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1、USEquityStrategyEquityResearchAmericas/UnitedStatesJuly2017MarketingDeckKeyChartsonSize,Style&SectorOutlooksJuly7,2017RESEARCHANALYSTSLoriCalvasinaSaraMahaffy,CFAIfyoufindourworkChiefUSEquityStrategist/USEquityStrategist/helpful,pleaserecognizeLoriCalvas
2、inaManagingDirectorVicePresidentinyourfirm’sbroker+1212-538-6396+1212-325-6824vote.lori.calvasina@credit-suisse.comsara.mahaffy@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSU
3、REANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisJuly7,2017report.Investorssho
4、uldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DRIVERsChecklistForTheBroadMarketUSEquityMarketKeyThoughtsDDeals&Cashlevelshaveinchedupabitlately,butremainwellbelowpeak.Meanwhile,debtlevelshaverisensharply.WecontinuetoCashbelievet
5、hatcompanieswillbemoreselectiveindeployingcashgoingforward.UsageM&Ahasbeenweakgenerally,particularlyforpublictargets(dealstargetingprivatesandsubsidiarieshavebeenstronger).=Therearereasonstobeoptimisticthattrendscanimprove.CEOconfidencehasrisensharplysin
6、cetheelection.Althoughbuybackactivitylevelsremainwellbelowtherehighs,therehasbeenanuptickinthepercentofcompaniesbuyingbacksharesinbothmidandlargecaprecently,whiletheDollarvalueofsharerepurchaseshasalsostabilizedabit.Corporatetaxreform(bothloweringtherate
7、andrepatriation)couldboostactivityonthisfrontshoulditmaterialize.RRevisions/1Q17reportingseasonwasstrong,andhelpeddrivethegrindhigherinUSequitypricesin1H17.FortheS&P500,theEPSpercentofcompaniesbeatingconsensusonEPSandsalesmovedup,didhasthepercentofcompan
8、iesraisingguidance,upwardEPSestimaterevisionsonthesell-side,andbottomupEPSgrowthexpectationsfor2017.Strengthwasdrivenbycyclicalsandcompanieswithhighinternationalexposure.TheweakerDollarhelpeddrivethestrongreportingseasonf
