Peacock Fe Val

Earnings, Revenues, &
Valuation:
S&P 500/400/600
Yardeni Research, Inc.
August 25, 2016
Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com
Joe Abbott
732-497-5306
jabbott@yardeni.com
Please visit our sites at

www.yardeni.com
blog.yardeni.com
thinking outside the box
Table Of Contents
Table Of Contents
S&P 500/400/600 Annual Earnings

3
S&P 500/400/600 Annual Revenues
4
S&P 500/400/600 Annual Margins
5
S&P 500 Annual & Quarterly Earnings
6
7
8
S&P 500/400/600 2016 Quarterly Earnings
9
S&P 500/400/600 2016 Quarterly Y/Y Earnings Growth 10
S&P 500/400/600 Indexes & Forward Earnings
11
S&P 500/400/600 Forward Revenues & Margins
12
S&P 500/400/600 P/Es
13
S&P 500/400/600 P/Sales
14
S&P 500 Revenues, Earnings, & Margins
15
16
17
S&P 500/400/600 Blue Angels
18
S&P 500 Forward Revenues & Earnings
19
S&P 500/400/600 Sectors Forward Earnings
20
S&P 500/400/600 Sectors Annual Earnings: 2016
21
S&P 500 Sectors Forward Earnings
22
S&P 500 Sectors Forward Revenues
23
S&P 500 Sectors Forward Profit Margin
24
S&P 500 Sectors Forward P/Es
25
S&P 500 Sectors Forward P/Sales
26
S&P 500 Sectors Net Earnings Revisions Index
27
S&P 500 Sectors Net Revenue Revisions Index
28
29
30
31
32
33
34
35
continued...
August 25, 2016 / Earnings, Revenues, & Valuation: S&P 500/400/600

www.yardeni.com

S&P 500/400/600 Sectors Forward Profit Margin
S&P 500/400/600 Sectors Forward P/Es
S&P 500/400/600 Sectors Forward P/Sales
August 25, 2016 / Earnings, Revenues, & Valuation: S&P 500/400/600
36
37
38
39
40
41
42
43
44
45

www.yardeni.com
S&P 500/400/600 Annual Earnings

Figure 1.
175
150
175
S&P 500 OPERATING EARNINGS PER SHARE
(consensus analysts estimates in dollars, weekly, ratio scale)
16
15
Consensus Forecasts
125
150
17
8/18
125
Annual Earnings
Forward Earnings*
100
100
75
75
2016
2017
Frwd
Aug 11 117.86 134.32 127.99
Aug 18 117.89 134.30 128.30
50
50
2003
105
95
2004
2005
2006
2007
2008
2009
2010
2011
2012
S&P 400
2014
2015
16
17
2016
2017
105
15
85
75
2013
95
8/18
85
Consensus Forecasts
75
Annual Earnings
65
65
Forward Earnings*
55
55
45
45
35
Aug 11
Aug 18
2016
80.35
80.22
2017
90.43
90.28
35
Frwd
86.55
86.60
25
25
2003
50
45
2004
2005
2006
2007
2008
2009
2010
2011
2012
S&P 600
2014
2015
16
17
15
40
35
2013
2016
2017
50
45
8/18
40
Consensus Forecasts
35
Annual Earnings
30
30
Forward Earnings*
25
25
20
20
15
10
Aug 11
Aug 18
2016
36.55
36.65
2017
42.63
42.76
Frwd
40.29
40.53
15
yardeni.com
2003
2004
10
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
* Time-weighted average of consensus operating earnings estimates for current and next year.
Source: Thomson Reuters I/B/E/S.
Page 3 / August 25, 2016 / Earnings, Revenues, & Valuation: S&P 500/400/600

www.yardeni.com
S&P 500/400/600 Annual Revenues

Figure 2.
1300
1250
1300
S&P 500 REVENUES PER SHARE
16
1250
17
15
1200
8/18
1200
1150
1150
1100
1100
1050
1050
Consensus Forecasts
Annual Revenues
1000
1000
Forward Revenues*
950
950
900
900
2006
1600
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1600
S&P 400
17
1400
1400
8/18
16
1200
1200
15
1000
1000
Consensus Forecasts
Annual Revenues
800
800
Forward Revenues*
600
600
2006
800
750
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
800
S&P 600
700
750
8/18
16
700
17
650
650
15
600
600
550
550
500
500
Consensus Forecasts
450
Forward Revenues*
400
350
450
Annual Revenues
400
yardeni.com
2006
350
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
* Time-weighted average of consensus revenue estimates for current and next year.

www.yardeni.com
S&P 500/400/600 Annual Margins

Figure 3.
13
12
13
S&P 500 PROFIT MARGIN
(using analysts average earnings and sales forecasts, percent)
12
17
16
15
11
11
8/18
10
10
Consensus Forecasts
Annual Margins
Forward Margins* (10.6)

7
6
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
8
S&P 400
15
16
7
17
8/18
Consensus Forecasts
Annual Margins
4
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
7
S&P 600
15
17
16
6
8/18
Consensus Forecasts
Annual Margins

yardeni.com
3
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
* Time-weighted average of the consensus estimates for current and next year.
Source: Thomson Reuters I/B/E/S and Standard & Poors.

www.yardeni.com

Figure 4.
150
16
150
17
15
8/18
Consensus Forecasts
125
125
Annual
52-Week Forward*
100
100
75
75
2016
2017
Frwd
Aug 11 117.86 134.32 127.99
Aug 18 117.89 134.30 128.30
50
yardeni.com
2003
2004
50
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
* Time-weighted average of consensus estimates for current and next year.

Figure 5.
38
38
S&P 500 EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2016

(consensus analysts estimates in dollars, weekly)
Q4
2016 By Quarter
as of 08/18/16
36
Q3
Aug 11
Aug 18
Q1
26.96
26.96
Q2
29.31
29.37
36
Q3
30.00
29.98
Q4
31.75
31.76
34
34
Q2
32
32
Q1
30
30
28
28
26
yardeni.com
I
26
II
2015
III
IV
II
III
2016
IV
II
2017

www.yardeni.com

Figure 6.
105
95
105
S&P 400 MIDCAP OPERATING EARNINGS PER SHARE*
16
17
95
15
85
8/18
Consensus Forecasts
85
Annual
75
75
52-Week Forward*
65
65
55
55
45
45
35
2016
80.35
80.22
Aug 11
Aug 18
2017
90.43
90.28
35
Frwd
86.55
86.60
yardeni.com
25
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
25
2017
* Time-weighted average of the current years and next years consensus earnings estimates.
Figure 7.
27
26
27
S&P 400 MIDCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2016
2016 By Quarter
as of 08/18/16
Q4
25
Q3
24
Aug 11
Aug 18
Q1
17.83
17.83
Q2
19.91
19.98
26
Q3
20.39
20.29
25
Q4
22.27
22.18
24
Q2
23
23
22
22
21
21
20
20
Q1
19
19
18
18
17
17
yardeni.com
16
I
II
2015
III
IV
II
III
2016
IV
16
II
2017

www.yardeni.com

Figure 8.
50
45
50
S&P 600 SMALLCAP OPERATING EARNINGS PER SHARE
16
40
17
45
15
Consensus Forecasts
8/18
40
Annual
35
35
52-Week Forward*
30
30
25
25
20
20
15
2016
36.55
36.65
Aug 11
Aug 18
2017
42.63
42.76
15
Frwd
40.29
40.53
yardeni.com
10
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
10
2017
Figure 9.
13
13
S&P 600 SMALLCAP EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2016
2016 By Quarter
as of 08/18/16
12
Aug 11
Aug 18
Q3
Q4
Q1
8.00
8.00
Q2
8.94
8.97
12
Q3
9.28
9.22
Q4
10.25
10.23
11
11
Q2
10
10
Q1
yardeni.com
7
I
II
2015
III
IV
II
III
2016
IV
II
2017

www.yardeni.com
S&P 500/400/600 2016 Quarterly Earnings

Figure 10.
40
40
S&P 500 EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2016

2016 By Quarter
as of 08/18/16
Q4
Aug 11
Aug 18
Q3
35
Q1
26.96
26.96
Q2
29.31
29.37
Q3
30.00
29.98
Q4
31.75
31.76
35
Q2
Q1
30
30
25
25
I
II
III
IV
II
2015
28
III
IV
2016
II
2017
28
S&P 400
26
2016 By Quarter
as of 08/18/16
Q4
Q3
24
Aug 11
Aug 18
Q1
17.83
17.83
Q2
19.91
19.98
26
Q3
20.39
20.29
Q4
22.27
22.18
24
Q2
22
22
20
20
Q1
18
18
16
16
I
II
III
IV
II
2015
13
III
IV
2016
II
2017
13
S&P 600
2016 By Quarter
as of 08/18/16
12
Q4
Q3
Aug 11
Aug 18
11
Q1
8.00
8.00
Q2
8.94
8.97
12
Q3
9.28
9.22
Q4
10.25
10.23
11
Q2
10
10
Q1
yardeni.com
I
7
II
2015
III
IV
II
III
2016
IV
II
2017

www.yardeni.com
S&P 500/400/600 2016 Quarterly Y/Y Earnings Growth

Figure 11.
20
20
S&P 500: CONSENSUS QUARTERLY Y/Y EPS GROWTH 2016

(consensus analysts estimates in percent, weekly)
2016 By Quarter
as of 08/18/16
15
Q1
-5.7
-5.7
Aug 11
Aug 18
10
15
Q2
-2.6
-2.4
Q3
0.1
0.0
Q4
7.0
7.1
10
Q4
5
Q3
Q2
-5
-5
Q1
-10
-10
I
II
III
IV
II
2015
25
III
IV
2016
II
2017
25
S&P 400
2016 By Quarter
as of 08/18/16
20
Q1
2.1
2.1
Aug 11
Aug 18
Q2
2.0
2.4
Q3
0.9
0.4
Q4
10.9
10.4
15
20
15
Q4
10
10
Q2
Q1
Q3
-5
-5
I
II
III
IV
II
2015
30
III
IV
2016
II
2017
30
S&P 600
2016 By Quarter
as of 08/18/16
25
Q1
2.8
2.8
Aug 11
Aug 18
20
25
Q2
6.3
6.7
Q3
9.0
8.3
Q4
12.5
12.3
15
20
15
Q4
10
10
Q3
Q2
5
Q1
0
-5
0
yardeni.com
I
-5
II
2015
III
IV
II
III
2016
IV
II
2017

www.yardeni.com
S&P 500/400/600 Indexes & Forward Earnings

Figure 12.
2550
2250
1950
S&P 500/400/600 STOCK PRICE INDEXES
8/25
(daily, ratio scale)
2550
2250
1950
1650
1650
1350
1350
1050
1050
750
750
450
450
S&P 500 LargeCap (2172.47)

S&P 400 MidCap (1564.80)
S&P 600 SmallCap (754.01)
yardeni.com
150
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
150
2017
Source: Standard & Poors Corporation.
Figure 13.
150
130
150
S&P 500/400/600 FORWARD EARNINGS
8/18
(dollars per share, ratio scale)
130
110
110
90
90
70
70
50
50
30
30
Forward Earnings*
S&P 500 LargeCap (128)
S&P 400 MidCap (87)
S&P 600 SmallCap (41)
yardeni.com
10
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
10
2017


www.yardeni.com
S&P 500/400/600 Forward Revenues & Margins

Figure 14.
1475
1275
1475
S&P 500/400/600 FORWARD REVENUES

(dollars per share, ratio scale)
1275
8/18
1075
1075
875
875
675
675
475
475
Forward Revenues*
S&P 500 LargeCap (1202)
S&P 400 MidCap (1338)
S&P 600 SmallCap (721)
yardeni.com
275
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
275
2017

Figure 15.
12
12
S&P FORWARD PROFIT MARGINS*

11
11
8/18
10
10
S&P 500 (10.6)

S&P 400 (6.1)
S&P 600 (5.4)
yardeni.com
2006
3
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

www.yardeni.com
S&P 500/400/600 P/Es

Figure 16.
28
26
28
FORWARD P/E RATIOS FOR S&P INDEXES*

(weekly)
26
24
24
22
22
20
20
18
18
8/19
16
16
14
14
12
12
S&P 500 LargeCap (17.0)

S&P 400 MidCap (18.0)
10
10
yardeni.com
8
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
* Price divided by 52-week forward consensus expected operating earnings per share.
Figure 17.
20
20
FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES*

(daily)
8/25
18
18
16
16
14
14
12
12
10

S&P 400 MidCap (18.1)
yardeni.com
2010
10
2011
2012
2013
2014
2015
2016
2017
* Daily stock price index divided by 52-week forward consensus expected operating earnings per share.

www.yardeni.com
S&P 500/400/600 P/Sales

Figure 18.
2.0
2.0
FORWARD P/SALES RATIOS FOR S&P STOCK PRICE INDEXES*

(weekly)

S&P 400 MidCap (1.16)
1.8
8/18
1.8
1.6
1.6
1.4
1.4
1.2
1.2
1.0
1.0
.8
.8
.6
.6
yardeni.com
.4
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
.4
2017
* Price divided by 52-week forward consensus expected revenues per share.

Figure 19.
2.0
2.0
FORWARD P/SALES RATIOS FOR S&P STOCK PRICE INDEXES*

(daily)
8/25
1.8
1.8
1.6
1.6
1.4
1.4
1.2
1.2
1.0
1.0
.8
.8

S&P 400 MidCap (1.17)
.6
.6
yardeni.com
.4
2009
2010
2011
2012
2013
2014
2015
2016
.4
2017
* Daily stock price index divided by 52-week forward consensus expected revenues per share.
Source: Thomson Reuters I/B/E/S and Standard & Poors Corporation.

www.yardeni.com

Figure 20.
1300
1250
1300
16
1200
1250
17
15
8/18
1200
1150
1150
1100
1100
1050
1050
Consensus Forecasts
Annual Revenues
1000
1000
Forward Revenues*
950
950
900
900
2006
175
150
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
175
16
17
150
15
8/18
125
125
100
100
Consensus Forecasts
75
75
Annual Earnings
Forward Earnings*
50
50
2006
12
2007
2008
2009
2010
2011
2012
2013
2014
2015
2017
12
17
16
2016
15
11
11
8/18
10
10
Consensus Forecasts
Annual Margins
7
yardeni.com
6
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

www.yardeni.com

Figure 21.
1600
1600
S&P 400
17
1400
1400
8/18
16
1200
1200
15
1000
1000
Consensus Forecasts
Annual Revenues
800
800
Forward Revenues*
600
600
2006
110
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
110
16

90
17
15
90
8/18
70
70
50
50
Consensus Forecasts
Annual Earnings
Forward Earnings*
30
30
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
8

15
16
7
17
8/18
Consensus Forecasts
Annual Margins

yardeni.com
4
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

www.yardeni.com

Figure 22.
800
750
800
16
700
750
8/18
700
17
650
650
15
600
600
550
550
500
500
Consensus Forecasts
450
450
Annual Revenues
Forward Revenues*
400
400
350
350
2006
50
45
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
50
17
16

15
40
45
8/18
40
35
35
30
30
25
25
Consensus Forecasts
Annual Earnings
20
20
Forward Earnings*
15
15
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
7
15
17
16
6
8/18
Consensus Forecasts
Annual Margins

yardeni.com
3
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017

www.yardeni.com
S&P 500/400/600 Blue Angels

Figure 23.
2400
S&P STOCK PRICE INDEXES, FORWARD EARNINGS, & VALUATION

S&P 500
08/25/16
2200
2000
2200
x16
S&P 500 Blue Angels

Implied Price Index*
08/18/16
1800
2400
x18
2000
x14
1600
1800
1600
x12
1400
1400
x10
1200
1200
1000
1000
800
800
600
600
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
1900
1900
X20
1700
S&P 400
08/25/16
1500
S&P 400 Blue Angels

08/18/16
1300
1700
X18
1500
x16
1300
x14
1100
1100
x12
900
900
x10
700
700
500
500
300
300
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
850
850
x20
750
S&P 600
08/25/16
650
S&P 600 Blue Angels

08/18/16
550
x18
750
x16
650
x14
550
x12
450
450
x10
350
350
250
250
yardeni.com
150
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
150
2017
* Implied stock price index calculated using actual 52-week consensus expected forward earnings times hypothetical forward P/Es.
Source: Standard & Poors Corporation and Thomson Reuters I/B/E/S.

www.yardeni.com
S&P 500 Forward Revenues & Earnings

Figure 24.
210
185
160
135
S&P 500 FORWARD EARNINGS

& REVENUES PER SHARE
(ratio scale)
210
185
160
8/18
135
110
110
85
85
60
60
35
35
Forward
Earnings* (128.3)
Forward
Revenues*
Divided by 10 (120.2)
10
yardeni.com
7% Growth
Rate**
10
79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
* Time-weighted average of consensus estimates for current and next year. Monthly through April 1994, then weekly.
** Compounded monthly to yield 7% annually.
Note: Shaded areas denote recessions according to the National Bureau of Economic Research.

www.yardeni.com
S&P 500/400/600 Sectors Forward Earnings

Figure 25.
75
65
75
S&P 500 SECTORS:

FORWARD EARNINGS PER SHARE*
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Telecommunication Services
Utilities
65
55
55
45
45
8/18
35
35
25
25
15
15
5
I
II
III
IV
II
2014
140
III
IV
II
2015
III
IV
2016
140
S&P 400 SECTORS:
Consumer Staples
Energy
Financials
Health Care
120
100
Industrials
Materials
Utilities
120
100
80
80
60
60
8/18
40
40
20
20
-20
-20
I
II
III
IV
II
2014
140
III
IV
II
2015
III
IV
2016
140
S&P 600 SECTORS:
Consumer Staples
Energy
Financials
Health Care
120
100
Industrials
Materials
Utilities
120
100
80
80
60
60
40
40
8/18
20
20
-20
-20
yardeni.com
-40
I
II
III
IV
II
III
IV
2014
2015
II
III
-40
IV
2016

www.yardeni.com
S&P 500/400/600 Sectors Annual Earnings: 2016

Figure 26.
80
70
80
S&P 500 SECTORS:

2016 EARNINGS PER SHARE*
Consumer Staples
Energy
Financials
Health Care
60
Industrials
Materials
Utilities
70
60
50
50
40
40
8/18
30
30
20
20
10
10
0
I
II
III
IV
II
2014
140
III
IV
II
2015
III
IV
2016
140
S&P 400 SECTORS:
Consumer Staples
Energy
Financials
Health Care
120
100
Industrials
Materials
Utilities
120
100
80
80
60
60
40
40
8/18
20
20
-20
-20
I
II
III
IV
II
2014
150
III
IV
II
2015
III
IV
2016
150
S&P 600 SECTORS:
Consumer Staples
Energy
Financials
Health Care
125
100
Industrials
Materials
Utilities
125
100
75
75
50
50
8/18
25
25
-25
-25
yardeni.com
-50
I
II
III
IV
2014
* Consensus expected operating earnings per share.
II
III
IV
2015
II
III
-50
IV
2016

www.yardeni.com

Figure 27.
53
41
29
CONSUMER DISCRETIONARY
(S&P 500 forward earnings*
by sector)
15
16
17
8/18
INDUSTRIALS
15
16
37
17
8/18
31
25
17
Annual consensus
estimates
Forward earnings
19
13
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
37
31
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
INFORMATION TECHNOLOGY
15
16
17
25
15
8/18
63
16
17
8/18
39
27
19
13
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
103
83
63
43
51
ENERGY
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
MATERIALS
16
15
16
26
17
21
8/18
17
16
23
8/18
11
6
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
56
44
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
TELECOMMUNICATIONS SERVICES
16
32
15
16
17
20
17
15
8/18
13
11
8/18
7
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
68
56
44
HEALTH CARE
17
16
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
16
UTILITIES
16
15
17
15
8/18
14
15
13
32
12
yardeni.com
20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
11
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 28.
500
450
400
(S&P 500 forward revenues
by sector)
15
16
8/18
370
INDUSTRIALS
17
16
15
17
8/18
330
290
350
250
300
250
210
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
450
400
CONSUMER STAPLES
15
16
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
INFORMATI0N TECHNOLOGY
17
15
16
17
8/18
350
275
250
225
200
300
175
250
150
200
125
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
775
675
ENERGY
MATERIALS
15
575
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
16
240
15
16
220
17
200
17
475
8/18
375
180
8/18
275
160
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
280
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
135
TELECOMMUNICATION SERVICES
240
125
15
200
16
160
15
16
17
17
8/18
105
8/18
120
95
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
575
475
375
115
HEALTH CARE
17
15
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
180
UTILITIES
16
165
15
275
16
150
17
8/18
yardeni.com
175
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
135
120
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
* Time-weighted average (in red) of the current years and next years consensus revenues estimates (in blue).

www.yardeni.com

Figure 29.
11
9
(S&P 500 profit margin
by sector, percent)
15
16
17
15
8/18
12
INDUSTRIALS
16
17
10
8/18
Annual
Forward* (7.8)
(9.3)
6
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
7.5
CONSUMER STAPLES
16
7.0
17
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
16
8/18
15
8/18
22
17
18
16
6.5
(6.8)
6.0
14
(19.7)
12
5.5
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
13
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
12
MATERIALS
10
15
16
16
17
8/18
15
17
(3.6)
(9.6)
8/18
6
4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
FINANCIALS
15
16
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
14
17
16
8/18
15
17
8/18
(15.8)
(11.0)
4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
HEALTH CARE
10.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
UTILITIES
11.5
11.0
12
10
15
10
12.0
10
8
20
20
16
(10.7)
15
8/18
16
17
8/18
17
(10.7)
yardeni.com
9.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
10.5
10.0
9.5
15
10.0
11.0
9.0
8.5
8.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 30.
35
30
20
INDUSTRIALS
(S&P 500 forward P/Es by sector)
(16.8)
8/18
17
25
P/E (17.7)
20
14
8/18
11
15
10
8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
22
20
CONSUMER STAPLES
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(20.7)
(16.8)
18
8/18
16
14
12
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
65
55
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
MATERIALS
(39.7)
45
(17.0)
20
8/18
8/18
35
24
22
20
18
16
14
12
10
8
15
25
10
15
5
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20
18
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
22
(14.0)
16
20
(14.1)
18
8/18
14
16
8/18
12
14
10
12
10
8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20
18
16
HEALTH CARE
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20
UTILITIES
(15.6)
(17.7)
8/18
18
16
8/18
14
14
12
12
10
10
yardeni.com
8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 31.
1.75
1.50
(S&P 500 forward P/S ratio by sector)
1.25
2.00
INDUSTRIALS
1.75
(1.57)
8/18
8/18
P/S (1.38)
1.50
1.00
1.25
.75
1.00
.50
.75
.25
.50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.60
CONSUMER STAPLES
(1.40)
1.35
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
8/18
8/18
3.5
3.0
(3.31)
2.5
1.10
2.0
.85
1.5
.60
1.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.75
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
MATERIALS
1.50
(1.43)
8/18
1.50
(1.63)
8/18
1.75
1.25
1.25
1.00
1.00
.75
.75
.50
.50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.5
FINANCIALS
(2.21)
2.0
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.00
1.75
(1.55)
8/18
1.50
1.5
1.25
1.0
1.00
.5
.75
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.25
2.00
1.75
HEALTH CARE
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.25
UTILITIES
(1.67)
(1.89)
8/18
2.00
1.75
8/18
1.50
1.50
1.25
1.25
1.00
1.00
yardeni.com
.75
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
.75
.50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 32.
60
40
50
INDUSTRIALS
30
20
10
Aug
Aug
-20
-30
-40
NERI (-7.8)
95
40
99
01
03
05
07
09
11
13
15
17
-50
19
CONSUMER STAPLES
95
97
99
01
03
05
07
09
11
13
15
17
19
60
40
20
Aug
Aug
0
-20
(0.9)
-40
(5.5)
-60
95
60
97
(-11.0)
Net Earnings Revisions Index*
-60
40
30
20
10
0
-10
-20
-30
-40
-10
97
99
01
03
05
07
09
11
13
15
17
19
ENERGY
95
97
99
01
03
05
07
09
11
13
15
17
19
40
MATERIALS
20
20
Aug
Aug
-20
-20
-40
-40
(12.7)
(-7.7)
-60
-60
95
40
30
20
10
0
-10
-20
-30
-40
-50
-60
99
01
03
05
07
09
11
13
15
17
19
FINANCIALS
95
97
99
01
03
05
07
09
11
13
15
99
19
40
30
20
10
0
-10
-20
-30
-40
Aug
(-14.0)
97
17
Aug
95
20
97
(-11.0)
01
03
05
07
09
11
13
15
17
19
HEALTH CARE
95
97
99
01
03
05
07
09
11
13
15
17
19
40
30
20
10
0
-10
-20
-30
-40
UTILITIES
10
Aug
0
Aug
-10
(6.1)
(-4.1)
-20
95
97
99
01
03
05
07
09
11
13
15
17
19
95
97
99
01
03
05
07
09
11
13
15
17
19
* 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.

www.yardeni.com

Figure 33.
45
30
40
INDUSTRIALS
20
15
Aug
Aug
-15
-30
-40
NERI (-12.6)
-45
30
20
Net Revenue Revisions Index*
(-12.2)
-60
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
CONSUMER STAPLES
40
20
10
Aug
0
0
-10
-20
Aug
-20
-30
-40
(-14.6)
(8.5)
-40
45
30
-20
-60
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
ENERGY
MATERIALS
40
20
Aug
15
Aug
-15
-20
-30
-45
-40
(18.7)
(-11.1)
-60
20
10
-60
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FINANCIALS
30
15
-10
Aug
-15
-20
-30
Aug
-30
(-14.3)
(-23.9)
-40
20
15
10
5
0
-5
-10
-15
-20
-25
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
HEALTH CARE
UTILITIES
Aug
Aug
(4.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
(-10.1)
20
15
10
5
0
-5
-10
-15
-20
-25
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

www.yardeni.com

Figure 34.
59
49
39
29
(S&P 400 forward earnings
by sector)
15
16
17
8/18
INDUSTRIALS
15
16
65
55
17
8/18
35
Annual consensus
estimates
Forward earnings
19
25
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
100
85
45
CONSUMER STAPLES
16
17
15
70
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
16
17
8/18
110
90
70
55
50
40
25
30
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
100
80
ENERGY
MATERIALS
15
60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
16
16
34
29
17
8/18
19
40
17
20
0
14
8/18
-20
9
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
65
55
24
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
30
20
45
15
35
16
17
8/18
15
16
10
17
8/18
25
0
-10
15
-20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
95
75
HEALTH CARE
16
55
17
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
28
UTILITIES
16
15
15
17
8/18
25
22
19
35
16
yardeni.com
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
13
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 35.
1000
850
700
by sector)
550
17
8/18
INDUSTRIALS
16
15
16
17
8/18
500
400
250
300
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2400
700
600
15
400
3000
800
CONSUMER STAPLES
16
1800
17
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2100
15
17
8/18
16
1700
1300
15
1200
900
600
500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1500
1250
1000
ENERGY
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
MATERIALS
16
16
17
17
15
750
8/18
500
450
400
350
8/18
300
500
250
250
200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
350
325
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
300
8/18
275
17
17
15
250
1100
900
700
8/18
300
16
15
225
16
200
100
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1800
1400
500
HEALTH CARE
17
1000
15
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
325
UTILITIES
300
17
16
16
15
600
8/18
275
250
yardeni.com
200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
225
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 36.
9
7
by sector)
INDUSTRIALS
15
15
16
17
16
17
7
8/18
8/18
6
5
Annual margins
Forward margins* (5.2)
(6.0)
3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
6
15
15
16
16
17
17
8/18
8/18
(3.5)
(5.5)
3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
20
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
9
MATERIALS
8
15
15
16
10
15
5
0
16
17
8/18
17
8/18
(-0.8)
4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
12
15
15
16
17
8/18
12
15
16
(14.0)
4
17
8/18
(0.8)
-4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
6
5
(5.9)
-5
18
HEALTH CARE
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
10
UTILITIES
7
15
16
15
16
17
8/18
9
8
6
17
8/18
(5.6)
(8.8)
4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
6
yardeni.com
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 37.
25
20
25
INDUSTRIALS
(17.0)
(15.8)
20
8/18
15
8/18
15
10
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
(21.2)
(17.3)
8/18
20
20
8/18
15
15
10
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
80
ENERGY
25
MATERIALS
(NA)
60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(17.4)
1/14
20
8/18
40
15
20
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
FINANCIALS
(19.2)
20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
8/18
(40.0)
8/18
15
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
30
25
20
HEALTH CARE
50
45
40
35
30
25
20
15
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
24
UTILITIES
(19.8)
(19.5)
8/18
20
8/18
16
15
12
10
yardeni.com
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 38.
1.50
1.25
1.00
1.25
INDUSTRIALS
(1.01)
8/18
(0.82)
.75
8/18
.75
.50
.50
.25
.25
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.25
1.00
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(0.75)
1.00
1.50
1.25
(0.95)
8/18
8/18
.75
1.00
.75
.50
.50
.25
.25
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
3.5
3.0
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.25
MATERIALS
(0.77)
2.5
8/18
(1.02)
2.0
.75
1.5
1.0
.50
8/18
.5
.0
.25
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
3.0
1.00
FINANCIALS
8/18
(2.70)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.5
2.0
(0.56)
2.5
1.5
2.0
1.0
1.5
8/18
1.0
.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.00
1.75
HEALTH CARE
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.00
UTILITIES
(1.10)
(1.71)
8/18
1.50
1.25
1.00
.5
1.75
1.50
1.25
8/18
1.00
.75
.75
yardeni.com
.50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
.50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 39.
45
30
30
INDUSTRIALS
15
15
Aug
Aug
-15
-30
-30
NERI (-1.8)
-45
30
20
(-10.4)
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
CONSUMER STAPLES
30
20
10
10
Aug
Aug
-20
(1.2)
-30
(0.3)
-30
45
30
-40
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
ENERGY
MATERIALS
15
Aug
Aug
0
-15
-30
-45
(1.5)
(4.1)
-60
15
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FINANCIALS
Aug
Aug
-15
-30
(-6.4)
(6.7)
-45
20
0
-10
-10
-20
-15
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
HEALTH CARE
UTILITIES
10
30
20
10
0
-10
-20
-30
-40
-50
45
30
15
0
-15
-30
-45
-60
-75
20
10
Aug
Aug
-10
0
-10
-20
-20
(5.8)
(-1.4)
-30
-30
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

www.yardeni.com

Figure 40.
30
30
INDUSTRIALS
15
15
0
Aug
-15
Aug
-30
-30
NERI (-10.4)
-45
45
(-13.7)
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
CONSUMER STAPLES
30
30
15
15
Aug
-30
(-4.9)
(-1.7)
-30
30
0
-15
Aug
-15
45
-15
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
ENERGY
MATERIALS
40
20
15
0
Aug
Aug
-15
-20
-30
-45
-40
(-1.1)
(-10.1)
-60
20
-60
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FINANCIALS
10
60
40
Aug
Aug
-10
-20
-20
(-6.7)
-40
(26.7)
-30
20
20
-60
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
HEALTH CARE
UTILITIES
10
20
10
Aug
0
Aug
-10
-20
-10
-20
(5.3)
(-9.0)
-30
-30
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

www.yardeni.com

Figure 41.
45
35
25
15
(S&P 600 forward earnings

by sector)
15
16
17
8/18
75
INDUSTRIALS
15
16
17
60
8/18
30
Annual consensus
estimates
Forward earnings
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
115
95
75
45
CONSUMER STAPLES
16
17
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
15
55
16
17
8/18
45
35
25
15
35
15
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
150
125
100
75
50
25
0
-25
-50
ENERGY
15
MATERIALS
16
15
16
45
35
17
8/18
15
8/18
5
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.00
15
40
16
17
.75
8/18
.50
25
.25
15
16
17
8/18
10
.00
-.25
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
90
75
60
25
17
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
85
70
55
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
HEALTH CARE
15
16
17
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
50
UTILITIES
15
45
16
17
8/18
40
30
30
yardeni.com
15
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 42.
900
750
600
8/18
by sector)
16
17
1200
INDUSTRIALS
16
17
8/18
15
15
800
450
600
300
400
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
3000
2600
2200
1800
CONSUMER STAPLES
16
17
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
16
17
8/18
275
15
200
1000
600
125
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
800
MATERIALS
16
15
700
15
16
17
8/18
17
1000
400
250
300
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
21
16
11
350
8/18
300
17
250
15
15
16
16
17
8/18
200
1
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1750
1500
1250
1000
600
500
8/18
400
500
425
350
15
1400
4000
3250
2500
1750
1000
HEALTH CARE
16
15
17
8/18
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
700
625
550
UTILITIES
475
17
750
15
500
16
400
8/18
yardeni.com
250
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
325
250
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 43.
7
6
5
by sector)
15
INDUSTRIALS
16
15
16
17
17
8/18
8/18
Annual margins
Forward margins* (3.5)
(4.5)
3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
9
15
15
16
8/18
8/18
16
17
17
7
6
5
(3.5)
(6.7)
3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20
15
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
7
MATERIALS
10
16
15
17
16
5
0
-5
8/18
(-4.6)
8/18
15
17
(4.1)
-10
2
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
20
10
15
16
17
15
17
8/18
15
16
8/18
10
(4.4)
-5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
HEALTH CARE
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
12
UTILITIES
8/18
17
15
6
15
5
4
5
0
(15.1)
16
16
10
17
8
8/18
(5.2)
(10.8)
3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
yardeni.com
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 44.
25
25
INDUSTRIALS
(15.3)
(17.0)
20
20
8/18
15
8/18
15
10
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
(21.2)
20
(17.3)
8/18
20
8/18
15
15
10
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
80
ENERGY
25
MATERIALS
(NA)
60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(16.5)
1/14
20
8/18
40
20
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
FINANCIALS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(19.2)
20
(31.3)
8/18
8/18
15
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
35
30
25
15
HEALTH CARE
50
45
40
35
30
25
20
15
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
UTILITIES
(25.9)
(21.3)
8/18
20
8/18
20
15
15
yardeni.com
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 45.
1.2
1.0
1.0
INDUSTRIALS
(0.80)
8/18
(0.54)
.8
.6
8/18
.8
.6
.4
.2
.4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.0
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(0.69)
.8
1.75
1.50
(1.21)
8/18
8/18
.6
1.25
1.00
.4
.75
.2
.50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.0
ENERGY
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.0
MATERIALS
(0.68)
(1.02)
1.5
.8
8/18
8/18
1.0
.6
.5
.4
.0
.2
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
3.5
FINANCIALS
3.0
(2.60)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.5
(1.37)
2.0
8/18
2.5
8/18
1.5
2.0
1.0
1.5
.5
1.0
.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.00
1.75
HEALTH CARE
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
UTILITIES
(1.34)
8/18
(2.31)
2.5
2.0
1.50
1.25
8/18
1.5
1.00
1.0
.75
yardeni.com
.50
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com

Figure 46.
30
20
30
INDUSTRIALS
15
10
0
0
Aug
Aug
-10
-15
-20
-30
-30
NERI (-8.2)
-40
30
20
(-9.6)
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
CONSUMER STAPLES
Aug
10
20
10
Aug
-10
-10
-20
-20
(11.9)
-30
(-0.1)
-30
45
30
-40
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
ENERGY
MATERIALS
30
15
15
Aug
Aug
0
-15
0
-15
-30
-45
-30
(9.2)
(2.0)
-60
15
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FINANCIALS
30
15
Aug
Aug
-15
0
-15
-30
-30
(-3.1)
-45
(-8.4)
-45
10
5
-60
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
HEALTH CARE
UTILITIES
Aug
-5
Aug
-10
-15
(-2.7)
(2.8)
-20
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
20
15
10
5
0
-5
-10
-15
-20
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

www.yardeni.com

Figure 47.
30
20
30
INDUSTRIALS
15
10
0
0
-10
Aug
Aug
-15
-20
-30
-30
NERI (-12.8)
-40
30
(-9.7)
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
CONSUMER STAPLES
30
20
15
10
Aug
-15
Aug
-10
-30
(-2.7)
(-1.8)
-20
60
40
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
ENERGY
MATERIALS
45
30
20
15
Aug
0
Aug
-20
-40
(-2.0)
-15
-30
(-9.3)
-60
20
-45
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FINANCIALS
60
40
10
20
Aug
Aug
-10
-20
(-0.1)
(-2.8)
-20
20
15
-40
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
HEALTH CARE
UTILITIES
30
20
10
10
Aug
Aug
0
-5
-10
(3.2)
0
-10
-20
(-5.3)
-15
-30
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

www.yardeni.com
S&P 500/400/600 Sectors Forward Profit Margin

Figure 48.
10
8
11
INDUSTRIALS
(S&P profit margin by sector)
8/18
8/18

S&P 400 MidCap (5.2)
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
12
10
CONSUMER STAPLES
(6.8)
(3.5)
(3.5)
8
6
(9.3)
(6.0)
(4.5)
3
1
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
8/18
(19.7)
(5.5)
(6.7)
8/18
10
5
2
0
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20
ENERGY
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
8/18
8
8/18
(9.6)
(5.9)
(4.1)
0
-5
-10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
10
20
12
MATERIALS
(3.6)
(-0.8)
(-4.6)
15
25
20
15
25
FINANCIALS
2
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
20
(15.8)
(14.0)
(15.1)
(11.0)
(0.8)
(4.4)
8/18
15
8/18
10
5
10
-5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
12
HEALTH CARE
(10.7)
(5.6)
(5.2)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
UTILITIES
12
8/18
10
8/18
(10.7)
(8.8)
(10.8) yardeni.com
6
3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
6
4
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com
S&P 500/400/600 Sectors Forward P/Es

Figure 49.
35
30
25
(S&P forward P/Es by sector)
20
20
8/18
8/18
15
15

S&P 400 MidCap (15.8)
10
5
0
(16.8)
(17.0)
(17.6)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
25
INDUSTRIALS
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
CONSUMER STAPLES
30
8/18
20
25
20
15
8/18
(20.7)
(21.2)
(19.9)
10
5
(16.8)
(17.3)
(18.1)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
50
30
25
MATERIALS
8/18
(39.7)
(NA)
(NA)
10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
ENERGY
40
15
20
8/18
15
20
(17.0)
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
35
30
10
(17.4)
(16.5)
10
FINANCIALS
25
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(14.0)
(19.2)
(17.3)
(14.1)
(40.0)
(31.3)
20
50
40
30
15
8/18
8/18
10
5
20
10
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
30
60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25
HEALTH CARE
25
UTILITIES
20
8/18
20
8/18
15
(15.6)
(19.8)
(25.9)
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
15
(17.7)
(19.5)
(21.3)
10
5
yardeni.com
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com
S&P 500/400/600 Sectors Forward P/Sales

Figure 50.
1.75
1.50
1.25
INDUSTRIALS
(S&P forward P/Sales by sector)
8/18
8/18
1.00
.75
.25
.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
1.75
1.50
(1.57)
(1.01)
(0.80)

S&P 400 MidCap (0.82)
.50
CONSUMER STAPLES
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
8/18
(3.31)
(0.95)
(1.21)
1.00
.75
(1.40)
(0.75)
(0.69)
.25
.00
ENERGY
.0
2.0
MATERIALS
8/18
(1.63)
.5
(1.02)
(0.68)
0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
FINANCIALS
3.0
2.5
.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.5
(2.21)
(2.70)
(2.60)
1.5
1.0
8/18
3.5
1.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
4.0
2.0
.5
(1.43)
(0.77)
(1.02)
2.5
1.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
3
3.5
3.0
8/18
1.25
.50
2.00
1.75
1.50
1.25
1.00
.75
.50
.25
.00
(1.55)
(0.56)
(1.37)
2.0
8/18
1.5
8/18
2.0
1.0
1.5
.5
1.0
.5
.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2.5
2.0
HEALTH CARE
(1.67)
(1.10)
(1.34)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
UTILITIES
8/18
2.5
(1.89)
(1.71)
(2.31)
8/18
2.0
1.5
1.5
1.0
1.0
yardeni.com
.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

www.yardeni.com
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Earnings, Revenues, &

August 25, 2016

Dr. Edward Yardeni

Please visit our sites at

thinking outside the box

S&P 500/400/600 Annual Earnings

August 25, 2016 / Earnings, Revenues, & Valuation: S&P 500/400/600

Yardeni Research, Inc.

S&P 600 Sectors Forward Earnings

August 25, 2016 / Earnings, Revenues, & Valuation: S&P 500/400/600

Yardeni Research, Inc.

S&P 500/400/600 Annual Earnings

S&P 500 OPERATING EARNINGS PER SHARE

(consensus analysts estimates in dollars, weekly, ratio scale)

Yardeni Research, Inc.

S&P 500/400/600 Annual Revenues

S&P 500 REVENUES PER SHARE

(consensus analysts estimates in dollars, weekly, ratio scale)

Yardeni Research, Inc.

S&P 500/400/600 Annual Margins

S&P 500 PROFIT MARGIN

(using analysts average earnings and sales forecasts, percent)

Forward Margins* (10.6)

Forward Margins* (6.1)

Forward Margins* (5.4)

Yardeni Research, Inc.

S&P 500 Annual & Quarterly Earnings

S&P 500 OPERATING EARNINGS PER SHARE

(consensus analysts estimates in dollars, weekly, ratio scale)

* Time-weighted average of consensus estimates for current and next year.

S&P 500 EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2016

Yardeni Research, Inc.

S&P 400 Annual & Quarterly Earnings

S&P 400 MIDCAP OPERATING EARNINGS PER SHARE*

(consensus analysts estimates in dollars, weekly)

Yardeni Research, Inc.

S&P 600 Annual & Quarterly Earnings

S&P 600 SMALLCAP OPERATING EARNINGS PER SHARE

(consensus analysts estimates in dollars, weekly)

Yardeni Research, Inc.

S&P 500/400/600 2016 Quarterly Earnings

S&P 500 EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 2016

Yardeni Research, Inc.

S&P 500/400/600 2016 Quarterly Y/Y Earnings Growth

S&P 500: CONSENSUS QUARTERLY Y/Y EPS GROWTH 2016

Yardeni Research, Inc.

S&P 500/400/600 Indexes & Forward Earnings

S&P 500/400/600 STOCK PRICE INDEXES

(daily, ratio scale)

S&P 500 LargeCap (2172.47)

Source: Standard & Poors Corporation.

S&P 500/400/600 FORWARD EARNINGS

(dollars per share, ratio scale)

* Time-weighted average of consensus estimates for current and next year.

Yardeni Research, Inc.

S&P 500/400/600 Forward Revenues & Margins

S&P 500/400/600 FORWARD REVENUES

* Time-weighted average of consensus estimates for current and next year.

S&P FORWARD PROFIT MARGINS*

(using analysts average earnings and sales forecasts, percent)

S&P 500 (10.6)

Yardeni Research, Inc.

S&P 500/400/600 P/Es

FORWARD P/E RATIOS FOR S&P INDEXES*