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2021-09-29

Hi

抱歉，原内容已删除

2021-07-11

No thanks

PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>

2021-06-28

Scary

The Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</blockquote>

2021-06-26

Thanks //@skyes:Hi, you should check out my latest post. It shows some truth about tiger coins....

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thanks&nbsp;","listText":"No thanks&nbsp;","text":"No thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148673665","repostId":"1106289851","repostType":4,"repost":{"id":"1106289851","kind":"news","pubTimestamp":1625972710,"share":"https://www.laohunote.com/m/news/1106289851?lang=zh_CN&edition=full","pubTime":"2021-07-11 11:05","market":"us","language":"en","title":"PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106289851","media":"Barrons","summary":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday:","content":"<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</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>PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PEP":"百事可乐"},"source_url":"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106289851","content_text":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.\nOn Friday, Cowen & Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.\nAzer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.\nThe analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.\nAlso, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.\nOther analysts have been optimistic about Pepsi’s earnings as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.\nConsensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.\nPepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":3714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127257994,"gmtCreate":1624852935918,"gmtModify":1633947932561,"author":{"id":"3575694115795487","authorId":"3575694115795487","name":"Aun9","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694115795487","authorIdStr":"3575694115795487"},"themes":[],"title":"","htmlText":"Scary&nbsp;","listText":"Scary&nbsp;","text":"Scary","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127257994","repostId":"1177492181","repostType":4,"repost":{"id":"1177492181","kind":"news","pubTimestamp":1624849703,"share":"https://www.laohunote.com/m/news/1177492181?lang=zh_CN&edition=full","pubTime":"2021-06-28 11:08","market":"us","language":"en","title":"The Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177492181","media":"WSJ","summary":"The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has ","content":"<p>The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.</p><p><blockquote>美国股市表面上尽可能平静，但背后却比几十年来更加动荡。</blockquote></p><p> The S&amp;P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&amp;P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.</p><p><blockquote>标普500如此安静，几乎令人不安。自 10 月底以来，该指数从未根据收盘价进行过 5% 的调整；难怪开始锁定购买股票的新日内交易者认为市场只会上涨。标准普尔上一次如此平静是在 2017 年，那是一段平静时期，随着 2018 年初的波动性崩盘而结束——尽管当时平静的时间甚至更长。</blockquote></p><p> Yet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.</p><p><blockquote>然而，看看各类股票的表现，它们的波动幅度比平时要大得多。投资者一直在以危机之外前所未有的速度在行业之间转换押注；3月份出现了自2002年以来表现最好和最差的行业之间的最大差距。</blockquote></p><p> The link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.</p><p><blockquote>以相关性衡量，成长型股票和廉价“价值”股票之间的联系是自 1995 年以来最弱的；投资者正在利用它们作为押注经济复苏或反对经济复苏的代理人。</blockquote></p><p> Meanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.</p><p><blockquote>与此同时，大盘股和小盘股上一次如此独立地走势是在 2000 年的互联网泡沫时期，这从来都不是一个令人放心的迹象。</blockquote></p><p> I think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.</p><p><blockquote>我认为这是蒂娜的另一个方面：除了股票没有其他选择。由于国债、公司债券和现金回报率微薄或为零，股票提供了最大的收益希望。以前会将资金从股票转向债券，反之亦然的投资者现在只是从一种股票转向另一种股票——因此一种股票的下跌会被另一种股票的上涨所抵消。</blockquote></p><p> There is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.</p><p><blockquote>当然，不能保证它会继续这样下去。让足够的恐惧发挥作用，无论现金收益率有多低，投资者都会赶紧退出，就像他们去年 3 月所做的那样。但是，尽管形势看起来很好，但很难证明购买收益率远低于通货膨胀率的长期债券是合理的。时光看起来确实不错。</blockquote></p><p> A widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.</p><p><blockquote>持谨慎态度的人普遍认为，股市之所以持续上涨，是因为廉价资金和政府刺激措施助长了巨大的泡沫。自 2000 年以来，股票从未如此昂贵，而时尚股票的疯狂过度交易则明显带有泡沫心态。一组深受散户交易员欢迎的小型股票经常出现在今年交易量最大的榜单上，特别是 GameStoPandAMC Entertainment，但也有维珍银河和黑莓等热门股票。</blockquote></p><p> It is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&amp;P 500, and from its intraday peak in July to the October low it fell 13%.</p><p><blockquote>不可否认，股票比平时贵得多。但泡沫在膨胀时通常会有很大的波动性，而不是外表平静、内心动荡，因为价格的每一次小幅下跌都会被其他人放大，他们担心泡沫即将破裂。1999年，标普500至少有9次跌幅超过5%，从7月份的盘中峰值到10月份的低点，跌幅达13%。</blockquote></p><p> This time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.</p><p><blockquote>这一次，对股市最明显的威胁是美联储，而不是市场的高估。如果美联储加息，现金和债券突然看起来更具吸引力，蒂娜购买异常昂贵股票的理由就会被削弱。</blockquote></p><p> “You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”</p><p><blockquote>“花旗集团首席全球股票策略师罗伯特-巴克兰（Robert Buckland）说：”市场内部波动很大，但市场波动却不大。“如果除了拥有指数之外还有其他选择，情况可能会有所改变”。</blockquote></p><p> This month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&amp;P fell just over 2% in three days before resuming its upward climb.</p><p><blockquote>本月的美联储恐慌表明，当股票还有其他选择时，股票价格是多么敏感。美联储在吸收现金的逆回购协议（一种隔夜担保存款）中提供 0.05% 而不是 0% 的利率，略低于底线，并立即额外吸收了 2350 亿美元。关于两年内加息而不是之前预测的三年的说法增加了股市的压力，标准普尔指数在三天内下跌了 2% 多一点，然后恢复了向上攀升。</blockquote></p><p> If that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.</p><p><blockquote>如果这是对美联储几乎什么都没做的反应，想象一下，如果美联储开始正常的加息周期并使现金再次具有吸引力，市场会有多害怕。我认为这种情况不太可能很快发生，但可能将市场深处的动荡带到表面的头号威胁是美联储。</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 Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</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 Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-06-28 11:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.</p><p><blockquote>美国股市表面上尽可能平静，但背后却比几十年来更加动荡。</blockquote></p><p> The S&amp;P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&amp;P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.</p><p><blockquote>标普500如此安静，几乎令人不安。自 10 月底以来，该指数从未根据收盘价进行过 5% 的调整；难怪开始锁定购买股票的新日内交易者认为市场只会上涨。标准普尔上一次如此平静是在 2017 年，那是一段平静时期，随着 2018 年初的波动性崩盘而结束——尽管当时平静的时间甚至更长。</blockquote></p><p> Yet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.</p><p><blockquote>然而，看看各类股票的表现，它们的波动幅度比平时要大得多。投资者一直在以危机之外前所未有的速度在行业之间转换押注；3月份出现了自2002年以来表现最好和最差的行业之间的最大差距。</blockquote></p><p> The link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.</p><p><blockquote>以相关性衡量，成长型股票和廉价“价值”股票之间的联系是自 1995 年以来最弱的；投资者正在利用它们作为押注经济复苏或反对经济复苏的代理人。</blockquote></p><p> Meanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.</p><p><blockquote>与此同时，大盘股和小盘股上一次如此独立地走势是在 2000 年的互联网泡沫时期，这从来都不是一个令人放心的迹象。</blockquote></p><p> I think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.</p><p><blockquote>我认为这是蒂娜的另一个方面：除了股票没有其他选择。由于国债、公司债券和现金回报率微薄或为零，股票提供了最大的收益希望。以前会将资金从股票转向债券，反之亦然的投资者现在只是从一种股票转向另一种股票——因此一种股票的下跌会被另一种股票的上涨所抵消。</blockquote></p><p> There is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.</p><p><blockquote>当然，不能保证它会继续这样下去。让足够的恐惧发挥作用，无论现金收益率有多低，投资者都会赶紧退出，就像他们去年 3 月所做的那样。但是，尽管形势看起来很好，但很难证明购买收益率远低于通货膨胀率的长期债券是合理的。时光看起来确实不错。</blockquote></p><p> A widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.</p><p><blockquote>持谨慎态度的人普遍认为，股市之所以持续上涨，是因为廉价资金和政府刺激措施助长了巨大的泡沫。自 2000 年以来，股票从未如此昂贵，而时尚股票的疯狂过度交易则明显带有泡沫心态。一组深受散户交易员欢迎的小型股票经常出现在今年交易量最大的榜单上，特别是 GameStoPandAMC Entertainment，但也有维珍银河和黑莓等热门股票。</blockquote></p><p> It is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&amp;P 500, and from its intraday peak in July to the October low it fell 13%.</p><p><blockquote>不可否认，股票比平时贵得多。但泡沫在膨胀时通常会有很大的波动性，而不是外表平静、内心动荡，因为价格的每一次小幅下跌都会被其他人放大，他们担心泡沫即将破裂。1999年，标普500至少有9次跌幅超过5%，从7月份的盘中峰值到10月份的低点，跌幅达13%。</blockquote></p><p> This time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.</p><p><blockquote>这一次，对股市最明显的威胁是美联储，而不是市场的高估。如果美联储加息，现金和债券突然看起来更具吸引力，蒂娜购买异常昂贵股票的理由就会被削弱。</blockquote></p><p> “You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”</p><p><blockquote>“花旗集团首席全球股票策略师罗伯特-巴克兰（Robert Buckland）说：”市场内部波动很大，但市场波动却不大。“如果除了拥有指数之外还有其他选择，情况可能会有所改变”。</blockquote></p><p> This month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&amp;P fell just over 2% in three days before resuming its upward climb.</p><p><blockquote>本月的美联储恐慌表明，当股票还有其他选择时，股票价格是多么敏感。美联储在吸收现金的逆回购协议（一种隔夜担保存款）中提供 0.05% 而不是 0% 的利率，略低于底线，并立即额外吸收了 2350 亿美元。关于两年内加息而不是之前预测的三年的说法增加了股市的压力，标准普尔指数在三天内下跌了 2% 多一点，然后恢复了向上攀升。</blockquote></p><p> If that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.</p><p><blockquote>如果这是对美联储几乎什么都没做的反应，想象一下，如果美联储开始正常的加息周期并使现金再次具有吸引力，市场会有多害怕。我认为这种情况不太可能很快发生，但可能将市场深处的动荡带到表面的头号威胁是美联储。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/the-stock-market-hasnt-been-this-placid-in-years-11624740199?mod=itp_wsj\">WSJ</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"},"source_url":"https://www.wsj.com/articles/the-stock-market-hasnt-been-this-placid-in-years-11624740199?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177492181","content_text":"The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.\nThe S&P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.\nYet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.\nThe link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.\nMeanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.\nI think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.\nThere is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.\nA widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.\nIt is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&P 500, and from its intraday peak in July to the October low it fell 13%.\nThis time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.\n“You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”\nThis month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&P fell just over 2% in three days before resuming its upward climb.\nIf that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125469380,"gmtCreate":1624686682640,"gmtModify":1633949560820,"author":{"id":"3575694115795487","authorId":"3575694115795487","name":"Aun9","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575694115795487","authorIdStr":"3575694115795487"},"themes":[],"title":"","htmlText":"Thanks&nbsp;//<a href=\"https://laohu8.com/U/3563667369548444\">@skyes</a>:Hi, you should check out my latest post. It shows some truth about tiger coins....","listText":"Thanks&nbsp;//<a href=\"https://laohu8.com/U/3563667369548444\">@skyes</a>:Hi, you should check out my latest post. It shows some truth about tiger coins....","text":"Thanks //@skyes:Hi, you should check out my latest post. It shows some truth about tiger coins....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125469380","repostId":"1100072036","repostType":4,"isVote":1,"tweetType":1,"viewCount":2955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":148673665,"gmtCreate":1625974711357,"gmtModify":1633931192291,"author":{"id":"3575694115795487","authorId":"3575694115795487","name":"Aun9","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575694115795487","idStr":"3575694115795487"},"themes":[],"title":"","htmlText":"No thanks&nbsp;","listText":"No thanks&nbsp;","text":"No thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148673665","repostId":"1106289851","repostType":4,"repost":{"id":"1106289851","kind":"news","pubTimestamp":1625972710,"share":"https://www.laohunote.com/m/news/1106289851?lang=zh_CN&edition=full","pubTime":"2021-07-11 11:05","market":"us","language":"en","title":"PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106289851","media":"Barrons","summary":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday:","content":"<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</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>PepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPepsiCo Reports Earnings Next Week. Buy the Stock Now, Analyst Says.<blockquote>百事公司下周公布财报。分析师表示，现在就购买股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 11:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.</p><p><blockquote>在这家饮料和零食巨头周二发布第二季度报告之前，百事可乐的多头出现了： 她现在给出买入建议。</blockquote></p><p> On Friday, Cowen &amp; Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.</p><p><blockquote>周五，Cowen &amp; Co. 分析师 Vivien Azer 重申了百事可乐（股票代码：PEP）跑赢大盘的评级和 165 美元的目标价。她预测公司每股收益为 1.51 美元，比分析师的平均预期低 2 美分--尽管她指出这个数字可能比较保守--有机收入增长率为 8.6%。</blockquote></p><p> Azer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.</p><p><blockquote>Azer 预计 Frito Lay 北美的有机收入增长率为 4%，并指出，尽管在 Covid-19 限制期间，越来越多的消费者在家吃零食，但该部门的表现依然良好。</blockquote></p><p> The analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.</p><p><blockquote>这位分析师认为，相比之下，百事可乐的北美饮料业务将在第二季度迎来全年最容易的比较，并指出最近的数据显示，百事可乐的北美饮料业务在销售增长方面可能领先于可口可乐（KO）。</blockquote></p><p> Also, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.</p><p><blockquote>此外，由于美国疫苗的强劲推广，与 Covid 相关的总体成本应该会下降，美国占百事可乐利润的近三分之二。尽管如此，阿泽尔写道，拉丁美洲挥之不去的疫情威胁可能会成为该地区的阻力。</blockquote></p><p> Other analysts have been&nbsp;optimistic about Pepsi’s earnings&nbsp;as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.</p><p><blockquote>其他分析师也对百事可乐的盈利持乐观态度。FactSet 追踪的 23 家公司中有一半多一点将其评级为买入或同等评级，其中 43% 持观望态度，1 家看跌看涨期权。分析师平均目标价为 156.02 美元。</blockquote></p><p> Consensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the&nbsp;previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.</p><p><blockquote>百事可乐的评级共识为每股 1.53 美元，营收为 179.7 亿美元。这比 4 月份公布的上一季度每股收益 1.21 美元和营收 148.2 亿美元有所增长。在过去五年中，百事可乐的每股收益从未低于季度预期。</blockquote></p><p> Pepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.</p><p><blockquote>百事可乐将于上午8:15举办电话会议东部时间周二。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PEP":"百事可乐"},"source_url":"https://www.barrons.com/articles/pepsico-reports-earnings-next-week-buy-the-stock-now-analyst-says-51625863176?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106289851","content_text":"A PepsiCo bull is getting out ahead of the beverage and snack giant’s second-quarter report Tuesday: She’s making a buy recommendation now.\nOn Friday, Cowen & Co. analyst Vivien Azer reiterated an Outperform rating and $165 price target on PepsiCo (ticker: PEP). She’s modeling for the company to earn $1.51 a share, 2 cents below the average analyst estimate—although she notes that figure could be conservative—and organic revenue growth of 8.6%.\nAzer expects Frito Lay North America’s organic revenue growth to be 4%, and notes the division is holding up well despite difficult year-over-year comparisons when more consumers were snacking at home during Covid-19 restrictions.\nThe analyst believes Pepsi’s North American beverage business, by contrast, will see its easiest comparison of the year in the second quarter, and points out that recent data shows it may be pulling ahead of Coca-Cola (KO) in terms of sales growth.\nAlso, overall Covid-related costs should be down because of a strong vaccine rollout in the U.S., which accounts for nearly two-thirds of Pepsi’s profits. Still, Azer wrote, the lingering pandemic threat in Latin America could be a headwind in that region.\nOther analysts have been optimistic about Pepsi’s earnings as well. A little over half of the 23 tracked by FactSet rate it at Buy or the equivalent, with 43% on the sidelines and one bearish call. The average analyst price target is $156.02.\nConsensus calls for Pepsi to earn $1.53 a share on revenue of $17.97 billion. That’s up from EPS of $1.21 and revenue of $14.82 billion in the previous quarter, reported in April. Pepsi’s EPS hasn’t missed quarterly expectations in the past five years.\nPepsi will host a conference call at 8:15 a.m. Eastern time Tuesday.","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":3714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127257994,"gmtCreate":1624852935918,"gmtModify":1633947932561,"author":{"id":"3575694115795487","authorId":"3575694115795487","name":"Aun9","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575694115795487","idStr":"3575694115795487"},"themes":[],"title":"","htmlText":"Scary&nbsp;","listText":"Scary&nbsp;","text":"Scary","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127257994","repostId":"1177492181","repostType":4,"repost":{"id":"1177492181","kind":"news","pubTimestamp":1624849703,"share":"https://www.laohunote.com/m/news/1177492181?lang=zh_CN&edition=full","pubTime":"2021-06-28 11:08","market":"us","language":"en","title":"The Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1177492181","media":"WSJ","summary":"The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has ","content":"<p>The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.</p><p><blockquote>美国股市表面上尽可能平静，但背后却比几十年来更加动荡。</blockquote></p><p> The S&amp;P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&amp;P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.</p><p><blockquote>标普500如此安静，几乎令人不安。自 10 月底以来，该指数从未根据收盘价进行过 5% 的调整；难怪开始锁定购买股票的新日内交易者认为市场只会上涨。标准普尔上一次如此平静是在 2017 年，那是一段平静时期，随着 2018 年初的波动性崩盘而结束——尽管当时平静的时间甚至更长。</blockquote></p><p> Yet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.</p><p><blockquote>然而，看看各类股票的表现，它们的波动幅度比平时要大得多。投资者一直在以危机之外前所未有的速度在行业之间转换押注；3月份出现了自2002年以来表现最好和最差的行业之间的最大差距。</blockquote></p><p> The link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.</p><p><blockquote>以相关性衡量，成长型股票和廉价“价值”股票之间的联系是自 1995 年以来最弱的；投资者正在利用它们作为押注经济复苏或反对经济复苏的代理人。</blockquote></p><p> Meanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.</p><p><blockquote>与此同时，大盘股和小盘股上一次如此独立地走势是在 2000 年的互联网泡沫时期，这从来都不是一个令人放心的迹象。</blockquote></p><p> I think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.</p><p><blockquote>我认为这是蒂娜的另一个方面：除了股票没有其他选择。由于国债、公司债券和现金回报率微薄或为零，股票提供了最大的收益希望。以前会将资金从股票转向债券，反之亦然的投资者现在只是从一种股票转向另一种股票——因此一种股票的下跌会被另一种股票的上涨所抵消。</blockquote></p><p> There is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.</p><p><blockquote>当然，不能保证它会继续这样下去。让足够的恐惧发挥作用，无论现金收益率有多低，投资者都会赶紧退出，就像他们去年 3 月所做的那样。但是，尽管形势看起来很好，但很难证明购买收益率远低于通货膨胀率的长期债券是合理的。时光看起来确实不错。</blockquote></p><p> A widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.</p><p><blockquote>持谨慎态度的人普遍认为，股市之所以持续上涨，是因为廉价资金和政府刺激措施助长了巨大的泡沫。自 2000 年以来，股票从未如此昂贵，而时尚股票的疯狂过度交易则明显带有泡沫心态。一组深受散户交易员欢迎的小型股票经常出现在今年交易量最大的榜单上，特别是 GameStoPandAMC Entertainment，但也有维珍银河和黑莓等热门股票。</blockquote></p><p> It is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&amp;P 500, and from its intraday peak in July to the October low it fell 13%.</p><p><blockquote>不可否认，股票比平时贵得多。但泡沫在膨胀时通常会有很大的波动性，而不是外表平静、内心动荡，因为价格的每一次小幅下跌都会被其他人放大，他们担心泡沫即将破裂。1999年，标普500至少有9次跌幅超过5%，从7月份的盘中峰值到10月份的低点，跌幅达13%。</blockquote></p><p> This time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.</p><p><blockquote>这一次，对股市最明显的威胁是美联储，而不是市场的高估。如果美联储加息，现金和债券突然看起来更具吸引力，蒂娜购买异常昂贵股票的理由就会被削弱。</blockquote></p><p> “You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”</p><p><blockquote>“花旗集团首席全球股票策略师罗伯特-巴克兰（Robert Buckland）说：”市场内部波动很大，但市场波动却不大。“如果除了拥有指数之外还有其他选择，情况可能会有所改变”。</blockquote></p><p> This month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&amp;P fell just over 2% in three days before resuming its upward climb.</p><p><blockquote>本月的美联储恐慌表明，当股票还有其他选择时，股票价格是多么敏感。美联储在吸收现金的逆回购协议（一种隔夜担保存款）中提供 0.05% 而不是 0% 的利率，略低于底线，并立即额外吸收了 2350 亿美元。关于两年内加息而不是之前预测的三年的说法增加了股市的压力，标准普尔指数在三天内下跌了 2% 多一点，然后恢复了向上攀升。</blockquote></p><p> If that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.</p><p><blockquote>如果这是对美联储几乎什么都没做的反应，想象一下，如果美联储开始正常的加息周期并使现金再次具有吸引力，市场会有多害怕。我认为这种情况不太可能很快发生，但可能将市场深处的动荡带到表面的头号威胁是美联储。</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 Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</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 Stock Market Hasn’t Been This Placid in Years<blockquote>股市多年来从未如此平静过</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-06-28 11:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.</p><p><blockquote>美国股市表面上尽可能平静，但背后却比几十年来更加动荡。</blockquote></p><p> The S&amp;P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&amp;P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.</p><p><blockquote>标普500如此安静，几乎令人不安。自 10 月底以来，该指数从未根据收盘价进行过 5% 的调整；难怪开始锁定购买股票的新日内交易者认为市场只会上涨。标准普尔上一次如此平静是在 2017 年，那是一段平静时期，随着 2018 年初的波动性崩盘而结束——尽管当时平静的时间甚至更长。</blockquote></p><p> Yet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.</p><p><blockquote>然而，看看各类股票的表现，它们的波动幅度比平时要大得多。投资者一直在以危机之外前所未有的速度在行业之间转换押注；3月份出现了自2002年以来表现最好和最差的行业之间的最大差距。</blockquote></p><p> The link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.</p><p><blockquote>以相关性衡量，成长型股票和廉价“价值”股票之间的联系是自 1995 年以来最弱的；投资者正在利用它们作为押注经济复苏或反对经济复苏的代理人。</blockquote></p><p> Meanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.</p><p><blockquote>与此同时，大盘股和小盘股上一次如此独立地走势是在 2000 年的互联网泡沫时期，这从来都不是一个令人放心的迹象。</blockquote></p><p> I think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.</p><p><blockquote>我认为这是蒂娜的另一个方面：除了股票没有其他选择。由于国债、公司债券和现金回报率微薄或为零，股票提供了最大的收益希望。以前会将资金从股票转向债券，反之亦然的投资者现在只是从一种股票转向另一种股票——因此一种股票的下跌会被另一种股票的上涨所抵消。</blockquote></p><p> There is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.</p><p><blockquote>当然，不能保证它会继续这样下去。让足够的恐惧发挥作用，无论现金收益率有多低，投资者都会赶紧退出，就像他们去年 3 月所做的那样。但是，尽管形势看起来很好，但很难证明购买收益率远低于通货膨胀率的长期债券是合理的。时光看起来确实不错。</blockquote></p><p> A widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.</p><p><blockquote>持谨慎态度的人普遍认为，股市之所以持续上涨，是因为廉价资金和政府刺激措施助长了巨大的泡沫。自 2000 年以来，股票从未如此昂贵，而时尚股票的疯狂过度交易则明显带有泡沫心态。一组深受散户交易员欢迎的小型股票经常出现在今年交易量最大的榜单上，特别是 GameStoPandAMC Entertainment，但也有维珍银河和黑莓等热门股票。</blockquote></p><p> It is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&amp;P 500, and from its intraday peak in July to the October low it fell 13%.</p><p><blockquote>不可否认，股票比平时贵得多。但泡沫在膨胀时通常会有很大的波动性，而不是外表平静、内心动荡，因为价格的每一次小幅下跌都会被其他人放大，他们担心泡沫即将破裂。1999年，标普500至少有9次跌幅超过5%，从7月份的盘中峰值到10月份的低点，跌幅达13%。</blockquote></p><p> This time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.</p><p><blockquote>这一次，对股市最明显的威胁是美联储，而不是市场的高估。如果美联储加息，现金和债券突然看起来更具吸引力，蒂娜购买异常昂贵股票的理由就会被削弱。</blockquote></p><p> “You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”</p><p><blockquote>“花旗集团首席全球股票策略师罗伯特-巴克兰（Robert Buckland）说：”市场内部波动很大，但市场波动却不大。“如果除了拥有指数之外还有其他选择，情况可能会有所改变”。</blockquote></p><p> This month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&amp;P fell just over 2% in three days before resuming its upward climb.</p><p><blockquote>本月的美联储恐慌表明，当股票还有其他选择时，股票价格是多么敏感。美联储在吸收现金的逆回购协议（一种隔夜担保存款）中提供 0.05% 而不是 0% 的利率，略低于底线，并立即额外吸收了 2350 亿美元。关于两年内加息而不是之前预测的三年的说法增加了股市的压力，标准普尔指数在三天内下跌了 2% 多一点，然后恢复了向上攀升。</blockquote></p><p> If that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.</p><p><blockquote>如果这是对美联储几乎什么都没做的反应，想象一下，如果美联储开始正常的加息周期并使现金再次具有吸引力，市场会有多害怕。我认为这种情况不太可能很快发生，但可能将市场深处的动荡带到表面的头号威胁是美联储。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/the-stock-market-hasnt-been-this-placid-in-years-11624740199?mod=itp_wsj\">WSJ</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"},"source_url":"https://www.wsj.com/articles/the-stock-market-hasnt-been-this-placid-in-years-11624740199?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177492181","content_text":"The U.S. stock marketis as calm as can beon the surface, while churning underneath more than it has in decades.\nThe S&P 500 is so quiet it is almost disconcerting. The index hasn’t had a 5% correction based on closing prices since the end of October; no wonder the new day traders who started buying shares in lockdown think the market only goes up. The last time the S&P was this serene for so long was in 2017, a period of calm that ended with the volatility crash early in 2018—although back then it was even quieter for much longer.\nYet, look at the performance of types of stocks, and they have been swinging around much more than they usually do. Investors have been switching their bets between industries at a pace not seen outside of crises; March brought the biggest gap between the best and worst-performing sectors since 2002.\nThe link between moves in growth stocks and cheap “value” stocks is the weakest—measured by the correlation—since 1995; investors are using them as proxies for betting for or against economic recovery.\nMeanwhile, big and small stocks last moved so independently of each other during the dot-com bubble of 2000, never a reassuring sign.\nI think this is another aspect of TINA: There Is No Alternative to stocks. With Treasurys, corporate bonds and cashoffering meager or zero return, stocks offer the best hope of gains. Investors who would previously have shifted money from stocks to bonds or vice versa now just switch from one sort of stock to another—so falls in one are offset by gains in another.\nThere is no guarantee that it continues this way, of course. Bring enough fear into play and investors will bolt for the exits no matter how low cash yields are, just as they did in March last year. But while times seem pretty good, it is hard to justify buying a long-dated bond yielding far less than inflation. And times do seem pretty good.\nA widespread theory among those of a cautious disposition is that stocks just keep going up because a massive bubble has been inflated by cheap money and government stimulus. Stocks haven’t been so expensive since 2000, while a bubble mentality is obvious in the wild overtrading of fashionable stocks. A cluster of small stocks popular with retail tradershas often featured at the topof the most-traded lists this year, notablyGameStopandAMC Entertainmentbut also favorites such as Virgin Galactic andBlackBerry.\nIt is undeniable that stocks are far more expensive than usual. But bubbles usually involve lots of volatility as they inflate, not a calm exterior and turmoil within, because every little price drop is magnified by others fearful that the bubble is about to pop. In 1999 there were at least nine drops of more than 5% in the S&P 500, and from its intraday peak in July to the October low it fell 13%.\nThis time the most obvious threat to stocks is the Federal Reserve, rather than the market’s overvaluation. If the Fed raises rates, cash and bonds suddenly look much more attractive, and the TINA justification for buying extraordinarily expensive stocks is undermined.\n“You’ve got lots of volatility within the market but not a lot of volatility of the market,” says Robert Buckland, chief global equity strategist at Citigroup. “If there’s an alternative to just owning the index that could change.”\nThis month’s Fed scare showed just how sensitive stock prices are when it turns out there is an alternative to stocks, of sorts. The Fedraised rates fractionally off the floorby offering 0.05% instead of 0% on its cash-absorbing reverse repurchase agreements, a kind of overnight secured deposit, and instantly sucked in $235 billion extra. Talk of rate increases coming in two years instead of the three previously projected added to pressure on stocks, and the S&P fell just over 2% in three days before resuming its upward climb.\nIf that was the reaction to the Fed just barely doing something close to nothing, imagine how scared the market would be if the Fed started a normal rate hiking cycle and made cash attractive again. It isn’t something I think is likely soon, but the number one threat that could bring the turmoil from the depths to the surface of this market is the Fed.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862429730,"gmtCreate":1632904025088,"gmtModify":1632904025471,"author":{"id":"3575694115795487","authorId":"3575694115795487","name":"Aun9","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575694115795487","idStr":"3575694115795487"},"themes":[],"title":"","htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862429730","repostId":"1181111544","repostType":4,"repost":{"id":"1181111544","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":1632903392,"share":"https://www.laohunote.com/m/news/1181111544?lang=zh_CN&edition=full","pubTime":"2021-09-29 16:16","market":"us","language":"en","title":"Apple shares rose 1.2% in premarket trading<blockquote>苹果股价在盘前交易中上涨 1.2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181111544","media":"Tiger Newspress","summary":"Apple shares rose 1.2% in premarket trading as Apple customer service said that Power rationing in China has no impact on the iPhone13 and it can place an order normally.Some Apple and Tesla Motors Seventy percent of suppliers were forced to stop production for several days due to power cuts. Apple customer service said that it has not affected the delivery time of iPhone at present, so you can buy it with confidence.At present, several stores in Shanghai, as well as the surrounding stores in Su","content":"<p>Apple shares rose 1.2% in premarket trading&nbsp;as&nbsp;Apple customer service said&nbsp;that&nbsp;Power rationing in China has no impact on the iPhone13 and it&nbsp;can place an order normally.</p><p><blockquote>苹果股价在盘前交易中上涨1.2%，因苹果客服称国内限电对iPhone13没有影响，可以正常下单。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a9171879191f6f912fe0590fab33ddf1\" tg-width=\"848\" tg-height=\"617\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Some&nbsp;Apple&nbsp;and&nbsp;Tesla Motors&nbsp;Seventy percent of suppliers were forced to stop production for several days due to power cuts. Apple customer service said that it has not affected the delivery time of iPhone at present, so you can buy it with confidence.</p><p><blockquote>由于停电，一些苹果和特斯拉70%的供应商被迫停产几天。苹果客服表示，目前并没有影响到iPhone的发货时间，大家可以放心购买。</blockquote></p><p> At present, several stores in Shanghai, as well as the surrounding stores in Suzhou and Wuxi, are out of stock, and the order placed on September 29th will be delivered on November 4th at the earliest. At present, it is at the peak of iPhone13 series shipment, but many Apple supply chain factories have stopped production due to \"power cut\".</p><p><blockquote>目前上海多家门店以及苏州、无锡的周边门店都缺货，9月29日下的订单最快11月4日发货。目前正值iPhone13系列出货高峰期，但苹果多家供应链工厂因“断电”而停产。</blockquote></p><p> It is understood that Xinxing Electronics, a printed circuit board manufacturer of Apple Company, and Yisheng Precision, a major supplier of mechanical parts in Apple and Tesla Motors, both said on September 26 that they expected to stop working days in response to the regional policy of stopping industrial electricity consumption.</p><p><blockquote>据了解，苹果公司旗下印刷电路板制造商新兴电子以及苹果和特斯拉的主要机械零件供应商亿盛精密均在9月26日表示，预计将停止工作日，以响应地区停止工业用电的政策。</blockquote></p><p> However, Xinxing Electronics said that it will coordinate the production of other factories in the Group to meet the shipment demand of customers. It is estimated that the 4.5 working days of shutdown has not yet had a significant impact.</p><p><blockquote>不过，新兴电子表示，将协调集团内其他工厂的生产，以满足客户的出货需求。据估计，4.5个工作日的停工尚未产生明显影响。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple shares rose 1.2% in premarket trading<blockquote>苹果股价在盘前交易中上涨 1.2%</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\">\nApple shares rose 1.2% in premarket trading<blockquote>苹果股价在盘前交易中上涨 1.2%</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\">2021-09-29 16:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple shares rose 1.2% in premarket trading&nbsp;as&nbsp;Apple customer service said&nbsp;that&nbsp;Power rationing in China has no impact on the iPhone13 and it&nbsp;can place an order normally.</p><p><blockquote>苹果股价在盘前交易中上涨1.2%，因苹果客服称国内限电对iPhone13没有影响，可以正常下单。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a9171879191f6f912fe0590fab33ddf1\" tg-width=\"848\" tg-height=\"617\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Some&nbsp;Apple&nbsp;and&nbsp;Tesla Motors&nbsp;Seventy percent of suppliers were forced to stop production for several days due to power cuts. Apple customer service said that it has not affected the delivery time of iPhone at present, so you can buy it with confidence.</p><p><blockquote>由于停电，一些苹果和特斯拉70%的供应商被迫停产几天。苹果客服表示，目前并没有影响到iPhone的发货时间，大家可以放心购买。</blockquote></p><p> At present, several stores in Shanghai, as well as the surrounding stores in Suzhou and Wuxi, are out of stock, and the order placed on September 29th will be delivered on November 4th at the earliest. At present, it is at the peak of iPhone13 series shipment, but many Apple supply chain factories have stopped production due to \"power cut\".</p><p><blockquote>目前上海多家门店以及苏州、无锡的周边门店都缺货，9月29日下的订单最快11月4日发货。目前正值iPhone13系列出货高峰期，但苹果多家供应链工厂因“断电”而停产。</blockquote></p><p> It is understood that Xinxing Electronics, a printed circuit board manufacturer of Apple Company, and Yisheng Precision, a major supplier of mechanical parts in Apple and Tesla Motors, both said on September 26 that they expected to stop working days in response to the regional policy of stopping industrial electricity consumption.</p><p><blockquote>据了解，苹果公司旗下印刷电路板制造商新兴电子以及苹果和特斯拉的主要机械零件供应商亿盛精密均在9月26日表示，预计将停止工作日，以响应地区停止工业用电的政策。</blockquote></p><p> However, Xinxing Electronics said that it will coordinate the production of other factories in the Group to meet the shipment demand of customers. It is estimated that the 4.5 working days of shutdown has not yet had a significant impact.</p><p><blockquote>不过，新兴电子表示，将协调集团内其他工厂的生产，以满足客户的出货需求。据估计，4.5个工作日的停工尚未产生明显影响。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181111544","content_text":"Apple shares rose 1.2% in premarket trading as Apple customer service said that Power rationing in China has no impact on the iPhone13 and it can place an order normally.\n\nSome Apple and Tesla Motors Seventy percent of suppliers were forced to stop production for several days due to power cuts. Apple customer service said that it has not affected the delivery time of iPhone at present, so you can buy it with confidence.\nAt present, several stores in Shanghai, as well as the surrounding stores in Suzhou and Wuxi, are out of stock, and the order placed on September 29th will be delivered on November 4th at the earliest. At present, it is at the peak of iPhone13 series shipment, but many Apple supply chain factories have stopped production due to \"power cut\".\nIt is understood that Xinxing Electronics, a printed circuit board manufacturer of Apple Company, and Yisheng Precision, a major supplier of mechanical parts in Apple and Tesla Motors, both said on September 26 that they expected to stop working days in response to the regional policy of stopping industrial electricity consumption.\nHowever, Xinxing Electronics said that it will coordinate the production of other factories in the Group to meet the shipment demand of customers. It is estimated that the 4.5 working days of shutdown has not yet had a significant impact.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2708,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":125469380,"gmtCreate":1624686682640,"gmtModify":1633949560820,"author":{"id":"3575694115795487","authorId":"3575694115795487","name":"Aun9","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575694115795487","idStr":"3575694115795487"},"themes":[],"title":"","htmlText":"Thanks&nbsp;//<a href=\"https://laohu8.com/U/3563667369548444\">@skyes</a>:Hi, you should check out my latest post. It shows some truth about tiger coins....","listText":"Thanks&nbsp;//<a href=\"https://laohu8.com/U/3563667369548444\">@skyes</a>:Hi, you should check out my latest post. It shows some truth about tiger coins....","text":"Thanks //@skyes:Hi, you should check out my latest post. It shows some truth about tiger coins....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/125469380","repostId":"1100072036","repostType":4,"isVote":1,"tweetType":1,"viewCount":2955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}