Bennyy的个人主页 - 老虎社区

Bennyy

Bennyy

^-^

IP属地：未知

243关注

7粉丝

0主题

0勋章

2021-07-01

$Micron Technology(MU)$This is going to 90 by end of this month

2021-07-01

Nice

抱歉，原内容已删除

2021-06-30

$LightPath(LPTH)$seems pretty undervalued

2021-06-30

Insane run

2021-06-30

Nice

抱歉，原内容已删除

2021-06-28

$Alibaba(09988)$Feels good

2021-06-28

Nice

抱歉，原内容已删除

2021-06-27

How high can this go

2021-06-27

$Next Green Wave(NXGWF)$bullish. Load when its down

2021-06-27

Nice

抱歉，原内容已删除

2021-06-26

$Aqua Metals(AQMS)$potential here

2021-06-26

I see potential here

2021-06-25

Considering getting Meituan in my portfolio

2021-06-25

$Alibaba(09988)$Nice baba.

2021-06-24

$Marin(MRIN)$Bullish. It will either retest 2.5 or break 3 and move higher tmrw

2021-06-24

Nice

抱歉，原内容已删除

2021-06-23

Ok

抱歉，原内容已删除

2021-06-23

$Alibaba(09988)$nice its recovering

2021-06-23

Gogo you can do it

2021-06-22

Rise tiger rise

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high can this go","listText":"How high can this go","text":"How high can this go","images":[{"img":"https://static.tigerbbs.com/33923e74f50cf4662145122943673e9a","width":"1080","height":"3528"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124745993","isVote":1,"tweetType":1,"viewCount":1424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":124742679,"gmtCreate":1624797873591,"gmtModify":1631889889798,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560694845948536","authorIdStr":"3560694845948536"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NXGWF\">$Next Green Wave(NXGWF)$</a>bullish. Load when its down","listText":"<a href=\"https://laohu8.com/S/NXGWF\">$Next Green Wave(NXGWF)$</a>bullish. Load when its down","text":"$Next Green Wave(NXGWF)$bullish. Load when its 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It will either retest 2.5 or break 3 and move higher tmrw","images":[{"img":"https://static.tigerbbs.com/40792eb6ee06782f9d875268309f2683","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121579101","isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":121570811,"gmtCreate":1624485757733,"gmtModify":1631892523511,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560694845948536","authorIdStr":"3560694845948536"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121570811","repostId":"2145531099","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123249999,"gmtCreate":1624426534511,"gmtModify":1631892523527,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560694845948536","authorIdStr":"3560694845948536"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123249999","repostId":"2145608540","repostType":4,"isVote":1,"tweetType":1,"viewCount":376,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123240948,"gmtCreate":1624426515384,"gmtModify":1631892523540,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560694845948536","authorIdStr":"3560694845948536"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>nice its recovering&nbsp;","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>nice its recovering&nbsp;","text":"$Alibaba(09988)$nice its recovering","images":[{"img":"https://static.tigerbbs.com/8526c1f1c3081145f0080ec00166877b","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123240948","isVote":1,"tweetType":1,"viewCount":407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":123254543,"gmtCreate":1624426481582,"gmtModify":1631885194015,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560694845948536","authorIdStr":"3560694845948536"},"themes":[],"htmlText":"Gogo you can do it","listText":"Gogo you can do it","text":"Gogo you can do it","images":[{"img":"https://static.tigerbbs.com/13f071f6f4ab96d99a1d3b4773c2fc43","width":"1080","height":"2492"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123254543","isVote":1,"tweetType":1,"viewCount":274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129003630,"gmtCreate":1624340963320,"gmtModify":1631892523552,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560694845948536","authorIdStr":"3560694845948536"},"themes":[],"htmlText":"Rise tiger rise","listText":"Rise tiger rise","text":"Rise tiger rise","images":[{"img":"https://static.tigerbbs.com/41f2ef2c4600325873b3f392bd5058b5","width":"1080","height":"2492"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129003630","isVote":1,"tweetType":1,"viewCount":197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":362361499,"gmtCreate":1614598026811,"gmtModify":1703478649240,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Can help like and comment please? Ty!","listText":"Can help like and comment please? Ty!","text":"Can help like and comment please? Ty!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/362361499","repostId":"1101482210","repostType":4,"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101706274,"gmtCreate":1619938755998,"gmtModify":1634208972346,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment 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please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/341712043","repostId":"1158517084","repostType":4,"isVote":1,"tweetType":1,"viewCount":200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137201756,"gmtCreate":1622347079875,"gmtModify":1634102143324,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/137201756","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347694316,"gmtCreate":1618491366635,"gmtModify":1634292590871,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/347694316","repostId":"1125635474","repostType":4,"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135623028,"gmtCreate":1622162022964,"gmtModify":1634183311235,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/135623028","repostId":"1148985369","repostType":4,"isVote":1,"tweetType":1,"viewCount":425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108627709,"gmtCreate":1620021261001,"gmtModify":1634208448340,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108627709","repostId":"1135819410","repostType":4,"repost":{"id":"1135819410","kind":"news","pubTimestamp":1619999342,"share":"https://www.laohu8.com/m/news/1135819410?lang=zh_CN&edition=full","pubTime":"2021-05-03 07:49","market":"us","language":"en","title":"Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、ViacomCBS、General Motors等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135819410","media":"Barrons","summary":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their fi","content":"<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，130家标普500公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二情况有所好转：动视暴雪、CVS Health、杜邦、辉瑞和T-Mobile US均报告。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，Barrick Gold、Booking Holdings、General Motors、PayPal控股和Uber Technologies将发布财报。百威英博、Moderna、再生元制药、Square和ViacomCBS将于周四发布。最后，Cigna将于周五结束这一周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局预计将报告4月份非农就业人数增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的4月份制造业采购经理人指数和周三公布的服务业采购经理人指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和Public Storage举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。市场普遍预计建筑支出环比增长0.6%，经季节调整后的年率为1.53万亿美元。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布四月份制造业采购经理人指数。经济学家预测为65，与3月份的数据大致持平。3月份的读数是该指数自1983年12月以来的最高值。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、Sysco和T-Mobile US报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展计划。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋公司举办2021年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、BorgWarner、Emerson Electric、General Motors、Hilton Worldwide Holdings、Novo Nordisk、PayPal控股和Uber Technologies发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>四月份全国就业报告。继3月份增加517,000个工作岗位后，预计私营部门就业岗位将增加762,500个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>4月份服务业PMI。普遍的看涨期权为64.6，比3月份的数据高出一个百分点。3月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务公司、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS和Zoetishold在评级召开会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至5月1日当周首次申请失业救济人数。4月份平均每周初请失业金人数为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节调整后的生产率年增长率为2.2%，而2020年第四季度为下降4.2%。单位劳动力成本在此前上涨6%后预计将下降0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>星期五5/7</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布四月份就业报告。经济学家预测非农就业人数将增加975,000人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Uber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、ViacomCBS、General Motors等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUber, Pfizer, PayPal, T-Mobile, ViacomCBS, General Motors, and Other Stocks for Investors to Watch This Week<blockquote>Uber、辉瑞、PayPal、T-Mobile、ViacomCBS、General Motors等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-03 07:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It’s another packed week of earnings reports, with 130 S&amp;P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday:&nbsp;Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.</p><p><blockquote>又是财报密集的一周，130家标普500公司即将发布第一季度业绩。雅诗兰黛是周一的亮点之一，周二情况有所好转：动视暴雪、CVS Health、杜邦、辉瑞和T-Mobile US均报告。</blockquote></p><p>On Wednesday,&nbsp;Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings.&nbsp;Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on&nbsp;Friday.</p><p><blockquote>周三，Barrick Gold、Booking Holdings、General Motors、PayPal控股和Uber Technologies将发布财报。百威英博、Moderna、再生元制药、Square和ViacomCBS将于周四发布。最后，Cigna将于周五结束这一周。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e1a866fbe5118566e68842053d76e2b9\" tg-width=\"1382\" tg-height=\"750\"></p><p><blockquote></blockquote></p><p>On the economic calendar this week, the&nbsp;main event will jobs Friday.&nbsp;The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.</p><p><blockquote>在本周的经济日历上，主要事件将是周五的就业。美国劳工统计局预计将报告4月份非农就业人数增加97.5万人，失业率为5.8%，低于一个月前的6%。</blockquote></p><p>Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its&nbsp;Services equivalent on Wednesday.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的4月份制造业采购经理人指数和周三公布的服务业采购经理人指数。</blockquote></p><p>Enterprise Products Partners&nbsp;and Estée Lauder release earnings.</p><p><blockquote>企业产品合作伙伴和雅诗兰黛发布收益。</blockquote></p><p>Merck and&nbsp;Public Storage&nbsp;hold virtual investor days.</p><p><blockquote>默克和Public Storage举办虚拟投资者日。</blockquote></p><p><b>The Census Bureau</b>&nbsp;reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.</p><p><blockquote><b>人口普查局</b>报告三月份建筑支出数据。市场普遍预计建筑支出环比增长0.6%，经季节调整后的年率为1.53万亿美元。</blockquote></p><p><b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.</p><p><blockquote><b>供应研究所</b>管理层发布四月份制造业采购经理人指数。经济学家预测为65，与3月份的数据大致持平。3月份的读数是该指数自1983年12月以来的最高值。</blockquote></p><p><b>Tuesday 5/4</b></p><p><blockquote><b>星期二5/4</b></blockquote></p><p>Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.</p><p><blockquote>动视暴雪、康菲石油公司、康明斯、CVS Health、Dominion Energy、杜邦、伊顿、辉瑞、Sysco和T-Mobile US报告季度业绩。</blockquote></p><p>Eli Lilly&nbsp;holds a conference call to discuss its sustainability initiatives.</p><p><blockquote>礼来公司召开电话会议讨论其可持续发展计划。</blockquote></p><p>Union Pacific&nbsp;holds its 2021 virtual investor day.</p><p><blockquote>联合太平洋公司举办2021年虚拟投资者日。</blockquote></p><p><b>Wednesday 5/5</b></p><p><blockquote><b>星期三5/5</b></blockquote></p><p>Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.</p><p><blockquote>Barrick Gold、Booking Holdings、BorgWarner、Emerson Electric、General Motors、Hilton Worldwide Holdings、Novo Nordisk、PayPal控股和Uber Technologies发布财报。</blockquote></p><p><b>ADP releases</b>&nbsp;its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.</p><p><blockquote><b>ADP释放</b>四月份全国就业报告。继3月份增加517,000个工作岗位后，预计私营部门就业岗位将增加762,500个。</blockquote></p><p><b>ISM releases</b>&nbsp;its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.</p><p><blockquote><b>ISM版本</b>4月份服务业PMI。普遍的看涨期权为64.6，比3月份的数据高出一个百分点。3月份的读数是该指数的历史新高。</blockquote></p><p><b>Thursday 5/6</b></p><p><blockquote><b>星期四5/6</b></blockquote></p><p>Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and&nbsp;Zoetishold conference calls to discuss quarterly results.</p><p><blockquote>百威英博、Becton Dickinson、Expedia Group、富达国家信息服务公司、家乐氏、林德、大都会人寿、Moderna、再生元制药、Square、ViacomCBS和Zoetishold在评级召开会议讨论季度业绩。</blockquote></p><p><b>The Department of Labor</b>&nbsp;reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.</p><p><blockquote><b>劳工部</b>报告截至5月1日当周首次申请失业救济人数。4月份平均每周初请失业金人数为611,750人，处于去年3月以来的最低水平。</blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.</p><p><blockquote><b>劳工局</b>统计数据报告了第一季度的劳动力成本和生产率。预计经季节调整后的生产率年增长率为2.2%，而2020年第四季度为下降4.2%。单位劳动力成本在此前上涨6%后预计将下降0.4%。</blockquote></p><p><b>Friday 5/7</b></p><p><blockquote><b>星期五5/7</b></blockquote></p><p><b>The Bureau of Labor</b>&nbsp;Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.</p><p><blockquote><b>劳工局</b>统计局发布四月份就业报告。经济学家预测非农就业人数将增加975,000人。失业率预计将从6%小幅降至5.8%。</blockquote></p><p>Cigna and&nbsp;<b>Liberty Media</b>&nbsp;report earnings.</p><p><blockquote>信诺和<b>自由媒体</b>报告收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","UBER":"优步","PFE":"辉瑞","GM":"通用汽车","TMUS":"T-Mobile US Inc"},"source_url":"https://www.barrons.com/articles/uber-pfizer-paypal-t-mobile-viacomcbs-general-motors-and-other-stocks-for-investors-to-watch-this-week-51619982000?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135819410","content_text":"It’s another packed week of earnings reports, with 130 S&P 500 companies on deck to release their first-quarter results. Estée Lauder is among Monday’s highlights, before things pick up on Tuesday: Activision Blizzard, CVS Health, DuPont, Pfizer, and T-Mobile US all report.On Wednesday, Barrick Gold, Booking Holdings, General Motors, PayPal Holdings, and Uber Technologies release earnings. Anheuser-Busch InBev, Moderna, Regeneron Pharmaceuticals, Square, and ViacomCBS go on Thursday. And finally, Cigna closes the week on Friday.On the economic calendar this week, the main event will jobs Friday. The Bureau of Labor Statistics is forecast to report a gain of 975,000 nonfarm payrolls in April, and an unemployment rate of 5.8%—down from 6% a month earlier.Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for April on Monday and its Services equivalent on Wednesday.Enterprise Products Partners and Estée Lauder release earnings.Merck and Public Storage hold virtual investor days.The Census Bureau reports construction-spending data for March. Consensus estimate is for a 0.6% month-over-month increase in construction spending to a seasonally adjusted annual rate of $1.53 trillion.The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for April. Economists forecast a 65 reading, roughly even with the March figure. The March reading was the highest for the index since December 1983.Tuesday 5/4Activision Blizzard,ConocoPhillips, Cummins, CVS Health,Dominion Energy,DuPont, Eaton, Pfizer,Sysco,and T-Mobile US report quarterly results.Eli Lilly holds a conference call to discuss its sustainability initiatives.Union Pacific holds its 2021 virtual investor day.Wednesday 5/5Barrick Gold, Booking Holdings,BorgWarner,Emerson Electric,General Motors,Hilton Worldwide Holdings,Novo Nordisk,PayPal Holdings, and Uber Technologies release earnings.ADP releases its National Employment Report for April. Expectations are for a gain of 762,500 jobs in private-sector employment after a 517,000 increase in March.ISM releases its Services PMI for April. The consensus call is for a 64.6 reading, a tick higher than the March data. The March reading was an all-time high for the index.Thursday 5/6Anheuser-Busch InBev,Becton Dickinson,Expedia Group,Fidelity National Information Services,Kellogg, Linde,MetLife,Moderna, Regeneron Pharmaceuticals, Square, ViacomCBS, and Zoetishold conference calls to discuss quarterly results.The Department of Labor reports initial jobless claims for the week ending on May 1. Initial jobless claims have averaged 611,750 a week in April and are at their lowest level since March of last year.The Bureau of Labor Statistics reports labor costs and productivity for the first quarter. Expectations are for a seasonally adjusted annual rate of 2.2% productivity growth, compared with a 4.2% decline in the fourth quarter of 2020. Unit labor costs are seen falling 0.4% after rising 6% previously.Friday 5/7The Bureau of Labor Statistics releases the jobs report for April. Economists forecast a gain of 975,000 in nonfarm payroll employment. The unemployment rate is expected to edge down to 5.8% from 6%.Cigna and Liberty Media report earnings.","news_type":1,"symbols_score_info":{"PYPL":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9,"PFE":0.9,"TMUS":0.9,"GM":0.9,"VIACP":0.9,"UBER":0.9}},"isVote":1,"tweetType":1,"viewCount":241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344383109,"gmtCreate":1618375661401,"gmtModify":1634293369687,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment please thanks!","listText":"Like and comment please thanks!","text":"Like and comment please thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/344383109","repostId":"2127454000","repostType":4,"isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357287727,"gmtCreate":1617278928969,"gmtModify":1634521654616,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment please! Ty","listText":"Like and comment please! Ty","text":"Like and comment please! Ty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/357287727","repostId":"1118806094","repostType":4,"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115357113,"gmtCreate":1622953665132,"gmtModify":1634096617082,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"What","listText":"What","text":"What","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/115357113","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","kind":"news","pubTimestamp":1622951745,"share":"https://www.laohu8.com/m/news/1120164826?lang=zh_CN&edition=full","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains<blockquote>Zillow：仍存在重大下行空间</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>  <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>  <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>  <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>自从我在Seeking Alpha上发表“获利了结”文章以来，Zillow Group的股价已下跌约30%。</li><li>然而，尽管最新的第一季度每股收益报告明显改善，但该股看起来还会进一步下跌。</li><li>这是因为利润率惨淡，第二季度的前瞻性调整EBITDA指引疲弱（低于第一季度），而且流通股数量持续增长。</li><li>然而，该股的预期市盈率仍接近100倍。</li></ul><p class=\"t-img-caption\"><span>摄影：Sundry Photography/iStock社论来自Getty Images</span></p></blockquote></p><p> The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p><p><blockquote>The<b>Zillow集团</b>毫无疑问，（ZG）已经成为排名第一的在线房地产网站和购房消费者的一站式商店。该公司最近转向看涨期权iHome业务（直接从消费者那里购买房屋，然后在公开市场上出售），这是最近收入增长的积极催化剂，该业务与ZG的抵押贷款业务融合得很好。部门以及互联网、媒体和技术部门。然而，尽管最近股价大幅下跌，但在我看来，ZG的估值似乎仍然被严重高估。这是因为利润率——一言以蔽之——可怜。此外，Q2指引疲弱，公司计划今年再增聘2000名员工。在我看来，这将在今年剩余时间里进一步给利润率带来压力。</blockquote></p><p> <b>Investment Rationale</b></p><p><blockquote><b>投资理由</b></blockquote></p><p> Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p><p><blockquote>像许多美国人一样，Zillow已经成为我最喜欢的网站之一。我肯定不是唯一一个经常查看Zillow.com以了解我的家以及我过去拥有的家以及我的朋友和家人的家的当前“Zestimate”是多少的人。</blockquote></p><p> Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p><p><blockquote>事实上，Statista的营销份额数据显示，Zillow在每月独立访问量方面排名第一，Zillow集团在2014年收购的Trulia排名第二。总体而言，与曾经与Realtor.com争夺消费者眼球的激烈竞争相比，Zillow集团在房地产网站市场（至少从独立访问量指标来看）的份额是其3倍以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p><p><blockquote>但当然还有其他指标来判断房地产网站的受欢迎程度和使用情况。以下是来自SimilarWeb.com的最新数据（2021年4月1日）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SimilarWeb.com</span></p></blockquote></p><p> When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p><p><blockquote>当谈到平均访问持续时间、每次访问浏览的页面和跳出率（只浏览一页然后离开网站的消费者的百分比）时，Zillow和Trulia再次显示出令人印象深刻的对比。也就是说，请注意，上面显示的SimilarWeb评级中肯定有其他指标，因为仅从这些指标来看，人们就可以认为rightmove.co.uk拥有如图所示的最佳统计数据。无论如何，这张图是Zillow/Trulia品牌非常强大并且是市场领导者的另一个指标。</blockquote></p><p> However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p><p><blockquote>然而，眼球是不够的...观点和活动需要转化为利润，而这正是Zillow集团与其相当高的估值相比所苦苦挣扎的地方。</blockquote></p><p> <b>Q1 Earnings</b></p><p><blockquote><b>第一季度收益</b></blockquote></p><p> Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p><p><blockquote>Zillow于5月4日发布了第一季度EPS报告。这是一份强有力的报告。GAAP每股净利润为0.20美元，比预期高出0.13美元。收入为12.2亿美元，超出1.2亿美元，同比增长8%。该公司报告称，其网站和移动应用程序流量强劲，第一季度平均每月用户2.21亿（同比增长15%），访问量达25亿次（同比增长19%）。</blockquote></p><p> The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p><p><blockquote>第一季度最有趣的细分市场是iHome（或ZG评级“Zillow提供的”），因为它约占收入的57%，并且是Zillow指望成为盈利增长引擎的细分市场。</blockquote></p><p> However, as can be seen in the graphic below, the margins are - so far - quite puny:</p><p><blockquote>然而，如下图所示，到目前为止，利润率相当小：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p></p><p> As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p><p><blockquote>可以看出，房屋买卖（翻转可能是一个更好的词）的总回报（扣除运营成本和利息支出）不到平均每户收入的4.94%。尽管全国房地产市场普遍被认为非常火爆。此外，请注意，iHome业务对公司未来的增长愿望构成威胁，因为转向iHome几乎损害了公司的首要代理业务。这一转变也可能意味着Zillow的广告收入面临更大压力，这些收入通常来自其iHome部门目前正在抢走房屋的代理商。而这一切的利润率只有4.9%？</blockquote></p><p> <b>Going Forward</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> The chart below is the company's guidance for Q2:</p><p><blockquote>下图是该公司第二季度的指引：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p> At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p><p><blockquote>在指导调整后EBITDA总额（1.28亿美元）的中点，请注意<b>将大幅下降</b>第一季度调整后EBITDA总额为1.81亿美元。</blockquote></p><p> In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p><p><blockquote>此外，请注意，第一季度末的加权平均股数（未包含在第一季度每股收益报告中，但可以在SEC 10-Q文件中找到）为259,346,000股（同比增长23%）。预计到第二季度末，该股数量将继续增长至约2.655亿股（基于上述指导）。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p><p><blockquote>因此，我们的利润率疲软，调整后的EBITDA下降，而完全稀释的股票数量大幅增加。嗯嗯。</blockquote></p><p> Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p><p><blockquote>然而，尽管该股最近有所调整（请注意，自我3月份的Seeking Alpha文章以来，该股已下跌约30%<i>Zillow：获利了结</i>），考虑到刚刚提出的第一季度和第二季度指引的分析，该股的估值仍然很高。寻求阿尔法远期市盈率=97.7倍。</blockquote></p><p> That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p><p><blockquote>考虑到疲软的第二季度指引，就Zillow的增长前景（或非增长……）而言，这显然是一个丰富的比较。此外，我不清楚改善公司未来微薄利润率的催化剂是什么。考虑到这一点尤其如此<b>Zillow计划今年再增聘2000名员工</b>，员工人数增加约40%。在我看来，在提高利润率方面，员工人数的增长将是一个重大阻力。也就是说，Zillow在试图扩大业务规模时无法证明利润率不断增加。</blockquote></p><p> Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p><p><blockquote>与此同时，转向iHome也意味着ZG现在面临更多的宏观层面风险，因为它将越来越依赖于房地产市场的起伏（现在……）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p><p><blockquote>在我看来，今天购买Zillow Group的风险是定价接近完美的估值水平。我说“接近完美”是因为当我写关于ZG的“获利了结”文章时，它的定价已经达到了完美，而且自从那篇文章发表以来，它已经下跌了30%，现在我将简单地看涨期权ZG一个“丰富的估值”命题。</blockquote></p><p> The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p><p><blockquote>好消息是，Zillow的资产负债表相对强劲：在本季度完成了5.51亿美元的股票发行后，该公司在本季度末拥有47亿美元现金（高于2020年底的39亿美元）。</blockquote></p><p> That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p><p><blockquote>相比之下，债务为22.59亿美元，较年底略有下降。因此，根据第一季度末已发行的2.655亿股稀释后股票，该公司估计每股净现金为9.19美元。Zillow可能需要保留相当数量的现金，以抵消其因直接投资房地产市场而面临的较高风险。这是因为历史告诉我们，美国房地产市场可能会随时发生变化，并且可能会让ZG持有相当大的房屋库存。</blockquote></p><p> <b>Summary &amp; Conclusion</b></p><p><blockquote><b>总结和结论</b></blockquote></p><p> While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p><p><blockquote>虽然Zillow的第一季度报告确实比环比有了很大改善，但该公司自己的第二季度指引似乎更能说明我在上一篇关于该公司的文章中提出的论点。也就是说，与其表现出的增长指标相比，该股的估值似乎根本不正常。尽管房地产市场火热且高度升值，但第二季度调整后EBITDA仍连续下降...嗯，我只是无法理解目前的估值水平。因此，我维持上一篇文章中的观点：在ZG达到约50美元/股的水平之前，我不会对其感兴趣。</blockquote></p><p> I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p><p><blockquote>我将以ZG的五年价格图表结束，并指出我的50美元目标大致是该股在大流行之前的水平。当然，自那时以来的每股收益报告问题并不能证明股价快速大幅上涨至200美元是合理的……或者，甚至是目前110美元的水平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zillow: Significant Downside Remains<blockquote>Zillow：仍存在重大下行空间</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZillow: Significant Downside Remains<blockquote>Zillow：仍存在重大下行空间</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-06 11:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>  <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>  <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>  <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>自从我在Seeking Alpha上发表“获利了结”文章以来，Zillow Group的股价已下跌约30%。</li><li>然而，尽管最新的第一季度每股收益报告明显改善，但该股看起来还会进一步下跌。</li><li>这是因为利润率惨淡，第二季度的前瞻性调整EBITDA指引疲弱（低于第一季度），而且流通股数量持续增长。</li><li>然而，该股的预期市盈率仍接近100倍。</li></ul><p class=\"t-img-caption\"><span>摄影：Sundry Photography/iStock社论来自Getty Images</span></p></blockquote></p><p> The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p><p><blockquote>The<b>Zillow集团</b>毫无疑问，（ZG）已经成为排名第一的在线房地产网站和购房消费者的一站式商店。该公司最近转向看涨期权iHome业务（直接从消费者那里购买房屋，然后在公开市场上出售），这是最近收入增长的积极催化剂，该业务与ZG的抵押贷款业务融合得很好。部门以及互联网、媒体和技术部门。然而，尽管最近股价大幅下跌，但在我看来，ZG的估值似乎仍然被严重高估。这是因为利润率——一言以蔽之——可怜。此外，Q2指引疲弱，公司计划今年再增聘2000名员工。在我看来，这将在今年剩余时间里进一步给利润率带来压力。</blockquote></p><p> <b>Investment Rationale</b></p><p><blockquote><b>投资理由</b></blockquote></p><p> Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p><p><blockquote>像许多美国人一样，Zillow已经成为我最喜欢的网站之一。我肯定不是唯一一个经常查看Zillow.com以了解我的家以及我过去拥有的家以及我的朋友和家人的家的当前“Zestimate”是多少的人。</blockquote></p><p> Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p><p><blockquote>事实上，Statista的营销份额数据显示，Zillow在每月独立访问量方面排名第一，Zillow集团在2014年收购的Trulia排名第二。总体而言，与曾经与Realtor.com争夺消费者眼球的激烈竞争相比，Zillow集团在房地产网站市场（至少从独立访问量指标来看）的份额是其3倍以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p><p><blockquote>但当然还有其他指标来判断房地产网站的受欢迎程度和使用情况。以下是来自SimilarWeb.com的最新数据（2021年4月1日）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SimilarWeb.com</span></p></blockquote></p><p> When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p><p><blockquote>当谈到平均访问持续时间、每次访问浏览的页面和跳出率（只浏览一页然后离开网站的消费者的百分比）时，Zillow和Trulia再次显示出令人印象深刻的对比。也就是说，请注意，上面显示的SimilarWeb评级中肯定有其他指标，因为仅从这些指标来看，人们就可以认为rightmove.co.uk拥有如图所示的最佳统计数据。无论如何，这张图是Zillow/Trulia品牌非常强大并且是市场领导者的另一个指标。</blockquote></p><p> However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p><p><blockquote>然而，眼球是不够的...观点和活动需要转化为利润，而这正是Zillow集团与其相当高的估值相比所苦苦挣扎的地方。</blockquote></p><p> <b>Q1 Earnings</b></p><p><blockquote><b>第一季度收益</b></blockquote></p><p> Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p><p><blockquote>Zillow于5月4日发布了第一季度EPS报告。这是一份强有力的报告。GAAP每股净利润为0.20美元，比预期高出0.13美元。收入为12.2亿美元，超出1.2亿美元，同比增长8%。该公司报告称，其网站和移动应用程序流量强劲，第一季度平均每月用户2.21亿（同比增长15%），访问量达25亿次（同比增长19%）。</blockquote></p><p> The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p><p><blockquote>第一季度最有趣的细分市场是iHome（或ZG评级“Zillow提供的”），因为它约占收入的57%，并且是Zillow指望成为盈利增长引擎的细分市场。</blockquote></p><p> However, as can be seen in the graphic below, the margins are - so far - quite puny:</p><p><blockquote>然而，如下图所示，到目前为止，利润率相当小：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p></p><p> As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p><p><blockquote>可以看出，房屋买卖（翻转可能是一个更好的词）的总回报（扣除运营成本和利息支出）不到平均每户收入的4.94%。尽管全国房地产市场普遍被认为非常火爆。此外，请注意，iHome业务对公司未来的增长愿望构成威胁，因为转向iHome几乎损害了公司的首要代理业务。这一转变也可能意味着Zillow的广告收入面临更大压力，这些收入通常来自其iHome部门目前正在抢走房屋的代理商。而这一切的利润率只有4.9%？</blockquote></p><p> <b>Going Forward</b></p><p><blockquote><b>展望未来</b></blockquote></p><p> The chart below is the company's guidance for Q2:</p><p><blockquote>下图是该公司第二季度的指引：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Zillow第一季度每股收益报告</span></p></blockquote></p><p> At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p><p><blockquote>在指导调整后EBITDA总额（1.28亿美元）的中点，请注意<b>将大幅下降</b>第一季度调整后EBITDA总额为1.81亿美元。</blockquote></p><p> In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p><p><blockquote>此外，请注意，第一季度末的加权平均股数（未包含在第一季度每股收益报告中，但可以在SEC 10-Q文件中找到）为259,346,000股（同比增长23%）。预计到第二季度末，该股数量将继续增长至约2.655亿股（基于上述指导）。</blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p><p><blockquote>因此，我们的利润率疲软，调整后的EBITDA下降，而完全稀释的股票数量大幅增加。嗯嗯。</blockquote></p><p> Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p><p><blockquote>然而，尽管该股最近有所调整（请注意，自我3月份的Seeking Alpha文章以来，该股已下跌约30%<i>Zillow：获利了结</i>），考虑到刚刚提出的第一季度和第二季度指引的分析，该股的估值仍然很高。寻求阿尔法远期市盈率=97.7倍。</blockquote></p><p> That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p><p><blockquote>考虑到疲软的第二季度指引，就Zillow的增长前景（或非增长……）而言，这显然是一个丰富的比较。此外，我不清楚改善公司未来微薄利润率的催化剂是什么。考虑到这一点尤其如此<b>Zillow计划今年再增聘2000名员工</b>，员工人数增加约40%。在我看来，在提高利润率方面，员工人数的增长将是一个重大阻力。也就是说，Zillow在试图扩大业务规模时无法证明利润率不断增加。</blockquote></p><p> Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p><p><blockquote>与此同时，转向iHome也意味着ZG现在面临更多的宏观层面风险，因为它将越来越依赖于房地产市场的起伏（现在……）。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p><p><blockquote>在我看来，今天购买Zillow Group的风险是定价接近完美的估值水平。我说“接近完美”是因为当我写关于ZG的“获利了结”文章时，它的定价已经达到了完美，而且自从那篇文章发表以来，它已经下跌了30%，现在我将简单地看涨期权ZG一个“丰富的估值”命题。</blockquote></p><p> The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p><p><blockquote>好消息是，Zillow的资产负债表相对强劲：在本季度完成了5.51亿美元的股票发行后，该公司在本季度末拥有47亿美元现金（高于2020年底的39亿美元）。</blockquote></p><p> That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p><p><blockquote>相比之下，债务为22.59亿美元，较年底略有下降。因此，根据第一季度末已发行的2.655亿股稀释后股票，该公司估计每股净现金为9.19美元。Zillow可能需要保留相当数量的现金，以抵消其因直接投资房地产市场而面临的较高风险。这是因为历史告诉我们，美国房地产市场可能会随时发生变化，并且可能会让ZG持有相当大的房屋库存。</blockquote></p><p> <b>Summary &amp; Conclusion</b></p><p><blockquote><b>总结和结论</b></blockquote></p><p> While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p><p><blockquote>虽然Zillow的第一季度报告确实比环比有了很大改善，但该公司自己的第二季度指引似乎更能说明我在上一篇关于该公司的文章中提出的论点。也就是说，与其表现出的增长指标相比，该股的估值似乎根本不正常。尽管房地产市场火热且高度升值，但第二季度调整后EBITDA仍连续下降...嗯，我只是无法理解目前的估值水平。因此，我维持上一篇文章中的观点：在ZG达到约50美元/股的水平之前，我不会对其感兴趣。</blockquote></p><p> I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p><p><blockquote>我将以ZG的五年价格图表结束，并指出我的50美元目标大致是该股在大流行之前的水平。当然，自那时以来的每股收益报告问题并不能证明股价快速大幅上涨至200美元是合理的……或者，甚至是目前110美元的水平。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData byYCharts","news_type":1,"symbols_score_info":{"Z":0.9}},"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196098294,"gmtCreate":1620997965718,"gmtModify":1634194688270,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment ty","listText":"Like and comment ty","text":"Like and comment ty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/196098294","repostId":"1197630232","repostType":4,"repost":{"id":"1197630232","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620994115,"share":"https://www.laohu8.com/m/news/1197630232?lang=zh_CN&edition=full","pubTime":"2021-05-14 20:08","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197630232","media":"Tiger Newspress","summary":" Futures contracts tied to major stock indexesjumped in early trading Fridayas Wall Street is set to rebound for a second day after starting the week with big losses. Dow Jones Industrial Average futures climbed 150 points. S&P 500 futures gained 0.6%. Futures on the tech-heavy Nasdaq 100 Index, the relative underperformer this week, popped 1%.All three benchmarks are still on pace to post sharp losses for the week, with the Dow down 2.2% and the S&P shedding 2.8%. Tech stocks have been hit espe","content":"<p><ul><li>Stock futures extend gains after Dow's best day since March.</li><li>Bitcoin traded above $50,000.</li><li>Blockchain&nbsp;stocks,&nbsp;Tech&nbsp;stocks&nbsp;rally&nbsp;in&nbsp;premarket&nbsp;trading.</li><li>Disney, DoorDash, Snowflake, Fisker &amp; more making the biggest moves in the premarket.</li><li>Dogecoin rallies after Elon Musk tweet, Coinbase listing.</li></ul>(May 14)&nbsp;Futures contracts tied to major stock indexesjumped in early trading Fridayas Wall Street is set to rebound for a second day after starting the week with big losses. Dow Jones Industrial Average futures climbed 150 points. S&amp;P 500 futures gained 0.6%. Futures on the tech-heavy Nasdaq 100 Index, the relative underperformer this week, popped 1%.</p><p><blockquote><ul><li>道琼斯指数创下三月份以来最好的一天后，股指期货延续涨势。</li><li>比特币的交易价格超过50,000美元。</li><li>区块链股、科技股在盘前交易中上涨。</li><li>迪士尼、DoorDash、Snowflake、Fisker等在盘前做出最大动作。</li><li>埃隆·马斯克在比特币基地上市后，狗狗币上涨。</li></ul>（5月14日）与主要股指相关的期货合约周五早盘上涨，华尔街在本周初大幅下跌后将连续第二天反弹。道琼斯工业平均指数期货攀升150点。标普500期货上涨0.6%。以科技股为主的纳斯达克100指数（本周表现相对不佳）期货上涨1%。</blockquote></p><p>All three benchmarks are still on pace to post sharp losses for the week, with the Dow down 2.2% and the S&amp;P shedding 2.8%. Tech stocks have been hit especially hard amid hotter-than-expected inflation data, pulling the Nasdaq down 4.6% for the week.</p><p><blockquote>所有三个基准指数本周仍将大幅下跌，道琼斯指数下跌2.2%，标准普尔指数下跌2.8%。由于通胀数据高于预期，科技股受到的打击尤其严重，拖累纳斯达克本周下跌4.6%。</blockquote></p><p>At 8:03 a.m. ET, Dow E-minis were up 171 points, or 0.50%, S&amp;P 500 E-minis were up 27.75 points, or 0.68% and Nasdaq 100 E-minis were up 142.50 points, or 1.09%.</p><p><blockquote>截至美国东部时间上午8:03，道指e-mini上涨171点，涨幅0.50%，标普500 e-mini上涨27.75点，涨幅0.68%，纳斯达克100 e-mini上涨142.50点，涨幅1.09%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fff7d1b70fcf5d6f7637c65743dfdb01\" tg-width=\"1242\" tg-height=\"491\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Blockchain&nbsp;stocks,&nbsp;Tech&nbsp;stocks&nbsp;rally&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>区块链股、科技股在盘前交易中上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/644f610cd528141eed1d81ae52393199\" tg-width=\"324\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4fadb30b15175c64bc2684dbd8720772\" tg-width=\"327\" tg-height=\"594\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/42044defa599e3e6dee013fdfafaeaee\" tg-width=\"333\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket: Disney, DoorDash, Snowflake, Fisker &amp; more</b></p><p><blockquote><b>盘前涨幅最大的股票：迪士尼、DoorDash、Snowflake、Fisker等</b></blockquote></p><p><b>1)&nbsp;Walt Disney(DIS) </b>– Disney shares dropped 3.9% in premarket trading after growth figures for the Disney+ streaming servicefell short of Wall Street predictions. Disney reported better-than-expected profit for the first quarter, but revenue was short of analysts’ forecasts.</p><p><blockquote><b>1）华特迪士尼（DIS）</b>-由于Disney+流媒体服务的增长数据低于华尔街的预测，迪士尼股价在盘前交易中下跌3.9%。迪士尼公布第一季度利润好于预期，但营收低于分析师预期。</blockquote></p><p><b>2)&nbsp;DoorDash(DASH)</b> – DoorDash surged 8.2% in the premarket afterfirst-quarter revenue came in above analysts’ forecasts, and the food delivery service raised its annual forecast for order value. First-quarter results got a boost from stimulus checks, although the company said those same checks were responsible for drivers working fewer hours.</p><p><blockquote><b>2）DoorDash（破折号）</b>–DoorDash第一季度收入高于分析师预期，且该食品配送服务上调了年度订单价值预测，盘前股价飙升8.2%。刺激检查提振了第一季度的业绩，尽管该公司表示，这些检查导致司机工作时间减少。</blockquote></p><p><b>3)&nbsp;Snowflake(SNOW)</b> – The cloud computing company was upgraded to \"buy\" from \"neutral\" at Goldman Sachs, which notes the Snowflake's strong competitive position, as well as a drop from recent highs that is much larger than its peers have experienced. Snowflake jumped 5.7% in premarket trading.</p><p><blockquote><b>3）雪花（雪）</b>-高盛将这家云计算公司的评级从“中性”上调至“买入”，该评级指出了Snowflake强大的竞争地位，以及从近期高点的跌幅远大于同行。雪花在盘前交易中上涨5.7%。</blockquote></p><p><b>4)&nbsp;Airbnb(ABNB)</b> – Airbnbposted a first-quarter loss, but it also reported better-than-expected revenue as well a 52% jump in gross bookings as more Americans received Covid-19 vaccinations and travel restrictions eased.</p><p><blockquote><b>4）爱彼迎（ABNB）</b>–Airbnb公布第一季度亏损，但随着更多美国人接种Covid-19疫苗和旅行限制放松，该公司的收入好于预期，总预订量增长了52%。</blockquote></p><p><b>5)&nbsp;Coinbase(COIN)</b> – Coinbasereported record profitduring the first quarter, as the cryptocurrency exchange benefited from a significant rally in bitcoin and other digital currencies. Coinbase shares rose 2.3% in premarket action.</p><p><blockquote><b>5）Coinbase（COIN）</b>-Coinbase第一季度利润创历史新高，该加密货币交易所受益于比特币和其他数字货币的大幅上涨。Coinbase股价在盘前上涨2.3%。</blockquote></p><p><b>6)&nbsp;Kansas City Southern(KSU)</b> – The U.S.-based rail operator acceptedCanadian National Railway’s(CNI) $33.6 billion takeover bid, casting aside the $29 billion deal it had previously agreed to withCanadian Pacific Railway(CP). Canadian Pacific has five business days to make a counter-offer for Kansas City Southern. Canadian National added 2.9% in premarket trading, while Canadian Pacific rose 1.6%.</p><p><blockquote><b>6)堪萨斯城南部(KSU)</b>-这家美国铁路运营商接受了加拿大国家铁路(CNI)336亿美元的收购要约，放弃了此前与加拿大太平洋铁路(CP)达成的290亿美元交易。加拿大太平洋航空有五个工作日的时间对堪萨斯城南方航空提出还价。加拿大国民航空(Canadian National)在盘前交易中上涨2.9%，加拿大太平洋(Canadian Pacific)上涨1.6%。</blockquote></p><p><b>7)&nbsp;Tyson Foods(TSN)</b> – The beef and poultry producer sold its pet treats business toGeneral Mills(GIS) for $1.2 billion. The sale includes the Nudges, Top Chews and True Chews brands as well as an Iowa production facility.</p><p><blockquote><b>7)泰森食品(TSN)</b>-这家牛肉和家禽生产商以12亿美元的价格将其宠物零食业务出售给通用磨坊(GIS)。此次出售包括Nudges、Top Chews和True Chews品牌以及爱荷华州的一家生产设施。</blockquote></p><p><b>8)&nbsp;General Electric(GE) </b>– Citi reinstated coverage of GE with a “buy” rating, based on a “sum of the parts” valuation and better execution across GE’s portfolio of businesses. GE shares added 1.1% in premarket trading.</p><p><blockquote><b>8）通用电气（GE）</b>-花旗恢复了通用电气的“买入”评级，基于通用电气业务组合的“各部分之和”估值和更好的执行力。GE股价在盘前交易中上涨1.1%。</blockquote></p><p><b>9)&nbsp;Aurora Cannabis(ACB)</b> – Aurora Cannabis tumbled 8.7% in premarket action after it reported lower-than-expected fiscal third-quarter revenue, hit by pandemic-related restrictions in Canada. Separately, the cannabis producer announced a move in its U.S. stock listing to Nasdaq from the New York Stock Exchange, citing lower costs.</p><p><blockquote><b>9)极光大麻(ACB)</b>-Aurora Cannabis公布第三财季收入低于预期，受到加拿大大流行相关限制的打击，该公司盘前股价下跌8.7%。另外，这家大麻生产商宣布将其美国股票上市从纽约证券交易所转移到纳斯达克，理由是成本较低。</blockquote></p><p><b>10)&nbsp;Fisker(FSR) </b>– Fisker soared 14.5% in premarket trading after the electric car maker signed a deal with contract manufacturer Foxconn to co-develop electric vehicles. Plans include opening a new U.S. manufacturing plant in 2023, although a location has not yet been finalized.</p><p><blockquote><b>10）菲斯克（FSR）</b>-Fisker在盘前交易中飙升14.5%，此前这家电动汽车制造商与合同制造商富士康签署了共同开发电动汽车的协议。计划包括在2023年开设一家新的美国制造工厂，但地点尚未最终确定。</blockquote></p><p></p><p><b>11)&nbsp;Poly(PLT) </b>– Poly tumbled 19.5% in the premarket after the maker of audio and video products issued a weaker than expected outlook. The company formerly known as Plantronics said it expected the global semiconductor shortage to negatively impact its supply chain. It did, however, report better-than-expected profit and revenue for its latest quarter.</p><p><blockquote><b>11)聚(PLT)</b>-音视频产品制造商保利发布弱于预期的前景后，盘前股价暴跌19.5%。这家前身为Plantronics的公司表示，预计全球半导体短缺将对其供应链产生负面影响。然而，该公司最近一个季度的利润和收入确实好于预期。</blockquote></p><p><b>12)&nbsp;Unity Software(U)</b> – The 3D content creation platform company rose 3.2% in the premarket after Oppenheimer upgraded the stock to “outperform” from “perform.” Oppenheimer said the current price is an attractive entry point given Unity’s growth prospects.</p><p><blockquote><b>12)Unity软件(U)</b>–奥本海默将该股评级从“表现良好”上调至“跑赢大盘”后，这家3D内容创作平台公司盘前上涨3.2%。奥本海默表示，鉴于Unity的增长前景，目前的价格是一个有吸引力的切入点。</blockquote></p><p><b>Bitcoin</b></p><p><blockquote><b>比特币</b></blockquote></p><p>Bitcoin traded above $50,000, reversing some of its slump on Tesla Inc.’s decision to suspend purchases using the digital currency.</p><p><blockquote>比特币股价突破50,000美元，扭转了因特斯拉决定暂停使用数字货币购买而导致的部分跌幅。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e0a3d7f82a1e4f6f6a799cb997a7718c\" tg-width=\"1058\" tg-height=\"777\" referrerpolicy=\"no-referrer\"><b>Dogecoin rallies after Elon Musk tweet, Coinbase listing.</b>&nbsp;Dogecoin’s price jumped Friday after a tweet from supporterElon Muskand asCoinbase&nbsp;said it would list the meme-inspired cryptocurrency. The price of dogecoinrose to an intraday highof around 56 cents, according to data from Coin Metrics. However, it’s still down about 20% from arecord high&nbsp;of nearly 67 cents only a week ago. Musk tweeted Thursday that he was working with dogecoin developers to improve the efficiency of transactions. Also Thursday, crypto exchange platform Coinbase said it wouldoffer dogecoin support&nbsp;in the next six to eight weeks.</p><p><blockquote><b>埃隆·马斯克在比特币基地上市后，狗狗币上涨。</b>周五，在支持者埃隆·马斯克(Elon Muskand)和asCoinbase发布推文表示将上市这种受模因启发的加密货币后，狗狗币的价格上涨。根据Coin Metrics的数据，狗狗币的价格升至约56美分的盘中高点。然而，较一周前近67美分的历史高点仍下跌约20%。马斯克周四在推特上表示，他正在与狗狗币开发者合作，以提高交易效率。同样在周四，加密货币交易平台Coinbase表示将在未来六到八周内提供狗狗币支持。</blockquote></p><p><b>Currencies</b></p><p><blockquote><b>货币</b></blockquote></p><p>The Bloomberg Dollar Spot Index fell 0.3%.The euro gained 0.4% to $1.2125.The British pound increased 0.2% to $1.4085.The onshore yuan strengthened 0.2% to 6.436 per dollar.The Japanese yen strengthened 0.2% to 109.28 per dollar.</p><p><blockquote>彭博美元现货指数下跌0.3%。欧元上涨0.4%，至1.2125美元。英镑上涨0.2%，至1.4085美元。在岸人民币升值0.2%，至1美元兑6.436。日元升值0.2%，至1美元兑109.28日元。</blockquote></p><p><b>Bonds</b></p><p><blockquote><b>债券</b></blockquote></p><p>The yield on 10-year Treasuries fell two basis points to 1.64%.The yield on two-year Treasuries decreased less than one basis point to 0.15%.Germany’s 10-year yield declined one basis point to -0.13%.Japan’s 10-year yield dipped one basis point to 0.089%.Britain’s 10-year yield decreased three basis points to 0.866%.</p><p><blockquote>10年期国债收益率下跌两个基点，至1.64%。两年期国债收益率下跌不到一个基点，至0.15%。德国10年期国债收益率下跌一个基点，至-0.13%。日本10年期国债收益率下跌一个基点，至0.089%。英国10年期国债收益率下跌三个基点，至0.866%。</blockquote></p><p><b>Commodities</b></p><p><blockquote><b>商品</b></blockquote></p><p>West Texas Intermediate crude increased 1.1% to $64.54 a barrel.Brent crude climbed 1.2% to $67.86 a barrel.Gold strengthened 0.5% to $1,836.10 an ounce.</p><p><blockquote>西德克萨斯中质原油上涨1.1%，至每桶64.54美元。布伦特原油上涨1.2%，至每桶67.86美元。黄金上涨0.5%，至每盎司1,836.10美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-14 20:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul><li>Stock futures extend gains after Dow's best day since March.</li><li>Bitcoin traded above $50,000.</li><li>Blockchain&nbsp;stocks,&nbsp;Tech&nbsp;stocks&nbsp;rally&nbsp;in&nbsp;premarket&nbsp;trading.</li><li>Disney, DoorDash, Snowflake, Fisker &amp; more making the biggest moves in the premarket.</li><li>Dogecoin rallies after Elon Musk tweet, Coinbase listing.</li></ul>(May 14)&nbsp;Futures contracts tied to major stock indexesjumped in early trading Fridayas Wall Street is set to rebound for a second day after starting the week with big losses. Dow Jones Industrial Average futures climbed 150 points. S&amp;P 500 futures gained 0.6%. Futures on the tech-heavy Nasdaq 100 Index, the relative underperformer this week, popped 1%.</p><p><blockquote><ul><li>道琼斯指数创下三月份以来最好的一天后，股指期货延续涨势。</li><li>比特币的交易价格超过50,000美元。</li><li>区块链股、科技股在盘前交易中上涨。</li><li>迪士尼、DoorDash、Snowflake、Fisker等在盘前做出最大动作。</li><li>埃隆·马斯克在比特币基地上市后，狗狗币上涨。</li></ul>（5月14日）与主要股指相关的期货合约周五早盘上涨，华尔街在本周初大幅下跌后将连续第二天反弹。道琼斯工业平均指数期货攀升150点。标普500期货上涨0.6%。以科技股为主的纳斯达克100指数（本周表现相对不佳）期货上涨1%。</blockquote></p><p>All three benchmarks are still on pace to post sharp losses for the week, with the Dow down 2.2% and the S&amp;P shedding 2.8%. Tech stocks have been hit especially hard amid hotter-than-expected inflation data, pulling the Nasdaq down 4.6% for the week.</p><p><blockquote>所有三个基准指数本周仍将大幅下跌，道琼斯指数下跌2.2%，标准普尔指数下跌2.8%。由于通胀数据高于预期，科技股受到的打击尤其严重，拖累纳斯达克本周下跌4.6%。</blockquote></p><p>At 8:03 a.m. ET, Dow E-minis were up 171 points, or 0.50%, S&amp;P 500 E-minis were up 27.75 points, or 0.68% and Nasdaq 100 E-minis were up 142.50 points, or 1.09%.</p><p><blockquote>截至美国东部时间上午8:03，道指e-mini上涨171点，涨幅0.50%，标普500 e-mini上涨27.75点，涨幅0.68%，纳斯达克100 e-mini上涨142.50点，涨幅1.09%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fff7d1b70fcf5d6f7637c65743dfdb01\" tg-width=\"1242\" tg-height=\"491\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Blockchain&nbsp;stocks,&nbsp;Tech&nbsp;stocks&nbsp;rally&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>区块链股、科技股在盘前交易中上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/644f610cd528141eed1d81ae52393199\" tg-width=\"324\" tg-height=\"323\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4fadb30b15175c64bc2684dbd8720772\" tg-width=\"327\" tg-height=\"594\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/42044defa599e3e6dee013fdfafaeaee\" tg-width=\"333\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Stocks making the biggest moves in the premarket: Disney, DoorDash, Snowflake, Fisker &amp; more</b></p><p><blockquote><b>盘前涨幅最大的股票：迪士尼、DoorDash、Snowflake、Fisker等</b></blockquote></p><p><b>1)&nbsp;Walt Disney(DIS) </b>– Disney shares dropped 3.9% in premarket trading after growth figures for the Disney+ streaming servicefell short of Wall Street predictions. Disney reported better-than-expected profit for the first quarter, but revenue was short of analysts’ forecasts.</p><p><blockquote><b>1）华特迪士尼（DIS）</b>-由于Disney+流媒体服务的增长数据低于华尔街的预测，迪士尼股价在盘前交易中下跌3.9%。迪士尼公布第一季度利润好于预期，但营收低于分析师预期。</blockquote></p><p><b>2)&nbsp;DoorDash(DASH)</b> – DoorDash surged 8.2% in the premarket afterfirst-quarter revenue came in above analysts’ forecasts, and the food delivery service raised its annual forecast for order value. First-quarter results got a boost from stimulus checks, although the company said those same checks were responsible for drivers working fewer hours.</p><p><blockquote><b>2）DoorDash（破折号）</b>–DoorDash第一季度收入高于分析师预期，且该食品配送服务上调了年度订单价值预测，盘前股价飙升8.2%。刺激检查提振了第一季度的业绩，尽管该公司表示，这些检查导致司机工作时间减少。</blockquote></p><p><b>3)&nbsp;Snowflake(SNOW)</b> – The cloud computing company was upgraded to \"buy\" from \"neutral\" at Goldman Sachs, which notes the Snowflake's strong competitive position, as well as a drop from recent highs that is much larger than its peers have experienced. Snowflake jumped 5.7% in premarket trading.</p><p><blockquote><b>3）雪花（雪）</b>-高盛将这家云计算公司的评级从“中性”上调至“买入”，该评级指出了Snowflake强大的竞争地位，以及从近期高点的跌幅远大于同行。雪花在盘前交易中上涨5.7%。</blockquote></p><p><b>4)&nbsp;Airbnb(ABNB)</b> – Airbnbposted a first-quarter loss, but it also reported better-than-expected revenue as well a 52% jump in gross bookings as more Americans received Covid-19 vaccinations and travel restrictions eased.</p><p><blockquote><b>4）爱彼迎（ABNB）</b>–Airbnb公布第一季度亏损，但随着更多美国人接种Covid-19疫苗和旅行限制放松，该公司的收入好于预期，总预订量增长了52%。</blockquote></p><p><b>5)&nbsp;Coinbase(COIN)</b> – Coinbasereported record profitduring the first quarter, as the cryptocurrency exchange benefited from a significant rally in bitcoin and other digital currencies. Coinbase shares rose 2.3% in premarket action.</p><p><blockquote><b>5）Coinbase（COIN）</b>-Coinbase第一季度利润创历史新高，该加密货币交易所受益于比特币和其他数字货币的大幅上涨。Coinbase股价在盘前上涨2.3%。</blockquote></p><p><b>6)&nbsp;Kansas City Southern(KSU)</b> – The U.S.-based rail operator acceptedCanadian National Railway’s(CNI) $33.6 billion takeover bid, casting aside the $29 billion deal it had previously agreed to withCanadian Pacific Railway(CP). Canadian Pacific has five business days to make a counter-offer for Kansas City Southern. Canadian National added 2.9% in premarket trading, while Canadian Pacific rose 1.6%.</p><p><blockquote><b>6)堪萨斯城南部(KSU)</b>-这家美国铁路运营商接受了加拿大国家铁路(CNI)336亿美元的收购要约，放弃了此前与加拿大太平洋铁路(CP)达成的290亿美元交易。加拿大太平洋航空有五个工作日的时间对堪萨斯城南方航空提出还价。加拿大国民航空(Canadian National)在盘前交易中上涨2.9%，加拿大太平洋(Canadian Pacific)上涨1.6%。</blockquote></p><p><b>7)&nbsp;Tyson Foods(TSN)</b> – The beef and poultry producer sold its pet treats business toGeneral Mills(GIS) for $1.2 billion. The sale includes the Nudges, Top Chews and True Chews brands as well as an Iowa production facility.</p><p><blockquote><b>7)泰森食品(TSN)</b>-这家牛肉和家禽生产商以12亿美元的价格将其宠物零食业务出售给通用磨坊(GIS)。此次出售包括Nudges、Top Chews和True Chews品牌以及爱荷华州的一家生产设施。</blockquote></p><p><b>8)&nbsp;General Electric(GE) </b>– Citi reinstated coverage of GE with a “buy” rating, based on a “sum of the parts” valuation and better execution across GE’s portfolio of businesses. GE shares added 1.1% in premarket trading.</p><p><blockquote><b>8）通用电气（GE）</b>-花旗恢复了通用电气的“买入”评级，基于通用电气业务组合的“各部分之和”估值和更好的执行力。GE股价在盘前交易中上涨1.1%。</blockquote></p><p><b>9)&nbsp;Aurora Cannabis(ACB)</b> – Aurora Cannabis tumbled 8.7% in premarket action after it reported lower-than-expected fiscal third-quarter revenue, hit by pandemic-related restrictions in Canada. Separately, the cannabis producer announced a move in its U.S. stock listing to Nasdaq from the New York Stock Exchange, citing lower costs.</p><p><blockquote><b>9)极光大麻(ACB)</b>-Aurora Cannabis公布第三财季收入低于预期，受到加拿大大流行相关限制的打击，该公司盘前股价下跌8.7%。另外，这家大麻生产商宣布将其美国股票上市从纽约证券交易所转移到纳斯达克，理由是成本较低。</blockquote></p><p><b>10)&nbsp;Fisker(FSR) </b>– Fisker soared 14.5% in premarket trading after the electric car maker signed a deal with contract manufacturer Foxconn to co-develop electric vehicles. Plans include opening a new U.S. manufacturing plant in 2023, although a location has not yet been finalized.</p><p><blockquote><b>10）菲斯克（FSR）</b>-Fisker在盘前交易中飙升14.5%，此前这家电动汽车制造商与合同制造商富士康签署了共同开发电动汽车的协议。计划包括在2023年开设一家新的美国制造工厂，但地点尚未最终确定。</blockquote></p><p></p><p><b>11)&nbsp;Poly(PLT) </b>– Poly tumbled 19.5% in the premarket after the maker of audio and video products issued a weaker than expected outlook. The company formerly known as Plantronics said it expected the global semiconductor shortage to negatively impact its supply chain. It did, however, report better-than-expected profit and revenue for its latest quarter.</p><p><blockquote><b>11)聚(PLT)</b>-音视频产品制造商保利发布弱于预期的前景后，盘前股价暴跌19.5%。这家前身为Plantronics的公司表示，预计全球半导体短缺将对其供应链产生负面影响。然而，该公司最近一个季度的利润和收入确实好于预期。</blockquote></p><p><b>12)&nbsp;Unity Software(U)</b> – The 3D content creation platform company rose 3.2% in the premarket after Oppenheimer upgraded the stock to “outperform” from “perform.” Oppenheimer said the current price is an attractive entry point given Unity’s growth prospects.</p><p><blockquote><b>12)Unity软件(U)</b>–奥本海默将该股评级从“表现良好”上调至“跑赢大盘”后，这家3D内容创作平台公司盘前上涨3.2%。奥本海默表示，鉴于Unity的增长前景，目前的价格是一个有吸引力的切入点。</blockquote></p><p><b>Bitcoin</b></p><p><blockquote><b>比特币</b></blockquote></p><p>Bitcoin traded above $50,000, reversing some of its slump on Tesla Inc.’s decision to suspend purchases using the digital currency.</p><p><blockquote>比特币股价突破50,000美元，扭转了因特斯拉决定暂停使用数字货币购买而导致的部分跌幅。</blockquote></p><p><img src=\"https://static.tigerbbs.com/e0a3d7f82a1e4f6f6a799cb997a7718c\" tg-width=\"1058\" tg-height=\"777\" referrerpolicy=\"no-referrer\"><b>Dogecoin rallies after Elon Musk tweet, Coinbase listing.</b>&nbsp;Dogecoin’s price jumped Friday after a tweet from supporterElon Muskand asCoinbase&nbsp;said it would list the meme-inspired cryptocurrency. The price of dogecoinrose to an intraday highof around 56 cents, according to data from Coin Metrics. However, it’s still down about 20% from arecord high&nbsp;of nearly 67 cents only a week ago. Musk tweeted Thursday that he was working with dogecoin developers to improve the efficiency of transactions. Also Thursday, crypto exchange platform Coinbase said it wouldoffer dogecoin support&nbsp;in the next six to eight weeks.</p><p><blockquote><b>埃隆·马斯克在比特币基地上市后，狗狗币上涨。</b>周五，在支持者埃隆·马斯克(Elon Muskand)和asCoinbase发布推文表示将上市这种受模因启发的加密货币后，狗狗币的价格上涨。根据Coin Metrics的数据，狗狗币的价格升至约56美分的盘中高点。然而，较一周前近67美分的历史高点仍下跌约20%。马斯克周四在推特上表示，他正在与狗狗币开发者合作，以提高交易效率。同样在周四，加密货币交易平台Coinbase表示将在未来六到八周内提供狗狗币支持。</blockquote></p><p><b>Currencies</b></p><p><blockquote><b>货币</b></blockquote></p><p>The Bloomberg Dollar Spot Index fell 0.3%.The euro gained 0.4% to $1.2125.The British pound increased 0.2% to $1.4085.The onshore yuan strengthened 0.2% to 6.436 per dollar.The Japanese yen strengthened 0.2% to 109.28 per dollar.</p><p><blockquote>彭博美元现货指数下跌0.3%。欧元上涨0.4%，至1.2125美元。英镑上涨0.2%，至1.4085美元。在岸人民币升值0.2%，至1美元兑6.436。日元升值0.2%，至1美元兑109.28日元。</blockquote></p><p><b>Bonds</b></p><p><blockquote><b>债券</b></blockquote></p><p>The yield on 10-year Treasuries fell two basis points to 1.64%.The yield on two-year Treasuries decreased less than one basis point to 0.15%.Germany’s 10-year yield declined one basis point to -0.13%.Japan’s 10-year yield dipped one basis point to 0.089%.Britain’s 10-year yield decreased three basis points to 0.866%.</p><p><blockquote>10年期国债收益率下跌两个基点，至1.64%。两年期国债收益率下跌不到一个基点，至0.15%。德国10年期国债收益率下跌一个基点，至-0.13%。日本10年期国债收益率下跌一个基点，至0.089%。英国10年期国债收益率下跌三个基点，至0.866%。</blockquote></p><p><b>Commodities</b></p><p><blockquote><b>商品</b></blockquote></p><p>West Texas Intermediate crude increased 1.1% to $64.54 a barrel.Brent crude climbed 1.2% to $67.86 a barrel.Gold strengthened 0.5% to $1,836.10 an ounce.</p><p><blockquote>西德克萨斯中质原油上涨1.1%，至每桶64.54美元。布伦特原油上涨1.2%，至每桶67.86美元。黄金上涨0.5%，至每盎司1,836.10美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197630232","content_text":"Stock futures extend gains after Dow's best day since March.Bitcoin traded above $50,000.Blockchain stocks, Tech stocks rally in premarket trading.Disney, DoorDash, Snowflake, Fisker & more making the biggest moves in the premarket.Dogecoin rallies after Elon Musk tweet, Coinbase listing.(May 14) Futures contracts tied to major stock indexesjumped in early trading Fridayas Wall Street is set to rebound for a second day after starting the week with big losses. Dow Jones Industrial Average futures climbed 150 points. S&P 500 futures gained 0.6%. Futures on the tech-heavy Nasdaq 100 Index, the relative underperformer this week, popped 1%.All three benchmarks are still on pace to post sharp losses for the week, with the Dow down 2.2% and the S&P shedding 2.8%. Tech stocks have been hit especially hard amid hotter-than-expected inflation data, pulling the Nasdaq down 4.6% for the week.At 8:03 a.m. ET, Dow E-minis were up 171 points, or 0.50%, S&P 500 E-minis were up 27.75 points, or 0.68% and Nasdaq 100 E-minis were up 142.50 points, or 1.09%.Blockchain stocks, Tech stocks rally in premarket trading.Stocks making the biggest moves in the premarket: Disney, DoorDash, Snowflake, Fisker & more1) Walt Disney(DIS) – Disney shares dropped 3.9% in premarket trading after growth figures for the Disney+ streaming servicefell short of Wall Street predictions. Disney reported better-than-expected profit for the first quarter, but revenue was short of analysts’ forecasts.2) DoorDash(DASH) – DoorDash surged 8.2% in the premarket afterfirst-quarter revenue came in above analysts’ forecasts, and the food delivery service raised its annual forecast for order value. First-quarter results got a boost from stimulus checks, although the company said those same checks were responsible for drivers working fewer hours.3) Snowflake(SNOW) – The cloud computing company was upgraded to \"buy\" from \"neutral\" at Goldman Sachs, which notes the Snowflake's strong competitive position, as well as a drop from recent highs that is much larger than its peers have experienced. Snowflake jumped 5.7% in premarket trading.4) Airbnb(ABNB) – Airbnbposted a first-quarter loss, but it also reported better-than-expected revenue as well a 52% jump in gross bookings as more Americans received Covid-19 vaccinations and travel restrictions eased.5) Coinbase(COIN) – Coinbasereported record profitduring the first quarter, as the cryptocurrency exchange benefited from a significant rally in bitcoin and other digital currencies. Coinbase shares rose 2.3% in premarket action.6) Kansas City Southern(KSU) – The U.S.-based rail operator acceptedCanadian National Railway’s(CNI) $33.6 billion takeover bid, casting aside the $29 billion deal it had previously agreed to withCanadian Pacific Railway(CP). Canadian Pacific has five business days to make a counter-offer for Kansas City Southern. Canadian National added 2.9% in premarket trading, while Canadian Pacific rose 1.6%.7) Tyson Foods(TSN) – The beef and poultry producer sold its pet treats business toGeneral Mills(GIS) for $1.2 billion. The sale includes the Nudges, Top Chews and True Chews brands as well as an Iowa production facility.8) General Electric(GE) – Citi reinstated coverage of GE with a “buy” rating, based on a “sum of the parts” valuation and better execution across GE’s portfolio of businesses. GE shares added 1.1% in premarket trading.9) Aurora Cannabis(ACB) – Aurora Cannabis tumbled 8.7% in premarket action after it reported lower-than-expected fiscal third-quarter revenue, hit by pandemic-related restrictions in Canada. Separately, the cannabis producer announced a move in its U.S. stock listing to Nasdaq from the New York Stock Exchange, citing lower costs.10) Fisker(FSR) – Fisker soared 14.5% in premarket trading after the electric car maker signed a deal with contract manufacturer Foxconn to co-develop electric vehicles. Plans include opening a new U.S. manufacturing plant in 2023, although a location has not yet been finalized.11) Poly(PLT) – Poly tumbled 19.5% in the premarket after the maker of audio and video products issued a weaker than expected outlook. The company formerly known as Plantronics said it expected the global semiconductor shortage to negatively impact its supply chain. It did, however, report better-than-expected profit and revenue for its latest quarter.12) Unity Software(U) – The 3D content creation platform company rose 3.2% in the premarket after Oppenheimer upgraded the stock to “outperform” from “perform.” Oppenheimer said the current price is an attractive entry point given Unity’s growth prospects.BitcoinBitcoin traded above $50,000, reversing some of its slump on Tesla Inc.’s decision to suspend purchases using the digital currency.Dogecoin rallies after Elon Musk tweet, Coinbase listing. Dogecoin’s price jumped Friday after a tweet from supporterElon Muskand asCoinbase said it would list the meme-inspired cryptocurrency. The price of dogecoinrose to an intraday highof around 56 cents, according to data from Coin Metrics. However, it’s still down about 20% from arecord high of nearly 67 cents only a week ago. Musk tweeted Thursday that he was working with dogecoin developers to improve the efficiency of transactions. Also Thursday, crypto exchange platform Coinbase said it wouldoffer dogecoin support in the next six to eight weeks.CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%.The euro gained 0.4% to $1.2125.The British pound increased 0.2% to $1.4085.The onshore yuan strengthened 0.2% to 6.436 per dollar.The Japanese yen strengthened 0.2% to 109.28 per dollar.BondsThe yield on 10-year Treasuries fell two basis points to 1.64%.The yield on two-year Treasuries decreased less than one basis point to 0.15%.Germany’s 10-year yield declined one basis point to -0.13%.Japan’s 10-year yield dipped one basis point to 0.089%.Britain’s 10-year yield decreased three basis points to 0.866%.CommoditiesWest Texas Intermediate crude increased 1.1% to $64.54 a barrel.Brent crude climbed 1.2% to $67.86 a barrel.Gold strengthened 0.5% to $1,836.10 an ounce.","news_type":1,"symbols_score_info":{".DJI":0.9,"MYMmain":0.9,"ESmain":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9,"MNQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199591667,"gmtCreate":1620714938259,"gmtModify":1634196884855,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"If inflation fears are so real and visible, why aren't people investing more to counteract the effect of it?","listText":"If inflation fears are so real and visible, why aren't people investing more to counteract the effect of it?","text":"If inflation fears are so real and visible, why aren't people investing more to counteract the effect of it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/199591667","repostId":"2134551566","repostType":4,"isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375645550,"gmtCreate":1619338471670,"gmtModify":1634274124574,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/375645550","repostId":"1184404050","repostType":4,"isVote":1,"tweetType":1,"viewCount":278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372079077,"gmtCreate":1619163814499,"gmtModify":1634288075462,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372079077","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379036331,"gmtCreate":1618635960023,"gmtModify":1634291613871,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO 20210423 45.0 CALL(NIO)$</a>Game over","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO 20210423 45.0 CALL(NIO)$</a>Game over","text":"$NIO 20210423 45.0 CALL(NIO)$Game over","images":[{"img":"https://static.tigerbbs.com/0cb2bb433bbdd8839dc2f722bead3204","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/379036331","isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":343898318,"gmtCreate":1617698723434,"gmtModify":1634297051994,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Like and comment please ty","listText":"Like and comment please ty","text":"Like and comment please ty","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/343898318","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohu8.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340606438,"gmtCreate":1617384508424,"gmtModify":1634521157826,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Tsla to the moon","listText":"Tsla to the moon","text":"Tsla to the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/340606438","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162235680,"gmtCreate":1624064264240,"gmtModify":1631893962575,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Next week will be better!","listText":"Next week will be better!","text":"Next week will be better!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/162235680","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112675792,"gmtCreate":1622870034116,"gmtModify":1634097169735,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/112675792","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZETA":"Zeta Global Holdings Corp.",".DJI":"道琼斯","LFST":"LifeStance Health Group, Inc.","BZ":"BOSS直聘","MNDY":"Monday.com Ltd.",".IXIC":"NASDAQ Composite","ZME":"掌门教育",".SPX":"S&P 500 Index","MQ":"Marqeta, Inc.","DIBS":"1stdibs.com Inc.","TASK":"TaskUs Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{".SPX":0.9,"BZ":0.9,"ZME":0.9,"DIBS":0.9,".IXIC":0.9,"MNDY":0.9,"ZETA":0.9,"TASK":0.9,"MQ":0.9,"LFST":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116112384,"gmtCreate":1622780303948,"gmtModify":1634098068584,"author":{"id":"3560694845948536","authorId":"3560694845948536","name":"Bennyy","avatar":"https://static.tigerbbs.com/a71ff430e6952a91d74b892070d8d19d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560694845948536","idStr":"3560694845948536"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/116112384","repostId":"2140026421","repostType":4,"isVote":1,"tweetType":1,"viewCount":294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}