First Quarter GDP Declines Sharply Due to Virus Outbreak

By Tom Burnett CFA On April 29, 2020, the Department of Commerce released its “advance notice” estimate of the nation’s annual rate of GDP growth for the first quarter of the 2020 year. The estimate came in at a negative annual rate of 4.8%, much greater than initial analyst estimates. The rate…

Kelleher Financial Advisors 1st Quarter 2020 Newsletter

By Tom Burnett CFA The latest FACTSET earnings summary forecast for the S/P 500 Index continues to reflect reduced expectations for 2020. The negative impact of the economic standstill resulting from the COVID-19 virus outbreak is beginning to show up directly in the consensus analyst surveys and forecasts…

By Tom Burnett CFA On April 14, 2020, two large banks (Wells Fargo, JP Morgan) opened the first quarter earnings reporting season. As expected, the results were dismal. Wells Fargo reported net income of $653 million, down sharply from the $5.9 billion reported in the first quarter of 2019. During the…

By Tom Burnett CFA On April 14, 2020, the IMF (“International Monetary Fund”) issued its regular update of its World Economic Outlook Growth Projections. The latest forecast reflects the negative impact of the Covid-19 virus outbreak. The revisions from its October 2019 forecasts are decidedly negative…