No Customers No Cry

Fly Charts: Ditching All the Clients and Making All the Money

From the reassuring constancy of bank earnings to a retail pep talk, here are four charts that tell you what you need to know in business today.
Photographer: Bloomberg/Bloomberg via Getty Images

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From the reassuring constancy of bank earnings to a retail pep talk, here are four charts that tell you what you need to know in business today.

Full Retail

The headlines may be apocalyptic, but earnings and valuations at traditional retailers have been surprisingly steady.

Source: Bloomberg

Note: Averages for 40 traditional retailers in the S&P Retail Select Industry Index for the last 10 fiscal years. P/B and P/E shown as ratios; profit margin and ROE shown as percentages.

Almost There

It looks like investors are finally beginning to believe in an AT&T/Time Warner merger.

Source: Bloomberg

Note: AT&T's offer comprises cash and stock subject to a collar.

Reliability Factor

Turns out that people that manage money for a living are pretty good at managing earnings to expectations.

Source: Bloomberg

*Out of the biggest banks reporting next week, Morgan Stanley commands the longest streak with six quarters of EPS beats in a row

Point of Reference

How to ditch all of your outside clients and make a whole bunch of money: the BlueCrest story.

Source: Bloomberg reporting, Bloomberg Global Developed Sovereign Bond Index

And don't miss Lisa Abramowicz on an off-script Jamie Dimon: "'Who cares about fixed-income trading in the last two weeks of June? I mean seriously.'

Well, a lot of people do, including regulators, politicians, analysts, Gadfly columnists and not least of all JPMorgan shareholders, all for some legitimate reasons (again, not least of all the bank's shareholders, and Gadfly columnists)." 

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

    To contact the author of this story:
    Max Nisen in New York at mnisen@bloomberg.net

    To contact the editor responsible for this story:
    Mark Gongloff at mgongloff1@bloomberg.net

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