A tough fourth quarter for corporate earnings is largely in the past, and the first quarter isn’t exactly looking great either, but upcoming results this week from the one industry spared by the pandemic hangover — travel — might yet give Wall Street something to like.
After a year in which the travel industry often found itself overwhelmed by the rebound in vacations and business trips, those companies report as Wall Street tries to measure how much “revenge” is left in consumer spending, as higher prices chew up savings and recession fears weigh. However, they also report as consumers’ travel habits start to look a little more like those before the pandemic, potentially widening the gap between winners and losers.
“S&P 500 companies that have reported positive EPS surprises have seen a slightly larger price increase than average,” FactSet Senior Earnings Analyst John Butters said in a report on Friday. Elsewhere, results from Coca-Cola Co. KO on Tuesday will offer some sense at consumers’ desire for soda, sports drinks, coffee and tea as rising prices force them to separate luxury from “affordable luxury.”
Cisco CSCO , as with others in the tech industry, has begun laying off employees. However, management, in November, said its fiscal 2023 was “off to a good start” and noted a “modest improvement” in deliveries for the components that power IT networks. However, they also said trends in Europe were more precarious, as the region deals with spiking energy prices that have led to a cost-of-living crisis.
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Source: CNBC - 🏆 12. / 72 Read more »
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