S&P 500 tech companies are expected to report a 1.1% Y/Y drop in Q4 earnings, their first...
Tuesday, January 15, 6:39 PM ETS&P 500 tech companies are expected to report a 1.1% Y/Y drop in Q4 earnings, their first decline since Q3 '09, per Thomson Reuters. A chip industry downturn, weak PC and home electronics sales, and (important given the company's size) Apple's expected EPS decline are all playing a role. Nonetheless, low valuations for many tech names have attracted bargain hunters; Merrill believes tech stocks are collectively undervalued by 32% on a forward P/E basis, and claims every tech industry outside of IT services is trading at a historical discount.
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