Some investors were inclined to treat the US earnings season as a “look through” quarter — a download of company data that contains little actionable information. Instead, it is providing important insights on how companies are navigating this scary period and what lies ahead.
Three clear messages have emerged.
First, there is more dispersion between winners and losers. Compare Microsoft’s statement that Covid-19 had a “minimal net impact” on its overall quarterly revenues with retailer J Crew filing for bankruptcy protection.
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