Thursday, July 21, 2016

During the Obama Administration, the 2,276 Largest US Companies With Market Caps Above $500 Mil Generated Total Audited US GAAP Earnings of $939.7 Bil in 2015, Up 301 Times From the Total Losses of $3.1 Bil in 2008, the Year Before Obama Took Office..... This Is Why the US Stock Market Has Been at an All-Time High in Most of the Past Two Weeks, Why US Job Creation Has Been Consistently Very Robust and Thus Why the US Unemployment Rate Has Declined By More Than Half Since 2009 and Also Why Many Executives, Employees and Stockholders Think Barack Obama Has Done a Superb Job on the US Economy

From a review of the fine Google Finance Website and of company financial statements in the US SEC website, I found the 2,276 largest Companies headquartered in the US with Stock Market Capitalizations now of more than $500 Mil.

As you can see in the below chart, the Total US GAAP Audited Earnings of these largest US Companies dropped massively by 100% from 2007 to 2008, which was the US financial meltdown year and also the last year of the Bush/Cheney Presidency.  Then, these Total Earnings increased by an almost unbelievable 12,307% (yeah, that's up 123 Times) in 2009 over 2008 and increased by an additional 108% in 2010 over 2009, thereby much more than recouping in only two years the total earnings decline resulting from the disastrous 2008 financial meltdown.

The Democrats were in control of both the US House and US Senate in both 2009 and 2010 when this miraculous earnings recovery occurred ..... from Total Company Losses in 2008 of $3.124 Bil to Total Company Earnings in 2009 of $381.310 Bil and in 2010 of $794.917 Bil.

But on the downside, 2015 Total Earnings of these 2,276 largest US Companies were down 18% from 2014.  This was attributable to the middle-sized and smaller of these US Companies, those with Market Cap Ranges from $500 Mil to $40 Bil, generating 2015 Total Earnings which were down in the range of 18% to 347% from 2014, while the very largest of these Companies, the 113 with Market Caps above $40 Bil and comprising 69% of the Total Earnings of all 2,276 Companies, generated 2015 Total Earnings which were basically flat with 2014.

Nearly all of the US House Republicans and also the Big Corporatist Democratic Wing in the US Senate, which now comprises a clear majority of US Senate Democrats, have both focused much more on the success of the very largest, most profitable US Companies than they have on the success of the middle-sized and smaller US C Corp Companies.  This Big Corporatist Democratic Wing is led by New York Senator Chuck Schumer and includes among others Virginia Senators Mark Warner and Tim Kaine, New Jersey Senators Bob Menendez and Cory Booker, Minnesota Senators Amy Klobachur and Al Franken and California Senators Dianne Feinstein and Barbara Boxer.  These US States are HQs to many very large, highly profitable Corporations that have been very effective in having their US State Senators consistently taking actions which economically benefited them, nothing more so than the PATH Act of 2015.  

As contrasted with the US Congress overwhelmingly being focused on the success of the very largest, powerful Corporations which ends up Expanding Income Inequality, I think to get US real annual GDP growth above 4% for many years, the US Congress should vote for strong tax incentives for the forgotten middle-sized and smaller US C Corp Companies, with the key component here being to allow, on a prospective basis, a current US Federal Income Tax Cash Benefit in the same year a Tax Loss is generated.  Such a broad-based economic approach will Narrow Income Inequality.  

First, below here are the total reported Audited US GAAP Earnings (Losses) From Continuing Operations of these 2,276 largest US Companies for all years where consistent earnings amounts were reported from 2007 through 2015 and the Annual Earnings Percentage Change from the prior year, with the Total Earnings amounts broken down by Company Stock Market Capitalization Range:


2015 2014 2013 2012 2011 2010 2009 2008 2007


US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP


Audited Audited Audited Audited Audited Audited Audited Audited Audited


Net Net Net Net Net Net Net Net Net
# of Income Income Income Income Income Income Income Income Income
Company Market Cap Range Companies (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)

 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils











Above $40 Bil 113     646,812     647,485     678,815     590,929     594,543     507,526     341,877     163,115     373,271
$30-40 Bil 37       56,327       69,062       52,892       40,872       46,630       38,726       27,332       10,971       44,619
$20-30 Bil 86       61,336       87,215       92,080       71,735       85,234       61,015       29,726       20,906       63,825
$10-20 Bil 180       67,550     110,192     107,529       87,041       90,470       75,685       34,094      (12,248)       50,945
$5-10 Bil 285       74,330     104,741     102,157       83,358       65,700       67,061       34,103      (30,363)       48,293
$3-5 Bil 276       25,994       39,502       43,012       37,251       28,626       32,726         9,488        (5,790)       21,146
$2-3 Bil 308       11,380       42,827     107,064       36,876         1,284         3,393      (75,462)      (64,054)       13,018
$1-2 Bil 522         2,088       31,939       70,086       34,277       15,124         3,397      (19,246)      (74,092)         8,331
$700 Mil-$1 Bil 236        (4,383)         8,551         8,021         4,529         4,609         4,155            159        (7,158)         3,125
$600-700 Mil 116        (1,485)            602            895            747         1,232         1,018           (405)        (1,681)              18
$500-600 Mil 117           (252)            982            385            612            503            214           (355)        (2,730)            657
Totals (All Above $500 Mil) 2276     939,698  1,143,098  1,262,936     988,227     933,955     794,917     381,310        (3,124)     627,248











Annual Earnings % Change vs Prior Year








Above $40 Bil 113 -0.1% -5% 15% -1% 17% 48% 110% -56%
$30-40 Bil 37 -18% 31% 29% -12% 20% 42% 149% -75%
$20-30 Bil 86 -30% -5% 28% -16% 40% 105% 42% -67%
$10-20 Bil 180 -39% 2% 24% -4% 20% 122% 378% -124%
$5-10 Bil 285 -29% 3% 23% 27% -2% 97% 212% -163%
$3-5 Bil 276 -34% -8% 15% 30% -13% 245% 264% -127%
$2-3 Bil 308 -73% -60% 190% 2772% -62% 104% -18% -592%
$1-2 Bil 522 -93% -54% 104% 127% 345% 118% 74% -989%
$700 Mil-$1 Bil 236 -151% 7% 77% -2% 11% 2518% 102% -329%
$600-700 Mil 116 -347% -33% 20% -39% 21% 351% 76% -9397%
$500-600 Mil 117 -126% 155% -37% 22% 134% 160% 87% -515%
Totals (All Above $500 Mil) 2276 -18% -9% 28% 6% 17% 108% 12307% -100%











2015 Total Earnings  % Above 









….. 2008 Total Earnings
30,183%





….. 2007 Total Earnings
50%








In my most recent posts, I have shown the US GAAP Audited Earnings (Losses) for each of the 2,159 largest US Companies with stock market capitalizations of above $600 Mil.  Thus, below here are the reported Audited US GAAP Earnings (Losses) From Continuing Operations of each of the 117 US Companies with recent stock market caps of $500 Mil-600 Mil, for all years in which consistent earnings amounts were available from 2007 through 2015, with all companies presented in most recent Stock Market Cap order:




2015 2014 2013 2012 2011 2010 2009 2008 2007



Most Audited Audited Audited Audited Audited Audited Audited Audited Audited



Recent Net Net Net Net Net Net Net Net Net
City State 2015 Income Income Income Income Income Income Income Income Income
Company HQs HQs FYE (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss)



 $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils  $ mils













Insteel Industries Inc Mount Airy NC Sep15            22            17            12              2            (0)              0          (21)            44            24
Heron Therapeutics Inc  Redwood City  CA Dec15          (98)          (76)          (55)          (24)          (11)            (7)          (10)          (23)          (20)
Dynavax Technologies Corp  Berkeley  CA Dec15        (107)          (91)          (67)          (70)          (49)          (57)          (15)          (27)          (69)
Instructure Salt Lake City UT Dec15          (53)          (41)          (22)          (19)




ZIOPHARM Oncology Inc Boston MA Dec15        (120)          (32)          (57)          (96)          (64)          (33)            (8)          (25)          (27)
Intrawest Resort Holdings Denver CO Dec15            (5)        (189)        (298)        (337)        (492)



InvenSense Inc  San Jose  CA Mar16          (21)            (1)              6            52            37              9            15              0            (7)
American Renal Associates Hldgs Beverly MA Dec15            93            82            42            60            40            15


Blueprint Medicines Cambridge MA Dec15          (53)          (40)          (21)





Epizyme Cambridge MA Dec15        (132)          (55)            (3)            (1)          (21)



Century Aluminum Co Chicago IL Dec15          (59)          126          (40)          (36)            11            60        (206)        (895)        (106)
First Potomac Realty Trust  Bethesda  MD Dec15          (34)            16          (11)          (24)          (15)          (21)              5              3            (5)
Tredegar Corp Richmond VA Dec15          (32)            36            36            43            29            27            (1)            30            35
Douglas Dynamics Inc  Milwaukee  WI Dec15            44            40            12              6            19              2            10            11            (1)
National Bank Holdings Corp  Greenwood Village  CO Dec15              5              9              7            (1)            42              6            (2)

ePlus  Herndon  VA Dec15            45            46            35            35            23            24            13            13            16
Faro Technologies Inc  Lake Mary  FL Dec15            13            34            22            23            23            11          (11)            14            18
Kadant Westford MA Dec15            35            29            24            31            34            19            (6)          (22)            26
Capital Senior Living Corp  Dallas  TX Dec15          (14)          (24)          (17)            (3)              3              4              3              4              4
PDL BioPharma Inc  Incline Village  NV Dec15          333          322          265          212          199            92          190          238          180
Marcus Corp  Milwaukee  WI May15            24            21            23            23            14            16            17            20            34
Investment Technology Group  New York  NY Dec15            92            51            31        (248)        (180)            24            43          115          111
PGT Inc  North Venice  FL Dec15            24            16            27              9          (17)          (14)            (9)        (163)              1
Workiva Ames IA Dec15          (43)          (41)          (30)          (31)          (15)



Univest Corp of PA Souderton PA Dec15            27            22            21            21            19            16            11            21            26
EMC Insurance Group Inc  Des Moines  IA Dec15            50            30            44            38            (3)            31            45            (2)            42
Alon USA Partners LP Dallas TX Dec15          157          169          136          382          294          (39)          (66)            99          188
Clovis Oncology Inc Boulder CO Dec15        (353)        (160)          (85)          (74)          (56)          (38)          (17)

Nautilus Inc  Vancouver  WA Dec15            27            20            48            11              3          (10)          (19)          (53)          (46)
CBIZ Inc  Cleveland  OH Dec15            35            30            25            24            20            17            32            32            30
FormFactor Inc Livermore CA Dec15            (2)          (19)          (58)          (36)          (66)        (188)        (156)          (81)            73
Multi-Fineline Electronix Inc Irvine CA Dec15            45          (85)          (66)            29            38            30            46            40              3
Rapid7 Boston MA Dec15          (50)          (33)          (19)          (12)          (12)



Entercom Communications Corp Bala Cynwyd PA Dec15            29            27            26            11            71            46              5        (513)            (8)
Strayer Education Inc  Herndon  VA Dec15            40            46            16            66          106          131          105            81            65
World Point Terminals  St Louis  MO Dec15            33            33            32            31            35



Ellington Financial LLC  Greenwich  CT Dec15            38            60            79            97            10            41            93            (2)              3
Computer Programs & Systems Inc Mobile AL Dec15            18            33            33            30            26            19            15            15            13
Armstrong Flooring Lancaster PA Dec15              9              3            27            52            39



EPIQ Systems Inc  Kansas City  KS Dec15          (12)            (1)            11            22            12            14            15            14              7
HI-Crush Partners LP Houston TX Dec15            28          124            60            42              9            (0)


Sucampo Pharmaceuticals  Bethesda  MD Dec15            33            13              7              5          (17)            (3)              5            32            19
Greenhill & Co inc  New York  NY Dec15            26            43            47            42            45            39            71            49          115
TETRA Technologies Inc  Woodlands  TX Dec15        (209)        (168)              3            19              5          (43)            69          (10)              1
Chase Corp Bridgewater MA Aug15            27            27            17              9            11            11              5            11              9
Nantkwest  San Diego  CA Dec15        (237)            (6)            (2)





Resources Connection Inc  Irvine  CA May16            30            28            20            21            41            25          (12)            18            49
William Lyon Homes  Newport Beach  CA Dec15            60            55          136            (9)        (193)        (135)          (21)        (122)        (338)
Northstar Realty Europe Corp New York NY Dec15        (144)          (37)            (2)





Farmer Brothers Co Fort Worth TX Jun15              1            12            (8)          (27)          (52)          (24)          (33)            (8)              7
Tejon Ranch Company Lebec CA Dec15              3              6              4              4            16              4            (3)              4              7
Enviva Partners LP Bethesda MD Dec15            23              0            (5)          (20)          (25)



Opower Inc Arlington VA Dec15          (45)          (42)          (14)          (12)          (21)          (14)


Elio Motors Phoenix AZ Dec15          (23)          (25)          (14)





Novanta Bedford MA Dec15            36          (17)            10            28            24          (20)          (71)        (213)            15
SP Plus Corp  Chicago  IL Dec15            20            26            15              3            17            16            14            19            18
Crawford & Co Atlanta GA Dec15          (46)            31            51          (50)            46            29        (115)            33            16
PROS Holdings Inc  Houston  TX Dec15          (66)          (38)              3              5              6            (2)              6            11            11
INTL Fcstone Inc  New York  NY Sep15            56            20            19            17            30            10            11            27            (6)
CSW Industrials Inc  Dallas  TX Mar16            25            30            25            23            17            14


Nanometrics Inc Milpitas CA Dec15              3          (31)          (14)              4            29            56          (16)          (83)            (4)
Loxo Oncology Stamford CT Dec15          (36)          (21)          (10)





Green Plains Partners LP Omaha NE Dec15            16          (13)            (8)





Great Southern Bancorp  Springfield  MO Dec15            47            44            34            44            30            23            65            (4)            29
Gener8 Maritime New York NY Dec15          130          (47)        (101)        (199)        (147)        (217)          (12)            30            45
Sprague Resources LP  Portsmouth  NH Dec15            78          123          (30)          (13)            30            16            20            21            (7)
Hemisphere Media Group Inc  Coral Gables  FL Dec15          (14)            11            (4)            11              8            31            (8)

Erin Energy Corp  Houston  TX Dec15        (452)          (96)          (43)          (30)          (25)        (230)          (11)            (5)            (2)
Kforce Inc  Tampa  FL Dec15            43            29              5          (42)            14              8            13          (89)            37
Array Biopharma Inc  Boulder  CO Jun15              9          (85)          (62)          (24)          (56)          (78)        (128)          (96)          (55)
Enterprise Financial Services Corp  Clayton  MO Dec15            38            27            33            28            25              6          (47)              8            16
TAL Intl Group Inc  Purchase  NY Dec15            88          124          143          130          110            58            72            36            39
Vera Bradley Roanoke IN Jan16            28            41            60            72            62            46            43            24            50
Progenics Pharmaceuticals Tarrytown NY Dec15          (39)              4          (43)          (35)            10          (70)          (31)          (45)          (44)
Sunrun San Francisco CA Dec15        (249)        (157)          (65)





Ruth's Hospitality Group Inc  Heathrow  FL Dec15            30            27            24            16            19            16              4          (43)            19
Barnes & Noble Education Inc  Basking Ridge  NJ Apr16              0            19            35            30            36            23          (14)

Computer Services Inc  Paducah  KY Feb16            29            28            27            26            26            24            22            21            18
XBiotech Austin TX Dec15          (37)          (22)          (10)          (15)




Blucora Inc Bellevue WA Dec15          (13)            (6)          (26)          (15)              9                
Shoe Carnival Evansville IN Jan16            29            26            27            29            26            27            15              5            13
First National Bank Alaska  Anchorage  AK Dec15            36            33            32            40            35            40            37            43            38
Albany Molecular Research Inc  Albany  NY Dec15            (2)            (3)            12            (4)          (33)          (63)          (17)            21              9
M/I Homes  Columbus  OH Dec15            52            51          151            13          (34)          (26)          (62)        (245)          (92)
Unifi Inc  Greensboro  NC Jun15            40            28            16            11            25            11          (49)          (19)        (117)
MPM Holdings Inc New York NY Dec15          (83)        (347)        (464)        (365)        (140)          (63)          (42)        (998)        (254)
Cross Country Healthcare Inc Boca Raton FL Dec15              5          (32)          (54)          (21)              2            (5)              7        (143)            25
CalAmp Corp  Oxnard  CA Feb16            17            17            12            45              5            (3)          (11)          (50)          (82)
HomeStreet Inc Seattle WA Dec15            41            22            24            82            16          (34)        (110)              8            20
El Pollo Loco Holdings Costa Mesa CA Dec15            24            42          (17)            (8)          (32)



Energy Recovery Inc San Leandro CA Dec15          (12)          (19)            (3)            (8)          (26)            (4)              4              9              6
Movado Group Inc  Paramus  NJ Jan16            46            52            52            58            33          (23)          (40)            13            69
AtriCure Inc  Mason  OH Dec15          (27)          (16)          (11)            (8)            (5)            (4)          (16)          (10)          (11)
RPX Corp  San Francisco  CA Dec15            39            39            41            39            29            14              2            (5)
PennantPark Investment Corp  New York  NY Sep15          (10)          111            92            63            10            17            36          (41)          (17)
Mercer Intl Inc  Seattle  WA Dec15            76          113          (26)          (16)            70          115          (87)    
CoBiz Financial Inc  Denver  CO Dec15            26            29            28            24            32          (22)          (83)              2            23
John B Sanfillippo & Son  Elgin  IL Jun15            29            26            22            17              3            14              7            (6)          (14)
Heritage Financial Corp  Olympia  WA Dec15            37            21            10            13              7            13              1              6            11
Bridge Bancorp Inc  BridgeHampton  NY Dec15            21            14            13            13            10              9              9              9              8
K12 Inc Herndon VA Jun15              9            18            27            16            12            21            12            34              4
Sabine Royalty Trust Dallas TX Dec15            46            59            59            52            59            54            39            89            57
BioTelemetry Inc Conshohocken PA Dec15              7          (10)            (7)          (12)          (61)          (20)          (20)

Raptor Pharmaceuticals Novato CA Dec15          (65)          (53)          (69)          (39)          (37)          (19)            (9)            (8)
Motor Parts of America Inc  Torrance  CA Mar16            11            11              6            15            14            12            10              4              5
Schnitzer Steel Industries Inc Portland OR Aug15        (188)            12        (276)            29          124            85          (27)          255          134
German American Bancorp Inc Jasper IN Dec15            30            28            25            24            20            13            12            13              9
AppFolio Goleta CA Dec15          (16)            (9)            (7)          (12)




SciClone Pharmaceuticals Foster City CA Dec15            29            25            11            10            28            21            12            (8)          (10)
Materion Corp  Mayfield Heights  OH Dec15            32            42            20            25            40            46          (12)            18            53
PDF Solutions Inc San Jose CA Dec15            12            18            21            37              2              0          (18)          (96)            (3)
MarineMax Inc Clearwater FL Sep15            48            11            15              1          (12)              2          (77)        (134)            20
Pzena Investment Management Inc  New York  NY Dec15            47            55            48            34            33            36            33            32          (20)
Aimmune Therapeutics Brisbane CA Dec15          (36)          (11)            (5)





AAC Holdings Brentwood TN Dec15              8              6              1              1              1



Global Indemnity plc Bala Cynwyd PA Dec15            41            63            62            35          (38)            85            75        (142)            99
Sequential Brands Group Inc  New York  NY Dec15              2            (1)          (11)            (7)              0            (1)















Total all 117


       (252)          982          385          612          503          214        (355)     (2,730)          657
Annual Earnings % Change vs Prior Year

-126% 155% -37% 22% 134% -160% -87% -515%