Emanuel

[ih-man-yoo-uhl]

noun

1. a male given name: from a Hebrew word meaning “God is with us.”

Example Sentences

Julian Emanuel, chief equity and quantitative strategist at Evercore ISI, thinks it might, because unlike the start of the previous two earnings seasons, the market is entering this one with significantly improved sentiment.

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“In contrast to the first half of the year, S&P 500 earnings per share estimates have been revised materially higher ahead of 3Q,” Emanuel wrote in note that published Sunday.

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But this has left the S&P 500 trading on a trailing P/E multiple of 25.6, Emanuel notes, among the highest outside the dot-com bubble, and a valuation that leaves little room for anything short of “perfection.”

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“Friday’s China policy driven selloff exposed the complacency and reminds investors that even the strongest bull markets have corrections,” he says, Too much complacency was evident in low volatility and stock correlations, at least until last Friday – and that’s quite rare for an earnings season beginning in October, according to Emanuel.

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With regard to particular stocks, Emanuel reckons that those with the highest track records of beating revenue and earnings expectations, with no such double misses in the past two year, and a low score on Evercore’s valuation model, are the most likely to outperform this earnings season.

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