U.S. companies will see zero growth this year because of coronavirus, says Goldman Sachs
Source: NBC News
Earnings growth for U.S. companies will be stagnant in 2020 as a result of the coronavirus, according to Goldman Sachs.
The Wall Street firm revised its earnings estimate for the year to $165 per share from $174 per share, representing 0 percent growth in 2020. That is a dramatic move from the consensus. Forecasts still expect earnings to climb 7 percent this year.
U.S. companies will generate no earnings growth in 2020, Goldman Sachs chief U.S. equity strategist David Kostin said in a note to clients on Thursday. We have updated our earnings model to incorporate the likelihood that the virus becomes widespread.
The stock market has been in a tailspin this week on fears that the deadly virus will dent global economic growth. The rapid spreading of the virus across multiple continents forced the Dow Jones Industrial Average to drop more than 7 percent since Monday. The S&P 500 lost about 6.6 percent and the Nasdaq fell nearly 2 percent in the same period.
Read more: https://www.nbcnews.com/business/corporations/u-s-companies-will-see-zero-growth-year-because-coronavirus-n1144081
hlthe2b
(101,705 posts)But, of course this must be the CDC deep state at fault, right?
PatSeg
(46,779 posts)the "do-nothing" Democrats in congress. He used yesterday's press conference to attack Democrats and went into campaign mode a few times.
beachbumbob
(9,263 posts)Newest Reality
(12,712 posts)Now you are fussing about people. The memo says mortality is no longer a big deal. Public health and safety are really over emphasized these days and are no longer a "thing".
So, money, wealth, growth are now the real priority.
A pandemic would be a wonderful way to cover for a faltering, Trumpian crash & burn economy, huh? So, maybe it does have some real and actual value after all? I always say, capitalize conveniently and damn the useless eaters. Think of what we can save with the high mortality rate for seniors. $$$$$$$$$$
beachbumbob
(9,263 posts)become more isolated and vulnerable to the masses and even more so as harsh laws are imposed and we strive into totalitarian state.
Nothing would squash full scale rebellion as it would be fed by harsher treatment.
janterry
(4,429 posts)Someday it will come back (I'm in it for the long haul). But boy is this hard to watch.
Response to denem (Original post)
democratisphere This message was self-deleted by its author.
discntnt_irny_srcsm
(18,470 posts)yaesu
(8,020 posts)it will be the perfect storm, a domino effect.
SunSeeker
(51,367 posts)maddogesq
(1,245 posts)already on thin ice. The markets were high on the low-interest opiate, and now it took one bit of bad news to topple things.
When manufacturing went into recession last year, it should have been a wake-up call.
I remember when 44 talked about an economy built to last. I assume he never counted on The Orange Menace Getting the car keys.
LaMouffette
(2,010 posts)I don't like to see anyone's IRA take a hit, but if this is what it takes to jolt the "But my IRA is doing great!" Trump supporters out of their tunnel-vision loyalty to the Orange Oaf, then so be it. To me, these folks are worse than the people who are devoted to Trump because they like and admire his bullying, offensive, crude, racist, misogynistic, ignorant, con artist personality. People tend to vote for politicians they perceive as being like themselves. So, really, how sad for them that they see themselves in Trump.
But the IRA-is-doing-great Trump supporters, on the other hand, do not like Trump and do not see themselves in him. They know full well that Trump is a dick, an "effing moron," and completely unfit for office, and they do not approve of him. But, like the Republican senators, they are more than willing to look the other way as long as they benefit financially. So if another, bigger Great Recession is what's necessary to pull back the curtain of The Great and Powerful Trump and get this category of Trumpsters to decamp, that may unfortunately be the price we have to pay.
So, yeah, mixed feelings about the market doing a tailspin. And I'm sure that once a Democratic president takes the wheel, he or she will be able to steer the market and the economy out of the ditch (again).
Sloumeau
(2,657 posts)but the problem is with the Democrats, right? He lies by saying that the number of coronovius cases in the U.S. is 15 and will soon be zero, when there are actually 60 cases and the U.S. is beginning to have cases of unknown origin. What an idiot.
SWBTATTReg
(21,856 posts)Last edited Thu Feb 27, 2020, 02:21 PM - Edit history (1)
things that go up, do go down. And it's been going up for 10-11 years+- already. As most financial advisors recommend, take some profits off the table periodically.
And to make another point, at least those top 100 people who own over 50% of the wealth in this country (and not us certainly), are taking a hit, big time.