股神徒孙的个人主页 - 老虎社区

股神徒孙

股神徒孙

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2021-11-09

Insider trading? [Surprised]

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2021-09-13

Hmm

@股神徒孙:Oh no

2021-08-27

Interesting read! Can consider!

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2021-07-29

Nice

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2021-07-28

Buy now!

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2021-07-23

Cool

Apple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games<blockquote>苹果将移除允许iPhone用户玩经典游戏的流行DOS模拟器</blockquote>

2021-07-15

Cool

Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit<blockquote>美国银行利润增长一倍多，但收入受到打击</blockquote>

2021-07-11

Nice! Let’s go

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2021-06-26

Wow

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2021-06-23

Yummy!

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2021-06-17

Stocking up now

Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>

2021-06-16

nice!

General Motors shares surges more than 3% in moring trading<blockquote>通用汽车股价早盘飙升逾3%</blockquote>

2021-06-15

Ahhh

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2021-06-14

Well

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2021-06-12

Let’s go!

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2021-06-10

Good!

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2021-06-08

$Tiger Brokers(TIGR)$Missed it at opening by a bit!

2021-06-06

One more push!

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2021-06-04

Way to go!

5 Growth Stocks To Watch This Week<blockquote>本周值得关注的5只成长型股票</blockquote>

2021-06-03

$Tilray Inc.(TLRY)$Waa

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Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’</p><p><blockquote>根据这篇博文，苹果的主要抱怨似乎是该应用程序“执行iDOS软件包和图像文件，并允许iTunes文件共享和导入游戏的文件支持。执行代码可以引入或更改应用程序的特性或功能，并允许在没有许可的情况下下载内容。”</blockquote></p><p> Li claims that they had disclosed the file-sharing access functionality to Apple reviewers in&nbsp;update notes.</p><p><blockquote>李声称，他们在更新说明中向苹果评论者披露了文件共享访问功能。</blockquote></p><p> The developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.</p><p><blockquote>开发商写道，为了符合苹果的政策，不可能削减iDOS2的关键功能。</blockquote></p><p> “That would be a betrayal to all the users that have purchased this app specifically for those features.”</p><p><blockquote>“这将是对所有专门为这些功能购买此应用程序的用户的背叛。”</blockquote></p><p> <b>Why It Matters:</b>&nbsp;As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.</p><p><blockquote><b>为什么重要：</b>截至发稿，Benzinga确认iDOS2在苹果日印两国门店均有销售。</blockquote></p><p> As per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't&nbsp;Li's&nbsp;doing.</p><p><blockquote>根据iDOS2开发者的说法，现有用户应该能够从购买的历史记录中下载该应用，但如果用户遇到一条消息，上面写着“被开发者删除”，这不是李干的。</blockquote></p><p> The App Store has been the center of controversy after Apple and&nbsp;<b>Alphabet Inc</b>&nbsp;GOOGL&nbsp;GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.</p><p><blockquote>继苹果和<b>Alphabet公司</b>去年8月，GOOGL·谷歌将Epic Games的《堡垒之夜》从各自的市场中删除，原因是该游戏违反了有关应用内购买的准则。</blockquote></p><p> The controversy also enveloped&nbsp;<b>Microsoft Corporation</b>&nbsp;which in Maydefended <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its executivesthat testified on behalf of Epic.</p><p><blockquote>争议也笼罩着<b>微软公司</b>在五月辩护<a href=\"https://laohu8.com/S/AONE.U\">一</a>代表Epic作证的高管。</blockquote></p><p> The iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store</p><p><blockquote>这家iPhone制造商还因其围绕App Store的反竞争行为而在德国面临反垄断调查</blockquote></p><p> <b>Price Action:</b>&nbsp;On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.</p><p><blockquote><b>价格走势：</b>周四，苹果股价收盘上涨近1%，至146.80美元，盘后交易中上涨近0.3%。</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\">\nApple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games<blockquote>苹果将移除允许iPhone用户玩经典游戏的流行DOS模拟器</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-23 16:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> </b><b>Inc</b>&nbsp;told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.</p><p><blockquote><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a></b><b>Inc</b>告诉一款允许用户模拟复古磁盘操作系统（DOS）的应用程序的开发者，他们的应用程序将因涉嫌违反准则而从这家科技巨头的市场中删除。</blockquote></p><p> <b>What Happened:</b>&nbsp;Chaoji Li&nbsp;— the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.</p><p><blockquote><b>发生了什么：</b>Chaoji Li是该模拟器的开发者，该模拟器可用于玩DOS游戏和其他用例，他在AppleInsider上的一篇详细的博客文章中讲述了他在蒂姆·库克领导的公司的经历。</blockquote></p><p> Apple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’</p><p><blockquote>根据这篇博文，苹果的主要抱怨似乎是该应用程序“执行iDOS软件包和图像文件，并允许iTunes文件共享和导入游戏的文件支持。执行代码可以引入或更改应用程序的特性或功能，并允许在没有许可的情况下下载内容。”</blockquote></p><p> Li claims that they had disclosed the file-sharing access functionality to Apple reviewers in&nbsp;update notes.</p><p><blockquote>李声称，他们在更新说明中向苹果评论者披露了文件共享访问功能。</blockquote></p><p> The developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.</p><p><blockquote>开发商写道，为了符合苹果的政策，不可能削减iDOS2的关键功能。</blockquote></p><p> “That would be a betrayal to all the users that have purchased this app specifically for those features.”</p><p><blockquote>“这将是对所有专门为这些功能购买此应用程序的用户的背叛。”</blockquote></p><p> <b>Why It Matters:</b>&nbsp;As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.</p><p><blockquote><b>为什么重要：</b>截至发稿，Benzinga确认iDOS2在苹果日印两国门店均有销售。</blockquote></p><p> As per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't&nbsp;Li's&nbsp;doing.</p><p><blockquote>根据iDOS2开发者的说法，现有用户应该能够从购买的历史记录中下载该应用，但如果用户遇到一条消息，上面写着“被开发者删除”，这不是李干的。</blockquote></p><p> The App Store has been the center of controversy after Apple and&nbsp;<b>Alphabet Inc</b>&nbsp;GOOGL&nbsp;GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.</p><p><blockquote>继苹果和<b>Alphabet公司</b>去年8月，GOOGL·谷歌将Epic Games的《堡垒之夜》从各自的市场中删除，原因是该游戏违反了有关应用内购买的准则。</blockquote></p><p> The controversy also enveloped&nbsp;<b>Microsoft Corporation</b>&nbsp;which in Maydefended <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its executivesthat testified on behalf of Epic.</p><p><blockquote>争议也笼罩着<b>微软公司</b>在五月辩护<a href=\"https://laohu8.com/S/AONE.U\">一</a>代表Epic作证的高管。</blockquote></p><p> The iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store</p><p><blockquote>这家iPhone制造商还因其围绕App Store的反竞争行为而在德国面临反垄断调查</blockquote></p><p> <b>Price Action:</b>&nbsp;On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.</p><p><blockquote><b>价格走势：</b>周四，苹果股价收盘上涨近1%，至146.80美元，盘后交易中上涨近0.3%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BPOP":"大众银行","03086":"华夏纳指","AAPL":"苹果","09086":"华夏纳指-U"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156994421","content_text":"Apple Inc told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.\nWhat Happened: Chaoji Li — the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.\nApple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’\nLi claims that they had disclosed the file-sharing access functionality to Apple reviewers in update notes.\nThe developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.\n“That would be a betrayal to all the users that have purchased this app specifically for those features.”\nWhy It Matters: As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.\nAs per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't Li's doing.\nThe App Store has been the center of controversy after Apple and Alphabet Inc GOOGL GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.\nThe controversy also enveloped Microsoft Corporation which in Maydefended one of its executivesthat testified on behalf of Epic.\nThe iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store\nPrice Action: On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.","news_type":1,"symbols_score_info":{"BPOP":0.9,"09086":0.9,"AAPL":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":1203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147139247,"gmtCreate":1626340034589,"gmtModify":1631891682604,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/147139247","repostId":"1104036057","repostType":4,"repost":{"id":"1104036057","kind":"news","pubTimestamp":1626335462,"share":"https://www.laohu8.com/m/news/1104036057?lang=zh_CN&edition=full","pubTime":"2021-07-15 15:51","market":"us","language":"en","title":"Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit<blockquote>美国银行利润增长一倍多，但收入受到打击</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104036057","media":"The Wall Street Journal","summary":"Like its peers, the bank continued to release money it had set aside for the coronavirus recession.\n","content":"<p>  Like its peers, the bank continued to release money it had set aside for the coronavirus recession.  Bank of AmericaCorp.BAC-2.51%said the economic rebound helped to more than double its profit, but low rates weighed on its revenue.</p><p><blockquote>与同行一样，该银行继续释放为冠状病毒衰退预留的资金。美国银行(Bank of AmericaCorp.BAC-2.51%)表示，经济反弹帮助其利润增长了一倍以上，但低利率拖累了其收入。</blockquote></p><p> The nation’s second-largest bank by assets posted earnings Wednesday of $9.22 billion in the second quarter, up from $3.53 billion a year earlier. The bank earned $1.03 a share, beating the 77 cents forecast by analysts polled by FactSet.</p><p><blockquote>按资产计算，这家美国第二大银行周三公布第二季度盈利为92.2亿美元，高于去年同期的35.3亿美元。该银行每股收益1.03美元，超过FactSet调查的分析师预测的77美分。</blockquote></p><p> Bank of America’s bottom line was lifted by its decision to release $2.2 billion of reserves it had set aside during the depths of the coronavirus pandemic to protect against a wave of soured loans. Like peers including JPMorgan Chase &amp; Co., Bank of America has beenreleasing its loan-loss stockpilesas theU.S. economy rebounds.</p><p><blockquote>美国银行决定释放在冠状病毒大流行最严重时期留出的22亿美元准备金，以防范一波不良贷款，从而提高了其利润。与摩根大通等同行一样，美国银行一直在释放其贷款损失库存。经济反弹。</blockquote></p><p> “Consumer spending has significantly surpassed pre-pandemic levels, deposit growth is strong and loan levels have begun to grow,” CEO Brian Moynihan said.</p><p><blockquote>首席执行官布莱恩·莫伊尼汉(Brian Moynihan)表示：“消费者支出已显着超过大流行前的水平，存款增长强劲，贷款水平也开始增长。”</blockquote></p><p> Still, revenue in the second quarter was $21.47 billion, down 4% from $22.33 billion a year earlier. That missed analysts’ expectations of $21.8 billion. Bank of America has been the only major U.S. bank so far to miss analysts’ revenue predictions.</p><p><blockquote>尽管如此，第二季度营收为214.7亿美元，较去年同期的223.3亿美元下降4%。这低于分析师218亿美元的预期。美国银行是迄今为止唯一一家未达到分析师收入预测的美国大型银行。</blockquote></p><p> Investment-banking fees were a bright spot at JPMorgan andGoldman Sachs GroupInc.,which took advantage of companies’ thirst for deal making and posted double-digit gains in their investment-banking revenue. At Bank of America, however, investment-banking fees were down almost 2% to $2.12 billion. Advisory fees for mergers and acquisitions trailed peers.</p><p><blockquote>投资银行手续费是摩根大通和高盛集团的一大亮点，这两家公司利用公司对交易的渴望，投资银行收入实现了两位数的增长。然而，美国银行的投资银行费用下降了近2%，至21.2亿美元。并购咨询费落后于同行。</blockquote></p><p> Bank of America stock fell 2.5%. Still, bank stocks have outperformed the broader stock market this year as investors buy them to bet on the economic rebound.</p><p><blockquote>美国银行股价下跌2.5%。尽管如此，银行股今年的表现仍优于大盘，因为投资者买入银行股是为了押注经济反弹。</blockquote></p><p> Bank of America and its peers sit at the center of the U.S. economy. They have benefited from the reopening of businesses,record-high stock pricesand people’s increased willingness to spend after a year of hunkering down.</p><p><blockquote>美国银行及其同行处于美国经济的中心。他们受益于企业的重新开业、创纪录的高股价以及人们在一年的蛰伏后消费意愿的增强。</blockquote></p><p> But low rates and tepid loan demand have challenged banks. Bank of America in particular is sensitive to interest rates. Net interest income of $10.23 billion in the second quarter was down 6% from $10.85 billion a year earlier.</p><p><blockquote>但低利率和不温不火的贷款需求给银行带来了挑战。美国银行对利率尤其敏感。第二季度净利息收入为102.3亿美元，较去年同期的108.5亿美元下降6%。</blockquote></p><p> While rates remain at rock-bottom levels, there are signs that lending is picking up. Outstanding loans and leases totaled $918.93 billion in the second quarter, up 2% from $903.09 billion in the first quarter but down from a year ago.</p><p><blockquote>尽管利率仍处于最低水平，但有迹象表明贷款正在增加。第二季度未偿还贷款和租赁总额为9189.3亿美元，比第一季度的9030.9亿美元增长2%，但低于去年同期。</blockquote></p><p> Noninterest income, which includes fees, fell 2% to $11.23 billion, from $11.48 billion a year earlier.</p><p><blockquote>包括费用在内的非利息收入从去年同期的114.8亿美元下降2%至112.3亿美元。</blockquote></p><p> Bank of America, like its peers, suffered from a drop in trading, though its decline wasn’t as big. Adjusted trading revenue fell 19% to $3.6 billion from $4.41 billion a year earlier.</p><p><blockquote>与同行一样，美国银行也遭遇了交易量下跌，尽管跌幅没有那么大。调整后的交易收入从上年同期的44.1亿美元下降19%至36亿美元。</blockquote></p><p> But investors have also been watching Bank of America’s expenses, which rose 12% from a year earlier to $15.05 billion due partly to higher compensation costs.</p><p><blockquote>但投资者也一直在关注美国银行的支出，该支出较上年同期增长12%至150.5亿美元，部分原因是薪酬成本上升。</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>Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit<blockquote>美国银行利润增长一倍多，但收入受到打击</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\">\nBank of America’s Profit More Than Doubles, but Revenue Takes a Hit<blockquote>美国银行利润增长一倍多，但收入受到打击</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-07-15 15:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  Like its peers, the bank continued to release money it had set aside for the coronavirus recession.  Bank of AmericaCorp.BAC-2.51%said the economic rebound helped to more than double its profit, but low rates weighed on its revenue.</p><p><blockquote>与同行一样，该银行继续释放为冠状病毒衰退预留的资金。美国银行(Bank of AmericaCorp.BAC-2.51%)表示，经济反弹帮助其利润增长了一倍以上，但低利率拖累了其收入。</blockquote></p><p> The nation’s second-largest bank by assets posted earnings Wednesday of $9.22 billion in the second quarter, up from $3.53 billion a year earlier. The bank earned $1.03 a share, beating the 77 cents forecast by analysts polled by FactSet.</p><p><blockquote>按资产计算，这家美国第二大银行周三公布第二季度盈利为92.2亿美元，高于去年同期的35.3亿美元。该银行每股收益1.03美元，超过FactSet调查的分析师预测的77美分。</blockquote></p><p> Bank of America’s bottom line was lifted by its decision to release $2.2 billion of reserves it had set aside during the depths of the coronavirus pandemic to protect against a wave of soured loans. Like peers including JPMorgan Chase &amp; Co., Bank of America has beenreleasing its loan-loss stockpilesas theU.S. economy rebounds.</p><p><blockquote>美国银行决定释放在冠状病毒大流行最严重时期留出的22亿美元准备金，以防范一波不良贷款，从而提高了其利润。与摩根大通等同行一样，美国银行一直在释放其贷款损失库存。经济反弹。</blockquote></p><p> “Consumer spending has significantly surpassed pre-pandemic levels, deposit growth is strong and loan levels have begun to grow,” CEO Brian Moynihan said.</p><p><blockquote>首席执行官布莱恩·莫伊尼汉(Brian Moynihan)表示：“消费者支出已显着超过大流行前的水平，存款增长强劲，贷款水平也开始增长。”</blockquote></p><p> Still, revenue in the second quarter was $21.47 billion, down 4% from $22.33 billion a year earlier. That missed analysts’ expectations of $21.8 billion. Bank of America has been the only major U.S. bank so far to miss analysts’ revenue predictions.</p><p><blockquote>尽管如此，第二季度营收为214.7亿美元，较去年同期的223.3亿美元下降4%。这低于分析师218亿美元的预期。美国银行是迄今为止唯一一家未达到分析师收入预测的美国大型银行。</blockquote></p><p> Investment-banking fees were a bright spot at JPMorgan andGoldman Sachs GroupInc.,which took advantage of companies’ thirst for deal making and posted double-digit gains in their investment-banking revenue. At Bank of America, however, investment-banking fees were down almost 2% to $2.12 billion. Advisory fees for mergers and acquisitions trailed peers.</p><p><blockquote>投资银行手续费是摩根大通和高盛集团的一大亮点，这两家公司利用公司对交易的渴望，投资银行收入实现了两位数的增长。然而，美国银行的投资银行费用下降了近2%，至21.2亿美元。并购咨询费落后于同行。</blockquote></p><p> Bank of America stock fell 2.5%. Still, bank stocks have outperformed the broader stock market this year as investors buy them to bet on the economic rebound.</p><p><blockquote>美国银行股价下跌2.5%。尽管如此，银行股今年的表现仍优于大盘，因为投资者买入银行股是为了押注经济反弹。</blockquote></p><p> Bank of America and its peers sit at the center of the U.S. economy. They have benefited from the reopening of businesses,record-high stock pricesand people’s increased willingness to spend after a year of hunkering down.</p><p><blockquote>美国银行及其同行处于美国经济的中心。他们受益于企业的重新开业、创纪录的高股价以及人们在一年的蛰伏后消费意愿的增强。</blockquote></p><p> But low rates and tepid loan demand have challenged banks. Bank of America in particular is sensitive to interest rates. Net interest income of $10.23 billion in the second quarter was down 6% from $10.85 billion a year earlier.</p><p><blockquote>但低利率和不温不火的贷款需求给银行带来了挑战。美国银行对利率尤其敏感。第二季度净利息收入为102.3亿美元，较去年同期的108.5亿美元下降6%。</blockquote></p><p> While rates remain at rock-bottom levels, there are signs that lending is picking up. Outstanding loans and leases totaled $918.93 billion in the second quarter, up 2% from $903.09 billion in the first quarter but down from a year ago.</p><p><blockquote>尽管利率仍处于最低水平，但有迹象表明贷款正在增加。第二季度未偿还贷款和租赁总额为9189.3亿美元，比第一季度的9030.9亿美元增长2%，但低于去年同期。</blockquote></p><p> Noninterest income, which includes fees, fell 2% to $11.23 billion, from $11.48 billion a year earlier.</p><p><blockquote>包括费用在内的非利息收入从去年同期的114.8亿美元下降2%至112.3亿美元。</blockquote></p><p> Bank of America, like its peers, suffered from a drop in trading, though its decline wasn’t as big. Adjusted trading revenue fell 19% to $3.6 billion from $4.41 billion a year earlier.</p><p><blockquote>与同行一样，美国银行也遭遇了交易量下跌，尽管跌幅没有那么大。调整后的交易收入从上年同期的44.1亿美元下降19%至36亿美元。</blockquote></p><p> But investors have also been watching Bank of America’s expenses, which rose 12% from a year earlier to $15.05 billion due partly to higher compensation costs.</p><p><blockquote>但投资者也一直在关注美国银行的支出，该支出较上年同期增长12%至150.5亿美元，部分原因是薪酬成本上升。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/bank-of-americas-profit-more-than-doubles-11626260663\">The Wall Street Journal</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"},"source_url":"https://www.wsj.com/articles/bank-of-americas-profit-more-than-doubles-11626260663","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104036057","content_text":"Like its peers, the bank continued to release money it had set aside for the coronavirus recession.\n\nBank of AmericaCorp.BAC-2.51%said the economic rebound helped to more than double its profit, but low rates weighed on its revenue.\nThe nation’s second-largest bank by assets posted earnings Wednesday of $9.22 billion in the second quarter, up from $3.53 billion a year earlier. The bank earned $1.03 a share, beating the 77 cents forecast by analysts polled by FactSet.\nBank of America’s bottom line was lifted by its decision to release $2.2 billion of reserves it had set aside during the depths of the coronavirus pandemic to protect against a wave of soured loans. Like peers including JPMorgan Chase & Co., Bank of America has beenreleasing its loan-loss stockpilesas theU.S. economy rebounds.\n“Consumer spending has significantly surpassed pre-pandemic levels, deposit growth is strong and loan levels have begun to grow,” CEO Brian Moynihan said.\nStill, revenue in the second quarter was $21.47 billion, down 4% from $22.33 billion a year earlier. That missed analysts’ expectations of $21.8 billion. Bank of America has been the only major U.S. bank so far to miss analysts’ revenue predictions.\nInvestment-banking fees were a bright spot at JPMorgan andGoldman Sachs GroupInc.,which took advantage of companies’ thirst for deal making and posted double-digit gains in their investment-banking revenue. At Bank of America, however, investment-banking fees were down almost 2% to $2.12 billion. Advisory fees for mergers and acquisitions trailed peers.\nBank of America stock fell 2.5%. Still, bank stocks have outperformed the broader stock market this year as investors buy them to bet on the economic rebound.\nBank of America and its peers sit at the center of the U.S. economy. They have benefited from the reopening of businesses,record-high stock pricesand people’s increased willingness to spend after a year of hunkering down.\nBut low rates and tepid loan demand have challenged banks. Bank of America in particular is sensitive to interest rates. Net interest income of $10.23 billion in the second quarter was down 6% from $10.85 billion a year earlier.\nWhile rates remain at rock-bottom levels, there are signs that lending is picking up. Outstanding loans and leases totaled $918.93 billion in the second quarter, up 2% from $903.09 billion in the first quarter but down from a year ago.\nNoninterest income, which includes fees, fell 2% to $11.23 billion, from $11.48 billion a year earlier.\nBank of America, like its peers, suffered from a drop in trading, though its decline wasn’t as big. Adjusted trading revenue fell 19% to $3.6 billion from $4.41 billion a year earlier.\nBut investors have also been watching Bank of America’s expenses, which rose 12% from a year earlier to $15.05 billion due partly to higher compensation costs.","news_type":1,"symbols_score_info":{"BAC":0.9}},"isVote":1,"tweetType":1,"viewCount":2003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148796780,"gmtCreate":1626014350140,"gmtModify":1631891682606,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Nice! Let’s go","listText":"Nice! Let’s go","text":"Nice! Let’s go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148796780","repostId":"2150463301","repostType":4,"isVote":1,"tweetType":1,"viewCount":1932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125793472,"gmtCreate":1624691202496,"gmtModify":1631891682608,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125793472","repostId":"1175794606","repostType":4,"isVote":1,"tweetType":1,"viewCount":1843,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129456319,"gmtCreate":1624383090731,"gmtModify":1631891682611,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Yummy!","listText":"Yummy!","text":"Yummy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129456319","repostId":"1118580429","repostType":4,"isVote":1,"tweetType":1,"viewCount":3575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161608512,"gmtCreate":1623920473236,"gmtModify":1631891682615,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Stocking up now&nbsp;","listText":"Stocking up now&nbsp;","text":"Stocking up now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161608512","repostId":"1138373077","repostType":4,"repost":{"id":"1138373077","kind":"news","pubTimestamp":1623915483,"share":"https://www.laohu8.com/m/news/1138373077?lang=zh_CN&edition=full","pubTime":"2021-06-17 15:38","market":"us","language":"en","title":"Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138373077","media":"seekingalpha","summary":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the yea","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li>  <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li>  <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际部门预计将在未来几年引领公司的收入增长。</li><li>该公司通过Flipkart在快速增长的印度市场的领导地位预计将成为其扩大规模以与亚马逊印度竞争的关键竞争优势。</li><li>以目前的价格来看，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛(WMT)在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到2025年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领先的墨西哥。此外，该公司对Flipkart的精明投资使其在印度电子商务领域占据了关键的领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the&nbsp;divestiture of Asda and Seiyu&nbsp;last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上季度完成对Asda和Seiyu的剥离后，该公司已将目光投向在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和Baird）上详细讨论了如何将其国际业务提升到一个新水平的国际优先事项和机遇。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按部门划分的全球净销售额。数据来源：公司备案</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占21财年收入的21.9%。正如我们从上面可以观察到的，尽管WMT的美国业务出现了相对稳定和持续的增长，但其国际业务近年来整体上基本上停滞不前。该公司退出西友（日本）和阿斯达（英国），以便将资本重新分配到增长较高的地区，特别是印度和中国，这是调整其增长重点和振兴其国际业务部门的重要一步。事实上，沃尔玛在日本的业务甚至受到了相当恶劣的媒体，《日经亚洲》评论道：“沃尔玛在国外的失败很大程度上可以归因于五音不全的管理层，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系等。”其他明显的疏忽。”尽管《日经指数》提出了耸人听闻的指控，但我认为WMT在其国际业务方面实际上表现令人钦佩，因为该公司在22年第一季度的营业利润率为4.4%，21财年为3%，20财年为2.8%，19财年为4%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像WMT这样规模庞大的国际市场上经营零售业务赚钱有多困难，投资者只需看看亚马逊(AMZN)就知道了，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的年度营业收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的季度营业收入。数据来源：公司备案</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>正如我们从上面的两张图表中可以观察到的，尽管北美部门继续表现良好，但AMZN的国际部门在经历了过去6年的亏损后，最近才在20年第二季度开始扭亏为盈。这是对投资者的一个很好的提醒，WMT知道如何很好地管理其庞大的国际足迹，而且要经营像沃尔玛这样地域多元化和规模庞大的业务，同时实现盈利，从而为该公司提供极其宽阔的护城河，确实非常困难。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国有望引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>尽管墨西哥预计到2025年仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，预计到2025年印度将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测的CAGR收入。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的5年复合年增长率为10.4%，预计将优于其他国际同行，其次是中国，5年复合年增长率为6.6%。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT预计收入意味着共识和同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑公司未来几年的整体预期收入增长，投资者现在应该能够认识到WMT国际市场对于推动公司营收的重要性，因此管理好其国际部门的增长将为公司提供一个非常重要的杠杆随着时间的推移推动结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store &amp; Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>尽管WMT在美国的领导地位无可争议，但在中国可能就不一样了。中国的竞争格局由苏宁商业集团强势主导，WMT的中国业务在本次调查中实际上排名第7。因此，WMT有巨大的销售潜力可以弥补，以跻身中国零售领导者的行列。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：IMF</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司增长的市场：印度，这是WMT国际业务真正令人兴奋的地方。印度人口预计将从2016年的13.24亿增长到2025年的14.43亿，这将代表0.96%的CAGR，比美国0.47%的人口CAGR快，是美国的两倍，尽管印度的人口规模已经是美国的4倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain &amp; Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a&nbsp;31.9% market share&nbsp;as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT在印度的主要渠道）预计将从2014年的140亿美元增长到2027年的2000亿美元，这将代表22.7%的惊人CAGR，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管是Flipkart），根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其强劲的竞争对手亚马逊印度，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来非常有能力在印度进行强有力的竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入同比增长。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>正如我们从上面可以观察到的，考虑到2020年印度电子商务行业价值64B美元的市场规模，Flipkart 20财年的收入为346B卢比（相当于约47.2亿美元），这只是触及了表面。尽管12%的收入同比增长比上一年42%的同比增长大幅放缓，但该公司已成功将净亏损从38.35 B卢比减少至31.5 B卢比（见下文），同比增长17%。因此，投资者必须继续监测其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续减速问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的损益。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>统一支付接口[UPI]在印度的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a&nbsp;73% share&nbsp;of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的UPI平台PhonePe也是印度UPI使用的领导者。截至2月21日，UPI已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于NPCI对包括PhonePe在内的所有第三方支付应用程序设置了30%的交易限制上限，PhonePe和Google Pay需要在2年内将其交易份额降至30%上限以内。此外，WhatsApp Pay也有望在这个快速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2153万亿卢比增长到2025年的7092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度的数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑到沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT指标。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用EV/EBITDA-资本支出（作为FCF的代理）和EV/EBIT来考虑WMT的FCF和EBIT相对估值时，WMT目前的估值接近两个估值范围的高端（EV/LTM EBITDA：14.7倍，EV/LTM EBIT：14.9倍）过去5年。事实上，当我们考虑该公司的远期估值时，我们可以观察到市场似乎已经对WMT未来的息税前利润和自由现金流增长抱有相当大的乐观情绪，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了确定WMT的远期估值是否也符合我们对其他公司的预期，对一组基准公司进行EV/EBIT比较将是有用的，以便我们有一个合理的基础来评估WMT的价值。我们还观察到，与这组基准公司相比，WMT的EV/EBIT指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用EV/LTM EBIT指标和EV/Fwd EBIT指标，我们得出公允价值范围中点的公允价值为156.42美元，较6月15日收盘价140美元有11.7%的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT是一只强劲的股票，在过去3年的长期上升趋势中一直受到良好支撑。50W均线一直是其关键的动态支撑位，包括在2018年熊市期间，以及2020年COVID-19熊市期间，显示了市场对这一传统市场领导者的信心。127美元的支撑位看起来也是一个极其强劲的支撑位，在2月至3月21日的回撤期间吸引了强烈的买盘兴趣，如果价格在未来回撤至该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于50W MA支撑位，我认为在当前140美元的价格水平下，它仍然代表着最佳的技术买入入场点。然而，投资者短期内应避免在154美元附近买入，因为预计这将是近期阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，预计将成为该公司主要的国际增长动力。尽管其国际业务在公司总收入中仍占相对较小的一部分，但预计在可预见的未来，它将引领集团的增长，市场也肯定这么认为，而且WMT的估值预计将高于历史观察到的倍数。因此，鉴于WMT目前的估值极具吸引力，投资者应该利用WMT目前的价格疲软来增持这只出色的股票。</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>Walmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</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\">\nWalmart: Buy On Weakness For Its Exciting International Growth Prospects<blockquote>沃尔玛：因其令人兴奋的国际增长前景而逢低买入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-17 15:38</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>Walmart’s international segment is expected to lead the company’s revenue growth in the years ahead.</li>  <li>The company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.</li>  <li>At the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af09545cba715476092d754f8df38e8a\" tg-width=\"768\" tg-height=\"512\"><span>Wolterk/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>沃尔玛的国际部门预计将在未来几年引领公司的收入增长。</li><li>该公司通过Flipkart在快速增长的印度市场的领导地位预计将成为其扩大规模以与亚马逊印度竞争的关键竞争优势。</li><li>以目前的价格来看，沃尔玛并不昂贵，并为投资者参与其国际增长动力提供了一个有吸引力的切入点。</li></ul><p class=\"t-img-caption\"><span>Wolterk/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Walmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.</p><p><blockquote>沃尔玛(WMT)在其国际市场上有着非常令人兴奋的增长前景，尤其是在印度，预计到2025年，该市场将超过加拿大，成为第二大国际细分市场，仅次于领先的墨西哥。此外，该公司对Flipkart的精明投资使其在印度电子商务领域占据了关键的领导地位，预计该领域将在未来几年快速增长。</blockquote></p><p> <b>Setting the Stage for International Expansion</b></p><p><blockquote><b>为国际扩张奠定基础</b></blockquote></p><p> Walmart has grand ambitions on the international stage. After the completion of the&nbsp;divestiture of Asda and Seiyu&nbsp;last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.</p><p><blockquote>沃尔玛在国际舞台上雄心勃勃。在上季度完成对Asda和Seiyu的剥离后，该公司已将目光投向在增长更快的市场推动其国际增长。该公司还在最近的两次会议（DBAccess和Baird）上详细讨论了如何将其国际业务提升到一个新水平的国际优先事项和机遇。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917a0bddc47fb6071bfd416976abe840\" tg-width=\"600\" tg-height=\"371\"><span>WMT net sales worldwide by division. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按部门划分的全球净销售额。数据来源：公司备案</span></p></blockquote></p><p> Walmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.</p><p><blockquote>沃尔玛的国际销售额约占21财年收入的21.9%。正如我们从上面可以观察到的，尽管WMT的美国业务出现了相对稳定和持续的增长，但其国际业务近年来整体上基本上停滞不前。该公司退出西友（日本）和阿斯达（英国），以便将资本重新分配到增长较高的地区，特别是印度和中国，这是调整其增长重点和振兴其国际业务部门的重要一步。事实上，沃尔玛在日本的业务甚至受到了相当恶劣的媒体，《日经亚洲》评论道：“沃尔玛在国外的失败很大程度上可以归因于五音不全的管理层，他们没有考虑到当地的商业习俗、饮食习惯和劳资关系等。”其他明显的疏忽。”尽管《日经指数》提出了耸人听闻的指控，但我认为WMT在其国际业务方面实际上表现令人钦佩，因为该公司在22年第一季度的营业利润率为4.4%，21财年为3%，20财年为2.8%，19财年为4%。</blockquote></p><p> <b>Ask Amazon How Hard It Is To Make Money Overseas</b></p><p><blockquote><b>问问亚马逊在海外赚钱有多难</b></blockquote></p><p> In order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.</p><p><blockquote>为了了解在像WMT这样规模庞大的国际市场上经营零售业务赚钱有多困难，投资者只需看看亚马逊(AMZN)就知道了，尽管它专注于电子商务领域。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f155f05bf035f522fff05f7c5802740\" tg-width=\"849\" tg-height=\"525\"><span>AMZN annual Operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的年度营业收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fa70bfe2b8a379252d91f48a78becd52\" tg-width=\"600\" tg-height=\"371\"><span>AMZN quarterly operating income by segment. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN按部门划分的季度营业收入。数据来源：公司备案</span></p></blockquote></p><p> As we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.</p><p><blockquote>正如我们从上面的两张图表中可以观察到的，尽管北美部门继续表现良好，但AMZN的国际部门在经历了过去6年的亏损后，最近才在20年第二季度开始扭亏为盈。这是对投资者的一个很好的提醒，WMT知道如何很好地管理其庞大的国际足迹，而且要经营像沃尔玛这样地域多元化和规模庞大的业务，同时实现盈利，从而为该公司提供极其宽阔的护城河，确实非常困难。</blockquote></p><p> <b>India and China Expected to Lead Growth</b></p><p><blockquote><b>印度和中国有望引领增长</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5de7690e94d33c1fa7d9a17901080007\" tg-width=\"833\" tg-height=\"515\"><span>WMT projected net sales by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测净销售额。数据来源：Edge by Ascential</span></p></blockquote></p><p> Although Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.</p><p><blockquote>尽管墨西哥预计到2025年仍将是国际最重要的收入驱动力，但印度和中国预计将引领增长，预计到2025年印度将成为该公司的第二大国际市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb39da945b2a8ef4d8bc56b06bf945b7\" tg-width=\"600\" tg-height=\"371\"><span>WMT projected revenue CAGR by country. Data Source: Edge by Ascential</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT按国家/地区预测的CAGR收入。数据来源：Edge by Ascential</span></p></blockquote></p><p></p><p> India’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).</p><p><blockquote>印度的5年复合年增长率为10.4%，预计将优于其他国际同行，其次是中国，5年复合年增长率为6.6%。其其他国际市场预计也将相对快速增长，包括领先的墨西哥（5年复合年增长率：4.1%）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9a2cee8cc3738a2a615afe99152dd5f\" tg-width=\"1280\" tg-height=\"738\"><span>WMT projected revenue mean consensus, and YoY growth. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>WMT预计收入意味着共识和同比增长。数据来源：标普资本智商</span></p></blockquote></p><p> If we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.</p><p><blockquote>如果我们考虑公司未来几年的整体预期收入增长，投资者现在应该能够认识到WMT国际市场对于推动公司营收的重要性，因此管理好其国际部门的增长将为公司提供一个非常重要的杠杆随着时间的推移推动结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b6a11308afe3976fe54e67f76f8f596\" tg-width=\"873\" tg-height=\"540\"><span>Leading retail chain operators in China. Data Source: China Chain Store &amp; Franchise Association</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国领先的零售连锁运营商。数据来源：中国连锁经营协会</span></p></blockquote></p><p> Although WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.</p><p><blockquote>尽管WMT在美国的领导地位无可争议，但在中国可能就不一样了。中国的竞争格局由苏宁商业集团强势主导，WMT的中国业务在本次调查中实际上排名第7。因此，WMT有巨大的销售潜力可以弥补，以跻身中国零售领导者的行列。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0338751a0a7661f724cfa43c4acb5c58\" tg-width=\"600\" tg-height=\"371\"><span>Total population in the U.S. and India. Data Source: IMF</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国和印度的总人口。数据来源：IMF</span></p></blockquote></p><p> In the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.</p><p><blockquote>在有望引领公司增长的市场：印度，这是WMT国际业务真正令人兴奋的地方。印度人口预计将从2016年的13.24亿增长到2025年的14.43亿，这将代表0.96%的CAGR，比美国0.47%的人口CAGR快，是美国的两倍，尽管印度的人口规模已经是美国的4倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ab0dcd47a074df2156c16ea1db021061\" tg-width=\"600\" tg-height=\"371\"><span>Market size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain &amp; Company; Morgan Stanley</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度电子商务行业的市场规模。数据来源：印度品牌资产基金会；各种来源（媒体来源）；卡介苗；贝恩公司；摩根士丹利</span></p></blockquote></p><p> India’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a&nbsp;31.9% market share&nbsp;as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.</p><p><blockquote>印度的电子商务行业（WMT在印度的主要渠道）预计将从2014年的140亿美元增长到2027年的2000亿美元，这将代表22.7%的惊人CAGR，这是一个令人难以置信的增长率。更重要的是，WMT是印度电子商务的领导者（尽管是Flipkart），根据Forrester Research的数据，截至10月20日，Flipkart拥有31.9%的市场份额，仅领先于其强劲的竞争对手亚马逊印度，后者拥有31.2%的市场份额。因此，作为快速扩张的电子商务市场的领导者，WMT看起来非常有能力在印度进行强有力的竞争。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c611e761c64537eac8600067ff46dce9\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7fd83dbbe32e4623cfb108479191db5\" tg-width=\"600\" tg-height=\"371\"><span>Flipkart revenue YoY growth. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart收入同比增长。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> As we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.</p><p><blockquote>正如我们从上面可以观察到的，考虑到2020年印度电子商务行业价值64B美元的市场规模，Flipkart 20财年的收入为346B卢比（相当于约47.2亿美元），这只是触及了表面。尽管12%的收入同比增长比上一年42%的同比增长大幅放缓，但该公司已成功将净亏损从38.35 B卢比减少至31.5 B卢比（见下文），同比增长17%。因此，投资者必须继续监测其未来增长趋势的健康状况，以评估公司是否存在需要解决的持续减速问题。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/84abc8cadd99bda1af002f8ef6a231ad\" tg-width=\"768\" tg-height=\"475\"><span>P/L of Flipkart. Data Source: Flipkart; Business Standard</span></p><p><blockquote><p class=\"t-img-caption\"><span>Flipkart的损益。数据来源：Flipkart；商业标准</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/efdcc73d770fedc1353ca09154e30a26\" tg-width=\"600\" tg-height=\"371\"><span>Unified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI</span></p><p><blockquote><p class=\"t-img-caption\"><span>统一支付接口[UPI]在印度的使用。数据来源：《金融快报》（印度）；NPCI</span></p></blockquote></p><p></p><p> Meanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a&nbsp;73% share&nbsp;of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.</p><p><blockquote>与此同时，该公司的UPI平台PhonePe也是印度UPI使用的领导者。截至2月21日，UPI已成为印度占主导地位的支付基础设施，占所有数字交易量的73%。然而，由于NPCI对包括PhonePe在内的所有第三方支付应用程序设置了30%的交易限制上限，PhonePe和Google Pay需要在2年内将其交易份额降至30%上限以内。此外，WhatsApp Pay也有望在这个快速扩张的市场中扮演越来越重要的角色，与Google Pay和PhonePe展开竞争。尽管NPCI设定了上限，但印度的数字支付市场预计将从2020年的2153万亿卢比增长到2025年的7092万亿卢比（见下文），这将代表26.9%的CAGR，因此我们高度相信所有主要竞争对手都有足够的增长空间。沃尔玛在印度电子商务市场看起来无疑处于非常有利的地位，其电子商务增长仍处于起步阶段。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6273488f83e60a8d2c316d9296e7ad27\" tg-width=\"600\" tg-height=\"371\"><span>Digital payments market value across India. Data Source: Redseer</span></p><p><blockquote><p class=\"t-img-caption\"><span>印度的数字支付市场价值。数据来源：Redseer</span></p></blockquote></p><p> <b>Considering Walmart's Valuations</b></p><p><blockquote><b>考虑到沃尔玛的估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2e1c5a07707bd380a3dab086be2be5c\" tg-width=\"1280\" tg-height=\"701\"><span>EV / EBITDA Metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBITDA指标。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537bf606c23aaa34ab1130ab1186f6d5\" tg-width=\"1280\" tg-height=\"694\"><span>EV / EBIT metrics. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT指标。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.</p><p><blockquote>当我们使用EV/EBITDA-资本支出（作为FCF的代理）和EV/EBIT来考虑WMT的FCF和EBIT相对估值时，WMT目前的估值接近两个估值范围的高端（EV/LTM EBITDA：14.7倍，EV/LTM EBIT：14.9倍）过去5年。事实上，当我们考虑该公司的远期估值时，我们可以观察到市场似乎已经对WMT未来的息税前利润和自由现金流增长抱有相当大的乐观情绪，预计该公司未来将表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/38ba544168ae18b243f52b6359262acb\" tg-width=\"1280\" tg-height=\"884\"><span>EV / EBIT valuation metrics.</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/EBIT估值指标。</span></p></blockquote></p><p> Therefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.</p><p><blockquote>因此，为了确定WMT的远期估值是否也符合我们对其他公司的预期，对一组基准公司进行EV/EBIT比较将是有用的，以便我们有一个合理的基础来评估WMT的价值。我们还观察到，与这组基准公司相比，WMT的EV/EBIT指标并不过分。</blockquote></p><p> Using a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.</p><p><blockquote>综合使用EV/LTM EBIT指标和EV/Fwd EBIT指标，我们得出公允价值范围中点的公允价值为156.42美元，较6月15日收盘价140美元有11.7%的潜在上涨空间。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eeab97d13426aa4d6f580b82aaf6bf4b\" tg-width=\"1280\" tg-height=\"784\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> WMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.</p><p><blockquote>WMT是一只强劲的股票，在过去3年的长期上升趋势中一直受到良好支撑。50W均线一直是其关键的动态支撑位，包括在2018年熊市期间，以及2020年COVID-19熊市期间，显示了市场对这一传统市场领导者的信心。127美元的支撑位看起来也是一个极其强劲的支撑位，在2月至3月21日的回撤期间吸引了强烈的买盘兴趣，如果价格在未来回撤至该水平，投资者应将其视为“买入更多”的切入点。目前，该股再次处于50W MA支撑位，我认为在当前140美元的价格水平下，它仍然代表着最佳的技术买入入场点。然而，投资者短期内应避免在154美元附近买入，因为预计这将是近期阻力位。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Walmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.</p><p><blockquote>沃尔玛的国际战略，尤其是在印度的战略，看起来非常令人兴奋，预计将成为该公司主要的国际增长动力。尽管其国际业务在公司总收入中仍占相对较小的一部分，但预计在可预见的未来，它将引领集团的增长，市场也肯定这么认为，而且WMT的估值预计将高于历史观察到的倍数。因此，鉴于WMT目前的估值极具吸引力，投资者应该利用WMT目前的价格疲软来增持这只出色的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential\">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":{"WMT":"沃尔玛"},"source_url":"https://seekingalpha.com/article/4435090-walmart-stock-buy-for-international-growth-potential","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138373077","content_text":"Summary\n\nWalmart’s international segment is expected to lead the company’s revenue growth in the years ahead.\nThe company’s leadership through Flipkart in the rapidly growing India market is expected to be a key competitive advantage as it scales up to compete against Amazon India.\nAt the current price, Walmart is not expensive, and offers an attractive entry point for investors to partake in its international growth drivers.\n\nWolterk/iStock Editorial via Getty Images\nInvestment Thesis\nWalmart (WMT) has very exciting growth prospects in its international markets, especially in India where the market is expected to overtake Canada as the second largest international market segment, behind the leader Mexico by 2025. In addition, the company’s astute investment in Flipkart has given it the key leadership in the e-commerce segment in India which is expected to grow rapidly in the years ahead.\nSetting the Stage for International Expansion\nWalmart has grand ambitions on the international stage. After the completion of the divestiture of Asda and Seiyu last quarter, the company has set its sights on driving its international growth in the faster growing markets. The company also discussed at length its international priorities and opportunities in two recent conferences (DBAccess, andBaird) on how to take its international business to the next level.\nWMT net sales worldwide by division. Data Source: Company Filings\nWalmart’s international sales accounted for about 21.9% of FY 21 revenue. As we could observe from above, WMT’s international business as a whole has been largely stagnant in recent years even though its U.S. operations saw relatively stable and consistent growth. The company’s exit from Seiyu [Japan] and Asda [UK] in order to reallocate capital to its higher growth regions, notably in India and China, is an important step towards aligning its growth priorities and rejuvenating its international business segment. In fact, Walmart had even received pretty nasty press on its operations in Japan, asNikkei Asiaremarked: “Walmart's foreign flops can be attributed largely to tone-deaf management, which failed to take into account local business customs, dietary habits and labor relations, among other glaring oversights.” Notwithstanding the sensational allegations made by the Nikkei, I think WMT has actually performed admirably in its international business as it’s aprofitable segmentfor the company that posted an operating margin of 4.4% in Q1’22, as well as 3% in FY 21, 2.8% in FY 20, and 4% in FY 19, respectively.\nAsk Amazon How Hard It Is To Make Money Overseas\nIn order to understand how difficult it is to make money operating a retail business in international markets with a footprint as large as WMT, investors need to look no further than Amazon (AMZN), notwithstanding its focus on the e-commerce segment.\nAMZN annual Operating income by segment. Data Source: Company Filings\nAMZN quarterly operating income by segment. Data Source: Company Filings\nAs we could observe from the 2 charts above, AMZN’s international segment only recently started to turn an operating profit in Q2’20 after experiencing losses over the last 6 years, even though the North America segment continued to do well. It’s a good reminder to investors that WMT knows how to manage its large international footprint well and it’s really very difficult to run an operation as geographically diverse and huge as Walmart’s and be profitable at the same time, giving the company an extremely wide moat.\nIndia and China Expected to Lead Growth\nWMT projected net sales by country. Data Source: Edge by Ascential\nAlthough Mexico is still expected to remain as International’s most important revenue driver by 2025, India and China are expected to lead the growth, with India expected to be the company’s second largest international market by 2025.\nWMT projected revenue CAGR by country. Data Source: Edge by Ascential\nIndia’s 5Y CAGR of 10.4% is expected to outperform the rest of its international peers, followed by China in second place with a 5Y CAGR of 6.6%. The rest of its international markets are also expected to grow relatively fast, including the leader Mexico (5Y CAGR: 4.1%).\nWMT projected revenue mean consensus, and YoY growth. Data source: S&P Capital IQ\nIf we consider the company’s overall expected revenue growth in the next few years, investors should now be able to appreciate the importance of WMT’s international markets to drive the company’s topline and therefore managing the growth of its international segment well would provide the company a highly significant lever to drive results over time.\nLeading retail chain operators in China. Data Source: China Chain Store & Franchise Association\nAlthough WMT’s leadership in the U.S. is undisputed, it may not be the same in China. The competitive landscape in China is strongly dominated by Suning Commerce Group, and WMT’s China operations was actually ranked 7th in this survey. Therefore, there is a tremendous amount of sales potential for WMT to make up in order to move up the ranks among China’s retail leaders.\nTotal population in the U.S. and India. Data Source: IMF\nIn the market where it is expected to lead the company's growth: India, this is where the excitement for WMT’s international business really begins. India’s population is expected to grow from 1.324B in 2016 to 1.443B by 2025, which would represent a CAGR of 0.96%, faster than the U.S. population CAGR of 0.47%, that is twice as fast, despite having a population size that’s already 4x larger to start with.\nMarket size of e-commerce industry across India. Data Source: India Brand Equity Foundation; Various sources (Media sources); BCG; Bain & Company; Morgan Stanley\nIndia’s e-commerce industry (WMT’s main channel in India) is expected to grow from just $14B in 2014 to $200B by 2027, which would represent a whopping CAGR of 22.7%, an incredible growth rate. More importantly, WMT is an e-commerce leader in India (though Flipkart), as Flipkart had a 31.9% market share as of Oct 20 according to Forrester Research, just ahead of its fierce rival, Amazon India, who had a 31.2% market share. Therefore, WMT looks very well positioned to compete strongly in India as the leader of a rapidly expanding e-commerce market.\nFlipkart revenue. Data Source: Flipkart; Business Standard\nFlipkart revenue YoY growth. Data Source: Flipkart; Business Standard\nAs we could observe from above, Flipkart’s FY 20 revenue of 346B rupees (equivalent to about $4.72B) has barely scratched the surface considering the market size of India’s e-commerce industry that was worth $64B in 2020. Even though the revenue growth of 12% YoY was an egregious deceleration from the previous year’s 42% YoY growth, the company has managed to reduce its net loss from 38.35B rupees to 31.5B rupees (see below), an improvement of 17% YoY. It would thus be important for investors to continue monitoring the health of its growth trend moving forward to evaluate whether there is a persistent deceleration that needs to be addressed by the company.\nP/L of Flipkart. Data Source: Flipkart; Business Standard\nUnified Payment Interface [UPI] usage across India. Data Source: The Financial Express (India); NPCI\nMeanwhile, the company’s UPI platform PhonePe is also the leader in UPI usage across India. UPI has become the dominant payments infrastructure across India with a 73% share of all digital transactions volume as of Feb 21. However, due to the 30% transactions restriction cap placed on all third-party payment apps that include PhonePe by the authority [NPCI] on the leaders, PhonePe and Google Pay would need to meet a 2-year deadline to bring down their transactions share to within the 30% cap. In addition, WhatsApp Pay is also expected to play an increasingly important role in this rapidly expanding market and compete against Google Pay and PhonePe. Notwithstanding the cap placed by NPCI, the digital payments market in India is expected to grow from 2,153 trillion rupees in 2020 to 7,092 trillion rupees by 2025 (see below), which would represent a CAGR of 26.9%, thus giving us a high level of confidence that there is ample room for all the major competitors to grow. Walmart definitely looks incredibly well-positioned in the India e-commerce market, where its e-commerce growth is still very much in its infancy.\nDigital payments market value across India. Data Source: Redseer\nConsidering Walmart's Valuations\nEV / EBITDA Metrics. Data source: S&P Capital IQ\nEV / EBIT metrics. Data source: S&P Capital IQ\nWhen we consider WMT’s FCF and EBIT relative valuations using both EV / EBITDA - CapEx (as a proxy for FCF) and EV / EBIT, WMT is currently valued near the higher end of both valuations range (EV / LTM EBITDA: 14.7x, EV / LTM EBIT: 14.9x) over the last 5 years. In fact, when we consider the company forward valuations, we could observe that the market seems to have priced in quite a bit of optimism into WMT’s future EBIT and FCF growth in which the company is expected to execute well moving forward.\nEV / EBIT valuation metrics.\nTherefore, in order to have a basis on whether WMT’s forward valuations are also in line with what we expect from other companies, it would be useful to conduct an EV / EBIT comparison across a set of benchmark companies for us to have a reasonable basis to value WMT. We also observed that WMT’s EV / EBIT metrics have not been excessive when compared against this set of benchmark companies.\nUsing a blend of their EV / LTM EBIT metric and their EV / Fwd EBIT metric, we arrived at a fair value of $156.42 at the midpoint of the fair value range, representing a potential upside of 11.7% from 15 Jun’s closing price of $140.\nPrice Action and Technical Analysis\nSource: TradingView\nWMT is a strong stock that has always been well supported along its long-term uptrend over the last 3 years. The 50W moving average has always acted as its key dynamic support level, including during the 2018 bear market, and the 2020 COVID-19 bear market, demonstrating the confidence of the market in this customary market leader. The support level at $127 also looks like an extremely strong support level that attracted strong buying interest during the retracement in Feb - Mar 21 and investors should consider this as a \"Buy more\" entry point if the price retraces to that level in the future. Currently, the stock is right at the 50W MA support level again, and I think at the current price level of $140, it still represents an optimal technical buy entry. Investors should however avoid buying near $154 in the near term as it’s expected to be a near term resistance level.\nWrapping it all up\nWalmart’s international strategies, especially in India are looking very exciting and is expected to be the company's main international growth driver. Although its international segment is still a relatively small segment of the company’s overall revenue, it’s expected to lead the group’s growth in the foreseeable future and the market definitely thinks so as well as WMT is expected to be valued at higher multiples than what was observed historically. Investors should therefore take advantage of WMT’s current price weakness to add to this fantastic stock in view of its attractive valuation right now.","news_type":1,"symbols_score_info":{"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169760672,"gmtCreate":1623851198396,"gmtModify":1634027097794,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"nice!","listText":"nice!","text":"nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169760672","repostId":"1138545791","repostType":4,"repost":{"id":"1138545791","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":1623850706,"share":"https://www.laohu8.com/m/news/1138545791?lang=zh_CN&edition=full","pubTime":"2021-06-16 21:38","market":"us","language":"en","title":"General Motors shares surges more than 3% in moring trading<blockquote>通用汽车股价早盘飙升逾3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138545791","media":"Tiger Newspress","summary":"General Motors shares surges more than 3% in moring trading.\nGeneral Motors said on Wednesday it wil","content":"<p>General Motors&nbsp;shares&nbsp;surges&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;moring&nbsp;trading.</p><p><blockquote>通用汽车股价在早盘交易中飙升超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62c4e8e4eca776efaebd98402c5b199b\" tg-width=\"801\" tg-height=\"594\" referrerpolicy=\"no-referrer\">General Motors&nbsp;said on Wednesday it will increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30% increase from plans announced late last year. It also said it is raising its earnings guidance for the first half of the year.</p><p><blockquote>通用汽车周三表示，到2025年，将把电动和自动驾驶汽车的支出增加到350亿美元，比去年年底宣布的计划增加30%。该公司还表示，将上调今年上半年的盈利指引。</blockquote></p><p> The additional money will be used to&nbsp;expand its rollout of EVs and accelerate production of its battery and fuel cell technologies, including two new U.S. battery plants in addition to two that are currently under construction.</p><p><blockquote>额外的资金将用于扩大其电动汽车的推出并加速其电池和燃料电池技术的生产，除了目前正在建设的两家电池工厂之外，还包括两家新的美国电池工厂。</blockquote></p><p> America's largest automaker is racing to catch up to EV leaderTeslaand compete for a leadership position against other well-established automakers such asVolkswagen. GM plans to sell more than 1 million EVs annually by 2025.</p><p><blockquote>美国最大的汽车制造商正在竞相追赶电动汽车领导者特斯拉，并与大众汽车等其他知名汽车制造商争夺领导地位。通用汽车计划到2025年每年销售超过100万辆电动汽车。</blockquote></p><p> \"We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,\" GM CEOMary Barrasaid in a statement.</p><p><blockquote>通用汽车首席执行官玛丽·巴拉在一份声明中表示：“我们正在积极投资一项全面且高度整合的计划，以确保通用汽车在向更可持续未来转型的各个方面处于领先地位。”</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>General Motors shares surges more than 3% in moring trading<blockquote>通用汽车股价早盘飙升逾3%</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\">\nGeneral Motors shares surges more than 3% in moring trading<blockquote>通用汽车股价早盘飙升逾3%</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\">2021-06-16 21:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>General Motors&nbsp;shares&nbsp;surges&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;moring&nbsp;trading.</p><p><blockquote>通用汽车股价在早盘交易中飙升超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62c4e8e4eca776efaebd98402c5b199b\" tg-width=\"801\" tg-height=\"594\" referrerpolicy=\"no-referrer\">General Motors&nbsp;said on Wednesday it will increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30% increase from plans announced late last year. It also said it is raising its earnings guidance for the first half of the year.</p><p><blockquote>通用汽车周三表示，到2025年，将把电动和自动驾驶汽车的支出增加到350亿美元，比去年年底宣布的计划增加30%。该公司还表示，将上调今年上半年的盈利指引。</blockquote></p><p> The additional money will be used to&nbsp;expand its rollout of EVs and accelerate production of its battery and fuel cell technologies, including two new U.S. battery plants in addition to two that are currently under construction.</p><p><blockquote>额外的资金将用于扩大其电动汽车的推出并加速其电池和燃料电池技术的生产，除了目前正在建设的两家电池工厂之外，还包括两家新的美国电池工厂。</blockquote></p><p> America's largest automaker is racing to catch up to EV leaderTeslaand compete for a leadership position against other well-established automakers such asVolkswagen. GM plans to sell more than 1 million EVs annually by 2025.</p><p><blockquote>美国最大的汽车制造商正在竞相追赶电动汽车领导者特斯拉，并与大众汽车等其他知名汽车制造商争夺领导地位。通用汽车计划到2025年每年销售超过100万辆电动汽车。</blockquote></p><p> \"We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,\" GM CEOMary Barrasaid in a statement.</p><p><blockquote>通用汽车首席执行官玛丽·巴拉在一份声明中表示：“我们正在积极投资一项全面且高度整合的计划，以确保通用汽车在向更可持续未来转型的各个方面处于领先地位。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138545791","content_text":"General Motors shares surges more than 3% in moring trading.\nGeneral Motors said on Wednesday it will increase spending on electric and autonomous vehicles to $35 billion through 2025, a 30% increase from plans announced late last year. It also said it is raising its earnings guidance for the first half of the year.\nThe additional money will be used to expand its rollout of EVs and accelerate production of its battery and fuel cell technologies, including two new U.S. battery plants in addition to two that are currently under construction.\nAmerica's largest automaker is racing to catch up to EV leaderTeslaand compete for a leadership position against other well-established automakers such asVolkswagen. GM plans to sell more than 1 million EVs annually by 2025.\n\"We are investing aggressively in a comprehensive and highly-integrated plan to make sure that GM leads in all aspects of the transformation to a more sustainable future,\" GM CEOMary Barrasaid in a statement.","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187596159,"gmtCreate":1623757853771,"gmtModify":1634028901648,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Ahhh","listText":"Ahhh","text":"Ahhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187596159","repostId":"1107805706","repostType":4,"isVote":1,"tweetType":1,"viewCount":608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185544136,"gmtCreate":1623662990025,"gmtModify":1634030493566,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185544136","repostId":"1132051258","repostType":4,"isVote":1,"tweetType":1,"viewCount":526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186960448,"gmtCreate":1623469720284,"gmtModify":1634032725432,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Let’s go!&nbsp;","listText":"Let’s go!&nbsp;","text":"Let’s go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186960448","repostId":"2142204061","repostType":4,"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183203408,"gmtCreate":1623331699104,"gmtModify":1634034512070,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Good!","listText":"Good!","text":"Good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/183203408","repostId":"2142322934","repostType":4,"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117444871,"gmtCreate":1623159344693,"gmtModify":1634036337466,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Missed it at opening by a bit!&nbsp;","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Missed it at opening by a bit!&nbsp;","text":"$Tiger Brokers(TIGR)$Missed it at opening by a bit!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117444871","isVote":1,"tweetType":1,"viewCount":777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115367090,"gmtCreate":1622952297810,"gmtModify":1631883988108,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"One more push!","listText":"One more push!","text":"One more push!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115367090","repostId":"1128534499","repostType":4,"isVote":1,"tweetType":1,"viewCount":882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116648300,"gmtCreate":1622798892700,"gmtModify":1634097900010,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Way to go!","listText":"Way to go!","text":"Way to go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/116648300","repostId":"1188106021","repostType":4,"repost":{"id":"1188106021","kind":"news","pubTimestamp":1622777592,"share":"https://www.laohu8.com/m/news/1188106021?lang=zh_CN&edition=full","pubTime":"2021-06-04 11:33","market":"hk","language":"en","title":"5 Growth Stocks To Watch This Week<blockquote>本周值得关注的5只成长型股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188106021","media":"Nasdaq","summary":"Check Out These 5 Top Growth Stocks In The Stock Market TodayInvesting in growth stocks can be a gre","content":"<p>Check Out These 5 Top Growth Stocks In The Stock Market Today</p><p><blockquote>看看今天股市中这5只增长最快的股票</blockquote></p><p>Investing in growth stocks can be a great way to make money in thestock market. For many individuals, the key objective is to construct a portfolio to at least beat inflation. But I guess it’s safe to say that most would like to beat the index, generating superior returns compared to the market’s benchmark. That way, you know you are investing right.</p><p><blockquote>投资成长型股票是在股市赚钱的好方法。对于许多人来说，关键目标是构建一个至少能战胜通货膨胀的投资组合。但我想可以肯定地说，大多数人都希望击败该指数，与市场基准相比产生更高的回报。这样，你就知道你的投资是正确的。</blockquote></p><p>If you are looking for&nbsp;top growth stocks to buy, you should look for companies that could expand their top-line quickly. In general, a strong revenue growth trend may indicate that a company has excellent products that consumers can’t live without. But it’s also equally important to assess whether these companies can keep growing quickly. After all, being able to grow quickly today means nothing if it’s not sustainable over the longer term. With all that being said, let’s look at some of the best growth stocks to watch in thestock market today.</p><p><blockquote>如果您正在寻找值得购买的顶级成长型股票，您应该寻找能够快速扩大营收的公司。总的来说，强劲的收入增长趋势可能表明一家公司拥有消费者离不开的优秀产品。但评估这些公司能否保持快速增长也同样重要。毕竟，如果不能长期持续，今天能够快速增长就毫无意义。说了这么多，让我们来看看当今股市中一些最值得关注的成长型股票。</blockquote></p><p>Best Growth Stocks To Watch Right Now</p><p><blockquote>目前最值得关注的成长型股票</blockquote></p><p><ol><li><b><a href=\"https://laohu8.com/S/BBRY\">BlackBerry</a> Ltd.</b>(NYSE: BB)</li><li><b>Cloudflare Inc.</b>(NYSE: NET)</li><li><b><a href=\"https://laohu8.com/S/SQ\">Square</a> Inc.</b>(NYSE: SQ)</li><li><b><a href=\"https://laohu8.com/S/ZNGA\">Zynga</a> Inc.</b>(NASDAQ: ZNGA)</li><li><b><a href=\"https://laohu8.com/S/TDOC\">Teladoc Health Inc.</a></b>(NYSE: TDOC)</li></ol><a href=\"https://laohu8.com/S/BB\">BlackBerry</a></p><p><blockquote><ol><li><b><a href=\"https://laohu8.com/S/BBRY\">黑莓</a>有限公司。</b>（纽约证券交易所代码：BB）</li><li><b>云耀斑公司。</b>（纽约证券交易所代码：NET）</li><li><b><a href=\"https://laohu8.com/S/SQ\">平方</a>公司。</b>（纽约证券交易所代码：SQ）</li><li><b><a href=\"https://laohu8.com/S/ZNGA\">Zynga</a>公司。</b>（纳斯达克：ZNGA）</li><li><b><a href=\"https://laohu8.com/S/TDOC\">Teladoc健康公司。</a></b>（纽约证券交易所代码：TDOC）</li></ol><a href=\"https://laohu8.com/S/BB\">黑莓</a></blockquote></p><p>While a big part of the rally has to do with Redditers pushing up the stock, the company’s development is what attracts me to BB stock. The company has a string of partnerships that would propel BB stock higher in the long run. Recall that the company partnered with <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> (NASDAQ: AMZN) to develop an app store for connected cars. If you believe that its auto app store, IVY, will be a big hit, any weakness in BB stock is an opportunity to scoop up the shares at a discount. Given all these points, would you consider BB stock a long-term investment?</p><p><blockquote>虽然上涨的很大一部分与Redditers推高该股有关，但该公司的发展才是吸引我关注BB股票的原因。该公司拥有一系列合作伙伴关系，从长远来看，这将推动BB股价走高。回想一下，该公司与<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>（纳斯达克：AMZN）为联网汽车开发应用商店。如果您相信其汽车应用商店IVY将大受欢迎，那么BB股票的任何疲软都是以折扣价买入股票的机会。考虑到所有这些要点，您会认为BB股票是长期投资吗？</blockquote></p><p>Cloudflare</p><p><blockquote>Cloudflare</blockquote></p><p>Cloudflare is possibly <a href=\"https://laohu8.com/S/AONE\">one</a> of the most exciting cloud companies to look out for if you are investing for the long term. For those unfamiliar with the business, Cloudflare’s aim is to build a better and safer internet. Some of the company’s potential growth drivers include serverless computing, internet of things (IoT), and 5G. These present massive opportunities for the company to tap into. With more businesses moving their operations to the cloud, Cloudflare could see explosive growth in this burgeoning cybersecurity industry. That’s because of its role in safeguarding and speeding up the internet.</p><p><blockquote>Cloudflare可能是<a href=\"https://laohu8.com/S/AONE\">一</a>如果您正在进行长期投资，请关注最令人兴奋的云公司。对于那些不熟悉业务的人来说，Cloudflare的目标是构建一个更好、更安全的互联网。该公司的一些潜在增长动力包括无服务器计算、物联网(IoT)和5G。这些为公司提供了巨大的机会。随着越来越多的企业将其运营转移到云上，Cloudflare可能会在这个蓬勃发展的网络安全行业中出现爆炸性增长。那是因为它在保护和加速互联网方面的作用。</blockquote></p><p>From the company’s first-quarter earnings, revenue came in 51% higher year-over-year to $138.1 million. The network security and content delivery network (CDN) provider also sees strong large customer growth, with a record addition of roughly 120 large customers in the quarter. More importantly, large customers now represent greater than 50% of revenue. Following these earnings, NET stock has surged more than 20% over the past month. With such strong fundamentals, should investors buy NET stock right now?</p><p><blockquote>从该公司第一季度的收益来看，收入同比增长51%，达到1.381亿美元。这家网络安全和内容交付网络(CDN)提供商也看到了强劲的大客户增长，本季度新增了约120家大客户，创历史新高。更重要的是，大客户现在占收入的50%以上。发布这些财报后，NET股票在过去一个月飙升了20%以上。基本面如此强劲，投资者现在应该购买NET股票吗？</blockquote></p><p>Square</p><p><blockquote>平方</blockquote></p><p>Square is another growth stock to watch capitalizing on the fintech megatrend. It combines software with hardware to enable sellers to utilize mobile devices and computing devices for payments and point-of-sale solutions. It has played a vital role in the digital economy and has empowered millions to shift to its digital payment solutions.</p><p><blockquote>Square是另一只利用金融科技大趋势值得关注的成长型股票。它将软件与硬件相结合，使卖家能够利用移动设备和计算设备进行支付和销售点解决方案。它在数字经济中发挥了至关重要的作用，并使数百万人转向其数字支付解决方案。</blockquote></p><p>If you have been keeping up with the lateststock market news, you have likely heard of meme stocks. And when it comes tomeme stocks, <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> (NYSE: AMC) will most probably be the first to pop up in your mind. But in our article today, we are more interested in BlackBerry as it is at the forefront of two of the biggest trends today, namely IT security and autonomous driving. The meme stocks rally is sending BB stock at least 70% higher over the past week.</p><p><blockquote>如果您一直关注最新的股市新闻，您可能听说过模因股票。当谈到Meme股票时，<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>（纽约证券交易所股票代码：AMC）很可能是您首先想到的。但在我们今天的文章中，我们对黑莓更感兴趣，因为它处于当今两个最大趋势的最前沿，即IT安全和自动驾驶。meme股票的上涨使BB股票在过去一周上涨了至少70%。</blockquote></p><p>From its first-quarter fiscal earnings, gross profit came in 79% higher year-over-year to $964 million. In detail, Square’s Seller ecosystem generated $468 million in gross profit for the quarter, a 32% increase compared to a year earlier. Also, its Cash App generated a whopping $495 million in gross profit, an increase of 171% year-over-year. <a href=\"https://laohu8.com/S/TSS\">Total</a> net revenue for the quarter was $5.06 billion, up by 266% year-over-year. If anything, the company has also shown commendable resilience. Despite strict lockdowns around the world, its Seller’s gross profit continued to grow. All things considered, will you add SQ stock to your portfolio?</p><p><blockquote>从第一季度财报来看，毛利润同比增长79%，达到9.64亿美元。具体来说，Square的卖家生态系统本季度毛利润为4.68亿美元，同比增长32%。此外，其Cash应用程序的毛利润高达4.95亿美元，同比增长171%。<a href=\"https://laohu8.com/S/TSS\">总的</a>该季度净收入为50.6亿美元，同比增长266%。如果说有什么不同的话，那就是该公司也表现出了值得称赞的韧性。尽管世界各地都实施了严格的封锁，但其卖家的毛利润仍在持续增长。综合考虑，您会将SQ股票添加到您的投资组合中吗？</blockquote></p><p>Zynga</p><p><blockquote>Zynga</blockquote></p><p></p><p>After Gamestop (NYSE: GME), Zynga is probably the most discussed gaming company among millennials. Zynga is a company behind many successful mobile games, such as<i>Words with Friends</i>and<i>Zynga Poker,</i>just to name a few. Recently, Zynga announced the acquisition of game developer Rollic, which has launched the popular games<i>High Heels!</i>And<i>Blob Runner <a href=\"https://laohu8.com/S/DDD\">3D</a>.</i>In addition, the company has also bought the Echtra game company, which is likely to strengthen Zynga’s development capabilities for future cross-platform projects.</p><p><blockquote>继游戏驿站（纽约证券交易所股票代码：GME）之后，Zynga可能是千禧一代中讨论最多的游戏公司。Zynga是许多成功手机游戏背后的公司，例如<i>与朋友的话语</i>和<i>Zynga扑克,</i>仅举几例。近日，Zynga宣布收购游戏开发商Rollic，后者推出了广受欢迎的游戏<i>高跟鞋！</i>和<i>Blob运行器<a href=\"https://laohu8.com/S/DDD\">3D</a>.</i>此外，该公司还收购了Echtra游戏公司，这很可能会加强Zynga未来跨平台项目的开发能力。</blockquote></p><p>From its first-quarter earnings, revenue came in 68% higher year-over-year to $680 million. Following strong top-line growth, Zynga went on to raise its full-year 2021 guidance for revenue to $2.7 billion, representing a growth of 37% year-over-year. Considering the strong growth in its revenue, would you say that ZNGA stock is a top growth stock to buy and hold for the long run?</p><p><blockquote>从第一季度的收益来看，收入同比增长68%，达到6.8亿美元。继营收强劲增长后，Zynga继续将2021年全年收入指引上调至27亿美元，同比增长37%。考虑到其收入的强劲增长，您认为ZNGA股票是值得长期购买和持有的顶级增长股票吗？</blockquote></p><p>Teladoc Health</p><p><blockquote>Teladoc健康</blockquote></p><p>The last growth stock to watch on this list is Teladoc Health. No doubt, Teladoc did indeed benefit immensely from the pandemic. This came as no surprise seeing that the company’s plethora of telehealth services remain a vital service during the pandemic. Considering it has shed around 50% of its value since peaking in February, many investors are seeing this as an opportunity to buy TDOC stock at great discounts. Teladoc Health reported its first-quarter financials on April 28. In it, it raised full-year guidance as first-quarter revenue came in 151% higher year-over-year to a record $453.7 million.</p><p><blockquote>这份名单上最后一只值得关注的成长型股票是Teladoc Health。毫无疑问，Teladoc确实从疫情中受益匪浅。鉴于该公司过多的远程医疗服务在疫情期间仍然是一项重要服务，这并不奇怪。考虑到自2月份达到峰值以来，其价值已下跌约50%，许多投资者将此视为以大幅折扣购买TDOC股票的机会。Teladoc Health于4月28日公布了第一季度财务数据。其中，该公司上调了全年指引，第一季度收入同比增长151%，达到创纪录的4.537亿美元。</blockquote></p><p>One reason why investors are bullish is that Teladoc is slowly creating cheaper remote alternatives to the inconvenient, inefficient health care system we have today. Also, consulting firm McKinsey &amp; Company projects that the U.S. virtual care market could approach $250 billion annually after the pandemic is over. The fact that more players are getting into telemedicine is a validation of the market potential here. Teladoc’s strategic maneuvers in the past years have cemented its position as a leader in its space. Therefore, it seems to me that TDOC stock has a potentially long growth runway ahead.</p><p><blockquote>投资者看好的原因之一是，Teladoc正在慢慢创造更便宜的远程替代方案，以取代我们今天拥有的不方便、低效的医疗保健系统。此外，咨询公司麦肯锡公司预计，疫情结束后，美国虚拟护理市场每年可能接近2500亿美元。越来越多的参与者进入远程医疗领域的事实证明了这里的市场潜力。Teladoc过去几年的战略举措巩固了其在该领域的领导者地位。因此，在我看来，TDOC股票未来可能还有很长的增长空间。</blockquote></p><p></p>","source":"lsy1603171495471","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 Growth Stocks To Watch This Week<blockquote>本周值得关注的5只成长型股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Growth Stocks To Watch This Week<blockquote>本周值得关注的5只成长型股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-06-04 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Check Out These 5 Top Growth Stocks In The Stock Market Today</p><p><blockquote>看看今天股市中这5只增长最快的股票</blockquote></p><p>Investing in growth stocks can be a great way to make money in thestock market. For many individuals, the key objective is to construct a portfolio to at least beat inflation. But I guess it’s safe to say that most would like to beat the index, generating superior returns compared to the market’s benchmark. That way, you know you are investing right.</p><p><blockquote>投资成长型股票是在股市赚钱的好方法。对于许多人来说，关键目标是构建一个至少能战胜通货膨胀的投资组合。但我想可以肯定地说，大多数人都希望击败该指数，与市场基准相比产生更高的回报。这样，你就知道你的投资是正确的。</blockquote></p><p>If you are looking for&nbsp;top growth stocks to buy, you should look for companies that could expand their top-line quickly. In general, a strong revenue growth trend may indicate that a company has excellent products that consumers can’t live without. But it’s also equally important to assess whether these companies can keep growing quickly. After all, being able to grow quickly today means nothing if it’s not sustainable over the longer term. With all that being said, let’s look at some of the best growth stocks to watch in thestock market today.</p><p><blockquote>如果您正在寻找值得购买的顶级成长型股票，您应该寻找能够快速扩大营收的公司。总的来说，强劲的收入增长趋势可能表明一家公司拥有消费者离不开的优秀产品。但评估这些公司能否保持快速增长也同样重要。毕竟，如果不能长期持续，今天能够快速增长就毫无意义。说了这么多，让我们来看看当今股市中一些最值得关注的成长型股票。</blockquote></p><p>Best Growth Stocks To Watch Right Now</p><p><blockquote>目前最值得关注的成长型股票</blockquote></p><p><ol><li><b><a href=\"https://laohu8.com/S/BBRY\">BlackBerry</a> Ltd.</b>(NYSE: BB)</li><li><b>Cloudflare Inc.</b>(NYSE: NET)</li><li><b><a href=\"https://laohu8.com/S/SQ\">Square</a> Inc.</b>(NYSE: SQ)</li><li><b><a href=\"https://laohu8.com/S/ZNGA\">Zynga</a> Inc.</b>(NASDAQ: ZNGA)</li><li><b><a href=\"https://laohu8.com/S/TDOC\">Teladoc Health Inc.</a></b>(NYSE: TDOC)</li></ol><a href=\"https://laohu8.com/S/BB\">BlackBerry</a></p><p><blockquote><ol><li><b><a href=\"https://laohu8.com/S/BBRY\">黑莓</a>有限公司。</b>（纽约证券交易所代码：BB）</li><li><b>云耀斑公司。</b>（纽约证券交易所代码：NET）</li><li><b><a href=\"https://laohu8.com/S/SQ\">平方</a>公司。</b>（纽约证券交易所代码：SQ）</li><li><b><a href=\"https://laohu8.com/S/ZNGA\">Zynga</a>公司。</b>（纳斯达克：ZNGA）</li><li><b><a href=\"https://laohu8.com/S/TDOC\">Teladoc健康公司。</a></b>（纽约证券交易所代码：TDOC）</li></ol><a href=\"https://laohu8.com/S/BB\">黑莓</a></blockquote></p><p>While a big part of the rally has to do with Redditers pushing up the stock, the company’s development is what attracts me to BB stock. The company has a string of partnerships that would propel BB stock higher in the long run. Recall that the company partnered with <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> (NASDAQ: AMZN) to develop an app store for connected cars. If you believe that its auto app store, IVY, will be a big hit, any weakness in BB stock is an opportunity to scoop up the shares at a discount. Given all these points, would you consider BB stock a long-term investment?</p><p><blockquote>虽然上涨的很大一部分与Redditers推高该股有关，但该公司的发展才是吸引我关注BB股票的原因。该公司拥有一系列合作伙伴关系，从长远来看，这将推动BB股价走高。回想一下，该公司与<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>（纳斯达克：AMZN）为联网汽车开发应用商店。如果您相信其汽车应用商店IVY将大受欢迎，那么BB股票的任何疲软都是以折扣价买入股票的机会。考虑到所有这些要点，您会认为BB股票是长期投资吗？</blockquote></p><p>Cloudflare</p><p><blockquote>Cloudflare</blockquote></p><p>Cloudflare is possibly <a href=\"https://laohu8.com/S/AONE\">one</a> of the most exciting cloud companies to look out for if you are investing for the long term. For those unfamiliar with the business, Cloudflare’s aim is to build a better and safer internet. Some of the company’s potential growth drivers include serverless computing, internet of things (IoT), and 5G. These present massive opportunities for the company to tap into. With more businesses moving their operations to the cloud, Cloudflare could see explosive growth in this burgeoning cybersecurity industry. That’s because of its role in safeguarding and speeding up the internet.</p><p><blockquote>Cloudflare可能是<a href=\"https://laohu8.com/S/AONE\">一</a>如果您正在进行长期投资，请关注最令人兴奋的云公司。对于那些不熟悉业务的人来说，Cloudflare的目标是构建一个更好、更安全的互联网。该公司的一些潜在增长动力包括无服务器计算、物联网(IoT)和5G。这些为公司提供了巨大的机会。随着越来越多的企业将其运营转移到云上，Cloudflare可能会在这个蓬勃发展的网络安全行业中出现爆炸性增长。那是因为它在保护和加速互联网方面的作用。</blockquote></p><p>From the company’s first-quarter earnings, revenue came in 51% higher year-over-year to $138.1 million. The network security and content delivery network (CDN) provider also sees strong large customer growth, with a record addition of roughly 120 large customers in the quarter. More importantly, large customers now represent greater than 50% of revenue. Following these earnings, NET stock has surged more than 20% over the past month. With such strong fundamentals, should investors buy NET stock right now?</p><p><blockquote>从该公司第一季度的收益来看，收入同比增长51%，达到1.381亿美元。这家网络安全和内容交付网络(CDN)提供商也看到了强劲的大客户增长，本季度新增了约120家大客户，创历史新高。更重要的是，大客户现在占收入的50%以上。发布这些财报后，NET股票在过去一个月飙升了20%以上。基本面如此强劲，投资者现在应该购买NET股票吗？</blockquote></p><p>Square</p><p><blockquote>平方</blockquote></p><p>Square is another growth stock to watch capitalizing on the fintech megatrend. It combines software with hardware to enable sellers to utilize mobile devices and computing devices for payments and point-of-sale solutions. It has played a vital role in the digital economy and has empowered millions to shift to its digital payment solutions.</p><p><blockquote>Square是另一只利用金融科技大趋势值得关注的成长型股票。它将软件与硬件相结合，使卖家能够利用移动设备和计算设备进行支付和销售点解决方案。它在数字经济中发挥了至关重要的作用，并使数百万人转向其数字支付解决方案。</blockquote></p><p>If you have been keeping up with the lateststock market news, you have likely heard of meme stocks. And when it comes tomeme stocks, <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> (NYSE: AMC) will most probably be the first to pop up in your mind. But in our article today, we are more interested in BlackBerry as it is at the forefront of two of the biggest trends today, namely IT security and autonomous driving. The meme stocks rally is sending BB stock at least 70% higher over the past week.</p><p><blockquote>如果您一直关注最新的股市新闻，您可能听说过模因股票。当谈到Meme股票时，<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>（纽约证券交易所股票代码：AMC）很可能是您首先想到的。但在我们今天的文章中，我们对黑莓更感兴趣，因为它处于当今两个最大趋势的最前沿，即IT安全和自动驾驶。meme股票的上涨使BB股票在过去一周上涨了至少70%。</blockquote></p><p>From its first-quarter fiscal earnings, gross profit came in 79% higher year-over-year to $964 million. In detail, Square’s Seller ecosystem generated $468 million in gross profit for the quarter, a 32% increase compared to a year earlier. Also, its Cash App generated a whopping $495 million in gross profit, an increase of 171% year-over-year. <a href=\"https://laohu8.com/S/TSS\">Total</a> net revenue for the quarter was $5.06 billion, up by 266% year-over-year. If anything, the company has also shown commendable resilience. Despite strict lockdowns around the world, its Seller’s gross profit continued to grow. All things considered, will you add SQ stock to your portfolio?</p><p><blockquote>从第一季度财报来看，毛利润同比增长79%，达到9.64亿美元。具体来说，Square的卖家生态系统本季度毛利润为4.68亿美元，同比增长32%。此外，其Cash应用程序的毛利润高达4.95亿美元，同比增长171%。<a href=\"https://laohu8.com/S/TSS\">总的</a>该季度净收入为50.6亿美元，同比增长266%。如果说有什么不同的话，那就是该公司也表现出了值得称赞的韧性。尽管世界各地都实施了严格的封锁，但其卖家的毛利润仍在持续增长。综合考虑，您会将SQ股票添加到您的投资组合中吗？</blockquote></p><p>Zynga</p><p><blockquote>Zynga</blockquote></p><p></p><p>After Gamestop (NYSE: GME), Zynga is probably the most discussed gaming company among millennials. Zynga is a company behind many successful mobile games, such as<i>Words with Friends</i>and<i>Zynga Poker,</i>just to name a few. Recently, Zynga announced the acquisition of game developer Rollic, which has launched the popular games<i>High Heels!</i>And<i>Blob Runner <a href=\"https://laohu8.com/S/DDD\">3D</a>.</i>In addition, the company has also bought the Echtra game company, which is likely to strengthen Zynga’s development capabilities for future cross-platform projects.</p><p><blockquote>继游戏驿站（纽约证券交易所股票代码：GME）之后，Zynga可能是千禧一代中讨论最多的游戏公司。Zynga是许多成功手机游戏背后的公司，例如<i>与朋友的话语</i>和<i>Zynga扑克,</i>仅举几例。近日，Zynga宣布收购游戏开发商Rollic，后者推出了广受欢迎的游戏<i>高跟鞋！</i>和<i>Blob运行器<a href=\"https://laohu8.com/S/DDD\">3D</a>.</i>此外，该公司还收购了Echtra游戏公司，这很可能会加强Zynga未来跨平台项目的开发能力。</blockquote></p><p>From its first-quarter earnings, revenue came in 68% higher year-over-year to $680 million. Following strong top-line growth, Zynga went on to raise its full-year 2021 guidance for revenue to $2.7 billion, representing a growth of 37% year-over-year. Considering the strong growth in its revenue, would you say that ZNGA stock is a top growth stock to buy and hold for the long run?</p><p><blockquote>从第一季度的收益来看，收入同比增长68%，达到6.8亿美元。继营收强劲增长后，Zynga继续将2021年全年收入指引上调至27亿美元，同比增长37%。考虑到其收入的强劲增长，您认为ZNGA股票是值得长期购买和持有的顶级增长股票吗？</blockquote></p><p>Teladoc Health</p><p><blockquote>Teladoc健康</blockquote></p><p>The last growth stock to watch on this list is Teladoc Health. No doubt, Teladoc did indeed benefit immensely from the pandemic. This came as no surprise seeing that the company’s plethora of telehealth services remain a vital service during the pandemic. Considering it has shed around 50% of its value since peaking in February, many investors are seeing this as an opportunity to buy TDOC stock at great discounts. Teladoc Health reported its first-quarter financials on April 28. In it, it raised full-year guidance as first-quarter revenue came in 151% higher year-over-year to a record $453.7 million.</p><p><blockquote>这份名单上最后一只值得关注的成长型股票是Teladoc Health。毫无疑问，Teladoc确实从疫情中受益匪浅。鉴于该公司过多的远程医疗服务在疫情期间仍然是一项重要服务，这并不奇怪。考虑到自2月份达到峰值以来，其价值已下跌约50%，许多投资者将此视为以大幅折扣购买TDOC股票的机会。Teladoc Health于4月28日公布了第一季度财务数据。其中，该公司上调了全年指引，第一季度收入同比增长151%，达到创纪录的4.537亿美元。</blockquote></p><p>One reason why investors are bullish is that Teladoc is slowly creating cheaper remote alternatives to the inconvenient, inefficient health care system we have today. Also, consulting firm McKinsey &amp; Company projects that the U.S. virtual care market could approach $250 billion annually after the pandemic is over. The fact that more players are getting into telemedicine is a validation of the market potential here. Teladoc’s strategic maneuvers in the past years have cemented its position as a leader in its space. Therefore, it seems to me that TDOC stock has a potentially long growth runway ahead.</p><p><blockquote>投资者看好的原因之一是，Teladoc正在慢慢创造更便宜的远程替代方案，以取代我们今天拥有的不方便、低效的医疗保健系统。此外，咨询公司麦肯锡公司预计，疫情结束后，美国虚拟护理市场每年可能接近2500亿美元。越来越多的参与者进入远程医疗领域的事实证明了这里的市场潜力。Teladoc过去几年的战略举措巩固了其在该领域的领导者地位。因此，在我看来，TDOC股票未来可能还有很长的增长空间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/5-growth-stocks-to-watch-this-week-2021-06-03\">Nasdaq</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":{"TDOC":"Teladoc Health Inc.","BB":"黑莓","NET":"Cloudflare, Inc.","ZNGA":"Zynga"},"source_url":"https://www.nasdaq.com/articles/5-growth-stocks-to-watch-this-week-2021-06-03","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188106021","content_text":"Check Out These 5 Top Growth Stocks In The Stock Market TodayInvesting in growth stocks can be a great way to make money in thestock market. For many individuals, the key objective is to construct a portfolio to at least beat inflation. But I guess it’s safe to say that most would like to beat the index, generating superior returns compared to the market’s benchmark. That way, you know you are investing right.If you are looking for top growth stocks to buy, you should look for companies that could expand their top-line quickly. In general, a strong revenue growth trend may indicate that a company has excellent products that consumers can’t live without. But it’s also equally important to assess whether these companies can keep growing quickly. After all, being able to grow quickly today means nothing if it’s not sustainable over the longer term. With all that being said, let’s look at some of the best growth stocks to watch in thestock market today.Best Growth Stocks To Watch Right NowBlackBerry Ltd.(NYSE: BB)Cloudflare Inc.(NYSE: NET)Square Inc.(NYSE: SQ)Zynga Inc.(NASDAQ: ZNGA)Teladoc Health Inc.(NYSE: TDOC)BlackBerryWhile a big part of the rally has to do with Redditers pushing up the stock, the company’s development is what attracts me to BB stock. The company has a string of partnerships that would propel BB stock higher in the long run. Recall that the company partnered with Amazon.com (NASDAQ: AMZN) to develop an app store for connected cars. If you believe that its auto app store, IVY, will be a big hit, any weakness in BB stock is an opportunity to scoop up the shares at a discount. Given all these points, would you consider BB stock a long-term investment?CloudflareCloudflare is possibly one of the most exciting cloud companies to look out for if you are investing for the long term. For those unfamiliar with the business, Cloudflare’s aim is to build a better and safer internet. Some of the company’s potential growth drivers include serverless computing, internet of things (IoT), and 5G. These present massive opportunities for the company to tap into. With more businesses moving their operations to the cloud, Cloudflare could see explosive growth in this burgeoning cybersecurity industry. That’s because of its role in safeguarding and speeding up the internet.From the company’s first-quarter earnings, revenue came in 51% higher year-over-year to $138.1 million. The network security and content delivery network (CDN) provider also sees strong large customer growth, with a record addition of roughly 120 large customers in the quarter. More importantly, large customers now represent greater than 50% of revenue. Following these earnings, NET stock has surged more than 20% over the past month. With such strong fundamentals, should investors buy NET stock right now?SquareSquare is another growth stock to watch capitalizing on the fintech megatrend. It combines software with hardware to enable sellers to utilize mobile devices and computing devices for payments and point-of-sale solutions. It has played a vital role in the digital economy and has empowered millions to shift to its digital payment solutions.If you have been keeping up with the lateststock market news, you have likely heard of meme stocks. And when it comes tomeme stocks, AMC Entertainment (NYSE: AMC) will most probably be the first to pop up in your mind. But in our article today, we are more interested in BlackBerry as it is at the forefront of two of the biggest trends today, namely IT security and autonomous driving. The meme stocks rally is sending BB stock at least 70% higher over the past week.From its first-quarter fiscal earnings, gross profit came in 79% higher year-over-year to $964 million. In detail, Square’s Seller ecosystem generated $468 million in gross profit for the quarter, a 32% increase compared to a year earlier. Also, its Cash App generated a whopping $495 million in gross profit, an increase of 171% year-over-year. Total net revenue for the quarter was $5.06 billion, up by 266% year-over-year. If anything, the company has also shown commendable resilience. Despite strict lockdowns around the world, its Seller’s gross profit continued to grow. All things considered, will you add SQ stock to your portfolio?ZyngaAfter Gamestop (NYSE: GME), Zynga is probably the most discussed gaming company among millennials. Zynga is a company behind many successful mobile games, such asWords with FriendsandZynga Poker,just to name a few. Recently, Zynga announced the acquisition of game developer Rollic, which has launched the popular gamesHigh Heels!AndBlob Runner 3D.In addition, the company has also bought the Echtra game company, which is likely to strengthen Zynga’s development capabilities for future cross-platform projects.From its first-quarter earnings, revenue came in 68% higher year-over-year to $680 million. Following strong top-line growth, Zynga went on to raise its full-year 2021 guidance for revenue to $2.7 billion, representing a growth of 37% year-over-year. Considering the strong growth in its revenue, would you say that ZNGA stock is a top growth stock to buy and hold for the long run?Teladoc HealthThe last growth stock to watch on this list is Teladoc Health. No doubt, Teladoc did indeed benefit immensely from the pandemic. This came as no surprise seeing that the company’s plethora of telehealth services remain a vital service during the pandemic. Considering it has shed around 50% of its value since peaking in February, many investors are seeing this as an opportunity to buy TDOC stock at great discounts. Teladoc Health reported its first-quarter financials on April 28. In it, it raised full-year guidance as first-quarter revenue came in 151% higher year-over-year to a record $453.7 million.One reason why investors are bullish is that Teladoc is slowly creating cheaper remote alternatives to the inconvenient, inefficient health care system we have today. Also, consulting firm McKinsey & Company projects that the U.S. virtual care market could approach $250 billion annually after the pandemic is over. The fact that more players are getting into telemedicine is a validation of the market potential here. Teladoc’s strategic maneuvers in the past years have cemented its position as a leader in its space. Therefore, it seems to me that TDOC stock has a potentially long growth runway ahead.","news_type":1,"symbols_score_info":{"NET":0.9,"TDOC":0.9,"BB":0.9,"ZNGA":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":592,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118060362,"gmtCreate":1622708203056,"gmtModify":1631885394323,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TLRY\">$Tilray Inc.(TLRY)$</a>Waa","listText":"<a href=\"https://laohu8.com/S/TLRY\">$Tilray Inc.(TLRY)$</a>Waa","text":"$Tilray Inc.(TLRY)$Waa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118060362","isVote":1,"tweetType":1,"viewCount":445,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":105830174,"gmtCreate":1620287027798,"gmtModify":1634206368020,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/105830174","repostId":"1135269855","repostType":4,"repost":{"id":"1135269855","kind":"news","pubTimestamp":1620286804,"share":"https://www.laohu8.com/m/news/1135269855?lang=zh_CN&edition=full","pubTime":"2021-05-06 15:40","market":"us","language":"en","title":"Tesla Works On Getting Customers In China Access To Vehicle Data Amid Regulatory Scrutiny<blockquote>特斯拉致力于让中国客户在监管审查期间访问车辆数据</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135269855","media":"benzinga","summary":"Tesla Inc will later this year launch a platform for customers in China that will allow them access ","content":"<p><div> Tesla Inc will later this year launch a platform for customers in China that will allow them access to data generated by their vehicles, Reutersreportedon Thursday.What Happened:The Elon Musk-led ...</p><p><blockquote><div>据路透社周四报道，特斯拉公司将于今年晚些时候为中国客户推出一个平台，允许他们访问车辆生成的数据。发生了什么：埃隆·马斯克领导的...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/05/20981665/tesla-works-on-getting-customers-in-china-access-to-vehicle-data-amid-regulatory-scrutiny\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/05/20981665/tesla-works-on-getting-customers-in-china-access-to-vehicle-data-amid-regulatory-scrutiny\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Tesla Works On Getting Customers In China Access To Vehicle Data Amid Regulatory 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}\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\">\nTesla Works On Getting Customers In China Access To Vehicle Data Amid Regulatory Scrutiny<blockquote>特斯拉致力于让中国客户在监管审查期间访问车辆数据</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-05-06 15:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Tesla Inc will later this year launch a platform for customers in China that will allow them access to data generated by their vehicles, Reutersreportedon Thursday.What Happened:The Elon Musk-led ...</p><p><blockquote><div>据路透社周四报道，特斯拉公司将于今年晚些时候为中国客户推出一个平台，允许他们访问车辆生成的数据。发生了什么：埃隆·马斯克领导的...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/05/20981665/tesla-works-on-getting-customers-in-china-access-to-vehicle-data-amid-regulatory-scrutiny\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/05/20981665/tesla-works-on-getting-customers-in-china-access-to-vehicle-data-amid-regulatory-scrutiny\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/05/20981665/tesla-works-on-getting-customers-in-china-access-to-vehicle-data-amid-regulatory-scrutiny\">benzinga</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.benzinga.com/news/21/05/20981665/tesla-works-on-getting-customers-in-china-access-to-vehicle-data-amid-regulatory-scrutiny","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135269855","content_text":"Tesla Inc will later this year launch a platform for customers in China that will allow them access to data generated by their vehicles, Reutersreportedon Thursday.What Happened:The Elon Musk-led company will be the first automaker to give customers access to such data after regulators recently published draft rules to ensure the security of data generated by smart cars.Industry and regulators across the world are struggling to ensure data from vehicles, which are equipped with cameras and sensors, remains secure.Tesla executives have reportedly recently participated infour policy discussionswith the watchdogs in China on topics ranging from auto data storage, vehicle-to-infrastructure communication technologies, car recycling and carbon emissions.The Elon Musk-led company is also said to beramping up its government relationsteam in China to ensure a “harmonious” relationship with the government.Why It Matters:Tesla has been facing rough weather in China, a market that contributes nearly 30% of the electric vehicle maker's global sales and is its second-largest market after the United States.The electric vehicle maker had last monthassured regulatorsthat data collected from its cars is well protected and is stored in China after Tesla vehicles were banned from military, state-owned enterprises in sensitive industries and critical agencies over national security concerns.Just last month, the EV makerbecame a media and regulatory targetafter a customer at the Shanghai auto show protested an alleged malfunctioning of brakes, the videos of which became viral.Price Action:Tesla shares closed 0.39% lower at $670.94 on Wednesday and were down 0.66% in after-hours trading.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":323,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359834748,"gmtCreate":1616380485584,"gmtModify":1634526154228,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Please like and comment!","listText":"Please like and comment!","text":"Please like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/359834748","repostId":"1158879714","repostType":4,"repost":{"id":"1158879714","kind":"news","pubTimestamp":1616380355,"share":"https://www.laohu8.com/m/news/1158879714?lang=zh_CN&edition=full","pubTime":"2021-03-22 10:32","market":"us","language":"en","title":"Headed For A Collapsing Debt Bubble<blockquote>走向崩溃的债务泡沫</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158879714","media":"zerohedge","summary":"A $1.9 trillion stimulus package was recently signed into law in the United States. Can such a stimu","content":"<p>A $1.9 trillion stimulus package was recently signed into law in the United States. Can such a stimulus bill, plus packages passed in other countries, really pull the world economy out of the downturn it has been in 2020? I don’t think so.</p><p><blockquote>一项1.9万亿美元的刺激计划最近在美国签署成为法律。这样的刺激法案，加上其他国家通过的一揽子计划，真的能让世界经济走出2020年的低迷吗？我不这么认为。</blockquote></p><p> The economy runs on energy, far more than it operates on growing debt. Our energy problems don’t appear to be fixable in the near term, such as six months or a year. Instead, the economy seems to be headed for a collapse of its debt bubble. Eventually, we may see a reset of the world financial system leading to fewer interchangeable currencies, far less international trade and falling production of goods and services. Some governments may collapse.</p><p><blockquote>经济依靠能源运转，远远超过依靠不断增长的债务运转。我们的能源问题似乎无法在短期内解决，比如六个月或一年。相反，经济似乎正走向债务泡沫的崩溃。最终，我们可能会看到世界金融体系的重置，导致可互换货币减少，国际贸易大幅减少，商品和服务生产下降。一些政府可能会崩溃。</blockquote></p><p> <b>[1] What Is Debt?</b></p><p><blockquote><b>[1]什么是债务？</b></blockquote></p><p> I understand debt to be an&nbsp;<i>indirect promise for future goods and services</i>. These future goods and services can only be created if there are adequate supplies of the right kinds of energy and other materials, in the right places, to make these future goods and services.</p><p><blockquote>我认为债务是一种<i>对未来商品和服务的间接承诺</i>这些未来的商品和服务只有在正确的地方有足够的正确种类的能源和其他材料来制造这些未来的商品和服务才能被创造出来。</blockquote></p><p> I think of debt as being a&nbsp;<i>time-shifting device.</i>&nbsp;Indirectly, it is a promise that the economy will be able to provide as many, or more, goods and services in the future compared to what it does at the time the loan is taken out.</p><p><blockquote>我认为债务是<i>时移装置。</i>间接地，这是一种承诺，即与贷款时相比，经济在未来将能够提供同样多或更多的商品和服务。</blockquote></p><p> Common sense suggests that it is much easier to repay debt with interest in a growing economy than in a shrinking economy. Carmen Reinhart and Ken Rogoff unexpectedly ran across this phenomenon in their 2008 working paper,&nbsp;This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises. They reported (p. 15), “It is notable that the non-defaulters, by and large, are all hugely successful growth stories.” In other words, their analysis of 800 years of governmental debt showed that default was almost inevitable if a country stopped growing or started shrinking.</p><p><blockquote>常识表明，在一个增长的经济体中，连本带利偿还债务要比在一个萎缩的经济体中容易得多。卡门·莱因哈特（Carmen Reinhart）和肯·罗格夫（Ken Rogoff）在他们2008年的工作论文《这次不同：八个世纪金融危机全景》中意外地遇到了这一现象。他们报告（第15页），“值得注意的是，总的来说，非违约者都是非常成功的增长故事。”换句话说，他们对800年政府债务的分析表明，如果一个国家停止增长或开始萎缩，违约几乎是不可避免的。</blockquote></p><p> The IMF estimates that the world economy&nbsp;shrank by 3.5%&nbsp;in 2020. There are many areas with even worse indications: Euro Area, -7.2%; United Kingdom, -10.0%; India, -8.0%; Mexico, -8.5%; and South Africa, -7.5%. If these situations cannot be turned around quickly, we should expect to see collapsing debt bubbles. Even the US, which shrank by 3.4%, needs a rapid return to growth if it is to keep its debt bubble inflated.</p><p><blockquote>IMF估计，2020年世界经济萎缩3.5%。有许多地区的迹象甚至更糟：欧元区，-7.2%；英国，-10.0%；印度，-8.0%；墨西哥，-8.5%；南非为-7.5%。如果这些情况不能迅速扭转，我们应该期待看到债务泡沫的崩溃。即使是萎缩了3.4%的美国，如果要保持债务泡沫膨胀，也需要快速恢复增长。</blockquote></p><p> <b>[2] The Inter-Relationship Among (a) Growing Debt, (b) Growing Energy Consumption and a (c) Growing Economy</b></p><p><blockquote><b>[2](a)债务增长、(b)能源消耗增长和(c)经济增长之间的相互关系</b></blockquote></p><p> When we are far from energy limits, growing debt seems to pull the economy along. This is a graphic I put together in 2018, explaining the situation. A small amount of debt is helpful to the system. But, if there gets to be too much debt, both oil prices and interest rates rise, bringing the braking system into action. The bicycle/economy rapidly slows.</p><p><blockquote>当我们远离能源极限时，不断增长的债务似乎会拉动经济。这是我在2018年整理的一张图，说明了情况。少量的债务对系统有帮助。但是，如果债务过多，油价和利率都会上涨，从而启动制动系统。自行车/经济迅速放缓。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/988ae9ff86e02ba9f0e17f7c656fa38a\" tg-width=\"500\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 1. The author’s view of the analogy of a speeding upright bicycle and a speeding economy.</i></p><p><blockquote><i>图1。作者对飞驰的直立自行车和飞驰的经济的类比的看法。</i></blockquote></p><p> Just as a two-wheeled bicycle needs to be going fast enough to stay upright, the economy needs to be growing rapidly enough for debt to do what it is intended to do. It takes energy supply to create the goods and services that the economy depends on.</p><p><blockquote>正如两轮自行车需要足够快才能保持直立一样，经济也需要足够快的增长才能让债务发挥其预期作用。需要能源供应来创造经济所依赖的商品和服务。</blockquote></p><p> If oil and other energy products are cheap to produce, their benefit will be widely available. Employers will be able to add more efficient machines, such as bigger tractors. These more efficient machines will act to leverage the human labor of the workers. The economy can grow rapidly, without the use of much debt. Figure 2 shows that the world oil price was $20 per barrel in 2020$, or even less, prior to 1974.</p><p><blockquote>如果石油和其他能源产品的生产成本低廉，它们的好处将会广泛存在。雇主将能够增加更高效的机器，如更大的拖拉机。这些更高效的机器将利用工人的人力。经济可以快速增长，而不需要大量的债务。图2显示，2020年世界油价为每桶20美元，1974年之前甚至更低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0713c7ad2aa2952ae70ab31f031409a6\" tg-width=\"500\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 2. Oil price in 2020 dollars, based on amounts through 2019 in 2019$ from&nbsp;BP’s 2020 Statistical Review of World Energy, the inflationary adjustment from 2019 to 2020 based on CPI Urban prices from the US Department of Labor and the average spot Brent oil price for 2020 based on EIA information.</i></p><p><blockquote><i>图2。以2020年美元计算的油价，基于BP《2020年世界能源统计评论》中截至2019年的2019年美元金额、基于美国劳工部CPI城市价格的2019年至2020年通胀调整以及基于EIA信息的2020年布伦特原油平均现货价格。</i></blockquote></p><p> Figure 3 below shows the historical relationship between the growth in&nbsp;<i>US energy consumption</i>&nbsp;(red line) and&nbsp;<i>the dollar increase in US debt growth required to add a dollar increase in GDP</i>&nbsp;(blue line). This chart calculates ratios for five-year periods because ratios for individual years are unstable.</p><p><blockquote>下图3显示了<i>美国能源消耗</i>（红线）及<i>美国债务增长的美元增长需要GDP的美元增长</i>（蓝线）。此图表计算五年期的比率，因为个别年份的比率不稳定。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/657120d86e4004601bc5a5909fa1cc55\" tg-width=\"500\" tg-height=\"303\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 3. Comparison of five-year average growth in US energy consumption based on EIA data with five-year average amount of added debt required to add $1 of GDP.</i></p><p><blockquote><i>图3.基于EIA数据的美国能源消耗五年平均增长与GDP增加1美元所需的五年平均新增债务金额的比较。</i></blockquote></p><p></p><p> Based on Figure 3, the US average annual growth in energy consumption (red line) generally fell between 1951 and 2020. The quantity of debt that needed to be added to create an additional $1 dollar of GDP (blue line) has generally been rising.</p><p><blockquote>根据图3，1951年至2020年间，美国能源消费年均增长（红线）总体下降。创造额外1美元GDP（蓝线）所需增加的债务数量总体上一直在上升。</blockquote></p><p> According to&nbsp;Investopedia,&nbsp;<i>Gross domestic product</i>&nbsp;(<i>GDP</i>) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.&nbsp;Notice that there is no mention of debt in this definition. If businesses or governments can find a way to make large amounts of credit available to borrowers who are not very credit worthy, it becomes easy to sell cars, motorcycles or homes to buyers who may never repay that debt. If the economy hits turbulence, these marginal buyers are likely to default, causing a collapse in a debt bubble.</p><p><blockquote>据Investopedia报道，<i>国内生产总值</i> (<i>国内生产总值</i>）是在特定时间段内一国境内生产的所有制成品和服务的货币或市场总价值。请注意，该定义中没有提到债务。如果企业或政府能够找到一种方法，向信用不佳的借款人提供大量信贷，那么向可能永远无法偿还债务的买家出售汽车、摩托车或房屋就变得很容易。如果经济出现动荡，这些边际买家很可能会违约，导致债务泡沫破裂。</blockquote></p><p> <b>[3] Analyzing Energy Consumption Growth, Debt Growth and Economic Growth for Broader Groupings of Years</b></p><p><blockquote><b>[3]分析更广泛年份的能源消费增长、债务增长和经济增长</b></blockquote></p><p> To get a better idea what is happening with respect to energy growth, debt growth, and GDP growth, I created some broader groupings of years, based primarily on patterns in Figure 2, showing inflation-adjusted oil prices. The following groupings of years were chosen:</p><p><blockquote>为了更好地了解能源增长、债务增长和GDP增长方面的情况，我主要基于图2中显示通胀调整后油价的模式，创建了一些更广泛的年份分组。选择了以下年份分组：</blockquote></p><p> <ul>  <li>1950-1973</p><p><blockquote><ul><li>1950-1973</li></ul></blockquote></p><p></li>  <li>1974-1980</p><p><blockquote><li>1974-1980</li></blockquote></p><p></li>  <li>1981-2000</p><p><blockquote><li>1981-2000</li></blockquote></p><p></li>  <li>2001-2014</p><p><blockquote><li>2001-2014</li></blockquote></p><p></li>  <li>2015-2020</p><p><blockquote><li>2015-2020</li></blockquote></p><p></li> </ul> Using these groupings of years, I put together charts in which it is easier to see trends.</p><p><blockquote>利用这些年份分组，我把更容易看到趋势的图表放在一起。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/602cfb962c02189ea5825a1f4f7d790d\" tg-width=\"500\" tg-height=\"302\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 4. Average annual increase in energy consumption for period shown based on EIA data versus average increase in real (inflation-adjusted) GDP for the period shown based on data of the US Bureau of Economic Analysis.</i></p><p><blockquote><i>图4.根据EIA数据显示的该期间能源消耗的平均年增幅与根据美国经济分析局数据显示的该期间实际（通胀调整后）GDP的平均增幅。</i></blockquote></p><p> Figure 4 shows that for the US, there has been a general downward trend in the annual growth of energy consumption. At same time, real (that is, inflation-adjusted) GDP has been trending downward, but not quite as quickly.</p><p><blockquote>图4显示，美国能源消费年增长率总体呈下降趋势。与此同时，实际（即经通胀调整的）GDP一直呈下降趋势，但速度没有那么快。</blockquote></p><p> We would expect that lower energy consumption would lead to lower growth in real GDP because it takes energy of the appropriate kinds to make goods and services. For example, it takes oil to ship most goods. It takes electricity to operate computers and keep the lights on. According to the&nbsp;World Coal Association, large quantities of coal are used in producing cement and steel. These are important for construction, such as is planned in stimulus projects around the world.</p><p><blockquote>我们预计，较低的能源消耗将导致实际GDP的较低增长，因为制造商品和服务需要适当种类的能源。例如，运输大多数货物需要石油。操作电脑和保持灯亮着都需要电。据世界煤炭协会称，大量煤炭用于生产水泥和钢铁。这些对于建设很重要，就像世界各地的刺激项目中计划的那样。</blockquote></p><p> Also, on Figure 4, the period 1981 to 2000 shows an uptick in both energy consumption growth and real GDP growth. This period corresponds to a period of relatively low oil prices (Figure 2). With lower oil prices, businesses found it affordable to add new devices to leverage human labor, making workers more productive. The growing productivity of workers is at least part of what led to the increased growth in real GDP.</p><p><blockquote>此外，在图4中，1981年至2000年期间能源消耗增长和实际GDP增长都有所上升。这一时期对应的是油价相对较低的时期（图2）。随着油价下跌，企业发现增加新设备来利用人力是负担得起的，从而提高工人的生产力。工人生产率的提高至少是导致实际GDP增长的部分原因。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9dfc9c699891a0b02f9e46e6f3f53bda\" tg-width=\"500\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 5. Dollars of additional debt required to add $1 dollar of GDP growth (including inflation), based on data of the US Bureau of Economic Analysis.</i></p><p><blockquote><i>图5.根据美国经济分析局的数据，增加1美元GDP增长（包括通货膨胀）所需的额外债务。</i></blockquote></p><p> Figure 5, above, is disturbing. It strongly suggests that the US economy (and probably a lot of other economies) has needed to add an increasing amount of debt to add $1 of GDP in recent years. This pattern started long before President Biden’s $1.9 trillion stimulus package in 2021.</p><p><blockquote>上图5令人不安。这强烈表明，近年来，美国经济（可能还有许多其他经济体）需要增加越来越多的债务才能使GDP增加1美元。这种模式早在拜登总统2021年推出1.9万亿美元刺激计划之前就开始了。</blockquote></p><p> To make matters worse, GDP growth in Figure 5 has not been reduced to remove the impact of inflation. On average, removing the impact of inflation reduces the above GDP growth by about half. In the period 2015 to 2020, it took about $4.35 of additional debt to add one dollar of GDP growth, including inflation. It would take about double that amount, or $8.70 worth of debt, to create $1.00 worth of inflation-adjusted growth. With such a low return on added debt, it seems unlikely that the $1.9 trillion stimulus package will increase the growth of the economy very much.</p><p><blockquote>更糟糕的是，图5中的GDP增长并没有被降低以消除通货膨胀的影响。平均而言，剔除通货膨胀的影响使上述GDP增长减少了一半左右。在2015年至2020年期间，包括通货膨胀在内，GDP增长1美元需要大约4.35美元的额外债务。需要大约两倍的金额，即价值8.70美元的债务，才能创造价值1.00美元的通胀调整后增长。在新增债务回报率如此之低的情况下，1.9万亿美元的刺激方案似乎不太可能大幅提高经济的增长。</blockquote></p><p> <b>[4] Falling interest rates (Figure 6) are a major part of what allowed the rapid growth in debt after 1981 shown in Figure 5.</b></p><p><blockquote><b>[4]利率下降（图6）是1981年后债务快速增长的主要原因，如图5所示。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74f347d946ebcebc62fe4fdee1dfffd3\" tg-width=\"500\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 6. 10-Year and 3-Month US Treasury Rates through February 2021, in a chart prepared by the Federal Reserve of St. Louis.</i></p><p><blockquote><i>图6。截至2021年2月的10年期和3个月期美国国债利率，由圣路易斯美联储准备。</i></blockquote></p><p> Clearly, debt is more affordable if the interest rate is lower. For example, auto loans and home mortgages have lower monthly payments if the interest rate is lower. It is also clear that governments need to spend less of their tax revenue on interest rate payments if interest rates are lower. Changes made by US President Ronald Reagan when he took office 1981 also encouraged the use of more debt.</p><p><blockquote>显然，如果利率较低，债务就更容易承受。例如，如果利率较低，汽车贷款和住房抵押贷款的月供也较低。同样清楚的是，如果利率较低，政府需要将更少的税收收入用于利率支付。美国总统罗纳德·里根1981年上任时做出的改变也鼓励了更多债务的使用。</blockquote></p><p></p><p> A major concern with respect to today’s debt bubble is the fact that interest rates are about as low as they can go without going negative. In fact, the interest rate on 10-year Treasury bonds is now 1.72%, which is higher than the February 2021 average rate shown on the chart. As interest rates rise, it becomes more costly to add more debt. As interest rates rise, businesses will be less likely to take on debt in order to expand and hire more workers.</p><p><blockquote>关于当今债务泡沫的一个主要担忧是，利率在不为负的情况下已经尽可能低了。事实上，10年期国债利率现在为1.72%，高于图表所示的2021年2月平均利率。随着利率上升，增加更多债务的成本变得更高。随着利率上升，企业将不太可能为了扩张和雇用更多工人而承担债务。</blockquote></p><p> <b>[5] Interest expense is a major expense of governments, businesses, and homeowners everywhere. Energy costs are another major expense of governments, businesses, and homeowners. It makes sense that falling interest rates can partly hide rising energy prices.</b></p><p><blockquote><b>[5]利息支出是世界各地政府、企业和房主的主要支出。能源成本是政府、企业和房主的另一项主要开支。利率下降可以部分掩盖能源价格上涨，这是有道理的。</b></blockquote></p><p> A trend toward lower interest rates was needed starting in 1981 because the US could no longer produce large amounts of crude oil that were profitable to sell at less than $20 per barrel, in inflation-adjusted prices. Lower interest rates made adding debt more feasible. This added debt could smooth the transition to an economy that was less dependent on oil, now that it was high-priced. The lower interest rates helped all segments of the economy adjust to the new higher cost of oil and other fuels.</p><p><blockquote>从1981年开始，利率下降的趋势是必要的，因为美国不再能够生产大量以低于每桶20美元的价格出售的原油，以通胀调整后的价格出售。较低的利率使得增加债务变得更加可行。这种增加的债务可以平稳地过渡到一个不太依赖石油的经济，因为石油价格很高。较低的利率帮助所有经济部门适应新的更高的石油和其他燃料成本。</blockquote></p><p> <b>[6] The US experience shows precisely how helpful having a rapidly growing supply of inexpensive to produce oil could be to an economy.</b></p><p><blockquote><b>[6]美国的经验恰恰表明，快速增长的廉价石油供应对经济有多大帮助。</b></blockquote></p><p> US oil production, excluding Alaska (blue “remainder” in Figure 7), rose rapidly after 1945 but began to decline not long after hitting a peak in 1970. This growing oil production had temporarily provided a huge boost to the US economy.</p><p><blockquote>美国的石油产量，不包括阿拉斯加（图7中的蓝色“剩余部分”），在1945年后迅速上升，但在1970年达到峰值后不久就开始下降。这种不断增长的石油产量暂时为美国经济提供了巨大的推动力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f4038b2f211130347e8f49562c4fcac0\" tg-width=\"500\" tg-height=\"303\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 7. US crude oil production, based on data of the US Energy Information Administration.</i></p><p><blockquote><i>图7.美国原油产量，基于美国能源信息署的数据。</i></blockquote></p><p> Up until almost 1970, US oil production was rising rapidly. Figure 8 shows that during this period, incomes of both the bottom 90% of workers and the top 10% of workers increased rapidly. Over a period of about 20 years, incomes for both groups grew by about 80%, after adjusting for inflation. On average, workers were about 4% better off each year, with the rapid growth in very inexpensive-to-produce oil, all of which stayed in the US (rather than being exported). US imports of inexpensive-to-produce oil also&nbsp;grew during this period.</p><p><blockquote>直到1970年左右，美国石油产量一直在迅速上升。图8显示，在此期间，底层90%的工人和顶层10%的工人的收入都快速增长。在大约20年的时间里，经通货膨胀调整后，这两个群体的收入增长了约80%。平均而言，随着生产成本非常低的石油的快速增长，工人的收入每年增加约4%，所有这些石油都留在了美国（而不是出口）。在此期间，美国生产成本低廉的石油进口也有所增长。</blockquote></p><p> Once oil prices were higher, income growth for both the lower 90% and the top 10% slowed. With the changes made starting in 1981, wage disparities quickly started to grow. There suddenly became a need for new, high-tech approaches that used less oil. But these changes were more helpful to the managers and highly educated workers than the bottom 90% of workers.</p><p><blockquote>一旦油价上涨，底层90%和顶层10%的收入增长都会放缓。随着1981年开始的变化，工资差距迅速开始扩大。突然间，人们需要使用更少石油的新的高科技方法。但这些变化对经理和受过高等教育的工人比底层90%的工人更有帮助。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/863a8245e4a663113ef507527988a806\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 8. Chart comparing income gains by the top 10% to income gains by the bottom 90% by economist Emmanuel Saez. Based on an analysis of IRS data,&nbsp;published in Forbes.</i></p><p><blockquote><i>图8.经济学家Emmanuel Saez绘制的图表比较了收入最高10%的人和收入最低90%的人的收入增长。基于对国税局数据的分析，发表在《福布斯》上。</i></blockquote></p><p> <b>[7] Most of the world’s cheap-to-extract oil sources have now been exhausted. Our problem is that the world market cannot get prices to rise high enough for producers to cover all of their expenses, including taxes.</b></p><p><blockquote><b>[7]世界上大部分开采成本低廉的石油资源现已枯竭。我们的问题是，世界市场无法让价格上涨到足以让生产者支付包括税收在内的所有费用。</b></blockquote></p><p> Based on my analysis, the world price of oil would need to be at least $120 per barrel to cover all of the costs it needs to cover. The costs that need to be covered include more items than an oil company would normally include in its costs estimates. The company needs to develop new fields to compensate for the ones that are being exhausted. It needs to pay interest on its debt. It also needs to pay dividends to its shareholders. In the case of shale producers, the price needs to be high enough that production outside of “sweet spots” can be carried on profitably.</p><p><blockquote>根据我的分析，世界石油价格至少需要达到每桶120美元才能支付所有需要支付的成本。需要支付的成本包括的项目比石油公司通常在成本估算中包含的项目还要多。该公司需要开发新的油田来弥补那些正在枯竭的油田。它需要支付债务利息。它还需要向股东支付股息。就页岩生产商而言，价格需要足够高，以便“最佳点”之外的生产能够盈利。</blockquote></p><p> For oil exporters, it is especially important that the sales price be high enough so that the government of the oil exporting country can collect adequate tax revenue. Otherwise, the exporting country will not be able to maintain food subsidy programs that the population depends on and public works programs that provide jobs.</p><p><blockquote>对于石油出口国来说，尤其重要的是销售价格要足够高，以便石油出口国政府能够收取足够的税收收入。否则，出口国将无法维持人口赖以生存的粮食补贴方案和提供就业机会的公共工程方案。</blockquote></p><p> <b>[8] The world can add more debt, but it is difficult to see how the debt bubble that is created will really pull the world economy forward rapidly enough to keep the debt bubble from collapsing in the next year or two.</b></p><p><blockquote><b>[8]世界可以增加更多的债务，但很难看出所制造的债务泡沫将如何真正快速地拉动世界经济向前发展，足以使债务泡沫在未来一两年内不至于崩溃。</b></blockquote></p><p> Many models are based on the assumption that the economy can easily go back to the growth rate it had, prior to COVID-19. There are several reasons why this seems unlikely:</p><p><blockquote>许多模型都基于这样一种假设，即经济可以很容易地回到新冠肺炎之前的增长率。这似乎不太可能，原因有几个：</blockquote></p><p> <ul>  <li>Many parts of the world economy weren’t really growing very rapidly prior to the pandemic. For example, shopping malls were doing poorly. Many airlines were in financial difficulty. Private passenger auto sales in China reached a peak in 2017 and have declined every year since.</p><p><blockquote><ul><li>在疫情之前，世界经济的许多领域并没有真正快速增长。例如，购物中心表现不佳。许多航空公司陷入财务困境。中国私人乘用车销量在2017年达到顶峰，此后逐年下降。</li></ul></blockquote></p><p></p><p></li>  <li>At the low oil prices prior to the pandemic, many oil producers (including the US) would need to reduce their production. The 2019 peak in shale production (shown in Figure 7) may prove to be the peak in US oil production because of low prices.</p><p><blockquote><li>在疫情之前的低油价下，许多石油生产国（包括美国）将需要减产。由于价格低廉，2019年页岩油产量的峰值（如图7所示）可能会被证明是美国石油产量的峰值。</li></blockquote></p><p></li>  <li>Once people became accustomed to working from home, many of them really do not want to go back to a long commute.</p><p><blockquote><li>一旦人们习惯了在家工作，他们中的许多人真的不想回到长途通勤的路上。</li></blockquote></p><p></li>  <li>It is not clear that the pandemic is really going away, now that we have kept it around this long. New mutations keep appearing. Vaccines aren’t 100% effective.</p><p><blockquote><li>目前还不清楚疫情是否真的会消失，因为我们已经让它存在了这么久。新的突变不断出现。疫苗不是100%有效。</li></blockquote></p><p></li>  <li>As I showed in Figure 5, adding more debt seems to be a very inefficient way of digging the economy out of a hole. What is really needed is a growing supply of oil that can be produced and sold profitably for less than $20 per barrel. Other types of energy need to be similarly inexpensive.</p><p><blockquote><li>正如我在图5中所示，增加更多债务似乎是一种非常低效的将经济从困境中挖出来的方式。真正需要的是越来越多的石油供应，可以以低于每桶20美元的价格生产和销售并获利。其他类型的能源需要同样便宜。</li></blockquote></p><p></li> </ul> I should note that intermittent wind and solar energy is not an adequate substitute for oil. It is not even an adequate substitute for “dispatchable” electricity production. It is simply an energy product that has been sufficiently subsidized that it can often make money for its producers. It also sounds good, if it is referred to as “clean energy.” Unfortunately, its true value is lower than its cost of production.</p><p><blockquote>我应该指出，间歇性的风能和太阳能并不能充分替代石油。它甚至不能充分替代“可调度”电力生产。它只是一种能源产品，得到了足够的补贴，经常可以为其生产者赚钱。如果被称为“清洁能源”，听起来也不错。不幸的是，它的真正价值低于它的生产成本。</blockquote></p><p> <b>[9] What’s Ahead?</b></p><p><blockquote><b>[9]前方是什么？</b></blockquote></p><p> I expect that oil prices will rise a bit, but not enough to raise prices to the level producers require. Interest rates will continue to rise as governments around the world attempt more stimulus. With these higher interest rates and higher oil prices, businesses will do less and less well. This will slow the economy enough that debt defaults become a major problem. Within a few months to a year, the worldwide debt bubble will start to collapse, bringing oil prices down by more than 50%. Stock market prices and prices of buildings of all kinds will fall in inflation-adjusted dollars. Many bonds will prove to be worthless. There will be problems with empty shelves in stores and gasoline stations with no products to sell.</p><p><blockquote>我预计油价会上涨一点，但不足以将价格提高到生产商要求的水平。随着世界各国政府尝试更多刺激措施，利率将继续上升。随着利率上升和油价上涨，企业的表现将越来越差。这将使经济放缓，债务违约成为一个主要问题。在几个月到一年内，世界范围内的债务泡沫将开始崩溃，使油价下跌50%以上。以通货膨胀调整后的美元计算，股票市场价格和各种建筑的价格将会下跌。许多债券将被证明一文不值。商店和加油站会出现货架空空、没有产品可卖的问题。</blockquote></p><p> People will start to see that while debt is a promise for the equivalent of future goods and services, it is not necessarily the case that those who make the promises will be able to stand behind these promises. Paper wealth generally can be expected to lose its value.</p><p><blockquote>人们将开始看到，虽然债务是对未来商品和服务等价物的承诺，但做出承诺的人不一定能够支持这些承诺。账面财富通常会贬值。</blockquote></p><p> I can imagine a situation, not too many years from now, when<b>countries everywhere will establish new currencies that are not as easily interchangeable</b>with other currencies as today’s currencies are. International trade will dramatically fall. The standard of living of most people will fall precipitously.</p><p><blockquote>我可以想象一种情况，不是太多年后，当<b>世界各地的国家都将建立不那么容易互换的新货币</b>与今天的货币一样。国际贸易将大幅下降。大多数人的生活水平将急剧下降。</blockquote></p><p> I doubt that the new currencies will be electronic currencies. Keeping the electricity on is a difficult task in economies that increasingly need to rely solely on local resources. Electricity may be out for months at a time after an equipment failure or a storm. Having a currency that depends on electricity alone would be a poor idea.</p><p><blockquote>我怀疑新货币会是电子货币。在越来越需要完全依赖当地资源的经济体中，保持电力供应是一项艰巨的任务。设备故障或暴风雨后，电力可能会一次停电数月。拥有一种仅依赖电力的货币将是一个糟糕的主意。</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>Headed For A Collapsing Debt Bubble<blockquote>走向崩溃的债务泡沫</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\">\nHeaded For A Collapsing Debt Bubble<blockquote>走向崩溃的债务泡沫</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-22 10:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A $1.9 trillion stimulus package was recently signed into law in the United States. Can such a stimulus bill, plus packages passed in other countries, really pull the world economy out of the downturn it has been in 2020? I don’t think so.</p><p><blockquote>一项1.9万亿美元的刺激计划最近在美国签署成为法律。这样的刺激法案，加上其他国家通过的一揽子计划，真的能让世界经济走出2020年的低迷吗？我不这么认为。</blockquote></p><p> The economy runs on energy, far more than it operates on growing debt. Our energy problems don’t appear to be fixable in the near term, such as six months or a year. Instead, the economy seems to be headed for a collapse of its debt bubble. Eventually, we may see a reset of the world financial system leading to fewer interchangeable currencies, far less international trade and falling production of goods and services. Some governments may collapse.</p><p><blockquote>经济依靠能源运转，远远超过依靠不断增长的债务运转。我们的能源问题似乎无法在短期内解决，比如六个月或一年。相反，经济似乎正走向债务泡沫的崩溃。最终，我们可能会看到世界金融体系的重置，导致可互换货币减少，国际贸易大幅减少，商品和服务生产下降。一些政府可能会崩溃。</blockquote></p><p> <b>[1] What Is Debt?</b></p><p><blockquote><b>[1]什么是债务？</b></blockquote></p><p> I understand debt to be an&nbsp;<i>indirect promise for future goods and services</i>. These future goods and services can only be created if there are adequate supplies of the right kinds of energy and other materials, in the right places, to make these future goods and services.</p><p><blockquote>我认为债务是一种<i>对未来商品和服务的间接承诺</i>这些未来的商品和服务只有在正确的地方有足够的正确种类的能源和其他材料来制造这些未来的商品和服务才能被创造出来。</blockquote></p><p> I think of debt as being a&nbsp;<i>time-shifting device.</i>&nbsp;Indirectly, it is a promise that the economy will be able to provide as many, or more, goods and services in the future compared to what it does at the time the loan is taken out.</p><p><blockquote>我认为债务是<i>时移装置。</i>间接地，这是一种承诺，即与贷款时相比，经济在未来将能够提供同样多或更多的商品和服务。</blockquote></p><p> Common sense suggests that it is much easier to repay debt with interest in a growing economy than in a shrinking economy. Carmen Reinhart and Ken Rogoff unexpectedly ran across this phenomenon in their 2008 working paper,&nbsp;This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises. They reported (p. 15), “It is notable that the non-defaulters, by and large, are all hugely successful growth stories.” In other words, their analysis of 800 years of governmental debt showed that default was almost inevitable if a country stopped growing or started shrinking.</p><p><blockquote>常识表明，在一个增长的经济体中，连本带利偿还债务要比在一个萎缩的经济体中容易得多。卡门·莱因哈特（Carmen Reinhart）和肯·罗格夫（Ken Rogoff）在他们2008年的工作论文《这次不同：八个世纪金融危机全景》中意外地遇到了这一现象。他们报告（第15页），“值得注意的是，总的来说，非违约者都是非常成功的增长故事。”换句话说，他们对800年政府债务的分析表明，如果一个国家停止增长或开始萎缩，违约几乎是不可避免的。</blockquote></p><p> The IMF estimates that the world economy&nbsp;shrank by 3.5%&nbsp;in 2020. There are many areas with even worse indications: Euro Area, -7.2%; United Kingdom, -10.0%; India, -8.0%; Mexico, -8.5%; and South Africa, -7.5%. If these situations cannot be turned around quickly, we should expect to see collapsing debt bubbles. Even the US, which shrank by 3.4%, needs a rapid return to growth if it is to keep its debt bubble inflated.</p><p><blockquote>IMF估计，2020年世界经济萎缩3.5%。有许多地区的迹象甚至更糟：欧元区，-7.2%；英国，-10.0%；印度，-8.0%；墨西哥，-8.5%；南非为-7.5%。如果这些情况不能迅速扭转，我们应该期待看到债务泡沫的崩溃。即使是萎缩了3.4%的美国，如果要保持债务泡沫膨胀，也需要快速恢复增长。</blockquote></p><p> <b>[2] The Inter-Relationship Among (a) Growing Debt, (b) Growing Energy Consumption and a (c) Growing Economy</b></p><p><blockquote><b>[2](a)债务增长、(b)能源消耗增长和(c)经济增长之间的相互关系</b></blockquote></p><p> When we are far from energy limits, growing debt seems to pull the economy along. This is a graphic I put together in 2018, explaining the situation. A small amount of debt is helpful to the system. But, if there gets to be too much debt, both oil prices and interest rates rise, bringing the braking system into action. The bicycle/economy rapidly slows.</p><p><blockquote>当我们远离能源极限时，不断增长的债务似乎会拉动经济。这是我在2018年整理的一张图，说明了情况。少量的债务对系统有帮助。但是，如果债务过多，油价和利率都会上涨，从而启动制动系统。自行车/经济迅速放缓。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/988ae9ff86e02ba9f0e17f7c656fa38a\" tg-width=\"500\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 1. The author’s view of the analogy of a speeding upright bicycle and a speeding economy.</i></p><p><blockquote><i>图1。作者对飞驰的直立自行车和飞驰的经济的类比的看法。</i></blockquote></p><p> Just as a two-wheeled bicycle needs to be going fast enough to stay upright, the economy needs to be growing rapidly enough for debt to do what it is intended to do. It takes energy supply to create the goods and services that the economy depends on.</p><p><blockquote>正如两轮自行车需要足够快才能保持直立一样，经济也需要足够快的增长才能让债务发挥其预期作用。需要能源供应来创造经济所依赖的商品和服务。</blockquote></p><p> If oil and other energy products are cheap to produce, their benefit will be widely available. Employers will be able to add more efficient machines, such as bigger tractors. These more efficient machines will act to leverage the human labor of the workers. The economy can grow rapidly, without the use of much debt. Figure 2 shows that the world oil price was $20 per barrel in 2020$, or even less, prior to 1974.</p><p><blockquote>如果石油和其他能源产品的生产成本低廉，它们的好处将会广泛存在。雇主将能够增加更高效的机器，如更大的拖拉机。这些更高效的机器将利用工人的人力。经济可以快速增长，而不需要大量的债务。图2显示，2020年世界油价为每桶20美元，1974年之前甚至更低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0713c7ad2aa2952ae70ab31f031409a6\" tg-width=\"500\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 2. Oil price in 2020 dollars, based on amounts through 2019 in 2019$ from&nbsp;BP’s 2020 Statistical Review of World Energy, the inflationary adjustment from 2019 to 2020 based on CPI Urban prices from the US Department of Labor and the average spot Brent oil price for 2020 based on EIA information.</i></p><p><blockquote><i>图2。以2020年美元计算的油价，基于BP《2020年世界能源统计评论》中截至2019年的2019年美元金额、基于美国劳工部CPI城市价格的2019年至2020年通胀调整以及基于EIA信息的2020年布伦特原油平均现货价格。</i></blockquote></p><p> Figure 3 below shows the historical relationship between the growth in&nbsp;<i>US energy consumption</i>&nbsp;(red line) and&nbsp;<i>the dollar increase in US debt growth required to add a dollar increase in GDP</i>&nbsp;(blue line). This chart calculates ratios for five-year periods because ratios for individual years are unstable.</p><p><blockquote>下图3显示了<i>美国能源消耗</i>（红线）及<i>美国债务增长的美元增长需要GDP的美元增长</i>（蓝线）。此图表计算五年期的比率，因为个别年份的比率不稳定。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/657120d86e4004601bc5a5909fa1cc55\" tg-width=\"500\" tg-height=\"303\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 3. Comparison of five-year average growth in US energy consumption based on EIA data with five-year average amount of added debt required to add $1 of GDP.</i></p><p><blockquote><i>图3.基于EIA数据的美国能源消耗五年平均增长与GDP增加1美元所需的五年平均新增债务金额的比较。</i></blockquote></p><p></p><p> Based on Figure 3, the US average annual growth in energy consumption (red line) generally fell between 1951 and 2020. The quantity of debt that needed to be added to create an additional $1 dollar of GDP (blue line) has generally been rising.</p><p><blockquote>根据图3，1951年至2020年间，美国能源消费年均增长（红线）总体下降。创造额外1美元GDP（蓝线）所需增加的债务数量总体上一直在上升。</blockquote></p><p> According to&nbsp;Investopedia,&nbsp;<i>Gross domestic product</i>&nbsp;(<i>GDP</i>) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.&nbsp;Notice that there is no mention of debt in this definition. If businesses or governments can find a way to make large amounts of credit available to borrowers who are not very credit worthy, it becomes easy to sell cars, motorcycles or homes to buyers who may never repay that debt. If the economy hits turbulence, these marginal buyers are likely to default, causing a collapse in a debt bubble.</p><p><blockquote>据Investopedia报道，<i>国内生产总值</i> (<i>国内生产总值</i>）是在特定时间段内一国境内生产的所有制成品和服务的货币或市场总价值。请注意，该定义中没有提到债务。如果企业或政府能够找到一种方法，向信用不佳的借款人提供大量信贷，那么向可能永远无法偿还债务的买家出售汽车、摩托车或房屋就变得很容易。如果经济出现动荡，这些边际买家很可能会违约，导致债务泡沫破裂。</blockquote></p><p> <b>[3] Analyzing Energy Consumption Growth, Debt Growth and Economic Growth for Broader Groupings of Years</b></p><p><blockquote><b>[3]分析更广泛年份的能源消费增长、债务增长和经济增长</b></blockquote></p><p> To get a better idea what is happening with respect to energy growth, debt growth, and GDP growth, I created some broader groupings of years, based primarily on patterns in Figure 2, showing inflation-adjusted oil prices. The following groupings of years were chosen:</p><p><blockquote>为了更好地了解能源增长、债务增长和GDP增长方面的情况，我主要基于图2中显示通胀调整后油价的模式，创建了一些更广泛的年份分组。选择了以下年份分组：</blockquote></p><p> <ul>  <li>1950-1973</p><p><blockquote><ul><li>1950-1973</li></ul></blockquote></p><p></li>  <li>1974-1980</p><p><blockquote><li>1974-1980</li></blockquote></p><p></li>  <li>1981-2000</p><p><blockquote><li>1981-2000</li></blockquote></p><p></li>  <li>2001-2014</p><p><blockquote><li>2001-2014</li></blockquote></p><p></li>  <li>2015-2020</p><p><blockquote><li>2015-2020</li></blockquote></p><p></li> </ul> Using these groupings of years, I put together charts in which it is easier to see trends.</p><p><blockquote>利用这些年份分组，我把更容易看到趋势的图表放在一起。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/602cfb962c02189ea5825a1f4f7d790d\" tg-width=\"500\" tg-height=\"302\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 4. Average annual increase in energy consumption for period shown based on EIA data versus average increase in real (inflation-adjusted) GDP for the period shown based on data of the US Bureau of Economic Analysis.</i></p><p><blockquote><i>图4.根据EIA数据显示的该期间能源消耗的平均年增幅与根据美国经济分析局数据显示的该期间实际（通胀调整后）GDP的平均增幅。</i></blockquote></p><p> Figure 4 shows that for the US, there has been a general downward trend in the annual growth of energy consumption. At same time, real (that is, inflation-adjusted) GDP has been trending downward, but not quite as quickly.</p><p><blockquote>图4显示，美国能源消费年增长率总体呈下降趋势。与此同时，实际（即经通胀调整的）GDP一直呈下降趋势，但速度没有那么快。</blockquote></p><p> We would expect that lower energy consumption would lead to lower growth in real GDP because it takes energy of the appropriate kinds to make goods and services. For example, it takes oil to ship most goods. It takes electricity to operate computers and keep the lights on. According to the&nbsp;World Coal Association, large quantities of coal are used in producing cement and steel. These are important for construction, such as is planned in stimulus projects around the world.</p><p><blockquote>我们预计，较低的能源消耗将导致实际GDP的较低增长，因为制造商品和服务需要适当种类的能源。例如，运输大多数货物需要石油。操作电脑和保持灯亮着都需要电。据世界煤炭协会称，大量煤炭用于生产水泥和钢铁。这些对于建设很重要，就像世界各地的刺激项目中计划的那样。</blockquote></p><p> Also, on Figure 4, the period 1981 to 2000 shows an uptick in both energy consumption growth and real GDP growth. This period corresponds to a period of relatively low oil prices (Figure 2). With lower oil prices, businesses found it affordable to add new devices to leverage human labor, making workers more productive. The growing productivity of workers is at least part of what led to the increased growth in real GDP.</p><p><blockquote>此外，在图4中，1981年至2000年期间能源消耗增长和实际GDP增长都有所上升。这一时期对应的是油价相对较低的时期（图2）。随着油价下跌，企业发现增加新设备来利用人力是负担得起的，从而提高工人的生产力。工人生产率的提高至少是导致实际GDP增长的部分原因。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9dfc9c699891a0b02f9e46e6f3f53bda\" tg-width=\"500\" tg-height=\"301\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 5. Dollars of additional debt required to add $1 dollar of GDP growth (including inflation), based on data of the US Bureau of Economic Analysis.</i></p><p><blockquote><i>图5.根据美国经济分析局的数据，增加1美元GDP增长（包括通货膨胀）所需的额外债务。</i></blockquote></p><p> Figure 5, above, is disturbing. It strongly suggests that the US economy (and probably a lot of other economies) has needed to add an increasing amount of debt to add $1 of GDP in recent years. This pattern started long before President Biden’s $1.9 trillion stimulus package in 2021.</p><p><blockquote>上图5令人不安。这强烈表明，近年来，美国经济（可能还有许多其他经济体）需要增加越来越多的债务才能使GDP增加1美元。这种模式早在拜登总统2021年推出1.9万亿美元刺激计划之前就开始了。</blockquote></p><p> To make matters worse, GDP growth in Figure 5 has not been reduced to remove the impact of inflation. On average, removing the impact of inflation reduces the above GDP growth by about half. In the period 2015 to 2020, it took about $4.35 of additional debt to add one dollar of GDP growth, including inflation. It would take about double that amount, or $8.70 worth of debt, to create $1.00 worth of inflation-adjusted growth. With such a low return on added debt, it seems unlikely that the $1.9 trillion stimulus package will increase the growth of the economy very much.</p><p><blockquote>更糟糕的是，图5中的GDP增长并没有被降低以消除通货膨胀的影响。平均而言，剔除通货膨胀的影响使上述GDP增长减少了一半左右。在2015年至2020年期间，包括通货膨胀在内，GDP增长1美元需要大约4.35美元的额外债务。需要大约两倍的金额，即价值8.70美元的债务，才能创造价值1.00美元的通胀调整后增长。在新增债务回报率如此之低的情况下，1.9万亿美元的刺激方案似乎不太可能大幅提高经济的增长。</blockquote></p><p> <b>[4] Falling interest rates (Figure 6) are a major part of what allowed the rapid growth in debt after 1981 shown in Figure 5.</b></p><p><blockquote><b>[4]利率下降（图6）是1981年后债务快速增长的主要原因，如图5所示。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/74f347d946ebcebc62fe4fdee1dfffd3\" tg-width=\"500\" tg-height=\"193\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 6. 10-Year and 3-Month US Treasury Rates through February 2021, in a chart prepared by the Federal Reserve of St. Louis.</i></p><p><blockquote><i>图6。截至2021年2月的10年期和3个月期美国国债利率，由圣路易斯美联储准备。</i></blockquote></p><p> Clearly, debt is more affordable if the interest rate is lower. For example, auto loans and home mortgages have lower monthly payments if the interest rate is lower. It is also clear that governments need to spend less of their tax revenue on interest rate payments if interest rates are lower. Changes made by US President Ronald Reagan when he took office 1981 also encouraged the use of more debt.</p><p><blockquote>显然，如果利率较低，债务就更容易承受。例如，如果利率较低，汽车贷款和住房抵押贷款的月供也较低。同样清楚的是，如果利率较低，政府需要将更少的税收收入用于利率支付。美国总统罗纳德·里根1981年上任时做出的改变也鼓励了更多债务的使用。</blockquote></p><p></p><p> A major concern with respect to today’s debt bubble is the fact that interest rates are about as low as they can go without going negative. In fact, the interest rate on 10-year Treasury bonds is now 1.72%, which is higher than the February 2021 average rate shown on the chart. As interest rates rise, it becomes more costly to add more debt. As interest rates rise, businesses will be less likely to take on debt in order to expand and hire more workers.</p><p><blockquote>关于当今债务泡沫的一个主要担忧是，利率在不为负的情况下已经尽可能低了。事实上，10年期国债利率现在为1.72%，高于图表所示的2021年2月平均利率。随着利率上升，增加更多债务的成本变得更高。随着利率上升，企业将不太可能为了扩张和雇用更多工人而承担债务。</blockquote></p><p> <b>[5] Interest expense is a major expense of governments, businesses, and homeowners everywhere. Energy costs are another major expense of governments, businesses, and homeowners. It makes sense that falling interest rates can partly hide rising energy prices.</b></p><p><blockquote><b>[5]利息支出是世界各地政府、企业和房主的主要支出。能源成本是政府、企业和房主的另一项主要开支。利率下降可以部分掩盖能源价格上涨，这是有道理的。</b></blockquote></p><p> A trend toward lower interest rates was needed starting in 1981 because the US could no longer produce large amounts of crude oil that were profitable to sell at less than $20 per barrel, in inflation-adjusted prices. Lower interest rates made adding debt more feasible. This added debt could smooth the transition to an economy that was less dependent on oil, now that it was high-priced. The lower interest rates helped all segments of the economy adjust to the new higher cost of oil and other fuels.</p><p><blockquote>从1981年开始，利率下降的趋势是必要的，因为美国不再能够生产大量以低于每桶20美元的价格出售的原油，以通胀调整后的价格出售。较低的利率使得增加债务变得更加可行。这种增加的债务可以平稳地过渡到一个不太依赖石油的经济，因为石油价格很高。较低的利率帮助所有经济部门适应新的更高的石油和其他燃料成本。</blockquote></p><p> <b>[6] The US experience shows precisely how helpful having a rapidly growing supply of inexpensive to produce oil could be to an economy.</b></p><p><blockquote><b>[6]美国的经验恰恰表明，快速增长的廉价石油供应对经济有多大帮助。</b></blockquote></p><p> US oil production, excluding Alaska (blue “remainder” in Figure 7), rose rapidly after 1945 but began to decline not long after hitting a peak in 1970. This growing oil production had temporarily provided a huge boost to the US economy.</p><p><blockquote>美国的石油产量，不包括阿拉斯加（图7中的蓝色“剩余部分”），在1945年后迅速上升，但在1970年达到峰值后不久就开始下降。这种不断增长的石油产量暂时为美国经济提供了巨大的推动力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f4038b2f211130347e8f49562c4fcac0\" tg-width=\"500\" tg-height=\"303\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 7. US crude oil production, based on data of the US Energy Information Administration.</i></p><p><blockquote><i>图7.美国原油产量，基于美国能源信息署的数据。</i></blockquote></p><p> Up until almost 1970, US oil production was rising rapidly. Figure 8 shows that during this period, incomes of both the bottom 90% of workers and the top 10% of workers increased rapidly. Over a period of about 20 years, incomes for both groups grew by about 80%, after adjusting for inflation. On average, workers were about 4% better off each year, with the rapid growth in very inexpensive-to-produce oil, all of which stayed in the US (rather than being exported). US imports of inexpensive-to-produce oil also&nbsp;grew during this period.</p><p><blockquote>直到1970年左右，美国石油产量一直在迅速上升。图8显示，在此期间，底层90%的工人和顶层10%的工人的收入都快速增长。在大约20年的时间里，经通货膨胀调整后，这两个群体的收入增长了约80%。平均而言，随着生产成本非常低的石油的快速增长，工人的收入每年增加约4%，所有这些石油都留在了美国（而不是出口）。在此期间，美国生产成本低廉的石油进口也有所增长。</blockquote></p><p> Once oil prices were higher, income growth for both the lower 90% and the top 10% slowed. With the changes made starting in 1981, wage disparities quickly started to grow. There suddenly became a need for new, high-tech approaches that used less oil. But these changes were more helpful to the managers and highly educated workers than the bottom 90% of workers.</p><p><blockquote>一旦油价上涨，底层90%和顶层10%的收入增长都会放缓。随着1981年开始的变化，工资差距迅速开始扩大。突然间，人们需要使用更少石油的新的高科技方法。但这些变化对经理和受过高等教育的工人比底层90%的工人更有帮助。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/863a8245e4a663113ef507527988a806\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <i>Figure 8. Chart comparing income gains by the top 10% to income gains by the bottom 90% by economist Emmanuel Saez. Based on an analysis of IRS data,&nbsp;published in Forbes.</i></p><p><blockquote><i>图8.经济学家Emmanuel Saez绘制的图表比较了收入最高10%的人和收入最低90%的人的收入增长。基于对国税局数据的分析，发表在《福布斯》上。</i></blockquote></p><p> <b>[7] Most of the world’s cheap-to-extract oil sources have now been exhausted. Our problem is that the world market cannot get prices to rise high enough for producers to cover all of their expenses, including taxes.</b></p><p><blockquote><b>[7]世界上大部分开采成本低廉的石油资源现已枯竭。我们的问题是，世界市场无法让价格上涨到足以让生产者支付包括税收在内的所有费用。</b></blockquote></p><p> Based on my analysis, the world price of oil would need to be at least $120 per barrel to cover all of the costs it needs to cover. The costs that need to be covered include more items than an oil company would normally include in its costs estimates. The company needs to develop new fields to compensate for the ones that are being exhausted. It needs to pay interest on its debt. It also needs to pay dividends to its shareholders. In the case of shale producers, the price needs to be high enough that production outside of “sweet spots” can be carried on profitably.</p><p><blockquote>根据我的分析，世界石油价格至少需要达到每桶120美元才能支付所有需要支付的成本。需要支付的成本包括的项目比石油公司通常在成本估算中包含的项目还要多。该公司需要开发新的油田来弥补那些正在枯竭的油田。它需要支付债务利息。它还需要向股东支付股息。就页岩生产商而言，价格需要足够高，以便“最佳点”之外的生产能够盈利。</blockquote></p><p> For oil exporters, it is especially important that the sales price be high enough so that the government of the oil exporting country can collect adequate tax revenue. Otherwise, the exporting country will not be able to maintain food subsidy programs that the population depends on and public works programs that provide jobs.</p><p><blockquote>对于石油出口国来说，尤其重要的是销售价格要足够高，以便石油出口国政府能够收取足够的税收收入。否则，出口国将无法维持人口赖以生存的粮食补贴方案和提供就业机会的公共工程方案。</blockquote></p><p> <b>[8] The world can add more debt, but it is difficult to see how the debt bubble that is created will really pull the world economy forward rapidly enough to keep the debt bubble from collapsing in the next year or two.</b></p><p><blockquote><b>[8]世界可以增加更多的债务，但很难看出所制造的债务泡沫将如何真正快速地拉动世界经济向前发展，足以使债务泡沫在未来一两年内不至于崩溃。</b></blockquote></p><p> Many models are based on the assumption that the economy can easily go back to the growth rate it had, prior to COVID-19. There are several reasons why this seems unlikely:</p><p><blockquote>许多模型都基于这样一种假设，即经济可以很容易地回到新冠肺炎之前的增长率。这似乎不太可能，原因有几个：</blockquote></p><p> <ul>  <li>Many parts of the world economy weren’t really growing very rapidly prior to the pandemic. For example, shopping malls were doing poorly. Many airlines were in financial difficulty. Private passenger auto sales in China reached a peak in 2017 and have declined every year since.</p><p><blockquote><ul><li>在疫情之前，世界经济的许多领域并没有真正快速增长。例如，购物中心表现不佳。许多航空公司陷入财务困境。中国私人乘用车销量在2017年达到顶峰，此后逐年下降。</li></ul></blockquote></p><p></p><p></li>  <li>At the low oil prices prior to the pandemic, many oil producers (including the US) would need to reduce their production. The 2019 peak in shale production (shown in Figure 7) may prove to be the peak in US oil production because of low prices.</p><p><blockquote><li>在疫情之前的低油价下，许多石油生产国（包括美国）将需要减产。由于价格低廉，2019年页岩油产量的峰值（如图7所示）可能会被证明是美国石油产量的峰值。</li></blockquote></p><p></li>  <li>Once people became accustomed to working from home, many of them really do not want to go back to a long commute.</p><p><blockquote><li>一旦人们习惯了在家工作，他们中的许多人真的不想回到长途通勤的路上。</li></blockquote></p><p></li>  <li>It is not clear that the pandemic is really going away, now that we have kept it around this long. New mutations keep appearing. Vaccines aren’t 100% effective.</p><p><blockquote><li>目前还不清楚疫情是否真的会消失，因为我们已经让它存在了这么久。新的突变不断出现。疫苗不是100%有效。</li></blockquote></p><p></li>  <li>As I showed in Figure 5, adding more debt seems to be a very inefficient way of digging the economy out of a hole. What is really needed is a growing supply of oil that can be produced and sold profitably for less than $20 per barrel. Other types of energy need to be similarly inexpensive.</p><p><blockquote><li>正如我在图5中所示，增加更多债务似乎是一种非常低效的将经济从困境中挖出来的方式。真正需要的是越来越多的石油供应，可以以低于每桶20美元的价格生产和销售并获利。其他类型的能源需要同样便宜。</li></blockquote></p><p></li> </ul> I should note that intermittent wind and solar energy is not an adequate substitute for oil. It is not even an adequate substitute for “dispatchable” electricity production. It is simply an energy product that has been sufficiently subsidized that it can often make money for its producers. It also sounds good, if it is referred to as “clean energy.” Unfortunately, its true value is lower than its cost of production.</p><p><blockquote>我应该指出，间歇性的风能和太阳能并不能充分替代石油。它甚至不能充分替代“可调度”电力生产。它只是一种能源产品，得到了足够的补贴，经常可以为其生产者赚钱。如果被称为“清洁能源”，听起来也不错。不幸的是，它的真正价值低于它的生产成本。</blockquote></p><p> <b>[9] What’s Ahead?</b></p><p><blockquote><b>[9]前方是什么？</b></blockquote></p><p> I expect that oil prices will rise a bit, but not enough to raise prices to the level producers require. Interest rates will continue to rise as governments around the world attempt more stimulus. With these higher interest rates and higher oil prices, businesses will do less and less well. This will slow the economy enough that debt defaults become a major problem. Within a few months to a year, the worldwide debt bubble will start to collapse, bringing oil prices down by more than 50%. Stock market prices and prices of buildings of all kinds will fall in inflation-adjusted dollars. Many bonds will prove to be worthless. There will be problems with empty shelves in stores and gasoline stations with no products to sell.</p><p><blockquote>我预计油价会上涨一点，但不足以将价格提高到生产商要求的水平。随着世界各国政府尝试更多刺激措施，利率将继续上升。随着利率上升和油价上涨，企业的表现将越来越差。这将使经济放缓，债务违约成为一个主要问题。在几个月到一年内，世界范围内的债务泡沫将开始崩溃，使油价下跌50%以上。以通货膨胀调整后的美元计算，股票市场价格和各种建筑的价格将会下跌。许多债券将被证明一文不值。商店和加油站会出现货架空空、没有产品可卖的问题。</blockquote></p><p> People will start to see that while debt is a promise for the equivalent of future goods and services, it is not necessarily the case that those who make the promises will be able to stand behind these promises. Paper wealth generally can be expected to lose its value.</p><p><blockquote>人们将开始看到，虽然债务是对未来商品和服务等价物的承诺，但做出承诺的人不一定能够支持这些承诺。账面财富通常会贬值。</blockquote></p><p> I can imagine a situation, not too many years from now, when<b>countries everywhere will establish new currencies that are not as easily interchangeable</b>with other currencies as today’s currencies are. International trade will dramatically fall. The standard of living of most people will fall precipitously.</p><p><blockquote>我可以想象一种情况，不是太多年后，当<b>世界各地的国家都将建立不那么容易互换的新货币</b>与今天的货币一样。国际贸易将大幅下降。大多数人的生活水平将急剧下降。</blockquote></p><p> I doubt that the new currencies will be electronic currencies. Keeping the electricity on is a difficult task in economies that increasingly need to rely solely on local resources. Electricity may be out for months at a time after an equipment failure or a storm. Having a currency that depends on electricity alone would be a poor idea.</p><p><blockquote>我怀疑新货币会是电子货币。在越来越需要完全依赖当地资源的经济体中，保持电力供应是一项艰巨的任务。设备故障或暴风雨后，电力可能会一次停电数月。拥有一种仅依赖电力的货币将是一个糟糕的主意。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/economics/headed-collapsing-debt-bubble\">zerohedge</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.zerohedge.com/economics/headed-collapsing-debt-bubble","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158879714","content_text":"A $1.9 trillion stimulus package was recently signed into law in the United States. Can such a stimulus bill, plus packages passed in other countries, really pull the world economy out of the downturn it has been in 2020? I don’t think so.\nThe economy runs on energy, far more than it operates on growing debt. Our energy problems don’t appear to be fixable in the near term, such as six months or a year. Instead, the economy seems to be headed for a collapse of its debt bubble. Eventually, we may see a reset of the world financial system leading to fewer interchangeable currencies, far less international trade and falling production of goods and services. Some governments may collapse.\n[1] What Is Debt?\nI understand debt to be an indirect promise for future goods and services. These future goods and services can only be created if there are adequate supplies of the right kinds of energy and other materials, in the right places, to make these future goods and services.\nI think of debt as being a time-shifting device. Indirectly, it is a promise that the economy will be able to provide as many, or more, goods and services in the future compared to what it does at the time the loan is taken out.\nCommon sense suggests that it is much easier to repay debt with interest in a growing economy than in a shrinking economy. Carmen Reinhart and Ken Rogoff unexpectedly ran across this phenomenon in their 2008 working paper, This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises. They reported (p. 15), “It is notable that the non-defaulters, by and large, are all hugely successful growth stories.” In other words, their analysis of 800 years of governmental debt showed that default was almost inevitable if a country stopped growing or started shrinking.\nThe IMF estimates that the world economy shrank by 3.5% in 2020. There are many areas with even worse indications: Euro Area, -7.2%; United Kingdom, -10.0%; India, -8.0%; Mexico, -8.5%; and South Africa, -7.5%. If these situations cannot be turned around quickly, we should expect to see collapsing debt bubbles. Even the US, which shrank by 3.4%, needs a rapid return to growth if it is to keep its debt bubble inflated.\n[2] The Inter-Relationship Among (a) Growing Debt, (b) Growing Energy Consumption and a (c) Growing Economy\nWhen we are far from energy limits, growing debt seems to pull the economy along. This is a graphic I put together in 2018, explaining the situation. A small amount of debt is helpful to the system. But, if there gets to be too much debt, both oil prices and interest rates rise, bringing the braking system into action. The bicycle/economy rapidly slows.\n\nFigure 1. The author’s view of the analogy of a speeding upright bicycle and a speeding economy.\nJust as a two-wheeled bicycle needs to be going fast enough to stay upright, the economy needs to be growing rapidly enough for debt to do what it is intended to do. It takes energy supply to create the goods and services that the economy depends on.\nIf oil and other energy products are cheap to produce, their benefit will be widely available. Employers will be able to add more efficient machines, such as bigger tractors. These more efficient machines will act to leverage the human labor of the workers. The economy can grow rapidly, without the use of much debt. Figure 2 shows that the world oil price was $20 per barrel in 2020$, or even less, prior to 1974.\n\nFigure 2. Oil price in 2020 dollars, based on amounts through 2019 in 2019$ from BP’s 2020 Statistical Review of World Energy, the inflationary adjustment from 2019 to 2020 based on CPI Urban prices from the US Department of Labor and the average spot Brent oil price for 2020 based on EIA information.\nFigure 3 below shows the historical relationship between the growth in US energy consumption (red line) and the dollar increase in US debt growth required to add a dollar increase in GDP (blue line). This chart calculates ratios for five-year periods because ratios for individual years are unstable.\n\nFigure 3. Comparison of five-year average growth in US energy consumption based on EIA data with five-year average amount of added debt required to add $1 of GDP.\nBased on Figure 3, the US average annual growth in energy consumption (red line) generally fell between 1951 and 2020. The quantity of debt that needed to be added to create an additional $1 dollar of GDP (blue line) has generally been rising.\nAccording to Investopedia, Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. Notice that there is no mention of debt in this definition. If businesses or governments can find a way to make large amounts of credit available to borrowers who are not very credit worthy, it becomes easy to sell cars, motorcycles or homes to buyers who may never repay that debt. If the economy hits turbulence, these marginal buyers are likely to default, causing a collapse in a debt bubble.\n[3] Analyzing Energy Consumption Growth, Debt Growth and Economic Growth for Broader Groupings of Years\nTo get a better idea what is happening with respect to energy growth, debt growth, and GDP growth, I created some broader groupings of years, based primarily on patterns in Figure 2, showing inflation-adjusted oil prices. The following groupings of years were chosen:\n\n1950-1973\n1974-1980\n1981-2000\n2001-2014\n2015-2020\n\nUsing these groupings of years, I put together charts in which it is easier to see trends.\n\nFigure 4. Average annual increase in energy consumption for period shown based on EIA data versus average increase in real (inflation-adjusted) GDP for the period shown based on data of the US Bureau of Economic Analysis.\nFigure 4 shows that for the US, there has been a general downward trend in the annual growth of energy consumption. At same time, real (that is, inflation-adjusted) GDP has been trending downward, but not quite as quickly.\nWe would expect that lower energy consumption would lead to lower growth in real GDP because it takes energy of the appropriate kinds to make goods and services. For example, it takes oil to ship most goods. It takes electricity to operate computers and keep the lights on. According to the World Coal Association, large quantities of coal are used in producing cement and steel. These are important for construction, such as is planned in stimulus projects around the world.\nAlso, on Figure 4, the period 1981 to 2000 shows an uptick in both energy consumption growth and real GDP growth. This period corresponds to a period of relatively low oil prices (Figure 2). With lower oil prices, businesses found it affordable to add new devices to leverage human labor, making workers more productive. The growing productivity of workers is at least part of what led to the increased growth in real GDP.\n\nFigure 5. Dollars of additional debt required to add $1 dollar of GDP growth (including inflation), based on data of the US Bureau of Economic Analysis.\nFigure 5, above, is disturbing. It strongly suggests that the US economy (and probably a lot of other economies) has needed to add an increasing amount of debt to add $1 of GDP in recent years. This pattern started long before President Biden’s $1.9 trillion stimulus package in 2021.\nTo make matters worse, GDP growth in Figure 5 has not been reduced to remove the impact of inflation. On average, removing the impact of inflation reduces the above GDP growth by about half. In the period 2015 to 2020, it took about $4.35 of additional debt to add one dollar of GDP growth, including inflation. It would take about double that amount, or $8.70 worth of debt, to create $1.00 worth of inflation-adjusted growth. With such a low return on added debt, it seems unlikely that the $1.9 trillion stimulus package will increase the growth of the economy very much.\n[4] Falling interest rates (Figure 6) are a major part of what allowed the rapid growth in debt after 1981 shown in Figure 5.\n\nFigure 6. 10-Year and 3-Month US Treasury Rates through February 2021, in a chart prepared by the Federal Reserve of St. Louis.\nClearly, debt is more affordable if the interest rate is lower. For example, auto loans and home mortgages have lower monthly payments if the interest rate is lower. It is also clear that governments need to spend less of their tax revenue on interest rate payments if interest rates are lower. Changes made by US President Ronald Reagan when he took office 1981 also encouraged the use of more debt.\nA major concern with respect to today’s debt bubble is the fact that interest rates are about as low as they can go without going negative. In fact, the interest rate on 10-year Treasury bonds is now 1.72%, which is higher than the February 2021 average rate shown on the chart. As interest rates rise, it becomes more costly to add more debt. As interest rates rise, businesses will be less likely to take on debt in order to expand and hire more workers.\n[5] Interest expense is a major expense of governments, businesses, and homeowners everywhere. Energy costs are another major expense of governments, businesses, and homeowners. It makes sense that falling interest rates can partly hide rising energy prices.\nA trend toward lower interest rates was needed starting in 1981 because the US could no longer produce large amounts of crude oil that were profitable to sell at less than $20 per barrel, in inflation-adjusted prices. Lower interest rates made adding debt more feasible. This added debt could smooth the transition to an economy that was less dependent on oil, now that it was high-priced. The lower interest rates helped all segments of the economy adjust to the new higher cost of oil and other fuels.\n[6] The US experience shows precisely how helpful having a rapidly growing supply of inexpensive to produce oil could be to an economy.\nUS oil production, excluding Alaska (blue “remainder” in Figure 7), rose rapidly after 1945 but began to decline not long after hitting a peak in 1970. This growing oil production had temporarily provided a huge boost to the US economy.\n\nFigure 7. US crude oil production, based on data of the US Energy Information Administration.\nUp until almost 1970, US oil production was rising rapidly. Figure 8 shows that during this period, incomes of both the bottom 90% of workers and the top 10% of workers increased rapidly. Over a period of about 20 years, incomes for both groups grew by about 80%, after adjusting for inflation. On average, workers were about 4% better off each year, with the rapid growth in very inexpensive-to-produce oil, all of which stayed in the US (rather than being exported). US imports of inexpensive-to-produce oil also grew during this period.\nOnce oil prices were higher, income growth for both the lower 90% and the top 10% slowed. With the changes made starting in 1981, wage disparities quickly started to grow. There suddenly became a need for new, high-tech approaches that used less oil. But these changes were more helpful to the managers and highly educated workers than the bottom 90% of workers.\n\nFigure 8. Chart comparing income gains by the top 10% to income gains by the bottom 90% by economist Emmanuel Saez. Based on an analysis of IRS data, published in Forbes.\n[7] Most of the world’s cheap-to-extract oil sources have now been exhausted. Our problem is that the world market cannot get prices to rise high enough for producers to cover all of their expenses, including taxes.\nBased on my analysis, the world price of oil would need to be at least $120 per barrel to cover all of the costs it needs to cover. The costs that need to be covered include more items than an oil company would normally include in its costs estimates. The company needs to develop new fields to compensate for the ones that are being exhausted. It needs to pay interest on its debt. It also needs to pay dividends to its shareholders. In the case of shale producers, the price needs to be high enough that production outside of “sweet spots” can be carried on profitably.\nFor oil exporters, it is especially important that the sales price be high enough so that the government of the oil exporting country can collect adequate tax revenue. Otherwise, the exporting country will not be able to maintain food subsidy programs that the population depends on and public works programs that provide jobs.\n[8] The world can add more debt, but it is difficult to see how the debt bubble that is created will really pull the world economy forward rapidly enough to keep the debt bubble from collapsing in the next year or two.\nMany models are based on the assumption that the economy can easily go back to the growth rate it had, prior to COVID-19. There are several reasons why this seems unlikely:\n\nMany parts of the world economy weren’t really growing very rapidly prior to the pandemic. For example, shopping malls were doing poorly. Many airlines were in financial difficulty. Private passenger auto sales in China reached a peak in 2017 and have declined every year since.\nAt the low oil prices prior to the pandemic, many oil producers (including the US) would need to reduce their production. The 2019 peak in shale production (shown in Figure 7) may prove to be the peak in US oil production because of low prices.\nOnce people became accustomed to working from home, many of them really do not want to go back to a long commute.\nIt is not clear that the pandemic is really going away, now that we have kept it around this long. New mutations keep appearing. Vaccines aren’t 100% effective.\nAs I showed in Figure 5, adding more debt seems to be a very inefficient way of digging the economy out of a hole. What is really needed is a growing supply of oil that can be produced and sold profitably for less than $20 per barrel. Other types of energy need to be similarly inexpensive.\n\nI should note that intermittent wind and solar energy is not an adequate substitute for oil. It is not even an adequate substitute for “dispatchable” electricity production. It is simply an energy product that has been sufficiently subsidized that it can often make money for its producers. It also sounds good, if it is referred to as “clean energy.” Unfortunately, its true value is lower than its cost of production.\n[9] What’s Ahead?\nI expect that oil prices will rise a bit, but not enough to raise prices to the level producers require. Interest rates will continue to rise as governments around the world attempt more stimulus. With these higher interest rates and higher oil prices, businesses will do less and less well. This will slow the economy enough that debt defaults become a major problem. Within a few months to a year, the worldwide debt bubble will start to collapse, bringing oil prices down by more than 50%. Stock market prices and prices of buildings of all kinds will fall in inflation-adjusted dollars. Many bonds will prove to be worthless. There will be problems with empty shelves in stores and gasoline stations with no products to sell.\nPeople will start to see that while debt is a promise for the equivalent of future goods and services, it is not necessarily the case that those who make the promises will be able to stand behind these promises. Paper wealth generally can be expected to lose its value.\nI can imagine a situation, not too many years from now, whencountries everywhere will establish new currencies that are not as easily interchangeablewith other currencies as today’s currencies are. International trade will dramatically fall. The standard of living of most people will fall precipitously.\nI doubt that the new currencies will be electronic currencies. Keeping the electricity on is a difficult task in economies that increasingly need to rely solely on local resources. Electricity may be out for months at a time after an equipment failure or a storm. Having a currency that depends on electricity alone would be a poor idea.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359010346,"gmtCreate":1616299755285,"gmtModify":1634526437172,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/359010346","repostId":"1136440314","repostType":4,"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104545382,"gmtCreate":1620400155046,"gmtModify":1631888163320,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/FLGT\">$Fulgent Genetics Inc.(FLGT)$</a>昨天买贵了","listText":"<a href=\"https://laohu8.com/S/FLGT\">$Fulgent Genetics Inc.(FLGT)$</a>昨天买贵了","text":"$Fulgent Genetics Inc.(FLGT)$昨天买贵了","images":[{"img":"https://static.tigerbbs.com/fb981ccfd7c3a7d138ee99003536c7e0","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/104545382","isVote":1,"tweetType":1,"viewCount":2188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":350419634,"gmtCreate":1616250309128,"gmtModify":1634526580597,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Alright!","listText":"Alright!","text":"Alright!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/350419634","repostId":"1117450855","repostType":4,"repost":{"id":"1117450855","kind":"news","pubTimestamp":1616166767,"share":"https://www.laohu8.com/m/news/1117450855?lang=zh_CN&edition=full","pubTime":"2021-03-19 23:12","market":"us","language":"en","title":"Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117450855","media":"marketwatch","summary":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration o","content":"<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</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>Powell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</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\">\nPowell says Fed will keep supporting economy ‘for as long as it takes’<blockquote>鲍威尔表示美联储将“只要需要”继续支持经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-03-19 23:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.</b>  Federal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”</p><p><blockquote><b>美联储主席在《华尔街日报》专栏中表示，前景一片光明，但复苏“远未完成”。</b>美联储主席鲍威尔周五表示，虽然美国经济前景“一片光明”，但复苏“远未完成”。</blockquote></p><p> In an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.</p><p><blockquote>在《华尔街日报》发表的一篇专栏文章中，鲍威尔讲述了去年2月他意识到冠状病毒大流行将席卷全国的那一刻。</blockquote></p><p> “The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.</p><p><blockquote>“美国经济面临的危险是严重的。面临的挑战是限制后果的严重程度和持续时间，以避免长期损害，”他说。</blockquote></p><p> Powell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.</p><p><blockquote>鲍威尔和他的同事根据从2008-2009年大衰退的缓慢复苏中吸取的教训，设计了对危机的快速反应，即迅速采取行动可能会更好。</blockquote></p><p> The central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.</p><p><blockquote>央行迅速将政策利率下调至零，并启动了被称为量化宽松的开放式资产购买计划。</blockquote></p><p> With economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.</p><p><blockquote>随着经济学家预测2021年将出现强劲增长，每天都有更多的美国人接种疫苗，金融市场想知道美联储的支持将持续多久。</blockquote></p><p> In the op-ed, Powell said the situation “is much improved.”</p><p><blockquote>鲍威尔在专栏中表示，情况“有了很大改善”。</blockquote></p><p> “But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.</p><p><blockquote>鲍威尔表示：“但复苏远未完成，因此美联储将继续为经济提供所需的支持，只要经济需要。”</blockquote></p><p> “I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.</p><p><blockquote>他说：“我真的相信，我们将从这场危机中变得更强大、更好，就像我们以前经常做的那样。”</blockquote></p><p> On Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.</p><p><blockquote>周三，美联储在最近的政策会议上再次承诺了宽松的货币政策立场，尽管预计今年经济增长将更加强劲，通胀将上升。</blockquote></p><p> The Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.</p><p><blockquote>美联储主席在周五的文章中没有提及通胀前景。华尔街许多人担心，在美联储收回宽松政策立场之前，经济会过热。</blockquote></p><p> Yields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.</p><p><blockquote>10年期国债TMUBMUSD10Y, 1.734%的收益率在年初低于1%后，本周已升至1.73%。</blockquote></p><p> Stocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.</p><p><blockquote>周五股市走低，道琼斯工业平均指数DJIA在早盘交易中下跌187点，-0.71%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?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":{},"source_url":"https://www.marketwatch.com/story/powell-says-fed-will-keep-supporting-economy-for-as-long-as-it-takes-11616165178?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117450855","content_text":"Outlook is brightening, but recovery ‘far from complete,’ Fed chairman says in WSJ op-ed.\n\nFederal Reserve Chairman Jerome Powell on Friday said that while the U.S. economic outlook is “brightening,” the recovery is “far from complete.”\nIn an op-ed published in the Wall Street Journal,Powell recounted the moment last February when he realized that the coronavirus pandemic would sweep across the country.\n“The danger to the U.S. economy was grave. The challenge was to limit the severity and duration of the fallout to avoid longer-run damage,” he said.\nPowell and his colleagues engineered a rapid response to the crisis, based on the lesson learned from slow recovery to the Great Recession of 2008-2009 that swift action might have been better.\nThe central bank quickly slashed its policy interest rate to zero and launched an open-ended asset purchase program known as quantitative easing.\nWith economists penciling in strong growth for 2021 and more Americans getting vaccinated every day, financial markets are wondering how long Fed support will last.\nIn the op-ed, Powell said the situation “is much improved.”\n“But the recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes,” Powell said.\n“I truly believe that we will emerge from this crisis stronger and better, as we have done so often before,” he said.\nOn Wednesday, the Fed recommitted to its easy money policy stance at its latest policy meeting despite a forecast for stronger economic growth and higher inflation this year.\nThe Fed chairman did not mention the outlook for inflation in his Friday article . Many on Wall Street are worried that the economy will overheat before the Fed pulls back its easy policy stance.\nYields on the 10-year Treasury noteTMUBMUSD10Y,1.734%have risen to 1.73% this week after starting the year below 1%.\nStocks were trading lower on Friday, with the Dow Jones Industrial AverageDJIA,-0.71%down 187 points in mid-morning trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365669355,"gmtCreate":1614735733577,"gmtModify":1703480454521,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Really better&nbsp;not to put all your eggs in the same basket!","listText":"Really better&nbsp;not to put all your eggs in the same basket!","text":"Really better not to put all your eggs in the same basket!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/365669355","repostId":"1187509414","repostType":4,"repost":{"id":"1187509414","kind":"news","pubTimestamp":1614730102,"share":"https://www.laohu8.com/m/news/1187509414?lang=zh_CN&edition=full","pubTime":"2021-03-03 08:08","market":"sg","language":"en","title":"Wall Street ends lower as Apple and Tesla retreat<blockquote>随着苹果和特斯拉的撤退，华尔街收低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187509414","media":"reuters","summary":" - Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package.Following strong gains in the prior session, technology shares dipped in the resumption of a rotation by investors out of stocks that outperformed due to the coronavirus pandemic and into others viewed as likely to do well as the economy recovers. The S&P 500 materials and consumer staples sector indexes rose.“Part of ","content":"<p>(Reuters) - Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package.</p><p><blockquote>（路透社）-受苹果和特斯拉拖累，华尔街周二收低，而材料类股攀升，因投资者等待美国。国会将批准另一项刺激计划。</blockquote></p><p>Following strong gains in the prior session, technology shares dipped in the resumption of a rotation by investors out of stocks that outperformed due to the coronavirus pandemic and into others viewed as likely to do well as the economy recovers. The S&amp;P 500 materials and consumer staples sector indexes rose.</p><p><blockquote>继前一交易日强劲上涨后，科技股下跌，投资者从因冠状病毒大流行而表现出色的股票转向其他被认为随着经济复苏可能表现良好的股票。标普500材料和必需消费品行业指数上涨。</blockquote></p><p>Yields on the benchmark 10-year Treasury bonds have stabilized after hitting a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year high last week.</p><p><blockquote>基准10年期国债收益率在触及<a href=\"https://laohu8.com/S/AONE.U\">一</a>-上周创下年度新高。</blockquote></p><p>“Part of it is just because technology went up so much last year, and if interest rates are on the rise then the value of their future cash flows is diminished,” said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management.</p><p><blockquote>合众银行财富管理全球投资策略师汤姆·海林(Tom Hainlin)表示：“部分原因是去年科技进步如此之大，如果利率上升，那么未来现金流的价值就会下降。”</blockquote></p><p>The S&amp;P 500 on Monday logged its best day since June as markets cheered approval of a third COVID-19 vaccine in the United States and the U.S. House of Representatives’ green light for a $1.9 trillion coronavirus relief package.</p><p><blockquote>标普500周一创下6月以来最好的一天，市场对美国批准第三种COVID-19疫苗以及美国众议院批准1.9万亿美元的冠状病毒救助计划感到高兴。</blockquote></p><p>The U.S. Senate will start debating President Joe Biden’s relief bill this week when Democrats aim to pass the legislation through a maneuver known as “reconciliation,” which would allow the bill to pass with a simple majority.</p><p><blockquote>美国。参议院将于本周开始辩论乔·拜登总统的救济法案，民主党人的目标是通过一种被称为“和解”的策略通过该法案，这将使该法案以简单多数通过。</blockquote></p><p>Apple dipped about 2% and Tesla declined more than 4%, with the two companies contributing the most to the S&amp;P 500’s loss for the day.</p><p><blockquote>苹果下跌约2%，特斯拉下跌超过4%，这两家公司对标普500当天的损失贡献最大。</blockquote></p><p>The S&amp;P 500 technology sector index dropped 1.6%, extending a pullback from late last month after a selloff in the U.S. bond market sparked fears over highly valued stocks. The consumer discretionary index dipped 1.3%, with Amazon falling 1.6%.</p><p><blockquote>标普500科技板块指数下跌1.6%，延续了上月底以来的回调，此前美国债市的抛售引发了对高估值股票的担忧。非必需消费品指数下跌1.3%，亚马逊下跌1.6%。</blockquote></p><p>The Dow Jones Industrial Average fell 0.46% to end at 31,391.52 points, while the S&amp;P 500 lost 0.81% to 3,870.29.</p><p><blockquote>道琼斯工业平均指数下跌0.46%，收于31,391.52点；标普500下跌0.81%，收于3,870.29点。</blockquote></p><p>The Nasdaq Composite dropped 1.69% to 13,358.79.</p><p><blockquote>纳斯达克综合指数下跌1.69%，至13,358.79点。</blockquote></p><p>The Russell 2000 index of smaller companies declined 1.9%, trimming its gain in 2021 to about 13%, compared with the S&amp;P 500’s rise of 3% in the same period.</p><p><blockquote>小型公司的Russell 2000指数下跌1.9%，将2021年的涨幅收窄至13%左右，而标普500同期上涨3%。</blockquote></p><p>Heavily shorted mortgage provider <a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> surged 71% in its third straight day of gains as the stock drew interest on Reddit’s popular WallStreetBets.</p><p><blockquote>严重做空的抵押贷款提供商<a href=\"https://laohu8.com/S/RKT\">火箭公司</a>由于该股吸引了Reddit热门WallStreetBets的兴趣，该股连续第三天上涨，股价飙升71%。</blockquote></p><p>Kohl’s Corp rose 0.6% after it posted holiday-quarter results beyond market expectations on a boost in online sales and as the company reined in costs.</p><p><blockquote>Kohl's Corp股价上涨0.6%，此前该公司公布的假日季度业绩超出市场预期，原因是在线销售增长以及该公司控制了成本。</blockquote></p><p>TV ratings provider Nielsen jumped 7.6% after it sold its advanced video advertising business to television streaming platform provider Roku. Shares of Roku dropped 7.3%.</p><p><blockquote>电视收视率提供商尼尔森将其高级视频广告业务出售给电视流媒体平台提供商Roku后，股价上涨7.6%。Roku股价下跌7.3%。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 2.64-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.36比1；在纳斯达克，2.64比1的比率有利于下跌股。</blockquote></p><p>The S&amp;P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 165 new highs and 57 new lows.</p><p><blockquote>标普500创下30个52周新高，无新低；纳斯达克综合指数录得165个新高和57个新低。</blockquote></p><p>Volume on U.S. exchanges was 12.3 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为123亿股，而过去20个交易日的平均成交量为149亿股。</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>Wall Street ends lower as Apple and Tesla retreat<blockquote>随着苹果和特斯拉的撤退，华尔街收低</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\">\nWall Street ends lower as Apple and Tesla retreat<blockquote>随着苹果和特斯拉的撤退，华尔街收低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-03-03 08:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package.</p><p><blockquote>（路透社）-受苹果和特斯拉拖累，华尔街周二收低，而材料类股攀升，因投资者等待美国。国会将批准另一项刺激计划。</blockquote></p><p>Following strong gains in the prior session, technology shares dipped in the resumption of a rotation by investors out of stocks that outperformed due to the coronavirus pandemic and into others viewed as likely to do well as the economy recovers. The S&amp;P 500 materials and consumer staples sector indexes rose.</p><p><blockquote>继前一交易日强劲上涨后，科技股下跌，投资者从因冠状病毒大流行而表现出色的股票转向其他被认为随着经济复苏可能表现良好的股票。标普500材料和必需消费品行业指数上涨。</blockquote></p><p>Yields on the benchmark 10-year Treasury bonds have stabilized after hitting a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year high last week.</p><p><blockquote>基准10年期国债收益率在触及<a href=\"https://laohu8.com/S/AONE.U\">一</a>-上周创下年度新高。</blockquote></p><p>“Part of it is just because technology went up so much last year, and if interest rates are on the rise then the value of their future cash flows is diminished,” said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management.</p><p><blockquote>合众银行财富管理全球投资策略师汤姆·海林(Tom Hainlin)表示：“部分原因是去年科技进步如此之大，如果利率上升，那么未来现金流的价值就会下降。”</blockquote></p><p>The S&amp;P 500 on Monday logged its best day since June as markets cheered approval of a third COVID-19 vaccine in the United States and the U.S. House of Representatives’ green light for a $1.9 trillion coronavirus relief package.</p><p><blockquote>标普500周一创下6月以来最好的一天，市场对美国批准第三种COVID-19疫苗以及美国众议院批准1.9万亿美元的冠状病毒救助计划感到高兴。</blockquote></p><p>The U.S. Senate will start debating President Joe Biden’s relief bill this week when Democrats aim to pass the legislation through a maneuver known as “reconciliation,” which would allow the bill to pass with a simple majority.</p><p><blockquote>美国。参议院将于本周开始辩论乔·拜登总统的救济法案，民主党人的目标是通过一种被称为“和解”的策略通过该法案，这将使该法案以简单多数通过。</blockquote></p><p>Apple dipped about 2% and Tesla declined more than 4%, with the two companies contributing the most to the S&amp;P 500’s loss for the day.</p><p><blockquote>苹果下跌约2%，特斯拉下跌超过4%，这两家公司对标普500当天的损失贡献最大。</blockquote></p><p>The S&amp;P 500 technology sector index dropped 1.6%, extending a pullback from late last month after a selloff in the U.S. bond market sparked fears over highly valued stocks. The consumer discretionary index dipped 1.3%, with Amazon falling 1.6%.</p><p><blockquote>标普500科技板块指数下跌1.6%，延续了上月底以来的回调，此前美国债市的抛售引发了对高估值股票的担忧。非必需消费品指数下跌1.3%，亚马逊下跌1.6%。</blockquote></p><p>The Dow Jones Industrial Average fell 0.46% to end at 31,391.52 points, while the S&amp;P 500 lost 0.81% to 3,870.29.</p><p><blockquote>道琼斯工业平均指数下跌0.46%，收于31,391.52点；标普500下跌0.81%，收于3,870.29点。</blockquote></p><p>The Nasdaq Composite dropped 1.69% to 13,358.79.</p><p><blockquote>纳斯达克综合指数下跌1.69%，至13,358.79点。</blockquote></p><p>The Russell 2000 index of smaller companies declined 1.9%, trimming its gain in 2021 to about 13%, compared with the S&amp;P 500’s rise of 3% in the same period.</p><p><blockquote>小型公司的Russell 2000指数下跌1.9%，将2021年的涨幅收窄至13%左右，而标普500同期上涨3%。</blockquote></p><p>Heavily shorted mortgage provider <a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> surged 71% in its third straight day of gains as the stock drew interest on Reddit’s popular WallStreetBets.</p><p><blockquote>严重做空的抵押贷款提供商<a href=\"https://laohu8.com/S/RKT\">火箭公司</a>由于该股吸引了Reddit热门WallStreetBets的兴趣，该股连续第三天上涨，股价飙升71%。</blockquote></p><p>Kohl’s Corp rose 0.6% after it posted holiday-quarter results beyond market expectations on a boost in online sales and as the company reined in costs.</p><p><blockquote>Kohl's Corp股价上涨0.6%，此前该公司公布的假日季度业绩超出市场预期，原因是在线销售增长以及该公司控制了成本。</blockquote></p><p>TV ratings provider Nielsen jumped 7.6% after it sold its advanced video advertising business to television streaming platform provider Roku. Shares of Roku dropped 7.3%.</p><p><blockquote>电视收视率提供商尼尔森将其高级视频广告业务出售给电视流媒体平台提供商Roku后，股价上涨7.6%。Roku股价下跌7.3%。</blockquote></p><p>Declining issues outnumbered advancing ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 2.64-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌股与上涨股的比例为1.36比1；在纳斯达克，2.64比1的比率有利于下跌股。</blockquote></p><p>The S&amp;P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 165 new highs and 57 new lows.</p><p><blockquote>标普500创下30个52周新高，无新低；纳斯达克综合指数录得165个新高和57个新低。</blockquote></p><p>Volume on U.S. exchanges was 12.3 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为123亿股，而过去20个交易日的平均成交量为149亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/wall-street-ends-lower-as-apple-and-tesla-retreat-idUSKBN2AU19P\">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":{},"source_url":"https://www.reuters.com/article/us-usa-stocks/wall-street-ends-lower-as-apple-and-tesla-retreat-idUSKBN2AU19P","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187509414","content_text":"(Reuters) - Wall Street ended lower on Tuesday, pulled down by Apple and Tesla, while materials stocks climbed as investors waited for the U.S. Congress to approve another stimulus package.Following strong gains in the prior session, technology shares dipped in the resumption of a rotation by investors out of stocks that outperformed due to the coronavirus pandemic and into others viewed as likely to do well as the economy recovers. The S&P 500 materials and consumer staples sector indexes rose.Yields on the benchmark 10-year Treasury bonds have stabilized after hitting a one-year high last week.“Part of it is just because technology went up so much last year, and if interest rates are on the rise then the value of their future cash flows is diminished,” said Tom Hainlin, global investment strategist at U.S. Bank Wealth Management.The S&P 500 on Monday logged its best day since June as markets cheered approval of a third COVID-19 vaccine in the United States and the U.S. House of Representatives’ green light for a $1.9 trillion coronavirus relief package.The U.S. Senate will start debating President Joe Biden’s relief bill this week when Democrats aim to pass the legislation through a maneuver known as “reconciliation,” which would allow the bill to pass with a simple majority.Apple dipped about 2% and Tesla declined more than 4%, with the two companies contributing the most to the S&P 500’s loss for the day.The S&P 500 technology sector index dropped 1.6%, extending a pullback from late last month after a selloff in the U.S. bond market sparked fears over highly valued stocks. The consumer discretionary index dipped 1.3%, with Amazon falling 1.6%.The Dow Jones Industrial Average fell 0.46% to end at 31,391.52 points, while the S&P 500 lost 0.81% to 3,870.29.The Nasdaq Composite dropped 1.69% to 13,358.79.The Russell 2000 index of smaller companies declined 1.9%, trimming its gain in 2021 to about 13%, compared with the S&P 500’s rise of 3% in the same period.Heavily shorted mortgage provider Rocket Companies surged 71% in its third straight day of gains as the stock drew interest on Reddit’s popular WallStreetBets.Kohl’s Corp rose 0.6% after it posted holiday-quarter results beyond market expectations on a boost in online sales and as the company reined in costs.TV ratings provider Nielsen jumped 7.6% after it sold its advanced video advertising business to television streaming platform provider Roku. Shares of Roku dropped 7.3%.Declining issues outnumbered advancing ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 2.64-to-1 ratio favored decliners.The S&P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 165 new highs and 57 new lows.Volume on U.S. exchanges was 12.3 billion shares, compared with the 14.9 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":500,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119473740,"gmtCreate":1622561597080,"gmtModify":1634100439841,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Nice. Like and comment please","listText":"Nice. Like and comment please","text":"Nice. Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/119473740","repostId":"2138889344","repostType":4,"repost":{"id":"2138889344","kind":"news","pubTimestamp":1622546894,"share":"https://www.laohu8.com/m/news/2138889344?lang=zh_CN&edition=full","pubTime":"2021-06-01 19:28","market":"us","language":"en","title":"Zoom Video to Report Q1 Earnings: What's in the Cards?<blockquote>Zoom Video将报告第一季度收益：前景如何？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2138889344","media":"Zacks","summary":"Zoom Video Communications is set to report first-quarter fiscal 2022 results on Jun 1.For the quarte","content":"<p><b><a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video Communications</b> is set to report first-quarter fiscal 2022 results on Jun 1.</p><p><blockquote><b><a href=\"https://laohu8.com/S/ZM\">Zoom</a>视频通信</b>定于6月1日公布2022财年第一季度业绩。</blockquote></p><p>For the quarter, the company expects non-GAAP earnings between 95 cents and 97 cents per share. Total revenues are expected between $900 million and $905 million.</p><p><blockquote>该公司预计本季度非GAAP每股收益在95美分至97美分之间。总收入预计在9亿美元至9.05亿美元之间。</blockquote></p><p>The Zacks Consensus Estimate for earnings stayed at 97 cents per share over the past 30 days. The company had reported earnings of 20 cents per share in the year-ago quarter.</p><p><blockquote>过去30天，Zacks对收益的一致预期保持在每股97美分。该公司报告去年同期每股收益为20美分。</blockquote></p><p>The consensus mark for revenues is pegged at $905.2 million, suggesting 175.8% growth from the figure reported in the year-ago quarter.</p><p><blockquote>收入的共识为9.052亿美元，比去年同期报告的数字增长175.8%。</blockquote></p><p><h3>Zoom Video Communications, Inc. Price and EPS Surprise</h3><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc75f53073be8992ce4f8cf58d4ebd0a\" tg-width=\"539\" tg-height=\"264\"><span>Zoom Video Communications, Inc. price-eps-surprise | Zoom Video Communications, Inc. Quote</span></p><p><blockquote><h3>Zoom Video通信公司。价格和每股收益惊喜</h3><p class=\"t-img-caption\"><span>Zoom Video通信公司价格-每股收益-惊喜|Zoom Video通信公司报价</span></p></blockquote></p><p>Zoom’s earnings beat the Zacks Consensus Estimate in all of the past four quarters, the average surprise being 73.2%.</p><p><blockquote>Zoom的收益在过去四个季度都超过了Zacks的普遍预期，平均意外率为73.2%。</blockquote></p><p>Let’s see how things have shaped up for this announcement.</p><p><blockquote>让我们看看这个公告的进展如何。</blockquote></p><p><h3>Factors to Watch</h3>Zoom’s fiscal first-quarter revenues are expected to have benefited from the coronavirus-induced work-from-home and online-learning wave despite the vaccination campaigns.</p><p><blockquote><h3>值得关注的因素</h3>尽管开展了疫苗接种活动，但Zoom第一财季的收入预计仍将受益于冠状病毒引发的在家工作和在线学习浪潮。</blockquote></p><p>Notably, the company’s freemium business model helps it win customers rapidly, whom it can later convert into paying customers. Net dollar-expansion rate on a trailing twelve-month basis was more than 156% in fourth-quarter fiscal 2021. The momentum is expected to have continued in the to-be-reported quarter.</p><p><blockquote>值得注意的是，该公司的免费增值商业模式帮助其快速赢得客户，然后可以将这些客户转化为付费客户。2021财年第四季度，过去12个月的美元净增长率超过156%。预计这一势头将在即将报告的季度持续下去。</blockquote></p><p>Further, the availability of Zoom For Home, which supports remote working for business professionals, has been a key catalyst.</p><p><blockquote>此外，支持商务专业人士远程工作的Zoom For Home的可用性是一个关键的催化剂。</blockquote></p><p>Additionally, this Zacks Rank #2 (Buy) company’s strong partner base, that includes the likes of <b>Atlassian</b>, <b><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a></b> and Dropbox, is expected to have benefited the company in winning enterprise customers in fiscal first quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>此外，这家Zacks排名第二（购买）的公司拥有强大的合作伙伴基础，其中包括<b>Atlassian</b>,<b><a href=\"https://laohu8.com/S/NOW\">服务现在</a></b>和Dropbox，预计将使该公司在第一财季赢得企业客户方面受益。你可以在这里看到今天咤克斯排名第一（强力买入）股票的完整列表。</blockquote></p><p>However, Zoom Video continues to face significant competition from the likes of <b>Cisco</b>, Microsoft and Google Meet. This might have led to loss in small and medium business customers, which is likely to have hurt top-line growth.</p><p><blockquote>然而，Zoom Video继续面临来自以下公司的激烈竞争<b>思科</b>、微软和谷歌相遇。这可能会导致中小型企业客户的流失，从而可能会损害营收增长。</blockquote></p><p><h3>Key Q1 Highlights</h3>During the to-be-reported quarter, Zoom announced $100 million venture fund called Zoom Apps Fund, aimed at stimulating growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform and hardware.</p><p><blockquote><h3>第一季度主要亮点</h3>在即将报告的季度中，Zoom宣布了一项名为Zoom Apps Fund的1亿美元风险基金，旨在刺激Zoom的Zoom应用、集成、开发者平台和硬件生态系统的增长。</blockquote></p><p>Moreover, during the quarter, Zoom and Formula 1 announced that they have entered a new extensive multi-year partnership across the upcoming 2021 FIA Formula One World Championship racing season and beyond.</p><p><blockquote>此外，在本季度，Zoom和一级方程式宣布，他们已在即将到来的2021年国际汽联一级方程式世界锦标赛赛季及以后建立了新的广泛的多年合作伙伴关系。</blockquote></p><p>Further, in February, Zoom announced the availability of Zoom Rooms that will help organizations safely re-enter the office and sustain an “everywhere workforce”.</p><p><blockquote>此外，在2月份，Zoom宣布推出Zoom Rooms，这将帮助组织安全地重新进入办公室，并维持“无处不在的员工”。</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>Zoom Video to Report Q1 Earnings: What's in the Cards?<blockquote>Zoom Video将报告第一季度收益：前景如何？</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\">\nZoom Video to Report Q1 Earnings: What's in the Cards?<blockquote>Zoom Video将报告第一季度收益：前景如何？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Zacks</strong><span class=\"h-time small\">2021-06-01 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/ZM\">Zoom</a> Video Communications</b> is set to report first-quarter fiscal 2022 results on Jun 1.</p><p><blockquote><b><a href=\"https://laohu8.com/S/ZM\">Zoom</a>视频通信</b>定于6月1日公布2022财年第一季度业绩。</blockquote></p><p>For the quarter, the company expects non-GAAP earnings between 95 cents and 97 cents per share. Total revenues are expected between $900 million and $905 million.</p><p><blockquote>该公司预计本季度非GAAP每股收益在95美分至97美分之间。总收入预计在9亿美元至9.05亿美元之间。</blockquote></p><p>The Zacks Consensus Estimate for earnings stayed at 97 cents per share over the past 30 days. The company had reported earnings of 20 cents per share in the year-ago quarter.</p><p><blockquote>过去30天，Zacks对收益的一致预期保持在每股97美分。该公司报告去年同期每股收益为20美分。</blockquote></p><p>The consensus mark for revenues is pegged at $905.2 million, suggesting 175.8% growth from the figure reported in the year-ago quarter.</p><p><blockquote>收入的共识为9.052亿美元，比去年同期报告的数字增长175.8%。</blockquote></p><p><h3>Zoom Video Communications, Inc. Price and EPS Surprise</h3><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc75f53073be8992ce4f8cf58d4ebd0a\" tg-width=\"539\" tg-height=\"264\"><span>Zoom Video Communications, Inc. price-eps-surprise | Zoom Video Communications, Inc. Quote</span></p><p><blockquote><h3>Zoom Video通信公司。价格和每股收益惊喜</h3><p class=\"t-img-caption\"><span>Zoom Video通信公司价格-每股收益-惊喜|Zoom Video通信公司报价</span></p></blockquote></p><p>Zoom’s earnings beat the Zacks Consensus Estimate in all of the past four quarters, the average surprise being 73.2%.</p><p><blockquote>Zoom的收益在过去四个季度都超过了Zacks的普遍预期，平均意外率为73.2%。</blockquote></p><p>Let’s see how things have shaped up for this announcement.</p><p><blockquote>让我们看看这个公告的进展如何。</blockquote></p><p><h3>Factors to Watch</h3>Zoom’s fiscal first-quarter revenues are expected to have benefited from the coronavirus-induced work-from-home and online-learning wave despite the vaccination campaigns.</p><p><blockquote><h3>值得关注的因素</h3>尽管开展了疫苗接种活动，但Zoom第一财季的收入预计仍将受益于冠状病毒引发的在家工作和在线学习浪潮。</blockquote></p><p>Notably, the company’s freemium business model helps it win customers rapidly, whom it can later convert into paying customers. Net dollar-expansion rate on a trailing twelve-month basis was more than 156% in fourth-quarter fiscal 2021. The momentum is expected to have continued in the to-be-reported quarter.</p><p><blockquote>值得注意的是，该公司的免费增值商业模式帮助其快速赢得客户，然后可以将这些客户转化为付费客户。2021财年第四季度，过去12个月的美元净增长率超过156%。预计这一势头将在即将报告的季度持续下去。</blockquote></p><p>Further, the availability of Zoom For Home, which supports remote working for business professionals, has been a key catalyst.</p><p><blockquote>此外，支持商务专业人士远程工作的Zoom For Home的可用性是一个关键的催化剂。</blockquote></p><p>Additionally, this Zacks Rank #2 (Buy) company’s strong partner base, that includes the likes of <b>Atlassian</b>, <b><a href=\"https://laohu8.com/S/NOW\">ServiceNow</a></b> and Dropbox, is expected to have benefited the company in winning enterprise customers in fiscal first quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>此外，这家Zacks排名第二（购买）的公司拥有强大的合作伙伴基础，其中包括<b>Atlassian</b>,<b><a href=\"https://laohu8.com/S/NOW\">服务现在</a></b>和Dropbox，预计将使该公司在第一财季赢得企业客户方面受益。你可以在这里看到今天咤克斯排名第一（强力买入）股票的完整列表。</blockquote></p><p>However, Zoom Video continues to face significant competition from the likes of <b>Cisco</b>, Microsoft and Google Meet. This might have led to loss in small and medium business customers, which is likely to have hurt top-line growth.</p><p><blockquote>然而，Zoom Video继续面临来自以下公司的激烈竞争<b>思科</b>、微软和谷歌相遇。这可能会导致中小型企业客户的流失，从而可能会损害营收增长。</blockquote></p><p><h3>Key Q1 Highlights</h3>During the to-be-reported quarter, Zoom announced $100 million venture fund called Zoom Apps Fund, aimed at stimulating growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform and hardware.</p><p><blockquote><h3>第一季度主要亮点</h3>在即将报告的季度中，Zoom宣布了一项名为Zoom Apps Fund的1亿美元风险基金，旨在刺激Zoom的Zoom应用、集成、开发者平台和硬件生态系统的增长。</blockquote></p><p>Moreover, during the quarter, Zoom and Formula 1 announced that they have entered a new extensive multi-year partnership across the upcoming 2021 FIA Formula One World Championship racing season and beyond.</p><p><blockquote>此外，在本季度，Zoom和一级方程式宣布，他们已在即将到来的2021年国际汽联一级方程式世界锦标赛赛季及以后建立了新的广泛的多年合作伙伴关系。</blockquote></p><p>Further, in February, Zoom announced the availability of Zoom Rooms that will help organizations safely re-enter the office and sustain an “everywhere workforce”.</p><p><blockquote>此外，在2月份，Zoom宣布推出Zoom Rooms，这将帮助组织安全地重新进入办公室，并维持“无处不在的员工”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zacks.com/stock/news/1619568/zoom-video-zm-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID05-txt-1619568\">Zacks</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":{"ZM":"Zoom"},"source_url":"https://www.zacks.com/stock/news/1619568/zoom-video-zm-to-report-q1-earnings-whats-in-the-cards?art_rec=quote-stock_overview-zacks_news-ID05-txt-1619568","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2138889344","content_text":"Zoom Video Communications is set to report first-quarter fiscal 2022 results on Jun 1.For the quarter, the company expects non-GAAP earnings between 95 cents and 97 cents per share. Total revenues are expected between $900 million and $905 million.The Zacks Consensus Estimate for earnings stayed at 97 cents per share over the past 30 days. The company had reported earnings of 20 cents per share in the year-ago quarter.The consensus mark for revenues is pegged at $905.2 million, suggesting 175.8% growth from the figure reported in the year-ago quarter.Zoom Video Communications, Inc. Price and EPS SurpriseZoom Video Communications, Inc. price-eps-surprise | Zoom Video Communications, Inc. QuoteZoom’s earnings beat the Zacks Consensus Estimate in all of the past four quarters, the average surprise being 73.2%.Let’s see how things have shaped up for this announcement.Factors to WatchZoom’s fiscal first-quarter revenues are expected to have benefited from the coronavirus-induced work-from-home and online-learning wave despite the vaccination campaigns.Notably, the company’s freemium business model helps it win customers rapidly, whom it can later convert into paying customers. Net dollar-expansion rate on a trailing twelve-month basis was more than 156% in fourth-quarter fiscal 2021. The momentum is expected to have continued in the to-be-reported quarter.Further, the availability of Zoom For Home, which supports remote working for business professionals, has been a key catalyst.Additionally, this Zacks Rank #2 (Buy) company’s strong partner base, that includes the likes of Atlassian, ServiceNow and Dropbox, is expected to have benefited the company in winning enterprise customers in fiscal first quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.However, Zoom Video continues to face significant competition from the likes of Cisco, Microsoft and Google Meet. This might have led to loss in small and medium business customers, which is likely to have hurt top-line growth.Key Q1 HighlightsDuring the to-be-reported quarter, Zoom announced $100 million venture fund called Zoom Apps Fund, aimed at stimulating growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform and hardware.Moreover, during the quarter, Zoom and Formula 1 announced that they have entered a new extensive multi-year partnership across the upcoming 2021 FIA Formula One World Championship racing season and beyond.Further, in February, Zoom announced the availability of Zoom Rooms that will help organizations safely re-enter the office and sustain an “everywhere workforce”.","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328791132,"gmtCreate":1615558008926,"gmtModify":1703490888807,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"😔","listText":"😔","text":"😔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/328791132","repostId":"2118950919","repostType":4,"isVote":1,"tweetType":1,"viewCount":251,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":819231415,"gmtCreate":1630071674037,"gmtModify":1704955511340,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Interesting read! Can consider!","listText":"Interesting read! Can consider!","text":"Interesting read! Can consider!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/819231415","repostId":"2162424090","repostType":4,"isVote":1,"tweetType":1,"viewCount":3209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175690214,"gmtCreate":1627027586338,"gmtModify":1631891682604,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175690214","repostId":"1156994421","repostType":4,"repost":{"id":"1156994421","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1627027221,"share":"https://www.laohu8.com/m/news/1156994421?lang=zh_CN&edition=full","pubTime":"2021-07-23 16:00","market":"us","language":"en","title":"Apple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games<blockquote>苹果将移除允许iPhone用户玩经典游戏的流行DOS模拟器</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156994421","media":"Benzinga","summary":"Apple Inc told the developer of an application that allows users to emulate the retro Disk Operating","content":"<p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> </b><b>Inc</b>&nbsp;told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.</p><p><blockquote><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a></b><b>Inc</b>告诉一款允许用户模拟复古磁盘操作系统（DOS）的应用程序的开发者，他们的应用程序将因涉嫌违反准则而从这家科技巨头的市场中删除。</blockquote></p><p> <b>What Happened:</b>&nbsp;Chaoji Li&nbsp;— the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.</p><p><blockquote><b>发生了什么：</b>Chaoji Li是该模拟器的开发者，该模拟器可用于玩DOS游戏和其他用例，他在AppleInsider上的一篇详细的博客文章中讲述了他在蒂姆·库克领导的公司的经历。</blockquote></p><p> Apple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’</p><p><blockquote>根据这篇博文，苹果的主要抱怨似乎是该应用程序“执行iDOS软件包和图像文件，并允许iTunes文件共享和导入游戏的文件支持。执行代码可以引入或更改应用程序的特性或功能，并允许在没有许可的情况下下载内容。”</blockquote></p><p> Li claims that they had disclosed the file-sharing access functionality to Apple reviewers in&nbsp;update notes.</p><p><blockquote>李声称，他们在更新说明中向苹果评论者披露了文件共享访问功能。</blockquote></p><p> The developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.</p><p><blockquote>开发商写道，为了符合苹果的政策，不可能削减iDOS2的关键功能。</blockquote></p><p> “That would be a betrayal to all the users that have purchased this app specifically for those features.”</p><p><blockquote>“这将是对所有专门为这些功能购买此应用程序的用户的背叛。”</blockquote></p><p> <b>Why It Matters:</b>&nbsp;As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.</p><p><blockquote><b>为什么重要：</b>截至发稿，Benzinga确认iDOS2在苹果日印两国门店均有销售。</blockquote></p><p> As per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't&nbsp;Li's&nbsp;doing.</p><p><blockquote>根据iDOS2开发者的说法，现有用户应该能够从购买的历史记录中下载该应用，但如果用户遇到一条消息，上面写着“被开发者删除”，这不是李干的。</blockquote></p><p> The App Store has been the center of controversy after Apple and&nbsp;<b>Alphabet Inc</b>&nbsp;GOOGL&nbsp;GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.</p><p><blockquote>继苹果和<b>Alphabet公司</b>去年8月，GOOGL·谷歌将Epic Games的《堡垒之夜》从各自的市场中删除，原因是该游戏违反了有关应用内购买的准则。</blockquote></p><p> The controversy also enveloped&nbsp;<b>Microsoft Corporation</b>&nbsp;which in Maydefended <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its executivesthat testified on behalf of Epic.</p><p><blockquote>争议也笼罩着<b>微软公司</b>在五月辩护<a href=\"https://laohu8.com/S/AONE.U\">一</a>代表Epic作证的高管。</blockquote></p><p> The iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store</p><p><blockquote>这家iPhone制造商还因其围绕App Store的反竞争行为而在德国面临反垄断调查</blockquote></p><p> <b>Price Action:</b>&nbsp;On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.</p><p><blockquote><b>价格走势：</b>周四，苹果股价收盘上涨近1%，至146.80美元，盘后交易中上涨近0.3%。</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>Apple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games<blockquote>苹果将移除允许iPhone用户玩经典游戏的流行DOS模拟器</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; 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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\">\nApple To Remove Popular DOS Emulator That Let iPhone Users Play Classic Games<blockquote>苹果将移除允许iPhone用户玩经典游戏的流行DOS模拟器</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-23 16:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> </b><b>Inc</b>&nbsp;told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.</p><p><blockquote><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a></b><b>Inc</b>告诉一款允许用户模拟复古磁盘操作系统（DOS）的应用程序的开发者，他们的应用程序将因涉嫌违反准则而从这家科技巨头的市场中删除。</blockquote></p><p> <b>What Happened:</b>&nbsp;Chaoji Li&nbsp;— the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.</p><p><blockquote><b>发生了什么：</b>Chaoji Li是该模拟器的开发者，该模拟器可用于玩DOS游戏和其他用例，他在AppleInsider上的一篇详细的博客文章中讲述了他在蒂姆·库克领导的公司的经历。</blockquote></p><p> Apple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’</p><p><blockquote>根据这篇博文，苹果的主要抱怨似乎是该应用程序“执行iDOS软件包和图像文件，并允许iTunes文件共享和导入游戏的文件支持。执行代码可以引入或更改应用程序的特性或功能，并允许在没有许可的情况下下载内容。”</blockquote></p><p> Li claims that they had disclosed the file-sharing access functionality to Apple reviewers in&nbsp;update notes.</p><p><blockquote>李声称，他们在更新说明中向苹果评论者披露了文件共享访问功能。</blockquote></p><p> The developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.</p><p><blockquote>开发商写道，为了符合苹果的政策，不可能削减iDOS2的关键功能。</blockquote></p><p> “That would be a betrayal to all the users that have purchased this app specifically for those features.”</p><p><blockquote>“这将是对所有专门为这些功能购买此应用程序的用户的背叛。”</blockquote></p><p> <b>Why It Matters:</b>&nbsp;As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.</p><p><blockquote><b>为什么重要：</b>截至发稿，Benzinga确认iDOS2在苹果日印两国门店均有销售。</blockquote></p><p> As per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't&nbsp;Li's&nbsp;doing.</p><p><blockquote>根据iDOS2开发者的说法，现有用户应该能够从购买的历史记录中下载该应用，但如果用户遇到一条消息，上面写着“被开发者删除”，这不是李干的。</blockquote></p><p> The App Store has been the center of controversy after Apple and&nbsp;<b>Alphabet Inc</b>&nbsp;GOOGL&nbsp;GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.</p><p><blockquote>继苹果和<b>Alphabet公司</b>去年8月，GOOGL·谷歌将Epic Games的《堡垒之夜》从各自的市场中删除，原因是该游戏违反了有关应用内购买的准则。</blockquote></p><p> The controversy also enveloped&nbsp;<b>Microsoft Corporation</b>&nbsp;which in Maydefended <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its executivesthat testified on behalf of Epic.</p><p><blockquote>争议也笼罩着<b>微软公司</b>在五月辩护<a href=\"https://laohu8.com/S/AONE.U\">一</a>代表Epic作证的高管。</blockquote></p><p> The iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store</p><p><blockquote>这家iPhone制造商还因其围绕App Store的反竞争行为而在德国面临反垄断调查</blockquote></p><p> <b>Price Action:</b>&nbsp;On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.</p><p><blockquote><b>价格走势：</b>周四，苹果股价收盘上涨近1%，至146.80美元，盘后交易中上涨近0.3%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BPOP":"大众银行","03086":"华夏纳指","AAPL":"苹果","09086":"华夏纳指-U"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156994421","content_text":"Apple Inc told the developer of an application that allows users to emulate the retro Disk Operating System, or DOS, that their app would be removed from the tech giant’s marketplace for allegedly breaking guidelines.\nWhat Happened: Chaoji Li — the developer of the emulator that can be used for playing DOS games among other use cases — recounted his experience with the Tim Cook-led company in a detailedblog post, firstnotedon AppleInsider.\nApple's main gripe, according to the blog post, appears to be the fact that the app “executes iDOS package and image files and allows iTunes File Sharing and Files support for importing games. Executing code can introduce or changes features or functionality of the app and allows for downloading of content without licensing.’\nLi claims that they had disclosed the file-sharing access functionality to Apple reviewers in update notes.\nThe developer wrote that it would not be possible to cut critical functionalities of iDOS2 in order to be in compliance with Apple’s policy.\n“That would be a betrayal to all the users that have purchased this app specifically for those features.”\nWhy It Matters: As of press time, Benzinga confirmed that iDOS2 was available for sale in both Apple’s Japan and India stores.\nAs per the iDOS2 developer, existing users should be able to download the app from purchased history but should users encounter a message that says “removed by developer,” it wasn't Li's doing.\nThe App Store has been the center of controversy after Apple and Alphabet Inc GOOGL GOOGremoved Epic Games’ Fortnite from their respective marketplaces forviolating guidelines surrounding in-app purchasesin August last year.\nThe controversy also enveloped Microsoft Corporation which in Maydefended one of its executivesthat testified on behalf of Epic.\nThe iPhone maker is alsofacing antitrust investigationsin Germany for its anti-competitive practices surrounding the App Store\nPrice Action: On Thursday, Apple shares closed nearly 1% higher at $146.80 and rose almost 0.3% in the after-hours trading.","news_type":1,"symbols_score_info":{"BPOP":0.9,"09086":0.9,"AAPL":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":1203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102378026,"gmtCreate":1620180474265,"gmtModify":1634207176454,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"It’s a bloodbath","listText":"It’s a bloodbath","text":"It’s a bloodbath","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/102378026","repostId":"1199199416","repostType":4,"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353403651,"gmtCreate":1616510253173,"gmtModify":1634525426165,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Everyone is expert in a bull&nbsp;market. Wait till the bear comes prowling in","listText":"Everyone is expert in a bull&nbsp;market. Wait till the bear comes prowling in","text":"Everyone is expert in a bull market. Wait till the bear comes prowling in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/353403651","repostId":"1137063642","repostType":4,"repost":{"id":"1137063642","kind":"news","pubTimestamp":1616505836,"share":"https://www.laohu8.com/m/news/1137063642?lang=zh_CN&edition=full","pubTime":"2021-03-23 21:23","market":"us","language":"en","title":"Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck<blockquote>方舟创新的回报是由于凯西·伍德的技能还是运气还没有定论</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137063642","media":"MarketWatch","summary":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as t","content":"<p>Statistical scrutiny brings this high-flying ETF down to earth</p><p><blockquote>统计审查让这只飞速发展的ETF脚踏实地</blockquote></p><p> You could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.</p><p><blockquote>通过投资纳斯达克100指数，您本可以表现得与飞速发展的ARK Innovation ETF一样好。</blockquote></p><p> I know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust&nbsp;(which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.</p><p><blockquote>我知道这似乎很难相信，因为首席投资官Cathie Wood凭借ARK Innovation取得了令人惊叹的业绩——根据FactSet的数据，过去一年增长了229%。与此同时，景顺QQQ信托（以纳斯达克100指数为基准）上涨了78%。自2014年10月成立以来，ARK Innovation的年化收益为34.6%，而QQQ的年化收益为20.6%。</blockquote></p><p> At the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&amp;P 500.</p><p><blockquote>与此同时，方舟创新的波动性和风险极高，与纳斯达克100指数进行同类比较具有误导性。以月回报率的标准差衡量，ARK Innovation的波动性比QQQ高出73%。这确实说明了一些问题，因为QQQ本身比标普500等大盘指数波动性更大。</blockquote></p><p> One approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.</p><p><blockquote>统计学家用来进行同类比较的一种方法是使用一种称为夏普比率的指标，该指标由1990年诺贝尔经济学奖获得者威廉·夏普发明。它是基金的平均回报与这些回报的标准差的比率。ARK Innovation自2014年以来每月回报的夏普比率几乎与QQQ完全相同。</blockquote></p><p> If you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.</p><p><blockquote>如果你像我的一些客户一样，你的反应是不关心夏普比率。“你不能把夏普比率带到银行，”你实际上是在告诉我。重要的是原始性能，在此基础上，毫无疑问ARKK的表现要好得多。</blockquote></p><p> This reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:</p><p><blockquote>然而，这种反应令人困惑。事实上，你可以把夏普比率拿到银行。如果你愿意承受方舟创新增加的波动性，你可以通过投资QQQ来赚同样多的钱。也就是说，通过增加QQQ的投资组合配置，或者以足够的保证金购买，您可以赚到同样多的钱。如下图所示：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/13b81e9f1962e464faeb2d45cdd0e5f9\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> The Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.</p><p><blockquote>夏普比率并不是统计学家在公平竞争环境中衡量顾问表现的唯一方法，但其他广泛使用的方法也得出了相同的结论。也许最著名的，至少在学术界，是以芝加哥大学金融学教授尤金·法玛（2013年诺贝尔经济学奖得主）和达特茅斯学院教授肯·弗伦奇的名字命名的法玛-弗伦奇因子模型。他们的模型涉及计量经济学测试，以了解共同基金的回报是否明显优于以小盘股、增长和动量等因素为基准的指数基金组合。</blockquote></p><p> The answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.</p><p><blockquote>ARK Innovation的答案是“不”——自2014年11月以来，跑赢大盘对小盘成长基金的配置将产生相同的整体回报。</blockquote></p><p> <b>Luck versus skill</b></p><p><blockquote><b>运气与技巧</b></blockquote></p><p> Note carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.</p><p><blockquote>仔细注意，这些统计测试并不能证明方舟创新的表现完全是运气使然。相反，这些测试告诉我们，我们不能断定它的表现不是由于运气。在这种情况下，双重否定并不等同于肯定；这是一个微妙但重要的区别。</blockquote></p><p> This goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)</p><p><blockquote>这表明，证明一位投资经理具有真正的跑赢市场的能力是多么困难。如果在6年多的时间里年化指数基金超过10个百分点还不够，那么还有什么呢？（发送给方舟投资管理公司请求置评的电子邮件没有立即得到回复。）</blockquote></p><p> The answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.</p><p><blockquote>答案是：满足统计意义的传统标准需要在更长的时间内以更大的幅度击败市场。</blockquote></p><p> An example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)</p><p><blockquote>确实跨越这一更高障碍的基金的一个例子是Renaissance Technologies的Medallion基金，该对冲基金在截至2020年的33个日历年中产生了令人难以置信的39%的年化回报率，而“仅”为11%指数基金。加州大学洛杉矶分校名誉金融学教授布拉德福德·康奈尔在接受采访时告诉我，不可能将该基金的优异表现仅仅归因于运气。（不幸的是，该基金仅适用于Renaissance Technologies的现任和前任合作伙伴。）</blockquote></p><p> In the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.</p><p><blockquote>与此同时，现在对方舟创新的惊人表现做出任何接近最终结论还为时过早。它在未来几年的表现可能会被证明足够好，最终满足传统的统计意义标准。在那之前我们不能确定。这也是指数基金成为默认投资选择的另一个原因。</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>Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck<blockquote>方舟创新的回报是由于凯西·伍德的技能还是运气还没有定论</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\">\nJury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck<blockquote>方舟创新的回报是由于凯西·伍德的技能还是运气还没有定论</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-23 21:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Statistical scrutiny brings this high-flying ETF down to earth</p><p><blockquote>统计审查让这只飞速发展的ETF脚踏实地</blockquote></p><p> You could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.</p><p><blockquote>通过投资纳斯达克100指数，您本可以表现得与飞速发展的ARK Innovation ETF一样好。</blockquote></p><p> I know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust&nbsp;(which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.</p><p><blockquote>我知道这似乎很难相信，因为首席投资官Cathie Wood凭借ARK Innovation取得了令人惊叹的业绩——根据FactSet的数据，过去一年增长了229%。与此同时，景顺QQQ信托（以纳斯达克100指数为基准）上涨了78%。自2014年10月成立以来，ARK Innovation的年化收益为34.6%，而QQQ的年化收益为20.6%。</blockquote></p><p> At the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&amp;P 500.</p><p><blockquote>与此同时，方舟创新的波动性和风险极高，与纳斯达克100指数进行同类比较具有误导性。以月回报率的标准差衡量，ARK Innovation的波动性比QQQ高出73%。这确实说明了一些问题，因为QQQ本身比标普500等大盘指数波动性更大。</blockquote></p><p> One approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.</p><p><blockquote>统计学家用来进行同类比较的一种方法是使用一种称为夏普比率的指标，该指标由1990年诺贝尔经济学奖获得者威廉·夏普发明。它是基金的平均回报与这些回报的标准差的比率。ARK Innovation自2014年以来每月回报的夏普比率几乎与QQQ完全相同。</blockquote></p><p> If you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.</p><p><blockquote>如果你像我的一些客户一样，你的反应是不关心夏普比率。“你不能把夏普比率带到银行，”你实际上是在告诉我。重要的是原始性能，在此基础上，毫无疑问ARKK的表现要好得多。</blockquote></p><p> This reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:</p><p><blockquote>然而，这种反应令人困惑。事实上，你可以把夏普比率拿到银行。如果你愿意承受方舟创新增加的波动性，你可以通过投资QQQ来赚同样多的钱。也就是说，通过增加QQQ的投资组合配置，或者以足够的保证金购买，您可以赚到同样多的钱。如下图所示：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/13b81e9f1962e464faeb2d45cdd0e5f9\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> The Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.</p><p><blockquote>夏普比率并不是统计学家在公平竞争环境中衡量顾问表现的唯一方法，但其他广泛使用的方法也得出了相同的结论。也许最著名的，至少在学术界，是以芝加哥大学金融学教授尤金·法玛（2013年诺贝尔经济学奖得主）和达特茅斯学院教授肯·弗伦奇的名字命名的法玛-弗伦奇因子模型。他们的模型涉及计量经济学测试，以了解共同基金的回报是否明显优于以小盘股、增长和动量等因素为基准的指数基金组合。</blockquote></p><p> The answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.</p><p><blockquote>ARK Innovation的答案是“不”——自2014年11月以来，跑赢大盘对小盘成长基金的配置将产生相同的整体回报。</blockquote></p><p> <b>Luck versus skill</b></p><p><blockquote><b>运气与技巧</b></blockquote></p><p> Note carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.</p><p><blockquote>仔细注意，这些统计测试并不能证明方舟创新的表现完全是运气使然。相反，这些测试告诉我们，我们不能断定它的表现不是由于运气。在这种情况下，双重否定并不等同于肯定；这是一个微妙但重要的区别。</blockquote></p><p> This goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)</p><p><blockquote>这表明，证明一位投资经理具有真正的跑赢市场的能力是多么困难。如果在6年多的时间里年化指数基金超过10个百分点还不够，那么还有什么呢？（发送给方舟投资管理公司请求置评的电子邮件没有立即得到回复。）</blockquote></p><p> The answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.</p><p><blockquote>答案是：满足统计意义的传统标准需要在更长的时间内以更大的幅度击败市场。</blockquote></p><p> An example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)</p><p><blockquote>确实跨越这一更高障碍的基金的一个例子是Renaissance Technologies的Medallion基金，该对冲基金在截至2020年的33个日历年中产生了令人难以置信的39%的年化回报率，而“仅”为11%指数基金。加州大学洛杉矶分校名誉金融学教授布拉德福德·康奈尔在接受采访时告诉我，不可能将该基金的优异表现仅仅归因于运气。（不幸的是，该基金仅适用于Renaissance Technologies的现任和前任合作伙伴。）</blockquote></p><p> In the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.</p><p><blockquote>与此同时，现在对方舟创新的惊人表现做出任何接近最终结论还为时过早。它在未来几年的表现可能会被证明足够好，最终满足传统的统计意义标准。在那之前我们不能确定。这也是指数基金成为默认投资选择的另一个原因。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?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":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF","TSLA":"特斯拉","ARKF":"ARK Fintech Innovation ETF","ARKQ":"ARK Autonomous Technology & Robotics ETF"},"source_url":"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1137063642","content_text":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.\nI know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust (which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.\nAt the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&P 500.\nOne approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.\nIf you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.\nThis reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:\n\nThe Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.\nThe answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.\nLuck versus skill\nNote carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.\nThis goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)\nThe answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.\nAn example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)\nIn the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.","news_type":1,"symbols_score_info":{"ARKK":0.9,"ARKF":0.9,"TSLA":0.9,"QQQ":0.9,"ARKQ":0.9}},"isVote":1,"tweetType":1,"viewCount":240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":847967129,"gmtCreate":1636473220038,"gmtModify":1636473220509,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Insider trading? [Surprised]&nbsp;","listText":"Insider trading? [Surprised]&nbsp;","text":"Insider trading? [Surprised]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847967129","repostId":"1127189501","repostType":4,"isVote":1,"tweetType":1,"viewCount":3436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":198351843,"gmtCreate":1620932996882,"gmtModify":1634195209015,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Pray for good news","listText":"Pray for good news","text":"Pray for good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/198351843","repostId":"1198935836","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378023011,"gmtCreate":1618981827233,"gmtModify":1634289422620,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Colours look sick!","listText":"Colours look sick!","text":"Colours look sick!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378023011","repostId":"1193736432","repostType":4,"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358901792,"gmtCreate":1616646348216,"gmtModify":1634524745622,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Please help to like, thanks!&nbsp;","listText":"Please help to like, thanks!&nbsp;","text":"Please help to like, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/358901792","repostId":"1123323320","repostType":4,"repost":{"id":"1123323320","kind":"news","pubTimestamp":1616644810,"share":"https://www.laohu8.com/m/news/1123323320?lang=zh_CN&edition=full","pubTime":"2021-03-25 12:00","market":"us","language":"en","title":"Jobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>初请失业金人数预览：另有73万美国人可能申请新的初请失业金</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123323320","media":"yahoo","summary":"U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albei","content":"<p>U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.</p><p><blockquote>预计美国各州上周首次申请失业救济人数将有所下降，尽管与大流行前的情况相比，这一水平仍反映出劳动力市场疲软。</blockquote></p><p> The Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>劳工部将于美国东部时间周四上午8:30发布每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p> <ul>  <li><b>Initial jobless claims, week ended March 20:</b>730,000 expected vs. 770,000 during the prior week</p><p><blockquote><ul><li><b>截至3月20日当周首次申请失业救济人数：</b>预期为730,000人，前一周为770,000人</li></ul></blockquote></p><p></li>  <li><b>Continuing claims, week ended March 13:</b>4 million expected vs. 4.124 million during the prior week</p><p><blockquote><li><b>截至3月13日当周的持续索赔：</b>预期为400万，而前一周为412.4万</li></blockquote></p><p></li> </ul> Initial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.</p><p><blockquote>首次申请失业救济人数可能连续第五周保持在80万以下，并在上周新申请失业救济人数意外激增后有所下降。同比改善将更加明显：在2020年的同一周，随着疫情的初步影响在整个劳动力市场产生反响，新申请失业救济人数飙升至300多万。</blockquote></p><p> But while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.</p><p><blockquote>不过，尽管申请失业救济人数较这些高点大幅下降，但仍较2019年的水平大幅上升，当时平均每周新增申请失业救济人数略高于20万人。此外，近几个月来改善停滞不前，申请失业救济人数尚未低于11月份的水平。</blockquote></p><p> And based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.</p><p><blockquote>根据所有失业计划的申请人数，仍有数量惊人的美国人失业。截至2月底，仍有超过1800万人在申请某种形式的失业救济金，包括通过联邦疫情失业援助和疫情紧急失业补偿计划，该计划为那些用尽常规州保险的人提供延长福利。</blockquote></p><p> The slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.</p><p><blockquote>政策制定者并没有忽视劳动力市场进展缓慢的事实。在本周早些时候的国会证词中，财政部长珍妮特·耶伦(Janet Yellen)告诉美国众议院金融服务委员会，“我们应该清醒地认识到我们正在挖的洞”，尽管数据显示出一些复苏的迹象，但鉴于与大流行前的峰值相比，该国的就业岗位仍减少了近1000万个。</blockquote></p><p> Still, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.</p><p><blockquote>尽管如此，许多经济学家乐观地认为，反弹将在未来几周和几个月内加快势头，特别是随着疫苗接种计划在全国范围内加速。</blockquote></p><p> \"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months ahead.\"</p><p><blockquote>Bankrate高级经济学家分析师马克·哈姆里克(Mark Hamrick)在一份报告中写道：“随着COVID-19疫苗接种步伐的加快、联邦刺激支出以及美国大部分地区冬季控制的缓解，对美国经济抱有乐观预期是相当合理的。”笔记。“这应该会在未来几个月的更多经济数据中得到体现。”</blockquote></p><p></p>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>劳工部将于美国东部时间周四上午8:30发布每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p> <ul>  <li><b>Initial jobless claims, week ended March 20:</b>730,000 expected vs. 770,000 during the prior week</p><p><blockquote><ul><li><b>截至3月20日当周首次申请失业救济人数：</b>预期为730,000人，前一周为770,000人</li></ul></blockquote></p><p></li>  <li><b>Continuing claims, week ended March 13:</b>4 million expected vs. 4.124 million during the prior week</p><p><blockquote><li><b>截至3月13日当周的持续索赔：</b>预期为400万，而前一周为412.4万</li></blockquote></p><p></li> </ul> Initial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.</p><p><blockquote>首次申请失业救济人数可能连续第五周保持在80万以下，并在上周新申请失业救济人数意外激增后有所下降。同比改善将更加明显：在2020年的同一周，随着疫情的初步影响在整个劳动力市场产生反响，新申请失业救济人数飙升至300多万。</blockquote></p><p> But while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.</p><p><blockquote>不过，尽管申请失业救济人数较这些高点大幅下降，但仍较2019年的水平大幅上升，当时平均每周新增申请失业救济人数略高于20万人。此外，近几个月来改善停滞不前，申请失业救济人数尚未低于11月份的水平。</blockquote></p><p> And based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.</p><p><blockquote>根据所有失业计划的申请人数，仍有数量惊人的美国人失业。截至2月底，仍有超过1800万人在申请某种形式的失业救济金，包括通过联邦疫情失业援助和疫情紧急失业补偿计划，该计划为那些用尽常规州保险的人提供延长福利。</blockquote></p><p> The slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.</p><p><blockquote>政策制定者并没有忽视劳动力市场进展缓慢的事实。在本周早些时候的国会证词中，财政部长珍妮特·耶伦(Janet Yellen)告诉美国众议院金融服务委员会，“我们应该清醒地认识到我们正在挖的洞”，尽管数据显示出一些复苏的迹象，但鉴于与大流行前的峰值相比，该国的就业岗位仍减少了近1000万个。</blockquote></p><p> Still, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.</p><p><blockquote>尽管如此，许多经济学家乐观地认为，反弹将在未来几周和几个月内加快势头，特别是随着疫苗接种计划在全国范围内加速。</blockquote></p><p> \"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months ahead.\"</p><p><blockquote>Bankrate高级经济学家分析师马克·哈姆里克(Mark Hamrick)在一份报告中写道：“随着COVID-19疫苗接种步伐的加快、联邦刺激支出以及美国大部分地区冬季控制的缓解，对美国经济抱有乐观预期是相当合理的。”笔记。“这应该会在未来几个月的更多经济数据中得到体现。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-march-20-2021-pandemic-165400695-182038606.html\">yahoo</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://finance.yahoo.com/news/weekly-jobless-claims-week-ended-march-20-2021-pandemic-165400695-182038606.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123323320","content_text":"U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.\nThe Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:\n\nInitial jobless claims, week ended March 20:730,000 expected vs. 770,000 during the prior week\nContinuing claims, week ended March 13:4 million expected vs. 4.124 million during the prior week\n\nInitial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.\nBut while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.\nAnd based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.\nThe slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.\nStill, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.\n\"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months ahead.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326644254,"gmtCreate":1615642191478,"gmtModify":1703491842767,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/326644254","repostId":"1100128328","repostType":4,"repost":{"id":"1100128328","kind":"news","pubTimestamp":1615563404,"share":"https://www.laohu8.com/m/news/1100128328?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:36","market":"us","language":"en","title":"Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100128328","media":"Barrons","summary":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremon","content":"<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的环境。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</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>Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</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\">\nTesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-12 23:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的环境。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST\">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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100128328","content_text":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.Futures on the Nasdaq Composite Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.A Friday dip, however,doesn’t mean the end of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320162825,"gmtCreate":1615044455467,"gmtModify":1703484418239,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"🐂","listText":"🐂","text":"🐂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/320162825","repostId":"2117639609","repostType":4,"isVote":1,"tweetType":1,"viewCount":457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367689725,"gmtCreate":1614944396567,"gmtModify":1703483271477,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Sigh","listText":"Sigh","text":"Sigh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/367689725","repostId":"1145536641","repostType":4,"isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365007123,"gmtCreate":1614676320762,"gmtModify":1703479699840,"author":{"id":"3573474804628073","authorId":"3573474804628073","name":"股神徒孙","avatar":"https://static.tigerbbs.com/ac59f7fc64d3e018af70687bdddf30c2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573474804628073","idStr":"3573474804628073"},"themes":[],"htmlText":"Buy buy buy&nbsp;","listText":"Buy buy buy&nbsp;","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/365007123","repostId":"1124692805","repostType":4,"repost":{"id":"1124692805","kind":"news","pubTimestamp":1614675448,"share":"https://www.laohu8.com/m/news/1124692805?lang=zh_CN&edition=full","pubTime":"2021-03-02 16:57","market":"us","language":"en","title":"4 Top Stocks From the Prospering Manufacturing Electronics Industry<blockquote>4只来自繁荣的制造业电子行业的顶级股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1124692805","media":"zacks","summary":"The ZacksManufacturing - Electronicsindustry seems to be gaining from consistent improvement in econ","content":"<p>The ZacksManufacturing - Electronicsindustry seems to be gaining from consistent improvement in economic activities, technological advancements in manufacturing processes, product innovation and growth in e-commerce business. With the reopening of global economies, the industry is anticipated to gain from growth in domestic and international orders for products.</p><p><blockquote>ZacksManufacturing-Electronics行业似乎正在从经济活动的持续改善、制造工艺的技术进步、产品创新和电子商务业务的增长中获益。随着全球经济的重新开放，该行业预计将受益于国内和国际产品订单的增长。</blockquote></p><p>Industry players like<b>Eaton Corporation plc</b>&nbsp;(ETN) ,<b>Emerson Electric Co.</b>(EMR) ,<b>II-VI Incorporated</b>(IIVI) and<b>Regal Beloit Corporation</b>(RBC) are poised to capitalize on the opportunities and benefit from cost-control actions. The optimism surrounding the COVID-19 vaccine and the Federal Reserve’s easing policy to support the pandemic stricken economy bodes well.</p><p><blockquote>业内人士喜欢<b>伊顿公司</b>（ETN），<b>艾默生电气公司。</b>（电子病历），<b>II-VI公司</b>(IIVI)及<b>富豪贝洛伊特公司</b>(RBC)准备利用这些机会并从成本控制行动中受益。围绕新冠肺炎疫苗和美联储支持疫情经济的宽松政策的乐观情绪是个好兆头。</blockquote></p><p><b>About the Industry</b></p><p><blockquote><b>关于行业</b></blockquote></p><p>The Zacks Manufacturing-Electronics industry comprises companies that manufacture electronic products like battery charges, battery accessories, outdoor cabinet enclosures, power transmission products, electrical motion controls, water management products and motive power devices. Also, the firms offer state-of-the-art customer support and after-market services to end users.</p><p><blockquote>Zacks制造-电子行业由制造电池充电、电池配件、户外机柜外壳、电力传输产品、电气运动控制、水管理产品和动力设备等电子产品的公司组成。此外，这些公司还为最终用户提供最先进的客户支持和售后服务。</blockquote></p><p>The manufacturing electronic companies sell products and services in various types of end markets, including robotics, semiconductor, defense, aerospace, medical equipment and satellite communications.</p><p><blockquote>制造电子公司在各种类型的终端市场销售产品和服务，包括机器人、半导体、国防、航空航天、医疗设备和卫星通信。</blockquote></p><p><b>4 Trends Shaping the Future of Manufacturing Electronics Industry</b></p><p><blockquote><b>塑造制造业电子行业未来的4大趋势</b></blockquote></p><p><b>Healthy Orders &amp; Export Demand</b>: The manufacturing electronics industry has been benefiting from consistent rise in the global economic activities. The industry participants have resorted to maintaining the production level per the rise in domestic and international orders for electronic products. Per the Institute for Supply Management’s (“ISM”) report published on Feb 1, the U.S. manufacturing activity expanded for the eighth month in a row in January. The ISM’s manufacturing index was 58.7% in January, a slight decline from 60.5% in the prior month. However, the PMI reading above 50 indicates the expansion of manufacturing activities. In addition, in January, new orders registered 61.1%, marking the eighth consecutive month of increase. Further, new export orders registered 54.9% in the month, up for the seventh consecutive month. This indicates the consistent recovery of economic activities in the sector as more companies are ramping up production with firm orders. In addition, a surge in the e-commerce bu</p><p><blockquote><b>健康的订单和出口需求</b>：电子制造业一直受惠于全球经济活动的持续上升。随着电子产品国内外订单的增加，行业参与者不得不维持生产水平。根据供应管理协会（“ISM”）2月1日发布的报告，美国1月份制造业活动连续第八个月扩张。1月份ISM制造业指数为58.7%，较上月的60.5%略有下降。然而，PMI读数高于50表明制造业活动扩张。此外，1月份新订单增长61.1%，连续第八个月增长。此外，本月新出口订单增长54.9%，连续第七个月增长。这表明该行业的经济活动持续复苏，因为越来越多的公司正在通过确定的订单提高产量。此外，电子商务业务的激增</blockquote></p><p>siness has opened up opportunities for the industry participants.</p><p><blockquote>siness为行业参与者带来了机遇。</blockquote></p><p><b>Technological Advancement</b>: Several electronics manufacturers have been focusing on digitizing their business operations, with the advent of new technologies and business models. Digitization has been allowing businesses to gain detailed insight into their operational performance, demand cycles, delivery status as well as supply-chain issues. This, in turn, has been enabling them to enhance operational productivity, product quality and lower costs, thus, improving competitiveness.</p><p><blockquote><b>技术进步</b>：随着新技术和商业模式的出现，一些电子制造商一直专注于业务运营的数字化。数字化使企业能够详细了解其运营绩效、需求周期、交付状态以及供应链问题。这反过来又使他们能够提高运营生产力、产品质量和降低成本，从而提高竞争力。</blockquote></p><p><b>Demand in Electronics Services Market</b>: The growing adoption of the latest manufacturing technologies and processes by original equipment manufacturers has led to increased integration of advanced electronic components into electronic devices. This is likely to continue supporting the electronics manufacturing services market as well. Also, companies like Emerson, which have exposure to the booming medical and life science markets, are experiencing strength across businesses on account of healthy demand for their products and solutions.</p><p><blockquote><b>电子服务市场需求</b>：原始设备制造商越来越多地采用最新的制造技术和工艺，导致先进的电子元件越来越多地集成到电子器件中。这也可能继续支持电子制造服务市场。此外，像艾默生这样涉足蓬勃发展的医疗和生命科学市场的公司，由于对其产品和解决方案的健康需求，在各个业务领域都表现强劲。</blockquote></p><p><b>Persistent Woes</b>: Despite the positives, some participants from the industry still remain wary of the lingering effects of the coronavirus-related issues on their businesses. Further, several players are facing challenges like the uncertain demand environment owing to the difficult Sino-U.S. trade relations and highly leveraged balance sheets.</p><p><blockquote><b>持续的灾难</b>：尽管有积极的一面，一些行业参与者仍然对冠状病毒相关问题对其业务的挥之不去的影响保持警惕。此外，由于中美关系困难，一些参与者正面临需求环境不确定等挑战。贸易关系和高杠杆资产负债表。</blockquote></p><p><b>Zacks Industry Rank Indicates Strong Prospects</b></p><p><blockquote><b>Zacks行业排名表明前景强劲</b></blockquote></p><p>The Manufacturing – Electronics industry belongs to an 18-stock group within the broader ZacksIndustrial Productssector. The industry currently carries a Zacks Industry Rank #89, which places it in the top 35% of more than 250 Zacks industries.</p><p><blockquote>制造-电子行业属于更广泛的Zacks工业产品行业内的18只股票组。该行业目前在咤克斯行业排名第89位，在250多个咤克斯行业中排名前35%。</blockquote></p><p>The group’sZacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bright near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.</p><p><blockquote>该集团的Zacks行业排名基本上是所有成员股票Zacks排名的平均值，表明近期前景光明。我们的研究表明，Zacks排名前50%的行业的表现优于后50%的行业2比1以上。</blockquote></p><p>The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of improved earnings prospects for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gaining confidence in this group’s earnings growth potential. The industry’s earnings estimates for 2021 have increased 15.6% since the end of May 2020.</p><p><blockquote>该行业在Zacks排名行业中排名前50%的地位是成分公司整体盈利前景改善的结果。从总体盈利预测修正来看，分析师似乎对该集团的盈利增长潜力越来越有信心。自2020年5月底以来，该行业对2021年的盈利预期增加了15.6%。</blockquote></p><p></p><p>Before we present a few Manufacturing – Electronics stocks, which look promising, it is worth taking a look at the industry’s performance and valuation picture.</p><p><blockquote>在我们介绍一些看起来很有前途的制造电子股票之前，值得先看看该行业的表现和估值情况。</blockquote></p><p><b>Industry Outperforms Sector &amp; the S&amp;P 500</b></p><p><blockquote><b>行业表现优于行业和标普500</b></blockquote></p><p>The Zacks Manufacturing – Electronics industry has outperformed its sector and the S&amp;P 500 in the past year. The stocks in the industry have collectively gained 41.6% compared with the Zacks Industrial Products sector’s growth of 37% and the S&amp;P 500’s rally of 25.4%.</p><p><blockquote>Zacks制造-电子行业在过去一年中的表现优于其行业和标普500。该行业的股票总体上涨了41.6%，而Zacks工业产品板块的涨幅为37%，标普500的涨幅为25.4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4b6e972fa0e70f500495ce8b1d048cff\" tg-width=\"620\" tg-height=\"352\" referrerpolicy=\"no-referrer\"><b>Manufacturing – Electronics Industry’s Valuation</b></p><p><blockquote><b>制造业-电子行业估值</b></blockquote></p><p>Price/Earnings (P/E) ratio is commonly used for valuing manufacturing stocks.</p><p><blockquote>市盈率（P/E）通常用于评估制造业股票。</blockquote></p><p>The industry’s forward 12-month P/E ratio is 25.18. This clearly shows that the industry is trading above the S&amp;P 500’s forward 12-month P/E ratio of 22.01 and the sector’s 22.9.</p><p><blockquote>该行业的远期12个月市盈率为25.18。这清楚地表明，该行业的交易价格高于标普500 22.01的远期12个月市盈率和该行业22.9的市盈率。</blockquote></p><p>Over the past five years, the industry has traded at the highest level of 26.24X forward 12-month earnings and lowest level of 13.62X. The median level was 18.03X over the same period.</p><p><blockquote>过去五年，该行业的12个月预期市盈率最高为26.24倍，最低为13.62倍。同期的中位水平为18.03倍。</blockquote></p><p><b>Manufacturing – Electronics Industry’s Valuation Versus Sector</b></p><p><blockquote><b>制造业-电子行业的估值与行业</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/33db2ad698fa4980b3c020742f3b660e\" tg-width=\"620\" tg-height=\"338\" referrerpolicy=\"no-referrer\"><b>Manufacturing – Electronics Industry’s Valuation Versus S&amp;P 500</b></p><p><blockquote><b>制造业-电子行业的估值与标普500</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/a23de1537bda76dba31c6732b46ac0c3\" tg-width=\"620\" tg-height=\"348\" referrerpolicy=\"no-referrer\">4 Manufacturing - Electronics Stocks Moving Ahead of the Pack</p><p><blockquote>4只制造业电子股走在前列</blockquote></p><p>Below, we have discussed four stocks from the industry that have solid growth opportunities despite the prevalent pandemic uncertainties. The stocks currently carry a Zacks Rank #2 (Buy). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>下面，我们讨论了该行业的四只股票，尽管大流行的不确定性普遍存在，但它们仍具有坚实的增长机会。这些股票目前在咤克斯排名第二（买入）。你可以在这里看到今天咤克斯排名第一（强力买入）股票的完整列表。</blockquote></p><p><b>Eaton Corporation</b>: It is a diversified power management company, and a global technology leader in electrical components and systems. It is likely to benefit from investments in new products, acquisitions, multi-year restructuring program and shareholder-friendly policies in the quarters ahead.</p><p><blockquote><b>伊顿公司</b>：它是一家多元化的电源管理公司，也是电气元件和系统的全球技术领导者。未来几个季度，它可能会受益于对新产品、收购、多年重组计划和股东友好政策的投资。</blockquote></p><p>Shares of this Dublin, Ireland-based company have gained 36.1% in the past year. It recorded better-than-expected results in each of the trailing four quarters, with the positive earnings surprise being 13.69%, on average. Also, the company’s earnings estimates have improved 16.3% for 2021 and 15% for 2022 in the past 30 days.</p><p><blockquote>这家总部位于爱尔兰都柏林的公司的股价在过去一年中上涨了36.1%。过去四个季度的业绩均好于预期，平均盈利惊喜率为13.69%。此外，过去30天内，该公司2021年的盈利预期提高了16.3%，2022年的盈利预期提高了15%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/57380e5c5ee07c1b2e326fa97cbc1d3f\" tg-width=\"620\" tg-height=\"365\" referrerpolicy=\"no-referrer\"><b>Emerson Electric</b>: The global engineering and technology company is primarily engaged in offering a wide range of products and services to customers in consumer, commercial and industrial markets. It is poised to benefit from strength across its medical, life science, food and beverage, and residential end markets as well as a robust backlog level. Also, it is likely to gain from acquisitions it made over time. Further, it has a policy of rewarding shareholders handsomely.</p><p><blockquote><b>艾默生电气</b>：这家全球工程和技术公司主要致力于为消费者、商业和工业市场的客户提供广泛的产品和服务。该公司有望受益于医疗、生命科学、食品和饮料以及住宅终端市场的实力以及强劲的积压水平。此外，随着时间的推移，它可能会从收购中获益。此外，它还制定了丰厚回报股东的政策。</blockquote></p><p>The stock of this St. Louis, MO-based company has gained 29.5% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 21.53%, on average. In the past 30 days, the company’s earnings estimates have moved up 6.3% for fiscal 2021 (ending September 2021) and 4.3% for fiscal 2022 (ending September 2022).</p><p><blockquote>这家总部位于密苏里州圣路易斯的公司的股价在过去一年中上涨了29.5%。该公司过去四个季度的业绩均好于预期，平均盈利惊喜率为21.53%。在过去30天内，该公司2021财年（截至2021年9月）的盈利预期上调了6.3%，2022财年（截至2022年9月）的盈利预期上调了4.3%。</blockquote></p><p>Price and Consensus: EMR</p><p><blockquote>价格和共识：EMR</blockquote></p><p><img src=\"https://static.tigerbbs.com/4333190a0a3d71e8f24c49818d8bf1d0\" tg-width=\"620\" tg-height=\"369\" referrerpolicy=\"no-referrer\"><b>II-VI</b>: Based in Saxonburg, PA, the company engages in designing, manufacturing and marketing optical and opto-electronic components, devices and materials throughout the world. It is well poised to benefit from strength across several end markets including datacom, telecom and wireless communications, along with 5G optical infrastructure buildout. Also, favorable trends across its life sciences, semiconductor capital equipment, and aerospace &amp; defense end markets bode well.</p><p><blockquote><b>II-VI</b>：该公司总部位于宾夕法尼亚州萨克森堡，在全球范围内从事光学和光电元件、设备和材料的设计、制造和营销。随着5G光基础设施的建设，它有望受益于数据通信、电信和无线通信等多个终端市场的实力。此外，其生命科学、半导体资本设备以及航空航天和国防终端市场的有利趋势也是个好兆头。</blockquote></p><p>Shares of this company have returned 174.3% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 83.68%, on average. In the past 30 days, the company’s earnings estimates have improved 7.1% for fiscal 2021 (ending June 2021) and 6.5% for fiscal 2022 (ending June 2022).</p><p><blockquote>该公司的股票去年回报率为174.3%。该公司过去四个季度的业绩均好于预期，平均盈利惊喜率为83.68%。过去30天，该公司2021财年（截至2021年6月）的盈利预期提高了7.1%，2022财年（截至2022年6月）的盈利预期提高了6.5%。</blockquote></p><p><b>Price and Consensus: IIVI</b></p><p><blockquote><b>价格和共识：IIVI</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/a9c6f0b463e81b83bd9f732655dd4e6d\" tg-width=\"620\" tg-height=\"365\" referrerpolicy=\"no-referrer\"><b>Regal Beloit</b>: The company is primarily engaged in manufacturing electrical and mechanical motion control products. It is poised to benefit from business-restructuring initiatives, supply-chain efforts and cost-saving measures. Also, improved order trends across its businesses bode well in the quarters ahead. Further, it has a policy of rewarding shareholders handsomely.</p><p><blockquote><b>Regal Beloit</b>：该公司主要从事制造电气和机械运动控制产品。它有望从业务重组举措、供应链努力和成本节约措施中受益。此外，其业务订单趋势的改善预示着未来几个季度的好兆头。此外，它还制定了丰厚回报股东的政策。</blockquote></p><p>The stock of this Beloit, WI-based company has gained 68.9% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 31.56%, on average. In the past 30 days, the company’s earnings estimates have moved up 2.5% for 2021 and 8.2% for 2022.</p><p><blockquote>这家总部位于威斯康星州贝洛伊特的公司的股价在过去一年中上涨了68.9%。该公司过去四个季度的业绩均好于预期，平均盈利惊喜率为31.56%。过去30天，该公司2021年盈利预期上调2.5%，2022年盈利预期上调8.2%。</blockquote></p><p><b>Price and Consensus: RBC</b></p><p><blockquote><b>价格和共识：RBC</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/9553cbefa0afbdadc311b846be4354f8\" tg-width=\"620\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>4 Top Stocks From the Prospering Manufacturing Electronics Industry<blockquote>4只来自繁荣的制造业电子行业的顶级股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n4 Top Stocks From the Prospering Manufacturing Electronics Industry<blockquote>4只来自繁荣的制造业电子行业的顶级股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zacks</strong><span class=\"h-time small\">2021-03-02 16:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The ZacksManufacturing - Electronicsindustry seems to be gaining from consistent improvement in economic activities, technological advancements in manufacturing processes, product innovation and growth in e-commerce business. With the reopening of global economies, the industry is anticipated to gain from growth in domestic and international orders for products.</p><p><blockquote>ZacksManufacturing-Electronics行业似乎正在从经济活动的持续改善、制造工艺的技术进步、产品创新和电子商务业务的增长中获益。随着全球经济的重新开放，该行业预计将受益于国内和国际产品订单的增长。</blockquote></p><p>Industry players like<b>Eaton Corporation plc</b>&nbsp;(ETN) ,<b>Emerson Electric Co.</b>(EMR) ,<b>II-VI Incorporated</b>(IIVI) and<b>Regal Beloit Corporation</b>(RBC) are poised to capitalize on the opportunities and benefit from cost-control actions. The optimism surrounding the COVID-19 vaccine and the Federal Reserve’s easing policy to support the pandemic stricken economy bodes well.</p><p><blockquote>业内人士喜欢<b>伊顿公司</b>（ETN），<b>艾默生电气公司。</b>（电子病历），<b>II-VI公司</b>(IIVI)及<b>富豪贝洛伊特公司</b>(RBC)准备利用这些机会并从成本控制行动中受益。围绕新冠肺炎疫苗和美联储支持疫情经济的宽松政策的乐观情绪是个好兆头。</blockquote></p><p><b>About the Industry</b></p><p><blockquote><b>关于行业</b></blockquote></p><p>The Zacks Manufacturing-Electronics industry comprises companies that manufacture electronic products like battery charges, battery accessories, outdoor cabinet enclosures, power transmission products, electrical motion controls, water management products and motive power devices. Also, the firms offer state-of-the-art customer support and after-market services to end users.</p><p><blockquote>Zacks制造-电子行业由制造电池充电、电池配件、户外机柜外壳、电力传输产品、电气运动控制、水管理产品和动力设备等电子产品的公司组成。此外，这些公司还为最终用户提供最先进的客户支持和售后服务。</blockquote></p><p>The manufacturing electronic companies sell products and services in various types of end markets, including robotics, semiconductor, defense, aerospace, medical equipment and satellite communications.</p><p><blockquote>制造电子公司在各种类型的终端市场销售产品和服务，包括机器人、半导体、国防、航空航天、医疗设备和卫星通信。</blockquote></p><p><b>4 Trends Shaping the Future of Manufacturing Electronics Industry</b></p><p><blockquote><b>塑造制造业电子行业未来的4大趋势</b></blockquote></p><p><b>Healthy Orders &amp; Export Demand</b>: The manufacturing electronics industry has been benefiting from consistent rise in the global economic activities. The industry participants have resorted to maintaining the production level per the rise in domestic and international orders for electronic products. Per the Institute for Supply Management’s (“ISM”) report published on Feb 1, the U.S. manufacturing activity expanded for the eighth month in a row in January. The ISM’s manufacturing index was 58.7% in January, a slight decline from 60.5% in the prior month. However, the PMI reading above 50 indicates the expansion of manufacturing activities. In addition, in January, new orders registered 61.1%, marking the eighth consecutive month of increase. Further, new export orders registered 54.9% in the month, up for the seventh consecutive month. This indicates the consistent recovery of economic activities in the sector as more companies are ramping up production with firm orders. In addition, a surge in the e-commerce bu</p><p><blockquote><b>健康的订单和出口需求</b>：电子制造业一直受惠于全球经济活动的持续上升。随着电子产品国内外订单的增加，行业参与者不得不维持生产水平。根据供应管理协会（“ISM”）2月1日发布的报告，美国1月份制造业活动连续第八个月扩张。1月份ISM制造业指数为58.7%，较上月的60.5%略有下降。然而，PMI读数高于50表明制造业活动扩张。此外，1月份新订单增长61.1%，连续第八个月增长。此外，本月新出口订单增长54.9%，连续第七个月增长。这表明该行业的经济活动持续复苏，因为越来越多的公司正在通过确定的订单提高产量。此外，电子商务业务的激增</blockquote></p><p>siness has opened up opportunities for the industry participants.</p><p><blockquote>siness为行业参与者带来了机遇。</blockquote></p><p><b>Technological Advancement</b>: Several electronics manufacturers have been focusing on digitizing their business operations, with the advent of new technologies and business models. Digitization has been allowing businesses to gain detailed insight into their operational performance, demand cycles, delivery status as well as supply-chain issues. This, in turn, has been enabling them to enhance operational productivity, product quality and lower costs, thus, improving competitiveness.</p><p><blockquote><b>技术进步</b>：随着新技术和商业模式的出现，一些电子制造商一直专注于业务运营的数字化。数字化使企业能够详细了解其运营绩效、需求周期、交付状态以及供应链问题。这反过来又使他们能够提高运营生产力、产品质量和降低成本，从而提高竞争力。</blockquote></p><p><b>Demand in Electronics Services Market</b>: The growing adoption of the latest manufacturing technologies and processes by original equipment manufacturers has led to increased integration of advanced electronic components into electronic devices. This is likely to continue supporting the electronics manufacturing services market as well. Also, companies like Emerson, which have exposure to the booming medical and life science markets, are experiencing strength across businesses on account of healthy demand for their products and solutions.</p><p><blockquote><b>电子服务市场需求</b>：原始设备制造商越来越多地采用最新的制造技术和工艺，导致先进的电子元件越来越多地集成到电子器件中。这也可能继续支持电子制造服务市场。此外，像艾默生这样涉足蓬勃发展的医疗和生命科学市场的公司，由于对其产品和解决方案的健康需求，在各个业务领域都表现强劲。</blockquote></p><p><b>Persistent Woes</b>: Despite the positives, some participants from the industry still remain wary of the lingering effects of the coronavirus-related issues on their businesses. Further, several players are facing challenges like the uncertain demand environment owing to the difficult Sino-U.S. trade relations and highly leveraged balance sheets.</p><p><blockquote><b>持续的灾难</b>：尽管有积极的一面，一些行业参与者仍然对冠状病毒相关问题对其业务的挥之不去的影响保持警惕。此外，由于中美关系困难，一些参与者正面临需求环境不确定等挑战。贸易关系和高杠杆资产负债表。</blockquote></p><p><b>Zacks Industry Rank Indicates Strong Prospects</b></p><p><blockquote><b>Zacks行业排名表明前景强劲</b></blockquote></p><p>The Manufacturing – Electronics industry belongs to an 18-stock group within the broader ZacksIndustrial Productssector. The industry currently carries a Zacks Industry Rank #89, which places it in the top 35% of more than 250 Zacks industries.</p><p><blockquote>制造-电子行业属于更广泛的Zacks工业产品行业内的18只股票组。该行业目前在咤克斯行业排名第89位，在250多个咤克斯行业中排名前35%。</blockquote></p><p>The group’sZacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bright near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.</p><p><blockquote>该集团的Zacks行业排名基本上是所有成员股票Zacks排名的平均值，表明近期前景光明。我们的研究表明，Zacks排名前50%的行业的表现优于后50%的行业2比1以上。</blockquote></p><p>The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of improved earnings prospects for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gaining confidence in this group’s earnings growth potential. The industry’s earnings estimates for 2021 have increased 15.6% since the end of May 2020.</p><p><blockquote>该行业在Zacks排名行业中排名前50%的地位是成分公司整体盈利前景改善的结果。从总体盈利预测修正来看，分析师似乎对该集团的盈利增长潜力越来越有信心。自2020年5月底以来，该行业对2021年的盈利预期增加了15.6%。</blockquote></p><p></p><p>Before we present a few Manufacturing – Electronics stocks, which look promising, it is worth taking a look at the industry’s performance and valuation picture.</p><p><blockquote>在我们介绍一些看起来很有前途的制造电子股票之前，值得先看看该行业的表现和估值情况。</blockquote></p><p><b>Industry Outperforms Sector &amp; the S&amp;P 500</b></p><p><blockquote><b>行业表现优于行业和标普500</b></blockquote></p><p>The Zacks Manufacturing – Electronics industry has outperformed its sector and the S&amp;P 500 in the past year. The stocks in the industry have collectively gained 41.6% compared with the Zacks Industrial Products sector’s growth of 37% and the S&amp;P 500’s rally of 25.4%.</p><p><blockquote>Zacks制造-电子行业在过去一年中的表现优于其行业和标普500。该行业的股票总体上涨了41.6%，而Zacks工业产品板块的涨幅为37%，标普500的涨幅为25.4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4b6e972fa0e70f500495ce8b1d048cff\" tg-width=\"620\" tg-height=\"352\" referrerpolicy=\"no-referrer\"><b>Manufacturing – Electronics Industry’s Valuation</b></p><p><blockquote><b>制造业-电子行业估值</b></blockquote></p><p>Price/Earnings (P/E) ratio is commonly used for valuing manufacturing stocks.</p><p><blockquote>市盈率（P/E）通常用于评估制造业股票。</blockquote></p><p>The industry’s forward 12-month P/E ratio is 25.18. This clearly shows that the industry is trading above the S&amp;P 500’s forward 12-month P/E ratio of 22.01 and the sector’s 22.9.</p><p><blockquote>该行业的远期12个月市盈率为25.18。这清楚地表明，该行业的交易价格高于标普500 22.01的远期12个月市盈率和该行业22.9的市盈率。</blockquote></p><p>Over the past five years, the industry has traded at the highest level of 26.24X forward 12-month earnings and lowest level of 13.62X. The median level was 18.03X over the same period.</p><p><blockquote>过去五年，该行业的12个月预期市盈率最高为26.24倍，最低为13.62倍。同期的中位水平为18.03倍。</blockquote></p><p><b>Manufacturing – Electronics Industry’s Valuation Versus Sector</b></p><p><blockquote><b>制造业-电子行业的估值与行业</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/33db2ad698fa4980b3c020742f3b660e\" tg-width=\"620\" tg-height=\"338\" referrerpolicy=\"no-referrer\"><b>Manufacturing – Electronics Industry’s Valuation Versus S&amp;P 500</b></p><p><blockquote><b>制造业-电子行业的估值与标普500</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/a23de1537bda76dba31c6732b46ac0c3\" tg-width=\"620\" tg-height=\"348\" referrerpolicy=\"no-referrer\">4 Manufacturing - Electronics Stocks Moving Ahead of the Pack</p><p><blockquote>4只制造业电子股走在前列</blockquote></p><p>Below, we have discussed four stocks from the industry that have solid growth opportunities despite the prevalent pandemic uncertainties. The stocks currently carry a Zacks Rank #2 (Buy). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>下面，我们讨论了该行业的四只股票，尽管大流行的不确定性普遍存在，但它们仍具有坚实的增长机会。这些股票目前在咤克斯排名第二（买入）。你可以在这里看到今天咤克斯排名第一（强力买入）股票的完整列表。</blockquote></p><p><b>Eaton Corporation</b>: It is a diversified power management company, and a global technology leader in electrical components and systems. It is likely to benefit from investments in new products, acquisitions, multi-year restructuring program and shareholder-friendly policies in the quarters ahead.</p><p><blockquote><b>伊顿公司</b>：它是一家多元化的电源管理公司，也是电气元件和系统的全球技术领导者。未来几个季度，它可能会受益于对新产品、收购、多年重组计划和股东友好政策的投资。</blockquote></p><p>Shares of this Dublin, Ireland-based company have gained 36.1% in the past year. It recorded better-than-expected results in each of the trailing four quarters, with the positive earnings surprise being 13.69%, on average. Also, the company’s earnings estimates have improved 16.3% for 2021 and 15% for 2022 in the past 30 days.</p><p><blockquote>这家总部位于爱尔兰都柏林的公司的股价在过去一年中上涨了36.1%。过去四个季度的业绩均好于预期，平均盈利惊喜率为13.69%。此外，过去30天内，该公司2021年的盈利预期提高了16.3%，2022年的盈利预期提高了15%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/57380e5c5ee07c1b2e326fa97cbc1d3f\" tg-width=\"620\" tg-height=\"365\" referrerpolicy=\"no-referrer\"><b>Emerson Electric</b>: The global engineering and technology company is primarily engaged in offering a wide range of products and services to customers in consumer, commercial and industrial markets. It is poised to benefit from strength across its medical, life science, food and beverage, and residential end markets as well as a robust backlog level. Also, it is likely to gain from acquisitions it made over time. Further, it has a policy of rewarding shareholders handsomely.</p><p><blockquote><b>艾默生电气</b>：这家全球工程和技术公司主要致力于为消费者、商业和工业市场的客户提供广泛的产品和服务。该公司有望受益于医疗、生命科学、食品和饮料以及住宅终端市场的实力以及强劲的积压水平。此外，随着时间的推移，它可能会从收购中获益。此外，它还制定了丰厚回报股东的政策。</blockquote></p><p>The stock of this St. Louis, MO-based company has gained 29.5% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 21.53%, on average. In the past 30 days, the company’s earnings estimates have moved up 6.3% for fiscal 2021 (ending September 2021) and 4.3% for fiscal 2022 (ending September 2022).</p><p><blockquote>这家总部位于密苏里州圣路易斯的公司的股价在过去一年中上涨了29.5%。该公司过去四个季度的业绩均好于预期，平均盈利惊喜率为21.53%。在过去30天内，该公司2021财年（截至2021年9月）的盈利预期上调了6.3%，2022财年（截至2022年9月）的盈利预期上调了4.3%。</blockquote></p><p>Price and Consensus: EMR</p><p><blockquote>价格和共识：EMR</blockquote></p><p><img src=\"https://static.tigerbbs.com/4333190a0a3d71e8f24c49818d8bf1d0\" tg-width=\"620\" tg-height=\"369\" referrerpolicy=\"no-referrer\"><b>II-VI</b>: Based in Saxonburg, PA, the company engages in designing, manufacturing and marketing optical and opto-electronic components, devices and materials throughout the world. It is well poised to benefit from strength across several end markets including datacom, telecom and wireless communications, along with 5G optical infrastructure buildout. Also, favorable trends across its life sciences, semiconductor capital equipment, and aerospace &amp; defense end markets bode well.</p><p><blockquote><b>II-VI</b>：该公司总部位于宾夕法尼亚州萨克森堡，在全球范围内从事光学和光电元件、设备和材料的设计、制造和营销。随着5G光基础设施的建设，它有望受益于数据通信、电信和无线通信等多个终端市场的实力。此外，其生命科学、半导体资本设备以及航空航天和国防终端市场的有利趋势也是个好兆头。</blockquote></p><p>Shares of this company have returned 174.3% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 83.68%, on average. In the past 30 days, the company’s earnings estimates have improved 7.1% for fiscal 2021 (ending June 2021) and 6.5% for fiscal 2022 (ending June 2022).</p><p><blockquote>该公司的股票去年回报率为174.3%。该公司过去四个季度的业绩均好于预期，平均盈利惊喜率为83.68%。过去30天，该公司2021财年（截至2021年6月）的盈利预期提高了7.1%，2022财年（截至2022年6月）的盈利预期提高了6.5%。</blockquote></p><p><b>Price and Consensus: IIVI</b></p><p><blockquote><b>价格和共识：IIVI</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/a9c6f0b463e81b83bd9f732655dd4e6d\" tg-width=\"620\" tg-height=\"365\" referrerpolicy=\"no-referrer\"><b>Regal Beloit</b>: The company is primarily engaged in manufacturing electrical and mechanical motion control products. It is poised to benefit from business-restructuring initiatives, supply-chain efforts and cost-saving measures. Also, improved order trends across its businesses bode well in the quarters ahead. Further, it has a policy of rewarding shareholders handsomely.</p><p><blockquote><b>Regal Beloit</b>：该公司主要从事制造电气和机械运动控制产品。它有望从业务重组举措、供应链努力和成本节约措施中受益。此外，其业务订单趋势的改善预示着未来几个季度的好兆头。此外，它还制定了丰厚回报股东的政策。</blockquote></p><p>The stock of this Beloit, WI-based company has gained 68.9% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 31.56%, on average. In the past 30 days, the company’s earnings estimates have moved up 2.5% for 2021 and 8.2% for 2022.</p><p><blockquote>这家总部位于威斯康星州贝洛伊特的公司的股价在过去一年中上涨了68.9%。该公司过去四个季度的业绩均好于预期，平均盈利惊喜率为31.56%。过去30天，该公司2021年盈利预期上调2.5%，2022年盈利预期上调8.2%。</blockquote></p><p><b>Price and Consensus: RBC</b></p><p><blockquote><b>价格和共识：RBC</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/9553cbefa0afbdadc311b846be4354f8\" tg-width=\"620\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zacks.com/commentary/1271014/4-top-stocks-from-the-prospering-manufacturing-electronics-industry?art_rec=home-home-investment_ideas_stocks-ID04-txt-1133021\">zacks</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":{"IIVI":"COHERENT CORP 6.00% MANDATORY CON PFD SER A","RBC":"RBC轴承","EMR":"艾默生电气","ETN":"伊顿"},"source_url":"https://www.zacks.com/commentary/1271014/4-top-stocks-from-the-prospering-manufacturing-electronics-industry?art_rec=home-home-investment_ideas_stocks-ID04-txt-1133021","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124692805","content_text":"The ZacksManufacturing - Electronicsindustry seems to be gaining from consistent improvement in economic activities, technological advancements in manufacturing processes, product innovation and growth in e-commerce business. With the reopening of global economies, the industry is anticipated to gain from growth in domestic and international orders for products.Industry players likeEaton Corporation plc (ETN) ,Emerson Electric Co.(EMR) ,II-VI Incorporated(IIVI) andRegal Beloit Corporation(RBC) are poised to capitalize on the opportunities and benefit from cost-control actions. The optimism surrounding the COVID-19 vaccine and the Federal Reserve’s easing policy to support the pandemic stricken economy bodes well.About the IndustryThe Zacks Manufacturing-Electronics industry comprises companies that manufacture electronic products like battery charges, battery accessories, outdoor cabinet enclosures, power transmission products, electrical motion controls, water management products and motive power devices. Also, the firms offer state-of-the-art customer support and after-market services to end users.The manufacturing electronic companies sell products and services in various types of end markets, including robotics, semiconductor, defense, aerospace, medical equipment and satellite communications.4 Trends Shaping the Future of Manufacturing Electronics IndustryHealthy Orders & Export Demand: The manufacturing electronics industry has been benefiting from consistent rise in the global economic activities. The industry participants have resorted to maintaining the production level per the rise in domestic and international orders for electronic products. Per the Institute for Supply Management’s (“ISM”) report published on Feb 1, the U.S. manufacturing activity expanded for the eighth month in a row in January. The ISM’s manufacturing index was 58.7% in January, a slight decline from 60.5% in the prior month. However, the PMI reading above 50 indicates the expansion of manufacturing activities. In addition, in January, new orders registered 61.1%, marking the eighth consecutive month of increase. Further, new export orders registered 54.9% in the month, up for the seventh consecutive month. This indicates the consistent recovery of economic activities in the sector as more companies are ramping up production with firm orders. In addition, a surge in the e-commerce business has opened up opportunities for the industry participants.Technological Advancement: Several electronics manufacturers have been focusing on digitizing their business operations, with the advent of new technologies and business models. Digitization has been allowing businesses to gain detailed insight into their operational performance, demand cycles, delivery status as well as supply-chain issues. This, in turn, has been enabling them to enhance operational productivity, product quality and lower costs, thus, improving competitiveness.Demand in Electronics Services Market: The growing adoption of the latest manufacturing technologies and processes by original equipment manufacturers has led to increased integration of advanced electronic components into electronic devices. This is likely to continue supporting the electronics manufacturing services market as well. Also, companies like Emerson, which have exposure to the booming medical and life science markets, are experiencing strength across businesses on account of healthy demand for their products and solutions.Persistent Woes: Despite the positives, some participants from the industry still remain wary of the lingering effects of the coronavirus-related issues on their businesses. Further, several players are facing challenges like the uncertain demand environment owing to the difficult Sino-U.S. trade relations and highly leveraged balance sheets.Zacks Industry Rank Indicates Strong ProspectsThe Manufacturing – Electronics industry belongs to an 18-stock group within the broader ZacksIndustrial Productssector. The industry currently carries a Zacks Industry Rank #89, which places it in the top 35% of more than 250 Zacks industries.The group’sZacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bright near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of improved earnings prospects for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gaining confidence in this group’s earnings growth potential. The industry’s earnings estimates for 2021 have increased 15.6% since the end of May 2020.Before we present a few Manufacturing – Electronics stocks, which look promising, it is worth taking a look at the industry’s performance and valuation picture.Industry Outperforms Sector & the S&P 500The Zacks Manufacturing – Electronics industry has outperformed its sector and the S&P 500 in the past year. The stocks in the industry have collectively gained 41.6% compared with the Zacks Industrial Products sector’s growth of 37% and the S&P 500’s rally of 25.4%.Manufacturing – Electronics Industry’s ValuationPrice/Earnings (P/E) ratio is commonly used for valuing manufacturing stocks.The industry’s forward 12-month P/E ratio is 25.18. This clearly shows that the industry is trading above the S&P 500’s forward 12-month P/E ratio of 22.01 and the sector’s 22.9.Over the past five years, the industry has traded at the highest level of 26.24X forward 12-month earnings and lowest level of 13.62X. The median level was 18.03X over the same period.Manufacturing – Electronics Industry’s Valuation Versus SectorManufacturing – Electronics Industry’s Valuation Versus S&P 5004 Manufacturing - Electronics Stocks Moving Ahead of the PackBelow, we have discussed four stocks from the industry that have solid growth opportunities despite the prevalent pandemic uncertainties. The stocks currently carry a Zacks Rank #2 (Buy). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Eaton Corporation: It is a diversified power management company, and a global technology leader in electrical components and systems. It is likely to benefit from investments in new products, acquisitions, multi-year restructuring program and shareholder-friendly policies in the quarters ahead.Shares of this Dublin, Ireland-based company have gained 36.1% in the past year. It recorded better-than-expected results in each of the trailing four quarters, with the positive earnings surprise being 13.69%, on average. Also, the company’s earnings estimates have improved 16.3% for 2021 and 15% for 2022 in the past 30 days.Emerson Electric: The global engineering and technology company is primarily engaged in offering a wide range of products and services to customers in consumer, commercial and industrial markets. It is poised to benefit from strength across its medical, life science, food and beverage, and residential end markets as well as a robust backlog level. Also, it is likely to gain from acquisitions it made over time. Further, it has a policy of rewarding shareholders handsomely.The stock of this St. Louis, MO-based company has gained 29.5% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 21.53%, on average. In the past 30 days, the company’s earnings estimates have moved up 6.3% for fiscal 2021 (ending September 2021) and 4.3% for fiscal 2022 (ending September 2022).Price and Consensus: EMRII-VI: Based in Saxonburg, PA, the company engages in designing, manufacturing and marketing optical and opto-electronic components, devices and materials throughout the world. It is well poised to benefit from strength across several end markets including datacom, telecom and wireless communications, along with 5G optical infrastructure buildout. Also, favorable trends across its life sciences, semiconductor capital equipment, and aerospace & defense end markets bode well.Shares of this company have returned 174.3% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 83.68%, on average. In the past 30 days, the company’s earnings estimates have improved 7.1% for fiscal 2021 (ending June 2021) and 6.5% for fiscal 2022 (ending June 2022).Price and Consensus: IIVIRegal Beloit: The company is primarily engaged in manufacturing electrical and mechanical motion control products. It is poised to benefit from business-restructuring initiatives, supply-chain efforts and cost-saving measures. Also, improved order trends across its businesses bode well in the quarters ahead. Further, it has a policy of rewarding shareholders handsomely.The stock of this Beloit, WI-based company has gained 68.9% in the past year. It reported better-than-expected results in each of the last four quarters, with the positive earnings surprise being 31.56%, on average. In the past 30 days, the company’s earnings estimates have moved up 2.5% for 2021 and 8.2% for 2022.Price and Consensus: RBC","news_type":1,"symbols_score_info":{"IIVI":0.9,"ETN":0.9,"EMR":0.9,"RBC":0.9}},"isVote":1,"tweetType":1,"viewCount":711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}