy but also in sectors exposed to government-led reform.

Tagged with: Global Economy, Investing

Has dividend investing lost its luster?

Higher-yielding equities underperformed the market last year raising questions about whether dividend investing remains an attractive strategy. Even if rates continue a long-term increase from current levels, we expect that equities sensitivity to rising rates will decline.

Tagged with: Equities, Investing, U.S. Economy

A tepid cyclical lift

Cyclical investment and discretionary spending are on track to deliver earnings growth of 7% in the S&P 500. Strength in some consumer durables appears more of a “wallet share” gain than a general lift due to recovering wages or a release of excess savings.

Tagged with: Equities, Investing, Markets

Finding opportunity in Chinese reforms

We continue to be excited about the opportunities to position in emerging markets ahead of positive change where market uncertainty still exists. Chinese corporate level governance reforms may be fertile ground for undiscovered investment opportunities.

Tagged with: Equities, Global Economy, Investing
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Backed by more than 100 years of experience, Columbia Management is one of the nation’s largest asset managers. At the heart of our success and, most importantly, that of our investors, are highly talented industry professionals, brought together by a unique way of working. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.