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HaizCashAcc

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2021-12-22

🚀

Why Tesla Stock Jumped on Tuesday<blockquote>为什么特斯拉股价周二上涨</blockquote>

2021-12-17

Wow

Former McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>

2021-12-16

Ok

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2021-12-16

Ok

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2021-12-13

liked

@瓦肯财经:$乐视网(300104)$ 曾经有一家牛叉的农业公司，四年登陆上交所，资产规模连年暴涨，年年都在盈利，即便遭遇了天灾也不例外。可就是这么一家所谓的农企之光，最后却因为一篇600字的文章而坍塌，只留下了一个个造假奇闻流传至今。

2021-12-01

Haiz

抱歉，原内容已删除

2021-11-30

Like

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2021-10-30

$Tesla Motors(TSLA)$unstoppable 🚀

2021-10-26

$Tesla Motors(TSLA)$🚀 👨‍🚀 🚀 👩‍🚀

2021-10-26

$Snap Inc(SNAP)$will it recover :"(

2021-09-20

$Lucid Group Inc(LCID)$🚀 👩‍🚀

2021-08-21

Buy the dip?

2021-08-11

BTFD!!

2021-08-10

Buy the dip!!!

2021-08-06

Like and comment plz

2021-06-24

🚀

抱歉，原内容已删除

2021-06-21

Materials stock

2021-06-20

Haiz

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2021-06-18

Nic3

Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>

2021-06-16

$ReWalk Robotics(RWLK)$walk...walk...

去老虎APP查看更多动态

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10:25","market":"us","language":"en","title":"Why Tesla Stock Jumped on Tuesday<blockquote>为什么特斯拉股价周二上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122685744","media":"Motley Fool","summary":"What happened\nShares of Tesla(NASDAQ:TSLA)jumped on Tuesday, rising 4.29% today.\nThe stock's gain wa","content":"<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of&nbsp;<b>Tesla</b>(NASDAQ:TSLA)jumped on Tuesday, rising 4.29% today.</p><p><blockquote>本公司之股份<b>特斯拉</b>（纳斯达克：TSLA）周二跳涨，今日涨4.29%。</blockquote></p><p> The stock's gain was likely primarily driven by an upbeat day in the overall market -- especially for&nbsp;growth stocks&nbsp;like Tesla.</p><p><blockquote>该股的上涨可能主要是由整体市场乐观的一天推动的，尤其是像特斯拉这样的成长型股票。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> Capturing optimism in the overall market on Tuesday, the&nbsp;<b>S&amp;P 500</b>&nbsp;was up 1.78% today. The tech-heavy&nbsp;<b>Nasdaq Composite</b>, however, was up 2.4%. Many growth stocks like Tesla were up several percentage points or more, rebounding some from a sharp sell-off earlier this month.</p><p><blockquote>抓住周二整体市场的乐观情绪，<b>标普500</b>今天上涨1.78%。科技含量高<b>纳斯达克复合材料</b>然而，上涨了2.4%。特斯拉等许多成长型股票上涨了几个百分点或更多，其中一些股票从本月早些时候的大幅抛售中反弹。</blockquote></p><p> Tesla stock's gain today represents a bit of a rebound from a steep sell-off recently. Even including today's gain, the stock has slid 25% from a high of more than $1,243 just a few months ago.</p><p><blockquote>特斯拉股票今天的上涨代表着从最近的大幅抛售中有所反弹。即使算上今天的涨幅，该股也已较几个月前超过1,243美元的高点下跌了25%。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> As the year wraps up, Tesla investors have the company's&nbsp;fourth-quarter vehicle deliveries&nbsp;to look forward to. While the challenging global supply chain and logistics environment that Tesla is operating in makes it difficult to forecast the quarter, analysts are expecting record deliveries during the period. But a wide range of outcomes are possible.</p><p><blockquote>随着今年的结束，特斯拉投资者对该公司第四季度的汽车交付量充满期待。尽管特斯拉运营所处的全球供应链和物流环境充满挑战，因此很难预测本季度，但分析师预计在此期间的交付量将创历史新高。但是各种各样的结果都是可能的。</blockquote></p><p> Tesla delivered 241,391 vehicles in its third quarter, representing 73% year-over-year growth. For the current quarter, analysts generally expect 260,000 or more deliveries. This would put total deliveries for the year at over 887,000 -- far higher than the 500,000 vehicles the company delivered in 2020.</p><p><blockquote>特斯拉第三季度交付了241,391辆汽车，同比增长73%。对于本季度，分析师普遍预计交付量为26万辆或更多。这将使今年的总交付量超过887,000辆，远高于该公司2020年交付的500,000辆汽车。</blockquote></p><p> The company usually posts its quarterly deliveries within three calendar days of each quarter's end, or somewhere around Jan. 1 to Jan. 3 for Tesla's Q4.</p><p><blockquote>该公司通常在每个季度结束后的三个日历日内公布季度交付情况，或者特斯拉第四季度在1月1日至1月3日左右公布季度交付情况。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla Stock Jumped on Tuesday<blockquote>为什么特斯拉股价周二上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla Stock Jumped on Tuesday<blockquote>为什么特斯拉股价周二上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-22 10:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of&nbsp;<b>Tesla</b>(NASDAQ:TSLA)jumped on Tuesday, rising 4.29% today.</p><p><blockquote>本公司之股份<b>特斯拉</b>（纳斯达克：TSLA）周二跳涨，今日涨4.29%。</blockquote></p><p> The stock's gain was likely primarily driven by an upbeat day in the overall market -- especially for&nbsp;growth stocks&nbsp;like Tesla.</p><p><blockquote>该股的上涨可能主要是由整体市场乐观的一天推动的，尤其是像特斯拉这样的成长型股票。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> Capturing optimism in the overall market on Tuesday, the&nbsp;<b>S&amp;P 500</b>&nbsp;was up 1.78% today. The tech-heavy&nbsp;<b>Nasdaq Composite</b>, however, was up 2.4%. Many growth stocks like Tesla were up several percentage points or more, rebounding some from a sharp sell-off earlier this month.</p><p><blockquote>抓住周二整体市场的乐观情绪，<b>标普500</b>今天上涨1.78%。科技含量高<b>纳斯达克复合材料</b>然而，上涨了2.4%。特斯拉等许多成长型股票上涨了几个百分点或更多，其中一些股票从本月早些时候的大幅抛售中反弹。</blockquote></p><p> Tesla stock's gain today represents a bit of a rebound from a steep sell-off recently. Even including today's gain, the stock has slid 25% from a high of more than $1,243 just a few months ago.</p><p><blockquote>特斯拉股票今天的上涨代表着从最近的大幅抛售中有所反弹。即使算上今天的涨幅，该股也已较几个月前超过1,243美元的高点下跌了25%。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> As the year wraps up, Tesla investors have the company's&nbsp;fourth-quarter vehicle deliveries&nbsp;to look forward to. While the challenging global supply chain and logistics environment that Tesla is operating in makes it difficult to forecast the quarter, analysts are expecting record deliveries during the period. But a wide range of outcomes are possible.</p><p><blockquote>随着今年的结束，特斯拉投资者对该公司第四季度的汽车交付量充满期待。尽管特斯拉运营所处的全球供应链和物流环境充满挑战，因此很难预测本季度，但分析师预计在此期间的交付量将创历史新高。但是各种各样的结果都是可能的。</blockquote></p><p> Tesla delivered 241,391 vehicles in its third quarter, representing 73% year-over-year growth. For the current quarter, analysts generally expect 260,000 or more deliveries. This would put total deliveries for the year at over 887,000 -- far higher than the 500,000 vehicles the company delivered in 2020.</p><p><blockquote>特斯拉第三季度交付了241,391辆汽车，同比增长73%。对于本季度，分析师普遍预计交付量为26万辆或更多。这将使今年的总交付量超过887,000辆，远高于该公司2020年交付的500,000辆汽车。</blockquote></p><p> The company usually posts its quarterly deliveries within three calendar days of each quarter's end, or somewhere around Jan. 1 to Jan. 3 for Tesla's Q4.</p><p><blockquote>该公司通常在每个季度结束后的三个日历日内公布季度交付情况，或者特斯拉第四季度在1月1日至1月3日左右公布季度交付情况。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/21/why-tesla-stock-jumped-on-tuesday/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/12/21/why-tesla-stock-jumped-on-tuesday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122685744","content_text":"What happened\nShares of Tesla(NASDAQ:TSLA)jumped on Tuesday, rising 4.29% today.\nThe stock's gain was likely primarily driven by an upbeat day in the overall market -- especially for growth stocks like Tesla.\nSo what\nCapturing optimism in the overall market on Tuesday, the S&P 500 was up 1.78% today. The tech-heavy Nasdaq Composite, however, was up 2.4%. Many growth stocks like Tesla were up several percentage points or more, rebounding some from a sharp sell-off earlier this month.\nTesla stock's gain today represents a bit of a rebound from a steep sell-off recently. Even including today's gain, the stock has slid 25% from a high of more than $1,243 just a few months ago.\nNow what\nAs the year wraps up, Tesla investors have the company's fourth-quarter vehicle deliveries to look forward to. While the challenging global supply chain and logistics environment that Tesla is operating in makes it difficult to forecast the quarter, analysts are expecting record deliveries during the period. But a wide range of outcomes are possible.\nTesla delivered 241,391 vehicles in its third quarter, representing 73% year-over-year growth. For the current quarter, analysts generally expect 260,000 or more deliveries. This would put total deliveries for the year at over 887,000 -- far higher than the 500,000 vehicles the company delivered in 2020.\nThe company usually posts its quarterly deliveries within three calendar days of each quarter's end, or somewhere around Jan. 1 to Jan. 3 for Tesla's Q4.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699010692,"gmtCreate":1639720553238,"gmtModify":1639720553321,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699010692","repostId":"1144273047","repostType":4,"repost":{"id":"1144273047","kind":"news","pubTimestamp":1639712173,"share":"https://www.laohu8.com/m/news/1144273047?lang=zh_CN&edition=full","pubTime":"2021-12-17 11:36","market":"us","language":"en","title":"Former McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144273047","media":"The New York Times","summary":"The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is ","content":"<p>The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.</p><p><blockquote>与史蒂夫·伊斯特布鲁克(Steve Easterbrook)达成的和解是有史以来最大的高管薪酬追回之一。史蒂夫·伊斯特布鲁克(Steve Easterbrook)于2019年因不正当关系被赶下台。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/850a4bcfa411d4e4884c31fe03bdb585\" tg-width=\"1024\" tg-height=\"683\" width=\"100%\" height=\"auto\"><span>The agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press</span></p><p><blockquote><p class=\"t-img-caption\"><span>与史蒂夫·伊斯特布鲁克的协议将结束一场有争议的法律战。图片来源...理查德·德鲁/美联社</span></p></blockquote></p><p> The former McDonald’s chief executive&nbsp;Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.</p><p><blockquote>麦当劳前首席执行官史蒂夫·伊斯特布鲁克(Steve Easterbrook)因与下属存在不正当关系而于2019年被公司罢免，他已向公司返还了1.05亿美元的现金和股票，这是美国企业史上最大的追回之一。</blockquote></p><p> Mr. Easterbrook has been engaged in a&nbsp;contentious battle with McDonald’s&nbsp;for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.</p><p><blockquote>过去一年，伊斯特布鲁克一直在与麦当劳进行一场有争议的斗争，此前该公司起诉他在解雇他时向调查人员撒谎。作为周四宣布的交易的一部分，麦当劳同意放弃对伊斯特布鲁克的诉讼。</blockquote></p><p> In a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.</p><p><blockquote>麦当劳董事长小恩里克·埃尔南德斯（Enrique Hernandez Jr.）在给员工的一封信中表示，公司希望让伊斯特布鲁克“为他的谎言和不当行为负责，包括他利用首席执行官职位的方式”，这一和解协议实现了这一目标。</blockquote></p><p> Mr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.</p><p><blockquote>伊斯特布鲁克先生于2019年被解雇，此前他违反公司政策与一名员工建立了两厢情愿的关系，最终引发了一位富有的高管与美国最著名的公司之一之间异常激烈的斗争。</blockquote></p><p> At the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .</p><p><blockquote>在解雇伊斯特布鲁克时，麦当劳董事会认定伊斯特布鲁克先生“表现出糟糕的判断力”，但决定不“有理由”解雇他——即不诚实或犯有犯罪行为。董事会希望这一决定能够避免一场漫长的法律纠纷。它还允许伊斯特布鲁克先生带着价值超过4000万美元的薪酬离开。.</blockquote></p><p> But according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.</p><p><blockquote>但根据该公司对伊斯特布鲁克的诉讼，他的合同中包含一项条款，如果麦当劳后来确定该员工应该因故被解雇，该条款将允许麦当劳收回遣散费。</blockquote></p><p> That clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.</p><p><blockquote>该条款在2020年变得相关，当时一名麦当劳员工表示，伊斯特布鲁克先生在担任首席执行官期间与另一名下属发生了性关系。新的指控引发了对伊斯特布鲁克记录的另一项调查，并促使该公司去年起诉他，指控其前首席执行官撒谎、隐瞒证据和欺诈。</blockquote></p><p> During its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”</p><p><blockquote>在对第二项指控的调查中，麦当劳表示，它发现了“数十张不同女性的裸体、部分裸体或露骨的性照片和视频，包括这些公司员工的照片，伊斯特布鲁克将这些照片和视频作为附件从其公司电子邮件帐户发送到他的个人电子邮件帐户。”</blockquote></p><p> The company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”</p><p><blockquote>该公司还透露，伊斯特布鲁克先生将价值数十万美元的股票授予了与他发生性关系的一名女性。麦当劳在诉讼中表示，其前首席执行官在最初的调查中向调查人员撒谎，如果他“对麦当劳调查人员坦诚，没有隐瞒证据，麦当劳就会知道有合法理由在2019年解雇他。”</blockquote></p><p> Mr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”</p><p><blockquote>伊斯特布鲁克先生最初决定打这场官司，他的律师提出了驳回诉讼的动议，称其“毫无根据且具有误导性”。</blockquote></p><p> During his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.</p><p><blockquote>在担任首席执行官期间，伊斯特布鲁克先生出售了超过6400万美元的股票；当他在2019年离职时，他获得的股票和期权价值为4100万美元。但根据高管薪酬咨询公司Equilar的数据，随着麦当劳股价从2019年的193美元飙升至每股264美元，这些股票和期权的价值已增长至8900万美元。目前尚不清楚伊斯特布鲁克离开公司后是否出售了任何股份。</blockquote></p><p> Nonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.</p><p><blockquote>尽管如此，伊斯特布鲁克先生同意将巨额现金和股票返还给公司，实际上是承认了这场漫长而昂贵的法律战。伊斯特布鲁克先生在公司发布的一份声明中道歉。</blockquote></p><p> “During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”</p><p><blockquote>“在我担任首席执行官期间，我有时未能坚持麦当劳的价值观，也未能履行作为公司领导者的某些职责，”他说。“我为此向我的前同事、董事会以及公司的特许经营商和供应商道歉。”</blockquote></p><p> Under Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and&nbsp;meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.</p><p><blockquote>在伊斯特布鲁克的继任者克里斯·肯普钦斯基(Chris Kempczinski)的领导下，麦当劳在过去两年的疫情期间明显成为赢家。得益于免下车业务的增加；大力推广其移动应用程序和忠诚度计划；以及与包括韩国流行歌手BTS在内的各种名人和团体的餐饮合作，麦当劳今年的收入有望突破230亿美元，为五年来的最高水平。</blockquote></p><p></p><p> Earlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.</p><p><blockquote>今年早些时候，肯普钦斯基为董事会对伊斯特布鲁克被解雇的处理方式进行了辩护。“我认为他们已经尽力处理了，”他说。</blockquote></p><p> Still, despite the company’s financial gains, a new&nbsp;training&nbsp;program for its restaurants and&nbsp;efforts&nbsp;to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of&nbsp;sexual harassment&nbsp;and others around&nbsp;racial&nbsp;discrimination.</p><p><blockquote>尽管如此，尽管该公司取得了财务收益，为其餐厅制定了新的培训计划，并努力提高多样性和包容性，但一些批评者表示，在解决麦当劳文化中根深蒂固的其他问题方面做得还不够。这家快餐巨头近年来面临无数诉讼和索赔，其中一些涉及性骚扰指控，另一些则涉及种族歧视。</blockquote></p><p> “McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.</p><p><blockquote>倡导组织Fight for 15在一份声明中表示：“麦当劳应该利用从前首席执行官那里收回的钱制定一项真正的计划，以阻止从得来速餐厅到高管层的猖獗性骚扰。”</blockquote></p><p> In November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly&nbsp;apologized&nbsp;for the comments.</p><p><blockquote>11月，肯普钦斯基与芝加哥市长洛里·莱特富特（Lori Lightfoot）之间的短信被公开——他似乎将两名黑人和拉丁裔儿童的死亡归咎于他们的父母——促使评级辞职。一个代表工会养老基金的投资集团发布了一份股东提案，要求麦当劳对其围绕员工和消费者公民权利的政策和做法进行第三方审计。肯普钦斯基多次为这些言论道歉。</blockquote></p><p> Dieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.</p><p><blockquote>SOC投资集团执行董事迪特·怀辛格(Dieter Waizenegger)表示，作为股东，他很高兴薪酬已退还，但仍认为董事会未能做好自己的工作。</blockquote></p><p> “The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”</p><p><blockquote>“如果董事会一开始就对伊斯特布鲁克的行为进行彻底的初步调查，他们本可以节省大量时间，甚至可能节省大量法律费用，”怀辛格先生说。“这一和解是在两年的争吵和媒体曝光之后达成的。”</blockquote></p><p> McDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.</p><p><blockquote>麦当劳还因解雇这位高管而面临众多股东诉讼。</blockquote></p><p> On Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with&nbsp;a&nbsp;current&nbsp;value of&nbsp;more than&nbsp;$105 million, which&nbsp;he&nbsp;would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.</p><p><blockquote>周四，该公司表示，“伊斯特布鲁克先生将返还目前价值超过1.05亿美元的股权奖励和现金，如果他在解雇时说实话，他将被没收这些奖励和现金，并因此被解雇。”原因。”它没有具体说明现金和股票的比例。麦当劳股价今年上涨了25%以上。</blockquote></p><p> In his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced&nbsp;touch-screen ordering&nbsp;and established all-day breakfast. Shares in the company roughly doubled.</p><p><blockquote>在四年多的工作中，伊斯特布鲁克先生被认为扭转了麦当劳的局面并重振了其萎靡不振的股价。作为首席执行官，他降低了成本，引入了触摸屏点餐，并建立了全天早餐。该公司的股价大约翻了一番。</blockquote></p><p> The clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort&nbsp;to collect&nbsp;$500 million he had received in compensation and benefits.</p><p><blockquote>他的薪酬虽然很大，但并不是公司历史上最大的一次，尽管许多早期的情况都涉及财务或会计欺诈的指控。2007年，美国证券交易委员会追回了联合健康公司前首席执行官威廉·麦奎尔(William McGuire)赚取的超过4亿美元利润，以解决与涉及期权回溯计划相关的索赔。后来，泰科国际起诉了前首席执行官丹尼斯·科兹洛夫斯基（Dennis Kozlowski），他被判抢劫公司，试图收回他获得的5亿美元赔偿和福利。</blockquote></p><p> “While Steve’s misconduct&nbsp;need&nbsp;not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”</p><p><blockquote>麦当劳董事长埃尔南德斯表示：“虽然史蒂夫的不当行为不需要得到这个社区任何成员的原谅，但他已经为自己犯下的严重错误向他的前同事、特许经营商、供应商和董事会道歉。”“今天的决议避免了旷日持久的法庭程序，并使我们超越了属于我们过去的一章。”</blockquote></p><p></p>","source":"lsy1608616134662","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>Former McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFormer McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The New York Times</strong><span class=\"h-time small\">2021-12-17 11:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.</p><p><blockquote>与史蒂夫·伊斯特布鲁克(Steve Easterbrook)达成的和解是有史以来最大的高管薪酬追回之一。史蒂夫·伊斯特布鲁克(Steve Easterbrook)于2019年因不正当关系被赶下台。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/850a4bcfa411d4e4884c31fe03bdb585\" tg-width=\"1024\" tg-height=\"683\" width=\"100%\" height=\"auto\"><span>The agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press</span></p><p><blockquote><p class=\"t-img-caption\"><span>与史蒂夫·伊斯特布鲁克的协议将结束一场有争议的法律战。图片来源...理查德·德鲁/美联社</span></p></blockquote></p><p> The former McDonald’s chief executive&nbsp;Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.</p><p><blockquote>麦当劳前首席执行官史蒂夫·伊斯特布鲁克(Steve Easterbrook)因与下属存在不正当关系而于2019年被公司罢免，他已向公司返还了1.05亿美元的现金和股票，这是美国企业史上最大的追回之一。</blockquote></p><p> Mr. Easterbrook has been engaged in a&nbsp;contentious battle with McDonald’s&nbsp;for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.</p><p><blockquote>过去一年，伊斯特布鲁克一直在与麦当劳进行一场有争议的斗争，此前该公司起诉他在解雇他时向调查人员撒谎。作为周四宣布的交易的一部分，麦当劳同意放弃对伊斯特布鲁克的诉讼。</blockquote></p><p> In a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.</p><p><blockquote>麦当劳董事长小恩里克·埃尔南德斯（Enrique Hernandez Jr.）在给员工的一封信中表示，公司希望让伊斯特布鲁克“为他的谎言和不当行为负责，包括他利用首席执行官职位的方式”，这一和解协议实现了这一目标。</blockquote></p><p> Mr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.</p><p><blockquote>伊斯特布鲁克先生于2019年被解雇，此前他违反公司政策与一名员工建立了两厢情愿的关系，最终引发了一位富有的高管与美国最著名的公司之一之间异常激烈的斗争。</blockquote></p><p> At the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .</p><p><blockquote>在解雇伊斯特布鲁克时，麦当劳董事会认定伊斯特布鲁克先生“表现出糟糕的判断力”，但决定不“有理由”解雇他——即不诚实或犯有犯罪行为。董事会希望这一决定能够避免一场漫长的法律纠纷。它还允许伊斯特布鲁克先生带着价值超过4000万美元的薪酬离开。.</blockquote></p><p> But according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.</p><p><blockquote>但根据该公司对伊斯特布鲁克的诉讼，他的合同中包含一项条款，如果麦当劳后来确定该员工应该因故被解雇，该条款将允许麦当劳收回遣散费。</blockquote></p><p> That clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.</p><p><blockquote>该条款在2020年变得相关，当时一名麦当劳员工表示，伊斯特布鲁克先生在担任首席执行官期间与另一名下属发生了性关系。新的指控引发了对伊斯特布鲁克记录的另一项调查，并促使该公司去年起诉他，指控其前首席执行官撒谎、隐瞒证据和欺诈。</blockquote></p><p> During its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”</p><p><blockquote>在对第二项指控的调查中，麦当劳表示，它发现了“数十张不同女性的裸体、部分裸体或露骨的性照片和视频，包括这些公司员工的照片，伊斯特布鲁克将这些照片和视频作为附件从其公司电子邮件帐户发送到他的个人电子邮件帐户。”</blockquote></p><p> The company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”</p><p><blockquote>该公司还透露，伊斯特布鲁克先生将价值数十万美元的股票授予了与他发生性关系的一名女性。麦当劳在诉讼中表示，其前首席执行官在最初的调查中向调查人员撒谎，如果他“对麦当劳调查人员坦诚，没有隐瞒证据，麦当劳就会知道有合法理由在2019年解雇他。”</blockquote></p><p> Mr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”</p><p><blockquote>伊斯特布鲁克先生最初决定打这场官司，他的律师提出了驳回诉讼的动议，称其“毫无根据且具有误导性”。</blockquote></p><p> During his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.</p><p><blockquote>在担任首席执行官期间，伊斯特布鲁克先生出售了超过6400万美元的股票；当他在2019年离职时，他获得的股票和期权价值为4100万美元。但根据高管薪酬咨询公司Equilar的数据，随着麦当劳股价从2019年的193美元飙升至每股264美元，这些股票和期权的价值已增长至8900万美元。目前尚不清楚伊斯特布鲁克离开公司后是否出售了任何股份。</blockquote></p><p> Nonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.</p><p><blockquote>尽管如此，伊斯特布鲁克先生同意将巨额现金和股票返还给公司，实际上是承认了这场漫长而昂贵的法律战。伊斯特布鲁克先生在公司发布的一份声明中道歉。</blockquote></p><p> “During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”</p><p><blockquote>“在我担任首席执行官期间，我有时未能坚持麦当劳的价值观，也未能履行作为公司领导者的某些职责，”他说。“我为此向我的前同事、董事会以及公司的特许经营商和供应商道歉。”</blockquote></p><p> Under Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and&nbsp;meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.</p><p><blockquote>在伊斯特布鲁克的继任者克里斯·肯普钦斯基(Chris Kempczinski)的领导下，麦当劳在过去两年的疫情期间明显成为赢家。得益于免下车业务的增加；大力推广其移动应用程序和忠诚度计划；以及与包括韩国流行歌手BTS在内的各种名人和团体的餐饮合作，麦当劳今年的收入有望突破230亿美元，为五年来的最高水平。</blockquote></p><p></p><p> Earlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.</p><p><blockquote>今年早些时候，肯普钦斯基为董事会对伊斯特布鲁克被解雇的处理方式进行了辩护。“我认为他们已经尽力处理了，”他说。</blockquote></p><p> Still, despite the company’s financial gains, a new&nbsp;training&nbsp;program for its restaurants and&nbsp;efforts&nbsp;to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of&nbsp;sexual harassment&nbsp;and others around&nbsp;racial&nbsp;discrimination.</p><p><blockquote>尽管如此，尽管该公司取得了财务收益，为其餐厅制定了新的培训计划，并努力提高多样性和包容性，但一些批评者表示，在解决麦当劳文化中根深蒂固的其他问题方面做得还不够。这家快餐巨头近年来面临无数诉讼和索赔，其中一些涉及性骚扰指控，另一些则涉及种族歧视。</blockquote></p><p> “McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.</p><p><blockquote>倡导组织Fight for 15在一份声明中表示：“麦当劳应该利用从前首席执行官那里收回的钱制定一项真正的计划，以阻止从得来速餐厅到高管层的猖獗性骚扰。”</blockquote></p><p> In November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly&nbsp;apologized&nbsp;for the comments.</p><p><blockquote>11月，肯普钦斯基与芝加哥市长洛里·莱特富特（Lori Lightfoot）之间的短信被公开——他似乎将两名黑人和拉丁裔儿童的死亡归咎于他们的父母——促使评级辞职。一个代表工会养老基金的投资集团发布了一份股东提案，要求麦当劳对其围绕员工和消费者公民权利的政策和做法进行第三方审计。肯普钦斯基多次为这些言论道歉。</blockquote></p><p> Dieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.</p><p><blockquote>SOC投资集团执行董事迪特·怀辛格(Dieter Waizenegger)表示，作为股东，他很高兴薪酬已退还，但仍认为董事会未能做好自己的工作。</blockquote></p><p> “The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”</p><p><blockquote>“如果董事会一开始就对伊斯特布鲁克的行为进行彻底的初步调查，他们本可以节省大量时间，甚至可能节省大量法律费用，”怀辛格先生说。“这一和解是在两年的争吵和媒体曝光之后达成的。”</blockquote></p><p> McDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.</p><p><blockquote>麦当劳还因解雇这位高管而面临众多股东诉讼。</blockquote></p><p> On Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with&nbsp;a&nbsp;current&nbsp;value of&nbsp;more than&nbsp;$105 million, which&nbsp;he&nbsp;would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.</p><p><blockquote>周四，该公司表示，“伊斯特布鲁克先生将返还目前价值超过1.05亿美元的股权奖励和现金，如果他在解雇时说实话，他将被没收这些奖励和现金，并因此被解雇。”原因。”它没有具体说明现金和股票的比例。麦当劳股价今年上涨了25%以上。</blockquote></p><p> In his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced&nbsp;touch-screen ordering&nbsp;and established all-day breakfast. Shares in the company roughly doubled.</p><p><blockquote>在四年多的工作中，伊斯特布鲁克先生被认为扭转了麦当劳的局面并重振了其萎靡不振的股价。作为首席执行官，他降低了成本，引入了触摸屏点餐，并建立了全天早餐。该公司的股价大约翻了一番。</blockquote></p><p> The clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort&nbsp;to collect&nbsp;$500 million he had received in compensation and benefits.</p><p><blockquote>他的薪酬虽然很大，但并不是公司历史上最大的一次，尽管许多早期的情况都涉及财务或会计欺诈的指控。2007年，美国证券交易委员会追回了联合健康公司前首席执行官威廉·麦奎尔(William McGuire)赚取的超过4亿美元利润，以解决与涉及期权回溯计划相关的索赔。后来，泰科国际起诉了前首席执行官丹尼斯·科兹洛夫斯基（Dennis Kozlowski），他被判抢劫公司，试图收回他获得的5亿美元赔偿和福利。</blockquote></p><p> “While Steve’s misconduct&nbsp;need&nbsp;not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”</p><p><blockquote>麦当劳董事长埃尔南德斯表示：“虽然史蒂夫的不当行为不需要得到这个社区任何成员的原谅，但他已经为自己犯下的严重错误向他的前同事、特许经营商、供应商和董事会道歉。”“今天的决议避免了旷日持久的法庭程序，并使我们超越了属于我们过去的一章。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html?searchResultPosition=1\">The New York Times</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MCD":"麦当劳"},"source_url":"https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html?searchResultPosition=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144273047","content_text":"The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.\nThe agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press\nThe former McDonald’s chief executive Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.\nMr. Easterbrook has been engaged in a contentious battle with McDonald’s for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.\nIn a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.\nMr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.\nAt the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .\nBut according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.\nThat clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.\nDuring its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”\nThe company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”\nMr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”\nDuring his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.\nNonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.\n“During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”\nUnder Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.\nEarlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.\nStill, despite the company’s financial gains, a new training program for its restaurants and efforts to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of sexual harassment and others around racial discrimination.\n“McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.\nIn November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly apologized for the comments.\nDieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.\n“The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”\nMcDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.\nOn Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with a current value of more than $105 million, which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.\nIn his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced touch-screen ordering and established all-day breakfast. Shares in the company roughly doubled.\nThe clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort to collect $500 million he had received in compensation and benefits.\n“While Steve’s misconduct need not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our 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the dip!!!","listText":"Buy the dip!!!","text":"Buy the dip!!!","images":[{"img":"https://static.tigerbbs.com/191fd5191ff8697a5543e8ef5f234f90","width":"1080","height":"3092"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896240573","isVote":1,"tweetType":1,"viewCount":847,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":899261460,"gmtCreate":1628201456350,"gmtModify":1633752786891,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Like and comment plz","listText":"Like and comment plz","text":"Like and comment plz","images":[{"img":"https://static.tigerbbs.com/31dee69a72a66e005d048c5f3e59060e","width":"1080","height":"3194"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899261460","isVote":1,"tweetType":1,"viewCount":409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":121731000,"gmtCreate":1624492049800,"gmtModify":1634005452669,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"🚀&nbsp;","listText":"🚀&nbsp;","text":"🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121731000","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167376779,"gmtCreate":1624249887991,"gmtModify":1634008881668,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Materials stock","listText":"Materials stock","text":"Materials stock","images":[{"img":"https://static.tigerbbs.com/aab066b3c857588900c290d3e462243c","width":"1080","height":"3002"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167376779","isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":165783797,"gmtCreate":1624157753019,"gmtModify":1634010099407,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Haiz","listText":"Haiz","text":"Haiz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/165783797","repostId":"1183124175","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166374903,"gmtCreate":1623994304902,"gmtModify":1634024405473,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Nic3","listText":"Nic3","text":"Nic3","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166374903","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","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><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <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><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><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><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><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><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><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><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><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><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><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><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><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><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><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><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><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><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><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><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><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><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><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><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <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><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><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><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><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><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><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><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><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><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><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><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><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><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><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><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><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><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><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><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><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><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><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><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"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":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169671680,"gmtCreate":1623835323040,"gmtModify":1631889730979,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/RWLK\">$ReWalk Robotics(RWLK)$</a>walk...walk...","listText":"<a href=\"https://laohu8.com/S/RWLK\">$ReWalk Robotics(RWLK)$</a>walk...walk...","text":"$ReWalk Robotics(RWLK)$walk...walk...","images":[{"img":"https://static.tigerbbs.com/a748a5343e32227a3304349535472c5f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169671680","isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":354110973,"gmtCreate":1617150684892,"gmtModify":1634522418339,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/354110973","repostId":"1102259711","repostType":4,"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342480747,"gmtCreate":1618236899289,"gmtModify":1634294243866,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Plz comment on my comment. Thanks in advance.","listText":"Plz comment on my comment. Thanks in advance.","text":"Plz comment on my comment. Thanks in advance.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/342480747","repostId":"1194635432","repostType":4,"isVote":1,"tweetType":1,"viewCount":568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116156105,"gmtCreate":1622782481207,"gmtModify":1634098036004,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Comment and like plz","listText":"Comment and like plz","text":"Comment and like plz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/116156105","repostId":"2140026421","repostType":4,"isVote":1,"tweetType":1,"viewCount":360,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376195210,"gmtCreate":1619096143730,"gmtModify":1634288611168,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Wow... like and comment me plz","listText":"Wow... like and comment me plz","text":"Wow... like and comment me plz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/376195210","repostId":"1147263213","repostType":4,"repost":{"id":"1147263213","kind":"news","pubTimestamp":1619075516,"share":"https://www.laohu8.com/m/news/1147263213?lang=zh_CN&edition=full","pubTime":"2021-04-22 15:11","market":"us","language":"en","title":"Intel Reports Earnings Thursday. Here’s What to Know.<blockquote>英特尔周四公布财报。以下是需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147263213","media":"Barrons","summary":"Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.As part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.Intel didn’t issue precise new financial guidance for the first quarter, but said it exp","content":"<p>Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.</p><p><blockquote>在英特尔任命首席执行官帕特·基辛格(Pat Gelsinger)并推出200亿美元扩大制造业务的计划几周后，该公司将公布财报。</blockquote></p><p> Investors already have a solid idea of what the report, due after the close of trading on Thursday, will bring. When Gelsinger unveiled the company’s plans for the future in late March,Intel (ticker: INTC) said it expected full-year earnings of $4 a share from revenue of $76.5 billion. Including various adjustments, such as those related to Intel’s sale of its flash-memory business in 2020, EPS is likely to be $4.55, while revenue is expected to be $72 billion, the company said.</p><p><blockquote>投资者已经清楚地知道这份将于周四收盘后发布的报告将带来什么。当基辛格在3月底公布公司未来计划时，英特尔（股票代码：INTC）表示，预计全年营收为765亿美元，每股收益为4美元。该公司表示，包括各种调整，例如与英特尔在2020年出售闪存业务相关的调整，每股收益可能为4.55美元，而营收预计为720亿美元。</blockquote></p><p> As part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.</p><p><blockquote>作为该计划的一部分，英特尔表示将再次将其x86芯片设计授权给其他公司，并创建一个代工服务部门，为有兴趣向英特尔支付制造半导体费用的第三方生产芯片。</blockquote></p><p> Intel didn’t issue precise new financial guidance for the first quarter, but said it expected results better than its prior forecast. Previously, Intel said it expected adjusted first-quarter earnings of $1.10 a share and revenue of $17.5 billion. The consensus forecast is for adjusted earnings of $1.15 a share from revenue of $17.74 billion.</p><p><blockquote>英特尔没有发布准确的第一季度新财务指引，但表示预计业绩好于之前的预测。此前，英特尔表示，预计第一季度调整后每股收益为1.10美元，营收为175亿美元。市场普遍预测调整后每股收益为1.15美元，营收为177.4亿美元。</blockquote></p><p> Susquehanna Financial Group analyst Christopher Rolland,who called the company’s full-year guidance “underwhelming,” said he is expecting investors to focus on Gelsinger’s long-term plans for the company, and to look for more details about Intel’s next generation chip-making technology. According to the analyst’s data sources, notebook sales were strong in the first quarter, but it is less clear what’s coming through the rest of the year.</p><p><blockquote>萨斯奎哈纳金融集团分析师克里斯托弗·罗兰称该公司的全年指引“平淡无奇”，他表示，他预计投资者将关注基辛格对该公司的长期计划，并寻找有关英特尔下一代芯片制造技术的更多细节。根据分析师的数据来源，第一季度笔记本电脑销售强劲，但不太清楚今年剩余时间会发生什么。</blockquote></p><p> Analysts predict that Intel’s client computing segment, which includes notebook sales, will report first-quarter revenue of $10.02 billion. That is the company’s largest segment, followed by the data center operation, which is expected to report revenue of $5.84 billion.</p><p><blockquote>分析师预测，包括笔记本销售在内的英特尔客户端计算部门第一季度营收将达到100.2亿美元。这是该公司最大的部门，其次是数据中心业务，预计收入为58.4亿美元。</blockquote></p><p> Despite Intel’s decision to double down on its manufacturing capabilities, BMO Capital Markets analyst Ambrish Srivastava wrote in a client note Monday that he isn’t expecting executives to offer details about its goals, and their effect on Intel’s financial performance.</p><p><blockquote>尽管英特尔决定加倍提高其制造能力，但BMO资本市场分析师Ambrish Srivastava周一在一份客户报告中写道，他预计高管们不会提供有关其目标及其对英特尔财务业绩影响的详细信息。</blockquote></p><p> Still, Srivastava said, investors should watch closely for commentary about the impact to the company’s capital spending, profit, and free cash flow, among other things.</p><p><blockquote>不过，斯里瓦斯塔瓦表示，投资者应密切关注有关对公司资本支出、利润和自由现金流等影响的评论。</blockquote></p><p> Intel’s report arrives amid a global shortage of semiconductors that is hurting production of goods ranging from appliances to cars and videogame consoles. Gelsinger has previously told&nbsp;<i>Barron’s</i> that he expects the chip shortage to last two years.</p><p><blockquote>英特尔的报告发布之际，全球半导体短缺正在损害从电器到汽车和视频游戏机等商品的生产。基辛格此前曾表示<i>巴伦周刊</i>他预计芯片短缺将持续两年。</blockquote></p><p> Of the analysts that cover Intel, 43% rate shares at Buy, 34% have Hold ratings, and 23% rate the stock at Sell. The average target for the stock price is $68.71, which implies a return of 8.6%.</p><p><blockquote>在关注英特尔的分析师中，43%的分析师将该股评级为买入，34%的分析师将该股评级为持有，23%的分析师将该股评级为卖出。股价的平均目标为68.71美元，这意味着回报率为8.6%。</blockquote></p><p> Intel stock advanced 1.6% to $63.70 in Wednesday trading. Shares in the chip maker have gained 12% in the past year, while the PHLX Semiconductor index, or Sox, has doubled.</p><p><blockquote>周三交易中，英特尔股价上涨1.6%，至63.70美元。这家芯片制造商的股价在过去一年上涨了12%，而PHLX半导体指数(Sox)则翻了一番。</blockquote></p><p> Rolland pointed out that since Intel’s most recent quarterly report, its stock has gained 14%, while the Sox rose 5.8%. The analyst said that outperformance may indicate that expectations for the earnings are high, a potential negative for the stock.</p><p><blockquote>Rolland指出，自英特尔发布最新季度报告以来，其股价已上涨14%，而Sox指数上涨5.8%。该分析师表示，优异的表现可能表明对盈利的预期很高，这对该股来说可能是负面的。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Reports Earnings Thursday. Here’s What to Know.<blockquote>英特尔周四公布财报。以下是需要了解的内容。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIntel Reports Earnings Thursday. Here’s What to Know.<blockquote>英特尔周四公布财报。以下是需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-22 15:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.</p><p><blockquote>在英特尔任命首席执行官帕特·基辛格(Pat Gelsinger)并推出200亿美元扩大制造业务的计划几周后，该公司将公布财报。</blockquote></p><p> Investors already have a solid idea of what the report, due after the close of trading on Thursday, will bring. When Gelsinger unveiled the company’s plans for the future in late March,Intel (ticker: INTC) said it expected full-year earnings of $4 a share from revenue of $76.5 billion. Including various adjustments, such as those related to Intel’s sale of its flash-memory business in 2020, EPS is likely to be $4.55, while revenue is expected to be $72 billion, the company said.</p><p><blockquote>投资者已经清楚地知道这份将于周四收盘后发布的报告将带来什么。当基辛格在3月底公布公司未来计划时，英特尔（股票代码：INTC）表示，预计全年营收为765亿美元，每股收益为4美元。该公司表示，包括各种调整，例如与英特尔在2020年出售闪存业务相关的调整，每股收益可能为4.55美元，而营收预计为720亿美元。</blockquote></p><p> As part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.</p><p><blockquote>作为该计划的一部分，英特尔表示将再次将其x86芯片设计授权给其他公司，并创建一个代工服务部门，为有兴趣向英特尔支付制造半导体费用的第三方生产芯片。</blockquote></p><p> Intel didn’t issue precise new financial guidance for the first quarter, but said it expected results better than its prior forecast. Previously, Intel said it expected adjusted first-quarter earnings of $1.10 a share and revenue of $17.5 billion. The consensus forecast is for adjusted earnings of $1.15 a share from revenue of $17.74 billion.</p><p><blockquote>英特尔没有发布准确的第一季度新财务指引，但表示预计业绩好于之前的预测。此前，英特尔表示，预计第一季度调整后每股收益为1.10美元，营收为175亿美元。市场普遍预测调整后每股收益为1.15美元，营收为177.4亿美元。</blockquote></p><p> Susquehanna Financial Group analyst Christopher Rolland,who called the company’s full-year guidance “underwhelming,” said he is expecting investors to focus on Gelsinger’s long-term plans for the company, and to look for more details about Intel’s next generation chip-making technology. According to the analyst’s data sources, notebook sales were strong in the first quarter, but it is less clear what’s coming through the rest of the year.</p><p><blockquote>萨斯奎哈纳金融集团分析师克里斯托弗·罗兰称该公司的全年指引“平淡无奇”，他表示，他预计投资者将关注基辛格对该公司的长期计划，并寻找有关英特尔下一代芯片制造技术的更多细节。根据分析师的数据来源，第一季度笔记本电脑销售强劲，但不太清楚今年剩余时间会发生什么。</blockquote></p><p> Analysts predict that Intel’s client computing segment, which includes notebook sales, will report first-quarter revenue of $10.02 billion. That is the company’s largest segment, followed by the data center operation, which is expected to report revenue of $5.84 billion.</p><p><blockquote>分析师预测，包括笔记本销售在内的英特尔客户端计算部门第一季度营收将达到100.2亿美元。这是该公司最大的部门，其次是数据中心业务，预计收入为58.4亿美元。</blockquote></p><p> Despite Intel’s decision to double down on its manufacturing capabilities, BMO Capital Markets analyst Ambrish Srivastava wrote in a client note Monday that he isn’t expecting executives to offer details about its goals, and their effect on Intel’s financial performance.</p><p><blockquote>尽管英特尔决定加倍提高其制造能力，但BMO资本市场分析师Ambrish Srivastava周一在一份客户报告中写道，他预计高管们不会提供有关其目标及其对英特尔财务业绩影响的详细信息。</blockquote></p><p> Still, Srivastava said, investors should watch closely for commentary about the impact to the company’s capital spending, profit, and free cash flow, among other things.</p><p><blockquote>不过，斯里瓦斯塔瓦表示，投资者应密切关注有关对公司资本支出、利润和自由现金流等影响的评论。</blockquote></p><p> Intel’s report arrives amid a global shortage of semiconductors that is hurting production of goods ranging from appliances to cars and videogame consoles. Gelsinger has previously told&nbsp;<i>Barron’s</i> that he expects the chip shortage to last two years.</p><p><blockquote>英特尔的报告发布之际，全球半导体短缺正在损害从电器到汽车和视频游戏机等商品的生产。基辛格此前曾表示<i>巴伦周刊</i>他预计芯片短缺将持续两年。</blockquote></p><p> Of the analysts that cover Intel, 43% rate shares at Buy, 34% have Hold ratings, and 23% rate the stock at Sell. The average target for the stock price is $68.71, which implies a return of 8.6%.</p><p><blockquote>在关注英特尔的分析师中，43%的分析师将该股评级为买入，34%的分析师将该股评级为持有，23%的分析师将该股评级为卖出。股价的平均目标为68.71美元，这意味着回报率为8.6%。</blockquote></p><p> Intel stock advanced 1.6% to $63.70 in Wednesday trading. Shares in the chip maker have gained 12% in the past year, while the PHLX Semiconductor index, or Sox, has doubled.</p><p><blockquote>周三交易中，英特尔股价上涨1.6%，至63.70美元。这家芯片制造商的股价在过去一年上涨了12%，而PHLX半导体指数(Sox)则翻了一番。</blockquote></p><p> Rolland pointed out that since Intel’s most recent quarterly report, its stock has gained 14%, while the Sox rose 5.8%. The analyst said that outperformance may indicate that expectations for the earnings are high, a potential negative for the stock.</p><p><blockquote>Rolland指出，自英特尔发布最新季度报告以来，其股价已上涨14%，而Sox指数上涨5.8%。该分析师表示，优异的表现可能表明对盈利的预期很高，这对该股来说可能是负面的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/intel-reports-earnings-thursday-heres-what-to-know-51619037330?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.barrons.com/articles/intel-reports-earnings-thursday-heres-what-to-know-51619037330?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147263213","content_text":"Weeks after Intel installed chief executive Pat Gelsinger and its rollout of a $20 billion plan to expand its manufacturing operations, the company is set to report its earnings.\nInvestors already have a solid idea of what the report, due after the close of trading on Thursday, will bring. When Gelsinger unveiled the company’s plans for the future in late March,Intel (ticker: INTC) said it expected full-year earnings of $4 a share from revenue of $76.5 billion. Including various adjustments, such as those related to Intel’s sale of its flash-memory business in 2020, EPS is likely to be $4.55, while revenue is expected to be $72 billion, the company said.\nAs part of the plan, Intel said it would once again license its x86 chip designs to other companies, and create a foundry services unit that would produce chips for third parties interested in paying Intel to fabricate semiconductors.\nIntel didn’t issue precise new financial guidance for the first quarter, but said it expected results better than its prior forecast. Previously, Intel said it expected adjusted first-quarter earnings of $1.10 a share and revenue of $17.5 billion. The consensus forecast is for adjusted earnings of $1.15 a share from revenue of $17.74 billion.\nSusquehanna Financial Group analyst Christopher Rolland,who called the company’s full-year guidance “underwhelming,” said he is expecting investors to focus on Gelsinger’s long-term plans for the company, and to look for more details about Intel’s next generation chip-making technology. According to the analyst’s data sources, notebook sales were strong in the first quarter, but it is less clear what’s coming through the rest of the year.\nAnalysts predict that Intel’s client computing segment, which includes notebook sales, will report first-quarter revenue of $10.02 billion. That is the company’s largest segment, followed by the data center operation, which is expected to report revenue of $5.84 billion.\nDespite Intel’s decision to double down on its manufacturing capabilities, BMO Capital Markets analyst Ambrish Srivastava wrote in a client note Monday that he isn’t expecting executives to offer details about its goals, and their effect on Intel’s financial performance.\nStill, Srivastava said, investors should watch closely for commentary about the impact to the company’s capital spending, profit, and free cash flow, among other things.\nIntel’s report arrives amid a global shortage of semiconductors that is hurting production of goods ranging from appliances to cars and videogame consoles. Gelsinger has previously told Barron’s that he expects the chip shortage to last two years.\nOf the analysts that cover Intel, 43% rate shares at Buy, 34% have Hold ratings, and 23% rate the stock at Sell. The average target for the stock price is $68.71, which implies a return of 8.6%.\nIntel stock advanced 1.6% to $63.70 in Wednesday trading. Shares in the chip maker have gained 12% in the past year, while the PHLX Semiconductor index, or Sox, has doubled.\nRolland pointed out that since Intel’s most recent quarterly report, its stock has gained 14%, while the Sox rose 5.8%. The analyst said that outperformance may indicate that expectations for the earnings are high, a potential negative for the stock.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180182937,"gmtCreate":1623194965529,"gmtModify":1634036038964,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Hodl!!! Comment and like plz. Thanks!","listText":"Hodl!!! Comment and like plz. Thanks!","text":"Hodl!!! Comment and like plz. Thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/180182937","repostId":"1128909306","repostType":4,"repost":{"id":"1128909306","kind":"news","pubTimestamp":1623193560,"share":"https://www.laohu8.com/m/news/1128909306?lang=zh_CN&edition=full","pubTime":"2021-06-09 07:06","market":"us","language":"en","title":"S&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128909306","media":"reuters","summary":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of c","content":"<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社）-华尔街股市周二难以勉强维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者保持观望，而散户交易者则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均在接近持平或走高的区间震荡时段结束，标普500和道指收盘距离纪录高位约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>以科技股为主的纳斯达克综合指数表现最佳，其中亚马逊公司和苹果公司的推动作用最大。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>芝加哥Kingsview资产管理公司的投资组合经理Paul Nolte表示：“我们正在等待通胀数据，等待（美联储）的更多数据，等待财报季。”“今天市场没有太多动力。”</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>诺尔特补充道：“我们可能会在7月4日之后才会看到财报季开始。”</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小型股再次受到持续的模因股票零售狂潮的提振，表现优于大型股。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments在meme股票中占据榜首，飙升85.8%，成为纳斯达克涨幅最大的股票。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath&amp;Beyond Inc、Workhorse Group等，收盘上涨7%至12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>诺尔特说：“（模因股票）是行动所在，但你把它翻过来，看起来像加密货币，那就一团糟了。”“现在，模因股票正在取代加密货币成为热门，这都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者从周四的消费者价格指数数据中寻找有关通胀的进一步线索，以及通胀如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼工业指数跌30.42点，或0.09%，报34,599.82点；标普500上涨0.74点，涨幅0.02%，至4,227.26点；纳斯达克综合指数上涨43.19点，涨幅0.31%，至13,924.91点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>标普500 11个主要板块中，非必需消费品涨幅最大，公用事业跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车协会的数据，特斯拉公司5月份中国制造的电动汽车销量猛增29%，同比增长177%。受此消息影响，该股抹去了最初的涨幅，收盘下跌0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空宣布订购34架新737 MAX飞机，提振了波音公司股价，但该飞机制造商股价回吐涨幅，收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与Reddit驱动的轧空现象关系最密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.74比1；在纳斯达克，1.66比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和1个新低；纳斯达克综合指数录得172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为118.2亿股，而过去20个交易日的平均成交量为107.5亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>随着“模因股”延续涨势，标普500收盘变化不大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-06-09 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社）-华尔街股市周二难以勉强维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者保持观望，而散户交易者则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均在接近持平或走高的区间震荡时段结束，标普500和道指收盘距离纪录高位约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>以科技股为主的纳斯达克综合指数表现最佳，其中亚马逊公司和苹果公司的推动作用最大。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>芝加哥Kingsview资产管理公司的投资组合经理Paul Nolte表示：“我们正在等待通胀数据，等待（美联储）的更多数据，等待财报季。”“今天市场没有太多动力。”</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>诺尔特补充道：“我们可能会在7月4日之后才会看到财报季开始。”</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小型股再次受到持续的模因股票零售狂潮的提振，表现优于大型股。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments在meme股票中占据榜首，飙升85.8%，成为纳斯达克涨幅最大的股票。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath&amp;Beyond Inc、Workhorse Group等，收盘上涨7%至12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>诺尔特说：“（模因股票）是行动所在，但你把它翻过来，看起来像加密货币，那就一团糟了。”“现在，模因股票正在取代加密货币成为热门，这都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者从周四的消费者价格指数数据中寻找有关通胀的进一步线索，以及通胀如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼工业指数跌30.42点，或0.09%，报34,599.82点；标普500上涨0.74点，涨幅0.02%，至4,227.26点；纳斯达克综合指数上涨43.19点，涨幅0.31%，至13,924.91点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>标普500 11个主要板块中，非必需消费品涨幅最大，公用事业跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车协会的数据，特斯拉公司5月份中国制造的电动汽车销量猛增29%，同比增长177%。受此消息影响，该股抹去了最初的涨幅，收盘下跌0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空宣布订购34架新737 MAX飞机，提振了波音公司股价，但该飞机制造商股价回吐涨幅，收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与Reddit驱动的轧空现象关系最密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.74比1；在纳斯达克，1.66比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和1个新低；纳斯达克综合指数录得172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所成交量为118.2亿股，而过去20个交易日的平均成交量为107.5亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX\">reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLOV":"Clover Health Corp",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128909306","content_text":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&P 500 and the Dow closing within about 0.5% of record highs.The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath & Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.Of the 11 major sectors in the S&P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.The S&P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{"CLOV":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344866315,"gmtCreate":1618398055237,"gmtModify":1634293238164,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Naise","listText":"Naise","text":"Naise","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/344866315","repostId":"2127454000","repostType":4,"isVote":1,"tweetType":1,"viewCount":321,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348527645,"gmtCreate":1617944170087,"gmtModify":1634295599353,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Nice. Comment on my comment plz. Thanks in advance","listText":"Nice. Comment on my comment plz. Thanks in advance","text":"Nice. Comment on my comment plz. Thanks in advance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/348527645","repostId":"1160289591","repostType":4,"repost":{"id":"1160289591","kind":"news","pubTimestamp":1617941885,"share":"https://www.laohu8.com/m/news/1160289591?lang=zh_CN&edition=full","pubTime":"2021-04-09 12:18","market":"sg","language":"en","title":"Asia: Markets mostly down but optimism remains<blockquote>亚洲：市场大多下跌但乐观情绪依然存在</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160289591","media":"AFP","summary":"[HONG KONG] Most Asian markets retreated on Friday as traders took their foot off the pedal ahead of","content":"<p>[HONG KONG] Most Asian markets retreated on Friday as traders took their foot off the pedal ahead of a much-anticipated earnings season, while an increasingly confident mood on trading floors has analysts predicting the global equities rally still has legs.</p><p><blockquote>[香港]大多数亚洲市场周五下跌，因为交易员在备受期待的财报季之前放松了脚步，而交易大厅里日益自信的情绪让分析师预测全球股市仍有上涨的势头。</blockquote></p><p> While some countries are having trouble with their vaccine programmes and a pick-up in infections, there is a general feeling that governments will get a better hold on the crisis and allow economies to reopen, if a little later than previously hoped.</p><p><blockquote>尽管一些国家的疫苗计划遇到了问题，感染人数有所上升，但人们普遍认为，政府将更好地控制危机，并允许经济重新开放，尽管比之前希望的要晚一点。</blockquote></p><p> Wall Street provided another strong lead, with the S&amp;P 500 chalking up a second successive record and the Nasdaq piling on more than one percent as tech shares regained their mojo, having suffered recent selling.</p><p><blockquote>华尔街再次强劲领先，标普500连续第二次创下纪录，纳斯达克股价上涨超过1%，科技股在最近遭受抛售后重拾魔力。</blockquote></p><p> Federal Reserve boss Jerome Powell again repeated his mantra that the bank would stand fast in its pledge to keep borrowing costs at record lows for as long as needed to support recovery in the world's top economy.</p><p><blockquote>美联储主席杰罗姆·鲍威尔再次重申了他的口号，即只要需要支持世界最大经济体的复苏，该行将坚定承诺将借贷成本保持在历史低点。</blockquote></p><p> While last week's blockbuster jobs report was welcome, he said the \"recovery remains uneven and incomplete\" and he wanted to see more of those in future before he was happy progress was being made.</p><p><blockquote>虽然上周重磅的就业报告受到欢迎，但他表示“复苏仍然不平衡和不完整”，他希望在未来看到更多这样的情况，然后才对取得进展感到高兴。</blockquote></p><p> Analysts said an unexpected rise in jobless claims last week backed up Mr Powell's stance.</p><p><blockquote>分析师表示，上周初请失业金人数意外上升支持了鲍威尔的立场。</blockquote></p><p> There remains a concern that the forecast strong recovery, reopening of the economy, President Joe Biden's vast spending sprees and the rollout of vaccines will fan inflation to a point that the Fed will be forced to lift rates earlier than it intends.</p><p><blockquote>人们仍然担心，预测的强劲复苏、经济重新开放、总统乔·拜登的大规模支出以及疫苗的推出将加剧通胀，以至于美联储将被迫比预期更早加息。</blockquote></p><p> Yields on benchmark 10-year Treasuries - a gauge of future rates - edged down as Mr Powell spoke, though they remain around a one-year high.</p><p><blockquote>鲍威尔发表讲话时，基准10年期国债收益率（衡量未来利率的指标）小幅下跌，但仍处于一年高点附近。</blockquote></p><p> <b>'KIDS IN A CANDY STORE'</b></p><p><blockquote><b>“糖果店里的孩子”</b></blockquote></p><p> Data on Friday showed Chinese producer prices rose at their fastest pace in more than two years owing to a jump in the cost of commodities.</p><p><blockquote>周五的数据显示，由于大宗商品成本飙升，中国生产者价格以两年多来最快的速度上涨。</blockquote></p><p> That has led to concerns the increases will filter through to the world economy from the export giant, putting pressure on central banks as they try to keep borrowing costs down.</p><p><blockquote>这引发了人们的担忧，即加息将从这个出口巨头渗透到世界经济，给试图降低借贷成本的央行带来压力。</blockquote></p><p> Axi strategist Stephen Innes said the figures \"might add a ripple or two of angst to the inflation pacifist calm that has fallen on the market\".</p><p><blockquote>Axi策略师斯蒂芬·英尼斯(Stephen Innes)表示，这些数据“可能会给市场上已经陷入的通胀和平主义平静增添一两丝焦虑”。</blockquote></p><p> Still, he added, \"Make no mistake this is a global equity market that is turning exceptionally comfortable with growth driving up yields supported by a Fed that is in absolutely no hurry to tap the brakes.</p><p><blockquote>不过，他补充道，“毫无疑问，这是一个全球股市，在美联储绝对不急于踩刹车的支持下，经济增长推高了收益率。</blockquote></p><p> \"The question is, does it get better than this, or are we nearing peak optimism? Or will US stocks remain in 'kids in a candy store mode' while gliding on a sugar rush tailwind from a once in a generation type stimulus effect?\"</p><p><blockquote>“问题是，情况会比这更好吗，还是我们正在接近乐观情绪的顶峰？或者，美国股市是否会继续处于‘糖果店的孩子模式’，同时在一代人一次的刺激效应带来的食糖热潮中滑行？”</blockquote></p><p> In early trade, Hong Kong and Shanghai, Sydney, Seoul, Singapore and Wellington were all lower, though there were gains in Tokyo and Jakarta.</p><p><blockquote>早盘交易中，香港和上海、悉尼、首尔、新加坡和惠灵顿均走低，但东京和雅加达有所上涨。</blockquote></p><p> But Xi Qiao at UBS Global Wealth Management said there would likely be more gains in the pipeline.</p><p><blockquote>但瑞银全球财富管理的*·乔表示，未来可能会有更多收益。</blockquote></p><p> \"A lot of investors are worried about the stock market highs, but that doesn't mean it can't get higher, and the economic conditions are certainly set up for a positive equity environment,\" she told Bloomberg TV.</p><p><blockquote>她对彭博电视台表示：“很多投资者都担心股市高点，但这并不意味着股市不能走高，而且经济状况肯定为积极的股市环境奠定了基础。”</blockquote></p><p> Eyes are now turning to the release of corporate results for January to March, with expectations high that companies are seeing the benefits of the recovery and are hopeful for the outlook.</p><p><blockquote>现在人们的目光转向了1月至3月企业业绩的发布，人们对企业看到复苏的好处并对前景充满希望的期望很高。</blockquote></p><p></p>","source":"lsy1605843958005","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>Asia: Markets mostly down but optimism remains<blockquote>亚洲：市场大多下跌但乐观情绪依然存在</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAsia: Markets mostly down but optimism remains<blockquote>亚洲：市场大多下跌但乐观情绪依然存在</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AFP</strong><span class=\"h-time small\">2021-04-09 12:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>[HONG KONG] Most Asian markets retreated on Friday as traders took their foot off the pedal ahead of a much-anticipated earnings season, while an increasingly confident mood on trading floors has analysts predicting the global equities rally still has legs.</p><p><blockquote>[香港]大多数亚洲市场周五下跌，因为交易员在备受期待的财报季之前放松了脚步，而交易大厅里日益自信的情绪让分析师预测全球股市仍有上涨的势头。</blockquote></p><p> While some countries are having trouble with their vaccine programmes and a pick-up in infections, there is a general feeling that governments will get a better hold on the crisis and allow economies to reopen, if a little later than previously hoped.</p><p><blockquote>尽管一些国家的疫苗计划遇到了问题，感染人数有所上升，但人们普遍认为，政府将更好地控制危机，并允许经济重新开放，尽管比之前希望的要晚一点。</blockquote></p><p> Wall Street provided another strong lead, with the S&amp;P 500 chalking up a second successive record and the Nasdaq piling on more than one percent as tech shares regained their mojo, having suffered recent selling.</p><p><blockquote>华尔街再次强劲领先，标普500连续第二次创下纪录，纳斯达克股价上涨超过1%，科技股在最近遭受抛售后重拾魔力。</blockquote></p><p> Federal Reserve boss Jerome Powell again repeated his mantra that the bank would stand fast in its pledge to keep borrowing costs at record lows for as long as needed to support recovery in the world's top economy.</p><p><blockquote>美联储主席杰罗姆·鲍威尔再次重申了他的口号，即只要需要支持世界最大经济体的复苏，该行将坚定承诺将借贷成本保持在历史低点。</blockquote></p><p> While last week's blockbuster jobs report was welcome, he said the \"recovery remains uneven and incomplete\" and he wanted to see more of those in future before he was happy progress was being made.</p><p><blockquote>虽然上周重磅的就业报告受到欢迎，但他表示“复苏仍然不平衡和不完整”，他希望在未来看到更多这样的情况，然后才对取得进展感到高兴。</blockquote></p><p> Analysts said an unexpected rise in jobless claims last week backed up Mr Powell's stance.</p><p><blockquote>分析师表示，上周初请失业金人数意外上升支持了鲍威尔的立场。</blockquote></p><p> There remains a concern that the forecast strong recovery, reopening of the economy, President Joe Biden's vast spending sprees and the rollout of vaccines will fan inflation to a point that the Fed will be forced to lift rates earlier than it intends.</p><p><blockquote>人们仍然担心，预测的强劲复苏、经济重新开放、总统乔·拜登的大规模支出以及疫苗的推出将加剧通胀，以至于美联储将被迫比预期更早加息。</blockquote></p><p> Yields on benchmark 10-year Treasuries - a gauge of future rates - edged down as Mr Powell spoke, though they remain around a one-year high.</p><p><blockquote>鲍威尔发表讲话时，基准10年期国债收益率（衡量未来利率的指标）小幅下跌，但仍处于一年高点附近。</blockquote></p><p> <b>'KIDS IN A CANDY STORE'</b></p><p><blockquote><b>“糖果店里的孩子”</b></blockquote></p><p> Data on Friday showed Chinese producer prices rose at their fastest pace in more than two years owing to a jump in the cost of commodities.</p><p><blockquote>周五的数据显示，由于大宗商品成本飙升，中国生产者价格以两年多来最快的速度上涨。</blockquote></p><p> That has led to concerns the increases will filter through to the world economy from the export giant, putting pressure on central banks as they try to keep borrowing costs down.</p><p><blockquote>这引发了人们的担忧，即加息将从这个出口巨头渗透到世界经济，给试图降低借贷成本的央行带来压力。</blockquote></p><p> Axi strategist Stephen Innes said the figures \"might add a ripple or two of angst to the inflation pacifist calm that has fallen on the market\".</p><p><blockquote>Axi策略师斯蒂芬·英尼斯(Stephen Innes)表示，这些数据“可能会给市场上已经陷入的通胀和平主义平静增添一两丝焦虑”。</blockquote></p><p> Still, he added, \"Make no mistake this is a global equity market that is turning exceptionally comfortable with growth driving up yields supported by a Fed that is in absolutely no hurry to tap the brakes.</p><p><blockquote>不过，他补充道，“毫无疑问，这是一个全球股市，在美联储绝对不急于踩刹车的支持下，经济增长推高了收益率。</blockquote></p><p> \"The question is, does it get better than this, or are we nearing peak optimism? Or will US stocks remain in 'kids in a candy store mode' while gliding on a sugar rush tailwind from a once in a generation type stimulus effect?\"</p><p><blockquote>“问题是，情况会比这更好吗，还是我们正在接近乐观情绪的顶峰？或者，美国股市是否会继续处于‘糖果店的孩子模式’，同时在一代人一次的刺激效应带来的食糖热潮中滑行？”</blockquote></p><p> In early trade, Hong Kong and Shanghai, Sydney, Seoul, Singapore and Wellington were all lower, though there were gains in Tokyo and Jakarta.</p><p><blockquote>早盘交易中，香港和上海、悉尼、首尔、新加坡和惠灵顿均走低，但东京和雅加达有所上涨。</blockquote></p><p> But Xi Qiao at UBS Global Wealth Management said there would likely be more gains in the pipeline.</p><p><blockquote>但瑞银全球财富管理的*·乔表示，未来可能会有更多收益。</blockquote></p><p> \"A lot of investors are worried about the stock market highs, but that doesn't mean it can't get higher, and the economic conditions are certainly set up for a positive equity environment,\" she told Bloomberg TV.</p><p><blockquote>她对彭博电视台表示：“很多投资者都担心股市高点，但这并不意味着股市不能走高，而且经济状况肯定为积极的股市环境奠定了基础。”</blockquote></p><p> Eyes are now turning to the release of corporate results for January to March, with expectations high that companies are seeing the benefits of the recovery and are hopeful for the outlook.</p><p><blockquote>现在人们的目光转向了1月至3月企业业绩的发布，人们对企业看到复苏的好处并对前景充满希望的期望很高。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.businesstimes.com.sg/stocks/asia-markets-mostly-down-but-optimism-remains\">AFP</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.businesstimes.com.sg/stocks/asia-markets-mostly-down-but-optimism-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160289591","content_text":"[HONG KONG] Most Asian markets retreated on Friday as traders took their foot off the pedal ahead of a much-anticipated earnings season, while an increasingly confident mood on trading floors has analysts predicting the global equities rally still has legs.\nWhile some countries are having trouble with their vaccine programmes and a pick-up in infections, there is a general feeling that governments will get a better hold on the crisis and allow economies to reopen, if a little later than previously hoped.\nWall Street provided another strong lead, with the S&P 500 chalking up a second successive record and the Nasdaq piling on more than one percent as tech shares regained their mojo, having suffered recent selling.\nFederal Reserve boss Jerome Powell again repeated his mantra that the bank would stand fast in its pledge to keep borrowing costs at record lows for as long as needed to support recovery in the world's top economy.\nWhile last week's blockbuster jobs report was welcome, he said the \"recovery remains uneven and incomplete\" and he wanted to see more of those in future before he was happy progress was being made.\nAnalysts said an unexpected rise in jobless claims last week backed up Mr Powell's stance.\nThere remains a concern that the forecast strong recovery, reopening of the economy, President Joe Biden's vast spending sprees and the rollout of vaccines will fan inflation to a point that the Fed will be forced to lift rates earlier than it intends.\nYields on benchmark 10-year Treasuries - a gauge of future rates - edged down as Mr Powell spoke, though they remain around a one-year high.\n'KIDS IN A CANDY STORE'\nData on Friday showed Chinese producer prices rose at their fastest pace in more than two years owing to a jump in the cost of commodities.\nThat has led to concerns the increases will filter through to the world economy from the export giant, putting pressure on central banks as they try to keep borrowing costs down.\nAxi strategist Stephen Innes said the figures \"might add a ripple or two of angst to the inflation pacifist calm that has fallen on the market\".\nStill, he added, \"Make no mistake this is a global equity market that is turning exceptionally comfortable with growth driving up yields supported by a Fed that is in absolutely no hurry to tap the brakes.\n\"The question is, does it get better than this, or are we nearing peak optimism? Or will US stocks remain in 'kids in a candy store mode' while gliding on a sugar rush tailwind from a once in a generation type stimulus effect?\"\nIn early trade, Hong Kong and Shanghai, Sydney, Seoul, Singapore and Wellington were all lower, though there were gains in Tokyo and Jakarta.\nBut Xi Qiao at UBS Global Wealth Management said there would likely be more gains in the pipeline.\n\"A lot of investors are worried about the stock market highs, but that doesn't mean it can't get higher, and the economic conditions are certainly set up for a positive equity environment,\" she told Bloomberg TV.\nEyes are now turning to the release of corporate results for January to March, with expectations high that companies are seeing the benefits of the recovery and are hopeful for the outlook.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343136405,"gmtCreate":1617686733607,"gmtModify":1634297098205,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Please comment back. Thanks in advance.","listText":"Please comment back. Thanks in advance.","text":"Please comment back. Thanks in advance.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/343136405","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohu8.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":570,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":691109275,"gmtCreate":1640142796713,"gmtModify":1640142796831,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"🚀&nbsp;","listText":"🚀&nbsp;","text":"🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/691109275","repostId":"1122685744","repostType":4,"isVote":1,"tweetType":1,"viewCount":2293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":113698633,"gmtCreate":1622608147022,"gmtModify":1634099965644,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Comment and liked","listText":"Comment and liked","text":"Comment and liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/113698633","repostId":"1106176005","repostType":4,"repost":{"id":"1106176005","kind":"news","pubTimestamp":1622588821,"share":"https://www.laohu8.com/m/news/1106176005?lang=zh_CN&edition=full","pubTime":"2021-06-02 07:07","market":"us","language":"en","title":"S&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106176005","media":"Reuters","summary":"The S&P 500dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.The S&P 500 financial sectorhit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector3.9%, its biggest $one$-day gain in nearly four months. The heavyweight tech sectorfell while the healthcare sectorwas dragged down by a weak profit forec","content":"<p>The S&amp;P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.</p><p><blockquote>标普500(.SPX)周二下跌，医疗保健和科技股的下跌被能源和金融股的上涨所抵消，投资者权衡最新的美国经济数据是否有反弹和通胀上升的迹象。</blockquote></p><p>The S&amp;P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest <a href=\"https://laohu8.com/S/AONE\">one</a>-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>(ABT.N).</p><p><blockquote>标普500金融板块(.SPSY)创历史新高，而燃料需求预期增长提振油价，并帮助提振能源板块(.SPNY)上涨3.9%，为最大<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月来的日涨幅。重量级科技板块(.SPLRCT)下跌，而医疗保健板块(.SPXHC)则受到来自<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（N部）。</blockquote></p><p>Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.</p><p><blockquote>数据显示，由于经济重新开放中被压抑的需求提振了订单，美国5月份制造业活动有所回升。但由于原材料和劳动力短缺，未完成的工作堆积起来。</blockquote></p><p>\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of <a href=\"https://laohu8.com/S/CCF\">Chase</a> Investment Counsel in Charlottesville, Virginia.</p><p><blockquote>“人们从假期周末回来后确信经济正在良好复苏，我们可能在劳动力和其他成本方面看到的任何通胀都是暂时的，”<a href=\"https://laohu8.com/S/CCF\">追逐</a>弗吉尼亚州夏洛茨维尔的投资顾问。</blockquote></p><p>The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&amp;P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.</p><p><blockquote>道琼工业指数(.DJI)涨45.86点，或0.13%，报34,575.31；标普500(.SPX)下跌2.07点，或0.05%，报4,202.04点；和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数(.IXIC)下跌12.26点，或0.09%，至13,736.48点。</blockquote></p><p>Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.</p><p><blockquote>随着金融和能源股的大幅上涨，小盘股罗素2000指数(.RUT)周二上涨1.1%，突显了预计在经济扩张中表现尤其出色的股市板块的强势。</blockquote></p><p>While the S&amp;P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.</p><p><blockquote>尽管标普500在连续四个月上涨后仍不到历史高点的1%，但投资者担心通胀上升是否会打击股价。</blockquote></p><p>\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> in <a href=\"https://laohu8.com/S/NWY\">New York</a>.</p><p><blockquote>首席全球市场策略师克里斯蒂娜·胡珀(Kristina Hooper)表示：“我们面临供应链问题、延误、价格上涨、总体定价压力，雇主表示他们很难找到劳动力。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>在<a href=\"https://laohu8.com/S/NWY\">纽约</a>.</blockquote></p><p>\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"</p><p><blockquote>“因此，这是我们在整体经济中已经听到和看到的情况的一个缩影，它只是提醒人们通货膨胀仍然是一个问题。”</blockquote></p><p>A Wall St. sign is seen near the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange (NYSE) in <a href=\"https://laohu8.com/S/NGD\">New</a> York <a href=\"https://laohu8.com/S/CHCO\">City</a>, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo</p><p><blockquote>附近可以看到华尔街的标志<a href=\"https://laohu8.com/S/NYRT\">纽约</a>纽约证券交易所<a href=\"https://laohu8.com/S/NGD\">新的</a>约克<a href=\"https://laohu8.com/S/CHCO\">城市</a>，美国，2021年5月4日。路透社/Brendan McDermid/资料照片</blockquote></p><p>Stock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.</p><p><blockquote>在美联储官员保证央行超宽松货币政策将继续实施后，周五股市没有出现四月份关键通胀数据的飙升。</blockquote></p><p>Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.</p><p><blockquote>明尼阿波利斯联邦储备银行行长尼尔·卡什卡利和美联储负责监管的副主席兰德尔·夸尔斯周二重申了价格上涨将是暂时的观点。</blockquote></p><p>This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.</p><p><blockquote>本周的焦点将是大量经济数据，最终将于周五公布的美国就业数据。</blockquote></p><p>Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.</p><p><blockquote>雅培实验室(Abbott Labs)下调2021年全年利润预期，理由是随着越来越多的美国人接种疫苗，预计其COVID-19检测收入将大幅下降，该公司股价下跌9.3%。其他测试制造商的股价也下跌。</blockquote></p><p>Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR &amp; Co(KKR.N)and Clayton Dubilier &amp; Rice LLCagreed to take the data analytics firm private.</p><p><blockquote>Cloudera Inc(CLDR.N)在私募股权公司KKR&amp;Co(KKR)之后，股价上涨23.9%。N)和Clayton Dubilier&amp;Rice LLCA同意将这家数据分析公司私有化。</blockquote></p><p>A group of“meme stocks” extended gainsfrom the previous week, with shares of <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.</p><p><blockquote>一批“模因股”延续了前一周的涨幅，其中<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>Holdings Inc(AMC.N)上涨22.7%，此前这家连锁电影院表示出售了价值2.3亿美元的股票。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>, a 1.79-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为2.54比1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.</p><p><blockquote>标普500创下73个52周新高，无新低；纳斯达克综合指数录得168个新高和25个新低。</blockquote></p><p>About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有107亿股易手，而过去20个交易日的日均交易量为105亿股。</blockquote></p><p><b>Here are company's financial statements：</b></p><p><blockquote><b>以下是公司的财务报表：</b></blockquote></p><p><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom reports blowout earnings but warns of a coming slowdown</b></a></p><p><blockquote><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom报告盈利井喷，但警告即将放缓</b></a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-02 07:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.</p><p><blockquote>标普500(.SPX)周二下跌，医疗保健和科技股的下跌被能源和金融股的上涨所抵消，投资者权衡最新的美国经济数据是否有反弹和通胀上升的迹象。</blockquote></p><p>The S&amp;P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest <a href=\"https://laohu8.com/S/AONE\">one</a>-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>(ABT.N).</p><p><blockquote>标普500金融板块(.SPSY)创历史新高，而燃料需求预期增长提振油价，并帮助提振能源板块(.SPNY)上涨3.9%，为最大<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月来的日涨幅。重量级科技板块(.SPLRCT)下跌，而医疗保健板块(.SPXHC)则受到来自<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（N部）。</blockquote></p><p>Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.</p><p><blockquote>数据显示，由于经济重新开放中被压抑的需求提振了订单，美国5月份制造业活动有所回升。但由于原材料和劳动力短缺，未完成的工作堆积起来。</blockquote></p><p>\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of <a href=\"https://laohu8.com/S/CCF\">Chase</a> Investment Counsel in Charlottesville, Virginia.</p><p><blockquote>“人们从假期周末回来后确信经济正在良好复苏，我们可能在劳动力和其他成本方面看到的任何通胀都是暂时的，”<a href=\"https://laohu8.com/S/CCF\">追逐</a>弗吉尼亚州夏洛茨维尔的投资顾问。</blockquote></p><p>The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&amp;P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.</p><p><blockquote>道琼工业指数(.DJI)涨45.86点，或0.13%，报34,575.31；标普500(.SPX)下跌2.07点，或0.05%，报4,202.04点；和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数(.IXIC)下跌12.26点，或0.09%，至13,736.48点。</blockquote></p><p>Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.</p><p><blockquote>随着金融和能源股的大幅上涨，小盘股罗素2000指数(.RUT)周二上涨1.1%，突显了预计在经济扩张中表现尤其出色的股市板块的强势。</blockquote></p><p>While the S&amp;P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.</p><p><blockquote>尽管标普500在连续四个月上涨后仍不到历史高点的1%，但投资者担心通胀上升是否会打击股价。</blockquote></p><p>\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> in <a href=\"https://laohu8.com/S/NWY\">New York</a>.</p><p><blockquote>首席全球市场策略师克里斯蒂娜·胡珀(Kristina Hooper)表示：“我们面临供应链问题、延误、价格上涨、总体定价压力，雇主表示他们很难找到劳动力。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>在<a href=\"https://laohu8.com/S/NWY\">纽约</a>.</blockquote></p><p>\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"</p><p><blockquote>“因此，这是我们在整体经济中已经听到和看到的情况的一个缩影，它只是提醒人们通货膨胀仍然是一个问题。”</blockquote></p><p>A Wall St. sign is seen near the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange (NYSE) in <a href=\"https://laohu8.com/S/NGD\">New</a> York <a href=\"https://laohu8.com/S/CHCO\">City</a>, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo</p><p><blockquote>附近可以看到华尔街的标志<a href=\"https://laohu8.com/S/NYRT\">纽约</a>纽约证券交易所<a href=\"https://laohu8.com/S/NGD\">新的</a>约克<a href=\"https://laohu8.com/S/CHCO\">城市</a>，美国，2021年5月4日。路透社/Brendan McDermid/资料照片</blockquote></p><p>Stock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.</p><p><blockquote>在美联储官员保证央行超宽松货币政策将继续实施后，周五股市没有出现四月份关键通胀数据的飙升。</blockquote></p><p>Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.</p><p><blockquote>明尼阿波利斯联邦储备银行行长尼尔·卡什卡利和美联储负责监管的副主席兰德尔·夸尔斯周二重申了价格上涨将是暂时的观点。</blockquote></p><p>This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.</p><p><blockquote>本周的焦点将是大量经济数据，最终将于周五公布的美国就业数据。</blockquote></p><p>Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.</p><p><blockquote>雅培实验室(Abbott Labs)下调2021年全年利润预期，理由是随着越来越多的美国人接种疫苗，预计其COVID-19检测收入将大幅下降，该公司股价下跌9.3%。其他测试制造商的股价也下跌。</blockquote></p><p>Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR &amp; Co(KKR.N)and Clayton Dubilier &amp; Rice LLCagreed to take the data analytics firm private.</p><p><blockquote>Cloudera Inc(CLDR.N)在私募股权公司KKR&amp;Co(KKR)之后，股价上涨23.9%。N)和Clayton Dubilier&amp;Rice LLCA同意将这家数据分析公司私有化。</blockquote></p><p>A group of“meme stocks” extended gainsfrom the previous week, with shares of <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.</p><p><blockquote>一批“模因股”延续了前一周的涨幅，其中<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>Holdings Inc(AMC.N)上涨22.7%，此前这家连锁电影院表示出售了价值2.3亿美元的股票。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>, a 1.79-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为2.54比1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.</p><p><blockquote>标普500创下73个52周新高，无新低；纳斯达克综合指数录得168个新高和25个新低。</blockquote></p><p>About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有107亿股易手，而过去20个交易日的日均交易量为105亿股。</blockquote></p><p><b>Here are company's financial statements：</b></p><p><blockquote><b>以下是公司的财务报表：</b></blockquote></p><p><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom reports blowout earnings but warns of a coming slowdown</b></a></p><p><blockquote><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom报告盈利井喷，但警告即将放缓</b></a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/sp-500-dips-healthcare-weighs-dow-ends-higher-2021-06-01/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SPXU":"三倍做空标普500ETF-ProShares","SPY":"标普500ETF","OEX":"标普100","IVV":"标普500ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","SSO":"2倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index","OEF":"标普100指数ETF-iShares","SDS":"两倍做空标普500 ETF-ProShares","SH":"做空标普500-Proshares",".IXIC":"NASDAQ Composite"},"source_url":"https://www.reuters.com/business/sp-500-dips-healthcare-weighs-dow-ends-higher-2021-06-01/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106176005","content_text":"The S&P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.The S&P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest one-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from Abbott Laboratories(ABT.N).Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the Nasdaq Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.While the S&P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at Invesco in New York.\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"A Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid/File PhotoStock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR & Co(KKR.N)and Clayton Dubilier & Rice LLCagreed to take the data analytics firm private.A group of“meme stocks” extended gainsfrom the previous week, with shares of AMC Entertainment Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on Nasdaq, a 1.79-to-1 ratio favored advancers.The S&P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.Here are company's financial statements：Zoom reports blowout earnings but warns of a coming slowdown","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SPXU":0.9,"SDS":0.9,"SPY":0.9,".IXIC":0.9,"IVV":0.9,"ESmain":0.9,".SPX":0.9,"OEF":0.9,"OEX":0.9,"SH":0.9,"UPRO":0.9,"SSO":0.9}},"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355218732,"gmtCreate":1617075035126,"gmtModify":1634522795120,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/355218732","repostId":"1144154025","repostType":4,"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115447891,"gmtCreate":1623028818813,"gmtModify":1631886293066,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$</a>sad","listText":"<a href=\"https://laohu8.com/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$</a>sad","text":"$WILMAR INTERNATIONAL LIMITED(F34.SI)$sad","images":[{"img":"https://static.tigerbbs.com/5e8b01c543a46d5ad18d7c205a9511d8","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/115447891","isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":324935923,"gmtCreate":1615950245862,"gmtModify":1703495429484,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":":D","listText":":D","text":":D","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/324935923","repostId":"1107740379","repostType":4,"repost":{"id":"1107740379","kind":"news","pubTimestamp":1615949781,"share":"https://www.laohu8.com/m/news/1107740379?lang=zh_CN&edition=full","pubTime":"2021-03-17 10:56","market":"us","language":"en","title":"5 sturdy value stocks to protect your portfolio from rising interest rates<blockquote>5只稳健的价值股票可保护您的投资组合免受利率上升的影响</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107740379","media":"MarketWatch","summary":"Johnson & Johnson, General Motors and three other companies have high intrinsic value and catalysts that bode well for a post-pandemic world.It’s hard to imagine that the benchmark Treasury bond yielding halfway between 1% and 2% would cause panic in the stock market, but that’s exactly what’s happened.U.S. Treasurys, which are used as a reference rate for all kinds of loans, stood at over 13% some 40 years ago and almost 5% in 2001.But considering where Treasurys have been lately, it’s importan","content":"<p>Johnson &amp; Johnson, General Motors and three other companies have high intrinsic value and catalysts that bode well for a post-pandemic world.</p><p><blockquote>强生、通用汽车和其他三家公司具有很高的内在价值和催化剂，这对大流行后的世界来说是个好兆头。</blockquote></p><p> It’s hard to imagine that the benchmark Treasury bond yielding halfway between 1% and 2% would cause panic in the stock market, but that’s exactly what’s happened.</p><p><blockquote>很难想象基准国债收益率介于1%至2%之间会引起股市恐慌，但事实正是如此。</blockquote></p><p> U.S. Treasurys, which are used as a reference rate for all kinds of loans, stood at over 13% some 40 years ago and almost 5% in 2001.</p><p><blockquote>美国国债被用作各种贷款的参考利率，大约40年前的利率超过13%，2001年接近5%。</blockquote></p><p> But considering where Treasurys have been lately, it’s important to remember that low and high are relative terms. As recently as last summer, 10-year Treasurys&nbsp;commanded a 0.5% rate. That means interest rates have tripled in less than a year.</p><p><blockquote>但考虑到美国国债最近的走势，重要的是要记住低点和高点是相对的。就在去年夏天，10年期美国国债的利率为0.5%。这意味着利率在不到一年的时间里增加了两倍。</blockquote></p><p> Rapid changes like that can have a real impact on your portfolio. Consider that the massive iShares Core U.S. Aggregate Bond ETF,which has $85 billion under management, has dipped 4% already this year even as the S&amp;P 500 Index&nbsp;of the largest U.S. stocks has powered 5% higher.</p><p><blockquote>像这样的快速变化会对你的投资组合产生真正的影响。考虑到管理着850亿美元的大型iShares核心美国综合债券ETF今年已下跌4%，尽管美国最大股票的标普500指数上涨了5%。</blockquote></p><p> Some analysts predict&nbsp;rates are only getting started, thanks to stimulus checks, government spending and the long-shot chance of tighter policies from the Federal Reserve later this year.</p><p><blockquote>一些分析师预测，由于刺激检查、政府支出以及美联储今年晚些时候收紧政策的可能性很大，利率才刚刚开始。</blockquote></p><p> If you want to insulate your portfolio from rising rates, here are five low-risk value stocks that could see you through any choppiness in the months ahead.</p><p><blockquote>如果您想使您的投资组合免受利率上升的影响，这里有五只低风险价值股票，可以帮助您度过未来几个月的波动。</blockquote></p><p> <b>Bank of America</b></p><p><blockquote><b>美国银行</b></blockquote></p><p> Historically, increases in interest rates mean expanding profit margins for the financial sector. And Bank of America,&nbsp;the second-largest U.S. bank by assets, has a massive scale that is sure to pay off as rates rise.</p><p><blockquote>从历史上看，加息意味着金融业利润率的扩大。美国银行是美国资产第二大银行，规模庞大，随着利率上升，肯定会得到回报。</blockquote></p><p> The stock isn’t just seeing momentum recently because of the prospect of higher rates. The shares are up almost 60% in the past 12 months since the COVID-19 lows of 2020, outperforming the S&amp;P 500 in the same period.&nbsp; It’s also riding an impressive streak of earnings reports, topping Wall Street expectations in 15 of the last 16 quarters.</p><p><blockquote>该股最近的势头不仅仅是因为利率上升的前景。自2020年COVID-19低点以来，该股在过去12个月内上涨了近60%，跑赢了同期的标普500。该公司还发布了令人印象深刻的财报，过去16个季度中有15个季度超出了华尔街的预期。</blockquote></p><p> Adding to the appeal is that at the end of 2020 iconic investor Warren Buffett and his Berkshire Hathaway&nbsp;investment company pumped more than&nbsp;$2 billioninto Bank of America’s stock to push the stake up to nearly 12% of the entire company. That puts BofA as the No. 2 position in Berkshire’s portfolio, behind&nbsp;only tech giant Apple,and giving the stock a huge vote of confidence. What’s more, Buffett &amp; Co. sought approval from the Federal Reserve to double that already massive investment, up to a total of&nbsp;24.9%&nbsp;of Bank of America’s outstanding shares.</p><p><blockquote>更有吸引力的是，2020年底，标志性投资者沃伦·巴菲特和他的伯克希尔·哈撒韦投资公司向美国银行股票注入了超过20亿美元，将其持股比例推高至整个公司的近12%。这使得美国银行在伯克希尔投资组合中排名第二，仅次于科技巨头苹果，并给该股投下了巨大的信任票。更重要的是，巴菲特公司寻求美联储的批准，将这笔已经庞大的投资增加一倍，达到美国银行流通股的24.</blockquote></p><p> Adjusted for splits, BofA stock is back to levels not seen since 2008, before the financial crisis sent shares to low single digits and resulted in a dividend reduction to just a penny per share. The combination of a rising rate environment, strong institutional buying pressure and massive scale make this stock a stable investment that investors may want to look into.</p><p><blockquote>经分拆调整后，美国银行股价已回到2008年以来的最高水平，当时金融危机导致股价跌至低个位数，并导致股息降至每股1美分。利率上升的环境、强大的机构购买压力和庞大的规模相结合，使这只股票成为投资者可能想要关注的稳定投资。</blockquote></p><p> <b>Johnson &amp; Johnson</b></p><p><blockquote><b>强生公司</b></blockquote></p><p> Another mega-cap stock that should be a familiar favorite of value investors, Johnson &amp; Johnson&nbsp;stands out because of a combination of intrinsic value and specific factors that should help it thrive despite the challenges of 2021.</p><p><blockquote>强生公司是另一只应该是价值投资者熟悉的最爱的大型股，它脱颖而出，因为其内在价值和特定因素的结合应该有助于其在2021年面临挑战的情况下蓬勃发展。</blockquote></p><p> J&amp;J is one of only&nbsp;two&nbsp;S&amp;P&nbsp;500 companies (tech giant Microsoft&nbsp;is the other) with a perfect&nbsp;AAA credit rating.&nbsp;It’s also among the 10 largest U.S. companies by market cap, boasts $25 billion in cash and tallies more than $20 billion in annual operating cash flow. When it comes to stability and tangible value on the balance sheet, it’s hard to top this health-care giant.</p><p><blockquote>J&amp;J是仅有的两家拥有完美AAA信用评级的标准普尔500公司之一（科技巨头微软是另一家）。它也是美国市值最大的10家公司之一，拥有250亿美元的现金，年度运营现金流超过200亿美元。就资产负债表的稳定性和有形价值而言，很难超越这家医疗保健巨头。</blockquote></p><p> In 2021, there are also a few factors that should help J&amp;J power even higher. While it is too big and stable to get quite the short-term momentum of a stock like Moderna&nbsp;or Novavax,J&amp;J is set to benefit from a nice tailwind thanks to the fact its own single-dose coronavirus vaccine received&nbsp;Emergency Use Authorization&nbsp;from the U.S. Food and Drug Administration in late February.</p><p><blockquote>2021年，还有一些因素应该有助于强生动力更上一层楼。虽然强生太大太稳定，无法获得Moderna或Novavax等股票的短期势头，但由于其自己的单剂量冠状病毒疫苗获得了美国的紧急使用授权，强生将受益于良好的顺风。食品药品监督管理局在二月下旬。</blockquote></p><p> Johnson &amp; Johnson has a tremendous portfolio of health-care products to fall back on beyond the vaccine, including over-the-counter medication like Tylenol and its eponymous baby-care products, prescription drugs and medical devices. If you want a “sure thing” stock in an uncertain market environment, it could be hard to find a better candidate than JNJ.</p><p><blockquote>除了疫苗之外，强生公司还拥有庞大的医疗保健产品组合，包括泰诺等非处方药及其同名婴儿护理产品、处方药和医疗设备。如果你想在不确定的市场环境中买一只“确定”的股票，可能很难找到比强生更好的候选人。</blockquote></p><p> <b>Walmart</b></p><p><blockquote><b>沃尔玛</b></blockquote></p><p> Keeping with the theme of tremendous scale, big box retailer Walmart&nbsp;is a $380 billion powerhouse that recorded more than $36 billion in operating cash flow last fiscal year. It’s up nearly 50% from its 2020 lows, outperforming the major stock market indexes in the same period, thanks in part to selling groceries and household goods that have remained in strong demand despite disruptions to other spending categories.</p><p><blockquote>与规模巨大的主题保持一致，大型零售商沃尔玛是一家价值3800亿美元的巨头，上一财年的运营现金流超过360亿美元。较2020年低点上涨近50%，跑赢同期主要股市指数，部分原因是尽管其他支出类别受到干扰，但杂货和家庭用品的销售需求仍然强劲。</blockquote></p><p></p><p> This bodes well for the stability of Walmart going forward, as these categories should remain strong for the foreseeable future. Furthermore, the pandemic forced WMT to increase its already impressive digital penetration with customers and accelerated its membership platform Walmart+. This service, at $12 a month or $98 a year, allows for free next-day shipping with no minimum orders and free-from-store delivery for orders of at least $35. There’s even a 5-cent saving on gasoline for members, making this program seem like as good of a value as WMT stock itself.</p><p><blockquote>这对于沃尔玛未来的稳定是个好兆头，因为在可预见的未来，这些品类应该会保持强劲。此外，疫情迫使WMT提高其在客户中已经令人印象深刻的数字渗透率，并加速其会员平台Walmart+。这项服务每月12美元或每年98美元，允许第二天免费送货，没有最低订单，订单至少35美元可免费从商店送货。会员甚至可以节省5美分的汽油费用，这使得该计划看起来与WMT股票本身一样物有所值。</blockquote></p><p> The icing on the cake is an impressive track record of 48 years of consecutive dividend increase that proves Walmart isn’t just a reliable source of income but also a stock that’s committed to its shareholders. Dividends are a tangible sign of real value in a stock, as you have to have regular and material profits to back them up, and a long history of increase shows long-term value investors can depend on WMT regardless of short-term ups and downs for the U.S. economy.</p><p><blockquote>锦上添花的是连续48年股息增加的令人印象深刻的记录，这证明沃尔玛不仅是可靠的收入来源，也是一只对股东有承诺的股票。股息是股票实际价值的切实标志，因为你必须有定期和实质性的利润来支持它们，而长期的增长历史表明，无论短期涨跌如何，长期价值投资者都可以依赖WMT。美国经济。</blockquote></p><p> <b>CVS</b></p><p><blockquote><b>CVS</b></blockquote></p><p> Though you may think of CVS&nbsp;as simply a retailer of a different sort, the reality is that CVS has become much more than a drugstore in 2021. Over the past few years, an investment in acute care and vaccination services in-store has paid off big time as CVS is now a critical part of the vaccine rollout in the U.S. In fact, a recent Wall Street Journal report noted the company has delivered over&nbsp;3 million vaccines.</p><p><blockquote>尽管你可能认为CVS只是一家不同类型的零售商，但现实是，CVS在2021年已经不仅仅是一家药店了。在过去的几年里，对店内急症护理和疫苗接种服务的投资获得了巨大回报，因为CVS现在是美国疫苗推广的重要组成部分。事实上，《华尔街日报》最近的一篇报道指出，该公司已交付了超过300万支疫苗。</blockquote></p><p> That’s a short-term opportunity, to be sure. But more importantly, it has brought all those customers into its store and signed many of them up for marketing updates or its ExtraCare rewards program to keep them coming back over the long haul.</p><p><blockquote>可以肯定的是，这是一个短期机会。但更重要的是，它将所有这些顾客带到了它的商店，并为他们中的许多人注册了营销更新或ExtraCare奖励计划，以让他们长期回来。</blockquote></p><p> Speaking of the long haul, investors should not be fooled into thinking this is just a vaccine play. CVS has been shrewd in recent years, growing into a dominant provider of pharmacy benefit management solutions&nbsp; and even acquiring primary care insurance provider&nbsp;Aetna in 2018. These operations ensure CVS thrives whether individual patients come in to their brick-and-mortar stores with a prescription or not. In fact, under the Global Industry Classification Standard the stock is grouped into “health-care plans” with other stocks like Cigna&nbsp;and UnitedHealthGroup&nbsp;and not with retailers.</p><p><blockquote>从长远来看，投资者不应该被愚弄，认为这只是一场疫苗游戏。CVS近年来精明，成长为药房福利管理解决方案的主导提供商，甚至在2018年收购了初级保健保险提供商Aetna。这些操作确保了CVS的蓬勃发展，无论个别患者是否带着处方来到他们的实体店。事实上，根据全球行业分类标准，该股票与Cigna和UnitedHealthGroup等其他股票一起被归入“医疗保健计划”，而不是零售商。</blockquote></p><p> The kicker is that CVS has a forward price-to-earnings ratio of about 9 right now, less than half that of the S&amp;P 500’s 22, and well below peers like UNH in its industry group that are around 20. With a health-care focus that insulates it from rates and an attractive valuation, CVS is worth a look.</p><p><blockquote>更重要的是，CVS目前的预期市盈率约为9，不到标普500 22的一半，也远低于UNH等行业内20左右的同行。CVS专注于医疗保健，使其免受利率影响，估值也很有吸引力，因此值得一看。</blockquote></p><p> <b>General Motors</b></p><p><blockquote><b>通用汽车</b></blockquote></p><p> I made the case for General Motors&nbsp;earlier this year in a&nbsp;MarketWatch column. And with shares up about 40% year-to-date, it’s worth repeating that call here as GM has a lot of intrinsic value and remains at an attractive price even after this run.</p><p><blockquote>今年早些时候，我在MarketWatch专栏中提出了通用汽车的理由。今年迄今为止，股价上涨了约40%，值得在这里重复看涨期权，因为通用汽车拥有很大的内在价值，即使在这次上涨之后，价格仍然具有吸引力。</blockquote></p><p> Case in point: GM is sitting on a forward P/E of less than 7, compared with 11 for Toyota&nbsp;and about 22 for the market at large.</p><p><blockquote>例证：通用汽车的预期市盈率不到7，而丰田为11，整个市场约为22。</blockquote></p><p> You might say that’s because the market is discounting GM’s stock for a lack of innovation in the age of electric vehicles. But the truth is that GM is actually running with the pack of EV manfucaturers quite well. Its new&nbsp;Ultium battery power system&nbsp;is modular, allowing it to grow quickly into the many vehicle lines offered by this legacy automaker, and its BrightDrop subsidiary continues to innovate with developments include a&nbsp;250-mile range delivery van. GM has publicly pledged to have a 100% electric portfolio by 2035, and is well on its way to that long-term goal.</p><p><blockquote>你可能会说，这是因为市场因通用汽车在电动汽车时代缺乏创新而对其股票进行了折扣。但事实是，通用汽车实际上与电动汽车制造商合作得很好。其新型Ultium电池动力系统是模块化的，使其能够快速发展到这家传统汽车制造商提供的众多车辆系列中，其BrightDrop子公司继续创新，开发了续航里程为250英里的送货车。通用汽车公开承诺到2035年拥有100%的电动产品组合，并且正在顺利实现这一长期目标。</blockquote></p><p> Now, you may write off this promise as the desperate public relations campaign of a company that has already been eclipsed by Tesla.But GM has one big thing Tesla doesn’t — a mature manufacturing operation that cranks out 7.7 million vehicles a year, and property and equipment valued at almost $80 billion, according to SEC filings.</p><p><blockquote>现在，你可能会将这一承诺视为一家已经被特斯拉黯然失色的公司孤注一掷的公关活动。但通用汽车有一件特斯拉没有的大事——根据SEC的文件，它拥有成熟的制造业务，每年生产770万辆汽车，以及价值近800亿美元的财产和设备。</blockquote></p><p> Yes, the pandemic has created short-term disruptions for the automaker. And yes, there is long-term risk of missing out on the EV revolution. But GM has a ton of intrinsic value right now. And if rates are rising thanks to an economic recovery, you can expect folks to eagerly spend on GM vehicles rather than pay more in financing costs or sticker price later.</p><p><blockquote>是的，疫情给汽车制造商造成了短期干扰。是的，存在错过电动汽车革命的长期风险。但通用汽车目前拥有巨大的内在价值。如果利率因经济复苏而上升，你可以预计人们会急切地购买通用汽车汽车，而不是以后支付更多的融资成本或标价。</blockquote></p><p></p>","source":"market_watch","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>5 sturdy value stocks to protect your portfolio from rising interest rates<blockquote>5只稳健的价值股票可保护您的投资组合免受利率上升的影响</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 sturdy value stocks to protect your portfolio from rising interest rates<blockquote>5只稳健的价值股票可保护您的投资组合免受利率上升的影响</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-17 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Johnson &amp; Johnson, General Motors and three other companies have high intrinsic value and catalysts that bode well for a post-pandemic world.</p><p><blockquote>强生、通用汽车和其他三家公司具有很高的内在价值和催化剂，这对大流行后的世界来说是个好兆头。</blockquote></p><p> It’s hard to imagine that the benchmark Treasury bond yielding halfway between 1% and 2% would cause panic in the stock market, but that’s exactly what’s happened.</p><p><blockquote>很难想象基准国债收益率介于1%至2%之间会引起股市恐慌，但事实正是如此。</blockquote></p><p> U.S. Treasurys, which are used as a reference rate for all kinds of loans, stood at over 13% some 40 years ago and almost 5% in 2001.</p><p><blockquote>美国国债被用作各种贷款的参考利率，大约40年前的利率超过13%，2001年接近5%。</blockquote></p><p> But considering where Treasurys have been lately, it’s important to remember that low and high are relative terms. As recently as last summer, 10-year Treasurys&nbsp;commanded a 0.5% rate. That means interest rates have tripled in less than a year.</p><p><blockquote>但考虑到美国国债最近的走势，重要的是要记住低点和高点是相对的。就在去年夏天，10年期美国国债的利率为0.5%。这意味着利率在不到一年的时间里增加了两倍。</blockquote></p><p> Rapid changes like that can have a real impact on your portfolio. Consider that the massive iShares Core U.S. Aggregate Bond ETF,which has $85 billion under management, has dipped 4% already this year even as the S&amp;P 500 Index&nbsp;of the largest U.S. stocks has powered 5% higher.</p><p><blockquote>像这样的快速变化会对你的投资组合产生真正的影响。考虑到管理着850亿美元的大型iShares核心美国综合债券ETF今年已下跌4%，尽管美国最大股票的标普500指数上涨了5%。</blockquote></p><p> Some analysts predict&nbsp;rates are only getting started, thanks to stimulus checks, government spending and the long-shot chance of tighter policies from the Federal Reserve later this year.</p><p><blockquote>一些分析师预测，由于刺激检查、政府支出以及美联储今年晚些时候收紧政策的可能性很大，利率才刚刚开始。</blockquote></p><p> If you want to insulate your portfolio from rising rates, here are five low-risk value stocks that could see you through any choppiness in the months ahead.</p><p><blockquote>如果您想使您的投资组合免受利率上升的影响，这里有五只低风险价值股票，可以帮助您度过未来几个月的波动。</blockquote></p><p> <b>Bank of America</b></p><p><blockquote><b>美国银行</b></blockquote></p><p> Historically, increases in interest rates mean expanding profit margins for the financial sector. And Bank of America,&nbsp;the second-largest U.S. bank by assets, has a massive scale that is sure to pay off as rates rise.</p><p><blockquote>从历史上看，加息意味着金融业利润率的扩大。美国银行是美国资产第二大银行，规模庞大，随着利率上升，肯定会得到回报。</blockquote></p><p> The stock isn’t just seeing momentum recently because of the prospect of higher rates. The shares are up almost 60% in the past 12 months since the COVID-19 lows of 2020, outperforming the S&amp;P 500 in the same period.&nbsp; It’s also riding an impressive streak of earnings reports, topping Wall Street expectations in 15 of the last 16 quarters.</p><p><blockquote>该股最近的势头不仅仅是因为利率上升的前景。自2020年COVID-19低点以来，该股在过去12个月内上涨了近60%，跑赢了同期的标普500。该公司还发布了令人印象深刻的财报，过去16个季度中有15个季度超出了华尔街的预期。</blockquote></p><p> Adding to the appeal is that at the end of 2020 iconic investor Warren Buffett and his Berkshire Hathaway&nbsp;investment company pumped more than&nbsp;$2 billioninto Bank of America’s stock to push the stake up to nearly 12% of the entire company. That puts BofA as the No. 2 position in Berkshire’s portfolio, behind&nbsp;only tech giant Apple,and giving the stock a huge vote of confidence. What’s more, Buffett &amp; Co. sought approval from the Federal Reserve to double that already massive investment, up to a total of&nbsp;24.9%&nbsp;of Bank of America’s outstanding shares.</p><p><blockquote>更有吸引力的是，2020年底，标志性投资者沃伦·巴菲特和他的伯克希尔·哈撒韦投资公司向美国银行股票注入了超过20亿美元，将其持股比例推高至整个公司的近12%。这使得美国银行在伯克希尔投资组合中排名第二，仅次于科技巨头苹果，并给该股投下了巨大的信任票。更重要的是，巴菲特公司寻求美联储的批准，将这笔已经庞大的投资增加一倍，达到美国银行流通股的24.</blockquote></p><p> Adjusted for splits, BofA stock is back to levels not seen since 2008, before the financial crisis sent shares to low single digits and resulted in a dividend reduction to just a penny per share. The combination of a rising rate environment, strong institutional buying pressure and massive scale make this stock a stable investment that investors may want to look into.</p><p><blockquote>经分拆调整后，美国银行股价已回到2008年以来的最高水平，当时金融危机导致股价跌至低个位数，并导致股息降至每股1美分。利率上升的环境、强大的机构购买压力和庞大的规模相结合，使这只股票成为投资者可能想要关注的稳定投资。</blockquote></p><p> <b>Johnson &amp; Johnson</b></p><p><blockquote><b>强生公司</b></blockquote></p><p> Another mega-cap stock that should be a familiar favorite of value investors, Johnson &amp; Johnson&nbsp;stands out because of a combination of intrinsic value and specific factors that should help it thrive despite the challenges of 2021.</p><p><blockquote>强生公司是另一只应该是价值投资者熟悉的最爱的大型股，它脱颖而出，因为其内在价值和特定因素的结合应该有助于其在2021年面临挑战的情况下蓬勃发展。</blockquote></p><p> J&amp;J is one of only&nbsp;two&nbsp;S&amp;P&nbsp;500 companies (tech giant Microsoft&nbsp;is the other) with a perfect&nbsp;AAA credit rating.&nbsp;It’s also among the 10 largest U.S. companies by market cap, boasts $25 billion in cash and tallies more than $20 billion in annual operating cash flow. When it comes to stability and tangible value on the balance sheet, it’s hard to top this health-care giant.</p><p><blockquote>J&amp;J是仅有的两家拥有完美AAA信用评级的标准普尔500公司之一（科技巨头微软是另一家）。它也是美国市值最大的10家公司之一，拥有250亿美元的现金，年度运营现金流超过200亿美元。就资产负债表的稳定性和有形价值而言，很难超越这家医疗保健巨头。</blockquote></p><p> In 2021, there are also a few factors that should help J&amp;J power even higher. While it is too big and stable to get quite the short-term momentum of a stock like Moderna&nbsp;or Novavax,J&amp;J is set to benefit from a nice tailwind thanks to the fact its own single-dose coronavirus vaccine received&nbsp;Emergency Use Authorization&nbsp;from the U.S. Food and Drug Administration in late February.</p><p><blockquote>2021年，还有一些因素应该有助于强生动力更上一层楼。虽然强生太大太稳定，无法获得Moderna或Novavax等股票的短期势头，但由于其自己的单剂量冠状病毒疫苗获得了美国的紧急使用授权，强生将受益于良好的顺风。食品药品监督管理局在二月下旬。</blockquote></p><p> Johnson &amp; Johnson has a tremendous portfolio of health-care products to fall back on beyond the vaccine, including over-the-counter medication like Tylenol and its eponymous baby-care products, prescription drugs and medical devices. If you want a “sure thing” stock in an uncertain market environment, it could be hard to find a better candidate than JNJ.</p><p><blockquote>除了疫苗之外，强生公司还拥有庞大的医疗保健产品组合，包括泰诺等非处方药及其同名婴儿护理产品、处方药和医疗设备。如果你想在不确定的市场环境中买一只“确定”的股票，可能很难找到比强生更好的候选人。</blockquote></p><p> <b>Walmart</b></p><p><blockquote><b>沃尔玛</b></blockquote></p><p> Keeping with the theme of tremendous scale, big box retailer Walmart&nbsp;is a $380 billion powerhouse that recorded more than $36 billion in operating cash flow last fiscal year. It’s up nearly 50% from its 2020 lows, outperforming the major stock market indexes in the same period, thanks in part to selling groceries and household goods that have remained in strong demand despite disruptions to other spending categories.</p><p><blockquote>与规模巨大的主题保持一致，大型零售商沃尔玛是一家价值3800亿美元的巨头，上一财年的运营现金流超过360亿美元。较2020年低点上涨近50%，跑赢同期主要股市指数，部分原因是尽管其他支出类别受到干扰，但杂货和家庭用品的销售需求仍然强劲。</blockquote></p><p></p><p> This bodes well for the stability of Walmart going forward, as these categories should remain strong for the foreseeable future. Furthermore, the pandemic forced WMT to increase its already impressive digital penetration with customers and accelerated its membership platform Walmart+. This service, at $12 a month or $98 a year, allows for free next-day shipping with no minimum orders and free-from-store delivery for orders of at least $35. There’s even a 5-cent saving on gasoline for members, making this program seem like as good of a value as WMT stock itself.</p><p><blockquote>这对于沃尔玛未来的稳定是个好兆头，因为在可预见的未来，这些品类应该会保持强劲。此外，疫情迫使WMT提高其在客户中已经令人印象深刻的数字渗透率，并加速其会员平台Walmart+。这项服务每月12美元或每年98美元，允许第二天免费送货，没有最低订单，订单至少35美元可免费从商店送货。会员甚至可以节省5美分的汽油费用，这使得该计划看起来与WMT股票本身一样物有所值。</blockquote></p><p> The icing on the cake is an impressive track record of 48 years of consecutive dividend increase that proves Walmart isn’t just a reliable source of income but also a stock that’s committed to its shareholders. Dividends are a tangible sign of real value in a stock, as you have to have regular and material profits to back them up, and a long history of increase shows long-term value investors can depend on WMT regardless of short-term ups and downs for the U.S. economy.</p><p><blockquote>锦上添花的是连续48年股息增加的令人印象深刻的记录，这证明沃尔玛不仅是可靠的收入来源，也是一只对股东有承诺的股票。股息是股票实际价值的切实标志，因为你必须有定期和实质性的利润来支持它们，而长期的增长历史表明，无论短期涨跌如何，长期价值投资者都可以依赖WMT。美国经济。</blockquote></p><p> <b>CVS</b></p><p><blockquote><b>CVS</b></blockquote></p><p> Though you may think of CVS&nbsp;as simply a retailer of a different sort, the reality is that CVS has become much more than a drugstore in 2021. Over the past few years, an investment in acute care and vaccination services in-store has paid off big time as CVS is now a critical part of the vaccine rollout in the U.S. In fact, a recent Wall Street Journal report noted the company has delivered over&nbsp;3 million vaccines.</p><p><blockquote>尽管你可能认为CVS只是一家不同类型的零售商，但现实是，CVS在2021年已经不仅仅是一家药店了。在过去的几年里，对店内急症护理和疫苗接种服务的投资获得了巨大回报，因为CVS现在是美国疫苗推广的重要组成部分。事实上，《华尔街日报》最近的一篇报道指出，该公司已交付了超过300万支疫苗。</blockquote></p><p> That’s a short-term opportunity, to be sure. But more importantly, it has brought all those customers into its store and signed many of them up for marketing updates or its ExtraCare rewards program to keep them coming back over the long haul.</p><p><blockquote>可以肯定的是，这是一个短期机会。但更重要的是，它将所有这些顾客带到了它的商店，并为他们中的许多人注册了营销更新或ExtraCare奖励计划，以让他们长期回来。</blockquote></p><p> Speaking of the long haul, investors should not be fooled into thinking this is just a vaccine play. CVS has been shrewd in recent years, growing into a dominant provider of pharmacy benefit management solutions&nbsp; and even acquiring primary care insurance provider&nbsp;Aetna in 2018. These operations ensure CVS thrives whether individual patients come in to their brick-and-mortar stores with a prescription or not. In fact, under the Global Industry Classification Standard the stock is grouped into “health-care plans” with other stocks like Cigna&nbsp;and UnitedHealthGroup&nbsp;and not with retailers.</p><p><blockquote>从长远来看，投资者不应该被愚弄，认为这只是一场疫苗游戏。CVS近年来精明，成长为药房福利管理解决方案的主导提供商，甚至在2018年收购了初级保健保险提供商Aetna。这些操作确保了CVS的蓬勃发展，无论个别患者是否带着处方来到他们的实体店。事实上，根据全球行业分类标准，该股票与Cigna和UnitedHealthGroup等其他股票一起被归入“医疗保健计划”，而不是零售商。</blockquote></p><p> The kicker is that CVS has a forward price-to-earnings ratio of about 9 right now, less than half that of the S&amp;P 500’s 22, and well below peers like UNH in its industry group that are around 20. With a health-care focus that insulates it from rates and an attractive valuation, CVS is worth a look.</p><p><blockquote>更重要的是，CVS目前的预期市盈率约为9，不到标普500 22的一半，也远低于UNH等行业内20左右的同行。CVS专注于医疗保健，使其免受利率影响，估值也很有吸引力，因此值得一看。</blockquote></p><p> <b>General Motors</b></p><p><blockquote><b>通用汽车</b></blockquote></p><p> I made the case for General Motors&nbsp;earlier this year in a&nbsp;MarketWatch column. And with shares up about 40% year-to-date, it’s worth repeating that call here as GM has a lot of intrinsic value and remains at an attractive price even after this run.</p><p><blockquote>今年早些时候，我在MarketWatch专栏中提出了通用汽车的理由。今年迄今为止，股价上涨了约40%，值得在这里重复看涨期权，因为通用汽车拥有很大的内在价值，即使在这次上涨之后，价格仍然具有吸引力。</blockquote></p><p> Case in point: GM is sitting on a forward P/E of less than 7, compared with 11 for Toyota&nbsp;and about 22 for the market at large.</p><p><blockquote>例证：通用汽车的预期市盈率不到7，而丰田为11，整个市场约为22。</blockquote></p><p> You might say that’s because the market is discounting GM’s stock for a lack of innovation in the age of electric vehicles. But the truth is that GM is actually running with the pack of EV manfucaturers quite well. Its new&nbsp;Ultium battery power system&nbsp;is modular, allowing it to grow quickly into the many vehicle lines offered by this legacy automaker, and its BrightDrop subsidiary continues to innovate with developments include a&nbsp;250-mile range delivery van. GM has publicly pledged to have a 100% electric portfolio by 2035, and is well on its way to that long-term goal.</p><p><blockquote>你可能会说，这是因为市场因通用汽车在电动汽车时代缺乏创新而对其股票进行了折扣。但事实是，通用汽车实际上与电动汽车制造商合作得很好。其新型Ultium电池动力系统是模块化的，使其能够快速发展到这家传统汽车制造商提供的众多车辆系列中，其BrightDrop子公司继续创新，开发了续航里程为250英里的送货车。通用汽车公开承诺到2035年拥有100%的电动产品组合，并且正在顺利实现这一长期目标。</blockquote></p><p> Now, you may write off this promise as the desperate public relations campaign of a company that has already been eclipsed by Tesla.But GM has one big thing Tesla doesn’t — a mature manufacturing operation that cranks out 7.7 million vehicles a year, and property and equipment valued at almost $80 billion, according to SEC filings.</p><p><blockquote>现在，你可能会将这一承诺视为一家已经被特斯拉黯然失色的公司孤注一掷的公关活动。但通用汽车有一件特斯拉没有的大事——根据SEC的文件，它拥有成熟的制造业务，每年生产770万辆汽车，以及价值近800亿美元的财产和设备。</blockquote></p><p> Yes, the pandemic has created short-term disruptions for the automaker. And yes, there is long-term risk of missing out on the EV revolution. But GM has a ton of intrinsic value right now. And if rates are rising thanks to an economic recovery, you can expect folks to eagerly spend on GM vehicles rather than pay more in financing costs or sticker price later.</p><p><blockquote>是的，疫情给汽车制造商造成了短期干扰。是的，存在错过电动汽车革命的长期风险。但通用汽车目前拥有巨大的内在价值。如果利率因经济复苏而上升，你可以预计人们会急切地购买通用汽车汽车，而不是以后支付更多的融资成本或标价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/five-sturdy-value-stocks-to-protect-your-portfolio-from-rising-interest-rates-11615897033?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BAC":"美国银行","JNJ":"强生","WMT":"沃尔玛","CVS":"西维斯健康","GM":"通用汽车"},"source_url":"https://www.marketwatch.com/story/five-sturdy-value-stocks-to-protect-your-portfolio-from-rising-interest-rates-11615897033?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1107740379","content_text":"Johnson & Johnson, General Motors and three other companies have high intrinsic value and catalysts that bode well for a post-pandemic world.\nIt’s hard to imagine that the benchmark Treasury bond yielding halfway between 1% and 2% would cause panic in the stock market, but that’s exactly what’s happened.\nU.S. Treasurys, which are used as a reference rate for all kinds of loans, stood at over 13% some 40 years ago and almost 5% in 2001.\nBut considering where Treasurys have been lately, it’s important to remember that low and high are relative terms. As recently as last summer, 10-year Treasurys commanded a 0.5% rate. That means interest rates have tripled in less than a year.\nRapid changes like that can have a real impact on your portfolio. Consider that the massive iShares Core U.S. Aggregate Bond ETF,which has $85 billion under management, has dipped 4% already this year even as the S&P 500 Index of the largest U.S. stocks has powered 5% higher.\nSome analysts predict rates are only getting started, thanks to stimulus checks, government spending and the long-shot chance of tighter policies from the Federal Reserve later this year.\nIf you want to insulate your portfolio from rising rates, here are five low-risk value stocks that could see you through any choppiness in the months ahead.\nBank of America\nHistorically, increases in interest rates mean expanding profit margins for the financial sector. And Bank of America, the second-largest U.S. bank by assets, has a massive scale that is sure to pay off as rates rise.\nThe stock isn’t just seeing momentum recently because of the prospect of higher rates. The shares are up almost 60% in the past 12 months since the COVID-19 lows of 2020, outperforming the S&P 500 in the same period.  It’s also riding an impressive streak of earnings reports, topping Wall Street expectations in 15 of the last 16 quarters.\nAdding to the appeal is that at the end of 2020 iconic investor Warren Buffett and his Berkshire Hathaway investment company pumped more than $2 billioninto Bank of America’s stock to push the stake up to nearly 12% of the entire company. That puts BofA as the No. 2 position in Berkshire’s portfolio, behind only tech giant Apple,and giving the stock a huge vote of confidence. What’s more, Buffett & Co. sought approval from the Federal Reserve to double that already massive investment, up to a total of 24.9% of Bank of America’s outstanding shares.\nAdjusted for splits, BofA stock is back to levels not seen since 2008, before the financial crisis sent shares to low single digits and resulted in a dividend reduction to just a penny per share. The combination of a rising rate environment, strong institutional buying pressure and massive scale make this stock a stable investment that investors may want to look into.\nJohnson & Johnson\nAnother mega-cap stock that should be a familiar favorite of value investors, Johnson & Johnson stands out because of a combination of intrinsic value and specific factors that should help it thrive despite the challenges of 2021.\nJ&J is one of only two S&P 500 companies (tech giant Microsoft is the other) with a perfect AAA credit rating. It’s also among the 10 largest U.S. companies by market cap, boasts $25 billion in cash and tallies more than $20 billion in annual operating cash flow. When it comes to stability and tangible value on the balance sheet, it’s hard to top this health-care giant.\nIn 2021, there are also a few factors that should help J&J power even higher. While it is too big and stable to get quite the short-term momentum of a stock like Moderna or Novavax,J&J is set to benefit from a nice tailwind thanks to the fact its own single-dose coronavirus vaccine received Emergency Use Authorization from the U.S. Food and Drug Administration in late February.\nJohnson & Johnson has a tremendous portfolio of health-care products to fall back on beyond the vaccine, including over-the-counter medication like Tylenol and its eponymous baby-care products, prescription drugs and medical devices. If you want a “sure thing” stock in an uncertain market environment, it could be hard to find a better candidate than JNJ.\nWalmart\nKeeping with the theme of tremendous scale, big box retailer Walmart is a $380 billion powerhouse that recorded more than $36 billion in operating cash flow last fiscal year. It’s up nearly 50% from its 2020 lows, outperforming the major stock market indexes in the same period, thanks in part to selling groceries and household goods that have remained in strong demand despite disruptions to other spending categories.\nThis bodes well for the stability of Walmart going forward, as these categories should remain strong for the foreseeable future. Furthermore, the pandemic forced WMT to increase its already impressive digital penetration with customers and accelerated its membership platform Walmart+. This service, at $12 a month or $98 a year, allows for free next-day shipping with no minimum orders and free-from-store delivery for orders of at least $35. There’s even a 5-cent saving on gasoline for members, making this program seem like as good of a value as WMT stock itself.\nThe icing on the cake is an impressive track record of 48 years of consecutive dividend increase that proves Walmart isn’t just a reliable source of income but also a stock that’s committed to its shareholders. Dividends are a tangible sign of real value in a stock, as you have to have regular and material profits to back them up, and a long history of increase shows long-term value investors can depend on WMT regardless of short-term ups and downs for the U.S. economy.\nCVS\nThough you may think of CVS as simply a retailer of a different sort, the reality is that CVS has become much more than a drugstore in 2021. Over the past few years, an investment in acute care and vaccination services in-store has paid off big time as CVS is now a critical part of the vaccine rollout in the U.S. In fact, a recent Wall Street Journal report noted the company has delivered over 3 million vaccines.\nThat’s a short-term opportunity, to be sure. But more importantly, it has brought all those customers into its store and signed many of them up for marketing updates or its ExtraCare rewards program to keep them coming back over the long haul.\nSpeaking of the long haul, investors should not be fooled into thinking this is just a vaccine play. CVS has been shrewd in recent years, growing into a dominant provider of pharmacy benefit management solutions  and even acquiring primary care insurance provider Aetna in 2018. These operations ensure CVS thrives whether individual patients come in to their brick-and-mortar stores with a prescription or not. In fact, under the Global Industry Classification Standard the stock is grouped into “health-care plans” with other stocks like Cigna and UnitedHealthGroup and not with retailers.\nThe kicker is that CVS has a forward price-to-earnings ratio of about 9 right now, less than half that of the S&P 500’s 22, and well below peers like UNH in its industry group that are around 20. With a health-care focus that insulates it from rates and an attractive valuation, CVS is worth a look.\nGeneral Motors\nI made the case for General Motors earlier this year in a MarketWatch column. And with shares up about 40% year-to-date, it’s worth repeating that call here as GM has a lot of intrinsic value and remains at an attractive price even after this run.\nCase in point: GM is sitting on a forward P/E of less than 7, compared with 11 for Toyota and about 22 for the market at large.\nYou might say that’s because the market is discounting GM’s stock for a lack of innovation in the age of electric vehicles. But the truth is that GM is actually running with the pack of EV manfucaturers quite well. Its new Ultium battery power system is modular, allowing it to grow quickly into the many vehicle lines offered by this legacy automaker, and its BrightDrop subsidiary continues to innovate with developments include a 250-mile range delivery van. GM has publicly pledged to have a 100% electric portfolio by 2035, and is well on its way to that long-term goal.\nNow, you may write off this promise as the desperate public relations campaign of a company that has already been eclipsed by Tesla.But GM has one big thing Tesla doesn’t — a mature manufacturing operation that cranks out 7.7 million vehicles a year, and property and equipment valued at almost $80 billion, according to SEC filings.\nYes, the pandemic has created short-term disruptions for the automaker. And yes, there is long-term risk of missing out on the EV revolution. But GM has a ton of intrinsic value right now. And if rates are rising thanks to an economic recovery, you can expect folks to eagerly spend on GM vehicles rather than pay more in financing costs or sticker price later.","news_type":1,"symbols_score_info":{"JNJ":0.9,"GM":0.9,"CVS":0.9,"BAC":0.9,"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134510959,"gmtCreate":1622247929571,"gmtModify":1631883747004,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMAT\">$Applied Materials(AMAT)$</a>slow climb from recent dip. Need to jyjy","listText":"<a href=\"https://laohu8.com/S/AMAT\">$Applied Materials(AMAT)$</a>slow climb from recent dip. Need to jyjy","text":"$Applied Materials(AMAT)$slow climb from recent dip. Need to jyjy","images":[{"img":"https://static.tigerbbs.com/bbfb98b79eacd88bf5ca9e62f7efc98e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/134510959","isVote":1,"tweetType":1,"viewCount":346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":132348990,"gmtCreate":1622073780710,"gmtModify":1631883808298,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/UVXY\">$ProShares Ultra VIX Short Term Futures(UVXY)$</a>Result of following friend blindly. 😥 😥&nbsp;","listText":"<a href=\"https://laohu8.com/S/UVXY\">$ProShares Ultra VIX Short Term Futures(UVXY)$</a>Result of following friend blindly. 😥 😥&nbsp;","text":"$ProShares Ultra VIX Short Term Futures(UVXY)$Result of following friend blindly. 😥 😥","images":[{"img":"https://static.tigerbbs.com/d02149b65c1183b9283bb622eafbd6ad","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/132348990","isVote":1,"tweetType":1,"viewCount":1425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":357293092,"gmtCreate":1617274345416,"gmtModify":1634521674762,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Can comment on my comment plz? Thanks in advance","listText":"Can comment on my comment plz? Thanks in advance","text":"Can comment on my comment plz? Thanks in advance","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/357293092","repostId":"1125051886","repostType":4,"isVote":1,"tweetType":1,"viewCount":432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350361169,"gmtCreate":1616161319551,"gmtModify":1634526937934,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Sad","listText":"Sad","text":"Sad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/350361169","repostId":"1152653258","repostType":4,"repost":{"id":"1152653258","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616160699,"share":"https://www.laohu8.com/m/news/1152653258?lang=zh_CN&edition=full","pubTime":"2021-03-19 21:31","market":"us","language":"en","title":"S&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152653258","media":"Tiger Newspress","summary":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not","content":"<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p><blockquote>（3月19日）美国。在美联储表示不会延长大流行时期允许银行放松资本水平的规定后，周五股市交易接近持平线。</blockquote></p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p><blockquote>道琼斯工业平均指数下跌70点，标普500持平。以科技股为主的纳斯达克综合指数上涨0.2%。</blockquote></p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p><blockquote>央行周五拒绝延长本月底到期的一项规定，该规定放宽了疫情期间银行的补充杠杆率。允许银行相对于美国国债和其他资产持有较少资本的规定是为了在危机期间平息债券市场并鼓励银行放贷。</blockquote></p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p><blockquote>交易员警告称，如果银行出售部分国债作为回应，这一决定可能会产生一些不利影响。在利率快速上升已经让投资者感到不安之际，这可能会推高收益率。</blockquote></p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p><blockquote>消息公布后，债券收益率从低点回升。10年期国债收益率小幅走高至1.74%，徘徊在前一天触及的1.75%上方的14个月高点附近（1个基点等于0.01%）。</blockquote></p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p><blockquote>债券收益率上升可能表明对经济复苏的信心和对通胀的担忧，也可能使高增长股票对投资者的吸引力下降。</blockquote></p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p><blockquote>周四，科技股受到的打击尤其严重。纳斯达克综合指数下跌3%，苹果和亚马逊跌幅略大。道琼斯指数和标普500指数分别下跌0.5%和1.5%。</blockquote></p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p><blockquote>周四科技股和其他成长股表现不佳，与近几个月价值股飙升的趋势类似。然而，Boston Partners全球市场研究总监迈克尔·穆拉尼(Michael Mullaney)表示，过去两周成长型股票表现强劲，这让事情变得更加混乱。</blockquote></p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p><blockquote>“如果你看看过去七天每天的价格模式，你会发现我们正在进行一场乒乓球比赛。有一天是增长，有一天是价值，”穆拉尼说。“我不确定这是否表明我们正处于某种拐点，增长可能会在这里反弹。”</blockquote></p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p><blockquote>能源股周四也遭受重创，西德克萨斯中质原油价格下跌超过7%。欧洲疫苗推广缓慢和新冠病例增加给石油近期需求前景带来压力。</blockquote></p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p><blockquote>联邦快递第三财季营收和利润超出预期后，该公司股价上涨6%。</blockquote></p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p><blockquote>第三季度营收弱于预期后，耐克股价下跌3%。</blockquote></p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p><p><blockquote>本周，道琼斯指数上涨约0.3%，标普500下跌0.7%，纳斯达克综合指数下跌1.5%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 opens flat, heads for losing week as rising rate fears linger<blockquote>由于对利率上升的担忧挥之不去，标普500开盘持平，本周将下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-19 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 19)&nbsp;U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.</p><p><blockquote>（3月19日）美国。在美联储表示不会延长大流行时期允许银行放松资本水平的规定后，周五股市交易接近持平线。</blockquote></p><p>The Dow Jones Industrial Average fell 70 points, while the S&amp;P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.</p><p><blockquote>道琼斯工业平均指数下跌70点，标普500持平。以科技股为主的纳斯达克综合指数上涨0.2%。</blockquote></p><p>The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.</p><p><blockquote>央行周五拒绝延长本月底到期的一项规定，该规定放宽了疫情期间银行的补充杠杆率。允许银行相对于美国国债和其他资产持有较少资本的规定是为了在危机期间平息债券市场并鼓励银行放贷。</blockquote></p><p>The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.</p><p><blockquote>交易员警告称，如果银行出售部分国债作为回应，这一决定可能会产生一些不利影响。在利率快速上升已经让投资者感到不安之际，这可能会推高收益率。</blockquote></p><p>Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).</p><p><blockquote>消息公布后，债券收益率从低点回升。10年期国债收益率小幅走高至1.74%，徘徊在前一天触及的1.75%上方的14个月高点附近（1个基点等于0.01%）。</blockquote></p><p>Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.</p><p><blockquote>债券收益率上升可能表明对经济复苏的信心和对通胀的担忧，也可能使高增长股票对投资者的吸引力下降。</blockquote></p><p>On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&amp;P 500 slipped 0.5% and 1.5%, respectively.</p><p><blockquote>周四，科技股受到的打击尤其严重。纳斯达克综合指数下跌3%，苹果和亚马逊跌幅略大。道琼斯指数和标普500指数分别下跌0.5%和1.5%。</blockquote></p><p>The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.</p><p><blockquote>周四科技股和其他成长股表现不佳，与近几个月价值股飙升的趋势类似。然而，Boston Partners全球市场研究总监迈克尔·穆拉尼(Michael Mullaney)表示，过去两周成长型股票表现强劲，这让事情变得更加混乱。</blockquote></p><p>“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”</p><p><blockquote>“如果你看看过去七天每天的价格模式，你会发现我们正在进行一场乒乓球比赛。有一天是增长，有一天是价值，”穆拉尼说。“我不确定这是否表明我们正处于某种拐点，增长可能会在这里反弹。”</blockquote></p><p>Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.</p><p><blockquote>能源股周四也遭受重创，西德克萨斯中质原油价格下跌超过7%。欧洲疫苗推广缓慢和新冠病例增加给石油近期需求前景带来压力。</blockquote></p><p>Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.</p><p><blockquote>联邦快递第三财季营收和利润超出预期后，该公司股价上涨6%。</blockquote></p><p>Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.</p><p><blockquote>第三季度营收弱于预期后，耐克股价下跌3%。</blockquote></p><p>For the week, the Dow is up about 0.3%, while the S&amp;P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.</p><p><blockquote>本周，道琼斯指数上涨约0.3%，标普500下跌0.7%，纳斯达克综合指数下跌1.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152653258","content_text":"(March 19) U.S. stocks traded near the flatline on Friday after the Federal Reserve said it will not extend a pandemic-era rule that had allowed banks to relax capital levels.The Dow Jones Industrial Average fell 70 points, while the S&P 500 was flat. The tech-heavy Nasdaq Composite traded 0.2% higher.The central bank on Fridaydeclined to extend a rule expiring at the end of the month that relaxed the supplementary leverage ratio for banks during the pandemic. The rule allowing banks to hold less capital against Treasurys and other holdings was implemented to calm the bond market during the crisis and encourage banks to lend.The decision could have some adverse effects, traders have warned, if in response banks sell some of their Treasury holdings. That could send yields even higher at a time when a rapid rise in rates is already unnerving investors.Bond yields rose off their lows following the announcement. The 10-year Treasury yield reversed slightly higher at 1.74%, hovering near its 14-month high above 1.75% hit a day earlier (1 basis point equals 0.01%).Rising bond yields, which can signal confidence about the economic recovery and fears about inflation, can also make high growth stocks look less attractive to investors.On Thursday, with tech stocksbeing particularly hard hit. TheNasdaq Compositefell 3%, with Apple and Amazon seeing slightly larger losses. The Dow and S&P 500 slipped 0.5% and 1.5%, respectively.The underperformance of tech and other growth stocks on Thursday resembles a trend seen in recent months as value stocks have surged. However, growth stocks have had a few strong days over the past two weeks and this is muddying the waters, said Michael Mullaney, director of global markets research at Boston Partners.“If you look at the price pattern on a day-to-day basis for the last now seven days, we’ve got a ping-pong match going on. One day it’s been growth, one day it’s been value,” said Mullaney. “I’m not sure if that’s indicating we’re at some kind of inflection point where growth might get a bounce here.”Energy stocks were also hit hard on Thursday, with the price of West Texas Intermediatecrude sliding by more than 7%. The slow rollout of vaccines and rise in Covid cases in Europe have weighed on the near-term demand outlook for oil.Shares ofFedExjumped 6% after the delivery company beat expectations on the top and bottom lines for its fiscal third quarter.Nike’s stock slipped by 3% after third-quarter revenues were weaker than anticipated.For the week, the Dow is up about 0.3%, while the S&P 500 is off by 0.7% and the Nasdaq Composite is down 1.5%.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":410,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324932467,"gmtCreate":1615950170159,"gmtModify":1703495428790,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/324932467","repostId":"1171927985","repostType":4,"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121731000,"gmtCreate":1624492049800,"gmtModify":1634005452669,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"🚀&nbsp;","listText":"🚀&nbsp;","text":"🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/121731000","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166374903,"gmtCreate":1623994304902,"gmtModify":1634024405473,"author":{"id":"3572579289083558","authorId":"3572579289083558","name":"HaizCashAcc","avatar":"https://static.tigerbbs.com/126d9535883d74ae2c58165fa92b15a7","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572579289083558","idStr":"3572579289083558"},"themes":[],"htmlText":"Nic3","listText":"Nic3","text":"Nic3","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/166374903","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","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><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <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><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><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><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><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><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><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><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><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><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><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><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><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><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><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><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><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><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><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><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><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><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><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><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <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><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><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><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><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><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><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><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><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><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><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><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><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><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><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><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><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><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><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><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <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><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><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><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><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><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><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><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"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":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}