'Lower growth expectations, lower valuations, and a greater re-investment ratio' mean the concentration could be sustained,' Goldman says.
Apple posted quarterly sales of $92 billion, a 9% increase over the year-ago period and 4% ahead of consensus. Microsoft clinched positive results across every segment, 14% year-over-year revenue growth and reiterated guidance for double-digit growth in 2020.
Amazon, perhaps the most impressive to date, reported fourth-quarter revenue of $87 billion, growth of 21%. Google-parent, the last of the bunch to disclose year-end results, will report earnings after the closing bell Monday. More broadly, with 45% of S&P 500 reporting fourth-quarter results, 69% have reported positive earnings surprises while 65% have reported a positive revenue surprise. And though blended earnings decline thus far is 0.3%, that's still better than the decline of 1.6% expected by analysts.
The better-than-expected earnings have helped keep traditional valuation measures in check, with the five largest stocks trading at a price-to-earnings ratio of 30 times, better than the 47 times they topped before the tech bubble burst two decades ago. "In order to avoid repeating the share price collapse experienced by their predecessors, today's market cap leaders will need to at least meet — and preferably exceed — current consensus growth expectations," Kostin wrote. "This time, expectations seem more achievable based on recent results and management guidance."
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