Halliburton Co HAL Earnings Report | Money Managers Getting Fired
Halliburton (HAL) Earnings Preview
Wall Street expects a year-over-year decline in earnings on lower revenues when Halliburton (HAL) reports results for the quarter ended June 2019.
While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
Wall Street is now chasing the market
Fascinating new data from Bank of America shows how terrified money managers are chasing the stocks that have already gone up, in the hope of not getting fired for missing the latest rally.
“Active investors are now “buying what’s working” more aggressively than usual,” write the bank’s quantitative data team in a new report. So-called momentum stocks, meaning the stocks that have already risen the most in the past 12 months, are now heavily overbought and overvalued as a result, they say.
Three-quarters of FANG are about to report.
Facebook, Amazon and Alphabet, a collective $2.3 trillion in market cap, are reporting in the coming week.
Craig Johnson, chief market technician at Piper Jaffray, says after a massive runup, earnings could be the catalyst that kicks off a temporary pullback.
“Clearly this has been among the best performing areas in the market year to date. And every single one of those names except for Google has been outperforming the S&P 500…”
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