- Profit growth momentum of the so-called Big Six technology stocks could "collapse" over the next few quarters, UBS Global Research strategists said on Monday, downgrading its rating on the mega-cap companies.
The Big Six companies, seen as bellwethers for the tech sector and for the performance of the S&P 500, are set to report quarterly results over the next two weeks. Once the pandemic subsided and the economy reopened, profits suffered because of waning demand for tech products, driving EPS growth contraction in 2022. The profit upsurge in 2023 was a result of easier comparables and a reduction in expenses for companies."Earnings are projected to quickly renormalize in mega-cap tech, following a sharp decline in profit growth from 4Q23-3Q24," Golub said.
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This week’s federal budget has premiers lashing out at Prime Minister Justin Trudeau over a planned increase to capital gains taxes as well as what they say is overstepping on infrastructure and pharmacare.
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