EFTA01474964Set 10
2015-10-02168p16,614w
EPS is now $29.04, or -4.4% y/y on -3.4% y/y sales. EPS growth
likely slows at Financials to flat ex litigation given soft capital markets
conditions. Health Care EPS should ... high single-digit. Btm-up Tech EPS
growth is now merely 2.8% y/y, on FX headwinds and still very sluggish corp
IT spending. But final Tech EPS growth should ... highlight a divergence between a sharp profit
recession at Energy, Industrials, Materials, but decent EPS growth elsewhere.
30 won't be great for Banks ex. litigation. But Health Care, most
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474964.pdf
EFTA01459065Set 10
2015-11-201p384w
Equity Insights
2015 did not have healthy underlying broad based revenue or EPS
growth ex oil and dollar
S&P sales and operating EPS growth was broadly weak ... significant decline in profits at Industrial Capital Goods. Revenue was flat at
Financials with EPS growth from less litigation than 2014. No growth at Consumer
Staples despite lower input costs ... industrial end markets. Ex.
Energy, Financials, HC and AAPL, AMZN & GOOG 2015 S&P EPS growth is -2.5%; this
is the underlying trend with -4% FX drag that should fall
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459065.pdf