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Lunchenmeat

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2021-12-22

[Miser]

2021-11-04

K

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2021-09-08

[Cool]

Bitcoin Endured a Rocky Day. What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>

2021-09-07

[What]

Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>

2021-09-03

[Cool]

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2021-09-01

[What]

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2021-09-01

[Cool]

Beyond Meat Stock Turns Higher After Don Lee Farms Trade Secrets Case Ruling<blockquote>唐·李农场商业秘密案裁决后，Beyond Meat股价走高</blockquote>

2021-08-31

[What]

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2021-08-26

[What]

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2021-08-26

[What]

S&P 500 opens flat near a record as investors await Fed summit<blockquote>投资者等待美联储峰会，标普500开盘持平，接近历史新高</blockquote>

2021-08-25

[Cool]

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2021-08-23

[What]

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2021-08-20

[Cool]

Microsoft jumped over 1% and reached record high<blockquote>微软跳涨超1%创历史新高</blockquote>

2021-08-19

[What]

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2021-08-18

[What]

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2021-08-17

[What]

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2021-08-16

[Miser]

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2021-08-13

[Cool]

Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>

2021-08-11

[Cool]

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2021-08-10

[Cool]

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16:48","market":"us","language":"en","title":"Bitcoin Endured a Rocky Day. What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154837170","media":"Barron's","summary":"It should have been a happy day for Bitcoin, but it’s turned into a rout.Bitcoin  was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.Other cryptos were also ailing, including Ethereum , down 12% to $3,460.The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum ","content":"<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.</p><p><blockquote>对比特币来说，这应该是快乐的一天，但它变成了一场溃败。</blockquote></p><p> Bitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.</p><p><blockquote>比特币（股票代码：BTC）周二下午的交易价格约为47,000美元，在今天上午跌至42,900美元后，过去24小时内下跌9%。在抛售之前，比特币股价已高于52,800美元。</blockquote></p><p> Other cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.</p><p><blockquote>其他加密货币也表现不佳，包括以太币(ETH)，下跌12%至3,460美元。</blockquote></p><p> The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.</p><p><blockquote>抛售可能反映了7月下旬价格开始上涨后的获利了结。自7月底交易价格约为34,000美元以来，比特币已上涨超过50%。在对其底层区块链网络进行技术升级后，以太币也一直在飞行。</blockquote></p><p> The down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.</p><p><blockquote>下跌的一天也可能反映了萨尔瓦多成为第一个采用比特币作为法定货币以及该国另一种官方货币美元的国家后的“抛售新闻”动态。</blockquote></p><p> Merchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.</p><p><blockquote>萨尔瓦多的商人现在应该接受商品和服务的比特币。政府向公民承诺在他们的数字钱包中提供价值30美元的比特币。据路透社报道，麦当劳已经开始在萨尔瓦多接受比特币。在正式启动之前，纳伊布·布克莱总统的政府一直在购买比特币，其中包括价值至少2000万美元的资金。</blockquote></p><p> But El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.</p><p><blockquote>但萨尔瓦多的加密货币实验并没有得到国际货币基金组织和世界银行等组织的认可，这些组织警告萨尔瓦多，将其作为法定货币可能会危及金融稳定。其他国家正在打击加密货币交易、采矿和交易所，这表明萨尔瓦多目前可能是一个例外。</blockquote></p><p> Crypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).</p><p><blockquote>加密货币观察人士也将市场低迷归咎于技术因素。加密货币交易研究公司Fairlead Strategies的创始人兼管理合伙人Katie Stockton表示，假设价格不会突然飙升，比特币现在将迎来“外部下跌”的一天。这意味着比特币的交易范围更广，收盘价将低于昨天（假设下午5点截止，尽管它24小时交易）。</blockquote></p><p> “The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.</p><p><blockquote>“这意味着进一步整合，”她说。她补充道，到目前为止，抛售看起来像是一个小挫折，因为比特币尚未突破44,000美元左右的50日移动平均线，这是下一个支撑位。</blockquote></p><p> “A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”</p><p><blockquote>“违反44,000美元并不是崩溃，”她说。“这是对50日移动平均线的测试。“比特币和大多数加密货币都非常接近当前低点，”</blockquote></p><p> Other factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.</p><p><blockquote>其他可能导致抛售的因素包括领先的加密货币交易所Bitfinix的停电和“计划外维护”报告。据Downdetector称，Coinbase Global（股票代码：COIN）中午左右也经历了停电高峰。</blockquote></p><p> Even if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.</p><p><blockquote>即使价格从这里稳定下来，这也提醒人们，比特币和其他加密货币仍然容易受到快速下跌的影响。虽然你可以在圣萨尔瓦多买到一个巨无霸和一片比特币，但你最好把它放在你的数字钱包里——或者不放在——这取决于一天中的不同时间。</blockquote></p><p></p>","source":"lsy1610680873436","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>Bitcoin Endured a Rocky Day. 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What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-08 16:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.</p><p><blockquote>对比特币来说，这应该是快乐的一天，但它变成了一场溃败。</blockquote></p><p> Bitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.</p><p><blockquote>比特币（股票代码：BTC）周二下午的交易价格约为47,000美元，在今天上午跌至42,900美元后，过去24小时内下跌9%。在抛售之前，比特币股价已高于52,800美元。</blockquote></p><p> Other cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.</p><p><blockquote>其他加密货币也表现不佳，包括以太币(ETH)，下跌12%至3,460美元。</blockquote></p><p> The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.</p><p><blockquote>抛售可能反映了7月下旬价格开始上涨后的获利了结。自7月底交易价格约为34,000美元以来，比特币已上涨超过50%。在对其底层区块链网络进行技术升级后，以太币也一直在飞行。</blockquote></p><p> The down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.</p><p><blockquote>下跌的一天也可能反映了萨尔瓦多成为第一个采用比特币作为法定货币以及该国另一种官方货币美元的国家后的“抛售新闻”动态。</blockquote></p><p> Merchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.</p><p><blockquote>萨尔瓦多的商人现在应该接受商品和服务的比特币。政府向公民承诺在他们的数字钱包中提供价值30美元的比特币。据路透社报道，麦当劳已经开始在萨尔瓦多接受比特币。在正式启动之前，纳伊布·布克莱总统的政府一直在购买比特币，其中包括价值至少2000万美元的资金。</blockquote></p><p> But El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.</p><p><blockquote>但萨尔瓦多的加密货币实验并没有得到国际货币基金组织和世界银行等组织的认可，这些组织警告萨尔瓦多，将其作为法定货币可能会危及金融稳定。其他国家正在打击加密货币交易、采矿和交易所，这表明萨尔瓦多目前可能是一个例外。</blockquote></p><p> Crypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).</p><p><blockquote>加密货币观察人士也将市场低迷归咎于技术因素。加密货币交易研究公司Fairlead Strategies的创始人兼管理合伙人Katie Stockton表示，假设价格不会突然飙升，比特币现在将迎来“外部下跌”的一天。这意味着比特币的交易范围更广，收盘价将低于昨天（假设下午5点截止，尽管它24小时交易）。</blockquote></p><p> “The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.</p><p><blockquote>“这意味着进一步整合，”她说。她补充道，到目前为止，抛售看起来像是一个小挫折，因为比特币尚未突破44,000美元左右的50日移动平均线，这是下一个支撑位。</blockquote></p><p> “A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”</p><p><blockquote>“违反44,000美元并不是崩溃，”她说。“这是对50日移动平均线的测试。“比特币和大多数加密货币都非常接近当前低点，”</blockquote></p><p> Other factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.</p><p><blockquote>其他可能导致抛售的因素包括领先的加密货币交易所Bitfinix的停电和“计划外维护”报告。据Downdetector称，Coinbase Global（股票代码：COIN）中午左右也经历了停电高峰。</blockquote></p><p> Even if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.</p><p><blockquote>即使价格从这里稳定下来，这也提醒人们，比特币和其他加密货币仍然容易受到快速下跌的影响。虽然你可以在圣萨尔瓦多买到一个巨无霸和一片比特币，但你最好把它放在你的数字钱包里——或者不放在——这取决于一天中的不同时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1\">Barron's</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":{"COIN":"Coinbase Global, Inc.","GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154837170","content_text":"It should have been a happy day for Bitcoin, but it’s turned into a rout.\nBitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.\nOther cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.\nThe selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.\nThe down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.\nMerchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.\nBut El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.\nCrypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).\n“The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.\n“A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”\nOther factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.\nEven if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.","news_type":1,"symbols_score_info":{"COIN":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":2483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880107752,"gmtCreate":1631023536977,"gmtModify":1631890578806,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880107752","repostId":"1130130857","repostType":4,"repost":{"id":"1130130857","kind":"news","pubTimestamp":1631007146,"share":"https://www.laohu8.com/m/news/1130130857?lang=zh_CN&edition=full","pubTime":"2021-09-07 17:32","market":"us","language":"en","title":"Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130130857","media":"Barron's","summary":"What a year this has been for the markets!Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and  a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnin","content":"<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊！在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔500股票指数已上涨20%，连续七个月上涨，并创下50多个高点。除此之外，去年市场从2020年3月的低点反弹了68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨。刺激支出已经见顶，经济和企业盈利增长可能会在今年年底放缓。此外，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。这些都不会让股价越来越贵的持有者满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，要做好迎接波动性下跌的准备，这种冲突迫使巴菲特股票、债券和投资者。Nuveen全球股票首席投资官Saira Malik表示：“一切反弹都已经过去。”“这不会是一场急剧上升的经济浪潮，将所有船只从这里抬起。”</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识<i>巴伦周刊</i>最近咨询过。所有人都认为标普500将在周四收盘价4536点附近结束今年。他们的平均目标是：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>相对于最近的趋势，明年的涨幅看起来也很微弱。该集团预计2022年标普500将再增加6%，升至约4800。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的21倍，债券收益率很低，考虑通货膨胀后现金收益率低于零，投资者面临着艰难的资产配置决策。我们的市场观察人士建议关注“优质”投资，而不是提振快速增长的科技股、无增长的模因股和数字世界的狗狗币的“一切反弹”。在股票方面，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业的股票。即使未来几个月平均指数表现不大，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅上涨是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免新冠疫情造成的经济损失。自2020年3月以来，美联储每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并推动投资者进入包括股票在内的风险较高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买，此举可能会扰乱各类风险资产。摩根士丹利(Morgan Stanley)首席投资官兼首席美国股票策略师威尔逊(Mike Wilson)表示：“对我们来说，缩减规模很简单：缩减规模就是紧缩。这是（美联储）距离最大限度宽松政策迈出的第一步。他们这次对此非常谨慎，但底线是，这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>策略师指出，政府的刺激支出也已见顶。每周300美元的补充联邦失业救济金将于9月6日到期。尽管国会似乎有可能在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激措施相比，近期的经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约5500亿美元的新支出——只是之前法律授权的数万亿美元的一小部分——并且将分散在许多年内。基础设施刺激措施将给消费者支出带来的短期提振，占美国国内生产总值增长的近70%，但不会接近去年数百万美国人收到政府支票后的经济增长。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>仅由民主党批准的预算法案应该遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施以及其他政党优先事项的支出。国会可能会投票提高企业和高收入个人的税收，以抵消这些支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他带有政治色彩的问题同样可能会让股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计的支出法案来避免<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>10月停工。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对Covid-19德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要限于旅游业和电影院。华尔街对市场的基本假设不包括会破坏经济增长的新一波封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通胀一直是美联储和投资者的热门话题，部分原因是通胀最近非常火爆。6月和7月，美国消费者价格指数年化涨幅为5.4%，这是美联储评级暂时性的飙升，尽管其他人不太确定。策略师们站在鲍威尔一边。他们预计明年通胀将大幅下降。他们的预测在2.5%至3.5%之间，他们认为这对消费者和公司来说是可控的，也是经济快速增长的可接受的副作用。然而，通胀率高于2.5%，加上美联储缩减规模，意味着目前超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>收益投资主管迈克尔·弗雷德里克斯(Michael Fredericks)表示：“我们认为通胀将继续比金融危机以来更高，但一旦许多与重新开放相关的压力开始消散，我们很难看到通胀率远高于2.5%。”贝莱德多资产策略集团。“因此债券收益率确实需要上升，但这将逐渐发生。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比当前水平高出约35个基点（即百分之几个百分点），但低于2021年3月收益率高点时达到的1.75%。该组织表示，到明年，10年期国债收益率可能达到2%。从绝对值来看，这些举措并不是很大，但对债券市场来说意义重大，对股票来说可能更是如此。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会打压股票估值，原因有二。高收益债券提供了与股票的竞争，当以更高的利率贴现时，公司的未来收益在目前毫无价值。尽管如此，2%左右的10年期国债收益率仍不足以将股票估值降至新冠疫情爆发前的水平。即使收益率攀升，市场策略师认为标普500的市盈率仍远高于预期市盈率16倍的30年平均水平。去年秋天，该指数的远期市盈率突破23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要10年期国债收益率保持在2%的范围内，标普500的远期市盈率就应该能够在十几岁左右。除非收益率高得多或其他导致股市下跌的因素带来更大压力，否则不可能回到16倍的长期平均水平。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>表示，如果收益率飙升超过2%或2.25%，投资者可能会开始更严重地质疑股票估值<a href=\"https://laohu8.com/S/STT\">国家</a>Street首席投资组合策略师Gaurav Mallik：“我们已经有一段时间没有看到（10年期国债收益率）超过2%了，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出，股市的估值风险是不对称的：“市盈率不太可能上升，考虑到增长放缓和我们所处的位置，市盈率很有可能下降10%以上。在周期中，”他说</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充道，如果预期市盈率为16至23倍，“你已经处于这个范围的很高端。潜在风险大于回报。”</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>所有六位策略师的预测都包含了一些市盈率倍数的压缩，这对利润增长路径变得更加重要。平均而言，策略师预计，继去年的盈利低迷之后，标普500今年的盈利将增长46%，至204美元左右。随后，2022年可能会上涨9%，达到约222.50美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是2022年联邦企业税率上升。民主党支出和税收计划的细节将在未来几周内制定出来，投资者可以期待听到更多有关潜在增税的消息。几位策略师认为，25%的联邦企业利润税率可能是一个妥协数字，高于2018年以来实施的21%，但低于拜登政府寻求的28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约5%。随着今年秋天民主党和解法案的通过，该指数可能会下跌类似的幅度，但影响应该仅限于最初的调整。与2017年12月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>——一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>抛开这些担忧不谈，投资者不应错过更大的图景：美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。Mallik表示：“周期性上涨和高于趋势的增长将至少持续到2022年，我们希望偏向于具有这种风险的资产。”</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将会火爆。当GDP增长高于平均水平时，价值会超过增长，周期性会超过防御性。”—Lori Calvasina，加拿大皇家银行资本市场道富策略师建议在投资组合中增持材料、金融和科技股。这种方法既包括银行和矿业公司等对经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)同样采取杠铃法，同时投资周期性和成长性。她最喜欢的行业是能源、金融和技术。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>卡尔瓦西纳表示：“金融和能源行业的估值仍然比增长行业（科技或非必需消费品等行业）更具吸引力。”“近期的催化剂是摆脱当前的新冠疫情浪潮……今年和明年我们将迎来经济火爆，传统上，当GDP增长高于平均水平时，价值会跑赢增长，周期性会跑赢防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是关键，尤其是进入2022年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>卡尔瓦西纳表示：“历史上的剧本是，走出衰退后，你往往会看到持续一年左右的低质量优异表现，然后领导力又会恢复到高质量。”“但从低质量回到高质量的转变往往非常坎坷。”</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师青睐对经济敏感的股票和稳定增长的股票（包括科技股）的组合。金融股应该会表现良好，特别是如果债券收益率上升的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管今年夏天具有质量属性的股票表现优于大盘，但根据一家<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析，自去年11月首次报道疫苗正面消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>贝莱德的弗雷德里克斯表示：“我们正在进入周期中期环境，基本经济增长仍然强劲，但势头开始减速。”“我们的研究表明，优质股票在这样的时期表现尤其出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融，包括银行，以及具有这些质量特征的消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>股票策略主管克里斯托弗·哈维(Christopher Harvey)表示，大流行后受益者和防御性敞口的结合才是正确的选择。他构建了一篮子波动性低于平均水平的股票——在今年秋季市场不确定性或压力时期，这些股票应该会跑赢大盘——并且“新冠贝塔值”较高，即对有关大流行的好消息或坏消息的敏感性。一个要求；富国银行的股票分析师必须将这些股票评级为“买入”。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>哈维表示：“近期经济存在不确定性、利率不确定性和新冠病毒风险，一般来说，我们正处于9月份左右的季节性疲软时期。”“如果我们能够平衡低波动性和高Covid贝塔值，我们就可以减轻其中几种催化剂时机即将到来的不确定性和波动性。不过，从长远来看，我们仍然希望[重新开放风险。]”</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的具有高新贝塔值的低波动性股票名单包括苹果(AAPL)、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">IQVIA</a>控股公司（IQV）和马斯科公司（MAS）。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。Invesco KBW银行交易所交易基金(KBWB)提供对美国该行业的广泛投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“我们喜欢估值和信用质量；他们现在被允许回购股票并增加股息，而且新冠贝塔值更高，”哈维说。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>较低的估值意味着市场调整中潜在的下行空间较小。而且，与股市的其他大部分地区相反，更高的利率将成为银行的顺风车，银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。”<a href=\"https://laohu8.com/S/HR\">医疗保健</a>具有防御性和成长性，”威尔逊说。“如今，医疗保健行业每单位增长支付的费用比其他行业低得多。因此，我们认为，当我们担心估值时，它为这个市场提供了良好的平衡。”健康保险公司Humana(HUM)跻身威尔逊“新鲜资金买入名单”股票买入评级<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen的Malik还将目光投向医疗保健领域，以获得相对低估的增长机会，即制药和生物技术领域。她指出了Seagen(SGEN)，该公司专注于肿瘤药物，可能成为制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维(ABBV)，该公司的预期市盈率为8倍，股息收益率为4.7%。其重磅抗炎药修美乐(Humira)的专利即将到期，这让一些投资者望而却步，但马利克相信管理层能够限制损失，并看到这家价值2000亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都过得很艰难。Seagen上周跌超8%，报152美元左右，因有消息称其联合创始人兼首席执行官近期大量抛售股票。在美国食品和药物管理局要求为JAK抑制剂贴上新的警告标签后，ABBVIE周三上涨7%，至112.27美元。JAK抑制剂是一种抗类风湿药物，其中包括一种<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生(JNJ)和思科系统(CSCO)是其他通过A的标普500成员<i>巴伦周刊</i>筛选质量属性。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳定上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点下跌，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>","source":"lsy1610680873436","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>Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</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\">\nStrategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-07 17:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊！在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔500股票指数已上涨20%，连续七个月上涨，并创下50多个高点。除此之外，去年市场从2020年3月的低点反弹了68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨。刺激支出已经见顶，经济和企业盈利增长可能会在今年年底放缓。此外，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。这些都不会让股价越来越贵的持有者满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，要做好迎接波动性下跌的准备，这种冲突迫使巴菲特股票、债券和投资者。Nuveen全球股票首席投资官Saira Malik表示：“一切反弹都已经过去。”“这不会是一场急剧上升的经济浪潮，将所有船只从这里抬起。”</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识<i>巴伦周刊</i>最近咨询过。所有人都认为标普500将在周四收盘价4536点附近结束今年。他们的平均目标是：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>相对于最近的趋势，明年的涨幅看起来也很微弱。该集团预计2022年标普500将再增加6%，升至约4800。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的21倍，债券收益率很低，考虑通货膨胀后现金收益率低于零，投资者面临着艰难的资产配置决策。我们的市场观察人士建议关注“优质”投资，而不是提振快速增长的科技股、无增长的模因股和数字世界的狗狗币的“一切反弹”。在股票方面，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业的股票。即使未来几个月平均指数表现不大，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅上涨是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免新冠疫情造成的经济损失。自2020年3月以来，美联储每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并推动投资者进入包括股票在内的风险较高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买，此举可能会扰乱各类风险资产。摩根士丹利(Morgan Stanley)首席投资官兼首席美国股票策略师威尔逊(Mike Wilson)表示：“对我们来说，缩减规模很简单：缩减规模就是紧缩。这是（美联储）距离最大限度宽松政策迈出的第一步。他们这次对此非常谨慎，但底线是，这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>策略师指出，政府的刺激支出也已见顶。每周300美元的补充联邦失业救济金将于9月6日到期。尽管国会似乎有可能在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激措施相比，近期的经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约5500亿美元的新支出——只是之前法律授权的数万亿美元的一小部分——并且将分散在许多年内。基础设施刺激措施将给消费者支出带来的短期提振，占美国国内生产总值增长的近70%，但不会接近去年数百万美国人收到政府支票后的经济增长。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>仅由民主党批准的预算法案应该遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施以及其他政党优先事项的支出。国会可能会投票提高企业和高收入个人的税收，以抵消这些支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他带有政治色彩的问题同样可能会让股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计的支出法案来避免<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>10月停工。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对Covid-19德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要限于旅游业和电影院。华尔街对市场的基本假设不包括会破坏经济增长的新一波封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通胀一直是美联储和投资者的热门话题，部分原因是通胀最近非常火爆。6月和7月，美国消费者价格指数年化涨幅为5.4%，这是美联储评级暂时性的飙升，尽管其他人不太确定。策略师们站在鲍威尔一边。他们预计明年通胀将大幅下降。他们的预测在2.5%至3.5%之间，他们认为这对消费者和公司来说是可控的，也是经济快速增长的可接受的副作用。然而，通胀率高于2.5%，加上美联储缩减规模，意味着目前超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>收益投资主管迈克尔·弗雷德里克斯(Michael Fredericks)表示：“我们认为通胀将继续比金融危机以来更高，但一旦许多与重新开放相关的压力开始消散，我们很难看到通胀率远高于2.5%。”贝莱德多资产策略集团。“因此债券收益率确实需要上升，但这将逐渐发生。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比当前水平高出约35个基点（即百分之几个百分点），但低于2021年3月收益率高点时达到的1.75%。该组织表示，到明年，10年期国债收益率可能达到2%。从绝对值来看，这些举措并不是很大，但对债券市场来说意义重大，对股票来说可能更是如此。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会打压股票估值，原因有二。高收益债券提供了与股票的竞争，当以更高的利率贴现时，公司的未来收益在目前毫无价值。尽管如此，2%左右的10年期国债收益率仍不足以将股票估值降至新冠疫情爆发前的水平。即使收益率攀升，市场策略师认为标普500的市盈率仍远高于预期市盈率16倍的30年平均水平。去年秋天，该指数的远期市盈率突破23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要10年期国债收益率保持在2%的范围内，标普500的远期市盈率就应该能够在十几岁左右。除非收益率高得多或其他导致股市下跌的因素带来更大压力，否则不可能回到16倍的长期平均水平。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>表示，如果收益率飙升超过2%或2.25%，投资者可能会开始更严重地质疑股票估值<a href=\"https://laohu8.com/S/STT\">国家</a>Street首席投资组合策略师Gaurav Mallik：“我们已经有一段时间没有看到（10年期国债收益率）超过2%了，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出，股市的估值风险是不对称的：“市盈率不太可能上升，考虑到增长放缓和我们所处的位置，市盈率很有可能下降10%以上。在周期中，”他说</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充道，如果预期市盈率为16至23倍，“你已经处于这个范围的很高端。潜在风险大于回报。”</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>所有六位策略师的预测都包含了一些市盈率倍数的压缩，这对利润增长路径变得更加重要。平均而言，策略师预计，继去年的盈利低迷之后，标普500今年的盈利将增长46%，至204美元左右。随后，2022年可能会上涨9%，达到约222.50美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是2022年联邦企业税率上升。民主党支出和税收计划的细节将在未来几周内制定出来，投资者可以期待听到更多有关潜在增税的消息。几位策略师认为，25%的联邦企业利润税率可能是一个妥协数字，高于2018年以来实施的21%，但低于拜登政府寻求的28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约5%。随着今年秋天民主党和解法案的通过，该指数可能会下跌类似的幅度，但影响应该仅限于最初的调整。与2017年12月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>——一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>抛开这些担忧不谈，投资者不应错过更大的图景：美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。Mallik表示：“周期性上涨和高于趋势的增长将至少持续到2022年，我们希望偏向于具有这种风险的资产。”</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将会火爆。当GDP增长高于平均水平时，价值会超过增长，周期性会超过防御性。”—Lori Calvasina，加拿大皇家银行资本市场道富策略师建议在投资组合中增持材料、金融和科技股。这种方法既包括银行和矿业公司等对经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)同样采取杠铃法，同时投资周期性和成长性。她最喜欢的行业是能源、金融和技术。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>卡尔瓦西纳表示：“金融和能源行业的估值仍然比增长行业（科技或非必需消费品等行业）更具吸引力。”“近期的催化剂是摆脱当前的新冠疫情浪潮……今年和明年我们将迎来经济火爆，传统上，当GDP增长高于平均水平时，价值会跑赢增长，周期性会跑赢防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是关键，尤其是进入2022年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>卡尔瓦西纳表示：“历史上的剧本是，走出衰退后，你往往会看到持续一年左右的低质量优异表现，然后领导力又会恢复到高质量。”“但从低质量回到高质量的转变往往非常坎坷。”</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师青睐对经济敏感的股票和稳定增长的股票（包括科技股）的组合。金融股应该会表现良好，特别是如果债券收益率上升的话。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管今年夏天具有质量属性的股票表现优于大盘，但根据一家<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析，自去年11月首次报道疫苗正面消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>贝莱德的弗雷德里克斯表示：“我们正在进入周期中期环境，基本经济增长仍然强劲，但势头开始减速。”“我们的研究表明，优质股票在这样的时期表现尤其出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融，包括银行，以及具有这些质量特征的消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>股票策略主管克里斯托弗·哈维(Christopher Harvey)表示，大流行后受益者和防御性敞口的结合才是正确的选择。他构建了一篮子波动性低于平均水平的股票——在今年秋季市场不确定性或压力时期，这些股票应该会跑赢大盘——并且“新冠贝塔值”较高，即对有关大流行的好消息或坏消息的敏感性。一个要求；富国银行的股票分析师必须将这些股票评级为“买入”。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>哈维表示：“近期经济存在不确定性、利率不确定性和新冠病毒风险，一般来说，我们正处于9月份左右的季节性疲软时期。”“如果我们能够平衡低波动性和高Covid贝塔值，我们就可以减轻其中几种催化剂时机即将到来的不确定性和波动性。不过，从长远来看，我们仍然希望[重新开放风险。]”</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的具有高新贝塔值的低波动性股票名单包括苹果(AAPL)、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">IQVIA</a>控股公司（IQV）和马斯科公司（MAS）。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。Invesco KBW银行交易所交易基金(KBWB)提供对美国该行业的广泛投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“我们喜欢估值和信用质量；他们现在被允许回购股票并增加股息，而且新冠贝塔值更高，”哈维说。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>较低的估值意味着市场调整中潜在的下行空间较小。而且，与股市的其他大部分地区相反，更高的利率将成为银行的顺风车，银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。”<a href=\"https://laohu8.com/S/HR\">医疗保健</a>具有防御性和成长性，”威尔逊说。“如今，医疗保健行业每单位增长支付的费用比其他行业低得多。因此，我们认为，当我们担心估值时，它为这个市场提供了良好的平衡。”健康保险公司Humana(HUM)跻身威尔逊“新鲜资金买入名单”股票买入评级<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen的Malik还将目光投向医疗保健领域，以获得相对低估的增长机会，即制药和生物技术领域。她指出了Seagen(SGEN)，该公司专注于肿瘤药物，可能成为制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维(ABBV)，该公司的预期市盈率为8倍，股息收益率为4.7%。其重磅抗炎药修美乐(Humira)的专利即将到期，这让一些投资者望而却步，但马利克相信管理层能够限制损失，并看到这家价值2000亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都过得很艰难。Seagen上周跌超8%，报152美元左右，因有消息称其联合创始人兼首席执行官近期大量抛售股票。在美国食品和药物管理局要求为JAK抑制剂贴上新的警告标签后，ABBVIE周三上涨7%，至112.27美元。JAK抑制剂是一种抗类风湿药物，其中包括一种<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生(JNJ)和思科系统(CSCO)是其他通过A的标普500成员<i>巴伦周刊</i>筛选质量属性。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳定上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点下跌，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2\">Barron's</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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130130857","content_text":"What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.\nTailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.\nIn other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”\nThat’s the general consensus among the six market strategists and chief investment officers whomBarron’srecently consulted. All see the S&P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.\nNext year’s gains look muted, as well, relative to recent trends. The group expects the S&P 500 to tack on another 6% in 2022, rising to about 4800.\nWith stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.\nThe stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.\nFed Chairman Jerome Powell has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”\nThe government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.\nThe bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.\nA budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.\nOther politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a Washington shutdown in October.\nFor now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.\nInflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.\n“We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”\nThe strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for the bond market—and could be even more so for stocks.\nRising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.\n\nAs long as 10-year Treasury yields stay in the 2% range, the S&P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.\nIf yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says State Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”\n\nWilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says\nIf 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”\nSome P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.\nA potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.\nAn increase of that magnitude would shave about 5% off S&P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a one-time event for the market, some strategists predict.\nThese concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.\n\n “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets\n\nThe State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.\nRBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.\n“Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”\nBut the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.\n“The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”\nA Shopping List for Fall\nMost strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.\n\nAlthough stocks with quality attributes have outperformed the market this summer, according to a BlackRock analysis, the quality factor has lagged since positive vaccine news was first reported last November.\n“We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”\nHe recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.\nFor Wells Fargo’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.\n“There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”\nHarvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),Bank of America(BAC),Northern Trust(NTRS),Lowe’s(LOW),IQVIA Holdings(IQV), andMasco(MAS).\nOverall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.\n“We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.\nCheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.\nHealthcare stocks also have some fans. “Healthcare has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by Morgan Stanley analysts and fitting his macro views.\nNuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.\nMalik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.\nBoth stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of AbbVie’s most promising post-Humira products.\nPfizer(PFE),American Express(AXP),Johnson & Johnson(JNJ), andCisco Systems(CSCO) are other S&P 500 members that pass aBarron’sscreen for quality attributes.\nAfter a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. Just be more selective. And go with quality.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":815294811,"gmtCreate":1630679393933,"gmtModify":1631890578807,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/815294811","repostId":"1198573200","repostType":4,"isVote":1,"tweetType":1,"viewCount":1853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816503653,"gmtCreate":1630505908872,"gmtModify":1631890578814,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816503653","repostId":"1167796919","repostType":4,"isVote":1,"tweetType":1,"viewCount":2174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816500969,"gmtCreate":1630505808451,"gmtModify":1631890578813,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816500969","repostId":"1150832177","repostType":4,"repost":{"id":"1150832177","kind":"news","pubTimestamp":1630504818,"share":"https://www.laohu8.com/m/news/1150832177?lang=zh_CN&edition=full","pubTime":"2021-09-01 22:00","market":"us","language":"en","title":"Beyond Meat Stock Turns Higher After Don Lee Farms Trade Secrets Case Ruling<blockquote>唐·李农场商业秘密案裁决后，Beyond Meat股价走高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150832177","media":"Thestreet","summary":"Beyond Meat (BYND) Meat, Inc. Report shares edged higher Tuesday after the plant-based food producer","content":"<p>Beyond Meat&nbsp;(<b>BYND</b>)&nbsp;Meat, Inc. Report&nbsp;shares edged higher Tuesday after the plant-based food producer said it received a favorable ruling in an ongoing trade secrets case with Don Lee Farms.</p><p><blockquote>Beyond Meat(<b>BYND</b>)Meat，Inc.Report股价周二小幅走高，此前这家植物性食品生产商表示，在与Don Lee Farms正在进行的商业秘密案件中获得了有利的裁决。</blockquote></p><p> Beyond Meat said&nbsp;Los Angeles Superior Court Judge Holly J. Fujie ruled that two key claims of&nbsp;misappropriation of trade secrets and unfair competition raised by Don Lee Farms -- a former manufacturing partner -- would not proceed to trial, which is set for September 22.</p><p><blockquote>Beyond Meat表示，洛杉矶高等法院法官Holly J.Fujie裁定，前制造合作伙伴Don Lee Farms提出的盗用商业秘密和不公平竞争的两项关键指控不会继续进行审判，审判定于9月22日进行。</blockquote></p><p> Earlier this year, California's Superior Court ruled the Beyond Meat pay around $400,000 owed to Don Lee farms as part of the contract it severed in 2017.</p><p><blockquote>今年早些时候，加州高等法院裁定Beyond Meat支付欠Don Lee farms的约40万美元，作为其2017年终止的合同的一部分。</blockquote></p><p> \"Although Don Lee Farms had no prior experience manufacturing plant-based meat products, it claimed it owned the procedures for manufacturing Beyond Meat’s proprietary plant-based meat products,\" Beyond Meat said in a statement. \"The Court has now outright rejected that claim.\"</p><p><blockquote>Beyond Meat在一份声明中表示：“尽管Don Lee Farms之前没有生产植物性肉制品的经验，但它声称拥有生产Beyond Meat专有植物性肉制品的程序。”“法院现在断然驳回了这一主张。”</blockquote></p><p> Beyond Meat shares were marked 0.46% higher in pre-market trading, reversing an earlier decline, to indicate an opening bell price of $120.85 each.</p><p><blockquote>Beyond Meat股价在盘前交易中上涨0.46%，扭转了早些时候的跌势，开盘价为每股120.85美元。</blockquote></p><p> Earlier this month, Beyond Meat posted a wider-than-expected second quarter loss of 31 cents per share, on sales of $149.4 million.</p><p><blockquote>本月早些时候，Beyond Meat公布第二季度每股亏损31美分，销售额为1.494亿美元，超出预期。</blockquote></p><p> It also forecast softer third quarter sales of between&nbsp;$120 million to $140 million as restaurants grow more cautious on food orders amid the summer rise in Delta-variant coronavirus infections.</p><p><blockquote>该公司还预测，由于夏季Delta变种冠状病毒感染增加，餐馆对食品订单变得更加谨慎，第三季度销售额将下降1.2亿至1.4亿美元。</blockquote></p><p> \"We believe it's prudent to call out that due to recent increases in COVID-19 infection rates stemming from the Delta variant, we're seeing some early signs of a return to a more cautionary stance across certain parts of the Foodservice sector,\" CFO Philip Hardin told investors on August 6. .</p><p><blockquote>首席财务官Philip Hardin 8月6日对投资者表示：“我们认为谨慎的做法是看涨期权，由于最近源自Delta变种的COVID-19感染率上升，我们看到一些早期迹象表明，餐饮服务行业的某些部分恢复了更加谨慎的立场。”</blockquote></p><p> \"There continues to be uncertainty, particularly in Foodservice channels related to the COVID-19 infection rates in the Delta variant, as well as reimplementation of safety measures in certain jurisdictions and potential impact on customer demand levels,\" he noted. \"Although we generally expect to see continued year-over-year growth in our Foodservice business for the balance of the year, albeit at a more moderate pace than what we saw in Q2.\"</p><p><blockquote>他指出：“仍然存在不确定性，特别是在与德尔塔变异毒株COVID-19感染率相关的餐饮服务渠道，以及某些司法管辖区重新实施安全措施以及对客户需求水平的潜在影响。”“尽管我们普遍预计今年剩余时间内我们的餐饮服务业务将继续同比增长，尽管增速比第二季度更为温和。”</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>Beyond Meat Stock Turns Higher After Don Lee Farms Trade Secrets Case Ruling<blockquote>唐·李农场商业秘密案裁决后，Beyond Meat股价走高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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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\">\nBeyond Meat Stock Turns Higher After Don Lee Farms Trade Secrets Case Ruling<blockquote>唐·李农场商业秘密案裁决后，Beyond Meat股价走高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-09-01 22:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Beyond Meat&nbsp;(<b>BYND</b>)&nbsp;Meat, Inc. Report&nbsp;shares edged higher Tuesday after the plant-based food producer said it received a favorable ruling in an ongoing trade secrets case with Don Lee Farms.</p><p><blockquote>Beyond Meat(<b>BYND</b>)Meat，Inc.Report股价周二小幅走高，此前这家植物性食品生产商表示，在与Don Lee Farms正在进行的商业秘密案件中获得了有利的裁决。</blockquote></p><p> Beyond Meat said&nbsp;Los Angeles Superior Court Judge Holly J. Fujie ruled that two key claims of&nbsp;misappropriation of trade secrets and unfair competition raised by Don Lee Farms -- a former manufacturing partner -- would not proceed to trial, which is set for September 22.</p><p><blockquote>Beyond Meat表示，洛杉矶高等法院法官Holly J.Fujie裁定，前制造合作伙伴Don Lee Farms提出的盗用商业秘密和不公平竞争的两项关键指控不会继续进行审判，审判定于9月22日进行。</blockquote></p><p> Earlier this year, California's Superior Court ruled the Beyond Meat pay around $400,000 owed to Don Lee farms as part of the contract it severed in 2017.</p><p><blockquote>今年早些时候，加州高等法院裁定Beyond Meat支付欠Don Lee farms的约40万美元，作为其2017年终止的合同的一部分。</blockquote></p><p> \"Although Don Lee Farms had no prior experience manufacturing plant-based meat products, it claimed it owned the procedures for manufacturing Beyond Meat’s proprietary plant-based meat products,\" Beyond Meat said in a statement. \"The Court has now outright rejected that claim.\"</p><p><blockquote>Beyond Meat在一份声明中表示：“尽管Don Lee Farms之前没有生产植物性肉制品的经验，但它声称拥有生产Beyond Meat专有植物性肉制品的程序。”“法院现在断然驳回了这一主张。”</blockquote></p><p> Beyond Meat shares were marked 0.46% higher in pre-market trading, reversing an earlier decline, to indicate an opening bell price of $120.85 each.</p><p><blockquote>Beyond Meat股价在盘前交易中上涨0.46%，扭转了早些时候的跌势，开盘价为每股120.85美元。</blockquote></p><p> Earlier this month, Beyond Meat posted a wider-than-expected second quarter loss of 31 cents per share, on sales of $149.4 million.</p><p><blockquote>本月早些时候，Beyond Meat公布第二季度每股亏损31美分，销售额为1.494亿美元，超出预期。</blockquote></p><p> It also forecast softer third quarter sales of between&nbsp;$120 million to $140 million as restaurants grow more cautious on food orders amid the summer rise in Delta-variant coronavirus infections.</p><p><blockquote>该公司还预测，由于夏季Delta变种冠状病毒感染增加，餐馆对食品订单变得更加谨慎，第三季度销售额将下降1.2亿至1.4亿美元。</blockquote></p><p> \"We believe it's prudent to call out that due to recent increases in COVID-19 infection rates stemming from the Delta variant, we're seeing some early signs of a return to a more cautionary stance across certain parts of the Foodservice sector,\" CFO Philip Hardin told investors on August 6. .</p><p><blockquote>首席财务官Philip Hardin 8月6日对投资者表示：“我们认为谨慎的做法是看涨期权，由于最近源自Delta变种的COVID-19感染率上升，我们看到一些早期迹象表明，餐饮服务行业的某些部分恢复了更加谨慎的立场。”</blockquote></p><p> \"There continues to be uncertainty, particularly in Foodservice channels related to the COVID-19 infection rates in the Delta variant, as well as reimplementation of safety measures in certain jurisdictions and potential impact on customer demand levels,\" he noted. \"Although we generally expect to see continued year-over-year growth in our Foodservice business for the balance of the year, albeit at a more moderate pace than what we saw in Q2.\"</p><p><blockquote>他指出：“仍然存在不确定性，特别是在与德尔塔变异毒株COVID-19感染率相关的餐饮服务渠道，以及某些司法管辖区重新实施安全措施以及对客户需求水平的潜在影响。”“尽管我们普遍预计今年剩余时间内我们的餐饮服务业务将继续同比增长，尽管增速比第二季度更为温和。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/beyond-meat-stock-turns-higher-after-don-lee-farms-case-ruling\">Thestreet</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":{"BYND":"Beyond Meat, Inc."},"source_url":"https://www.thestreet.com/investing/beyond-meat-stock-turns-higher-after-don-lee-farms-case-ruling","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150832177","content_text":"Beyond Meat (BYND) Meat, Inc. Report shares edged higher Tuesday after the plant-based food producer said it received a favorable ruling in an ongoing trade secrets case with Don Lee Farms.\nBeyond Meat said Los Angeles Superior Court Judge Holly J. Fujie ruled that two key claims of misappropriation of trade secrets and unfair competition raised by Don Lee Farms -- a former manufacturing partner -- would not proceed to trial, which is set for September 22.\nEarlier this year, California's Superior Court ruled the Beyond Meat pay around $400,000 owed to Don Lee farms as part of the contract it severed in 2017.\n\"Although Don Lee Farms had no prior experience manufacturing plant-based meat products, it claimed it owned the procedures for manufacturing Beyond Meat’s proprietary plant-based meat products,\" Beyond Meat said in a statement. \"The Court has now outright rejected that claim.\"\nBeyond Meat shares were marked 0.46% higher in pre-market trading, reversing an earlier decline, to indicate an opening bell price of $120.85 each.\nEarlier this month, Beyond Meat posted a wider-than-expected second quarter loss of 31 cents per share, on sales of $149.4 million.\nIt also forecast softer third quarter sales of between $120 million to $140 million as restaurants grow more cautious on food orders amid the summer rise in Delta-variant coronavirus infections.\n\"We believe it's prudent to call out that due to recent increases in COVID-19 infection rates stemming from the Delta variant, we're seeing some early signs of a return to a more cautionary stance across certain parts of the Foodservice sector,\" CFO Philip Hardin told investors on August 6. .\n\"There continues to be uncertainty, particularly in Foodservice channels related to the COVID-19 infection rates in the Delta variant, as well as reimplementation of safety measures in certain jurisdictions and potential impact on customer demand levels,\" he noted. \"Although we generally expect to see continued year-over-year growth in our Foodservice business for the balance of the year, albeit at a more moderate pace than what we saw in Q2.\"","news_type":1,"symbols_score_info":{"BYND":0.9}},"isVote":1,"tweetType":1,"viewCount":1894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818506513,"gmtCreate":1630417619332,"gmtModify":1631890578814,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818506513","repostId":"1155360019","repostType":4,"isVote":1,"tweetType":1,"viewCount":1562,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810430062,"gmtCreate":1629990437656,"gmtModify":1704954323763,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810430062","repostId":"1186610229","repostType":4,"isVote":1,"tweetType":1,"viewCount":1920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810494427,"gmtCreate":1629990393369,"gmtModify":1704954321685,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810494427","repostId":"1120391898","repostType":4,"repost":{"id":"1120391898","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":1629984746,"share":"https://www.laohu8.com/m/news/1120391898?lang=zh_CN&edition=full","pubTime":"2021-08-26 21:32","market":"us","language":"en","title":"S&P 500 opens flat near a record as investors await Fed summit<blockquote>投资者等待美联储峰会，标普500开盘持平，接近历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120391898","media":"Tiger Newspress","summary":"The S&P 500 was little changed Thursday morning, following the benchmark's rally above the 4,500 lev","content":"<p>The S&amp;P 500 was little changed Thursday morning, following the benchmark's rally above the 4,500 level for the first time ever in the prior session, as investors await the Federal Reserve's annual symposium on Friday.</p><p><blockquote>周四上午，标普500几乎没有变化，此前该基准指数在前一交易日首次升至4,500点上方，投资者等待周五的美联储年度研讨会。</blockquote></p><p> The Dow Jones Industrial Average rose about 24 points, or 0.1%. The S&amp;P 500 lost 0.08% and the Nasdaq Composite fell 0.09%.</p><p><blockquote>道琼斯工业平均指数上涨约24点，涨幅0.1%。标普500下跌0.08%，纳斯达克综合指数下跌0.09%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/aeb3e35b07de26deb37e5b218327ded1\" tg-width=\"1038\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Weekly initial jobless claims&nbsp;came in at 353,000, the Labor Department reported Thursday morning, a slight increase from the prior week’s 349,000. Economists polled by Dow Jones expected 350,000 Americans filed for unemployment last week.</p><p><blockquote>美国劳工部周四上午报告称，每周首次申请失业救济人数为353,000人，较前一周的349,000人略有增加。道琼斯调查的经济学家预计上周有35万美国人申请失业救济。</blockquote></p><p> Economic&nbsp;growth totaled 6.6%&nbsp;in the second quarter, according to the Commerce Department’s second estimate Thursday. That was a slight revision upward from the 6.5% annual increase&nbsp;previously reported&nbsp;but slightly lower than the Dow Jones estimate of 6.7%.</p><p><blockquote>根据商务部周四的第二次估计，第二季度经济增长总计6.6%。这比之前报告的6.5%的年增长率略有上调，但略低于道琼斯6.7%的预期。</blockquote></p><p> The highly anticipated Jackson Hole symposium from the Federal Reserve will be held virtually this year on Friday, with many central bank speakers making remarks to the media beginning Thursday. At the event, central bankers could provide updates on their plan around tapering monetary stimulus.</p><p><blockquote>备受期待的美联储杰克逊霍尔研讨会实际上将于今年周五举行，许多央行发言人将从周四开始向媒体发表讲话。在此次活动中，央行行长可以提供有关缩减货币刺激计划的最新信息。</blockquote></p><p> Esther George, president of the Kansas City Fed, told CNBC Thursday morning that “given the progress we’ve seen,” Fed&nbsp;tapering is “appropriate,”though she didn’t specify when she thinks it should start.</p><p><blockquote>堪萨斯城联储主席埃丝特·乔治(Esther George)周四上午对CNBC表示，“鉴于我们所看到的进展”，美联储缩减购债规模是“适当的”，但她没有具体说明她认为何时应该开始。</blockquote></p><p> “When you look at the job gains we saw last month, the month before, you look at the level of inflation right now, I think it would suggest that the level of accommodation we’re providing right now is probably not needed in this scenario,” she said. “So I would be ready to talk about taper sooner rather than later.”</p><p><blockquote>“当你看看我们上个月、前一个月看到的就业增长，看看现在的通胀水平，我认为这表明我们现在提供的便利水平在这种情况下可能不需要，”她说。“所以我准备好尽早谈论缩减规模。”</blockquote></p><p> Shares of&nbsp;Salesforce&nbsp;rose nearly 4% on&nbsp;fiscal second-quarter earnings&nbsp;and forward guidance that exceeded analysts' estimates.Ulta Beauty&nbsp;rose more than 1% after reporting strong results.</p><p><blockquote>由于第二财季盈利和前瞻性指引超出分析师预期，Salesforce股价上涨近4%。Ulta Beauty在公布强劲业绩后上涨超过1%。</blockquote></p><p> Zoom Video shares jumped more than 5%&nbsp;after Morgan Stanley upgraded the stockand predicted 18% upside.</p><p><blockquote>摩根士丹利上调Zoom Video股票评级并预计上涨18%后，该股股价上涨超过5%。</blockquote></p><p> On&nbsp;Wednesday, the S&amp;P 500 gained 0.22% to close at a record, led by stocks that benefit from the economic reopening like airlines, cruise lines and financials. The 500-stock average crossed the 4,500 threshold for the first time ever on Wednesday, but closed below that level. The benchmark is up 105% from its pandemic low.</p><p><blockquote>周三，标普500上涨0.22%，收于创纪录水平，航空、邮轮和金融股等受益于经济重新开放的股票领涨。周三，500只股票平均指数首次突破4,500点大关，但收盘低于该水平。该基准较大流行低点上涨了105%。</blockquote></p><p> The Nasdaq Composite rose 0.15%, also notching a record close. The Dow Jones Industrial Average rose 39 points.</p><p><blockquote>纳斯达克综合指数上涨0.15%，也创下收盘纪录。道琼斯工业平均指数上涨39点。</blockquote></p><p> “While we remain believers in the secular bull market for US equities, we have suggested raising some cash in U.S. equities given lower highs (aka bearish divergences) across a variety of indicators, weaker August-October seasonality, the Presidential Cycle moving into its weakest period and bearish signals from margin debt,” wrote Stephen Suttmeier, technical research strategist at Bank of America.</p><p><blockquote>“虽然我们仍然相信美国股市的长期牛市，但鉴于各种指标的高点较低（又称看跌背离）、8月至10月季节性较弱、总统周期进入最弱时期，我们建议在美国股市筹集一些现金。美国银行技术研究策略师斯蒂芬·萨特迈尔（Stephen Suttmeier）写道：“美国股市出现最弱时期以及保证金债务的看跌信号。”</blockquote></p><p> The yield on the benchmark 10-year Treasury note rose as high as 1.352% Wednesday as concerns about slowing growth from the delta variant eased, hitting its highest level since earlier in the month when it yielded as much as 1.364%.</p><p><blockquote>由于对德尔塔变异毒株增长放缓的担忧缓解，基准10年期国债收益率周三升至1.352%，触及本月早些时候以来的最高水平，当时收益率高达1.364%。</blockquote></p><p> “The 10-year Treasury bond yield has continued rising in recent days and exploded higher in [Wednesday’s] trading, sending a strong message that the Delta variant of Covid may be peaking in the U.S. which should improve confidence, restart economic reopenings, and drive investment flows toward small caps and cyclicals,” said Jim Paulsen, chief investment strategist at the Leuthold Group.</p><p><blockquote>“最近几天，10年期国债收益率持续上升，并在[周三]交易中大幅走高，发出了一个强烈的信息，即美国的新冠疫情德尔塔变异毒株可能正在见顶，这应该会提振信心，重启经济重新开放，并推动投资流向小盘股和周期性股票，”Leuthold Group首席投资策略师吉姆·保尔森(Jim Paulsen)表示。</blockquote></p><p> Chairman Jerome Powell is slated to make remarks on Friday as part of the Fed’s summit. The Federal Reserve has been purchasing at least $120 billion of bonds per month to curb longer-term interest rates and jumpstart economic growth in reaction to the pandemic.</p><p><blockquote>作为美联储峰会的一部分，主席杰罗姆·鲍威尔定于周五发表讲话。美联储每月购买至少1200亿美元的债券，以抑制长期利率并推动经济增长，以应对疫情。</blockquote></p><p> “Expect investors to keep an eye on the Fed’s symposium the rest of this week for any comments about tapering or timing for interest rate hikes,” said Paulsen. “Either unexpected commentary from the Fed or a failure or success in scaling 4500 could bring additional volatility to the stock and bond markets.”</p><p><blockquote>保尔森表示：“预计投资者将密切关注美联储本周剩余时间的研讨会，了解有关缩减或加息时机的任何评论。”“无论是美联储的意外评论，还是突破4500点的失败或成功，都可能给股票和债券市场带来额外的波动。”</blockquote></p><p> Several companies report quarterly earnings on Thursday including&nbsp;Dell Technologies,Gap,HP&nbsp;and&nbsp;Abercrombie &amp; Fitch.</p><p><blockquote>戴尔科技、Gap、惠普和Abercrombie&amp;Fitch等多家公司周四公布了季度收益。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 opens flat near a record as investors await Fed summit<blockquote>投资者等待美联储峰会，标普500开盘持平，接近历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 opens flat near a record as investors await Fed summit<blockquote>投资者等待美联储峰会，标普500开盘持平，接近历史新高</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\">2021-08-26 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500 was little changed Thursday morning, following the benchmark's rally above the 4,500 level for the first time ever in the prior session, as investors await the Federal Reserve's annual symposium on Friday.</p><p><blockquote>周四上午，标普500几乎没有变化，此前该基准指数在前一交易日首次升至4,500点上方，投资者等待周五的美联储年度研讨会。</blockquote></p><p> The Dow Jones Industrial Average rose about 24 points, or 0.1%. The S&amp;P 500 lost 0.08% and the Nasdaq Composite fell 0.09%.</p><p><blockquote>道琼斯工业平均指数上涨约24点，涨幅0.1%。标普500下跌0.08%，纳斯达克综合指数下跌0.09%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/aeb3e35b07de26deb37e5b218327ded1\" tg-width=\"1038\" tg-height=\"492\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Weekly initial jobless claims&nbsp;came in at 353,000, the Labor Department reported Thursday morning, a slight increase from the prior week’s 349,000. Economists polled by Dow Jones expected 350,000 Americans filed for unemployment last week.</p><p><blockquote>美国劳工部周四上午报告称，每周首次申请失业救济人数为353,000人，较前一周的349,000人略有增加。道琼斯调查的经济学家预计上周有35万美国人申请失业救济。</blockquote></p><p> Economic&nbsp;growth totaled 6.6%&nbsp;in the second quarter, according to the Commerce Department’s second estimate Thursday. That was a slight revision upward from the 6.5% annual increase&nbsp;previously reported&nbsp;but slightly lower than the Dow Jones estimate of 6.7%.</p><p><blockquote>根据商务部周四的第二次估计，第二季度经济增长总计6.6%。这比之前报告的6.5%的年增长率略有上调，但略低于道琼斯6.7%的预期。</blockquote></p><p> The highly anticipated Jackson Hole symposium from the Federal Reserve will be held virtually this year on Friday, with many central bank speakers making remarks to the media beginning Thursday. At the event, central bankers could provide updates on their plan around tapering monetary stimulus.</p><p><blockquote>备受期待的美联储杰克逊霍尔研讨会实际上将于今年周五举行，许多央行发言人将从周四开始向媒体发表讲话。在此次活动中，央行行长可以提供有关缩减货币刺激计划的最新信息。</blockquote></p><p> Esther George, president of the Kansas City Fed, told CNBC Thursday morning that “given the progress we’ve seen,” Fed&nbsp;tapering is “appropriate,”though she didn’t specify when she thinks it should start.</p><p><blockquote>堪萨斯城联储主席埃丝特·乔治(Esther George)周四上午对CNBC表示，“鉴于我们所看到的进展”，美联储缩减购债规模是“适当的”，但她没有具体说明她认为何时应该开始。</blockquote></p><p> “When you look at the job gains we saw last month, the month before, you look at the level of inflation right now, I think it would suggest that the level of accommodation we’re providing right now is probably not needed in this scenario,” she said. “So I would be ready to talk about taper sooner rather than later.”</p><p><blockquote>“当你看看我们上个月、前一个月看到的就业增长，看看现在的通胀水平，我认为这表明我们现在提供的便利水平在这种情况下可能不需要，”她说。“所以我准备好尽早谈论缩减规模。”</blockquote></p><p> Shares of&nbsp;Salesforce&nbsp;rose nearly 4% on&nbsp;fiscal second-quarter earnings&nbsp;and forward guidance that exceeded analysts' estimates.Ulta Beauty&nbsp;rose more than 1% after reporting strong results.</p><p><blockquote>由于第二财季盈利和前瞻性指引超出分析师预期，Salesforce股价上涨近4%。Ulta Beauty在公布强劲业绩后上涨超过1%。</blockquote></p><p> Zoom Video shares jumped more than 5%&nbsp;after Morgan Stanley upgraded the stockand predicted 18% upside.</p><p><blockquote>摩根士丹利上调Zoom Video股票评级并预计上涨18%后，该股股价上涨超过5%。</blockquote></p><p> On&nbsp;Wednesday, the S&amp;P 500 gained 0.22% to close at a record, led by stocks that benefit from the economic reopening like airlines, cruise lines and financials. The 500-stock average crossed the 4,500 threshold for the first time ever on Wednesday, but closed below that level. The benchmark is up 105% from its pandemic low.</p><p><blockquote>周三，标普500上涨0.22%，收于创纪录水平，航空、邮轮和金融股等受益于经济重新开放的股票领涨。周三，500只股票平均指数首次突破4,500点大关，但收盘低于该水平。该基准较大流行低点上涨了105%。</blockquote></p><p> The Nasdaq Composite rose 0.15%, also notching a record close. The Dow Jones Industrial Average rose 39 points.</p><p><blockquote>纳斯达克综合指数上涨0.15%，也创下收盘纪录。道琼斯工业平均指数上涨39点。</blockquote></p><p> “While we remain believers in the secular bull market for US equities, we have suggested raising some cash in U.S. equities given lower highs (aka bearish divergences) across a variety of indicators, weaker August-October seasonality, the Presidential Cycle moving into its weakest period and bearish signals from margin debt,” wrote Stephen Suttmeier, technical research strategist at Bank of America.</p><p><blockquote>“虽然我们仍然相信美国股市的长期牛市，但鉴于各种指标的高点较低（又称看跌背离）、8月至10月季节性较弱、总统周期进入最弱时期，我们建议在美国股市筹集一些现金。美国银行技术研究策略师斯蒂芬·萨特迈尔（Stephen Suttmeier）写道：“美国股市出现最弱时期以及保证金债务的看跌信号。”</blockquote></p><p> The yield on the benchmark 10-year Treasury note rose as high as 1.352% Wednesday as concerns about slowing growth from the delta variant eased, hitting its highest level since earlier in the month when it yielded as much as 1.364%.</p><p><blockquote>由于对德尔塔变异毒株增长放缓的担忧缓解，基准10年期国债收益率周三升至1.352%，触及本月早些时候以来的最高水平，当时收益率高达1.364%。</blockquote></p><p> “The 10-year Treasury bond yield has continued rising in recent days and exploded higher in [Wednesday’s] trading, sending a strong message that the Delta variant of Covid may be peaking in the U.S. which should improve confidence, restart economic reopenings, and drive investment flows toward small caps and cyclicals,” said Jim Paulsen, chief investment strategist at the Leuthold Group.</p><p><blockquote>“最近几天，10年期国债收益率持续上升，并在[周三]交易中大幅走高，发出了一个强烈的信息，即美国的新冠疫情德尔塔变异毒株可能正在见顶，这应该会提振信心，重启经济重新开放，并推动投资流向小盘股和周期性股票，”Leuthold Group首席投资策略师吉姆·保尔森(Jim Paulsen)表示。</blockquote></p><p> Chairman Jerome Powell is slated to make remarks on Friday as part of the Fed’s summit. The Federal Reserve has been purchasing at least $120 billion of bonds per month to curb longer-term interest rates and jumpstart economic growth in reaction to the pandemic.</p><p><blockquote>作为美联储峰会的一部分，主席杰罗姆·鲍威尔定于周五发表讲话。美联储每月购买至少1200亿美元的债券，以抑制长期利率并推动经济增长，以应对疫情。</blockquote></p><p> “Expect investors to keep an eye on the Fed’s symposium the rest of this week for any comments about tapering or timing for interest rate hikes,” said Paulsen. “Either unexpected commentary from the Fed or a failure or success in scaling 4500 could bring additional volatility to the stock and bond markets.”</p><p><blockquote>保尔森表示：“预计投资者将密切关注美联储本周剩余时间的研讨会，了解有关缩减或加息时机的任何评论。”“无论是美联储的意外评论，还是突破4500点的失败或成功，都可能给股票和债券市场带来额外的波动。”</blockquote></p><p> Several companies report quarterly earnings on Thursday including&nbsp;Dell Technologies,Gap,HP&nbsp;and&nbsp;Abercrombie &amp; Fitch.</p><p><blockquote>戴尔科技、Gap、惠普和Abercrombie&amp;Fitch等多家公司周四公布了季度收益。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120391898","content_text":"The S&P 500 was little changed Thursday morning, following the benchmark's rally above the 4,500 level for the first time ever in the prior session, as investors await the Federal Reserve's annual symposium on Friday.\nThe Dow Jones Industrial Average rose about 24 points, or 0.1%. The S&P 500 lost 0.08% and the Nasdaq Composite fell 0.09%.\n\nWeekly initial jobless claims came in at 353,000, the Labor Department reported Thursday morning, a slight increase from the prior week’s 349,000. Economists polled by Dow Jones expected 350,000 Americans filed for unemployment last week.\nEconomic growth totaled 6.6% in the second quarter, according to the Commerce Department’s second estimate Thursday. That was a slight revision upward from the 6.5% annual increase previously reported but slightly lower than the Dow Jones estimate of 6.7%.\nThe highly anticipated Jackson Hole symposium from the Federal Reserve will be held virtually this year on Friday, with many central bank speakers making remarks to the media beginning Thursday. At the event, central bankers could provide updates on their plan around tapering monetary stimulus.\nEsther George, president of the Kansas City Fed, told CNBC Thursday morning that “given the progress we’ve seen,” Fed tapering is “appropriate,”though she didn’t specify when she thinks it should start.\n“When you look at the job gains we saw last month, the month before, you look at the level of inflation right now, I think it would suggest that the level of accommodation we’re providing right now is probably not needed in this scenario,” she said. “So I would be ready to talk about taper sooner rather than later.”\nShares of Salesforce rose nearly 4% on fiscal second-quarter earnings and forward guidance that exceeded analysts' estimates.Ulta Beauty rose more than 1% after reporting strong results.\nZoom Video shares jumped more than 5% after Morgan Stanley upgraded the stockand predicted 18% upside.\nOn Wednesday, the S&P 500 gained 0.22% to close at a record, led by stocks that benefit from the economic reopening like airlines, cruise lines and financials. The 500-stock average crossed the 4,500 threshold for the first time ever on Wednesday, but closed below that level. The benchmark is up 105% from its pandemic low.\nThe Nasdaq Composite rose 0.15%, also notching a record close. The Dow Jones Industrial Average rose 39 points.\n“While we remain believers in the secular bull market for US equities, we have suggested raising some cash in U.S. equities given lower highs (aka bearish divergences) across a variety of indicators, weaker August-October seasonality, the Presidential Cycle moving into its weakest period and bearish signals from margin debt,” wrote Stephen Suttmeier, technical research strategist at Bank of America.\nThe yield on the benchmark 10-year Treasury note rose as high as 1.352% Wednesday as concerns about slowing growth from the delta variant eased, hitting its highest level since earlier in the month when it yielded as much as 1.364%.\n“The 10-year Treasury bond yield has continued rising in recent days and exploded higher in [Wednesday’s] trading, sending a strong message that the Delta variant of Covid may be peaking in the U.S. which should improve confidence, restart economic reopenings, and drive investment flows toward small caps and cyclicals,” said Jim Paulsen, chief investment strategist at the Leuthold Group.\nChairman Jerome Powell is slated to make remarks on Friday as part of the Fed’s summit. The Federal Reserve has been purchasing at least $120 billion of bonds per month to curb longer-term interest rates and jumpstart economic growth in reaction to the pandemic.\n“Expect investors to keep an eye on the Fed’s symposium the rest of this week for any comments about tapering or timing for interest rate hikes,” said Paulsen. “Either unexpected commentary from the Fed or a failure or success in scaling 4500 could bring additional volatility to the stock and bond markets.”\nSeveral companies report quarterly earnings on Thursday including Dell Technologies,Gap,HP and Abercrombie & Fitch.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837489588,"gmtCreate":1629905216444,"gmtModify":1631890578824,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837489588","repostId":"2162087564","repostType":4,"isVote":1,"tweetType":1,"viewCount":941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835593103,"gmtCreate":1629725935602,"gmtModify":1631890578827,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835593103","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836892845,"gmtCreate":1629468540987,"gmtModify":1631893679376,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836892845","repostId":"1176518973","repostType":4,"repost":{"id":"1176518973","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":1629467183,"share":"https://www.laohu8.com/m/news/1176518973?lang=zh_CN&edition=full","pubTime":"2021-08-20 21:46","market":"other","language":"en","title":"Microsoft jumped over 1% and reached record high<blockquote>微软跳涨超1%创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176518973","media":"Tiger Newspress","summary":" $Microsoft$ jumped over 1% and reached record high.Mizuho reiterates Microsoft as buy. Mizuho raised its price target on the stock to $350 from $325 after the company announced price increases for its Microsoft 365 products. The firm said it expects the increase to have a “significant” financial impact on the company.","content":"<p>(Aug 20)&nbsp;<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> jumped over 1% and reached record high.</p><p><blockquote>（8月20日）<a href=\"https://laohu8.com/S/MSFT\">微软</a>跃升超1%，创历史新高。</blockquote></p><p> <b>Mizuho reiterates Microsoft as buy.&nbsp;</b>Mizuho raised its price target on the stock to $350 from $325 after the company announced price increases for its Microsoft 365 products. The firm said it expects the increase to have a “significant” financial impact on the company.</p><p><blockquote><b>瑞穗重申买入微软。</b>瑞穗宣布提高微软365产品价格后，将该股目标价从325美元上调至350美元。该公司表示，预计此次增长将对公司产生“重大”财务影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58d31e4415ba0e93df1ead488d443fc7\" tg-width=\"1087\" tg-height=\"536\" 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>Microsoft jumped over 1% and reached record high<blockquote>微软跳涨超1%创历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft jumped over 1% and reached record high<blockquote>微软跳涨超1%创历史新高</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\">2021-08-20 21:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug 20)&nbsp;<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> jumped over 1% and reached record high.</p><p><blockquote>（8月20日）<a href=\"https://laohu8.com/S/MSFT\">微软</a>跃升超1%，创历史新高。</blockquote></p><p> <b>Mizuho reiterates Microsoft as buy.&nbsp;</b>Mizuho raised its price target on the stock to $350 from $325 after the company announced price increases for its Microsoft 365 products. The firm said it expects the increase to have a “significant” financial impact on the company.</p><p><blockquote><b>瑞穗重申买入微软。</b>瑞穗宣布提高微软365产品价格后，将该股目标价从325美元上调至350美元。该公司表示，预计此次增长将对公司产生“重大”财务影响。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58d31e4415ba0e93df1ead488d443fc7\" tg-width=\"1087\" tg-height=\"536\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176518973","content_text":"(Aug 20) Microsoft jumped over 1% and reached record high.\nMizuho reiterates Microsoft as buy. Mizuho raised its price target on the stock to $350 from $325 after the company announced price increases for its Microsoft 365 products. The firm said it expects the increase to have a “significant” financial impact on the company.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":970,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831853441,"gmtCreate":1629302515183,"gmtModify":1631893679389,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831853441","repostId":"2160379017","repostType":4,"isVote":1,"tweetType":1,"viewCount":960,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831884779,"gmtCreate":1629300619391,"gmtModify":1631893679402,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831884779","repostId":"2160737882","repostType":4,"isVote":1,"tweetType":1,"viewCount":979,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833881670,"gmtCreate":1629215708090,"gmtModify":1631893679410,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833881670","repostId":"1115558959","repostType":4,"isVote":1,"tweetType":1,"viewCount":961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839992230,"gmtCreate":1629114134120,"gmtModify":1631893679421,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/839992230","repostId":"2159248377","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894727846,"gmtCreate":1628859057985,"gmtModify":1631893679477,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894727846","repostId":"1137098889","repostType":4,"repost":{"id":"1137098889","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":1628856721,"share":"https://www.laohu8.com/m/news/1137098889?lang=zh_CN&edition=full","pubTime":"2021-08-13 20:12","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137098889","media":"Tiger Newspress","summary":"The Dow and the S&P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beatin","content":"<p>The Dow and the S&amp;P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains.</p><p><blockquote>在华特迪士尼公布超出预期的业绩后，道琼斯指数和标普500期货周五小幅升至历史新高，而通胀降温和企业盈利强劲复苏的迹象使该指数连续第二周上涨。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were up 59 points, or 0.17%, S&amp;P 500 E-minis were up 1.5 points, or 0.03% and Nasdaq 100 E-minis were down 17 points, or 0.11%.</p><p><blockquote>截至美国东部时间上午8:10，道指E-minis上涨59点，涨幅0.17%，标普500 E-minis上涨1.5点，涨幅0.03%，纳斯达克100 E-minis下跌17点，涨幅0.11%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7c31d72fc86500c83b0502d21899072\" tg-width=\"1172\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> A stellar earnings season, improving economic data and the Senate’s passage of a large infrastructure bill have all reinforced investors’ belief in the economic recovery, pushing U.S. stocks to all-time highs in the past few sessions.</p><p><blockquote>亮眼的财报季、不断改善的经济数据以及参议院通过大型基建法案，都增强了投资者对经济复苏的信心，推动美股在过去几个交易日创下历史新高。</blockquote></p><p> Concerns over higher inflation and a sooner-than-anticipated policy tapering by the Federal Reserve also ebbed after data earlier this week showed the pace of increase in U.S. consumer prices slowed in July even as producer prices posted their biggest annual increase in more than a decade.</p><p><blockquote>本周早些时候的数据显示，尽管生产者价格创下十多年来的最大年度涨幅，但美国7月份消费者价格上涨步伐放缓，对通胀上升和美联储早于预期的政策缩减的担忧也有所减弱。</blockquote></p><p> Investors now await the minutes of the Fed’s latest policy meeting, due next week, and the annual meeting of central bankers in Jackson Hole, Wyoming, later in August for policy cues.</p><p><blockquote>投资者目前正在等待下周举行的美联储最新政策会议纪要，以及8月晚些时候在怀俄明州杰克逊霍尔举行的央行行长年会，以获取政策线索。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> – Walt Disney reported adjusted quarterly earnings of 80 cents per share, well above the 55-cent consensus estimate, with revenue beating forecasts as well. Disney’s performance was boosted by a rebound in U.S. theme park attendance as well as stronger-than-expected growth for its Disney+ streaming service. The company did, however, warn of uncertainty surrounding the impact of the delta coronavirus variant. Disney shares rallied 5.5% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a>-华特迪士尼公布调整后季度收益为每股80美分，远高于市场普遍预期的55美分，收入也超出预期。迪士尼的业绩受到美国主题公园上座率反弹以及迪士尼+流媒体服务强于预期的增长的提振。然而，该公司确实警告称，德尔塔新冠病毒变异毒株的影响存在不确定性。迪士尼股价盘前上涨5.5%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a> – Airbnb lost 11 cents per share for its latest quarter, smaller than the 47-cent loss that analysts were anticipating. Revenue exceeded estimates, nearly quadrupling from a year earlier as domestic travel rebounded from its pandemic lows. However, the company pointed to uncertainty surrounding the pandemic and the delta variant, and Airbnb shares slid 2.8% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>-爱彼迎最近一个季度每股亏损11美分，小于分析师预期的47美分。随着国内旅行从大流行低点反弹，收入超出预期，同比增长近四倍。然而，该公司指出疫情和德尔塔变异毒株存在不确定性，爱彼迎股价在盘前交易中下跌2.8%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ME\">23andMe, Inc.</a> – The genetic research company reported revenue of $59 million in its first quarter as a public company, up 23% from a year ago, while reporting a smaller loss. 23andMe shares climbed 2.1% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/ME\">23andMe公司。</a>–这家基因研究公司作为上市公司报告第一季度营收为5900万美元，同比增长23%，同时亏损较小。23andMe股价在盘前上涨2.1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a> – DoorDash posted a quarterly loss of 30 cents per share, wider than the 20 cents that Wall Street had projected. However, the food delivery service’s revenue did beat estimates, with gross order volume up 70% from a year ago. DoorDash also raised its full-year guidance for gross order volume. DoorDash shares fell 4.2% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>-DoorDash公布季度每股亏损30美分，高于华尔街预期的20美分。然而，该食品配送服务的收入确实超出了预期，总订单量比一年前增长了70%。DoorDash还上调了全年总订单量指引。DoorDash股价盘前下跌4.2%。</blockquote></p><p> <a href=\"https://laohu8.com/S/SOFI\">SoFi Technologies Inc.</a> – SoFi lost 48 cents per share for its second quarter, compared with analyst forecasts of a 6 cents per share loss. The digital financial services company’s revenue exceeded estimates, as membership more than doubled from a year earlier, but the stock tanked 9.6% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/SOFI\">索菲技术公司。</a>-SoFi第二季度每股亏损48美分，而分析师预测每股亏损6美分。这家数字金融服务公司的收入超出了预期，会员数量比去年同期增加了一倍多，但该股在盘前下跌了9.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> ,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> ,<a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> – The FDA authorized Covid-19 vaccine booster shots for immunocompromised people utilizing the Pfizer/BioNTech and Moderna vaccines. Pfizer added 0.2%, BioNTech climbed 2.4% and Moderna gained 2.3%.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>,<a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a>-FDA授权使用辉瑞/BioNTech和Moderna疫苗为免疫功能低下的人进行Covid-19疫苗加强注射。辉瑞上涨0.2%，BioNTech上涨2.4%，Moderna上涨2.3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ERJ\">Embraer SA</a> – The Brazilian jet maker posted its first recurring quarterly profit since the first quarter of 2018, as travel demand rebounded from the lowest levels of the pandemic. Shares jumped 3.6% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ERJ\">巴西航空工业公司</a>–随着旅行需求从疫情的最低水平反弹，这家巴西飞机制造商公布了自2018年第一季度以来的首次经常性季度利润。盘前股价上涨3.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/KSU\">Kansas City Southern</a> – Kansas City Southern rejected an improved takeover offer fromCanadian Pacific Railway(CP), saying it did not constitute a “superior proposal” to its agreement withCanadian National Railway(CNI). The Canadian Pacific offer is worth $27 billion compared to $29 billion for Canadian National, but Canadian Pacific feels its bid has a better chance of regulatory approval.</p><p><blockquote><a href=\"https://laohu8.com/S/KSU\">堪萨斯城南部</a>-堪萨斯城南方铁路公司拒绝了加拿大太平洋铁路公司(CP)改进后的收购要约，称其并不构成比其与加拿大国家铁路公司(CNI)协议“优越的提议”。加拿大太平洋公司的报价价值270亿美元，而加拿大国民公司的报价为290亿美元，但加拿大太平洋公司认为其出价获得监管部门批准的机会更大。</blockquote></p><p> <a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter Inc.</a> – ZipRecruiter posted a quarterly loss of 55 cents per share, compared with a consensus estimate of a 22 cents per share loss. However, the online employment marketplace operator saw revenue well above Street forecasts and made upbeat comments about the remainder of 2021. ZipRecruiter surged 14.3% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter公司。</a>-ZipRecruiter公布季度每股亏损55美分，而市场普遍预期每股亏损22美分。然而，这家在线就业市场运营商的收入远高于华尔街的预测，并对2021年剩余时间发表了乐观评论。ZipRecruiter盘前飙升14.3%。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> – Rocket shares gained 5.4% in premarket action despite a miss on the top and bottom lines for the online mortgage platform operator. Rocket did see a surge in closed loan origination volume over a year ago and gave upbeat current-quarter guidance for a variety of metrics.</p><p><blockquote><a href=\"https://laohu8.com/S/RKT\">火箭公司</a>-尽管在线抵押贷款平台运营商的营收和利润均未达到预期，但Rocket股价在盘前上涨了5.4%。一年前，Rocket确实看到了关闭贷款发放量的激增，并对各种指标给出了乐观的本季度指引。</blockquote></p><p> <a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a> – The e-commerce platform company’s stock tumbled 27.8% in the premarket, following top and bottom line misses for its latest quarter. The operator of wish.com said it saw slowing demand for its products, fewer users and active buyers, and higher costs.</p><p><blockquote><a href=\"https://laohu8.com/S/WISH\">上下文逻辑公司。</a>-这家电子商务平台公司最近一个季度的营收和利润均未达到预期，其股价在盘前下跌27.8%。wish.com的运营商表示，其产品需求放缓，用户和活跃买家减少，成本上升。</blockquote></p><p> <a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a> – The videogame maker’s stock added 1.1% in premarket trading after Citi upgraded it to “buy” from “neutral”, saying the current risk/reward profile looks favorable following the stock’s recent pullback.</p><p><blockquote><a href=\"https://laohu8.com/S/ATVI\">动视暴雪</a>-花旗将其评级从“中性”上调至“买入”后，这家视频游戏制造商的股价在盘前交易中上涨1.1%，称在该股最近回调后，当前的风险/回报状况看起来有利。</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>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-13 20:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Dow and the S&amp;P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains.</p><p><blockquote>在华特迪士尼公布超出预期的业绩后，道琼斯指数和标普500期货周五小幅升至历史新高，而通胀降温和企业盈利强劲复苏的迹象使该指数连续第二周上涨。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were up 59 points, or 0.17%, S&amp;P 500 E-minis were up 1.5 points, or 0.03% and Nasdaq 100 E-minis were down 17 points, or 0.11%.</p><p><blockquote>截至美国东部时间上午8:10，道指E-minis上涨59点，涨幅0.17%，标普500 E-minis上涨1.5点，涨幅0.03%，纳斯达克100 E-minis下跌17点，涨幅0.11%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7c31d72fc86500c83b0502d21899072\" tg-width=\"1172\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> A stellar earnings season, improving economic data and the Senate’s passage of a large infrastructure bill have all reinforced investors’ belief in the economic recovery, pushing U.S. stocks to all-time highs in the past few sessions.</p><p><blockquote>亮眼的财报季、不断改善的经济数据以及参议院通过大型基建法案，都增强了投资者对经济复苏的信心，推动美股在过去几个交易日创下历史新高。</blockquote></p><p> Concerns over higher inflation and a sooner-than-anticipated policy tapering by the Federal Reserve also ebbed after data earlier this week showed the pace of increase in U.S. consumer prices slowed in July even as producer prices posted their biggest annual increase in more than a decade.</p><p><blockquote>本周早些时候的数据显示，尽管生产者价格创下十多年来的最大年度涨幅，但美国7月份消费者价格上涨步伐放缓，对通胀上升和美联储早于预期的政策缩减的担忧也有所减弱。</blockquote></p><p> Investors now await the minutes of the Fed’s latest policy meeting, due next week, and the annual meeting of central bankers in Jackson Hole, Wyoming, later in August for policy cues.</p><p><blockquote>投资者目前正在等待下周举行的美联储最新政策会议纪要，以及8月晚些时候在怀俄明州杰克逊霍尔举行的央行行长年会，以获取政策线索。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> – Walt Disney reported adjusted quarterly earnings of 80 cents per share, well above the 55-cent consensus estimate, with revenue beating forecasts as well. Disney’s performance was boosted by a rebound in U.S. theme park attendance as well as stronger-than-expected growth for its Disney+ streaming service. The company did, however, warn of uncertainty surrounding the impact of the delta coronavirus variant. Disney shares rallied 5.5% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a>-华特迪士尼公布调整后季度收益为每股80美分，远高于市场普遍预期的55美分，收入也超出预期。迪士尼的业绩受到美国主题公园上座率反弹以及迪士尼+流媒体服务强于预期的增长的提振。然而，该公司确实警告称，德尔塔新冠病毒变异毒株的影响存在不确定性。迪士尼股价盘前上涨5.5%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a> – Airbnb lost 11 cents per share for its latest quarter, smaller than the 47-cent loss that analysts were anticipating. Revenue exceeded estimates, nearly quadrupling from a year earlier as domestic travel rebounded from its pandemic lows. However, the company pointed to uncertainty surrounding the pandemic and the delta variant, and Airbnb shares slid 2.8% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>-爱彼迎最近一个季度每股亏损11美分，小于分析师预期的47美分。随着国内旅行从大流行低点反弹，收入超出预期，同比增长近四倍。然而，该公司指出疫情和德尔塔变异毒株存在不确定性，爱彼迎股价在盘前交易中下跌2.8%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ME\">23andMe, Inc.</a> – The genetic research company reported revenue of $59 million in its first quarter as a public company, up 23% from a year ago, while reporting a smaller loss. 23andMe shares climbed 2.1% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/ME\">23andMe公司。</a>–这家基因研究公司作为上市公司报告第一季度营收为5900万美元，同比增长23%，同时亏损较小。23andMe股价在盘前上涨2.1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a> – DoorDash posted a quarterly loss of 30 cents per share, wider than the 20 cents that Wall Street had projected. However, the food delivery service’s revenue did beat estimates, with gross order volume up 70% from a year ago. DoorDash also raised its full-year guidance for gross order volume. DoorDash shares fell 4.2% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>-DoorDash公布季度每股亏损30美分，高于华尔街预期的20美分。然而，该食品配送服务的收入确实超出了预期，总订单量比一年前增长了70%。DoorDash还上调了全年总订单量指引。DoorDash股价盘前下跌4.2%。</blockquote></p><p> <a href=\"https://laohu8.com/S/SOFI\">SoFi Technologies Inc.</a> – SoFi lost 48 cents per share for its second quarter, compared with analyst forecasts of a 6 cents per share loss. The digital financial services company’s revenue exceeded estimates, as membership more than doubled from a year earlier, but the stock tanked 9.6% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/SOFI\">索菲技术公司。</a>-SoFi第二季度每股亏损48美分，而分析师预测每股亏损6美分。这家数字金融服务公司的收入超出了预期，会员数量比去年同期增加了一倍多，但该股在盘前下跌了9.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> ,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> ,<a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> – The FDA authorized Covid-19 vaccine booster shots for immunocompromised people utilizing the Pfizer/BioNTech and Moderna vaccines. Pfizer added 0.2%, BioNTech climbed 2.4% and Moderna gained 2.3%.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>,<a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a>-FDA授权使用辉瑞/BioNTech和Moderna疫苗为免疫功能低下的人进行Covid-19疫苗加强注射。辉瑞上涨0.2%，BioNTech上涨2.4%，Moderna上涨2.3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ERJ\">Embraer SA</a> – The Brazilian jet maker posted its first recurring quarterly profit since the first quarter of 2018, as travel demand rebounded from the lowest levels of the pandemic. Shares jumped 3.6% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ERJ\">巴西航空工业公司</a>–随着旅行需求从疫情的最低水平反弹，这家巴西飞机制造商公布了自2018年第一季度以来的首次经常性季度利润。盘前股价上涨3.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/KSU\">Kansas City Southern</a> – Kansas City Southern rejected an improved takeover offer fromCanadian Pacific Railway(CP), saying it did not constitute a “superior proposal” to its agreement withCanadian National Railway(CNI). The Canadian Pacific offer is worth $27 billion compared to $29 billion for Canadian National, but Canadian Pacific feels its bid has a better chance of regulatory approval.</p><p><blockquote><a href=\"https://laohu8.com/S/KSU\">堪萨斯城南部</a>-堪萨斯城南方铁路公司拒绝了加拿大太平洋铁路公司(CP)改进后的收购要约，称其并不构成比其与加拿大国家铁路公司(CNI)协议“优越的提议”。加拿大太平洋公司的报价价值270亿美元，而加拿大国民公司的报价为290亿美元，但加拿大太平洋公司认为其出价获得监管部门批准的机会更大。</blockquote></p><p> <a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter Inc.</a> – ZipRecruiter posted a quarterly loss of 55 cents per share, compared with a consensus estimate of a 22 cents per share loss. However, the online employment marketplace operator saw revenue well above Street forecasts and made upbeat comments about the remainder of 2021. ZipRecruiter surged 14.3% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter公司。</a>-ZipRecruiter公布季度每股亏损55美分，而市场普遍预期每股亏损22美分。然而，这家在线就业市场运营商的收入远高于华尔街的预测，并对2021年剩余时间发表了乐观评论。ZipRecruiter盘前飙升14.3%。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> – Rocket shares gained 5.4% in premarket action despite a miss on the top and bottom lines for the online mortgage platform operator. Rocket did see a surge in closed loan origination volume over a year ago and gave upbeat current-quarter guidance for a variety of metrics.</p><p><blockquote><a href=\"https://laohu8.com/S/RKT\">火箭公司</a>-尽管在线抵押贷款平台运营商的营收和利润均未达到预期，但Rocket股价在盘前上涨了5.4%。一年前，Rocket确实看到了关闭贷款发放量的激增，并对各种指标给出了乐观的本季度指引。</blockquote></p><p> <a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a> – The e-commerce platform company’s stock tumbled 27.8% in the premarket, following top and bottom line misses for its latest quarter. The operator of wish.com said it saw slowing demand for its products, fewer users and active buyers, and higher costs.</p><p><blockquote><a href=\"https://laohu8.com/S/WISH\">上下文逻辑公司。</a>-这家电子商务平台公司最近一个季度的营收和利润均未达到预期，其股价在盘前下跌27.8%。wish.com的运营商表示，其产品需求放缓，用户和活跃买家减少，成本上升。</blockquote></p><p> <a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a> – The videogame maker’s stock added 1.1% in premarket trading after Citi upgraded it to “buy” from “neutral”, saying the current risk/reward profile looks favorable following the stock’s recent pullback.</p><p><blockquote><a href=\"https://laohu8.com/S/ATVI\">动视暴雪</a>-花旗将其评级从“中性”上调至“买入”后，这家视频游戏制造商的股价在盘前交易中上涨1.1%，称在该股最近回调后，当前的风险/回报状况看起来有利。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137098889","content_text":"The Dow and the S&P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains.\nAt 8:10 a.m. ET, Dow E-minis were up 59 points, or 0.17%, S&P 500 E-minis were up 1.5 points, or 0.03% and Nasdaq 100 E-minis were down 17 points, or 0.11%.\n*Source From Tiger Trade, EST 08:10\nA stellar earnings season, improving economic data and the Senate’s passage of a large infrastructure bill have all reinforced investors’ belief in the economic recovery, pushing U.S. stocks to all-time highs in the past few sessions.\nConcerns over higher inflation and a sooner-than-anticipated policy tapering by the Federal Reserve also ebbed after data earlier this week showed the pace of increase in U.S. consumer prices slowed in July even as producer prices posted their biggest annual increase in more than a decade.\nInvestors now await the minutes of the Fed’s latest policy meeting, due next week, and the annual meeting of central bankers in Jackson Hole, Wyoming, later in August for policy cues.\nStocks making the biggest moves in the premarket:\nWalt Disney – Walt Disney reported adjusted quarterly earnings of 80 cents per share, well above the 55-cent consensus estimate, with revenue beating forecasts as well. Disney’s performance was boosted by a rebound in U.S. theme park attendance as well as stronger-than-expected growth for its Disney+ streaming service. The company did, however, warn of uncertainty surrounding the impact of the delta coronavirus variant. Disney shares rallied 5.5% in the premarket.\nAirbnb, Inc. – Airbnb lost 11 cents per share for its latest quarter, smaller than the 47-cent loss that analysts were anticipating. Revenue exceeded estimates, nearly quadrupling from a year earlier as domestic travel rebounded from its pandemic lows. However, the company pointed to uncertainty surrounding the pandemic and the delta variant, and Airbnb shares slid 2.8% in premarket trading.\n23andMe, Inc. – The genetic research company reported revenue of $59 million in its first quarter as a public company, up 23% from a year ago, while reporting a smaller loss. 23andMe shares climbed 2.1% in premarket action.\nDoorDash, Inc. – DoorDash posted a quarterly loss of 30 cents per share, wider than the 20 cents that Wall Street had projected. However, the food delivery service’s revenue did beat estimates, with gross order volume up 70% from a year ago. DoorDash also raised its full-year guidance for gross order volume. DoorDash shares fell 4.2% in the premarket.\nSoFi Technologies Inc. – SoFi lost 48 cents per share for its second quarter, compared with analyst forecasts of a 6 cents per share loss. The digital financial services company’s revenue exceeded estimates, as membership more than doubled from a year earlier, but the stock tanked 9.6% in premarket action.\nPfizer ,BioNTech SE ,Moderna, Inc. – The FDA authorized Covid-19 vaccine booster shots for immunocompromised people utilizing the Pfizer/BioNTech and Moderna vaccines. Pfizer added 0.2%, BioNTech climbed 2.4% and Moderna gained 2.3%.\nEmbraer SA – The Brazilian jet maker posted its first recurring quarterly profit since the first quarter of 2018, as travel demand rebounded from the lowest levels of the pandemic. Shares jumped 3.6% in the premarket.\nKansas City Southern – Kansas City Southern rejected an improved takeover offer fromCanadian Pacific Railway(CP), saying it did not constitute a “superior proposal” to its agreement withCanadian National Railway(CNI). The Canadian Pacific offer is worth $27 billion compared to $29 billion for Canadian National, but Canadian Pacific feels its bid has a better chance of regulatory approval.\nZipRecruiter Inc. – ZipRecruiter posted a quarterly loss of 55 cents per share, compared with a consensus estimate of a 22 cents per share loss. However, the online employment marketplace operator saw revenue well above Street forecasts and made upbeat comments about the remainder of 2021. ZipRecruiter surged 14.3% in the premarket.\nRocket Companies – Rocket shares gained 5.4% in premarket action despite a miss on the top and bottom lines for the online mortgage platform operator. Rocket did see a surge in closed loan origination volume over a year ago and gave upbeat current-quarter guidance for a variety of metrics.\nContextLogic Inc. – The e-commerce platform company’s stock tumbled 27.8% in the premarket, following top and bottom line misses for its latest quarter. The operator of wish.com said it saw slowing demand for its products, fewer users and active buyers, and higher costs.\nActivision Blizzard – The videogame maker’s stock added 1.1% in premarket trading after Citi upgraded it to “buy” from “neutral”, saying the current risk/reward profile looks favorable following the stock’s recent pullback.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892714326,"gmtCreate":1628689501965,"gmtModify":1631893679486,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892714326","repostId":"1101136291","repostType":4,"isVote":1,"tweetType":1,"viewCount":969,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896563414,"gmtCreate":1628594481638,"gmtModify":1631893679501,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574889845267160","authorIdStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896563414","repostId":"2158765304","repostType":4,"isVote":1,"tweetType":1,"viewCount":651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":359170319,"gmtCreate":1616377474731,"gmtModify":1634526177867,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"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":8,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/359170319","repostId":"1160065206","repostType":4,"repost":{"id":"1160065206","kind":"news","pubTimestamp":1616374606,"share":"https://www.laohu8.com/m/news/1160065206?lang=zh_CN&edition=full","pubTime":"2021-03-22 08:56","market":"us","language":"en","title":"The Fed May Have Just Sealed The Stock Market's Fate<blockquote>美联储可能刚刚决定了股市的命运</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160065206","media":"seekingalpha","summary":"Summary\n\nThe Fed's outlook of lower for as long as possible was just what stocks wanted to hear.\nHow","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>The Fed's outlook of lower for as long as possible was just what stocks wanted to hear.</li>  <li>However, that has sent US yields soaring.</li>  <li>The higher yields will force a massive repricing of equity valuation.</li>  <li>Looking for a helping hand in the market? Members of Reading The Markets get exclusive ideas and guidance to navigate any climate.</li> </ul> The Fed gave the equity market exactly what it wanted, lower for as long as possible. Unfortunately, the bond market doesn't seem as pleased, which will be horrible news for the stock market. Rising rates are crushing growth and technology stocks, and soon the rest of the market will follow because there are very few if any \"cheap\" sectors left in the market.</p><p><blockquote><ul><li>美联储尽可能长时间走低的前景正是股市想听到的。</li><li>然而，这导致美国收益率飙升。</li><li>较高的收益率将迫使股票估值大幅重新定价。</li><li>在市场上寻找援助之手？阅读市场的成员可以获得应对任何气候的独家想法和指导。</li></ul>美联储给了股市它想要的东西，尽可能长时间地走低。不幸的是，债券市场似乎并不高兴，这对股市来说将是一个可怕的消息。利率上升正在压垮成长股和科技股，很快市场的其他部分也会效仿，因为市场上几乎没有“廉价”板块。</blockquote></p><p> In essence, the Fed will let the economy run hot, and the bond market does not seem the least bit comfortable with that. Rates are rising sharply on March 18, with the 10-Year now trading just under 1.75%. The curve continues to lift because the bond market fears that a hot economy could quickly overheat, causing prices to rise, and inflation becomes an issue.</p><p><blockquote>从本质上讲，美联储将让经济过热，而债券市场似乎对此一点也不满意。3月18日利率大幅上升，10年期国债收益率目前略低于1.75%。曲线继续抬升，因为债券市场担心火热的经济可能会迅速过热，导致价格上涨，通胀成为一个问题。</blockquote></p><p> It leaves the door open for the Fed to start having to taper its bond purchases and to raise rates much sooner than expected and potentially much faster than indicated. This is resulting in bond yields pushing higher. Additionally, there's a tremendous amount of debt coming to the market, with another round of fiscal stimulus passed, and more supply will need a lot more demand.</p><p><blockquote>这为美联储开始缩减债券购买规模并比预期更快加息敞开了大门，也可能比预期快得多。这导致债券收益率推高。此外，随着另一轮财政刺激计划的通过，大量债务进入市场，更多的供应将需要更多的需求。</blockquote></p><p> While the news at first seems to be everything the stock market wants to hear, it's not good news. In fact, there was very little the Fed could have on March 17 to please both the stock and bond market. The Fed chose to placate the stock market. But stock prices are derived from interest rates, and as interest rates rise, stock prices need to reprice. They have been repricing and shall continue to reprice at lower levels.</p><p><blockquote>虽然这个消息一开始似乎是股市想听到的一切，但这并不是好消息。事实上，美联储在3月17日几乎没有什么可以取悦股市和债市。美联储选择安抚股市。但股价是由利率衍生出来的，随着利率上升，股价需要重新定价。他们一直在重新定价，并将继续以较低的水平重新定价。</blockquote></p><p> The problem is that now, relative to the 10-year note, the S&amp;P 500 has a valuation on par with the periods in January 2018 and October 2018. At no other time in modern history has the index been this expensive on a relative basis in this low-interest rate world. Everything changed in 2008 when we flipped from a high rate to a low rate world, so the period of 1999 would not be a fair comparison.</p><p><blockquote>问题是，现在，相对于10年期国债，标普500的估值与2018年1月和2018年10月期间持平。在现代历史上，在这个低利率的世界里，该指数的相对价格从未如此昂贵。2008年，当我们从高利率转向低利率世界时，一切都发生了变化，所以1999年的时期不是一个公平的比较。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/06eb49f0f96fe3d05081b17e0de7ca77\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> From another angle, the S&amp;P 500 dividend yield is currently around 1.44%, and it has only been lower one other period in time, at the turn of the century. And now, the 10-Year once again has a higher yield than the S&amp;P 500. So will the 10-Year yield pull the S&amp;P 500 dividend yield over time? It seems possible. Since 2010 the 10-year has traded with a premium over the S&amp;P 500 dividend yield of 21 bps. It is currently 20 bps, which means that a movement high in the 10-year from this point is likely to result in the premium growing wider, or dragging the S&amp;P 500 yield higher along with the 10-year.</p><p><blockquote>从另一个角度来看，标普500的股息收益率目前在1.44%左右，而且只是在世纪之交的另一个时期较低。而现在，10年期国债的收益率再次高于标普500。那么随着时间的推移，10年期国债收益率会拉低标普500的股息收益率吗？似乎有可能。自2010年以来，10年期国债的交易价格比标普500股息收益率溢价21个基点。目前为20个基点，这意味着从此时开始升至10年期高点可能会导致溢价扩大，或拖累标普500收益率与10年期国债收益率一起走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d0b5613b7b88e02f76e004aededbcaa\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The rising yields in the bond market have prompted investors to refocus from growth and technology stocks to value and reflation stocks. The problem is that there is no bargain sector left - there's no \"value\" trade. The cheap stocks are cheap for a reason and because they have weak fundamentals. Over the past six months, the top ten holdings in the S&amp;P 500 Value ETF have skyrocketed.</p><p><blockquote>债券市场收益率的上升促使投资者将注意力从成长型和科技股重新转向价值型和通货再膨胀型股票。问题是已经没有便宜货了——没有“价值”贸易。便宜的股票便宜是有原因的，因为它们的基本面很弱。半年来，标普500价值ETF的前十大重仓股暴涨。</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Name</td>    <td>Symbol</td>    <td>3/18/2021</td>    <td>10/31/2020</td>    <td>% Change</td>   </tr>   <tr>    <td>EXXON MOBIL ORD</td>    <td>XOM</td>    <td>58.25</td>    <td>$ 32.62</td>    <td>78.57%</td>   </tr>   <tr>    <td>BANK OF AMERICA ORD</td>    <td>BAC</td>    <td>39.9274</td>    <td>$ 23.70</td>    <td>68.47%</td>   </tr>   <tr>    <td>JPMORGAN CHASE ORD</td>    <td>JPM</td>    <td>161.48</td>    <td>$ 98.04</td>    <td>64.71%</td>   </tr>   <tr>    <td>WALT DISNEY ORD</td>    <td>DIS</td>    <td>193.735</td>    <td>$ 121.25</td>    <td>59.78%</td>   </tr>   <tr>    <td>CHEVRON ORD</td>    <td>CVX</td>    <td>106.65</td>    <td>$ 69.50</td>    <td>53.45%</td>   </tr>   <tr>    <td>INTEL ORD</td>    <td>INTC.O</td>    <td>64.98</td>    <td>$ 44.28</td>    <td>46.75%</td>   </tr>   <tr>    <td>BERKSHIRE HATHAWAY CL B ORD</td>    <td>BRKb</td>    <td>255.2</td>    <td>$ 201.90</td>    <td>26.40%</td>   </tr>   <tr>    <td>JOHNSON &amp; JOHNSON ORD</td>    <td>JNJ</td>    <td>161.1501</td>    <td>$ 137.11</td>    <td>17.53%</td>   </tr>   <tr>    <td>AT&amp;T ORD</td>    <td>T</td>    <td>30.245</td>    <td>$ 27.02</td>    <td>11.94%</td>   </tr>   <tr>    <td>VERIZON COMMUNICATIONS ORD</td>    <td>VZ</td>    <td>56.095</td>    <td>$ 56.99</td>    <td>-1.57%</td>   </tr>  </tbody> </table> The banks have risen sharply and for good reasons because yields have risen and spreads have widened. But even the banks are getting stretched with many trading at all-time highs, and the sector trading at valuations not witnessed since 2017, relative to the 10-year Treasury rate, making the banks one of the least overvalued sectors. The industrial sector has only been this expensive relative to the 10-year rate one time and that was in January of 2018, which was followed by nearly two years of going nowhere.</p><p><blockquote><table><tbody><tr><td>名字</td><td>象征</td><td>3/18/2021</td><td>10/31/2020</td><td>%变化</td></tr><tr><td>埃克森美孚订单</td><td>XOM</td><td>58.25</td><td>$32.62</td><td>78.57%</td></tr><tr><td>美国银行订单</td><td>BAC</td><td>39.9274</td><td>$23.70</td><td>68.47%</td></tr><tr><td>摩根大通订单</td><td>JPM</td><td>161.48</td><td>$98.04</td><td>64.71%</td></tr><tr><td>迪斯尼秩序</td><td>说</td><td>193.735</td><td>$121.25</td><td>59.78%</td></tr><tr><td>雪佛龙订单</td><td>CVX</td><td>106.65</td><td>$69.50</td><td>53.45%</td></tr><tr><td>英特尔订单</td><td>INTC.O</td><td>64.98</td><td>$44.28</td><td>46.75%</td></tr><tr><td>伯克希尔哈撒韦公司CL B ORD</td><td>BRKb</td><td>255.2</td><td>$201.90</td><td>26.40%</td></tr><tr><td>强生订单</td><td>JNJ</td><td>161.1501</td><td>$137.11</td><td>17.53%</td></tr><tr><td>AT&amp;T订单</td><td>T</td><td>30.245</td><td>$27.02</td><td>11.94%</td></tr><tr><td>威瑞森通信订单</td><td>VZ</td><td>56.095</td><td>$56.99</td><td>-1.57%</td></tr></tbody></table>银行股大幅上涨，这是有充分理由的，因为收益率上升，利差扩大。但即使是银行也变得捉襟见肘，许多银行的交易价格处于历史高位，而且相对于10年期国债利率，该行业的交易估值自2017年以来从未见过，这使得银行成为估值最低的行业之一。工业部门相对于10年期利率只有一次如此昂贵，那是在2018年1月，随后近两年毫无进展。</blockquote></p><p> Sure, there may be some value left out there in the materials and energy sector. But these two sectors are highly correlated to the commodities they represent. As the dollar begins to strengthen, those commodity prices are likely to begin falling rather sharply, dragging the sectors lower with them. That dollar seems poised to rise.</p><p><blockquote>当然，材料和能源行业可能还存在一些价值。但这两个板块与其所代表的大宗商品高度相关。随着美元开始走强，这些大宗商品价格可能会开始大幅下跌，拖累这些行业也随之走低。美元似乎准备升值。</blockquote></p><p> The dollar initially began to fall following the fears of inflation, but that quickly reversed when US rates began to rise again. That allowed the spread between global rates to widen. The spread between the US and German 10-Year now stands at 2%, while US and Japanese 10-years are at 1.65%. The wider the spreads get, the more attractive US yields become. This will bring foreign investors to buy US bonds, sell local currency, and buy US dollars, supporting the dollar and boosting its value.</p><p><blockquote>由于担心通胀，美元最初开始下跌，但当美国利率再次开始上升时，这种情况很快逆转。这使得全球利率之间的利差扩大。美国和德国10年期国债之间的利差目前为2%，而美国和日本10年期国债为1.65%。利差越大，美国收益率就越有吸引力。这将带来外国投资者买入美国债券，卖出本币，买入美元，支撑美元，提振美元价值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b38756db2fb8fdb2e613fa9d05a36e7\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> The rising dollar already has helped to bring oil prices off their highs, and that's a trend that's likely to continue as the dollar strengthens further. Oil has already broken down from a technical standpoint after failing at a key level of resistance around $66.50. It has additionally broken a major uptrend, with a drop below $59.50, sending the commodity back to $54. This could easily reverse the very hot rotation into the energy sector.</p><p><blockquote>美元升值已经帮助油价脱离高点，随着美元进一步走强，这一趋势可能会持续下去。从技术角度来看，油价在突破66.50美元左右的关键阻力位后已经突破。此外，它还打破了一个主要的上升趋势，跌破59.50美元，使该商品回到54美元。这很容易扭转能源行业的火爆局面。</blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> If the economy will continue to improve, and the Fed is more than happy to let it, then there's no reason yields shouldn't continue to rise. The more they raise, the more the dollar will strengthen, and the more overvalued equities will grow on a relative basis, forcing a massive repricing.</p><p><blockquote>如果经济将继续改善，并且美联储非常乐意让它继续改善，那么收益率没有理由不继续上升。他们筹集的资金越多，美元就会越走强，相对来说，估值越高的股票就会增长，从而迫使大规模重新定价。</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>The Fed May Have Just Sealed The Stock Market's Fate<blockquote>美联储可能刚刚决定了股市的命运</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\">\nThe Fed May Have Just Sealed The Stock Market's Fate<blockquote>美联储可能刚刚决定了股市的命运</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-03-22 08:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>The Fed's outlook of lower for as long as possible was just what stocks wanted to hear.</li>  <li>However, that has sent US yields soaring.</li>  <li>The higher yields will force a massive repricing of equity valuation.</li>  <li>Looking for a helping hand in the market? Members of Reading The Markets get exclusive ideas and guidance to navigate any climate.</li> </ul> The Fed gave the equity market exactly what it wanted, lower for as long as possible. Unfortunately, the bond market doesn't seem as pleased, which will be horrible news for the stock market. Rising rates are crushing growth and technology stocks, and soon the rest of the market will follow because there are very few if any \"cheap\" sectors left in the market.</p><p><blockquote><ul><li>美联储尽可能长时间走低的前景正是股市想听到的。</li><li>然而，这导致美国收益率飙升。</li><li>较高的收益率将迫使股票估值大幅重新定价。</li><li>在市场上寻找援助之手？阅读市场的成员可以获得应对任何气候的独家想法和指导。</li></ul>美联储给了股市它想要的东西，尽可能长时间地走低。不幸的是，债券市场似乎并不高兴，这对股市来说将是一个可怕的消息。利率上升正在压垮成长股和科技股，很快市场的其他部分也会效仿，因为市场上几乎没有“廉价”板块。</blockquote></p><p> In essence, the Fed will let the economy run hot, and the bond market does not seem the least bit comfortable with that. Rates are rising sharply on March 18, with the 10-Year now trading just under 1.75%. The curve continues to lift because the bond market fears that a hot economy could quickly overheat, causing prices to rise, and inflation becomes an issue.</p><p><blockquote>从本质上讲，美联储将让经济过热，而债券市场似乎对此一点也不满意。3月18日利率大幅上升，10年期国债收益率目前略低于1.75%。曲线继续抬升，因为债券市场担心火热的经济可能会迅速过热，导致价格上涨，通胀成为一个问题。</blockquote></p><p> It leaves the door open for the Fed to start having to taper its bond purchases and to raise rates much sooner than expected and potentially much faster than indicated. This is resulting in bond yields pushing higher. Additionally, there's a tremendous amount of debt coming to the market, with another round of fiscal stimulus passed, and more supply will need a lot more demand.</p><p><blockquote>这为美联储开始缩减债券购买规模并比预期更快加息敞开了大门，也可能比预期快得多。这导致债券收益率推高。此外，随着另一轮财政刺激计划的通过，大量债务进入市场，更多的供应将需要更多的需求。</blockquote></p><p> While the news at first seems to be everything the stock market wants to hear, it's not good news. In fact, there was very little the Fed could have on March 17 to please both the stock and bond market. The Fed chose to placate the stock market. But stock prices are derived from interest rates, and as interest rates rise, stock prices need to reprice. They have been repricing and shall continue to reprice at lower levels.</p><p><blockquote>虽然这个消息一开始似乎是股市想听到的一切，但这并不是好消息。事实上，美联储在3月17日几乎没有什么可以取悦股市和债市。美联储选择安抚股市。但股价是由利率衍生出来的，随着利率上升，股价需要重新定价。他们一直在重新定价，并将继续以较低的水平重新定价。</blockquote></p><p> The problem is that now, relative to the 10-year note, the S&amp;P 500 has a valuation on par with the periods in January 2018 and October 2018. At no other time in modern history has the index been this expensive on a relative basis in this low-interest rate world. Everything changed in 2008 when we flipped from a high rate to a low rate world, so the period of 1999 would not be a fair comparison.</p><p><blockquote>问题是，现在，相对于10年期国债，标普500的估值与2018年1月和2018年10月期间持平。在现代历史上，在这个低利率的世界里，该指数的相对价格从未如此昂贵。2008年，当我们从高利率转向低利率世界时，一切都发生了变化，所以1999年的时期不是一个公平的比较。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/06eb49f0f96fe3d05081b17e0de7ca77\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> From another angle, the S&amp;P 500 dividend yield is currently around 1.44%, and it has only been lower one other period in time, at the turn of the century. And now, the 10-Year once again has a higher yield than the S&amp;P 500. So will the 10-Year yield pull the S&amp;P 500 dividend yield over time? It seems possible. Since 2010 the 10-year has traded with a premium over the S&amp;P 500 dividend yield of 21 bps. It is currently 20 bps, which means that a movement high in the 10-year from this point is likely to result in the premium growing wider, or dragging the S&amp;P 500 yield higher along with the 10-year.</p><p><blockquote>从另一个角度来看，标普500的股息收益率目前在1.44%左右，而且只是在世纪之交的另一个时期较低。而现在，10年期国债的收益率再次高于标普500。那么随着时间的推移，10年期国债收益率会拉低标普500的股息收益率吗？似乎有可能。自2010年以来，10年期国债的交易价格比标普500股息收益率溢价21个基点。目前为20个基点，这意味着从此时开始升至10年期高点可能会导致溢价扩大，或拖累标普500收益率与10年期国债收益率一起走高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6d0b5613b7b88e02f76e004aededbcaa\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The rising yields in the bond market have prompted investors to refocus from growth and technology stocks to value and reflation stocks. The problem is that there is no bargain sector left - there's no \"value\" trade. The cheap stocks are cheap for a reason and because they have weak fundamentals. Over the past six months, the top ten holdings in the S&amp;P 500 Value ETF have skyrocketed.</p><p><blockquote>债券市场收益率的上升促使投资者将注意力从成长型和科技股重新转向价值型和通货再膨胀型股票。问题是已经没有便宜货了——没有“价值”贸易。便宜的股票便宜是有原因的，因为它们的基本面很弱。半年来，标普500价值ETF的前十大重仓股暴涨。</blockquote></p><p></p><p> <table>  <tbody>   <tr>    <td>Name</td>    <td>Symbol</td>    <td>3/18/2021</td>    <td>10/31/2020</td>    <td>% Change</td>   </tr>   <tr>    <td>EXXON MOBIL ORD</td>    <td>XOM</td>    <td>58.25</td>    <td>$ 32.62</td>    <td>78.57%</td>   </tr>   <tr>    <td>BANK OF AMERICA ORD</td>    <td>BAC</td>    <td>39.9274</td>    <td>$ 23.70</td>    <td>68.47%</td>   </tr>   <tr>    <td>JPMORGAN CHASE ORD</td>    <td>JPM</td>    <td>161.48</td>    <td>$ 98.04</td>    <td>64.71%</td>   </tr>   <tr>    <td>WALT DISNEY ORD</td>    <td>DIS</td>    <td>193.735</td>    <td>$ 121.25</td>    <td>59.78%</td>   </tr>   <tr>    <td>CHEVRON ORD</td>    <td>CVX</td>    <td>106.65</td>    <td>$ 69.50</td>    <td>53.45%</td>   </tr>   <tr>    <td>INTEL ORD</td>    <td>INTC.O</td>    <td>64.98</td>    <td>$ 44.28</td>    <td>46.75%</td>   </tr>   <tr>    <td>BERKSHIRE HATHAWAY CL B ORD</td>    <td>BRKb</td>    <td>255.2</td>    <td>$ 201.90</td>    <td>26.40%</td>   </tr>   <tr>    <td>JOHNSON &amp; JOHNSON ORD</td>    <td>JNJ</td>    <td>161.1501</td>    <td>$ 137.11</td>    <td>17.53%</td>   </tr>   <tr>    <td>AT&amp;T ORD</td>    <td>T</td>    <td>30.245</td>    <td>$ 27.02</td>    <td>11.94%</td>   </tr>   <tr>    <td>VERIZON COMMUNICATIONS ORD</td>    <td>VZ</td>    <td>56.095</td>    <td>$ 56.99</td>    <td>-1.57%</td>   </tr>  </tbody> </table> The banks have risen sharply and for good reasons because yields have risen and spreads have widened. But even the banks are getting stretched with many trading at all-time highs, and the sector trading at valuations not witnessed since 2017, relative to the 10-year Treasury rate, making the banks one of the least overvalued sectors. The industrial sector has only been this expensive relative to the 10-year rate one time and that was in January of 2018, which was followed by nearly two years of going nowhere.</p><p><blockquote><table><tbody><tr><td>名字</td><td>象征</td><td>3/18/2021</td><td>10/31/2020</td><td>%变化</td></tr><tr><td>埃克森美孚订单</td><td>XOM</td><td>58.25</td><td>$32.62</td><td>78.57%</td></tr><tr><td>美国银行订单</td><td>BAC</td><td>39.9274</td><td>$23.70</td><td>68.47%</td></tr><tr><td>摩根大通订单</td><td>JPM</td><td>161.48</td><td>$98.04</td><td>64.71%</td></tr><tr><td>迪斯尼秩序</td><td>说</td><td>193.735</td><td>$121.25</td><td>59.78%</td></tr><tr><td>雪佛龙订单</td><td>CVX</td><td>106.65</td><td>$69.50</td><td>53.45%</td></tr><tr><td>英特尔订单</td><td>INTC.O</td><td>64.98</td><td>$44.28</td><td>46.75%</td></tr><tr><td>伯克希尔哈撒韦公司CL B ORD</td><td>BRKb</td><td>255.2</td><td>$201.90</td><td>26.40%</td></tr><tr><td>强生订单</td><td>JNJ</td><td>161.1501</td><td>$137.11</td><td>17.53%</td></tr><tr><td>AT&amp;T订单</td><td>T</td><td>30.245</td><td>$27.02</td><td>11.94%</td></tr><tr><td>威瑞森通信订单</td><td>VZ</td><td>56.095</td><td>$56.99</td><td>-1.57%</td></tr></tbody></table>银行股大幅上涨，这是有充分理由的，因为收益率上升，利差扩大。但即使是银行也变得捉襟见肘，许多银行的交易价格处于历史高位，而且相对于10年期国债利率，该行业的交易估值自2017年以来从未见过，这使得银行成为估值最低的行业之一。工业部门相对于10年期利率只有一次如此昂贵，那是在2018年1月，随后近两年毫无进展。</blockquote></p><p> Sure, there may be some value left out there in the materials and energy sector. But these two sectors are highly correlated to the commodities they represent. As the dollar begins to strengthen, those commodity prices are likely to begin falling rather sharply, dragging the sectors lower with them. That dollar seems poised to rise.</p><p><blockquote>当然，材料和能源行业可能还存在一些价值。但这两个板块与其所代表的大宗商品高度相关。随着美元开始走强，这些大宗商品价格可能会开始大幅下跌，拖累这些行业也随之走低。美元似乎准备升值。</blockquote></p><p> The dollar initially began to fall following the fears of inflation, but that quickly reversed when US rates began to rise again. That allowed the spread between global rates to widen. The spread between the US and German 10-Year now stands at 2%, while US and Japanese 10-years are at 1.65%. The wider the spreads get, the more attractive US yields become. This will bring foreign investors to buy US bonds, sell local currency, and buy US dollars, supporting the dollar and boosting its value.</p><p><blockquote>由于担心通胀，美元最初开始下跌，但当美国利率再次开始上升时，这种情况很快逆转。这使得全球利率之间的利差扩大。美国和德国10年期国债之间的利差目前为2%，而美国和日本10年期国债为1.65%。利差越大，美国收益率就越有吸引力。这将带来外国投资者买入美国债券，卖出本币，买入美元，支撑美元，提振美元价值。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b38756db2fb8fdb2e613fa9d05a36e7\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> The rising dollar already has helped to bring oil prices off their highs, and that's a trend that's likely to continue as the dollar strengthens further. Oil has already broken down from a technical standpoint after failing at a key level of resistance around $66.50. It has additionally broken a major uptrend, with a drop below $59.50, sending the commodity back to $54. This could easily reverse the very hot rotation into the energy sector.</p><p><blockquote>美元升值已经帮助油价脱离高点，随着美元进一步走强，这一趋势可能会持续下去。从技术角度来看，油价在突破66.50美元左右的关键阻力位后已经突破。此外，它还打破了一个主要的上升趋势，跌破59.50美元，使该商品回到54美元。这很容易扭转能源行业的火爆局面。</blockquote></p><p> Source: TradingView</p><p><blockquote>资料来源：TradingView</blockquote></p><p> If the economy will continue to improve, and the Fed is more than happy to let it, then there's no reason yields shouldn't continue to rise. The more they raise, the more the dollar will strengthen, and the more overvalued equities will grow on a relative basis, forcing a massive repricing.</p><p><blockquote>如果经济将继续改善，并且美联储非常乐意让它继续改善，那么收益率没有理由不继续上升。他们筹集的资金越多，美元就会越走强，相对来说，估值越高的股票就会增长，从而迫使大规模重新定价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4414816-fed-may-just-sealed-stock-markets-fate\">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":{},"source_url":"https://seekingalpha.com/article/4414816-fed-may-just-sealed-stock-markets-fate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160065206","content_text":"Summary\n\nThe Fed's outlook of lower for as long as possible was just what stocks wanted to hear.\nHowever, that has sent US yields soaring.\nThe higher yields will force a massive repricing of equity valuation.\nLooking for a helping hand in the market? Members of Reading The Markets get exclusive ideas and guidance to navigate any climate.\n\nThe Fed gave the equity market exactly what it wanted, lower for as long as possible. Unfortunately, the bond market doesn't seem as pleased, which will be horrible news for the stock market. Rising rates are crushing growth and technology stocks, and soon the rest of the market will follow because there are very few if any \"cheap\" sectors left in the market.\nIn essence, the Fed will let the economy run hot, and the bond market does not seem the least bit comfortable with that. Rates are rising sharply on March 18, with the 10-Year now trading just under 1.75%. The curve continues to lift because the bond market fears that a hot economy could quickly overheat, causing prices to rise, and inflation becomes an issue.\nIt leaves the door open for the Fed to start having to taper its bond purchases and to raise rates much sooner than expected and potentially much faster than indicated. This is resulting in bond yields pushing higher. Additionally, there's a tremendous amount of debt coming to the market, with another round of fiscal stimulus passed, and more supply will need a lot more demand.\nWhile the news at first seems to be everything the stock market wants to hear, it's not good news. In fact, there was very little the Fed could have on March 17 to please both the stock and bond market. The Fed chose to placate the stock market. But stock prices are derived from interest rates, and as interest rates rise, stock prices need to reprice. They have been repricing and shall continue to reprice at lower levels.\nThe problem is that now, relative to the 10-year note, the S&P 500 has a valuation on par with the periods in January 2018 and October 2018. At no other time in modern history has the index been this expensive on a relative basis in this low-interest rate world. Everything changed in 2008 when we flipped from a high rate to a low rate world, so the period of 1999 would not be a fair comparison.\n\nFrom another angle, the S&P 500 dividend yield is currently around 1.44%, and it has only been lower one other period in time, at the turn of the century. And now, the 10-Year once again has a higher yield than the S&P 500. So will the 10-Year yield pull the S&P 500 dividend yield over time? It seems possible. Since 2010 the 10-year has traded with a premium over the S&P 500 dividend yield of 21 bps. It is currently 20 bps, which means that a movement high in the 10-year from this point is likely to result in the premium growing wider, or dragging the S&P 500 yield higher along with the 10-year.\n\nThe rising yields in the bond market have prompted investors to refocus from growth and technology stocks to value and reflation stocks. The problem is that there is no bargain sector left - there's no \"value\" trade. The cheap stocks are cheap for a reason and because they have weak fundamentals. Over the past six months, the top ten holdings in the S&P 500 Value ETF have skyrocketed.\n\n\n\nName\nSymbol\n3/18/2021\n10/31/2020\n% Change\n\n\nEXXON MOBIL ORD\nXOM\n58.25\n$ 32.62\n78.57%\n\n\nBANK OF AMERICA ORD\nBAC\n39.9274\n$ 23.70\n68.47%\n\n\nJPMORGAN CHASE ORD\nJPM\n161.48\n$ 98.04\n64.71%\n\n\nWALT DISNEY ORD\nDIS\n193.735\n$ 121.25\n59.78%\n\n\nCHEVRON ORD\nCVX\n106.65\n$ 69.50\n53.45%\n\n\nINTEL ORD\nINTC.O\n64.98\n$ 44.28\n46.75%\n\n\nBERKSHIRE HATHAWAY CL B ORD\nBRKb\n255.2\n$ 201.90\n26.40%\n\n\nJOHNSON & JOHNSON ORD\nJNJ\n161.1501\n$ 137.11\n17.53%\n\n\nAT&T ORD\nT\n30.245\n$ 27.02\n11.94%\n\n\nVERIZON COMMUNICATIONS ORD\nVZ\n56.095\n$ 56.99\n-1.57%\n\n\n\nThe banks have risen sharply and for good reasons because yields have risen and spreads have widened. But even the banks are getting stretched with many trading at all-time highs, and the sector trading at valuations not witnessed since 2017, relative to the 10-year Treasury rate, making the banks one of the least overvalued sectors. The industrial sector has only been this expensive relative to the 10-year rate one time and that was in January of 2018, which was followed by nearly two years of going nowhere.\nSure, there may be some value left out there in the materials and energy sector. But these two sectors are highly correlated to the commodities they represent. As the dollar begins to strengthen, those commodity prices are likely to begin falling rather sharply, dragging the sectors lower with them. That dollar seems poised to rise.\nThe dollar initially began to fall following the fears of inflation, but that quickly reversed when US rates began to rise again. That allowed the spread between global rates to widen. The spread between the US and German 10-Year now stands at 2%, while US and Japanese 10-years are at 1.65%. The wider the spreads get, the more attractive US yields become. This will bring foreign investors to buy US bonds, sell local currency, and buy US dollars, supporting the dollar and boosting its value.\n\nSource: TradingView\nThe rising dollar already has helped to bring oil prices off their highs, and that's a trend that's likely to continue as the dollar strengthens further. Oil has already broken down from a technical standpoint after failing at a key level of resistance around $66.50. It has additionally broken a major uptrend, with a drop below $59.50, sending the commodity back to $54. This could easily reverse the very hot rotation into the energy sector.\nSource: TradingView\nIf the economy will continue to improve, and the Fed is more than happy to let it, then there's no reason yields shouldn't continue to rise. The more they raise, the more the dollar will strengthen, and the more overvalued equities will grow on a relative basis, forcing a massive repricing.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327572950,"gmtCreate":1616113896770,"gmtModify":1634527189179,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"Like and comment please [开心]&nbsp;","listText":"Like and comment please [开心]&nbsp;","text":"Like and comment please [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/327572950","repostId":"1103812798","repostType":4,"isVote":1,"tweetType":1,"viewCount":566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":154348348,"gmtCreate":1625484192484,"gmtModify":1633940303488,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/154348348","repostId":"1109703914","repostType":4,"repost":{"id":"1109703914","kind":"news","pubTimestamp":1625464355,"share":"https://www.laohu8.com/m/news/1109703914?lang=zh_CN&edition=full","pubTime":"2021-07-05 13:52","market":"us","language":"en","title":"Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109703914","media":"Thestreet","summary":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.So will the major markets open or close for the holiday?The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.It's one of nine full-closing daysfor the stock market this year.For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading i","content":"<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年7月4日是周日，这在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么假期主要市场会开盘还是收盘呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整休市日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11月26日星期五，交易时间为半天多一点，上午9:30至下午1点。美国东部时间。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为上午9:30至下午4点。东部时间。</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>Is the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</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\">\nIs the Stock Market Open or Closed on Independence Day?<blockquote>独立日股票市场是开放还是关闭？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-05 13:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.</p><p><blockquote>对许多人来说，美国的独立日是野餐和海滩日。但今年7月4日是周日，这在美国不是交易日。</blockquote></p><p> So will the major markets open or close for the holiday?</p><p><blockquote>那么假期主要市场会开盘还是收盘呢？</blockquote></p><p> The New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.</p><p><blockquote>事实上，纽约证券交易所和纳斯达克将于7月5日星期一休市，以庆祝独立日。</blockquote></p><p> It's&nbsp;one of nine full-closing daysfor the stock market this year.</p><p><blockquote>这是今年股市九个完整休市日之一。</blockquote></p><p> For instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.</p><p><blockquote>例如，股市将于11月25日星期四感恩节休市。11月26日星期五，交易时间为半天多一点，上午9:30至下午1点。美国东部时间。</blockquote></p><p> Normal stock-trading hours run 9:30 a.m. to 4 p.m. ET.</p><p><blockquote>正常股票交易时间为上午9:30至下午4点。东部时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.thestreet.com/investing/independence-day-stock-markets-trading-hours","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109703914","content_text":"Independence Day in the U.S. is for many a picnic-and-beach day. But July 4 this year falls on a Sunday, which in the United States isn't a trading day.\nSo will the major markets open or close for the holiday?\nThe New York Stock Exchange and the Nasdaq will, in fact, be closed on Monday, July 5, to celebrate Independence Day.\nIt's one of nine full-closing daysfor the stock market this year.\nFor instance, the stock market will close for Thanksgiving on Thursday, Nov. 25. On Friday, Nov. 26, trading is scheduled for a bit more than a half-day, 9:30 a.m. to 1 p.m. ET.\nNormal stock-trading hours run 9:30 a.m. to 4 p.m. ET.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191826668,"gmtCreate":1620870627754,"gmtModify":1634195728822,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[Anger]&nbsp;","listText":"[Anger]&nbsp;","text":"[Anger]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/191826668","repostId":"2135584610","repostType":4,"isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115121973,"gmtCreate":1622960570692,"gmtModify":1634096546645,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/115121973","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年市场份额为32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BZ":"BOSS直聘","MNDY":"Monday.com Ltd.",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","ZETA":"Zeta Global Holdings Corp.","LFST":"LifeStance Health Group, Inc.","MQ":"Marqeta, Inc.","ZME":"掌门教育",".DJI":"道琼斯","DIBS":"1stdibs.com Inc.","TASK":"TaskUs Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. 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leave a comment [得意]&nbsp;","listText":"Please leave a comment [得意]&nbsp;","text":"Please leave a comment [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/357160925","repostId":"1166613273","repostType":4,"isVote":1,"tweetType":1,"viewCount":1399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":356484249,"gmtCreate":1616807280981,"gmtModify":1634523913588,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"Please leave a comment, thanks!","listText":"Please leave a comment, thanks!","text":"Please leave a comment, thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/356484249","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" 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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833881670,"gmtCreate":1629215708090,"gmtModify":1631893679410,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833881670","repostId":"1115558959","repostType":4,"isVote":1,"tweetType":1,"viewCount":961,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894727846,"gmtCreate":1628859057985,"gmtModify":1631893679477,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894727846","repostId":"1137098889","repostType":4,"repost":{"id":"1137098889","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":1628856721,"share":"https://www.laohu8.com/m/news/1137098889?lang=zh_CN&edition=full","pubTime":"2021-08-13 20:12","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137098889","media":"Tiger Newspress","summary":"The Dow and the S&P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beatin","content":"<p>The Dow and the S&amp;P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains.</p><p><blockquote>在华特迪士尼公布超出预期的业绩后，道琼斯指数和标普500期货周五小幅升至历史新高，而通胀降温和企业盈利强劲复苏的迹象使该指数连续第二周上涨。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were up 59 points, or 0.17%, S&amp;P 500 E-minis were up 1.5 points, or 0.03% and Nasdaq 100 E-minis were down 17 points, or 0.11%.</p><p><blockquote>截至美国东部时间上午8:10，道指E-minis上涨59点，涨幅0.17%，标普500 E-minis上涨1.5点，涨幅0.03%，纳斯达克100 E-minis下跌17点，涨幅0.11%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7c31d72fc86500c83b0502d21899072\" tg-width=\"1172\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> A stellar earnings season, improving economic data and the Senate’s passage of a large infrastructure bill have all reinforced investors’ belief in the economic recovery, pushing U.S. stocks to all-time highs in the past few sessions.</p><p><blockquote>亮眼的财报季、不断改善的经济数据以及参议院通过大型基建法案，都增强了投资者对经济复苏的信心，推动美股在过去几个交易日创下历史新高。</blockquote></p><p> Concerns over higher inflation and a sooner-than-anticipated policy tapering by the Federal Reserve also ebbed after data earlier this week showed the pace of increase in U.S. consumer prices slowed in July even as producer prices posted their biggest annual increase in more than a decade.</p><p><blockquote>本周早些时候的数据显示，尽管生产者价格创下十多年来的最大年度涨幅，但美国7月份消费者价格上涨步伐放缓，对通胀上升和美联储早于预期的政策缩减的担忧也有所减弱。</blockquote></p><p> Investors now await the minutes of the Fed’s latest policy meeting, due next week, and the annual meeting of central bankers in Jackson Hole, Wyoming, later in August for policy cues.</p><p><blockquote>投资者目前正在等待下周举行的美联储最新政策会议纪要，以及8月晚些时候在怀俄明州杰克逊霍尔举行的央行行长年会，以获取政策线索。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> – Walt Disney reported adjusted quarterly earnings of 80 cents per share, well above the 55-cent consensus estimate, with revenue beating forecasts as well. Disney’s performance was boosted by a rebound in U.S. theme park attendance as well as stronger-than-expected growth for its Disney+ streaming service. The company did, however, warn of uncertainty surrounding the impact of the delta coronavirus variant. Disney shares rallied 5.5% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a>-华特迪士尼公布调整后季度收益为每股80美分，远高于市场普遍预期的55美分，收入也超出预期。迪士尼的业绩受到美国主题公园上座率反弹以及迪士尼+流媒体服务强于预期的增长的提振。然而，该公司确实警告称，德尔塔新冠病毒变异毒株的影响存在不确定性。迪士尼股价盘前上涨5.5%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a> – Airbnb lost 11 cents per share for its latest quarter, smaller than the 47-cent loss that analysts were anticipating. Revenue exceeded estimates, nearly quadrupling from a year earlier as domestic travel rebounded from its pandemic lows. However, the company pointed to uncertainty surrounding the pandemic and the delta variant, and Airbnb shares slid 2.8% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>-爱彼迎最近一个季度每股亏损11美分，小于分析师预期的47美分。随着国内旅行从大流行低点反弹，收入超出预期，同比增长近四倍。然而，该公司指出疫情和德尔塔变异毒株存在不确定性，爱彼迎股价在盘前交易中下跌2.8%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ME\">23andMe, Inc.</a> – The genetic research company reported revenue of $59 million in its first quarter as a public company, up 23% from a year ago, while reporting a smaller loss. 23andMe shares climbed 2.1% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/ME\">23andMe公司。</a>–这家基因研究公司作为上市公司报告第一季度营收为5900万美元，同比增长23%，同时亏损较小。23andMe股价在盘前上涨2.1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a> – DoorDash posted a quarterly loss of 30 cents per share, wider than the 20 cents that Wall Street had projected. However, the food delivery service’s revenue did beat estimates, with gross order volume up 70% from a year ago. DoorDash also raised its full-year guidance for gross order volume. DoorDash shares fell 4.2% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>-DoorDash公布季度每股亏损30美分，高于华尔街预期的20美分。然而，该食品配送服务的收入确实超出了预期，总订单量比一年前增长了70%。DoorDash还上调了全年总订单量指引。DoorDash股价盘前下跌4.2%。</blockquote></p><p> <a href=\"https://laohu8.com/S/SOFI\">SoFi Technologies Inc.</a> – SoFi lost 48 cents per share for its second quarter, compared with analyst forecasts of a 6 cents per share loss. The digital financial services company’s revenue exceeded estimates, as membership more than doubled from a year earlier, but the stock tanked 9.6% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/SOFI\">索菲技术公司。</a>-SoFi第二季度每股亏损48美分，而分析师预测每股亏损6美分。这家数字金融服务公司的收入超出了预期，会员数量比去年同期增加了一倍多，但该股在盘前下跌了9.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> ,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> ,<a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> – The FDA authorized Covid-19 vaccine booster shots for immunocompromised people utilizing the Pfizer/BioNTech and Moderna vaccines. Pfizer added 0.2%, BioNTech climbed 2.4% and Moderna gained 2.3%.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>,<a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a>-FDA授权使用辉瑞/BioNTech和Moderna疫苗为免疫功能低下的人进行Covid-19疫苗加强注射。辉瑞上涨0.2%，BioNTech上涨2.4%，Moderna上涨2.3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ERJ\">Embraer SA</a> – The Brazilian jet maker posted its first recurring quarterly profit since the first quarter of 2018, as travel demand rebounded from the lowest levels of the pandemic. Shares jumped 3.6% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ERJ\">巴西航空工业公司</a>–随着旅行需求从疫情的最低水平反弹，这家巴西飞机制造商公布了自2018年第一季度以来的首次经常性季度利润。盘前股价上涨3.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/KSU\">Kansas City Southern</a> – Kansas City Southern rejected an improved takeover offer fromCanadian Pacific Railway(CP), saying it did not constitute a “superior proposal” to its agreement withCanadian National Railway(CNI). The Canadian Pacific offer is worth $27 billion compared to $29 billion for Canadian National, but Canadian Pacific feels its bid has a better chance of regulatory approval.</p><p><blockquote><a href=\"https://laohu8.com/S/KSU\">堪萨斯城南部</a>-堪萨斯城南方铁路公司拒绝了加拿大太平洋铁路公司(CP)改进后的收购要约，称其并不构成比其与加拿大国家铁路公司(CNI)协议“优越的提议”。加拿大太平洋公司的报价价值270亿美元，而加拿大国民公司的报价为290亿美元，但加拿大太平洋公司认为其出价获得监管部门批准的机会更大。</blockquote></p><p> <a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter Inc.</a> – ZipRecruiter posted a quarterly loss of 55 cents per share, compared with a consensus estimate of a 22 cents per share loss. However, the online employment marketplace operator saw revenue well above Street forecasts and made upbeat comments about the remainder of 2021. ZipRecruiter surged 14.3% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter公司。</a>-ZipRecruiter公布季度每股亏损55美分，而市场普遍预期每股亏损22美分。然而，这家在线就业市场运营商的收入远高于华尔街的预测，并对2021年剩余时间发表了乐观评论。ZipRecruiter盘前飙升14.3%。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> – Rocket shares gained 5.4% in premarket action despite a miss on the top and bottom lines for the online mortgage platform operator. Rocket did see a surge in closed loan origination volume over a year ago and gave upbeat current-quarter guidance for a variety of metrics.</p><p><blockquote><a href=\"https://laohu8.com/S/RKT\">火箭公司</a>-尽管在线抵押贷款平台运营商的营收和利润均未达到预期，但Rocket股价在盘前上涨了5.4%。一年前，Rocket确实看到了关闭贷款发放量的激增，并对各种指标给出了乐观的本季度指引。</blockquote></p><p> <a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a> – The e-commerce platform company’s stock tumbled 27.8% in the premarket, following top and bottom line misses for its latest quarter. The operator of wish.com said it saw slowing demand for its products, fewer users and active buyers, and higher costs.</p><p><blockquote><a href=\"https://laohu8.com/S/WISH\">上下文逻辑公司。</a>-这家电子商务平台公司最近一个季度的营收和利润均未达到预期，其股价在盘前下跌27.8%。wish.com的运营商表示，其产品需求放缓，用户和活跃买家减少，成本上升。</blockquote></p><p> <a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a> – The videogame maker’s stock added 1.1% in premarket trading after Citi upgraded it to “buy” from “neutral”, saying the current risk/reward profile looks favorable following the stock’s recent pullback.</p><p><blockquote><a href=\"https://laohu8.com/S/ATVI\">动视暴雪</a>-花旗将其评级从“中性”上调至“买入”后，这家视频游戏制造商的股价在盘前交易中上涨1.1%，称在该股最近回调后，当前的风险/回报状况看起来有利。</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>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-13 20:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Dow and the S&amp;P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains.</p><p><blockquote>在华特迪士尼公布超出预期的业绩后，道琼斯指数和标普500期货周五小幅升至历史新高，而通胀降温和企业盈利强劲复苏的迹象使该指数连续第二周上涨。</blockquote></p><p> At 8:10 a.m. ET, Dow E-minis were up 59 points, or 0.17%, S&amp;P 500 E-minis were up 1.5 points, or 0.03% and Nasdaq 100 E-minis were down 17 points, or 0.11%.</p><p><blockquote>截至美国东部时间上午8:10，道指E-minis上涨59点，涨幅0.17%，标普500 E-minis上涨1.5点，涨幅0.03%，纳斯达克100 E-minis下跌17点，涨幅0.11%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f7c31d72fc86500c83b0502d21899072\" tg-width=\"1172\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p> A stellar earnings season, improving economic data and the Senate’s passage of a large infrastructure bill have all reinforced investors’ belief in the economic recovery, pushing U.S. stocks to all-time highs in the past few sessions.</p><p><blockquote>亮眼的财报季、不断改善的经济数据以及参议院通过大型基建法案，都增强了投资者对经济复苏的信心，推动美股在过去几个交易日创下历史新高。</blockquote></p><p> Concerns over higher inflation and a sooner-than-anticipated policy tapering by the Federal Reserve also ebbed after data earlier this week showed the pace of increase in U.S. consumer prices slowed in July even as producer prices posted their biggest annual increase in more than a decade.</p><p><blockquote>本周早些时候的数据显示，尽管生产者价格创下十多年来的最大年度涨幅，但美国7月份消费者价格上涨步伐放缓，对通胀上升和美联储早于预期的政策缩减的担忧也有所减弱。</blockquote></p><p> Investors now await the minutes of the Fed’s latest policy meeting, due next week, and the annual meeting of central bankers in Jackson Hole, Wyoming, later in August for policy cues.</p><p><blockquote>投资者目前正在等待下周举行的美联储最新政策会议纪要，以及8月晚些时候在怀俄明州杰克逊霍尔举行的央行行长年会，以获取政策线索。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> – Walt Disney reported adjusted quarterly earnings of 80 cents per share, well above the 55-cent consensus estimate, with revenue beating forecasts as well. Disney’s performance was boosted by a rebound in U.S. theme park attendance as well as stronger-than-expected growth for its Disney+ streaming service. The company did, however, warn of uncertainty surrounding the impact of the delta coronavirus variant. Disney shares rallied 5.5% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DIS\">迪斯尼</a>-华特迪士尼公布调整后季度收益为每股80美分，远高于市场普遍预期的55美分，收入也超出预期。迪士尼的业绩受到美国主题公园上座率反弹以及迪士尼+流媒体服务强于预期的增长的提振。然而，该公司确实警告称，德尔塔新冠病毒变异毒株的影响存在不确定性。迪士尼股价盘前上涨5.5%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a> – Airbnb lost 11 cents per share for its latest quarter, smaller than the 47-cent loss that analysts were anticipating. Revenue exceeded estimates, nearly quadrupling from a year earlier as domestic travel rebounded from its pandemic lows. However, the company pointed to uncertainty surrounding the pandemic and the delta variant, and Airbnb shares slid 2.8% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>-爱彼迎最近一个季度每股亏损11美分，小于分析师预期的47美分。随着国内旅行从大流行低点反弹，收入超出预期，同比增长近四倍。然而，该公司指出疫情和德尔塔变异毒株存在不确定性，爱彼迎股价在盘前交易中下跌2.8%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ME\">23andMe, Inc.</a> – The genetic research company reported revenue of $59 million in its first quarter as a public company, up 23% from a year ago, while reporting a smaller loss. 23andMe shares climbed 2.1% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/ME\">23andMe公司。</a>–这家基因研究公司作为上市公司报告第一季度营收为5900万美元，同比增长23%，同时亏损较小。23andMe股价在盘前上涨2.1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a> – DoorDash posted a quarterly loss of 30 cents per share, wider than the 20 cents that Wall Street had projected. However, the food delivery service’s revenue did beat estimates, with gross order volume up 70% from a year ago. DoorDash also raised its full-year guidance for gross order volume. DoorDash shares fell 4.2% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>-DoorDash公布季度每股亏损30美分，高于华尔街预期的20美分。然而，该食品配送服务的收入确实超出了预期，总订单量比一年前增长了70%。DoorDash还上调了全年总订单量指引。DoorDash股价盘前下跌4.2%。</blockquote></p><p> <a href=\"https://laohu8.com/S/SOFI\">SoFi Technologies Inc.</a> – SoFi lost 48 cents per share for its second quarter, compared with analyst forecasts of a 6 cents per share loss. The digital financial services company’s revenue exceeded estimates, as membership more than doubled from a year earlier, but the stock tanked 9.6% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/SOFI\">索菲技术公司。</a>-SoFi第二季度每股亏损48美分，而分析师预测每股亏损6美分。这家数字金融服务公司的收入超出了预期，会员数量比去年同期增加了一倍多，但该股在盘前下跌了9.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> ,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a> ,<a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> – The FDA authorized Covid-19 vaccine booster shots for immunocompromised people utilizing the Pfizer/BioNTech and Moderna vaccines. Pfizer added 0.2%, BioNTech climbed 2.4% and Moderna gained 2.3%.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>,<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>,<a href=\"https://laohu8.com/S/MRNA\">莫德纳公司。</a>-FDA授权使用辉瑞/BioNTech和Moderna疫苗为免疫功能低下的人进行Covid-19疫苗加强注射。辉瑞上涨0.2%，BioNTech上涨2.4%，Moderna上涨2.3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/ERJ\">Embraer SA</a> – The Brazilian jet maker posted its first recurring quarterly profit since the first quarter of 2018, as travel demand rebounded from the lowest levels of the pandemic. Shares jumped 3.6% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ERJ\">巴西航空工业公司</a>–随着旅行需求从疫情的最低水平反弹，这家巴西飞机制造商公布了自2018年第一季度以来的首次经常性季度利润。盘前股价上涨3.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/KSU\">Kansas City Southern</a> – Kansas City Southern rejected an improved takeover offer fromCanadian Pacific Railway(CP), saying it did not constitute a “superior proposal” to its agreement withCanadian National Railway(CNI). The Canadian Pacific offer is worth $27 billion compared to $29 billion for Canadian National, but Canadian Pacific feels its bid has a better chance of regulatory approval.</p><p><blockquote><a href=\"https://laohu8.com/S/KSU\">堪萨斯城南部</a>-堪萨斯城南方铁路公司拒绝了加拿大太平洋铁路公司(CP)改进后的收购要约，称其并不构成比其与加拿大国家铁路公司(CNI)协议“优越的提议”。加拿大太平洋公司的报价价值270亿美元，而加拿大国民公司的报价为290亿美元，但加拿大太平洋公司认为其出价获得监管部门批准的机会更大。</blockquote></p><p> <a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter Inc.</a> – ZipRecruiter posted a quarterly loss of 55 cents per share, compared with a consensus estimate of a 22 cents per share loss. However, the online employment marketplace operator saw revenue well above Street forecasts and made upbeat comments about the remainder of 2021. ZipRecruiter surged 14.3% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/ZIP\">ZipRecruiter公司。</a>-ZipRecruiter公布季度每股亏损55美分，而市场普遍预期每股亏损22美分。然而，这家在线就业市场运营商的收入远高于华尔街的预测，并对2021年剩余时间发表了乐观评论。ZipRecruiter盘前飙升14.3%。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/RKT\">Rocket Companies</a> – Rocket shares gained 5.4% in premarket action despite a miss on the top and bottom lines for the online mortgage platform operator. Rocket did see a surge in closed loan origination volume over a year ago and gave upbeat current-quarter guidance for a variety of metrics.</p><p><blockquote><a href=\"https://laohu8.com/S/RKT\">火箭公司</a>-尽管在线抵押贷款平台运营商的营收和利润均未达到预期，但Rocket股价在盘前上涨了5.4%。一年前，Rocket确实看到了关闭贷款发放量的激增，并对各种指标给出了乐观的本季度指引。</blockquote></p><p> <a href=\"https://laohu8.com/S/WISH\">ContextLogic Inc.</a> – The e-commerce platform company’s stock tumbled 27.8% in the premarket, following top and bottom line misses for its latest quarter. The operator of wish.com said it saw slowing demand for its products, fewer users and active buyers, and higher costs.</p><p><blockquote><a href=\"https://laohu8.com/S/WISH\">上下文逻辑公司。</a>-这家电子商务平台公司最近一个季度的营收和利润均未达到预期，其股价在盘前下跌27.8%。wish.com的运营商表示，其产品需求放缓，用户和活跃买家减少，成本上升。</blockquote></p><p> <a href=\"https://laohu8.com/S/ATVI\">Activision Blizzard</a> – The videogame maker’s stock added 1.1% in premarket trading after Citi upgraded it to “buy” from “neutral”, saying the current risk/reward profile looks favorable following the stock’s recent pullback.</p><p><blockquote><a href=\"https://laohu8.com/S/ATVI\">动视暴雪</a>-花旗将其评级从“中性”上调至“买入”后，这家视频游戏制造商的股价在盘前交易中上涨1.1%，称在该股最近回调后，当前的风险/回报状况看起来有利。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137098889","content_text":"The Dow and the S&P 500 futures inched to record highs on Friday after Walt Disney’s forecast-beating results, while signs of cooling inflation and a strong recovery in corporate earnings kept the indexes on track for a second straight week of gains.\nAt 8:10 a.m. ET, Dow E-minis were up 59 points, or 0.17%, S&P 500 E-minis were up 1.5 points, or 0.03% and Nasdaq 100 E-minis were down 17 points, or 0.11%.\n*Source From Tiger Trade, EST 08:10\nA stellar earnings season, improving economic data and the Senate’s passage of a large infrastructure bill have all reinforced investors’ belief in the economic recovery, pushing U.S. stocks to all-time highs in the past few sessions.\nConcerns over higher inflation and a sooner-than-anticipated policy tapering by the Federal Reserve also ebbed after data earlier this week showed the pace of increase in U.S. consumer prices slowed in July even as producer prices posted their biggest annual increase in more than a decade.\nInvestors now await the minutes of the Fed’s latest policy meeting, due next week, and the annual meeting of central bankers in Jackson Hole, Wyoming, later in August for policy cues.\nStocks making the biggest moves in the premarket:\nWalt Disney – Walt Disney reported adjusted quarterly earnings of 80 cents per share, well above the 55-cent consensus estimate, with revenue beating forecasts as well. Disney’s performance was boosted by a rebound in U.S. theme park attendance as well as stronger-than-expected growth for its Disney+ streaming service. The company did, however, warn of uncertainty surrounding the impact of the delta coronavirus variant. Disney shares rallied 5.5% in the premarket.\nAirbnb, Inc. – Airbnb lost 11 cents per share for its latest quarter, smaller than the 47-cent loss that analysts were anticipating. Revenue exceeded estimates, nearly quadrupling from a year earlier as domestic travel rebounded from its pandemic lows. However, the company pointed to uncertainty surrounding the pandemic and the delta variant, and Airbnb shares slid 2.8% in premarket trading.\n23andMe, Inc. – The genetic research company reported revenue of $59 million in its first quarter as a public company, up 23% from a year ago, while reporting a smaller loss. 23andMe shares climbed 2.1% in premarket action.\nDoorDash, Inc. – DoorDash posted a quarterly loss of 30 cents per share, wider than the 20 cents that Wall Street had projected. However, the food delivery service’s revenue did beat estimates, with gross order volume up 70% from a year ago. DoorDash also raised its full-year guidance for gross order volume. DoorDash shares fell 4.2% in the premarket.\nSoFi Technologies Inc. – SoFi lost 48 cents per share for its second quarter, compared with analyst forecasts of a 6 cents per share loss. The digital financial services company’s revenue exceeded estimates, as membership more than doubled from a year earlier, but the stock tanked 9.6% in premarket action.\nPfizer ,BioNTech SE ,Moderna, Inc. – The FDA authorized Covid-19 vaccine booster shots for immunocompromised people utilizing the Pfizer/BioNTech and Moderna vaccines. Pfizer added 0.2%, BioNTech climbed 2.4% and Moderna gained 2.3%.\nEmbraer SA – The Brazilian jet maker posted its first recurring quarterly profit since the first quarter of 2018, as travel demand rebounded from the lowest levels of the pandemic. Shares jumped 3.6% in the premarket.\nKansas City Southern – Kansas City Southern rejected an improved takeover offer fromCanadian Pacific Railway(CP), saying it did not constitute a “superior proposal” to its agreement withCanadian National Railway(CNI). The Canadian Pacific offer is worth $27 billion compared to $29 billion for Canadian National, but Canadian Pacific feels its bid has a better chance of regulatory approval.\nZipRecruiter Inc. – ZipRecruiter posted a quarterly loss of 55 cents per share, compared with a consensus estimate of a 22 cents per share loss. However, the online employment marketplace operator saw revenue well above Street forecasts and made upbeat comments about the remainder of 2021. ZipRecruiter surged 14.3% in the premarket.\nRocket Companies – Rocket shares gained 5.4% in premarket action despite a miss on the top and bottom lines for the online mortgage platform operator. Rocket did see a surge in closed loan origination volume over a year ago and gave upbeat current-quarter guidance for a variety of metrics.\nContextLogic Inc. – The e-commerce platform company’s stock tumbled 27.8% in the premarket, following top and bottom line misses for its latest quarter. The operator of wish.com said it saw slowing demand for its products, fewer users and active buyers, and higher costs.\nActivision Blizzard – The videogame maker’s stock added 1.1% in premarket trading after Citi upgraded it to “buy” from “neutral”, saying the current risk/reward profile looks favorable following the stock’s recent pullback.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186847523,"gmtCreate":1623487686162,"gmtModify":1634032442332,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186847523","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190917259,"gmtCreate":1620569553171,"gmtModify":1634197988579,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/190917259","repostId":"1106882084","repostType":4,"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326586836,"gmtCreate":1615686350925,"gmtModify":1703492055200,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/326586836","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":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":896563233,"gmtCreate":1628594461622,"gmtModify":1631893679509,"author":{"id":"3574889845267160","authorId":"3574889845267160","name":"Lunchenmeat","avatar":"https://static.tigerbbs.com/acd5a0ac49c26186e6eb58c8fb6d7c34","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574889845267160","idStr":"3574889845267160"},"themes":[],"htmlText":"[Cool]&nbsp;","listText":"[Cool]&nbsp;","text":"[Cool]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896563233","repostId":"1166648978","repostType":4,"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}