“Earnings have not been boosted artificially and significantly on a per-share basis by stock buybacks,” Yardeni Research Inc. wrote in a report Monday that focused on U.S. companies. Among the indicators cited by Edward Yardeni, the firm’s president and founder, and Joseph Abbott, chief quantitative analyst, was the divisor used to adjust the S&P 500 Index for share repurchases and other actions. The divisor fell 8.7% from a high in 2011 through Wednesday, according to data compiled by Bloomberg, as S&P 500 earnings per share soared 75%.
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