The rules are changing. A new economic chapter has begun, marked by squeezed profits and higher borrowing costs
500 index that reported their latest quarterly results last week beat expectations on sales and earnings. On July 19th the share price of Lockheed Martin slid after the aerospace firm announced an earnings miss and a downward revision to its guidance. The same day a similar fate befell Johnson & Johnson, the world’s biggest drugmaker. Wall Street analysts are busily revising down forecasts of future profits.
These worries—and levels of corporate sentiment at their lowest levels since the early innings of the pandemic—have not stopped companies from forking money over to shareholders.500 firms paid out a record $141bn in dividends to investors in the second quarter of 2022, compared with $119bn in the same period in pre-pandemic 2019. That was on top of buying back $281bn-worth of their own shares in the three months before, continuing an explosive growth in share buy-backs .
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