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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGoldman Sachs: American companies will have zero profit growth this year
Goldman Sachs: American companies will have zero profit growth this year
New York (CNN Business)This was supposed to be the year that the bottom line of Corporate America rebounded after lackluster profit reports for most of 2019. But the coronavirus outbreak is threatening to end the earnings recovery before it even begins.
Goldman Sachs warned in a report Thursday that it now thinks US companies "will generate no earnings growth in 2020." The bank said this forecast is based on "the likelihood that the impact of the virus becomes widespread."
Microsoft (MSFT), Priceline owner Booking Holdings (BKNG) and Budwesier brewer Anheuser-Busch InBev (BUD) were the latest blue chip firms to say that disruption due to the coronavirus will hurt their results. Apple (AAPL) did so last week.
Stocks around the world have plunged this week and several key global market indexes are now in a correction, a 10% drop from recent highs. Gold has soared and long-term US bond yields have fallen to record lows in a classic flight to safety.
https://www.cnn.com/2020/02/27/investing/earnings-coronavirus/index.html
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My commentary - Holy sh*t! If GS is predicting this, it's going to be a rough year, like really really bad year across the board.
Kurt V.
(5,624 posts)Frustratedlady
(16,254 posts)It never fails. The Repukes mess it up and the Democrats clean it up. This was probably going to happen even without the virus. They always find a way.
SWBTATTReg
(22,171 posts)the real estate and the stock markets) and Obama came in to clean up the mess. rump has been there a little over 3 years and screwed everything up already, plus he got us in debt paying for these deficits. Oh we are getting so tired of winning!
Wellstone ruled
(34,661 posts)you borrow funds and burn your cash reserves on Stock Buy Backs and Bonus's.