Tabb Forum: The ‘Magnificent Seven’ Spurs Stock Market Gains, But Buybacks Show Skewness: Mid-Year Insight
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This year’s equity market rally had been driven by a select few names, dubbed the "Magnificent Seven," overshadowing other industries. June brings a ‘breadth’ of fresh air with small caps and mid-size companies finally joining the party, but buyback announcement trends tell a different story, writes Christine Short, VP Research at Wall Street Horizon. The Communication Services and Information Technology mega-caps have dominated the stock repurchase realm, though three diverse global companies from other niches offer hope for a broader-ranging second half, Ms. Short explains.