At 10.3x book value and 50.3x cash flow on average, the biotech industry is among the most expensive in the MSCI World index. There have been some big winners in the biotech industry the last 4 years. Every stock in the industry has outperformed the MSCI World index over this period.
With just weeks to go before the year wraps up we are surprised by the significant decline we’ve seen in 2013 EPS estimates since October. It seems analysts are suddenly taking a more sober view on the year’s earnings, and the phenomenon is global.
Even though home prices continue to rise (see yesterday’s post), existing home sales and mortgage applications for purchases have softened. Mirroring this weakness in existing home sales and mortgage apps, real estate stocks remain the weakest among North American stocks and by a pretty far margin. 25% of real estate stocks are making new 200-day lows.
NYSE Margin Debt data was released for October and showed that it has, once again, reached all-time highs.
Consumers in France see a diminished capacity to save, a deteriorating general economic situation, and rising unemployment over the next year– all of which adds up to a decline in confidence: Germans, on the other hand, were surprisingly more confident about the consumer climate in November, as evidenced by the unexpected increase in the Gfk
They are both up more than 75% year to date.As MSCI prepares to demote Greece to its group of ’Emerging’ countries at the end of this month, we thought we would take a look at the performance of the remaining constituents: Meanwhile, Greece’s ATHEX Composite (with 59 constituents currently) is up more than 30% to
It seems a (risk on) yen funded carry trade has been one of the main drivers of stocks over the last few years, but is time running out or are we just getting started as the yen breaks to new lows against the euro?
Given the recent gyrations in Tesla we thought we’d take a look at this year’s best performing stocks to see if they are all starting to struggle, or if Tesla is the exception.
Consumer confidence for November came in below expectations at 70.4. The expectations series has declined for the past four months and may indicate that real personal consumption growth will slow.
Nuance Communications is the worst performing stock in the MSCI World index today.