Earnings Reports This Week Will Help Investors Prep Their 2022 Playbooks

财报季来临,看一下市场的相关反应。

词组

Earnings Reports This Week Will Help Investors Prep Their 2022 Playbooks
标题,财报季将至,美股又将迎来一场考验
WSJ 中文的标题: 财报季将至,美股又将迎来一场考验

corporate profits
公司利润

serve as bellwethers for the health of the braoder economy
作为衡量整体经济健康状况的风向标

help investors parse how airlines are handling a Covid-19 surge
帮助投资者分析航空公司如何应对新冠疫情
注意 parse 的使用

freight giant
货运巨头

consumer-products company
消费品公司

oil-field-services company
油田服务公司

rise 22% in the fourth quarter from a year earlier
第四季度增长22%

a higher-than-average growth rate
高于平均的增长率

knocked-down profits
低迷的利润

profits edged down about 0.1%
利润下降了约0.1%

examine corporate results
考察公司业绩

rising costs for everything from raw materials to labor to shipping
从原材料到劳动力到运输等各方面上升的成本

pass expenses along by raising their own prices
通过涨价将成本支出转移

the net profit margin
净利润率

slip to 12.9%
下滑到 12.9%

fall to 11.9%
降至 11.9 %

wage increases
工资增长

take a risk on stocks
在股市承担风险

a senior portfolio manager
一位高级组合投资经理

句子

以下第一段中文为自己翻译,第二段为 WSJ 中文版翻译。如果只有一段,说明翻译一致。 :-)

Higher interest rates could make investors less willing to pay rich valuations for stocks.
高利率降低了投资者为股票提高高估值的意愿。
pay rich valuations for stocks

Earnings season kicks off this week, the next test for a stock market rattled by the prospect of quicker interest-rate increases by the Federal Reserve.
财报季将于本周拉开帷幕,这是对因美联储(Federal Reserve)加快加息前景而感到不安的股市的下一次考验。??
美联储可能提前加息的前景搅动股市后,本周财报季将拉开序幕,美股又将迎来一场考验。

The market fell Wednesday on news that the Fed might lift short-term interest rates as soon as March, and it extended its decline throughout the week.
周三市场因获悉美联储最快可能在3月份提高_短期利率_而下跌,并在剩下的一周扩大跌幅。
WSJ中文版:上周三美联储最早可能在3月上调短期利率的消息公布后,美国股市下跌,并且跌势延续至上周结束。

The tech-heavy Nasdaq Composite recorded its worst week since February.
以科技股为主的纳斯达克综合指数录得2月以来最糟糕的一周。
以科技股为主的纳斯达克综合指数上周录得去年2月以来最糟糕的一周表现。

The yield on the 10-year U.S. Treasury note rose to 1.769%, its highest since January 2020.
10年期美国国债收益率升至1.769%,为2020年1月以来的最高水平。
注意 yield 和 on 的使用。

Low interest rates make investors more willing to pay rich valuations for stocks, and equity valuations shot higher in 2020 after the Fed slashed its benchmark rate to near zero.
低利率使投资者更愿意为股票支付高估值,而在美联储将基准利率降至接近零后,2020年股票估值飙升。
低利率使投资者更愿意接受高估值,在美联储将基准利率降至接近零之后,2020年股票估值飙升。
pay rich valuations for stocks 为股票支付高估值,在句子中翻成 接收,更通顺
equity valuations 股票估值
shot 用来表示飙升
slash the benchmark rate: slash表示大幅削减

In 2021, price-to-earnings multiples remained higher than the long-term norm but started to edge lower. Now that rising rates are in play, potentially causing multiples to contract further, investors are rethinking their game plans. That means earnings growth will be critical for the market to continue its upward climb.
2021,市盈率仍高于长期水平,但开始缓慢下降。既然利率上升正在起作用,可能导致倍数进一步收缩,投资者正在重新考虑他们的游戏计划。这意味着盈利增长将是市场继续攀升的关键。
2021年,市盈率仍高于长期正常水平,但开始小幅下降。现在,由于利率可能上升,进而可能导致市盈率进一步收缩,投资者正在重新考虑他们的投资策略。这意味着利润增长对市场能否继续上行将至关重要。
price-to-earnings multiples 市盈率;
long-term norm 长期水平;
edge lower: edge 是缓慢移动;
now that 既然
be in play 起作用
game plans 指代投资策略
earning growth 利润增长

Given where multiples are today, that’s what you need is consistent growth to keep the rally going.
鉴于今时今日的市盈率,你需要的是持续增长,来保持股市的上涨。
鉴于目前的市盈率水平,我们需要的是持续增长,才能维持股市涨势。
given 后加从句的表达非常常见
rally 这个单词经常出现

Investors will get their first big look at the state of corporate profits when many financial companies report later this week.
当许多金融公司本周晚些时候公布业绩报告时,投资者将首次看到企业利润状况。
多家金融公司将于本周晚些时候公布业绩报告,届时投资者将有机会初步了解企业大致的利润状况。
get their first big look at 初步了解

The return to earth is expected to continue in the new year.
业绩放缓的趋势预计在新的一年里继续持续。
预计利润增速放缓的势头将在新的一年里持续。
The return to earth 表明之前的增速已经脱离现实了

Investors examining corporate results in the coming weeks will look not just at the bottom line but how companies got there.
在未来几周投资者考察业绩的时候,不只是看~~最低增长~~,也要看公司如何实现的~~增长~~。
未来几周投资者在考察公司业绩时,不仅要看利润,还要看利润是如何实现的。
bottom line 这里指代利润

How executives talk about the coming months might have the biggest effect on markets.
管理层如何看待接下来几个月的形势可能对市场造成重大的影响。
高管们对未来几个月的展望可能对市场产生最为重大的影响。

I do think from a guidance standpoint it could be pretty tricky for companies here in 2022.
我确实认为,从预测的角度来看,这些公司在2022年可能会非常棘手。
我认为,从公司提供的指引角度来看,2022年美国的公司可能会面临非常棘手的局面。
from a guidance standpoint

All these input costs have risen quite a bit compared to this time last year.
与去年同期相比,所有的这些投入成本都已大幅上升。
input costs 投入成本

The stakes are especially high for growth stocks, which trade at hefty multiples because they promise expanding future profits.
成长型股票的风险尤其高,它们的交易价格高达数倍,因为它们有望扩大未来的利润。
成长股尤其得失难料。这类股票估值高企,原因是其有望在未来扩大利润。
growth stocks 成长股
hefty [ˈhefti] 非常巨大的,超出一般的;

higher yields pressure the value of companies’ future cash flows.
高收益率给公司未来现金流造成压力。

The tech sector traded last week at 27.1 times its projected earnings over the next 12 months, higher than the S&P 500’s multiple of 20.7 times. The energy group, by comparison, traded at 11.9 times its projected earnings and the financials group traded at 15.2 times.
上周,科技类股基于未来12个月预期收益的市盈率为27.1倍,高于标普500指数的20.7倍。相比之下,能源类股的预期市盈率为11.9倍,金融类股为15.2倍。
The tech sector 科技类股基
projected earnings 预期收益率

the tech sector fell 4.7%, while energy rose 11% and financials added 5.4%.
科技类股累计下跌4.7%,同期能源类股涨11%,金融类股涨5.4%。 注意 rise, add 的使用

there isn’t a lot of room for error here.
没有太多出错的空间。

原文

Earnings Reports This Week Will Help Investors Prep Their 2022 Playbooks

Higher interest rates could make investors less willing to pay rich valuations for stocks. That means corporate profits will be critical to keeping the market climbing.

Earnings season kicks off this week, the next test for a stock market rattled by the prospect of quicker interest-rate increases by the Federal Reserve.

The market fell Wednesday on news that the Fed might lift short-term interest rates as soon as March, and it extended its decline throughout the week. The S&P 500, which soared 27% in 2021, fell 1.9% in the first week of the new year. The tech-heavy Nasdaq Composite recorded its worst week since February. The yield on the 10-year U.S. Treasury note rose to 1.769%, its highest since January 2020.

Low interest rates make investors more willing to pay rich valuations for stocks, and equity valuations shot higher in 2020 after the Fed slashed its benchmark rate to near zero. In 2021, price-to-earnings multiples remained higher than the long-term norm but started to edge lower. Now that rising rates are in play, potentially causing multiples to contract further, investors are rethinking their game plans. That means earnings growth will be critical for the market to continue its upward climb.

“Given where multiples are today, thats what you need is consistent growth to keep the rally going,” said Mike Stritch, chief investment officer at BMO Wealth Management. “Even if interest rates werent going up, I think we were kind of at the high end of what people would be willing to pay for a dollar of earnings.”

Investors will get their first big look at the state of corporate profits when many financial companies report later this week. JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. report on Friday and can serve as bellwethers for the health of the broader economy. Delta Air Lines Inc., which reports Thursday, could help investors parse how airlines are handling a Covid-19 surge.

Next week, companies including freight giant J.B. Hunt Transport Services Inc., consumer-products company Procter & Gamble Co. and oil-field-services company Baker Hughes Co. are expected to report.

Analysts estimate that profits from companies in the S&P 500 rose 22% in the fourth quarter from a year earlier, according to FactSet. That would be a higher-than-average growth rate but much lower than in the past few quarters, when results were being compared against the knocked-down profits from early in the pandemic. In the second quarter of 2021, for example, S&P 500 earnings grew 91%.

The return to earth is expected to continue in the new year. Earnings from S&P 500 companies are expected to rise 9.4% in the year 2022, a slower pace than the 45% profit growth estimated for the year 2021. In 2019, the last full year before Covid-19 began affecting the U.S. economy, profits edged down about 0.1% for the year.

Investors examining corporate results in the coming weeks will look not just at the bottom line but how companies got there. While managers are facing rising costs for everything from raw materials to labor to shipping, many have succeeded in passing expenses along by raising their own prices.

The net profit margin for the S&P 500 hit 13.1% in the second quarter of 2021, the highest level in data going back to 2008, according to FactSet. It slipped to 12.9% in the third quarter and is expected to fall to 11.9% in the fourth.

How executives talk about the coming months might have the biggest effect on markets. Investors will want to know how the spread of the Omicron variant could continue to affect business. And they will be eager to hear how companies plan to manage wage increases and higher transportation costs, among other expenses.

“I do think from a guidance standpoint it could be pretty tricky for companies here in 2022,” said Jimmy Chang, chief investment officer at Rockefeller Global Family Office. “All these input costs have risen quite a bit compared to this time last year.”

The stakes are especially high for growth stocks, which trade at hefty multiples because they promise expanding future profits. Rising yields can hurt pricey stocks in particular because higher yields pressure the value of companiesfuture cash flows. Higher yields also give investors more options as to where to park their money for a profit, making them less willing to take a risk on stocks.

Many growth stocks are found in the technology sector, which is expected to report lower earnings growth in the fourth quarter than the stock index as a whole. The tech sector traded last week at 27.1 times its projected earnings over the next 12 months, higher than the S&P 500s multiple of 20.7 times. The energy group, by comparison, traded at 11.9 times its projected earnings and the financials group traded at 15.2 times.

During last weeks trading, the tech sector fell 4.7%, while energy rose 11% and financials added 5.4%.

“Especially given the valuations of some of the technology, there isnt a lot of room for error here,” said Linda Bakhshian, a senior portfolio manager at Federated Hermes who focuses on value-style stocks. “So we really do need those margins to come through and their commentary to support continued performance into 2022.”