Stock Market Internals Earnings Momentum, Small/Mid/Large Caps, Growth/Value/Cyclicals, and Additional Factors

EPS growth for Large and Mid Cap companies continues exceeding their top-line growth, but Small and Micro Cap companies saw their EPS growth rates coming in below their top-line growth rates.

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Small Caps are selling at a 15% valuation premium relative to Large Caps, using non-normalized trailing operating earnings. This is the same as the past two months’ readings. Using estimated 2013 operating earnings, Small Caps are selling at a higher valuation premium of 23% (24% last month).

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Large Caps lost 2.9% (total return) in August, just ahead of Small Caps (-3.2%) and Mid Caps (-3.8%). YTD, Small Caps continue to perform ahead of the other two subsets.

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Growth’s leadership over Value has only been apparent in Large Caps, but this segment had a big short-term reversal in recent months. Large Cap Cyclicals (+7%) significantly lag Large Cap Growth (+17%) YTD.

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The Equal Weighted S&P 500 (-3.0%) slightly outperformed the Cap Weighted S&P 500 (-3.1%). The Equal Weighted index continues outperforming YTD (+17.7% vs. +14.5%).

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Financials (the largest Mid and Small Cap sector) decreased across all three market segments, while Information Technology (the largest Large Cap sector) was boosted for both Large and Small Caps.

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The first month of Q2 reports looks better than feared with a reading of 1.59. This is below the average of 1.81, but given this earnings season’s low expectations, investors should breathe a sigh of relief.

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Q2 relative to Q1 growth rates have improved for larger cap companies but deteriorated for the smaller firms.

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Year-over-year EPS growth rate for companies with Q2 reports (with about 65% in) currently stands at +4.2%, while revenue growth has come in at a better than expected +2.6%.

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Small Caps are selling at a 15% valuation premium relative to Large Caps, using non-normalized trailing operating earnings. This is the same as last month’s reading. Using estimated 2013 operating earnings, Small Caps are selling at a higher valuation premium of 24% (25% last month).

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Large Caps gained 5.1% (total return) in July, lagging Small Caps (+7.0%) and Mid Caps (+6.2%). YTD, Small Caps are now ahead of the other two subsets, and Large Caps are the laggards.

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Growth’s longer term trend of leadership over Value has only been apparent in Large Caps, but this segment had a big short-term reversal in Q2 and July.

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The Equal Weighted S&P 500 (+5.4%) outperformed the Cap Weighted S&P 500 (+4.9%) and also continues to outperform on a YTD basis.

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Consumer Discretionary’s weight increased the most in the S&P 500, rising 0.5%. Health Care rose the most in Mid Caps (+0.3%), while Information Technology rose the most in Small Caps (+0.7%).

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Growth leadership over Value has only been apparent in Large Caps, but this segment had a big short-term reversal in Q2.

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Sequential growth rates are all down this earnings season, but Micro Caps have been hit particularly hard exhibiting zero bottom-line growth.

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Information Technology sector weight declined across all market tiers, including a 0.4% drop within the S&P 500. However, it remains the largest sector weighting among Large Caps. Financials remain the heaviest weight for both Mid and Small Caps.

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The Equal Weighted S&P 500 (-1.3%) slightly outperformed the Cap Weighted S&P 500 (-1.5%) and continues to outperform YTD.

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Large Caps lost 1.3% in June, lagging Small Caps (-0.5%). Both fared better than Mid Caps (-1.9%). YTD, Small Caps are now ahead of the other two subsets.

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