Daily Report : Companies pull back on buybacks while issuing more shares; Earnings surprises trigger quick upgrades
In recent months, companies have pulled back drastically on buying back their own shares. At the same time, they've been adding to supply by issuing new shares either through IPOs or secondary and add-on offerings. This is one of the most drastic changes in supply in 20 years. ; So far, this is shaping up to be one of the better earnings seasons in 20 years, with a high percentage of S&P 500 companies beating their earnings estimates. As a result, more companies are upgrading their financial outlooks, and Wall Street analysts are upgrading price targets and future earnings estimates.
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