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2021-07-25

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2021-06-30

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2021-07-25

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2021-05-18

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2021-06-08

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2021-07-27

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2021-07-12

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2021-07-07

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2021-07-01

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The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.

2021-06-26

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2021-07-07

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2021-06-25

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2021-06-24

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2021-06-15

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2021-06-10

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2021-06-06

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U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO

2021-05-27

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2021-03-23

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2021-03-12

Awesome!!

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2021-07-26

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[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140293628","repostId":"1146581808","repostType":4,"isVote":1,"tweetType":1,"viewCount":1325,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140293934,"gmtCreate":1625659286128,"gmtModify":1631889889439,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140293934","repostId":"1110626244","repostType":4,"isVote":1,"tweetType":1,"viewCount":1579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156540427,"gmtCreate":1625232477569,"gmtModify":1631889889449,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156540427","repostId":"1129664890","repostType":4,"repost":{"id":"1129664890","kind":"news","pubTimestamp":1625232423,"share":"https://www.laohu8.com/m/news/1129664890?lang=&edition=full","pubTime":"2021-07-02 21:27","market":"us","language":"en","title":"ROKU: The Next Step","url":"https://stock-news.laohu8.com/highlight/detail?id=1129664890","media":"seekingalpha","summary":"Summary\n\nROKU's stock is in the balance as it reports residual for the first time.\nThe stock price d","content":"<p><b>Summary</b></p>\n<ul>\n <li>ROKU's stock is in the balance as it reports residual for the first time.</li>\n <li>The stock price depends on whether it uses the capital to the value of shareholders.</li>\n <li>Astronomical gains in top-line growth and cash flow are witnesses. However, high P/S and P/CF are still a concern.</li>\n <li>We're risking it by going long as the early signs of acquisitions have been encouraging.</li>\n <li>Tread lightly with the risks involved.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4b00a4fa1d444c1076f1bb7fa30c1199\" tg-width=\"768\" tg-height=\"566\"><span>Arturo Holmes/Getty Images Entertainment</span></p>\n<p><b>Overview</b></p>\n<p>For those who aren't aware, Roku (NASDAQ:ROKU) is the leading TV streaming platform in the United States, with an active user base of over&nbsp;50 million. The company partners with TV brands which allows it to manufacture and sell its content via its platform.</p>\n<p>The company operates through two segments namely platform and player.</p>\n<p>The platform segment allows users to gain access to television and movies. The player segment offers streaming players, audio products, and accessories through the ROKU name. Further to the business is significant ad revenue as most tech companies have these days.</p>\n<p>ROKU is still in its growth stage and has gained significant traction from investors&nbsp;since listing&nbsp;on the Nasdaq in 2017.</p>\n<p><b>Financials&nbsp;</b></p>\n<p><b>Top-Line</b></p>\n<p>ROKU reported&nbsp;63.46%&nbsp;in year-over-year revenue growth the past year. The company has a 5-year average growth rate in revenue of&nbsp;40.9%, which ranks in the 99th sector percentile. ROKU's core business is growing well, with&nbsp;101%&nbsp;year-over-year growth in revenue due to an increase in platform usage of 4.5% in the past quarter. We think that ad revenue will add sustainability to the firm's revenue as competition rises through improved products from Apple(NASDAQ:AAPL)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)streaming services. ROKU has entered into a&nbsp;strategic alliance&nbsp;with Nielsen to access their ad content. ROKU also completed asset acquisitions in the deal by acquiring Nielsen's AVA and DAI technologies to improve content recognition and ad insertion.</p>\n<p>We think that added efficiency and synergies will improve the sustainability of the company's earnings.</p>\n<p><b>User Growth</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7660020b92ea61b62566e9ac2ac6cd02\" tg-width=\"640\" tg-height=\"409\"><span>Source: Statista</span></p>\n<p>ROKU has undoubtedly expanded rapidly during the lockdown, and this is an anomaly that can't be denied. But something worth looking at is the company's gradual increase before the pandemic. We don't think that ROKU is a one-hit-wonder by any stretch of the imagination, and user growth looks set to continue growing.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e27f287b57a10fb5d043ef20b96b548a\" tg-width=\"640\" tg-height=\"305\"><span>Source: GuruFocus</span></p>\n<p>To consolidate the argument, we've pulled up the return on invested capital chart. The ROIC is a good indicator of a company's competitive stance within an industry. The recent growth in ROIC indicates that ROKU is still expanding well in itsindustry. We think that increased third-party distributors and increased investment in the ROKU channels contributed immensely to the uptick in ROIC. Furthermore, factors such as Disney+ and NBC Universal Peacock, HBO Max, and Discovery+ have and will stimulate further user growth.</p>\n<p><b>Bottom-Line</b></p>\n<p><img src=\"https://static.tigerbbs.com/fe252a78a1b9f030d0518689d2bfb148\" tg-width=\"640\" tg-height=\"109\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/731e79eb9769e07f6760b43a0670f444\" tg-width=\"640\" tg-height=\"129\"></p>\n<p>Very important to us are net income and normalized net income. The reasons are that the company finally turned a profit in Q-1 and now has residual to work with. The factor is unusual items. ROKU's normalized net income excludes unusual earnings, the fact that they're still reporting positive normalized net income is a big plus.</p>\n<p><b>Multiples</b></p>\n<p>Seeing that ROKU is now profitable, we can apply a few multiples for analysis. To start with, we looked at the price to sales. This metric can be used at any stage of the business cycle. ROKU is in a growth phase, and we think it's not easy to interpret the other multiples without looking at this one first.(The base data can be found on&nbsp;Seeking Alpha)</p>\n<ul>\n <li>Market Cap/Annual Sales = 10.27</li>\n</ul>\n<p>Considering that we'd like to see a price to sales ratio of between 1 and 2, ROKU is trading at a premium. It has to be considered that sales are growing at an average rate of above 40% annually.</p>\n<p>Another ratio we can look at is the price to cash flow, which is a great metric to use as cash flow resembles the intrinsic value.</p>\n<ul>\n <li>Share price/Cash flow per share = $460/$1.72 = 267.44</li>\n</ul>\n<p>Again, this is a high multiple, and we'd like to see a price to cash flow ratio of between 15-20. ROKU has seen an unlevered free cash flow growth worth&nbsp;181.51%&nbsp;over the last year but only has a free cash flow yield of&nbsp;0.3%.</p>\n<p>The cash flows are still too volatile to forecast the intrinsic value and leading P/E ratio.</p>\n<p><img src=\"https://static.tigerbbs.com/026ba34f1e658421a653fef0403c2ba5\" tg-width=\"640\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p>\n<p>Analysts expect massive upside in EPS but we think that this is fantasy. The main reason is the fact that the company now holds residual. Let's explain why.</p>\n<p><b>Use Of Residual</b></p>\n<p>Essential to any stock's valuation is the asset base. Sure ROKU will probably trade at a premium to its asset base due to intellectual property and other intangible assets. However, the fundamental asset base growth is significant, and we think that their M&amp;A strategy will ultimately determine the stock's fate.</p>\n<p>Let's look at acquisition strategies.</p>\n<p>To start off with, we'll discuss the importance of data and asset acquisitions for tech companies. Data and asset acquisitions allow for organic growth to be amplified due to the synergies. Purchasing the 'ready-made' innovation is much more effective than innovating from scratch yourself.</p>\n<p>Secondly, let's discuss verticals. Vertical integration allows for acquisitions up and down the value chain. These acquisitions allow for cost-cutting through bargaining power and pricing leadership in the market. If ROKU goes this way, they'll add tremendous value to their asset base.</p>\n<p>Now for horizontals. If ROKU chooses to acquire horizontally for the purpose of gaining market share and reducing potential competitors, they'll end up paying premiums and ending up in many litigation fights. Not very good for shareholders.</p>\n<p>Other uses of capital.</p>\n<p>ROKU could simply increase its headcount and continue developing internally. This is also not a very efficient way of going about adding shareholder value. It's unlikely that the company will pay dividends and engage in share buyback programs at this stage as it's still in a growth phase.</p>\n<p>The early signs are that they're completing asset purchases.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b8ae004c046f2ab6dae4dc02de6b25c\" tg-width=\"640\" tg-height=\"318\"><span>Source: Crunchbase</span></p>\n<p>Old House Ventures&nbsp;was acquired to add to its content and bring synergies to the table. Nielsen, as discussed, brings further expansion to the platform and is another lean asset acquisition. The Giraffic deal adds to their cloud space, this is another smart acquisition. Also adding to ad revenue is the acquisition of&nbsp;dataxu, another good acquisition in our opinion. And finally,Dynastrom&nbsp;was an acquisition that adds to ROKU's engineering team.</p>\n<p>If ROKU continues acquiring in this manner, it will increase the cash value of its future growth opportunities, this is very good for shareholders.</p>\n<p><b>Shareholder Value</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cf094989971e65038753abbf9d78cb33\" tg-width=\"640\" tg-height=\"308\"><span>Source: GuruFocus</span></p>\n<p>It remains in the balance as to whether there's a real drive towards shareholder value or not. The EPS is all over the place, which is understandable as many insiders might exercise options during high stock prices. The other side of it is that net income also has been surging. It remains to be seen what the EPS will do. Investors should note that ROKU has a&nbsp;dual-class voting structure, which dilutes shareholder voting rights over insider voting rights.</p>\n<p><b>Our Take</b></p>\n<p>ROKU is a big gamble at the moment. The company is generating significant topline revenue, and cash flows are growing. If the company follows a similar acquisition strategy as big tech companies, the stock will thrive. If it uses its residual to little effect, the stock might plummet, especially considering the high price to sales and price to cash flow ratios. We're taking our chances nonetheless.</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>ROKU: The Next Step</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nROKU: The Next Step\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 21:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437490-roku-the-next-step><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nROKU's stock is in the balance as it reports residual for the first time.\nThe stock price depends on whether it uses the capital to the value of shareholders.\nAstronomical gains in top-line ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437490-roku-the-next-step\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc"},"source_url":"https://seekingalpha.com/article/4437490-roku-the-next-step","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129664890","content_text":"Summary\n\nROKU's stock is in the balance as it reports residual for the first time.\nThe stock price depends on whether it uses the capital to the value of shareholders.\nAstronomical gains in top-line growth and cash flow are witnesses. However, high P/S and P/CF are still a concern.\nWe're risking it by going long as the early signs of acquisitions have been encouraging.\nTread lightly with the risks involved.\n\nArturo Holmes/Getty Images Entertainment\nOverview\nFor those who aren't aware, Roku (NASDAQ:ROKU) is the leading TV streaming platform in the United States, with an active user base of over 50 million. The company partners with TV brands which allows it to manufacture and sell its content via its platform.\nThe company operates through two segments namely platform and player.\nThe platform segment allows users to gain access to television and movies. The player segment offers streaming players, audio products, and accessories through the ROKU name. Further to the business is significant ad revenue as most tech companies have these days.\nROKU is still in its growth stage and has gained significant traction from investors since listing on the Nasdaq in 2017.\nFinancials \nTop-Line\nROKU reported 63.46% in year-over-year revenue growth the past year. The company has a 5-year average growth rate in revenue of 40.9%, which ranks in the 99th sector percentile. ROKU's core business is growing well, with 101% year-over-year growth in revenue due to an increase in platform usage of 4.5% in the past quarter. We think that ad revenue will add sustainability to the firm's revenue as competition rises through improved products from Apple(NASDAQ:AAPL)and Google(NASDAQ:GOOG)(NASDAQ:GOOGL)streaming services. ROKU has entered into a strategic alliance with Nielsen to access their ad content. ROKU also completed asset acquisitions in the deal by acquiring Nielsen's AVA and DAI technologies to improve content recognition and ad insertion.\nWe think that added efficiency and synergies will improve the sustainability of the company's earnings.\nUser Growth\nSource: Statista\nROKU has undoubtedly expanded rapidly during the lockdown, and this is an anomaly that can't be denied. But something worth looking at is the company's gradual increase before the pandemic. We don't think that ROKU is a one-hit-wonder by any stretch of the imagination, and user growth looks set to continue growing.\nSource: GuruFocus\nTo consolidate the argument, we've pulled up the return on invested capital chart. The ROIC is a good indicator of a company's competitive stance within an industry. The recent growth in ROIC indicates that ROKU is still expanding well in itsindustry. We think that increased third-party distributors and increased investment in the ROKU channels contributed immensely to the uptick in ROIC. Furthermore, factors such as Disney+ and NBC Universal Peacock, HBO Max, and Discovery+ have and will stimulate further user growth.\nBottom-Line\n\nVery important to us are net income and normalized net income. The reasons are that the company finally turned a profit in Q-1 and now has residual to work with. The factor is unusual items. ROKU's normalized net income excludes unusual earnings, the fact that they're still reporting positive normalized net income is a big plus.\nMultiples\nSeeing that ROKU is now profitable, we can apply a few multiples for analysis. To start with, we looked at the price to sales. This metric can be used at any stage of the business cycle. ROKU is in a growth phase, and we think it's not easy to interpret the other multiples without looking at this one first.(The base data can be found on Seeking Alpha)\n\nMarket Cap/Annual Sales = 10.27\n\nConsidering that we'd like to see a price to sales ratio of between 1 and 2, ROKU is trading at a premium. It has to be considered that sales are growing at an average rate of above 40% annually.\nAnother ratio we can look at is the price to cash flow, which is a great metric to use as cash flow resembles the intrinsic value.\n\nShare price/Cash flow per share = $460/$1.72 = 267.44\n\nAgain, this is a high multiple, and we'd like to see a price to cash flow ratio of between 15-20. ROKU has seen an unlevered free cash flow growth worth 181.51% over the last year but only has a free cash flow yield of 0.3%.\nThe cash flows are still too volatile to forecast the intrinsic value and leading P/E ratio.\n\nAnalysts expect massive upside in EPS but we think that this is fantasy. The main reason is the fact that the company now holds residual. Let's explain why.\nUse Of Residual\nEssential to any stock's valuation is the asset base. Sure ROKU will probably trade at a premium to its asset base due to intellectual property and other intangible assets. However, the fundamental asset base growth is significant, and we think that their M&A strategy will ultimately determine the stock's fate.\nLet's look at acquisition strategies.\nTo start off with, we'll discuss the importance of data and asset acquisitions for tech companies. Data and asset acquisitions allow for organic growth to be amplified due to the synergies. Purchasing the 'ready-made' innovation is much more effective than innovating from scratch yourself.\nSecondly, let's discuss verticals. Vertical integration allows for acquisitions up and down the value chain. These acquisitions allow for cost-cutting through bargaining power and pricing leadership in the market. If ROKU goes this way, they'll add tremendous value to their asset base.\nNow for horizontals. If ROKU chooses to acquire horizontally for the purpose of gaining market share and reducing potential competitors, they'll end up paying premiums and ending up in many litigation fights. Not very good for shareholders.\nOther uses of capital.\nROKU could simply increase its headcount and continue developing internally. This is also not a very efficient way of going about adding shareholder value. It's unlikely that the company will pay dividends and engage in share buyback programs at this stage as it's still in a growth phase.\nThe early signs are that they're completing asset purchases.\nSource: Crunchbase\nOld House Ventures was acquired to add to its content and bring synergies to the table. Nielsen, as discussed, brings further expansion to the platform and is another lean asset acquisition. The Giraffic deal adds to their cloud space, this is another smart acquisition. Also adding to ad revenue is the acquisition of dataxu, another good acquisition in our opinion. And finally,Dynastrom was an acquisition that adds to ROKU's engineering team.\nIf ROKU continues acquiring in this manner, it will increase the cash value of its future growth opportunities, this is very good for shareholders.\nShareholder Value\nSource: GuruFocus\nIt remains in the balance as to whether there's a real drive towards shareholder value or not. The EPS is all over the place, which is understandable as many insiders might exercise options during high stock prices. The other side of it is that net income also has been surging. It remains to be seen what the EPS will do. Investors should note that ROKU has a dual-class voting structure, which dilutes shareholder voting rights over insider voting rights.\nOur Take\nROKU is a big gamble at the moment. The company is generating significant topline revenue, and cash flows are growing. If the company follows a similar acquisition strategy as big tech companies, the stock will thrive. If it uses its residual to little effect, the stock might plummet, especially considering the high price to sales and price to cash flow ratios. We're taking our chances nonetheless.","news_type":1,"symbols_score_info":{"ROKU":0.9}},"isVote":1,"tweetType":1,"viewCount":1260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156540876,"gmtCreate":1625232450295,"gmtModify":1631889889463,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156540876","repostId":"1126312436","repostType":4,"repost":{"id":"1126312436","kind":"news","pubTimestamp":1625212145,"share":"https://www.laohu8.com/m/news/1126312436?lang=&edition=full","pubTime":"2021-07-02 15:49","market":"us","language":"en","title":"The Stock Market Had a Great First Half. 3 Things That Could Cause it to Crash.","url":"https://stock-news.laohu8.com/highlight/detail?id=1126312436","media":"Barrons","summary":"Stocks have soared relentlessly this year. Several factors, however, have the potential to end the p","content":"<p>Stocks have soared relentlessly this year. Several factors, however, have the potential to end the party.</p>\n<p>The S&amp;P 500 has had its second-best first half of a year since 1998, and it hasn’t shown many signs of letting up. The index ended June up 14.4% year to date, hitting several records during the month and posting another record close on Thursday.</p>\n<p>Yet there are a couple key risks that could turn all of that around, according to Nick Colas, co-founder of DataTrek.</p>\n<p>First, there’s the possibility of an oil price shock, as the price of crude has shown little sign of cooling off. WTI crude oil is up 56% year to date and notched a&nbsp;new multi-year high&nbsp;Thursday—even amid growing&nbsp;expectations that OPEC will increase supply. If oil prices run hot enough, that could raise inflation to a level that—if sustained — could cause consumer demand to fall and that could surpass Federal Reserve expectations.</p>\n<p>“Suddenly higher oil prices” is atop the list of stock market concerns for Colas. “Rapidly rising oil prices will cause U.S. inflation to overshoot the Fed’s desired outcome and also stress the American consumer.”</p>\n<p>Both those things could dent the stock market, which has long benefited from the Fed’s accommodative monetary policy, especially if the Fed signals that interest-rate increases could come sooner than expected.</p>\n<p>That means the Fed will need to tread carefully when discussing rates to avoid spooking the market, Colas says.</p>\n<p>“Federal Reserve miscommunication about upcoming policy changes and/or raising interest rates too aggressively” is a second risk, Colas says. For instance, the S&amp;P 500&nbsp;dived 18% over roughly three months in late 2018 as the Fed raised rates, despite the market’s hope at that time for rates to stay put.</p>\n<p>Peaking earnings growth is the other threat to stocks, Colas says. Earnings growth for the average S&amp;P 500 company is expected slow down to 11% in 2022 from 36% in 2021, according to FactSet, as the economy normalizes and the postpandemic recovery eases. But on average, S&amp;P 500 stocks trade at 21.5 times expected earnings for the next 12 months, still above the index’s pre-pandemic multiple. At some point, stocks valuations will need to better reflect the expected decline in earnings growth, which would mean falling stock prices.</p>\n<p>“Valuations are high enough currently that peaking earnings could be a larger risk than before,” Colas writes.</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>The Stock Market Had a Great First Half. 3 Things That Could Cause it to Crash.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nThe Stock Market Had a Great First Half. 3 Things That Could Cause it to Crash.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 15:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-crash-risks-51625174065><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks have soared relentlessly this year. Several factors, however, have the potential to end the party.\nThe S&P 500 has had its second-best first half of a year since 1998, and it hasn’t shown many ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-crash-risks-51625174065\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-crash-risks-51625174065","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126312436","content_text":"Stocks have soared relentlessly this year. Several factors, however, have the potential to end the party.\nThe S&P 500 has had its second-best first half of a year since 1998, and it hasn’t shown many signs of letting up. The index ended June up 14.4% year to date, hitting several records during the month and posting another record close on Thursday.\nYet there are a couple key risks that could turn all of that around, according to Nick Colas, co-founder of DataTrek.\nFirst, there’s the possibility of an oil price shock, as the price of crude has shown little sign of cooling off. WTI crude oil is up 56% year to date and notched a new multi-year high Thursday—even amid growing expectations that OPEC will increase supply. If oil prices run hot enough, that could raise inflation to a level that—if sustained — could cause consumer demand to fall and that could surpass Federal Reserve expectations.\n“Suddenly higher oil prices” is atop the list of stock market concerns for Colas. “Rapidly rising oil prices will cause U.S. inflation to overshoot the Fed’s desired outcome and also stress the American consumer.”\nBoth those things could dent the stock market, which has long benefited from the Fed’s accommodative monetary policy, especially if the Fed signals that interest-rate increases could come sooner than expected.\nThat means the Fed will need to tread carefully when discussing rates to avoid spooking the market, Colas says.\n“Federal Reserve miscommunication about upcoming policy changes and/or raising interest rates too aggressively” is a second risk, Colas says. For instance, the S&P 500 dived 18% over roughly three months in late 2018 as the Fed raised rates, despite the market’s hope at that time for rates to stay put.\nPeaking earnings growth is the other threat to stocks, Colas says. Earnings growth for the average S&P 500 company is expected slow down to 11% in 2022 from 36% in 2021, according to FactSet, as the economy normalizes and the postpandemic recovery eases. But on average, S&P 500 stocks trade at 21.5 times expected earnings for the next 12 months, still above the index’s pre-pandemic multiple. At some point, stocks valuations will need to better reflect the expected decline in earnings growth, which would mean falling stock prices.\n“Valuations are high enough currently that peaking earnings could be a larger risk than before,” Colas writes.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158136970,"gmtCreate":1625135111590,"gmtModify":1631892202528,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"Nice [Miser]&nbsp;","listText":"Nice [Miser]&nbsp;","text":"Nice [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158136970","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://www.laohu8.com/m/news/1106223449?lang=&edition=full","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p>\n<p>The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p>\n<p>With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p>\n<p>The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p>\n<p>The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p>\n<p>For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p>\n<p>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p>\n<p>Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p>\n<p>The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p>\n<p>Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p>\n<p>That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p>\n<p>For now, at least, the path of least resistance is higher.</p>\n<p><img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></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>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 14:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153579489,"gmtCreate":1625039300941,"gmtModify":1631892202532,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] 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[Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/153377085","repostId":"1122418477","repostType":4,"isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125874591,"gmtCreate":1624669796613,"gmtModify":1631892202539,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] 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[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122334828","repostId":"1137689091","repostType":4,"isVote":1,"tweetType":1,"viewCount":245,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128178305,"gmtCreate":1624508378407,"gmtModify":1631892202549,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/128178305","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166300325,"gmtCreate":1623990199267,"gmtModify":1631892202558,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166300325","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=&edition=full","pubTime":"2021-06-18 09:07","market":"us","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p>\n<ul>\n <li>Alibaba is probably the most undervalued growth stock right now.</li>\n <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>\n <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>\n <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p>\n<p><b>The Technical Thesis</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p>\n<p>Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p>\n<p><b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p>\n<p>BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p>\n<p>Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p>\n<p>When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p>\n<p>Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p>\n<p>One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p>\n<p>Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p>\n<p>Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p>\n<p>We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p>\n<p>BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p>\n<p>Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p>\n<p><b>BABA's Valuations Look Highly Compelling</b></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p>\n<p>When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p>\n<p>By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p>\n<p><b>Risks to Assumptions</b></p>\n<p>Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p>\n<p><b>Wrapping It All Up</b></p>\n<p>Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-18 09:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short...</p>\n\n<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166977391,"gmtCreate":1623990180213,"gmtModify":1631892202556,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] 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[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/158136970","repostId":"1106223449","repostType":4,"repost":{"id":"1106223449","kind":"news","pubTimestamp":1625122086,"share":"https://www.laohu8.com/m/news/1106223449?lang=&edition=full","pubTime":"2021-07-01 14:48","market":"us","language":"en","title":"The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.","url":"https://stock-news.laohu8.com/highlight/detail?id=1106223449","media":"Barrons","summary":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 5","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d70d0323609e9ce596a9a90e475422d1\" tg-width=\"1260\" tg-height=\"840\"><span>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year.</span></p>\n<p>The S&amp;P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.</p>\n<p>With June coming to an end, the S&amp;P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.</p>\n<p>The market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.</p>\n<p>The combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and&nbsp;cause stocks to tumble. Others worry that&nbsp;U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.</p>\n<p>For those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.</p>\n<p>Since 1979, the S&amp;P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.</p>\n<p>Even the losses, when they occurred, weren’t all that bad. The S&amp;P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.</p>\n<p>The one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&amp;P 500 dropped 20% in one day, still a record loss. While selling linked to so-called&nbsp;portfolio insurance&nbsp;was ultimately blamed for the size and speed of the loss, the second half of 1987 was&nbsp;a period of rising bond yields and high stock-market valuations, just like the first half of 2021.</p>\n<p>Still, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&amp;P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank&nbsp;Cappelleri, chief market technician at Instinet.</p>\n<p>That 6.3% average second-half rise would push the S&amp;P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.</p>\n<p>For now, at least, the path of least resistance is higher.</p>\n<p><img src=\"https://static.tigerbbs.com/3cb229b2e05d59b9c126d464a7d771bb\" tg-width=\"958\" tg-height=\"647\"></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>The S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nThe S&P 500 Notches Its Second-Best First Half Since the Dot-Com Bubble. What Comes Next.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 14:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock ...</p>\n\n<a href=\"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-futures-crash-gains-51625071996?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106223449","content_text":"Since 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year.\nThe S&P 500 closed its second-best first half since the dot-com bubble. Don’t be surprised if the stock market keeps on rising.\nWith June coming to an end, the S&P 500 finished the first half of 2021 with a gain of 14.4%. Since 1998, only 2019’s 17.4% first-half surge has been larger.\nThe market got a boost from Covid-19 vaccinations, which have helped the U.S. economy reopen, while trillions of dollars of fiscal stimulus have helped shore up demand. The gains continued even as concerns about inflation have increased speculation that the Federal Reserve would be forced to take steps to slow the economy.\nThe combination of big gains and a more hawkish Fed have raised concerns that the market has become too complacent. If inflation continues to run hot for long enough, the central bank could be forced to act more quickly than the market expects—and cause stocks to tumble. Others worry that U.S. economic growth could slow faster than investors anticipate, causing a pullback in the process.\nFor those who take that view, there is no better time to back away from the stock market than the present. History suggests otherwise.\nSince 1979, the S&P 500 has gained 10% or more 14 times during the first half of the year, and the index has gone on to average a 6.3% gain over the second half of the year. What’s more, the index finished the second half of the year higher In 11 of those instances, or 79% of the time.\nEven the losses, when they occurred, weren’t all that bad. The S&P 500 dropped 1.9% in the second half of 1983 and 3.5% during the last six months of 1986.\nThe one exception was the last six months of 1987 when the index fell 19% during the second half of the year. That period included Black Monday, when the S&P 500 dropped 20% in one day, still a record loss. While selling linked to so-called portfolio insurance was ultimately blamed for the size and speed of the loss, the second half of 1987 was a period of rising bond yields and high stock-market valuations, just like the first half of 2021.\nStill, the market has been acting like it wants to go higher, not lower. Pullbacks, a normal event in the midst of bull runs, have been mild in 2021, with the largest drops being less than 4%. “What the [S&P 500] has done throughout 2021 is pick itself up when and where it has needed to, maintaining an uptrend all along,” writes Frank Cappelleri, chief market technician at Instinet.\nThat 6.3% average second-half rise would push the S&P 500’s full-year gain to around 23%. That would represent a “textbook [market] recovery” from a recession, says Fundstrat’s Tom Lee.\nFor now, at least, the path of least resistance is higher.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125874591,"gmtCreate":1624669796613,"gmtModify":1631892202539,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] 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[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/183154448","repostId":"2142247002","repostType":4,"isVote":1,"tweetType":1,"viewCount":537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115831053,"gmtCreate":1622968311472,"gmtModify":1634096493977,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115831053","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=&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","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>\n<ul>\n <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>\n <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>\n <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li>\n</ul>\n<p>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p>\n<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>\n<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>\n<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>\n<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>\n<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>\n<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>\n<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>\n<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>\n<p><img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p>\n<p>Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p>\n<p><b>IPO Market Snapshot</b></p>\n<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>","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</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-05 09:16 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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 ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MQ":"Marqeta, Inc.","DIBS":"1stdibs.com Inc.","ZETA":"Zeta Global Holdings Corp.","MNDY":"Monday.com Ltd.","TASK":"TaskUs Inc.","LFST":"LifeStance Health Group, Inc.","ZME":"掌门教育","BZ":"BOSS直聘",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"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":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"BZ":0.9,"DIBS":0.9,"LFST":0.9,"MNDY":0.9,"MQ":0.9,"TASK":0.9,"ZETA":0.9,"ZME":0.9}},"isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132977794,"gmtCreate":1622070523118,"gmtModify":1634184250347,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/132977794","repostId":"2138143109","repostType":4,"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353152757,"gmtCreate":1616473189579,"gmtModify":1634525639808,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"Great!&nbsp;","listText":"Great!&nbsp;","text":"Great!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353152757","repostId":"2121106476","repostType":4,"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328611703,"gmtCreate":1615519253602,"gmtModify":1703490344587,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"Awesome!!","listText":"Awesome!!","text":"Awesome!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/328611703","repostId":"2118242934","repostType":4,"isVote":1,"tweetType":1,"viewCount":294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177764689,"gmtCreate":1627262641041,"gmtModify":1631889889360,"author":{"id":"3562662036291129","authorId":"3562662036291129","name":"Clarity","avatar":"https://static.tigerbbs.com/290bda4a10a88bafe28971dd816e57cc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3562662036291129","authorIdStr":"3562662036291129"},"themes":[],"htmlText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"[Miser]&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"[Miser] [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177764689","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":897,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}