Investors are desperate for clarity on U.S. corporate profits as the coronavirus pandemic has forced them to lower expectations ahead of the first-quarter reporting period starting in mid-April.
The profit picture is worsening even as Congress approved a $2 trillion funding package and stocks began to rebound from weeks of selling that ended the longest U.S. bull market.
“One possibility is some companies presenting separate guidance paths that account for best-case, middle-case, and worst-case pandemic scenarios.” “Largely companies are saying, listen, ‘I don’t know what’s going on. We’re pulling our guidance. You’re on your own,’” Jonathan Golub, chief U.S. equity strategist at Credit Suisse Securities in New York, said on a call on Friday.
Fears of a U.S. recession have mounted for weeks as strict measures to contain the coronavirus have led to temporary business shutdowns and a wave on layoffs. Data released on Thursday showed a record of more than 3 million Americans filed claims for unemployment benefits last week. FILE PHOTO: Household provisions are seen in depleted quantities with nearly empty shelves at a department store in Washington, D.C., March 15, 2020. REUTERS/Gavino Garay
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