Earnings, Revenues, & Valuation: S&P 500/400/600

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1 Earnings, Revenues, & Valuation: S&P // September 2, Dr. Edward Yardeni Joe Abbott Please visit our sites at blog. thinking outside the box

2 Table Of Contents Table Of Contents S&P // Annual Earnings 3 S&P // Annual Revenues S&P // Annual Margins S&P Annual & Quarterly Earnings S&P Annual & Quarterly Earnings S&P Annual & Quarterly Earnings S&P // Quarterly Earnings 9 S&P // Quarterly Y/Y Earnings Growth S&P // Indexes & Forward Earnings 11 S&P // Forward Revenues & Margins S&P // P/Es 13 S&P // P/Sales 1 S&P Revenues, Earnings, & Margins S&P Revenues, Earnings, & Margins S&P Revenues, Earnings, & Margins S&P // Blue Angels 1 S&P Forward Revenues & Earnings 19 S&P // Sectors Forward Earnings S&P // Sectors Annual Earnings: 21 S&P Sectors Forward Earnings 22 S&P Sectors Forward Revenues 23 S&P Sectors Forward Profit Margin 2 S&P Sectors Forward P/Es 2 S&P Sectors Forward P/Sales 2 S&P Sectors Net Earnings Revisions Index 2 S&P Sectors Net Revenue Revisions Index 2 S&P Sectors Forward Earnings 29 S&P Sectors Forward Revenues 3 S&P Sectors Forward Profit Margin 31 S&P Sectors Forward P/Es 32 S&P Sectors Forward P/Sales 33 S&P Sectors Net Earnings Revisions Index 3 S&P Sectors Net Revenue Revisions Index 3 continued... September 2, / Earnings, Revenues, & Valuation: S&P //

3 S&P Sectors Forward Earnings 3 S&P Sectors Forward Revenues 3 S&P Sectors Forward Profit Margin 3 S&P Sectors Forward P/Es 39 S&P Sectors Forward P/Sales S&P Sectors Net Earnings Revisions Index 1 S&P Sectors Net Revenue Revisions Index 2 S&P // Sectors Forward Profit Margin 3 S&P // Sectors Forward P/Es S&P // Sectors Forward P/Sales September 2, / Earnings, Revenues, & Valuation: S&P //

4 S&P // Annual Earnings Figure 1. S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Earnings Forward Earnings* Frwd S&P 9 Consensus Forecasts Annual Earnings Forward Earnings* 3 Frwd S&P 3 Consensus Forecasts 3 3 Annual Earnings 3 2 Forward Earnings* 2 Frwd * Time-weighted average of consensus operating earnings estimates for current and next year. Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

5 S&P // Annual Revenues 13 Figure 2. S&P REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Revenues Forward Revenues* 9 9 S&P Consensus Forecasts Annual Revenues Forward Revenues* S&P Consensus Forecasts Annual Revenues Forward Revenues* 3 * Time-weighted average of consensus revenue estimates for current and next year. 3 Page / September 2, / Earnings, Revenues, & Valuation: S&P //

6 S&P // Annual Margins 13 Figure 3. S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) Consensus Forecasts Annual Margins Forward Margins* (.) 9 S&P Consensus Forecasts Annual Margins Forward Margins* (.1) S&P Consensus Forecasts Annual Margins Forward Margins* (.) 3 * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. 3 Page / September 2, / Earnings, Revenues, & Valuation: S&P //

7 Figure. S&P Annual & Quarterly Earnings S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual 2-Week Forward* Frwd * Time-weighted average of consensus estimates for current and next year. 3 3 Figure. S&P EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) Q By Quarter as of / Q3 Q2 Q1 Q2 Q3 Q Q I II III IV I II III IV I II 2 Page / September 2, / Earnings, Revenues, & Valuation: S&P //

8 9 Figure. S&P Annual & Quarterly Earnings S&P MIDCAP OPERATING EARNINGS PER SHARE* (consensus analysts estimates in dollars, weekly) 9 Consensus Forecasts Annual 2-Week Forward* 3 Frwd * Time-weighted average of the current year s and next year s consensus earnings estimates Figure. S&P MIDCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) Q By Quarter as of / Q3 Q1 Q2 Q3 Q Q Q I II III IV I II III IV I II Page / September 2, / Earnings, Revenues, & Valuation: S&P //

9 Figure. S&P Annual & Quarterly Earnings S&P SMALLCAP OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly) Consensus Forecasts 3 3 Annual 2-Week Forward* Frwd * Time-weighted average of consensus operating earnings estimates for current and next year Figure 9. S&P SMALLCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) By Quarter as of / Q3 Q Q2 Q1 Q2 Q3 Q Q1 9 I II III IV I II III IV I II Page / September 2, / Earnings, Revenues, & Valuation: S&P //

10 3 Figure. S&P EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES (consensus analysts estimates in dollars, weekly) By Quarter as of / Q Q3 Q2 S&P // Quarterly Earnings Q1 Q2 Q3 Q Q I II III IV I II III IV I II S&P Q Q3 Q2 By Quarter as of / Q1 Q2 Q3 Q Q I II III IV I II III IV I II S&P Q Q3 Q2 Q1 By Quarter as of / Q1 Q2 Q3 Q I II III IV I II III IV I II Page 9 / September 2, / Earnings, Revenues, & Valuation: S&P //

11 S&P // Quarterly Y/Y Earnings Growth Figure 11. S&P : CONSENSUS QUARTERLY Y/Y EPS GROWTH (consensus analysts estimates in percent, weekly) Q By Quarter as of / Q1 Q2 Q3 Q Q3 Q2 Q I II III IV I II III IV I II S&P By Quarter as of / Q1 Q2 Q3 Q Q Q2 Q1 Q3-3 2 I II III IV I II III IV I II S&P By Quarter as of / Q1 Q2 Q3 Q I II III IV I II III IV I II Q Q2 Q3 Q1 - Page / September 2, / Earnings, Revenues, & Valuation: S&P //

12 S&P // Indexes & Forward Earnings Figure. S&P // STOCK PRICE INDEXES (daily, ratio scale) 9/ S&P LargeCap (29.9) S&P MidCap (.) S&P SmallCap (1.) Source: Standard & Poor s Corporation Figure 13. S&P // FORWARD EARNINGS (dollars per share, ratio scale) Forward Earnings* S&P LargeCap (9) S&P MidCap () S&P SmallCap () * Time-weighted average of consensus estimates for current and next year. Page 11 / September 2, / Earnings, Revenues, & Valuation: S&P //

13 1 Figure 1. S&P // Forward Revenues & Margins S&P // FORWARD REVENUES (dollars per share, ratio scale) 1 Forward Revenues* S&P LargeCap (11) S&P MidCap (133) S&P SmallCap () 2 2 * Time-weighted average of consensus estimates for current and next year. 11 Figure. S&P FORWARD PROFIT MARGINS* (using analysts average earnings and sales forecasts, percent) S&P (.) S&P (.1) S&P (.) 3 3 * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. Page / September 2, / Earnings, Revenues, & Valuation: S&P //

14 2 2 Figure. FORWARD P/E RATIOS FOR S&P INDEXES* (weekly) S&P // P/Es / S&P LargeCap (.9) S&P MidCap (.9) S&P SmallCap (1.) * Price divided by 2-week forward consensus expected operating earnings per share. Figure. FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES* (daily) 9/ S&P LargeCap (.9) S&P MidCap (1.1) S&P SmallCap (1.) * Daily stock price index divided by 2-week forward consensus expected operating earnings per share. Source: Thomson Reuters I/B/E/S and Standard & Poor s. Page 13 / September 2, / Earnings, Revenues, & Valuation: S&P //

15 Figure 1. S&P // P/Sales FORWARD P/SALES RATIOS FOR S&P STOCK PRICE INDEXES* (weekly) S&P LargeCap (1.1) S&P MidCap (1.) S&P SmallCap (1.) * Price divided by 2-week forward consensus expected revenues per share Figure 19. FORWARD P/SALES RATIOS FOR S&P STOCK PRICE INDEXES* (daily) 9/ S&P LargeCap (1.1) S&P MidCap (1.1) S&P SmallCap (1.) * Daily stock price index divided by 2-week forward consensus expected revenues per share. Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 1 / September 2, / Earnings, Revenues, & Valuation: S&P //

16 S&P Revenues, Earnings, & Margins 13 Figure. S&P REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Revenues Forward Revenues* S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Earnings Forward Earnings* 11 S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) Consensus Forecasts Annual Margins Forward Margins* (.) * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. Page / September 2, / Earnings, Revenues, & Valuation: S&P //

17 S&P Revenues, Earnings, & Margins Figure 21. S&P 1 1 Consensus Forecasts Annual Revenues Forward Revenues* 1 9 S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) 1 9 Consensus Forecasts Annual Earnings Forward Earnings* 3 3 S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) Consensus Forecasts Annual Margins Forward Margins* (.1) * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. Page / September 2, / Earnings, Revenues, & Valuation: S&P //

18 S&P Revenues, Earnings, & Margins Figure 22. S&P REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Revenues Forward Revenues* 3 3 S&P OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Consensus Forecasts Annual Earnings Forward Earnings* 2 S&P PROFIT MARGIN (using analysts average earnings and sales forecasts, percent) Consensus Forecasts Annual Margins Forward Margins* (.) 3 * Time-weighted average of the consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S and Standard & Poor s. 3 Page / September 2, / Earnings, Revenues, & Valuation: S&P //

19 S&P // Blue Angels Figure 23. S&P STOCK PRICE INDEXES, FORWARD EARNINGS, & VALUATION S&P 9/2/ S&P Blue Angels Implied Price Index* / x1 x x x 1 x S&P 9/2/ S&P Blue Angels Implied Price Index* / X X1 x x x 1 9 x x S&P 9/2/ S&P Blue Angels Implied Price Index* / x1 x x1 x x * Implied stock price index calculated using actual 2-week consensus expected forward earnings times hypothetical forward P/Es. Source: Standard & Poor s Corporation and Thomson Reuters I/B/E/S. Page 1 / September 2, / Earnings, Revenues, & Valuation: S&P //

20 S&P Forward Revenues & Earnings Figure 2. S&P FORWARD EARNINGS & REVENUES PER SHARE (ratio scale) Forward Earnings* (.) Forward Revenues* Divided by (1.1) % Growth Rate** * Time-weighted average of consensus estimates for current and next year. Monthly through April 199, then weekly. ** Compounded monthly to yield % annually. Note: Shaded areas denote recessions according to the National Bureau of Economic Research. Page 19 / September 2, / Earnings, Revenues, & Valuation: S&P //

21 Figure 2. S&P // Sectors Forward Earnings S&P SECTORS: FORWARD EARNINGS PER SHARE* Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I II III IV 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I II III IV 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I II III IV 1 * Time-weighted average of the consensus estimates for current and next year. - - Page / September 2, / Earnings, Revenues, & Valuation: S&P //

22 Figure 2. S&P // Sectors Annual Earnings: S&P SECTORS: EARNINGS PER SHARE* Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I II III IV 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care I II III IV I II III IV I II III IV 1 S&P SECTORS: Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Industrials Information Technology Materials Telecommunication Services Utilities I II III IV I II III IV I II III IV 1 * Consensus expected operating earnings per share. - Page 21 / September 2, / Earnings, Revenues, & Valuation: S&P //

23 Figure 2. (S&P forward earnings* by sector) S&P Sectors Forward Earnings Annual consensus estimates Forward earnings INFORMATION TECHNOLOGY TELECOMMUNICATIONS SERVICES HEALTH CARE * Time-weighted average of consensus operating earnings estimates for current and next year. Page 22 / September 2, / Earnings, Revenues, & Valuation: S&P //

24 S&P Sectors Forward Revenues 3 Figure 2. (S&P forward revenues by sector) INFORMATIN TECHNOLOGY TELECOMMUNICATION SERVICES HEALTH CARE 1 13 * Time-weighted average (in red) of the current year s and next year s consensus revenues estimates (in blue). 1 Page 23 / September 2, / Earnings, Revenues, & Valuation: S&P //

25 S&P Sectors Forward Profit Margin 11 9 Figure 29. (S&P profit margin by sector, percent) 3 Annual Forward* (.) (9.3) 1... INFORMATION TECHNOLOGY (.) (19.) (3.) (9.) 1 TELECOMMUNICATION SERVICES 1 (.) (11.) HEALTH CARE (.) (.) * Time-weighted average of the consensus estimates for current and next year. Page 2 / September 2, / Earnings, Revenues, & Valuation: S&P //

26 S&P Sectors Forward P/Es Figure 3. (S&P forward P/Es by sector) P/E (.) (.) (.) INFORMATION TECHNOLOGY (.) (39.9) (.1) (1.1) TELECOMMUNICATION SERVICES (13.) HEALTH CARE (.) (.) 1 1 Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 2 / September 2, / Earnings, Revenues, & Valuation: S&P //

27 Figure 31. (S&P forward P/S ratio by sector) P/S (1.3) S&P Sectors Forward P/Sales (1.) (1.) INFORMATION TECHNOLOGY (3.31) (1.) (1.) (2.22) TELECOMMUNICATION SERVICES (1.3) HEALTH CARE (1.) (1.9) Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 2 / September 2, / Earnings, Revenues, & Valuation: S&P //

28 S&P Sectors Net Earnings Revisions Index Figure NERI (-.) Net Earnings Revisions Index* (-11.) (.9) INFORMATION TECHNOLOGY (.) (.) (-.) (-1.) TELECOMMUNICATION SERVICES (-11.) HEALTH CARE (.1) * Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. (-.1) Page 2 / September 2, / Earnings, Revenues, & Valuation: S&P //

29 S&P Sectors Net Revenue Revisions Index Figure 33. NERI (-.) Net Revenue Revisions Index* (-.2) INFORMATION TECHNOLOGY (-1.) (.) (1.) (-11.1) (-1.3) TELECOMMUNICATION SERVICES (-23.9) HEALTH CARE (.) * Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. (-.1) Page 2 / September 2, / Earnings, Revenues, & Valuation: S&P //

30 Figure 3. (S&P forward earnings by sector) S&P Sectors Forward Earnings Annual consensus estimates Forward earnings 3 2 INFORMATION TECHNOLOGY TELECOMMUNICATIONS SERVICES HEALTH CARE Page 29 / September 2, / Earnings, Revenues, & Valuation: S&P //

31 S&P Sectors Forward Revenues Figure 3. (S&P forward revenues by sector) INFORMATIN TECHNOLOGY TELECOMMUNICATION SERVICES HEALTH CARE * Time-weighted average (in red) of the current year s and next year s consensus revenues estimates (in blue). 22 Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

32 9 3 1 Figure 3. S&P Sectors Forward Profit Margin (S&P profit margin by sector) Annual margins Forward margins* (.2) (.) (3.) INFORMATION TECHNOLOGY (.) (-.) (.9) 9 1 TELECOMMUNICATION SERVICES 9 (1.) (.) - HEALTH CARE (.) (.) 9 * Time-weighted average of the consensus estimates for current and next year. Page 31 / September 2, / Earnings, Revenues, & Valuation: S&P //

33 S&P Sectors Forward P/Es 2 Figure 3. (S&P forward P/Es by sector) (.) (.3) 2 2 (21.) INFORMATION TECHNOLOGY (.) 2 (NA) 1/1 (.2) 2 2 (19.) TELECOMMUNICATION SERVICES (.) HEALTH CARE (19.) (19.) 2 Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 32 / September 2, / Earnings, Revenues, & Valuation: S&P //

34 S&P Sectors Forward P/Sales Figure 3. (S&P forward P/S ratio by sector) (.2) (1.3) (.) INFORMATION TECHNOLOGY (.9) (.) (1.1) (2.2) TELECOMMUNICATION SERVICES (.) HEALTH CARE (1.) (1.3) Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 33 / September 2, / Earnings, Revenues, & Valuation: S&P //

35 S&P Sectors Net Earnings Revisions Index Figure 39. NERI (-1.) Net Earnings Revisions Index* (-.) (1.2) INFORMATION TECHNOLOGY (.3) (1.) (.1) (-.) TELECOMMUNICATION SERVICES (.) HEALTH CARE (.) * Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. (-1.) - -3 Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

36 3 S&P Sectors Net Revenue Revisions Index Figure NERI (-.) Net Revenue Revisions Index* (-13.) INFORMATION TECHNOLOGY (-.9) (-1.) (-1.1) (-.1) (-.) TELECOMMUNICATION SERVICES (2.) HEALTH CARE (.3) * Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. (-9.) - -3 Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

37 S&P Sectors Forward Earnings 3 2 Figure 1. (S&P forward earnings by sector) Annual consensus estimates Forward earnings INFORMATION TECHNOLOGY TELECOMMUNICATIONS SERVICES HEALTH CARE 3 3 Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

38 S&P Sectors Forward Revenues 9 Figure 2. (S&P forward revenues by sector) INFORMATIN TECHNOLOGY TELECOMMUNICATION SERVICES HEALTH CARE * Time-weighted average (in red) of the current year s and next year s consensus revenues estimates (in blue). 2 Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

39 3 2 1 Figure 3. S&P Sectors Forward Profit Margin (S&P profit margin by sector) Annual margins Forward margins* (3.) (.) 3 3 INFORMATION TECHNOLOGY (3.) (.) (-.) (.2) TELECOMMUNICATION SERVICES (.1) (.) - 3 HEALTH CARE (.1) (.) * Time-weighted average of the consensus estimates for current and next year. Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

40 S&P Sectors Forward P/Es 2 Figure. (S&P forward P/Es by sector) (.) (.3) 2 2 (21.) INFORMATION TECHNOLOGY (.) 2 (NA) 1/1 (.) 2 2 (19.) TELECOMMUNICATION SERVICES (31.3) HEALTH CARE (2.3) (21.3) 2 Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page 39 / September 2, / Earnings, Revenues, & Valuation: S&P //

41 S&P Sectors Forward P/Sales Figure. (S&P forward P/S ratio by sector) (.) (.2) (.) INFORMATION TECHNOLOGY (1.2) (1.1) (.) (2.2) TELECOMMUNICATION SERVICES (1.3) HEALTH CARE (1.3) (2.3) Source: Thomson Reuters I/B/E/S and Standard & Poor s Corporation. Page / September 2, / Earnings, Revenues, & Valuation: S&P //

42 S&P Sectors Net Earnings Revisions Index Figure. NERI (-.2) Net Earnings Revisions Index* (-9.) INFORMATION TECHNOLOGY (11.9) (-.1) (9.2) (2.) TELECOMMUNICATION SERVICES (-3.1) (-.) HEALTH CARE (-2.) * Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. (2.) Page 1 / September 2, / Earnings, Revenues, & Valuation: S&P //

43 S&P Sectors Net Revenue Revisions Index Figure. NERI (-.) Net Revenue Revisions Index* (-9.) INFORMATION TECHNOLOGY (-2.) (-1.) (-2.) (-9.3) TELECOMMUNICATION SERVICES - - (-.1) (-2.) HEALTH CARE (3.2) * Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. (-.3) Page 2 / September 2, / Earnings, Revenues, & Valuation: S&P //

44 S&P // Sectors Forward Profit Margin Figure. (S&P profit margin by sector) S&P LargeCap (.) S&P MidCap (.2) S&P SmallCap (3.) (9.3) (.) (.) (.) (3.) (3.) INFORMATION TECHNOLOGY (19.) (.) (.) (3.) (-.) (-.) (9.) (.9) (.2) 2 2 (.) (1.) (.1) TELECOMMUNICATION SERVICES (11.) (.) (.) - 9 HEALTH CARE (.) (.) (.1) 3 (.) (.) (.) * Time-weighted average of the consensus estimates for current and next year. Page 3 / September 2, / Earnings, Revenues, & Valuation: S&P //

45 S&P // Sectors Forward P/Es Figure 9. (S&P forward P/Es by sector) 2 S&P LargeCap (.) S&P MidCap (.) S&P SmallCap (.) (.) (.3) (1.) 2 INFORMATION TECHNOLOGY 3 2 (.) (21.) (.2) (.) (.) (1.) 3 (39.9) (NA) (NA) 2 (.1) (.2) (.) (1.1) (19.) (.) TELECOMMUNICATION SERVICES (13.) (.) (31.3) HEALTH CARE 2 (.) (19.) (2.3) (.) (19.) (21.3) Page / September 2, / Earnings, Revenues, & Valuation: S&P //

46 Figure. S&P // Sectors Forward P/Sales (S&P forward P/Sales by sector) S&P LargeCap (1.3) S&P MidCap (.2) S&P SmallCap (.) (1.) (1.3) (.2) (1.) (.) (.) INFORMATION TECHNOLOGY (3.31) (.9) (1.2) (1.) (.) (1.1) (1.) (1.1) (.) (2.22) (2.2) (2.2) TELECOMMUNICATION SERVICES (1.3) (.) (1.3) HEALTH CARE (1.) (1.) (1.3) (1.9) (1.3) (2.3) Page / September 2, / Earnings, Revenues, & Valuation: S&P //

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