HORAN Capital Advisors

Entries for 2012

Companies Lowering Earnings Guidance For Third Quarter

 September 1 2012     David Templeton
In spite of the high level of negative earnings guidance issued by companies for the third quarter, the market is shaking of this news and moving higher. Factset reports,"For Q3 2012, 80 S&P 500 companies have issued negative EPS guidance while 21 companies have issued positive EPS guidance. If 80 is the final number of companies issuing negative EPS guidance for the quarter, it will mark the seco...

Where Hedge Funds Are Allocating Their Investments

 September 1 2012     David Templeton
Broadly, hedge funds have mostly trailed their market benchmarks; however, investors may find interest in tracking changes in positions and sectors for the hedge fund group. Investors should keep in mind that hedge fund positions are reported once a quarter and the report can be as late as 45 days following a quarter. Consequently, a fund's report may not be reflective of the fund's current alloca...

Changing Tax Rates And Dividend Paying Stock Performance

 August 28 2012     David Templeton
With the looming fiscal cliff facing investors at the start of 2013, the marginal tax rate on dividends would increase to as high as 43.4% versus the current 15% rate. Investors are asking if this substantial increase will negatively impact the performance of dividend paying stocks. Copeland Capital Management recently published a white paper analyzing the impact of changing tax rates and the perf...

Dividend Payers In S&P 500 Index Continue To Grow

 August 26 2012     David Templeton
Howard Silverblatt, Senior Index Analyst for S&P Dow Jones Indices, recently noted the number of dividend payers in the S&P 500 Index has grown to 402 companies. This number reaches a level last seen in 1999. For 2012, thirteen companies have initiated dividend payments to date.From The Blog of HORAN Capital AdvisorsAccording to Silverblatt the dollar dividend payment for S&P 500 companies is up 1...

Trahan: Equity Markets Mid-Way Through Melt Up

 August 12 2012     David Templeton
Francois Trahan recently spoke with Consuelo Mack on WealthTrack and stated his belief the equity market is mid-way through a melt up. He believes this could last through the end of the year and possibly into the first quarter of 2013. He believes cyclically oriented stocks like industrials and materials, as well as higher beta equities, will be the better investments during this melt up. He belie...

Investor Cash Sits In Bond Funds?

 August 9 2012     David Templeton
In spite of the low interest rate environment, investors continue to be attracted to bond funds. As the below chart shows, fixed income mutual funds continue to attract investors' funds. However, this flow of funds into fixed investments is not inhibiting the rise in the U.S. the equity market though. From The Blog of HORAN Capital AdvisorsFrom The Blog of HORAN Capital Advisors Given the low leve...

Employment Growth Simply Too Low

 August 5 2012     David Templeton
Friday's employment situation report by the Bureau of Labor Statistics indicated employment grew by 163,000 jobs in July. No matter how one spins this number, the rate of growth is indicative of an economy that is growing too slowly. The seasonal adjustment actually accounted for 377,000 jobs. The magnitude of this adjustment is not uncommon for the month of July though. What will be interesting...

Investor Letter July 2012

 July 29 2012     David Templeton
The market’s pattern YTD in 2012 resembles the market’s action in 2011 while a number of key issues continue to hang over the financial markets. In our second quarter 2011 Investor Letter, we discussed the debt ceiling debate in Washington and Standard & Poor’s subsequent negative outlook and downgrade of U.S. government debt. We also wrote about serious weather related issues that greatly influen...

A Repeat Of History?

 July 22 2012     David Templeton
The market’s pattern year to date in 2012 resembles the market’s action in 2011. A number of the issues impacting the market this year are similar to those that impacted the markets in 2011. Last year investors had to digest the impact of the debt ceiling debate in Washington and S&P placing the government’s debt on negative watch (and subsequently issuing a one notch downgrade), weather related ...

Large Decline In Individual Investor Bullish Sentiment

 July 20 2012     David Templeton
The American Association of Individual Investors reported investor bullish sentiment fell over eight percentage points this week. The AAII Investor Sentiment Survey measures the percentage of individual investors who are bullish, bearish, and neutral on the stock market for the next six months. The bullish sentiment reading of 22.19% was the lowest level since August 26, 2010 when the bullish read...
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