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2021-10-15

Ok

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2021-10-05

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2021-10-04

$Weber Inc.(WEBR)$Pheeww

2021-10-04

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2021-09-29

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Technically Speaking: Is The Market "Melting-Up?"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>

2021-09-26

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Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始在亚利桑那州建设两家计算机芯片工厂</blockquote>

2021-09-25

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2021-09-24

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Friday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个动荡的财报季的启示</blockquote>

2021-09-21

LOL BABA

2021-09-21

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Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的顶线</blockquote>

2021-09-16

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2021-09-16

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Apple Vs. Microsoft: Who Is Inclined To Fall Harder In Case Of Correction<blockquote>苹果Vs微软：在纠正的情况下，谁倾向于跌得更惨</blockquote>

2021-09-15

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U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>由于对经济复苏和企业增税的担忧，美国股市收盘走低</blockquote>

2021-09-15

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ASML shares rose more than 2% to a record high<blockquote>ASML 股价上涨超过 2%，创历史新高</blockquote>

2021-09-13

Omg nvda

2021-09-13

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2021-09-12

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US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国 IPO 周即将到来：秋季 IPO 市场以第 10 周 IPO 拉开帷幕</blockquote>

2021-09-12

$APT 20220121 10.0 CALL(APT)$🥲🥲🥲

2021-09-12

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Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>

2021-09-10

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pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820417399","repostId":"2172968917","repostType":4,"isVote":1,"tweetType":1,"viewCount":3947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":820061751,"gmtCreate":1633326608204,"gmtModify":1633326753563,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/WEBR\">$Weber Inc.(WEBR)$</a>Pheeww","listText":"<a href=\"https://laohu8.com/S/WEBR\">$Weber Inc.(WEBR)$</a>Pheeww","text":"$Weber Inc.(WEBR)$Pheeww","images":[{"img":"https://static.tigerbbs.com/a95ae6b46c453f58d062e21e2c4ddd6e","width":"1125","height":"4178"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/820061751","isVote":1,"tweetType":1,"viewCount":3019,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":820061642,"gmtCreate":1633326575765,"gmtModify":1633326576108,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/820061642","repostId":"2172964814","repostType":4,"isVote":1,"tweetType":1,"viewCount":4594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862764179,"gmtCreate":1632916266273,"gmtModify":1632916266654,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/862764179","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohunote.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</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\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</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>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868580629,"gmtCreate":1632671644661,"gmtModify":1632798662634,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868580629","repostId":"1142057327","repostType":4,"repost":{"id":"1142057327","kind":"news","pubTimestamp":1632643246,"share":"https://www.laohunote.com/m/news/1142057327?lang=zh_CN&edition=full","pubTime":"2021-09-26 16:00","market":"us","language":"en","title":"Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始在亚利桑那州建设两家计算机芯片工厂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142057327","media":"The street","summary":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to","content":"<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州破土动工了两家新的计算机芯片工厂，这是一项耗资 200 亿美元的项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>国际电联</b>) -Get 英特尔公司 (INTC) 周五报道称，英特尔公司 (INTC) 在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资 200 亿美元的项目的一部分，旨在帮助缓解美国半导体严重短缺的问题。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商的首席执行官帕特·基辛格在该公司位于亚利桑那州钱德勒的奥科蒂略园区主持了该项目的奠基仪式，这标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于 2024 年全面投入运营，生产公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>“基辛格在公司声明中说：”今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能，满足对半导体的巨大需求： 半导体是一切数字化的基础技术。“我们正在迎来一个创新的新时代--对英特尔、对亚利桑那州乃至对全世界来说都是如此。自 40 多年前开设工厂以来，我们在亚利桑那州的总投资将超过 500 亿美元。</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领域的领导地位，”基辛格说。</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>英特尔股价周五盘后上涨 0.18%，至 54.32 美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，这干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两家新工厂将被命名为 Fab 52 和 Fab 62，总共将容纳六家半导体晶圆厂。该项目将创造3000多个高科技、高工资的英特尔工作岗位、3000个建筑工作岗位，并在当地社区支持约15000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔竞争对手台积电公司计划在亚利桑那州建造第二家美国芯片工厂，并计划于 2024 年开始生产。</blockquote></p><p></p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Intel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始在亚利桑那州建设两家计算机芯片工厂</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\">\nIntel Starts Construction of Two Arizona Computer Chip Factories<blockquote>英特尔开始在亚利桑那州建设两家计算机芯片工厂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The street</strong><span class=\"h-time small\">2021-09-26 16:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.</p><p><blockquote>英特尔在亚利桑那州破土动工了两家新的计算机芯片工厂，这是一项耗资 200 亿美元的项目的一部分，旨在帮助满足美国对半导体的高需求。</blockquote></p><p> Intel&nbsp;(<b>INTC</b>) -Get Intel Corporation (INTC) Report&nbsp;on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help&nbsp;alleviate the severe shortage of semiconductors in the U.S.</p><p><blockquote>英特尔（<b>国际电联</b>) -Get 英特尔公司 (INTC) 周五报道称，英特尔公司 (INTC) 在亚利桑那州的两家新计算机芯片工厂破土动工，这是一项耗资 200 亿美元的项目的一部分，旨在帮助缓解美国半导体严重短缺的问题。</blockquote></p><p> The Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.</p><p><blockquote>这家总部位于加利福尼亚州圣克拉拉的半导体芯片制造商的首席执行官帕特·基辛格在该公司位于亚利桑那州钱德勒的奥科蒂略园区主持了该项目的奠基仪式，这标志着该州历史上最大的私人投资。</blockquote></p><p> Intel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.</p><p><blockquote>英特尔预计这些工厂将于 2024 年全面投入运营，生产公司最先进的工艺技术。</blockquote></p><p> “Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.</p><p><blockquote>“基辛格在公司声明中说：”今天的庆祝活动标志着一个重要的里程碑，因为我们正在努力提高产能，满足对半导体的巨大需求： 半导体是一切数字化的基础技术。“我们正在迎来一个创新的新时代--对英特尔、对亚利桑那州乃至对全世界来说都是如此。自 40 多年前开设工厂以来，我们在亚利桑那州的总投资将超过 500 亿美元。</blockquote></p><p> \"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.</p><p><blockquote>“作为唯一一家总部位于美国的领先芯片制造商，我们致力于在这项长期投资的基础上再接再厉，帮助美国重新获得半导体领域的领导地位，”基辛格说。</blockquote></p><p> Shares of Intel on Friday traded 0.18% higher to $54.32 after hours.</p><p><blockquote>英特尔股价周五盘后上涨 0.18%，至 54.32 美元。</blockquote></p><p> Gelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.</p><p><blockquote>基辛格周四参加了与科技公司高管和商务部长吉娜·雷蒙多的虚拟会议，以解决全球半导体芯片短缺问题，这干扰了高科技、电子和汽车行业的生产。</blockquote></p><p> The two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.</p><p><blockquote>这两家新工厂将被命名为 Fab 52 和 Fab 62，总共将容纳六家半导体晶圆厂。该项目将创造3000多个高科技、高工资的英特尔工作岗位、3000个建筑工作岗位，并在当地社区支持约15000个额外的间接工作岗位。</blockquote></p><p> Intel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.</p><p><blockquote>英特尔竞争对手台积电公司计划在亚利桑那州建造第二家美国芯片工厂，并计划于 2024 年开始生产。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories\">The street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔"},"source_url":"https://www.thestreet.com/investing/intel-starts-construction-of-two-arizona-computer-chip-factories","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142057327","content_text":"Intel broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help meet the high demand for semiconductors in the U.S.\nIntel (INTC) -Get Intel Corporation (INTC) Report on Friday broke ground on two new computer chip factories in Arizona as part of a $20 billion project to help alleviate the severe shortage of semiconductors in the U.S.\nThe Santa Clara, Calif.-basedsemiconductor chip manufacturer'sCEO Pat Gelsinger led the project's groundbreaking ceremony at the company's Ocotillo campus in Chandler, Ariz., marking the largest private investment in the state's history.\nIntel expects the factories to be fully operational in 2024 to manufacture the company's most advanced process technologies.\n“Today’s celebration marks an important milestone as we work to boost capacity and meet the incredible demand for semiconductors: the foundational technology for the digitization of everything,\" Gelsinger said in acompany statement. \"We are ushering in a new era of innovation – for Intel, for Arizona and for the world. This $20 billion expansion will bring our total investment in Arizona to more than $50 billion since opening the site over 40 years ago.\n\"As the only U.S.-based leading-edge chipmaker, we are committed to building on this long-term investment and helping the United States regain semiconductor leadership,” Gelsinger said.\nShares of Intel on Friday traded 0.18% higher to $54.32 after hours.\nGelsinger on Thursday participated in a virtual meeting with tech company executives and Commerce Secretary Gina Raimondo to address the global semiconductor chip shortage, which has interfered with production in the high-tech, electronics and automotive industries.\nThe two new factories, to be named Fab 52 and Fab 62, will house a total of six semiconductor fabs. The project will create over 3,000 high-tech, high-wage Intel jobs, 3,000 construction jobs and support an estimated 15,000 additional indirect jobs in the local community.\nIntel rival Taiwan Semiconductor Manufacturing Co.plans to buildits second U.S. chip factory also in Arizona and targets production to begin in 2024.","news_type":1,"symbols_score_info":{"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868941715,"gmtCreate":1632582417937,"gmtModify":1632655232644,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/868941715","repostId":"1149730497","repostType":4,"isVote":1,"tweetType":1,"viewCount":4141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861239402,"gmtCreate":1632496592806,"gmtModify":1632716053073,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/861239402","repostId":"2169153886","repostType":4,"repost":{"id":"2169153886","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632494459,"share":"https://www.laohunote.com/m/news/2169153886?lang=zh_CN&edition=full","pubTime":"2021-09-24 22:40","market":"hk","language":"en","title":"Friday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个动荡的财报季的启示</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2169153886","media":"Benzinga Earnings","summary":"For many, Nike’s (NYSE: NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting.","content":"<p>  <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>  For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p><p><blockquote><b>每个季度的报告都带来了各自的起伏。这是总结……</b>对许多人来说，<b>耐克的</b>（纽约证券交易所股票代码：NKE）季度报告意味着财报季的非正式结束。虽然距离银行财报发布仅剩几周时间，标志着第三季度报告的开始，但第二季度<a href=\"https://laohu8.com/S/AONE.U\">一</a>值得注意的是。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。</blockquote></p><p> The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的盈利平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利增长也达到了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受关注的 FAANG 股票中，<b>亚马逊</b>（纳斯达克股票代码：AMZN）是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</blockquote></p><p> For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>对许多人来说，耐克的季度报告意味着财报季的非正式结束。虽然距离银行财报仅剩几周时间，标志着第三季度报告的开始，但第二季度值得注意。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的收益平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利超出了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受审查的 FAAMG 股票中，亚马逊是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</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>Friday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个动荡的财报季的启示</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\">\nFriday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个动荡的财报季的启示</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-24 22:40</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>  <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>  For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p><p><blockquote><b>每个季度的报告都带来了各自的起伏。这是总结……</b>对许多人来说，<b>耐克的</b>（纽约证券交易所股票代码：NKE）季度报告意味着财报季的非正式结束。虽然距离银行财报发布仅剩几周时间，标志着第三季度报告的开始，但第二季度<a href=\"https://laohu8.com/S/AONE.U\">一</a>值得注意的是。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。</blockquote></p><p> The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的盈利平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利增长也达到了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受关注的 FAANG 股票中，<b>亚马逊</b>（纳斯达克股票代码：AMZN）是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</blockquote></p><p> For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>对许多人来说，耐克的季度报告意味着财报季的非正式结束。虽然距离银行财报仅剩几周时间，标志着第三季度报告的开始，但第二季度值得注意。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的收益平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利超出了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受审查的 FAAMG 股票中，亚马逊是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","NKE":"耐克"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2169153886","content_text":"Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...\n\nFor many, Nike’s (NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.\nThe average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAANG stocks, Amazon (NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.\nFor many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.","news_type":1,"symbols_score_info":{"NKE":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869062697,"gmtCreate":1632229673319,"gmtModify":1632801938486,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"LOL BABA","listText":"LOL BABA","text":"LOL BABA","images":[{"img":"https://static.tigerbbs.com/938215d13672ea6b1873725402eb95cf","width":"1125","height":"4265"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869062697","isVote":1,"tweetType":1,"viewCount":2938,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":869066767,"gmtCreate":1632229638359,"gmtModify":1632801939448,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869066767","repostId":"1152381132","repostType":4,"repost":{"id":"1152381132","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":1632223927,"share":"https://www.laohunote.com/m/news/1152381132?lang=zh_CN&edition=full","pubTime":"2021-09-21 19:32","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152381132","media":"Tiger Newspress","summary":"U.S. stock futures are up.\nOil ends days of losses.\nKey central bank meetings this week in US, Brita","content":"<p><ul>  <li>U.S. stock futures are up.</li>  <li>Oil ends days of losses.</li>  <li>Key central bank meetings this week in US, Britain, Japan.</li> </ul> (Sept 21)&nbsp;U.S. stock futures are up,&nbsp;suggesting markets are poised to rebound&nbsp;a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities.</p><p><blockquote><ul><li>美国股指期货上涨。</li><li>石油结束了连日的亏损。</li><li>本周美国、英国和日本将召开重要的央行会议。</li></ul>（9月21日）美国股票期货上涨，表明市场有望反弹，此前一天，对中国房地产行业的担忧助长了全球股市和大宗商品的抛售。</blockquote></p><p> At 7:37 a.m. ET, Dow e-minis were up 259 points, or 0.77%, S&amp;P 500 e-minis gained 31.25 points, or 0.72%, and Nasdaq 100 e-minis jumped 109&nbsp;points, or 0.73%.</p><p><blockquote>美国东部时间上午 7:37，道琼斯电子迷你指数上涨 259 点，涨幅 0.77%，标普500电子迷你指数上涨 31.25 点，涨幅 0.72%，纳斯达克 100 电子迷你指数上涨 109 点，涨幅 0.73%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7fffdf1b0c371cce64957069d1ca4fc9\" tg-width=\"1235\" tg-height=\"515\" referrerpolicy=\"no-referrer\">Vix's decline has narrowed, and VIX is currently down by 9.33%.</p><p><blockquote>VIX跌幅收窄，目前VIX下跌9.33%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0b75218effa7b005d0ef2ecef92e270e\" tg-width=\"1110\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><b>What to Watch When the Stock Market Opens Today:</b></p><p><blockquote><b>今天股市开盘看什么：</b></blockquote></p><p> <ul>  <li>U.S.-listed Chinese stocks start to recover from Monday’s slump in&nbsp;premarket&nbsp;trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers.</li>  <li><a href=\"https://laohu8.com/S/UBER\">Uber</a> Technologies&nbsp;rose 3.9% before the bell. The ride-hailing firm said it expects toreach a measure of profitability in the current quarter, months earlier than previously expected.</li>  <li>Uber’s riva&nbsp;lLyft&nbsp;added 1.9% in premarket trading.</li>  <li><a href=\"https://laohu8.com/S/USB\">U.S. Bancorp</a>&nbsp;shares edged up 0.9% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the <a href=\"https://laohu8.com/S/WSTC\">West</a> Coast, for about $8 billion.</li>  <li><a href=\"https://laohu8.com/S/LEN\">Lennar</a> .&nbsp;fell more than 3% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.</li>  <li><a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>&nbsp;ticked up 1% after the oil-and-gas company said it hadagreed to buy all of <a href=\"https://laohu8.com/S/RGLD\">Royal</a> Dutch Shell’s assets in the Permian Basinfor about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped almost 5%.</li>  <li><a href=\"https://laohu8.com/S/OXY\">Occidental</a> Petroleum,&nbsp;<a href=\"https://laohu8.com/S/DVN\">Devon</a> EnergyDVN-5.40%andPhillips 66PSX-2.65%rose in premarket trading as oil prices rallied and theenergy sector looked set to rebound from a broad selloff.</li>  <li><a href=\"https://laohu8.com/S/DOW\">Dow Chemical</a> gained more than 3%. Shares of the chemicals giant have been on a downtrend since June. Chief Executive Jim Fitterling told The Wall Street Journal last month he wants to knowhow Congress plans to pay for a proposed move to zero-carbon emission electricity.</li>  <li><a href=\"https://laohu8.com/S/VRCA\">Verrica Pharmaceuticals Inc.</a> plunges 30% in&nbsp;premarket&nbsp;trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum</li>  <li><a href=\"https://laohu8.com/S/RWLK\">ReWalk Robotics</a> shares jump 43% in U.S.&nbsp;premarket&nbsp;trading amid a spike in volume in the stock. Being discussed on StockTwits.</li>  <li><a href=\"https://laohu8.com/S/APRE\">Aprea Therapeutics, Inc.</a> gains 21% in U.S.&nbsp;premarket&nbsp;trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab.</li>  <li><a href=\"https://laohu8.com/S/SDC\">SmileDirectClub, Inc.</a> slightly higher in&nbsp;premarket&nbsp;trading after it said on Monday that it plans to enter France with an initial location in Paris.</li>  <li><a href=\"https://laohu8.com/S/KAR\">KAR Auction</a> shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage.</li>  <li><a href=\"https://laohu8.com/S/SRAD\">Sportradar Group AG</a> shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately.</li>  <li><a href=\"https://laohu8.com/S/OEG\">Orbital Energy Group</a> gained 6% postmarket Monday after a unit won a contract &nbsp;to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed.</li> </ul> <b>Bitcoin</b> prices stabilized after tumbling on Monday,when investors ditched riskier and speculative assets.</p><p><blockquote><ul><li>随着全球抛售放缓，在美国上市的中国股票开始从周一盘前交易的暴跌中复苏。阿里巴巴-SW（BABA US）、百度（BIDU US）、蔚来（蔚来US）、腾讯控股音乐（TME US）和哔哩哔哩（BILI US）等涨幅居前。</li><li><a href=\"https://laohu8.com/S/UBER\">优步</a>科技股盘前上涨 3.9%。这家网约车公司表示，预计本季度将达到盈利水平，比之前预期提前几个月。</li><li>Uber 旗下的 riva lLyft 在盘前交易中上涨了 1.9%。</li><li><a href=\"https://laohu8.com/S/USB\">合众银行</a>该银行表示已同意收购 MUFG Union Bank，该银行主要在<a href=\"https://laohu8.com/S/WSTC\">西方</a>海岸，价值约 80 亿美元。</li><li><a href=\"https://laohu8.com/S/LEN\">伦纳</a>.盘前交易中下跌超过3%。该房屋建筑商表示，其第三季度盈利受到供应链挑战的损害，且没有缓解的迹象。</li><li><a href=\"https://laohu8.com/S/COP\">康菲石油公司</a>这家石油和天然气公司表示已同意收购所有<a href=\"https://laohu8.com/S/RGLD\">皇家的</a>荷兰壳牌公司在二叠纪盆地的资产价值约 95 亿美元现金。壳牌投资者对这笔交易欢呼雀跃：美国上市股票上涨近 5%。</li><li><a href=\"https://laohu8.com/S/OXY\">西方</a>石油，<a href=\"https://laohu8.com/S/DVN\">德文郡</a>EnergyDVN-5.40% 和 Phillips 66PSX-2.65% 随着油价上涨以及能源行业似乎将从广泛抛售中反弹，在盘前交易中上涨。</li><li><a href=\"https://laohu8.com/S/DOW\">陶氏化学</a>涨幅超过3%。这家化工巨头的股价自六月以来一直呈下跌趋势。首席执行官吉姆·菲特林 (Jim Fitterling) 上个月告诉《华尔街日报》，他想了解国会计划如何支付向零碳排放电力转变的费用。</li><li><a href=\"https://laohu8.com/S/VRCA\">维里卡制药公司。</a>VP-102 治疗传染性软疣未能获得 FDA 批准后，盘前交易暴跌 30%</li><li><a href=\"https://laohu8.com/S/RWLK\">ReWalk机器人</a>由于该股成交量飙升，美国盘前交易中股价上涨 43%。在StockTwits上讨论。</li><li><a href=\"https://laohu8.com/S/APRE\">Aprea治疗公司。</a>在该公司报告 eprenetapopt 联合派姆单抗的 1/2 期临床试验中，一名膀胱癌患者完全缓解后，该公司在美国上市前交易中上涨 21%。</li><li><a href=\"https://laohu8.com/S/SDC\">微笑直接俱乐部公司。</a>该公司周一表示计划进军法国，最初设在巴黎，盘前交易小幅走高。</li><li><a href=\"https://laohu8.com/S/KAR\">卡尔拍卖</a>该公司以芯片短缺造成的干扰为由撤回了全年财务展望，周一盘后交易中股价下跌 4.6%。</li><li><a href=\"https://laohu8.com/S/SRAD\">体育雷达集团公司</a>该公司表示，篮球传奇人物迈克尔·乔丹将担任董事会特别顾问，并增加对这家体育博彩和娱乐服务提供商的投资，该公司股价在周一盘后交易中上涨 4.5%，立即生效。</li><li><a href=\"https://laohu8.com/S/OEG\">轨道能量组</a>周一盘后上涨 6%，此前一家公司赢得了在弗吉尼亚州建设 1,910 英里农村宽带网络的合同。条款没有披露。</li></ul><b>比特币</b>由于投资者抛弃了风险较高和投机性资产，价格在周一暴跌后趋于稳定。</blockquote></p><p></p><p> <b>In FX, </b>the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis.</p><p><blockquote><b>在外汇中，</b>由于过去两个交易日全球股市的抛售有所减弱，彭博美元现货指数小幅走低，美元兑大多数 10 国集团货币下跌；在原油价格上涨的情况下，欧元徘徊，而以挪威克朗为首的大宗商品货币表现最佳。瑞典央行没有发出大流行后任何紧缩政策的信号，因此瑞典克朗几乎没有变化，因为它仍然不相信最近的通胀飙升会持续下去。随着全球风险偏好的回升，英镑扭转了连续三天的下跌局面，而投资者则在关注周四的英国央行会议，寻找政策线索。日元抹去了早些时候的涨幅，有迹象表明风险偏好正在稳定避险资产需求的疲软。与此同时，由于中国处理恒大债务危机的不确定性，损失被限制。</blockquote></p><p> <b>In rates, </b>Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp;<b>10-year yields around 1.3226%,</b>cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result</p><p><blockquote><b>在费率上，</b>美国国债走低，尽管脱离了当天最差的水平，因为美国股指期货收复了周一跌幅的一半左右，而欧洲股市则以强劲的买盘基调交易。曲线长端收益率最多便宜 2.5bp，5s30s 价差陡峭 1.2bp；<b>10年期收益率约为1.3226%，</b>当天下跌 1.5bp，落后德国国债和英国国债 1bp-2bp。曲线的长端滞后于 24b 美元 20 年期债券重新开放。财政部将在美国东部时间下午 1 点首次重新开盘时拍卖 24b 美元的 20 年期债券；自 1 月份以来，WI 收益率约为 1.82%，低于拍卖止损，比上个月的新发行结果高出约 3 个基点。</blockquote></p><p> <b>In commodities, </b>crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer</p><p><blockquote><b>在大宗商品方面，</b>原油期货上涨，近月 WTI 上涨 1.5%，接近 71.50 美元。布伦特原油价格徘徊在 75 美元附近。现货黄金交易价格窄幅接近 1,765 美元/盎司。基本金属大多上涨，LME 铝业表现最佳</blockquote></p><p> Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook.</p><p><blockquote>展望未来，数据发布包括美国 8 月份的新屋开工和建筑许可，以及英国 9 月份的公共财政。在中央银行方面，我们将听取欧洲央行副行长德金多斯的发言。否则，一般性辩论将在联合国大会开始，经合组织将发布其中期经济展望。</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 Tuesday<blockquote>周二美国市场开盘前的顶线</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 Tuesday<blockquote>周二美国市场开盘前的顶线</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\">2021-09-21 19:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>U.S. stock futures are up.</li>  <li>Oil ends days of losses.</li>  <li>Key central bank meetings this week in US, Britain, Japan.</li> </ul> (Sept 21)&nbsp;U.S. stock futures are up,&nbsp;suggesting markets are poised to rebound&nbsp;a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities.</p><p><blockquote><ul><li>美国股指期货上涨。</li><li>石油结束了连日的亏损。</li><li>本周美国、英国和日本将召开重要的央行会议。</li></ul>（9月21日）美国股票期货上涨，表明市场有望反弹，此前一天，对中国房地产行业的担忧助长了全球股市和大宗商品的抛售。</blockquote></p><p> At 7:37 a.m. ET, Dow e-minis were up 259 points, or 0.77%, S&amp;P 500 e-minis gained 31.25 points, or 0.72%, and Nasdaq 100 e-minis jumped 109&nbsp;points, or 0.73%.</p><p><blockquote>美国东部时间上午 7:37，道琼斯电子迷你指数上涨 259 点，涨幅 0.77%，标普500电子迷你指数上涨 31.25 点，涨幅 0.72%，纳斯达克 100 电子迷你指数上涨 109 点，涨幅 0.73%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7fffdf1b0c371cce64957069d1ca4fc9\" tg-width=\"1235\" tg-height=\"515\" referrerpolicy=\"no-referrer\">Vix's decline has narrowed, and VIX is currently down by 9.33%.</p><p><blockquote>VIX跌幅收窄，目前VIX下跌9.33%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0b75218effa7b005d0ef2ecef92e270e\" tg-width=\"1110\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><b>What to Watch When the Stock Market Opens Today:</b></p><p><blockquote><b>今天股市开盘看什么：</b></blockquote></p><p> <ul>  <li>U.S.-listed Chinese stocks start to recover from Monday’s slump in&nbsp;premarket&nbsp;trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers.</li>  <li><a href=\"https://laohu8.com/S/UBER\">Uber</a> Technologies&nbsp;rose 3.9% before the bell. The ride-hailing firm said it expects toreach a measure of profitability in the current quarter, months earlier than previously expected.</li>  <li>Uber’s riva&nbsp;lLyft&nbsp;added 1.9% in premarket trading.</li>  <li><a href=\"https://laohu8.com/S/USB\">U.S. Bancorp</a>&nbsp;shares edged up 0.9% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the <a href=\"https://laohu8.com/S/WSTC\">West</a> Coast, for about $8 billion.</li>  <li><a href=\"https://laohu8.com/S/LEN\">Lennar</a> .&nbsp;fell more than 3% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.</li>  <li><a href=\"https://laohu8.com/S/COP\">ConocoPhillips</a>&nbsp;ticked up 1% after the oil-and-gas company said it hadagreed to buy all of <a href=\"https://laohu8.com/S/RGLD\">Royal</a> Dutch Shell’s assets in the Permian Basinfor about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped almost 5%.</li>  <li><a href=\"https://laohu8.com/S/OXY\">Occidental</a> Petroleum,&nbsp;<a href=\"https://laohu8.com/S/DVN\">Devon</a> EnergyDVN-5.40%andPhillips 66PSX-2.65%rose in premarket trading as oil prices rallied and theenergy sector looked set to rebound from a broad selloff.</li>  <li><a href=\"https://laohu8.com/S/DOW\">Dow Chemical</a> gained more than 3%. Shares of the chemicals giant have been on a downtrend since June. Chief Executive Jim Fitterling told The Wall Street Journal last month he wants to knowhow Congress plans to pay for a proposed move to zero-carbon emission electricity.</li>  <li><a href=\"https://laohu8.com/S/VRCA\">Verrica Pharmaceuticals Inc.</a> plunges 30% in&nbsp;premarket&nbsp;trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum</li>  <li><a href=\"https://laohu8.com/S/RWLK\">ReWalk Robotics</a> shares jump 43% in U.S.&nbsp;premarket&nbsp;trading amid a spike in volume in the stock. Being discussed on StockTwits.</li>  <li><a href=\"https://laohu8.com/S/APRE\">Aprea Therapeutics, Inc.</a> gains 21% in U.S.&nbsp;premarket&nbsp;trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab.</li>  <li><a href=\"https://laohu8.com/S/SDC\">SmileDirectClub, Inc.</a> slightly higher in&nbsp;premarket&nbsp;trading after it said on Monday that it plans to enter France with an initial location in Paris.</li>  <li><a href=\"https://laohu8.com/S/KAR\">KAR Auction</a> shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage.</li>  <li><a href=\"https://laohu8.com/S/SRAD\">Sportradar Group AG</a> shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately.</li>  <li><a href=\"https://laohu8.com/S/OEG\">Orbital Energy Group</a> gained 6% postmarket Monday after a unit won a contract &nbsp;to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed.</li> </ul> <b>Bitcoin</b> prices stabilized after tumbling on Monday,when investors ditched riskier and speculative assets.</p><p><blockquote><ul><li>随着全球抛售放缓，在美国上市的中国股票开始从周一盘前交易的暴跌中复苏。阿里巴巴-SW（BABA US）、百度（BIDU US）、蔚来（蔚来US）、腾讯控股音乐（TME US）和哔哩哔哩（BILI US）等涨幅居前。</li><li><a href=\"https://laohu8.com/S/UBER\">优步</a>科技股盘前上涨 3.9%。这家网约车公司表示，预计本季度将达到盈利水平，比之前预期提前几个月。</li><li>Uber 旗下的 riva lLyft 在盘前交易中上涨了 1.9%。</li><li><a href=\"https://laohu8.com/S/USB\">合众银行</a>该银行表示已同意收购 MUFG Union Bank，该银行主要在<a href=\"https://laohu8.com/S/WSTC\">西方</a>海岸，价值约 80 亿美元。</li><li><a href=\"https://laohu8.com/S/LEN\">伦纳</a>.盘前交易中下跌超过3%。该房屋建筑商表示，其第三季度盈利受到供应链挑战的损害，且没有缓解的迹象。</li><li><a href=\"https://laohu8.com/S/COP\">康菲石油公司</a>这家石油和天然气公司表示已同意收购所有<a href=\"https://laohu8.com/S/RGLD\">皇家的</a>荷兰壳牌公司在二叠纪盆地的资产价值约 95 亿美元现金。壳牌投资者对这笔交易欢呼雀跃：美国上市股票上涨近 5%。</li><li><a href=\"https://laohu8.com/S/OXY\">西方</a>石油，<a href=\"https://laohu8.com/S/DVN\">德文郡</a>EnergyDVN-5.40% 和 Phillips 66PSX-2.65% 随着油价上涨以及能源行业似乎将从广泛抛售中反弹，在盘前交易中上涨。</li><li><a href=\"https://laohu8.com/S/DOW\">陶氏化学</a>涨幅超过3%。这家化工巨头的股价自六月以来一直呈下跌趋势。首席执行官吉姆·菲特林 (Jim Fitterling) 上个月告诉《华尔街日报》，他想了解国会计划如何支付向零碳排放电力转变的费用。</li><li><a href=\"https://laohu8.com/S/VRCA\">维里卡制药公司。</a>VP-102 治疗传染性软疣未能获得 FDA 批准后，盘前交易暴跌 30%</li><li><a href=\"https://laohu8.com/S/RWLK\">ReWalk机器人</a>由于该股成交量飙升，美国盘前交易中股价上涨 43%。在StockTwits上讨论。</li><li><a href=\"https://laohu8.com/S/APRE\">Aprea治疗公司。</a>在该公司报告 eprenetapopt 联合派姆单抗的 1/2 期临床试验中，一名膀胱癌患者完全缓解后，该公司在美国上市前交易中上涨 21%。</li><li><a href=\"https://laohu8.com/S/SDC\">微笑直接俱乐部公司。</a>该公司周一表示计划进军法国，最初设在巴黎，盘前交易小幅走高。</li><li><a href=\"https://laohu8.com/S/KAR\">卡尔拍卖</a>该公司以芯片短缺造成的干扰为由撤回了全年财务展望，周一盘后交易中股价下跌 4.6%。</li><li><a href=\"https://laohu8.com/S/SRAD\">体育雷达集团公司</a>该公司表示，篮球传奇人物迈克尔·乔丹将担任董事会特别顾问，并增加对这家体育博彩和娱乐服务提供商的投资，该公司股价在周一盘后交易中上涨 4.5%，立即生效。</li><li><a href=\"https://laohu8.com/S/OEG\">轨道能量组</a>周一盘后上涨 6%，此前一家公司赢得了在弗吉尼亚州建设 1,910 英里农村宽带网络的合同。条款没有披露。</li></ul><b>比特币</b>由于投资者抛弃了风险较高和投机性资产，价格在周一暴跌后趋于稳定。</blockquote></p><p></p><p> <b>In FX, </b>the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis.</p><p><blockquote><b>在外汇中，</b>由于过去两个交易日全球股市的抛售有所减弱，彭博美元现货指数小幅走低，美元兑大多数 10 国集团货币下跌；在原油价格上涨的情况下，欧元徘徊，而以挪威克朗为首的大宗商品货币表现最佳。瑞典央行没有发出大流行后任何紧缩政策的信号，因此瑞典克朗几乎没有变化，因为它仍然不相信最近的通胀飙升会持续下去。随着全球风险偏好的回升，英镑扭转了连续三天的下跌局面，而投资者则在关注周四的英国央行会议，寻找政策线索。日元抹去了早些时候的涨幅，有迹象表明风险偏好正在稳定避险资产需求的疲软。与此同时，由于中国处理恒大债务危机的不确定性，损失被限制。</blockquote></p><p> <b>In rates, </b>Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp;<b>10-year yields around 1.3226%,</b>cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result</p><p><blockquote><b>在费率上，</b>美国国债走低，尽管脱离了当天最差的水平，因为美国股指期货收复了周一跌幅的一半左右，而欧洲股市则以强劲的买盘基调交易。曲线长端收益率最多便宜 2.5bp，5s30s 价差陡峭 1.2bp；<b>10年期收益率约为1.3226%，</b>当天下跌 1.5bp，落后德国国债和英国国债 1bp-2bp。曲线的长端滞后于 24b 美元 20 年期债券重新开放。财政部将在美国东部时间下午 1 点首次重新开盘时拍卖 24b 美元的 20 年期债券；自 1 月份以来，WI 收益率约为 1.82%，低于拍卖止损，比上个月的新发行结果高出约 3 个基点。</blockquote></p><p> <b>In commodities, </b>crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer</p><p><blockquote><b>在大宗商品方面，</b>原油期货上涨，近月 WTI 上涨 1.5%，接近 71.50 美元。布伦特原油价格徘徊在 75 美元附近。现货黄金交易价格窄幅接近 1,765 美元/盎司。基本金属大多上涨，LME 铝业表现最佳</blockquote></p><p> Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook.</p><p><blockquote>展望未来，数据发布包括美国 8 月份的新屋开工和建筑许可，以及英国 9 月份的公共财政。在中央银行方面，我们将听取欧洲央行副行长德金多斯的发言。否则，一般性辩论将在联合国大会开始，经合组织将发布其中期经济展望。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF","USB":"美国合众银行",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152381132","content_text":"U.S. stock futures are up.\nOil ends days of losses.\nKey central bank meetings this week in US, Britain, Japan.\n\n(Sept 21) U.S. stock futures are up, suggesting markets are poised to rebound a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities.\nAt 7:37 a.m. ET, Dow e-minis were up 259 points, or 0.77%, S&P 500 e-minis gained 31.25 points, or 0.72%, and Nasdaq 100 e-minis jumped 109 points, or 0.73%.\nVix's decline has narrowed, and VIX is currently down by 9.33%.\nWhat to Watch When the Stock Market Opens Today:\n\nU.S.-listed Chinese stocks start to recover from Monday’s slump in premarket trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers.\nUber Technologies rose 3.9% before the bell. The ride-hailing firm said it expects toreach a measure of profitability in the current quarter, months earlier than previously expected.\nUber’s riva lLyft added 1.9% in premarket trading.\nU.S. Bancorp shares edged up 0.9% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the West Coast, for about $8 billion.\nLennar . fell more than 3% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.\nConocoPhillips ticked up 1% after the oil-and-gas company said it hadagreed to buy all of Royal Dutch Shell’s assets in the Permian Basinfor about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped almost 5%.\nOccidental Petroleum, Devon EnergyDVN-5.40%andPhillips 66PSX-2.65%rose in premarket trading as oil prices rallied and theenergy sector looked set to rebound from a broad selloff.\nDow Chemical gained more than 3%. Shares of the chemicals giant have been on a downtrend since June. Chief Executive Jim Fitterling told The Wall Street Journal last month he wants to knowhow Congress plans to pay for a proposed move to zero-carbon emission electricity.\nVerrica Pharmaceuticals Inc. plunges 30% in premarket trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum\nReWalk Robotics shares jump 43% in U.S. premarket trading amid a spike in volume in the stock. Being discussed on StockTwits.\nAprea Therapeutics, Inc. gains 21% in U.S. premarket trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab.\nSmileDirectClub, Inc. slightly higher in premarket trading after it said on Monday that it plans to enter France with an initial location in Paris.\nKAR Auction shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage.\nSportradar Group AG shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately.\nOrbital Energy Group gained 6% postmarket Monday after a unit won a contract  to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed.\n\nBitcoin prices stabilized after tumbling on Monday,when investors ditched riskier and speculative assets.\nIn FX, the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis.\nIn rates, Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp;10-year yields around 1.3226%,cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result\nIn commodities, crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer\nLooking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook.","news_type":1,"symbols_score_info":{"USB":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885657933,"gmtCreate":1631790404122,"gmtModify":1631888526698,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Wowwww","listText":"Wowwww","text":"Wowwww","images":[{"img":"https://static.tigerbbs.com/2ad95a04adaf70817a9de996affa24ba","width":"1125","height":"4265"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/885657933","isVote":1,"tweetType":1,"viewCount":926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":885654705,"gmtCreate":1631790367807,"gmtModify":1631888526721,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/885654705","repostId":"1126607843","repostType":4,"repost":{"id":"1126607843","kind":"news","pubTimestamp":1631785252,"share":"https://www.laohunote.com/m/news/1126607843?lang=zh_CN&edition=full","pubTime":"2021-09-16 17:40","market":"us","language":"en","title":"Apple Vs. Microsoft: Who Is Inclined To Fall Harder In Case Of Correction<blockquote>苹果Vs微软：在纠正的情况下，谁倾向于跌得更惨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126607843","media":"seekingalpha","summary":"Summary\n\nObjectively, the likelihood of a significant correction in the stock market now deserves at","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Objectively, the likelihood of a significant correction in the stock market now deserves attention.</li>  <li>In the recent past, Apple and Microsoft have responded differently to a significant decline in the stock market.</li>  <li>Apple and&nbsp;Microsoft tend to be undervalued in terms of future cash flow, and overvalued in terms of potential dividends.</li>  <li>In the event of a hypothetical correction, Microsoft's potential for falling is lower than Apple's.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a07b4e98bb726c0044932fc29b3089b3\" tg-width=\"1536\" tg-height=\"1208\" width=\"100%\" height=\"auto\"><span>vicnt/iStock via Getty Images</span></p><p><blockquote><ul><li>客观而言，现在股市出现大幅回调的可能性值得关注。</li><li>在最近的过去，苹果和微软对股市的大幅下跌做出了不同的反应。</li><li>苹果和微软在未来现金流方面往往被低估，而在潜在股息方面则被高估。</li><li>在假设的修正情况下，微软的下跌潜力低于苹果。</li></ul><p class=\"t-img-caption\"><span>vicnt/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>As an introduction...</b></p><p><blockquote><b>作为介绍……</b></blockquote></p><p> Since the last major correction in the US stock market ended in March 2020, the Nasdaq index has risen nearly 170%:</p><p><blockquote>自2020年3月美国股市上一次大调整结束以来，纳斯达克指数已上涨近170%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05a849f8e9ddf15f484770a5f0227fcd\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> For a year and a half, this is a very strong result, considering that the average annual total price return of the index over the past decade does not exceed 20%.<i>This fact alone makes us estimate the likelihood of a new significant correction in the stock market higher.</i></p><p><blockquote>对于一年半来说，考虑到该指数过去十年的平均年总价格回报率不超过20%，这是一个非常强劲的结果。<i>仅这一事实就让我们估计股市出现新的重大调整的可能性更高。</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/37eb0178d9d463c7419b99632a6ec614\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> In addition, there are other factors that make us wary of the current price level of the market.</p><p><blockquote>此外，还有其他因素让我们对当前市场的价格水平持谨慎态度。</blockquote></p><p> First, this year there is a record inflow of liquidity to the stock market. I'm not talking about the reasons now, they are obvious. But this fact alone makes the market extremely volatile:</p><p><blockquote>首先，今年流动性流入股市创历史新高。我现在不说原因，很明显。但这一事实本身就使得市场极其波动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10623d7cecd8dec70bb229b809458b68\" tg-width=\"1242\" tg-height=\"918\" width=\"100%\" height=\"auto\"><span>Source: Bank of America</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国银行</span></p></blockquote></p><p> Second, the relative size of the US stock market has exceeded 200% of nominal GDP. In principle, this is not a fundamental limit. But it was the ultra-soft monetary policy that allowed the US stock market to reach its current record level. And most likely, in this context, a reversal is&nbsp;already outlined.</p><p><blockquote>第二，美国股市的相对规模已经超过名义GDP的200%。原则上，这不是一个基本的限制。但正是超宽松的货币政策让美国股市达到了目前的创纪录水平。最有可能的是，在这种情况下，逆转已经勾勒出来。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f69cd6450737ddf3e5fcbd6406c793ba\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> And finally the third. The macrocycle also allows us to expect the market to enter a phase of increased volatility and tightening of monetary policy:</p><p><blockquote>最后是第三个。宏观周期也让我们预期市场将进入波动加剧和货币政策收紧的阶段：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d6a6a794dde6f4e1d3e6e9149b55060\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> So, objectively, the likelihood of the next correction of the stock market at least deserves attention. And in this context, I propose to answer the question:<i>in case of a correction, which company is inclined to fall harder - Apple (AAPL) or Microsoft (MSFT)?</i></p><p><blockquote>所以，客观来说，股市下一次回调的可能性至少值得关注。在这种情况下，我建议回答这个问题：<i>如果出现调整，苹果 (AAPL) 和微软 (MSFT) 哪家公司的跌幅更大？</i></blockquote></p><p> <b>Why Apple vs. Microsoft?</b></p><p><blockquote><b>为什么是苹果对微软？</b></blockquote></p><p> The decision to compare exactly these two companies was dictated by two factors.</p><p><blockquote>准确比较这两家公司的决定是由两个因素决定的。</blockquote></p><p> Firstly, these are the two largest companies in the tech sector, together accounting for more than 10% of the total capitalization of the US stock market. These companies are so large that, in principle, their dynamics alone can cause a new wave of correction:</p><p><blockquote>首先，这是科技行业最大的两家公司，合计占美国股市总市值的10%以上。这些公司规模如此之大，原则上，仅凭它们的动态就能引发新一波的调整：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf3ef401b67c298ecbd9d56d31fc6927\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31417d34d6eacb724c20b3a274068467\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> Secondly, both companies pay dividends. In matters of fundamental valuation, this factor plays a significant role.</p><p><blockquote>其次，两家公司都支付股息。在基本面估值方面，这个因素起着重要作用。</blockquote></p><p> <b>Some Statistics</b></p><p><blockquote><b>一些统计数据</b></blockquote></p><p> To begin with, let's take a look at what price dynamics both companies have shown during strong market fluctuations in the recent past.</p><p><blockquote>首先，让我们来看看两家公司在最近市场剧烈波动期间表现出的价格动态。</blockquote></p><p> To do this, I have broken the three-year span into eight periods of market movement:</p><p><blockquote>为此，我将三年的时间跨度分为八个市场走势时期：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edfd9dec91d94990cf5217aa649758ac\" tg-width=\"947\" tg-height=\"578\" width=\"100%\" height=\"auto\"><span>Source: TradingView, Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView，作者</span></p></blockquote></p><p> Here are the results that companies have shown in each of the periods:</p><p><blockquote>以下是公司在每个时期显示的业绩：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/868067f19c2251bfdb0658a251596fcc\" tg-width=\"640\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p></p><p> At first glance, the statistics are unambiguous:<i>during periods of correction, the price of Microsoft tends to decrease less than that of Apple.</i>But on the other hand, Apple has consistently performed better during periods of market growth. And in this case, the result obtained can simply be explained by the technical factors of the market behavior.</p><p><blockquote>乍一看，统计数据是明确的：<i>在调整期间，微软价格的跌幅往往小于苹果。</i>但另一方面，苹果在市场增长时期的表现一直较好。在这种情况下，所获得的结果可以简单地用市场行为的技术因素来解释。</blockquote></p><p> But in the current period of growth, both companies demonstrate approximately the same return. And therefore, here we do not find a clue to our question...</p><p><blockquote>但在当前的增长期，两家公司表现出大致相同的回报。因此，在这里我们找不到我们问题的线索……</blockquote></p><p> <b>Fundamentals</b></p><p><blockquote><b>基本原则</b></blockquote></p><p> Exclusively in an investment context, the price of a company's share can be viewed from two points of view.</p><p><blockquote>仅在投资背景下，公司股票价格可以从两个角度来看。</blockquote></p><p> On the one hand, the price reflects the present value of the company's&nbsp;<b>future cash flow</b>. On the other hand, the price is the present value of the sum of&nbsp;<b>all potential dividends</b>that the company will pay in the future. Let's model these prices for Apple and Microsoft. And for this I will build, respectively, the Discounted Cash Flow Model and the Dividend Discount Model.</p><p><blockquote>一方面，价格反映了公司的现值<b>未来现金流量</b>另一方面，价格是以下总和的现值<b>所有潜在股息</b>公司将来会支付。让我们模拟一下苹果和微软的价格。为此，我将分别建立贴现现金流模型和股息贴现模型。</blockquote></p><p> In order for the models to be less subjective, I will take as a basis the average expectations of analysts regarding the revenue and EPS of the companies in the next decade.</p><p><blockquote>为了减少模型的主观性，我将以分析师对公司未来十年收入和每股收益的平均预期为基础。</blockquote></p><p> Let's start with&nbsp;<b>Apple</b>. Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>让我们从<b>苹果</b>.以下是加权平均资本成本的计算方法：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f8fc4e5dc7025dd1227ea5279073aa5\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Notes:</p><p><blockquote>附注：</blockquote></p><p> <ul>  <li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.33%).</li>  <li>I used the current&nbsp;value&nbsp;of the three-year beta coefficient. For a terminal year, I used Beta equal to 1.</li>  <li>To calculate the Cost of Debt, I used the interest expense for 2020 divided by the average debt in 2019 and 2018.</li> </ul> Here is the DCF model:</p><p><blockquote><ul><li>为了计算市场回报率，我使用equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.33%）。</li><li>我使用了三年贝塔系数的当前值。对于最后一年，我使用等于1的Beta。</li><li>为了计算债务成本，我使用了2020年的利息支出除以2019年和2018年的平均债务。</li></ul>以下是DCF模型：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bfb45a9125bb1f465cd34a6a8a6d06a\" tg-width=\"640\" tg-height=\"520\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>The DCF-based target price for Apple's shares is about $181 (+22%).</b></p><p><blockquote><b>基于 DCF 的苹果股票目标价约为 181 美元（+22%）。</b></blockquote></p><p> In the case of Apple, when building the Dividend Discount Model it is also necessary to take into account the fact that the company continues to actively buy back:</p><p><blockquote>就苹果而言，在构建股息贴现模型时，还需要考虑到公司持续积极回购的事实：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d84076d0fc1bb5dbec8c1e6e19434153\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Continuing the current dynamics, the model assumes that by the terminal year the number of diluted shares will be reduced to 13.5 billion.</p><p><blockquote>继续目前的动态，该模型假设到最后一年，稀释股票的数量将减少到135亿股。</blockquote></p><p> Apple spends an average of 25% of its net income on dividends. I assume that the payout ratio will remain at this level.</p><p><blockquote>苹果平均将净利润的 25% 用于股息。我假设派息率将保持在这个水平。</blockquote></p><p> Here is the Dividend Discount Model itself:</p><p><blockquote>以下是股息贴现模型本身：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b8990a8299cc0652d77815710f0ab427\" tg-width=\"640\" tg-height=\"292\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b><i>The DDM-based target price for Apple's shares is $69 (-54%).</i></b></p><p><blockquote><b><i>基于 DDM 的苹果股票目标价为 69 美元 (-54%)。</i></b></blockquote></p><p> Now let's take a look at Microsoft.</p><p><blockquote>现在让我们来看看微软。</blockquote></p><p> Here is the calculation of the WACC:</p><p><blockquote>以下是WACC的计算：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15889e90904c69497b749f28bd64190f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> And here is the DCF model:</p><p><blockquote>这是DCF模型：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7dca7339e43f534807bf043b1931e1db\" tg-width=\"640\" tg-height=\"506\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>The DCF-based target price for Microsoft's shares is about $353 (+18%).</b></p><p><blockquote><b>基于 DCF 的微软股票目标价约为 353 美元（+18%）。</b></blockquote></p><p> Microsoft is also actively buying back shares:</p><p><blockquote>微软也在积极回购股票：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1deec463f584b5eb7913d72938d3e1ca\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> I proceed from the assumption that the dynamics of the last two years will continue, and by the terminal year, the number of diluted shares will be reduced to 7.2 billion.</p><p><blockquote>我假设过去两年的势头将继续下去，到最后一年，稀释后的股票数量将减少到 72 亿股。</blockquote></p><p> Here is the Dividend Discount Model:</p><p><blockquote>以下是股息折扣模型：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18c863b92e948f78e518d5619b44647d\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b><i>The DDM-based target price for Microsoft's shares is $203 (-32%).</i></b></p><p><blockquote><b><i>基于 DDM 的微软股票目标价为 203 美元（-32%）。</i></b></blockquote></p><p> Let's summarize:</p><p><blockquote>让我们总结一下：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84b527d82270843e021a89a9ecdf68e6\" tg-width=\"906\" tg-height=\"212\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It is worth noting that I have already been observing similar results in the case of these companies for a long time. I mean, Apple and Microsoft tend to be undervalued in terms of future cash flow, and overvalued in terms of potential dividends.</p><p><blockquote>值得注意的是，我已经在这些公司的案例中观察到类似的结果很长时间了。我的意思是，苹果和微软在未来现金流方面往往被低估，而在潜在股息方面则被高估。</blockquote></p><p></p><p> This suggests that during periods of market growth, investors are not particularly inclined to pay attention to dividends. Moreover, most likely dividends are perceived simply as a bonus.</p><p><blockquote>这表明，在市场增长时期，投资者并不特别倾向于关注股息。此外，最有可能的股息被简单地视为奖金。</blockquote></p><p> But during periods of market correction, the present value of potential dividends is the minimum level below which it is difficult for the price to fall. And in this context, I think Microsoft is in a better position than Apple.</p><p><blockquote>但在市场调整期间，潜在股息的现值是价格难以下跌的最低水平。在这种情况下，我认为微软比苹果处于更好的位置。</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> At the current stage of the market cycle, when the likelihood of a correction has gone beyond formal, in my opinion, investing in Microsoft is less risky compared to Apple.</p><p><blockquote>在市场周期的当前阶段，当调整的可能性已经超出形式上时，在我看来，与苹果相比，投资微软的风险较小。</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 Vs. Microsoft: Who Is Inclined To Fall Harder In Case Of Correction<blockquote>苹果Vs微软：在纠正的情况下，谁倾向于跌得更惨</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 Vs. Microsoft: Who Is Inclined To Fall Harder In Case Of Correction<blockquote>苹果Vs微软：在纠正的情况下，谁倾向于跌得更惨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-16 17:40</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>Objectively, the likelihood of a significant correction in the stock market now deserves attention.</li>  <li>In the recent past, Apple and Microsoft have responded differently to a significant decline in the stock market.</li>  <li>Apple and&nbsp;Microsoft tend to be undervalued in terms of future cash flow, and overvalued in terms of potential dividends.</li>  <li>In the event of a hypothetical correction, Microsoft's potential for falling is lower than Apple's.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a07b4e98bb726c0044932fc29b3089b3\" tg-width=\"1536\" tg-height=\"1208\" width=\"100%\" height=\"auto\"><span>vicnt/iStock via Getty Images</span></p><p><blockquote><ul><li>客观而言，现在股市出现大幅回调的可能性值得关注。</li><li>在最近的过去，苹果和微软对股市的大幅下跌做出了不同的反应。</li><li>苹果和微软在未来现金流方面往往被低估，而在潜在股息方面则被高估。</li><li>在假设的修正情况下，微软的下跌潜力低于苹果。</li></ul><p class=\"t-img-caption\"><span>vicnt/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>As an introduction...</b></p><p><blockquote><b>作为介绍……</b></blockquote></p><p> Since the last major correction in the US stock market ended in March 2020, the Nasdaq index has risen nearly 170%:</p><p><blockquote>自2020年3月美国股市上一次大调整结束以来，纳斯达克指数已上涨近170%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05a849f8e9ddf15f484770a5f0227fcd\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> For a year and a half, this is a very strong result, considering that the average annual total price return of the index over the past decade does not exceed 20%.<i>This fact alone makes us estimate the likelihood of a new significant correction in the stock market higher.</i></p><p><blockquote>对于一年半来说，考虑到该指数过去十年的平均年总价格回报率不超过20%，这是一个非常强劲的结果。<i>仅这一事实就让我们估计股市出现新的重大调整的可能性更高。</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/37eb0178d9d463c7419b99632a6ec614\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> In addition, there are other factors that make us wary of the current price level of the market.</p><p><blockquote>此外，还有其他因素让我们对当前市场的价格水平持谨慎态度。</blockquote></p><p> First, this year there is a record inflow of liquidity to the stock market. I'm not talking about the reasons now, they are obvious. But this fact alone makes the market extremely volatile:</p><p><blockquote>首先，今年流动性流入股市创历史新高。我现在不说原因，很明显。但这一事实本身就使得市场极其波动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/10623d7cecd8dec70bb229b809458b68\" tg-width=\"1242\" tg-height=\"918\" width=\"100%\" height=\"auto\"><span>Source: Bank of America</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国银行</span></p></blockquote></p><p> Second, the relative size of the US stock market has exceeded 200% of nominal GDP. In principle, this is not a fundamental limit. But it was the ultra-soft monetary policy that allowed the US stock market to reach its current record level. And most likely, in this context, a reversal is&nbsp;already outlined.</p><p><blockquote>第二，美国股市的相对规模已经超过名义GDP的200%。原则上，这不是一个基本的限制。但正是超宽松的货币政策让美国股市达到了目前的创纪录水平。最有可能的是，在这种情况下，逆转已经勾勒出来。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f69cd6450737ddf3e5fcbd6406c793ba\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> And finally the third. The macrocycle also allows us to expect the market to enter a phase of increased volatility and tightening of monetary policy:</p><p><blockquote>最后是第三个。宏观周期也让我们预期市场将进入波动加剧和货币政策收紧的阶段：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d6a6a794dde6f4e1d3e6e9149b55060\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> So, objectively, the likelihood of the next correction of the stock market at least deserves attention. And in this context, I propose to answer the question:<i>in case of a correction, which company is inclined to fall harder - Apple (AAPL) or Microsoft (MSFT)?</i></p><p><blockquote>所以，客观来说，股市下一次回调的可能性至少值得关注。在这种情况下，我建议回答这个问题：<i>如果出现调整，苹果 (AAPL) 和微软 (MSFT) 哪家公司的跌幅更大？</i></blockquote></p><p> <b>Why Apple vs. Microsoft?</b></p><p><blockquote><b>为什么是苹果对微软？</b></blockquote></p><p> The decision to compare exactly these two companies was dictated by two factors.</p><p><blockquote>准确比较这两家公司的决定是由两个因素决定的。</blockquote></p><p> Firstly, these are the two largest companies in the tech sector, together accounting for more than 10% of the total capitalization of the US stock market. These companies are so large that, in principle, their dynamics alone can cause a new wave of correction:</p><p><blockquote>首先，这是科技行业最大的两家公司，合计占美国股市总市值的10%以上。这些公司规模如此之大，原则上，仅凭它们的动态就能引发新一波的调整：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf3ef401b67c298ecbd9d56d31fc6927\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31417d34d6eacb724c20b3a274068467\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: VisualizedAnalytics</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：可视化分析</span></p></blockquote></p><p> Secondly, both companies pay dividends. In matters of fundamental valuation, this factor plays a significant role.</p><p><blockquote>其次，两家公司都支付股息。在基本面估值方面，这个因素起着重要作用。</blockquote></p><p> <b>Some Statistics</b></p><p><blockquote><b>一些统计数据</b></blockquote></p><p> To begin with, let's take a look at what price dynamics both companies have shown during strong market fluctuations in the recent past.</p><p><blockquote>首先，让我们来看看两家公司在最近市场剧烈波动期间表现出的价格动态。</blockquote></p><p> To do this, I have broken the three-year span into eight periods of market movement:</p><p><blockquote>为此，我将三年的时间跨度分为八个市场走势时期：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edfd9dec91d94990cf5217aa649758ac\" tg-width=\"947\" tg-height=\"578\" width=\"100%\" height=\"auto\"><span>Source: TradingView, Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView，作者</span></p></blockquote></p><p> Here are the results that companies have shown in each of the periods:</p><p><blockquote>以下是公司在每个时期显示的业绩：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/868067f19c2251bfdb0658a251596fcc\" tg-width=\"640\" tg-height=\"214\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p></p><p> At first glance, the statistics are unambiguous:<i>during periods of correction, the price of Microsoft tends to decrease less than that of Apple.</i>But on the other hand, Apple has consistently performed better during periods of market growth. And in this case, the result obtained can simply be explained by the technical factors of the market behavior.</p><p><blockquote>乍一看，统计数据是明确的：<i>在调整期间，微软价格的跌幅往往小于苹果。</i>但另一方面，苹果在市场增长时期的表现一直较好。在这种情况下，所获得的结果可以简单地用市场行为的技术因素来解释。</blockquote></p><p> But in the current period of growth, both companies demonstrate approximately the same return. And therefore, here we do not find a clue to our question...</p><p><blockquote>但在当前的增长期，两家公司表现出大致相同的回报。因此，在这里我们找不到我们问题的线索……</blockquote></p><p> <b>Fundamentals</b></p><p><blockquote><b>基本原则</b></blockquote></p><p> Exclusively in an investment context, the price of a company's share can be viewed from two points of view.</p><p><blockquote>仅在投资背景下，公司股票价格可以从两个角度来看。</blockquote></p><p> On the one hand, the price reflects the present value of the company's&nbsp;<b>future cash flow</b>. On the other hand, the price is the present value of the sum of&nbsp;<b>all potential dividends</b>that the company will pay in the future. Let's model these prices for Apple and Microsoft. And for this I will build, respectively, the Discounted Cash Flow Model and the Dividend Discount Model.</p><p><blockquote>一方面，价格反映了公司的现值<b>未来现金流量</b>另一方面，价格是以下总和的现值<b>所有潜在股息</b>公司将来会支付。让我们模拟一下苹果和微软的价格。为此，我将分别建立贴现现金流模型和股息贴现模型。</blockquote></p><p> In order for the models to be less subjective, I will take as a basis the average expectations of analysts regarding the revenue and EPS of the companies in the next decade.</p><p><blockquote>为了减少模型的主观性，我将以分析师对公司未来十年收入和每股收益的平均预期为基础。</blockquote></p><p> Let's start with&nbsp;<b>Apple</b>. Here is the calculation of the Weighted Average Cost of Capital:</p><p><blockquote>让我们从<b>苹果</b>.以下是加权平均资本成本的计算方法：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f8fc4e5dc7025dd1227ea5279073aa5\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> Notes:</p><p><blockquote>附注：</blockquote></p><p> <ul>  <li>In order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.33%).</li>  <li>I used the current&nbsp;value&nbsp;of the three-year beta coefficient. For a terminal year, I used Beta equal to 1.</li>  <li>To calculate the Cost of Debt, I used the interest expense for 2020 divided by the average debt in 2019 and 2018.</li> </ul> Here is the DCF model:</p><p><blockquote><ul><li>为了计算市场回报率，我使用equityriskpremium（4.72%）和UST10的当前收益率作为无风险利率（1.33%）。</li><li>我使用了三年贝塔系数的当前值。对于最后一年，我使用等于1的Beta。</li><li>为了计算债务成本，我使用了2020年的利息支出除以2019年和2018年的平均债务。</li></ul>以下是DCF模型：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9bfb45a9125bb1f465cd34a6a8a6d06a\" tg-width=\"640\" tg-height=\"520\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>The DCF-based target price for Apple's shares is about $181 (+22%).</b></p><p><blockquote><b>基于 DCF 的苹果股票目标价约为 181 美元（+22%）。</b></blockquote></p><p> In the case of Apple, when building the Dividend Discount Model it is also necessary to take into account the fact that the company continues to actively buy back:</p><p><blockquote>就苹果而言，在构建股息贴现模型时，还需要考虑到公司持续积极回购的事实：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d84076d0fc1bb5dbec8c1e6e19434153\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Continuing the current dynamics, the model assumes that by the terminal year the number of diluted shares will be reduced to 13.5 billion.</p><p><blockquote>继续目前的动态，该模型假设到最后一年，稀释股票的数量将减少到135亿股。</blockquote></p><p> Apple spends an average of 25% of its net income on dividends. I assume that the payout ratio will remain at this level.</p><p><blockquote>苹果平均将净利润的 25% 用于股息。我假设派息率将保持在这个水平。</blockquote></p><p> Here is the Dividend Discount Model itself:</p><p><blockquote>以下是股息贴现模型本身：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b8990a8299cc0652d77815710f0ab427\" tg-width=\"640\" tg-height=\"292\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b><i>The DDM-based target price for Apple's shares is $69 (-54%).</i></b></p><p><blockquote><b><i>基于 DDM 的苹果股票目标价为 69 美元 (-54%)。</i></b></blockquote></p><p> Now let's take a look at Microsoft.</p><p><blockquote>现在让我们来看看微软。</blockquote></p><p> Here is the calculation of the WACC:</p><p><blockquote>以下是WACC的计算：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15889e90904c69497b749f28bd64190f\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> And here is the DCF model:</p><p><blockquote>这是DCF模型：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7dca7339e43f534807bf043b1931e1db\" tg-width=\"640\" tg-height=\"506\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b>The DCF-based target price for Microsoft's shares is about $353 (+18%).</b></p><p><blockquote><b>基于 DCF 的微软股票目标价约为 353 美元（+18%）。</b></blockquote></p><p> Microsoft is also actively buying back shares:</p><p><blockquote>微软也在积极回购股票：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1deec463f584b5eb7913d72938d3e1ca\" tg-width=\"635\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> I proceed from the assumption that the dynamics of the last two years will continue, and by the terminal year, the number of diluted shares will be reduced to 7.2 billion.</p><p><blockquote>我假设过去两年的势头将继续下去，到最后一年，稀释后的股票数量将减少到 72 亿股。</blockquote></p><p> Here is the Dividend Discount Model:</p><p><blockquote>以下是股息折扣模型：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/18c863b92e948f78e518d5619b44647d\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source: Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> <b><i>The DDM-based target price for Microsoft's shares is $203 (-32%).</i></b></p><p><blockquote><b><i>基于 DDM 的微软股票目标价为 203 美元（-32%）。</i></b></blockquote></p><p> Let's summarize:</p><p><blockquote>让我们总结一下：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84b527d82270843e021a89a9ecdf68e6\" tg-width=\"906\" tg-height=\"212\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> It is worth noting that I have already been observing similar results in the case of these companies for a long time. I mean, Apple and Microsoft tend to be undervalued in terms of future cash flow, and overvalued in terms of potential dividends.</p><p><blockquote>值得注意的是，我已经在这些公司的案例中观察到类似的结果很长时间了。我的意思是，苹果和微软在未来现金流方面往往被低估，而在潜在股息方面则被高估。</blockquote></p><p></p><p> This suggests that during periods of market growth, investors are not particularly inclined to pay attention to dividends. Moreover, most likely dividends are perceived simply as a bonus.</p><p><blockquote>这表明，在市场增长时期，投资者并不特别倾向于关注股息。此外，最有可能的股息被简单地视为奖金。</blockquote></p><p> But during periods of market correction, the present value of potential dividends is the minimum level below which it is difficult for the price to fall. And in this context, I think Microsoft is in a better position than Apple.</p><p><blockquote>但在市场调整期间，潜在股息的现值是价格难以下跌的最低水平。在这种情况下，我认为微软比苹果处于更好的位置。</blockquote></p><p> <b>Bottom line</b></p><p><blockquote><b>底线</b></blockquote></p><p> At the current stage of the market cycle, when the likelihood of a correction has gone beyond formal, in my opinion, investing in Microsoft is less risky compared to Apple.</p><p><blockquote>在市场周期的当前阶段，当调整的可能性已经超出形式上时，在我看来，与苹果相比，投资微软的风险较小。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4455478-apple-stock-vs-microsoft-stock-who-is-inclined-to-fall-harder-in-case-of-correction\">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":{"AAPL":"苹果","MSFT":"微软"},"source_url":"https://seekingalpha.com/article/4455478-apple-stock-vs-microsoft-stock-who-is-inclined-to-fall-harder-in-case-of-correction","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126607843","content_text":"Summary\n\nObjectively, the likelihood of a significant correction in the stock market now deserves attention.\nIn the recent past, Apple and Microsoft have responded differently to a significant decline in the stock market.\nApple and Microsoft tend to be undervalued in terms of future cash flow, and overvalued in terms of potential dividends.\nIn the event of a hypothetical correction, Microsoft's potential for falling is lower than Apple's.\n\nvicnt/iStock via Getty Images\nAs an introduction...\nSince the last major correction in the US stock market ended in March 2020, the Nasdaq index has risen nearly 170%:\nData by YCharts\nFor a year and a half, this is a very strong result, considering that the average annual total price return of the index over the past decade does not exceed 20%.This fact alone makes us estimate the likelihood of a new significant correction in the stock market higher.\nSource: VisualizedAnalytics\nIn addition, there are other factors that make us wary of the current price level of the market.\nFirst, this year there is a record inflow of liquidity to the stock market. I'm not talking about the reasons now, they are obvious. But this fact alone makes the market extremely volatile:\nSource: Bank of America\nSecond, the relative size of the US stock market has exceeded 200% of nominal GDP. In principle, this is not a fundamental limit. But it was the ultra-soft monetary policy that allowed the US stock market to reach its current record level. And most likely, in this context, a reversal is already outlined.\nSource: VisualizedAnalytics\nAnd finally the third. The macrocycle also allows us to expect the market to enter a phase of increased volatility and tightening of monetary policy:\nSource: VisualizedAnalytics\nSo, objectively, the likelihood of the next correction of the stock market at least deserves attention. And in this context, I propose to answer the question:in case of a correction, which company is inclined to fall harder - Apple (AAPL) or Microsoft (MSFT)?\nWhy Apple vs. Microsoft?\nThe decision to compare exactly these two companies was dictated by two factors.\nFirstly, these are the two largest companies in the tech sector, together accounting for more than 10% of the total capitalization of the US stock market. These companies are so large that, in principle, their dynamics alone can cause a new wave of correction:\n\nSource: VisualizedAnalytics\nSecondly, both companies pay dividends. In matters of fundamental valuation, this factor plays a significant role.\nSome Statistics\nTo begin with, let's take a look at what price dynamics both companies have shown during strong market fluctuations in the recent past.\nTo do this, I have broken the three-year span into eight periods of market movement:\nSource: TradingView, Author\nHere are the results that companies have shown in each of the periods:\nSource: Author\nAt first glance, the statistics are unambiguous:during periods of correction, the price of Microsoft tends to decrease less than that of Apple.But on the other hand, Apple has consistently performed better during periods of market growth. And in this case, the result obtained can simply be explained by the technical factors of the market behavior.\nBut in the current period of growth, both companies demonstrate approximately the same return. And therefore, here we do not find a clue to our question...\nFundamentals\nExclusively in an investment context, the price of a company's share can be viewed from two points of view.\nOn the one hand, the price reflects the present value of the company's future cash flow. On the other hand, the price is the present value of the sum of all potential dividendsthat the company will pay in the future. Let's model these prices for Apple and Microsoft. And for this I will build, respectively, the Discounted Cash Flow Model and the Dividend Discount Model.\nIn order for the models to be less subjective, I will take as a basis the average expectations of analysts regarding the revenue and EPS of the companies in the next decade.\nLet's start with Apple. Here is the calculation of the Weighted Average Cost of Capital:\nSource: Author\nNotes:\n\nIn order to calculate the market rate of return, I used values of equityriskpremium (4.72%) and the current yield of UST10 as a risk-free rate (1.33%).\nI used the current value of the three-year beta coefficient. For a terminal year, I used Beta equal to 1.\nTo calculate the Cost of Debt, I used the interest expense for 2020 divided by the average debt in 2019 and 2018.\n\nHere is the DCF model:\nSource: Author\nThe DCF-based target price for Apple's shares is about $181 (+22%).\nIn the case of Apple, when building the Dividend Discount Model it is also necessary to take into account the fact that the company continues to actively buy back:\nData by YCharts\nContinuing the current dynamics, the model assumes that by the terminal year the number of diluted shares will be reduced to 13.5 billion.\nApple spends an average of 25% of its net income on dividends. I assume that the payout ratio will remain at this level.\nHere is the Dividend Discount Model itself:\nSource: Author\nThe DDM-based target price for Apple's shares is $69 (-54%).\nNow let's take a look at Microsoft.\nHere is the calculation of the WACC:\nSource: Author\nAnd here is the DCF model:\nSource: Author\nThe DCF-based target price for Microsoft's shares is about $353 (+18%).\nMicrosoft is also actively buying back shares:\nData by YCharts\nI proceed from the assumption that the dynamics of the last two years will continue, and by the terminal year, the number of diluted shares will be reduced to 7.2 billion.\nHere is the Dividend Discount Model:\nSource: Author\nThe DDM-based target price for Microsoft's shares is $203 (-32%).\nLet's summarize:\n\nIt is worth noting that I have already been observing similar results in the case of these companies for a long time. I mean, Apple and Microsoft tend to be undervalued in terms of future cash flow, and overvalued in terms of potential dividends.\nThis suggests that during periods of market growth, investors are not particularly inclined to pay attention to dividends. Moreover, most likely dividends are perceived simply as a bonus.\nBut during periods of market correction, the present value of potential dividends is the minimum level below which it is difficult for the price to fall. And in this context, I think Microsoft is in a better position than Apple.\nBottom line\nAt the current stage of the market cycle, when the likelihood of a correction has gone beyond formal, in my opinion, investing in Microsoft is less risky compared to Apple.","news_type":1,"symbols_score_info":{"AAPL":0.9,"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":1193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882230947,"gmtCreate":1631694005389,"gmtModify":1631888526733,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/882230947","repostId":"1148341685","repostType":4,"repost":{"id":"1148341685","kind":"news","pubTimestamp":1631660884,"share":"https://www.laohunote.com/m/news/1148341685?lang=zh_CN&edition=full","pubTime":"2021-09-15 07:08","market":"us","language":"en","title":"U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>由于对经济复苏和企业增税的担忧，美国股市收盘走低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148341685","media":"Reuters","summary":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing","content":"<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>纽约（路透社） - 尽管有通胀放缓的迹象，但经济不确定性和企业税率上调的可能性不断增加抑制了投资者情绪，并引发了广泛的抛售，华尔街周二下跌。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>乐观情绪在整个交易日逐渐消退，扭转了劳工部发布消费者价格指数报告后最初的反弹势头。美国三大股指均以负值收盘，这提醒人们，9 月份是股市历史上最艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月到目前为止，标普500下跌了近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>“纽约 CFRA Research 首席投资策略师 Sam Stovall 说：”市场有可能只是准备好经历一场迟来的调整。“从季节性来看，9月份往往是基金经理的窗口期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现推动了对全球健康危机复苏的看跌情绪的增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 的投资组合经理保罗-诺尔特（Paul Nolte）说：”我们仍处于人们几个月来一直呼吁的纠正模式。“经济数据点一直低于预期，而这恰逢德尔塔变异毒株的上升”。</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份数据低于共识，这一放缓支持了美联储主席杰罗姆-鲍威尔（Jerome Powell）的断言，即通胀飙升是暂时的，并平息了市场对央行将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>数据显示，美国国债收益率下降，给金融股带来压力，投资者的青睐以牺牲价值为代价重新转向增长。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔-拜登（Joe Biden）的 3.5 万亿美元预算方案逐渐接近通过，人们期待已久的企业税上调幅度将从 21% 提高到 26.5%。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼斯工业平均指数下跌292.06点，跌幅0.84%，报34,577.57点；标普500下跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌 67.82 点，跌幅 0.45%，至 15,037.76 点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11个主要板块全部收红，其中能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了 iPhone 13，并为其 iPad 和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为日益严格的审查。其股价收盘下跌 1.0%，是标普500和纳斯达克最大的拖累。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>Intuit Inc 上涨了 1.9%，此前这家涡轮税制造商宣布将以 120 亿美元收购数字营销公司 Mailchimp。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司 CureVac 取消其实验性 COVID-19 疫苗的生产交易后，股价下跌 8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 2.25 比 1；在纳斯达克，2.40 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数创下50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 100.7 亿股，而过去 20 个交易日的平均成交量为 93.8 亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>由于对经济复苏和企业增税的担忧，美国股市收盘走低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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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\">\nU.S. stocks close lower on worries over recovery, corporate tax hikes<blockquote>由于对经济复苏和企业增税的担忧，美国股市收盘走低</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-09-15 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.</p><p><blockquote>纽约（路透社） - 尽管有通胀放缓的迹象，但经济不确定性和企业税率上调的可能性不断增加抑制了投资者情绪，并引发了广泛的抛售，华尔街周二下跌。</blockquote></p><p> Optimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.</p><p><blockquote>乐观情绪在整个交易日逐渐消退，扭转了劳工部发布消费者价格指数报告后最初的反弹势头。美国三大股指均以负值收盘，这提醒人们，9 月份是股市历史上最艰难的一个月。</blockquote></p><p> So far this month the S&amp;P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.</p><p><blockquote>本月到目前为止，标普500下跌了近1.8%，尽管基准指数自年初以来已上涨超过18%。</blockquote></p><p> “There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”</p><p><blockquote>“纽约 CFRA Research 首席投资策略师 Sam Stovall 说：”市场有可能只是准备好经历一场迟来的调整。“从季节性来看，9月份往往是基金经理的窗口期。”</blockquote></p><p> The advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.</p><p><blockquote>高度传染性的Delta COVID变种的出现推动了对全球健康危机复苏的看跌情绪的增加，许多人现在预计股市将在今年年底前大幅调整。</blockquote></p><p> “We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 的投资组合经理保罗-诺尔特（Paul Nolte）说：”我们仍处于人们几个月来一直呼吁的纠正模式。“经济数据点一直低于预期，而这恰逢德尔塔变异毒株的上升”。</blockquote></p><p> The CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.</p><p><blockquote>CPI报告公布的8月份数据低于共识，这一放缓支持了美联储主席杰罗姆-鲍威尔（Jerome Powell）的断言，即通胀飙升是暂时的，并平息了市场对央行将比预期更早开始收紧货币政策的担忧。</blockquote></p><p> U.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]</p><p><blockquote>数据显示，美国国债收益率下降，给金融股带来压力，投资者的青睐以牺牲价值为代价重新转向增长。[美国/]</blockquote></p><p> The long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.</p><p><blockquote>随着美国总统乔-拜登（Joe Biden）的 3.5 万亿美元预算方案逐渐接近通过，人们期待已久的企业税上调幅度将从 21% 提高到 26.5%。</blockquote></p><p> The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&amp;P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.</p><p><blockquote>道琼斯工业平均指数下跌292.06点，跌幅0.84%，报34,577.57点；标普500下跌25.68点，跌幅0.57%，报4,443.05点；纳斯达克综合指数下跌 67.82 点，跌幅 0.45%，至 15,037.76 点。</blockquote></p><p> All 11 major sectors in the S&amp;P 500 ended the session red, with energy and financials suffering the largest percentage drops.</p><p><blockquote>标普500 11个主要板块全部收红，其中能源和金融板块跌幅最大。</blockquote></p><p> Apple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&amp;P 500 and the Nasdaq.</p><p><blockquote>苹果公司在今年最大的产品发布会上推出了 iPhone 13，并为其 iPad 和苹果手表设备添加了新功能，因为该公司面临着法院对其商业行为日益严格的审查。其股价收盘下跌 1.0%，是标普500和纳斯达克最大的拖累。</blockquote></p><p> Intuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.</p><p><blockquote>Intuit Inc 上涨了 1.9%，此前这家涡轮税制造商宣布将以 120 亿美元收购数字营销公司 Mailchimp。</blockquote></p><p> CureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.</p><p><blockquote>德国生物技术公司 CureVac 取消其实验性 COVID-19 疫苗的生产交易后，股价下跌 8.0%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 2.25 比 1；在纳斯达克，2.40 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.</p><p><blockquote>标普500创下两个52周新高和两个新低；纳斯达克综合指数创下50个新高和107个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 100.7 亿股，而过去 20 个交易日的平均成交量为 93.8 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/u-s-stocks-close-lower-on-worries-over-recovery-corporate-tax-hikes-idUSKBN2GA0W9","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148341685","content_text":"NEW YORK (Reuters) - Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.\nOptimism faded throughout the session, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks.\nSo far this month the S&P 500 is down nearly 1.8% even as the benchmark index has gained over 18% since the beginning of the year.\n“There is a possibility that the market is simply ready to go through an overdue correction,” said Sam Stovall, chief investment strategist at CFRA Research in New York. “From a seasonality perspective, September tends to be the window dressing period for fund managers.”\nThe advent of the highly contagious Delta COVID variant has driven an increase in bearish sentiment regarding the recovery from the global health crisis, and many now expect a substantial correction in stock markets by the end of the year.\n“We’re still in a corrective mode that people have been calling for months,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “Economic data points have been missing estimates, and that has coincided with the rise in the Delta variant.”\nThe CPI report delivered a lower-than-consensus August reading, a deceleration that supports Federal Reserve Chairman Jerome Powell’s assertion that spiking inflation is transitory and calms market fears that the central bank will begin tightening monetary policy sooner than expected.\nU.S. Treasury yields dropped on the data, which pressured financial stocks, and investor favor pivoted back to growth at the expense of value. [US/]\nThe long expected corporate tax hikes, to 26.5% from 21% if Democrats prevail, are coming nearer to fruition with U.S. President Joe Biden’s $3.5 trillion budget package inching closer to passage.\nThe Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.\nAll 11 major sectors in the S&P 500 ended the session red, with energy and financials suffering the largest percentage drops.\nApple Inc unveiled its iPhone 13 and added new features to its iPad and Apple Watch gadgets in its biggest product launch event of the year as the company faces increased scrutiny in the courts over its business practices. Its shares closed down 1.0% and were the heaviest drag on the S&P 500 and the Nasdaq.\nIntuit Inc gained 1.9% following the TurboTax maker’s announcement that it would acquire digital marketing company Mailchimp for $12 billion.\nCureVac slid 8.0% after the German biotechnology company canceled manufacturing deals for its experimental COVID-19 vaccine.\nDeclining issues outnumbered advancing ones on the NYSE by a 2.25-to-1 ratio; on Nasdaq, a 2.40-to-1 ratio favored decliners.\nThe S&P 500 posted two new 52-week highs and two new lows; the Nasdaq Composite recorded 50 new highs and 107 new lows.\nVolume on U.S. exchanges was 10.07 billion shares, compared with the 9.38 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882938576,"gmtCreate":1631638836095,"gmtModify":1631888526735,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/882938576","repostId":"1132829556","repostType":4,"repost":{"id":"1132829556","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":1631633374,"share":"https://www.laohunote.com/m/news/1132829556?lang=zh_CN&edition=full","pubTime":"2021-09-14 23:29","market":"us","language":"en","title":"ASML shares rose more than 2% to a record high<blockquote>ASML 股价上涨超过 2%，创历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132829556","media":"Tiger Newspress","summary":"ASML shares rose more than 2% to a record high.\n\nASML Holding is a Dutch multinational company speci","content":"<p>ASML shares rose more than 2% to a record high.</p><p><blockquote>ASML 股价上涨超过 2%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd6348a23222a85407f86801d5c1403f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ASML Holding&nbsp;is a Dutch multinational company specializing in developing, producing, and maintaining photolithography machines. ASML is a major supplier to the semiconductor industry. The firm offers chipmakers with hardware, software, and services for mass-producing microchips. ASML works to develop more affordable, more powerful, and more energy-efficient microchips. ASML contributes to ground-breaking science that solves some of humanity's most pressing issues, such as healthcare, energy use and conservation, mobility, and agriculture. The semiconductor industry has been on a tear lately due to the shortage, lifting ASML to elevated levels.</p><p><blockquote>ASML Holding 是一家荷兰跨国公司，专门从事光刻机的开发、生产和维护。ASML是半导体行业的主要供应商。该公司为芯片制造商提供大规模生产微芯片的硬件、软件和服务。ASML致力于开发更实惠、更强大、更节能的微芯片。ASML致力于解决人类一些最紧迫问题的突破性科学，如医疗保健、能源使用和节约、交通和农业。半导体行业最近因短缺而陷入困境，将 ASML 推向了更高的水平。</blockquote></p><p> ASML has benefited greatly from an increased emphasis on digitization among developed nations.</p><p><blockquote>ASML 从发达国家对数字化的日益重视中受益匪浅。</blockquote></p><p> The recent repurchase creates an asymmetric risk-reward opportunity.</p><p><blockquote>最近的回购创造了一个不对称的风险回报机会。</blockquote></p><p> The valuation is quite high but the company's impressive growth prospects justify the premium.</p><p><blockquote>估值相当高，但该公司令人印象深刻的增长前景证明了溢价的合理性。</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>ASML shares rose more than 2% to a record high<blockquote>ASML 股价上涨超过 2%，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\">\nASML shares rose more than 2% to a record high<blockquote>ASML 股价上涨超过 2%，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\">2021-09-14 23:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>ASML shares rose more than 2% to a record high.</p><p><blockquote>ASML 股价上涨超过 2%，创历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd6348a23222a85407f86801d5c1403f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> ASML Holding&nbsp;is a Dutch multinational company specializing in developing, producing, and maintaining photolithography machines. ASML is a major supplier to the semiconductor industry. The firm offers chipmakers with hardware, software, and services for mass-producing microchips. ASML works to develop more affordable, more powerful, and more energy-efficient microchips. ASML contributes to ground-breaking science that solves some of humanity's most pressing issues, such as healthcare, energy use and conservation, mobility, and agriculture. The semiconductor industry has been on a tear lately due to the shortage, lifting ASML to elevated levels.</p><p><blockquote>ASML Holding 是一家荷兰跨国公司，专门从事光刻机的开发、生产和维护。ASML是半导体行业的主要供应商。该公司为芯片制造商提供大规模生产微芯片的硬件、软件和服务。ASML致力于开发更实惠、更强大、更节能的微芯片。ASML致力于解决人类一些最紧迫问题的突破性科学，如医疗保健、能源使用和节约、交通和农业。半导体行业最近因短缺而陷入困境，将 ASML 推向了更高的水平。</blockquote></p><p> ASML has benefited greatly from an increased emphasis on digitization among developed nations.</p><p><blockquote>ASML 从发达国家对数字化的日益重视中受益匪浅。</blockquote></p><p> The recent repurchase creates an asymmetric risk-reward opportunity.</p><p><blockquote>最近的回购创造了一个不对称的风险回报机会。</blockquote></p><p> The valuation is quite high but the company's impressive growth prospects justify the premium.</p><p><blockquote>估值相当高，但该公司令人印象深刻的增长前景证明了溢价的合理性。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ASML":"阿斯麦"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132829556","content_text":"ASML shares rose more than 2% to a record high.\n\nASML Holding is a Dutch multinational company specializing in developing, producing, and maintaining photolithography machines. ASML is a major supplier to the semiconductor industry. The firm offers chipmakers with hardware, software, and services for mass-producing microchips. ASML works to develop more affordable, more powerful, and more energy-efficient microchips. ASML contributes to ground-breaking science that solves some of humanity's most pressing issues, such as healthcare, energy use and conservation, mobility, and agriculture. The semiconductor industry has been on a tear lately due to the shortage, lifting ASML to elevated levels.\nASML has benefited greatly from an increased emphasis on digitization among developed nations.\nThe recent repurchase creates an asymmetric risk-reward opportunity.\nThe valuation is quite high but the company's impressive growth prospects justify the premium.","news_type":1,"symbols_score_info":{"ASML":0.9}},"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888700573,"gmtCreate":1631524456092,"gmtModify":1631888526746,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Omg nvda","listText":"Omg nvda","text":"Omg nvda","images":[{"img":"https://static.tigerbbs.com/d4d5a13526a99e3df08bded986ecb8a6","width":"1125","height":"4092"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888700573","isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":888700365,"gmtCreate":1631524422857,"gmtModify":1631888526757,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/888700365","repostId":"2166303094","repostType":4,"isVote":1,"tweetType":1,"viewCount":727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888111346,"gmtCreate":1631454845785,"gmtModify":1631888526768,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888111346","repostId":"1189654544","repostType":4,"repost":{"id":"1189654544","kind":"news","pubTimestamp":1631406130,"share":"https://www.laohunote.com/m/news/1189654544?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:22","market":"us","language":"en","title":"US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国 IPO 周即将到来：秋季 IPO 市场以第 10 周 IPO 拉开帷幕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189654544","media":"Renaissance Capital","summary":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion i","content":"<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波上市浪潮后，未来一周将有 10 起 IPO 计划筹集超过 30 亿美元。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>思想作品</b>(TWKS) 计划以 63 亿美元的市值筹集 7 亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入以14%的CAGR增长，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>关于持有</b>(ONON) 计划以 59 亿美元的市值筹集 5.91 亿美元。On是一家使用可持续材料及其专有技术设计的优质运动鞋、服装和配件的全球供应商。该公司已表现出增长和盈利能力，尽管它面临来自其他知名运动服装品牌的激烈竞争。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过特殊目的收购公司上市的谈判后，<b>体育雷达集团</b>(SRAD) 计划以 79 亿美元的市值筹集 5.04 亿美元。这家瑞士公司每年报道83个体育项目的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar 实现了盈利，随着体育直播的恢复，2021 年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS) 计划以 33 亿美元的市值筹集 4 亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着向新州扩张，它能够保持同店销售增长的记录。内部人士收到了IPO前股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>终极医疗保健</b>（卫生署）计划以33亿元的市值筹集3.5亿元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售到复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare 未盈利，IPO 后将受到杠杆作用。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>伪岩</b>(FORG) 计划以 21 亿美元的市值筹集 2.48 亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock 无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫生物技术<b>骰子治疗</b>(DICE) 计划以 5.5 亿美元的市值筹集 1.6 亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>生物机器人方案</b>(PRCT) 计划以 11 亿美元的市值筹集 1.27 亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初重点是治疗良性前列腺增生。PROCEPT BioRobotics 严重无利可图，2021 年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学</b>(TYRA) 计划以 5.84 亿美元的市值筹集 1.01 亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的 FGFR 激酶抑制剂。Tyra 的主要候选药物最初专注于膀胱癌，该公司预计将在 2022 年年中提交该药物的 IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微型气体输送服务<b>埃兹菲尔控股</b>（EZFL）计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。EzFill 表示，它是南佛罗里达市场的主导者，但由于增长迅速，利润极高，因此它是南佛罗里达市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International 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21年9月9日，文艺复兴IPO指数年初至今上涨7.7%，而标普500上涨19.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 11.0%，而 ACWX 指数上涨 10.0%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 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>US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国 IPO 周即将到来：秋季 IPO 市场以第 10 周 IPO 拉开帷幕</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\">\nUS IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国 IPO 周即将到来：秋季 IPO 市场以第 10 周 IPO 拉开帷幕</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\">2021-09-12 08:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波上市浪潮后，未来一周将有 10 起 IPO 计划筹集超过 30 亿美元。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>思想作品</b>(TWKS) 计划以 63 亿美元的市值筹集 7 亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入以14%的CAGR增长，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>关于持有</b>(ONON) 计划以 59 亿美元的市值筹集 5.91 亿美元。On是一家使用可持续材料及其专有技术设计的优质运动鞋、服装和配件的全球供应商。该公司已表现出增长和盈利能力，尽管它面临来自其他知名运动服装品牌的激烈竞争。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过特殊目的收购公司上市的谈判后，<b>体育雷达集团</b>(SRAD) 计划以 79 亿美元的市值筹集 5.04 亿美元。这家瑞士公司每年报道83个体育项目的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar 实现了盈利，随着体育直播的恢复，2021 年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS) 计划以 33 亿美元的市值筹集 4 亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着向新州扩张，它能够保持同店销售增长的记录。内部人士收到了IPO前股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>终极医疗保健</b>（卫生署）计划以33亿元的市值筹集3.5亿元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售到复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare 未盈利，IPO 后将受到杠杆作用。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>伪岩</b>(FORG) 计划以 21 亿美元的市值筹集 2.48 亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock 无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫生物技术<b>骰子治疗</b>(DICE) 计划以 5.5 亿美元的市值筹集 1.6 亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>生物机器人方案</b>(PRCT) 计划以 11 亿美元的市值筹集 1.27 亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初重点是治疗良性前列腺增生。PROCEPT BioRobotics 严重无利可图，2021 年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学</b>(TYRA) 计划以 5.84 亿美元的市值筹集 1.01 亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的 FGFR 激酶抑制剂。Tyra 的主要候选药物最初专注于膀胱癌，该公司预计将在 2022 年年中提交该药物的 IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微型气体输送服务<b>埃兹菲尔控股</b>（EZFL）计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。EzFill 表示，它是南佛罗里达市场的主导者，但由于增长迅速，利润极高，因此它是南佛罗里达市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International 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21年9月9日，文艺复兴IPO指数年初至今上涨7.7%，而标普500上涨19.6%。Renaissance Capital 的 IPO ETF（纽约证券交易所股票代码：IPO）追踪该指数，持有量最大的 ETF 包括 Snowflake (SNOW) 和 Palantir Technologies (PLTR)。Renaissance International IPO 指数今年迄今下跌 11.0%，而 ACWX 指数上涨 10.0%。Renaissance Capital 的国际 IPO ETF（纽约证券交易所股票代码：IPOS）追踪该指数，持有的 ETF 包括 Smoore International 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/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week\">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":{"BROS":"Dutch Bros Inc.","TYRA":"Tyra Biosciences, Inc.",".SPX":"S&P 500 Index","SRAD":"Sportradar Group AG","DH":"Definitive Healthcare Corp.","ONON":"On Holding AG",".DJI":"道琼斯","PRCT":"PROCEPT BioRobotics",".IXIC":"NASDAQ Composite"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189654544","content_text":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.\nTech consultancy Thoughtworks(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.\nSwiss running shoe brand On Holding(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.\nAfter ending talks to go public via SPAC,Sportradar Group(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.\nDrive-thru coffee chain Dutch Bros(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.\nHealthcare intelligence platform Definitive Healthcare(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.\nIdentity management platform ForgeRock(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.\nImmunology biotech DICE Therapeutics(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.\nSurgical robotics developer PROCEPT BioRobotics(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.\nOncology biotech Tyra Biosciences(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.\nMicro-cap gas delivery service EzFill Holdings(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"DH":0.9,"SRAD":0.9,"DICE":0.9,"ONON":0.9,"PRCT":0.9,"BROS":0.9,"TWKS":0.9,"FORG":0.9,"EZFL":0.9,".IXIC":0.9,".DJI":0.9,".SPX":0.9,"TYRA":0.9}},"isVote":1,"tweetType":1,"viewCount":821,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881461658,"gmtCreate":1631377384574,"gmtModify":1631888526789,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/APT\">$APT 20220121 10.0 CALL(APT)$</a>🥲🥲🥲","listText":"<a href=\"https://laohu8.com/S/APT\">$APT 20220121 10.0 CALL(APT)$</a>🥲🥲🥲","text":"$APT 20220121 10.0 CALL(APT)$🥲🥲🥲","images":[{"img":"https://static.tigerbbs.com/83558b0ee0869c8786dd889ce84055a8","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881461658","isVote":1,"tweetType":1,"viewCount":1027,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":881463407,"gmtCreate":1631377299809,"gmtModify":1631888526796,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881463407","repostId":"1147045390","repostType":4,"repost":{"id":"1147045390","kind":"news","pubTimestamp":1631321547,"share":"https://www.laohunote.com/m/news/1147045390?lang=zh_CN&edition=full","pubTime":"2021-09-11 08:52","market":"us","language":"en","title":"Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147045390","media":"Barrons","summary":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple  to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30%","content":"<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商 Epic Games 提起的一起案件中，美国地区法官 Yvonne Gonzalez Rogers 发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里抽取 30% 的佣金。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪机构 SensorTower 的数据显示，2020 年，苹果从 App Store 获得的总收入为 723 亿美元，费用估计为 217 亿美元，约占苹果总收入的 7%。其中包括美国 210 亿美元的支出，产生约 63 亿美元的费用，约占年化收入的 2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower 估计，2020 年 App Store 的手机游戏支出为 476 亿美元，产生的费用为 143 亿美元，略低于苹果总收入的 5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司 Loup Capital 的董事总经理、长期跟踪苹果的前卖方分析师吉恩-蒙斯特（Gene Munster）估计，App Store 约占公司利润的 14%。但他认为周五的裁决风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>明斯特认为大多数应用程序开发者将留在苹果系统内。他认为总收入 “最多 ”会受到 2% 的阻力，利润可能会受到 4% 的影响。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“他说：”在这些变化的第一年之后，app store 的增长率将恢复正常。“底线是，这最多只是一年的逆风，并不会改变苹果未来 5 年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 在一份研究报告中表示，这一裁决对苹果来说是一个挫折，但最终的影响可能是可控的，因为苹果有其他方式从商店创收，包括其不断增长的店内广告业务。他还指出，苹果实际上在案件中的一个更大问题上取得了胜利： 法官驳回了 Epic 关于 App Store 非法垄断的说法。Daryanani 估计苹果每股收益面临的风险为 2% 至 4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>韦德布什分析师丹·艾夫斯告诉<i>巴伦</i>他认为最坏的情况是收入受到 3% 到 4% 的影响，并将这种风险描述为 “四舍五入误差”。虽然艾夫斯表示，华尔街原本预计苹果会全面获胜，但这一混合决定消除了该股的悬而未决的问题，投资者可能会放心地搁置这个问题。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他说，这一裁决对 Spotify Technology 和 Match Group 等公司来说是积极的，而不是对苹果的负面影响。苹果股价周五下跌 3.3%，至 148.97 美元，而 Spotify 和 March 分别上涨 0.7% 和 4.2%。</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>Why Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Apple’s Risk Is Limited<blockquote>为什么苹果的风险有限</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-11 08:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.</p><p><blockquote>周五的裁决要求苹果允许开发者为通过苹果应用商店下载的应用程序提供替代支付方式，这给其收入和利润带来了真实但有限的风险。</blockquote></p><p> In a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.</p><p><blockquote>在堡垒之夜发行商 Epic Games 提起的一起案件中，美国地区法官 Yvonne Gonzalez Rogers 发布了一项永久禁令，要求苹果（股票代码：AAPL）允许开发者选择在其应用程序中包含替代支付方式的链接。苹果自己的支付系统从大型开发商那里抽取 30% 的佣金。</blockquote></p><p> Data from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.</p><p><blockquote>应用追踪机构 SensorTower 的数据显示，2020 年，苹果从 App Store 获得的总收入为 723 亿美元，费用估计为 217 亿美元，约占苹果总收入的 7%。其中包括美国 210 亿美元的支出，产生约 63 亿美元的费用，约占年化收入的 2%。</blockquote></p><p> SensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.</p><p><blockquote>SensorTower 估计，2020 年 App Store 的手机游戏支出为 476 亿美元，产生的费用为 143 亿美元，略低于苹果总收入的 5%。</blockquote></p><p> Gene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.</p><p><blockquote>风险投资公司 Loup Capital 的董事总经理、长期跟踪苹果的前卖方分析师吉恩-蒙斯特（Gene Munster）估计，App Store 约占公司利润的 14%。但他认为周五的裁决风险有限。</blockquote></p><p> Munster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.</p><p><blockquote>明斯特认为大多数应用程序开发者将留在苹果系统内。他认为总收入 “最多 ”会受到 2% 的阻力，利润可能会受到 4% 的影响。</blockquote></p><p> “After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”</p><p><blockquote>“他说：”在这些变化的第一年之后，app store 的增长率将恢复正常。“底线是，这最多只是一年的逆风，并不会改变苹果未来 5 年的发展方向。”</blockquote></p><p> Evercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 在一份研究报告中表示，这一裁决对苹果来说是一个挫折，但最终的影响可能是可控的，因为苹果有其他方式从商店创收，包括其不断增长的店内广告业务。他还指出，苹果实际上在案件中的一个更大问题上取得了胜利： 法官驳回了 Epic 关于 App Store 非法垄断的说法。Daryanani 估计苹果每股收益面临的风险为 2% 至 4%。</blockquote></p><p> Wedbush analyst Dan Ives told&nbsp;<i>Barron’s</i>&nbsp;he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.</p><p><blockquote>韦德布什分析师丹·艾夫斯告诉<i>巴伦</i>他认为最坏的情况是收入受到 3% 到 4% 的影响，并将这种风险描述为 “四舍五入误差”。虽然艾夫斯表示，华尔街原本预计苹果会全面获胜，但这一混合决定消除了该股的悬而未决的问题，投资者可能会放心地搁置这个问题。</blockquote></p><p> The ruling is more a positive for companies like&nbsp;Spotify Technology&nbsp;and&nbsp;Match Group&nbsp;than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97&nbsp;on&nbsp;Friday, while Spotify and March gained 0.7% and&nbsp;4.2%, respectively.</p><p><blockquote>他说，这一裁决对 Spotify Technology 和 Match Group 等公司来说是积极的，而不是对苹果的负面影响。苹果股价周五下跌 3.3%，至 148.97 美元，而 Spotify 和 March 分别上涨 0.7% 和 4.2%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2\">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":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-app-store-epic-51631304007?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147045390","content_text":"Apple faces real, but limited, risk to its revenue and profits from Friday’s ruling that requires it to allow developers to offer alternative payment methods for purchases made in apps downloaded through the Apple app store.\nIn a case filed by Fortnite publisher Epic Games, U.S. District Judge Yvonne Gonzalez Rogers issued a permanent injunction that requires Apple (ticker: AAPL) to allow developers the option to include links to alternative payment methods in their apps. Apple’s own payment system takes a 30% cut from large developers.\nData from the app tracker SensorTower shows that in calendar 2020, Apple had overall revenue from the App Store of $72.3 billion, generating an estimated $21.7 billion in fees, or about 7% of Apple’s overall revenues. That includes $21 billion in spending in the U.S., generating about $6.3 billion in fees, or about 2% of annualized revenues.\nSensorTower estimates that mobile-game spending in the App Store in calendar 2020 was $47.6 billion, generating $14.3 billion in fees, or a little under 5% of Apple’s total revenues.\nGene Munster, managing director of the venture firm Loup Capital and a former sell-side analyst with a long history of tracking Apple, estimated that the App Store accounts for about 14% of the company’s profits. But he sees limited risk from Friday’s ruling.\nMunster thinks most app developers will stay inside of the Apple system. He sees “at most” a 2% headwind to overall revenue, and a potential 4% hit to profits.\n“After the first year of these changes, app store growth rates will return to normal,” he said. “Bottom line, it’s at most a one-year headwind and does not change the big picture of where Apple is going over the next 5 years.”\nEvercore ISI analyst Amit Daryanani said in a research note that the ruling is a setback for Apple, but that the eventual impact is likely to be manageable, given Apple has alternative ways to generate revenue from the store, including its growing in-store ad business. And he noted that Apple actually got a win on a bigger issue in the case: The judge rejected Epic’s assertion that the App Store is an illegal monopoly. Daryanani estimated the risk to Apple’s per-share earnings at 2% to 4%.\nWedbush analyst Dan Ives told Barron’s he thinks the worst-case scenario is a 3% to 4% hit to revenues, describing the risk as a “rounding error.” While Ives said the Street had expected an across-the-board win for Apple, the mixed decision removes an overhang on the stock and that investors are likely relieved to put the issue to rest.\nThe ruling is more a positive for companies like Spotify Technology and Match Group than it is a negative for Apple, he said. Apple stock fell 3.3% to $148.97 on Friday, while Spotify and March gained 0.7% and 4.2%, respectively.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883727747,"gmtCreate":1631275937489,"gmtModify":1631888526803,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/883727747","repostId":"2166532071","repostType":4,"isVote":1,"tweetType":1,"viewCount":903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":127657189,"gmtCreate":1624847703541,"gmtModify":1631892507504,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls!","listText":"Like pls!","text":"Like pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/127657189","repostId":"2146007118","repostType":4,"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":861239402,"gmtCreate":1632496592806,"gmtModify":1632716053073,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/861239402","repostId":"2169153886","repostType":4,"repost":{"id":"2169153886","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632494459,"share":"https://www.laohunote.com/m/news/2169153886?lang=zh_CN&edition=full","pubTime":"2021-09-24 22:40","market":"hk","language":"en","title":"Friday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个动荡的财报季的启示</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2169153886","media":"Benzinga Earnings","summary":"For many, Nike’s (NYSE: NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting.","content":"<p>  <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>  For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p><p><blockquote><b>每个季度的报告都带来了各自的起伏。这是总结……</b>对许多人来说，<b>耐克的</b>（纽约证券交易所股票代码：NKE）季度报告意味着财报季的非正式结束。虽然距离银行财报发布仅剩几周时间，标志着第三季度报告的开始，但第二季度<a href=\"https://laohu8.com/S/AONE.U\">一</a>值得注意的是。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。</blockquote></p><p> The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的盈利平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利增长也达到了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受关注的 FAANG 股票中，<b>亚马逊</b>（纳斯达克股票代码：AMZN）是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</blockquote></p><p> For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>对许多人来说，耐克的季度报告意味着财报季的非正式结束。虽然距离银行财报仅剩几周时间，标志着第三季度报告的开始，但第二季度值得注意。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的收益平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利超出了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受审查的 FAAMG 股票中，亚马逊是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</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>Friday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个动荡的财报季的启示</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\">\nFriday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个动荡的财报季的启示</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-09-24 22:40</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>  <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>  For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p><p><blockquote><b>每个季度的报告都带来了各自的起伏。这是总结……</b>对许多人来说，<b>耐克的</b>（纽约证券交易所股票代码：NKE）季度报告意味着财报季的非正式结束。虽然距离银行财报发布仅剩几周时间，标志着第三季度报告的开始，但第二季度<a href=\"https://laohu8.com/S/AONE.U\">一</a>值得注意的是。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。</blockquote></p><p> The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的盈利平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利增长也达到了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受关注的 FAANG 股票中，<b>亚马逊</b>（纳斯达克股票代码：AMZN）是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</blockquote></p><p> For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>对许多人来说，耐克的季度报告意味着财报季的非正式结束。虽然距离银行财报仅剩几周时间，标志着第三季度报告的开始，但第二季度值得注意。自从大约一年半前大流行病使大盘陷入混乱以来，每个季度的报告都带来了各自的起伏。期内平均盈利增长率超过93%，为2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度，每季度的收益平均环比增长超过 6%，远高于去年同期的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出盈利预期，而且与历史水平相比，这些公司的利润率也超出了预期。超过 87% 的公司在第二季度实现了盈利，并列历史最高的盈利百分比。2021年第一季度的盈利超出了 87%，2020年第四季度为 79%，2020年第三季度为 84%，2020年第二季度为 82%，显示了过去五个季度的真正实力。从历史背景来看，自1994年以来的平均击球率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、备受审查的 FAAMG 股票中，亚马逊是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自 2018 年第三季度以来的首次下跌，该股在下跌后出现了大量抛售（-7.5%）。耐克在报告底线击败后也看到了一些压力，但在顶线上失败了。这家运动服装零售商强调了整个季度反复提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季的销售额会高于报告的水平。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这一逆风何时会得到解决，但随着世界几个地区继续处于产能减少或封锁状态，这种压力将延续到即将到来的季度。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","NKE":"耐克"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2169153886","content_text":"Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...\n\nFor many, Nike’s (NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.\nThe average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAANG stocks, Amazon (NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.\nFor many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.","news_type":1,"symbols_score_info":{"NKE":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":185692468,"gmtCreate":1623644975854,"gmtModify":1631892507569,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like and comment pls!","listText":"Like and comment pls!","text":"Like and comment pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/185692468","repostId":"1105297799","repostType":4,"isVote":1,"tweetType":1,"viewCount":1024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377978561,"gmtCreate":1619492809053,"gmtModify":1631892507584,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like and comment pls!&nbsp;","listText":"Like and comment pls!&nbsp;","text":"Like and comment pls!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/377978561","repostId":"1190086074","repostType":4,"repost":{"id":"1190086074","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":1619480390,"share":"https://www.laohunote.com/m/news/1190086074?lang=zh_CN&edition=full","pubTime":"2021-04-27 07:39","market":"us","language":"en","title":"Tesla posts record net income of $438 million, revenue surges by 74%<blockquote>特斯拉净利润创历史新高 4.38 亿美元，收入激增 74%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190086074","media":"Tiger Newspress","summary":"Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be deliv","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><blockquote><ul><li>特斯拉公布本季度净利润为创纪录的 4.38 亿美元，每股收益为 93 美分，营收为 103.9 亿美元。</li><li>该公司在财报发布中表示，它已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。</li><li>首席执行官埃隆-马斯克（Elon Musk）在财报看涨期权上表示，公司推迟推出的 Model S 轿车新版本将于 2021 年 5 月开始交付，Model X 将于今年第三季度开始交付。</li></ul>特斯拉周一盘后公布了第一季度业绩。在比特币出售和监管信贷的提振下，该公司轻松超出预期，但随着投资者消化这些数据，该股盘后下跌了 2.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是该公司本季度的表现与 Refinitiv 编制的分析师预期的比较：</blockquote></p><p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><blockquote><ul><li><b>收益：</b>每股 93 美分，预计每股 79 美分</li><li><b>收入：</b>103.9 亿美元，而预期为 102.9 亿美元，同比增长 74%</li></ul>按公认会计准则计算，季度净利润达到创纪录的 4.38 亿美元，该公司在此期间从监管信用销售收入中获得 5.18 亿美元。本季度比特币销售额还带来了 1.01 亿美元的积极影响。</blockquote></p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p><blockquote>首席执行官埃隆-马斯克（Elon Musk）的电动汽车业务第一季度交付了 18.48 万辆 Model 3 和 Model Y 汽车，超出预期，创下了特斯拉的纪录。不过，该公司还表示，截至 3 月份，它没有生产任何高端 Model S 轿车或 Model X SUV。它从库存中交付了 2,020 辆旧款 Model S 轿车和 Model X SUV。</blockquote></p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p><blockquote>在周一的财报看涨期权上，马斯克表示，公司新版 Model S 轿车最终将于 2021 年 5 月开始交付给客户，Model X 将于今年第三季度开始交付。马斯克和首席财务官扎卡里·柯克霍恩都表示，供应链问题今年可能仍然是特斯拉面临的挑战。</blockquote></p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p><blockquote>2021 年 1 月（在 2020 年第四季度收益更新期间），马斯克曾表示 Model S Plaid 已经投入生产，将于 2021 年 2 月开始交付。但他在周一承认，在生产这些车辆的更新版本时，“面临的挑战比预期的要多”。他没有详细说明。</blockquote></p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p><blockquote>特斯拉目前的目标是在今年晚些时候每周生产 2,000 辆 Model S 和 X 汽车。</blockquote></p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p><blockquote>该公司周一表示，预计 2021 年整体汽车交付量将增长 50% 以上，这意味着今年的最低交付量约为 75 万辆。</blockquote></p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p><blockquote>事实上，特斯拉的汽车销量同比增长超过 100%，但服务中心仅增长 28%，移动服务车队仅增长 22%，这解释了为什么一些特斯拉客户面临令人沮丧的漫长维修等待时间。服务扩展跟不上车辆销量。</blockquote></p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p><blockquote>特斯拉表示，该公司已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。它没有透露新供应商的名字。</blockquote></p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p><blockquote>它还重申了马斯克经常说的，即摄像头而不是雷达是自动驾驶汽车的更好途径。“我们基于人工智能的软件架构越来越依赖摄像头，以至于雷达比预期更早变得不必要。因此，我们的 FSD（全自动驾驶）团队正全力致力于发展基于视觉的自主系统，我们几乎准备好将美国市场转向特斯拉视觉，”该公司在财报发布会上说。</blockquote></p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p><blockquote>与 2020 年同期相比，特斯拉的能源发电和存储业务收入几乎翻了一番，当时马斯克表示，当时新兴的新冠疫情使其能源业务大幅放缓。但能源收入从第四季度的7.87亿美元下降至2021年第一季度的5.95亿美元。</blockquote></p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p><blockquote>最近，特斯拉将太阳能屋顶的价格提高了 50%，现在要求任何订购太阳能光伏（包括特斯拉太阳能屋顶瓦）的人也必须订购特斯拉的家庭储能系统 Powerwall。突然的价格变化追溯适用于一些烦恼的顾客。</blockquote></p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p><blockquote>马斯克在 2021 年第一季度看涨期权上表示，他的目标是让拥有太阳能屋顶和特斯拉电池的家庭成为 “巨型分布式公用事业公司”，随着需求和极端天气事件的增加，帮助现有电力公司为客户提供所需的所有电力。</blockquote></p><p></p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p><blockquote>高管们没有透露他们将如何改变供应商电池的生产或组合，以便在 2021 年生产更多的汽车和储能产品。</blockquote></p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p><blockquote>马斯克说，该公司自主研发并在加州弗里蒙特的一个试点工厂生产的 4680 电池还不够可靠，无法在特斯拉汽车上运输。他说，特斯拉可能会在 12 到 18 个月内 “实现这些电池的量产 ”。</blockquote></p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</p><p><blockquote>该公司在2月份透露，它在比特币购买了15亿美元，未来可能会投资其他加密货币。到四月份，比特币升至创纪录水平，然后回落。特斯拉在现金流量表中透露，该公司在本季度出售了价值 2.72 亿美元的 “数字资产”，大概是比特币。</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>Tesla posts record net income of $438 million, revenue surges by 74%<blockquote>特斯拉净利润创历史新高 4.38 亿美元，收入激增 74%</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 posts record net income of $438 million, revenue surges by 74%<blockquote>特斯拉净利润创历史新高 4.38 亿美元，收入激增 74%</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\">2021-04-27 07:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Tesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.</li><li>In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”</li><li>On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.</li></ul>Tesla&nbsp;reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.</p><p><blockquote><ul><li>特斯拉公布本季度净利润为创纪录的 4.38 亿美元，每股收益为 93 美分，营收为 103.9 亿美元。</li><li>该公司在财报发布中表示，它已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。</li><li>首席执行官埃隆-马斯克（Elon Musk）在财报看涨期权上表示，公司推迟推出的 Model S 轿车新版本将于 2021 年 5 月开始交付，Model X 将于今年第三季度开始交付。</li></ul>特斯拉周一盘后公布了第一季度业绩。在比特币出售和监管信贷的提振下，该公司轻松超出预期，但随着投资者消化这些数据，该股盘后下跌了 2.5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fec5c52f391c1077b749edc13b7b3417\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是该公司本季度的表现与 Refinitiv 编制的分析师预期的比较：</blockquote></p><p><ul><li><b>Earnings:</b>93 cents per share vs. 79 cents per share expected</li><li><b>Revenue:</b>$10.39 billion vs. $10.29 billion expected, up 74% from a year ago</li></ul>Net profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from&nbsp;sales of bitcoin&nbsp;during the quarter.</p><p><blockquote><ul><li><b>收益：</b>每股 93 美分，预计每股 79 美分</li><li><b>收入：</b>103.9 亿美元，而预期为 102.9 亿美元，同比增长 74%</li></ul>按公认会计准则计算，季度净利润达到创纪录的 4.38 亿美元，该公司在此期间从监管信用销售收入中获得 5.18 亿美元。本季度比特币销售额还带来了 1.01 亿美元的积极影响。</blockquote></p><p><img src=\"https://static.tigerbbs.com/107ab1e725bed375ea106bdf3024ec6a\" tg-width=\"1910\" tg-height=\"1097\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>CEO Elon Musk’s electric vehicle business reported in the first quarter&nbsp;vehicle deliveries of 184,800&nbsp;Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.</p><p><blockquote>首席执行官埃隆-马斯克（Elon Musk）的电动汽车业务第一季度交付了 18.48 万辆 Model 3 和 Model Y 汽车，超出预期，创下了特斯拉的纪录。不过，该公司还表示，截至 3 月份，它没有生产任何高端 Model S 轿车或 Model X SUV。它从库存中交付了 2,020 辆旧款 Model S 轿车和 Model X SUV。</blockquote></p><p>On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.</p><p><blockquote>在周一的财报看涨期权上，马斯克表示，公司新版 Model S 轿车最终将于 2021 年 5 月开始交付给客户，Model X 将于今年第三季度开始交付。马斯克和首席财务官扎卡里·柯克霍恩都表示，供应链问题今年可能仍然是特斯拉面临的挑战。</blockquote></p><p>In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.</p><p><blockquote>2021 年 1 月（在 2020 年第四季度收益更新期间），马斯克曾表示 Model S Plaid 已经投入生产，将于 2021 年 2 月开始交付。但他在周一承认，在生产这些车辆的更新版本时，“面临的挑战比预期的要多”。他没有详细说明。</blockquote></p><p>Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.</p><p><blockquote>特斯拉目前的目标是在今年晚些时候每周生产 2,000 辆 Model S 和 X 汽车。</blockquote></p><p>The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.</p><p><blockquote>该公司周一表示，预计 2021 年整体汽车交付量将增长 50% 以上，这意味着今年的最低交付量约为 75 万辆。</blockquote></p><p>The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.</p><p><blockquote>事实上，特斯拉的汽车销量同比增长超过 100%，但服务中心仅增长 28%，移动服务车队仅增长 22%，这解释了为什么一些特斯拉客户面临令人沮丧的漫长维修等待时间。服务扩展跟不上车辆销量。</blockquote></p><p>Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.</p><p><blockquote>特斯拉表示，该公司已经度过了困扰汽车行业的芯片短缺问题，部分原因是 “迅速转向新型微控制器，同时为新供应商生产的新芯片开发固件”。它没有透露新供应商的名字。</blockquote></p><p>It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.</p><p><blockquote>它还重申了马斯克经常说的，即摄像头而不是雷达是自动驾驶汽车的更好途径。“我们基于人工智能的软件架构越来越依赖摄像头，以至于雷达比预期更早变得不必要。因此，我们的 FSD（全自动驾驶）团队正全力致力于发展基于视觉的自主系统，我们几乎准备好将美国市场转向特斯拉视觉，”该公司在财报发布会上说。</blockquote></p><p>Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.</p><p><blockquote>与 2020 年同期相比，特斯拉的能源发电和存储业务收入几乎翻了一番，当时马斯克表示，当时新兴的新冠疫情使其能源业务大幅放缓。但能源收入从第四季度的7.87亿美元下降至2021年第一季度的5.95亿美元。</blockquote></p><p>Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some&nbsp;vexed customers.</p><p><blockquote>最近，特斯拉将太阳能屋顶的价格提高了 50%，现在要求任何订购太阳能光伏（包括特斯拉太阳能屋顶瓦）的人也必须订购特斯拉的家庭储能系统 Powerwall。突然的价格变化追溯适用于一些烦恼的顾客。</blockquote></p><p>Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.</p><p><blockquote>马斯克在 2021 年第一季度看涨期权上表示，他的目标是让拥有太阳能屋顶和特斯拉电池的家庭成为 “巨型分布式公用事业公司”，随着需求和极端天气事件的增加，帮助现有电力公司为客户提供所需的所有电力。</blockquote></p><p></p><p>Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.</p><p><blockquote>高管们没有透露他们将如何改变供应商电池的生产或组合，以便在 2021 年生产更多的汽车和储能产品。</blockquote></p><p>Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.</p><p><blockquote>马斯克说，该公司自主研发并在加州弗里蒙特的一个试点工厂生产的 4680 电池还不够可靠，无法在特斯拉汽车上运输。他说，特斯拉可能会在 12 到 18 个月内 “实现这些电池的量产 ”。</blockquote></p><p>The company revealed in February it purchased&nbsp;$1.5 billion in bitcoin&nbsp;and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.</p><p><blockquote>该公司在2月份透露，它在比特币购买了15亿美元，未来可能会投资其他加密货币。到四月份，比特币升至创纪录水平，然后回落。特斯拉在现金流量表中透露，该公司在本季度出售了价值 2.72 亿美元的 “数字资产”，大概是比特币。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190086074","content_text":"KEY POINTSTesla reported record net income of $438 million during the quarter, as well as earnings of 93 cents per share on $10.39 billion in revenue.In its earnings release, the company said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.”On an earnings call, CEO Elon Musk said the delayed new version of the company’s Model S sedan will be delivered starting in May 2021, and Model X deliveries will begin in the third quarter of the year.Tesla reported first-quarter results after the bell on Monday. The company beat expectations handily, buoyed by sales of bitcoin and regulatory credits, but the stock dipped as much as 2.5% after hours as investors digested the numbers.Here’s how the company fared in the quarter, compared with analyst estimates compiled by Refinitiv:Earnings:93 cents per share vs. 79 cents per share expectedRevenue:$10.39 billion vs. $10.29 billion expected, up 74% from a year agoNet profit reached a quarterly record of $438 million on a GAAP basis, and the company recorded $518 million in revenue from sales of regulatory credits during the period. It also recorded a $101 million positive impact from sales of bitcoin during the quarter.CEO Elon Musk’s electric vehicle business reported in the first quarter vehicle deliveries of 184,800 Model 3 and Model Y cars, beating expectations and setting a record for Tesla. However, the company also said it produced none of its higher-end Model S sedans or Model X SUVs for the period ending March. It delivered2,020 older Model S sedans and Model X SUVs from inventory.On Monday’s earnings call, Musk said the new version of the company’s Model S sedans will finally be delivered to customers starting in May 2021, with Model X deliveries to begin in the third quarter of the year. Musk and CFO Zachary Kirkhorn both said supply chain issues are likely to remain a challenge for Tesla this year.In January 2021 (during a fourth-quarter 2020 earnings update) Musk had said that the Model S Plaid was already in production would be delivered starting in February 2021. But he admitted on Monday, “There were more challenges than expected,” in producing the refreshed version of these vehicles. He did not elaborate.Tesla is now aiming to produce 2,000 Model S and X vehicles per week later this year.The company said Monday it expects more than 50% vehicle delivery growth in 2021 overall, which implies minimum deliveries around 750,000 vehicles this year.The fact Tesla grew vehicle unit sales by more than 100% year over year but grew service centers by only 28% and its mobile service fleet by only 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.Tesla said it has weathered chip shortages that have plagued the auto industry in part by “pivoting extremely quickly to new microcontrollers, while simultaneously developing firmware for new chips made by new suppliers.” It did not disclose the names of its new suppliers.It also reiterated Musk’s frequent claim that cameras, not radar, are a better path toward autonomous vehicles. “Our AI-based software architecture has been increasingly reliant on cameras, to the point where radar is becoming unnecessary earlier than expected. As a result, our FSD [Full Self-Driving] team is fully focused on evolving to a vision-based autonomous system and we are nearly ready to switch the US market to Tesla Vision,” the company said in its earnings release.Revenue for its energy generation and storage business nearly doubled for Tesla versus the same period in 2020, when Musk said Covid, then an emerging pandemic, had slowed its energy business to a crawl. But energy revenue declined from $787 million in the fourth quarter to $595 million in the first quarter of 2021.Recently, Tesla increased prices for its solar rooftops by 50%, and now requires anyone ordering solar photovoltaics (including Tesla solar roof tiles) to also order the Powerwall, Tesla’s home energy storage system. The sudden price change applied retroactively to some vexed customers.Musk said on the Q1 2021 call that he is aiming for homes with solar rooftops and batteries from Tesla to function as a “giant distributed utility” that can help incumbent electrical utilities supply customers with all the electricity they need as demand and extreme weather events increase.Executives did not say how they would change their production or mix of battery cells from suppliers in order to make a higher volume of vehicles and energy storage products in 2021.Musk said the company’s 4680 cells, which it developed independently and makes at a pilot plant in Fremont, California, are not yet reliable enough to be shipped in Tesla vehicles. He said Tesla would probably “achieve volume production” of these cells in 12 to 18 months.The company revealed in February it purchased $1.5 billion in bitcoin and would potentially invest in other cryptocurrencies in the future. By April, bitcoin rose to record levels before pulling back. In its statement of cash flows, Tesla revealed that it had sold $272 million worth of “digital assets,” presumably bitcoin, during the quarter.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":810,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194096248,"gmtCreate":1621323898284,"gmtModify":1631885616649,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>Target price 80","listText":"<a href=\"https://laohu8.com/S/RBLX\">$Roblox Corporation(RBLX)$</a>Target price 80","text":"$Roblox Corporation(RBLX)$Target price 80","images":[{"img":"https://static.tigerbbs.com/bc5eb8e56a9e2c414bce2a802cf4d1a7","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":1,"link":"https://laohu8.com/post/194096248","isVote":1,"tweetType":1,"viewCount":1720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":896239399,"gmtCreate":1628583663911,"gmtModify":1631892507479,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/896239399","repostId":"1116005404","repostType":4,"repost":{"id":"1116005404","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":1628582673,"share":"https://www.laohunote.com/m/news/1116005404?lang=zh_CN&edition=full","pubTime":"2021-08-10 16:04","market":"us","language":"en","title":"AMC shares rose 7% in premarket trading.<blockquote>AMC 股价在盘前交易中上涨 7%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116005404","media":"Tiger Newspress","summary":"AMC shares rose 7% in premarket trading.\nAMC Entertainment reported a narrower than expected loss fo","content":"<p>AMC&nbsp;shares rose 7% in premarket&nbsp;trading.</p><p><blockquote>AMC 股价在盘前交易中上涨 7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/692b6fc550595ea189d7b6697732bdac\" tg-width=\"854\" tg-height=\"608\" referrerpolicy=\"no-referrer\">AMC Entertainment&nbsp;reported&nbsp;a narrower than expected loss for the second quarter while revenue topped estimates.</p><p><blockquote>AMC院线公布第二季度亏损小于预期，但收入超出预期。</blockquote></p><p> AMC&nbsp;will begin accepting apex cryptocurrency&nbsp;<b>Bitcoin</b>&nbsp;as payment for move tickets and concessions by the end of this&nbsp;year.</p><p><blockquote>AMC 将开始接受 apex 加密货币<b>比特币</b>作为今年年底前搬家票和优惠的付款。</blockquote></p><p> “By year end, we will have the information technology system in place to accept Bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S. theatres,” AMC Entertainment CEO&nbsp;<b>Adam Aron</b>&nbsp;said on&nbsp;the Q2 earnings call on Monday.</p><p><blockquote>“到今年年底，我们将建立信息技术系统，接受在美国所有影院在线购买电影票和优惠的比特币支付，”AMC院线首席执行官<b>亚当·阿伦</b>周一在第二季度财报看涨期权上表示。</blockquote></p><p> Aron added that AMC Entertainment is in the preliminary stages of exploring how else the company can participate in the new “burgeoning cryptocurrency universe.”</p><p><blockquote>阿伦补充说，AMC院线正处于探索该公司如何参与新的 “新兴加密货币世界 ”的初步阶段。</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>AMC shares rose 7% in premarket trading.<blockquote>AMC 股价在盘前交易中上涨 7%。</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\">\nAMC shares rose 7% in premarket trading.<blockquote>AMC 股价在盘前交易中上涨 7%。</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\">2021-08-10 16:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>AMC&nbsp;shares rose 7% in premarket&nbsp;trading.</p><p><blockquote>AMC 股价在盘前交易中上涨 7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/692b6fc550595ea189d7b6697732bdac\" tg-width=\"854\" tg-height=\"608\" referrerpolicy=\"no-referrer\">AMC Entertainment&nbsp;reported&nbsp;a narrower than expected loss for the second quarter while revenue topped estimates.</p><p><blockquote>AMC院线公布第二季度亏损小于预期，但收入超出预期。</blockquote></p><p> AMC&nbsp;will begin accepting apex cryptocurrency&nbsp;<b>Bitcoin</b>&nbsp;as payment for move tickets and concessions by the end of this&nbsp;year.</p><p><blockquote>AMC 将开始接受 apex 加密货币<b>比特币</b>作为今年年底前搬家票和优惠的付款。</blockquote></p><p> “By year end, we will have the information technology system in place to accept Bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S. theatres,” AMC Entertainment CEO&nbsp;<b>Adam Aron</b>&nbsp;said on&nbsp;the Q2 earnings call on Monday.</p><p><blockquote>“到今年年底，我们将建立信息技术系统，接受在美国所有影院在线购买电影票和优惠的比特币支付，”AMC院线首席执行官<b>亚当·阿伦</b>周一在第二季度财报看涨期权上表示。</blockquote></p><p> Aron added that AMC Entertainment is in the preliminary stages of exploring how else the company can participate in the new “burgeoning cryptocurrency universe.”</p><p><blockquote>阿伦补充说，AMC院线正处于探索该公司如何参与新的 “新兴加密货币世界 ”的初步阶段。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116005404","content_text":"AMC shares rose 7% in premarket trading.\nAMC Entertainment reported a narrower than expected loss for the second quarter while revenue topped estimates.\nAMC will begin accepting apex cryptocurrency Bitcoin as payment for move tickets and concessions by the end of this year.\n“By year end, we will have the information technology system in place to accept Bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S. theatres,” AMC Entertainment CEO Adam Aron said on the Q2 earnings call on Monday.\nAron added that AMC Entertainment is in the preliminary stages of exploring how else the company can participate in the new “burgeoning cryptocurrency universe.”","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804555617,"gmtCreate":1627967233639,"gmtModify":1631892507464,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/804555617","repostId":"2156116066","repostType":4,"isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805278563,"gmtCreate":1627887826652,"gmtModify":1631892507614,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/805278563","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohunote.com/m/news/1170689665?lang=zh_CN&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩游行本周继续。除了数百家小盘股公司外，还有不少于 143 家标普500公司正在提交报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software 和 Simon Property Group 将于周一启动。随后，Lyft、阿里巴巴-SW集团控股公司、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、优步科技、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银均有报道。Beyond Meat、Yelp、Wayfair、Moderna 和 ViacomCBS 将于周四关闭，DraftKings、Canopy Growth 和 Tripadvisor 将于周五关闭本周。中国教育公司新东方教育科技集团公司和好未来教育集团取消了原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预计，继 6 月份的 85 万人之后，7 月份非农就业人数将增加 62.5 万人。失业率略低于6%。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会（Institute for Supply Management）7 月份制造业采购经理人指数，随后是周三公布的服务业同等指数。这两项经济活动指标预计都将达到 61 左右，这将意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一 8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett &amp; Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、Heineken、Trex、Ferrari、Ultra Clean Holdings 和 Simon Property Group 预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股 104 美元，周五收盘价为 12.95 美元。该公司于周五晚上完成了 1 比 8 的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布 7 月份制造业采购经理人指数。普遍估计读数为 60.8，高于 6 月份的 60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份的建筑支出。继 5 月份下降 0.3% 后，预计环比增长 0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二 8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>伊顿、英国石油公司、安德玛、Lyft、高乐氏、安进、Akamai Technologies、康明斯、礼来公司、阿里巴巴-SW集团控股公司、Nikola、EnPro Industries、华纳音乐集团、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、邓白氏控股公司、康菲石油公司和 Jacobs Engineering Group 在评级举办会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告六月份的工厂订单。经济学家预测，本月订单增长1.0%，而5月份增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三 8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>索尼集团、CVS Health、卡夫亨氏、软银、通用汽车、Progressive、Etsy、艺电、西部数据、Uber Technologies、Roku、米高梅国际酒店集团、福克斯和 Re/Max Holdings 预计将主办财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告 7 月份轻型汽车销量。预计看涨期权经季节性调整后的年增长率为 1530 万辆，而 6 月份为 1540 万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业采购经理人指数。一致估计读数为 60.8，而 6 月份的读数为 60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>其7月份的全国就业报告。普遍估计，继 6 月份增加 692,000 人之后，非农私营部门就业人数将增加 635,000 人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四 8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman &amp; Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五 8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>BLS 发布就业报告</b>七月。经济学家预测，继6月份增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、Tripadvisor、Spectrum Brands Holdings、E.W。Scripps、Cinemark Holdings 和 Manitowoc 主办评级会议讨论财务业绩。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</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\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</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\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩游行本周继续。除了数百家小盘股公司外，还有不少于 143 家标普500公司正在提交报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software 和 Simon Property Group 将于周一启动。随后，Lyft、阿里巴巴-SW集团控股公司、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、优步科技、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银均有报道。Beyond Meat、Yelp、Wayfair、Moderna 和 ViacomCBS 将于周四关闭，DraftKings、Canopy Growth 和 Tripadvisor 将于周五关闭本周。中国教育公司新东方教育科技集团公司和好未来教育集团取消了原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预计，继 6 月份的 85 万人之后，7 月份非农就业人数将增加 62.5 万人。失业率略低于6%。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会（Institute for Supply Management）7 月份制造业采购经理人指数，随后是周三公布的服务业同等指数。这两项经济活动指标预计都将达到 61 左右，这将意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一 8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett &amp; Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、Heineken、Trex、Ferrari、Ultra Clean Holdings 和 Simon Property Group 预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股 104 美元，周五收盘价为 12.95 美元。该公司于周五晚上完成了 1 比 8 的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布 7 月份制造业采购经理人指数。普遍估计读数为 60.8，高于 6 月份的 60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份的建筑支出。继 5 月份下降 0.3% 后，预计环比增长 0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二 8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>伊顿、英国石油公司、安德玛、Lyft、高乐氏、安进、Akamai Technologies、康明斯、礼来公司、阿里巴巴-SW集团控股公司、Nikola、EnPro Industries、华纳音乐集团、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、邓白氏控股公司、康菲石油公司和 Jacobs Engineering Group 在评级举办会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告六月份的工厂订单。经济学家预测，本月订单增长1.0%，而5月份增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三 8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>索尼集团、CVS Health、卡夫亨氏、软银、通用汽车、Progressive、Etsy、艺电、西部数据、Uber Technologies、Roku、米高梅国际酒店集团、福克斯和 Re/Max Holdings 预计将主办财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告 7 月份轻型汽车销量。预计看涨期权经季节性调整后的年增长率为 1530 万辆，而 6 月份为 1540 万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业采购经理人指数。一致估计读数为 60.8，而 6 月份的读数为 60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>其7月份的全国就业报告。普遍估计，继 6 月份增加 692,000 人之后，非农私营部门就业人数将增加 635,000 人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四 8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman &amp; Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五 8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>BLS 发布就业报告</b>七月。经济学家预测，继6月份增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、Tripadvisor、Spectrum Brands Holdings、E.W。Scripps、Cinemark Holdings 和 Manitowoc 主办评级会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","UBER":"优步","ROKU":"Roku Inc","DKNG":"DraftKings Inc.","GM":"通用汽车",".SPX":"S&P 500 Index","GE":"GE航空航天",".IXIC":"NASDAQ Composite","BABA":"阿里巴巴","EA":"艺电"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"ROKU":0.9,".DJI":0.9,"EA":0.9,"UBER":0.9,"DKNG":0.9,"GE":0.9,".SPX":0.9,".IXIC":0.9,"BABA":0.9,"GM":0.9,"VIAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140123685,"gmtCreate":1625639165847,"gmtModify":1631892507626,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/140123685","repostId":"1163143630","repostType":4,"isVote":1,"tweetType":1,"viewCount":987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862764179,"gmtCreate":1632916266273,"gmtModify":1632916266654,"author":{"id":"3575936957429593","authorId":"3575936957429593","name":"alvernsim","avatar":"https://static.tigerbbs.com/c2fe3d62fe9cea4c6c6e6417f045322d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575936957429593","authorIdStr":"3575936957429593"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/862764179","repostId":"1198528044","repostType":4,"repost":{"id":"1198528044","kind":"news","pubTimestamp":1632882697,"share":"https://www.laohunote.com/m/news/1198528044?lang=zh_CN&edition=full","pubTime":"2021-09-29 10:31","market":"us","language":"en","title":"Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198528044","media":"seekingalpha","summary":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protect","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</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>Technically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</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\">\nTechnically Speaking: Is The Market \"Melting-Up?\"<blockquote>从技术上讲：市场正在“融化”吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-09-29 10:31</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>Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</li>  <li>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</li>  <li>While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.</li> </ul> Is the<i>“market melting-up?”</i>Such was the question I received from my colleague at<i>Cut The Crap Investing.</i>It is an excellent question given the relentless increase in what investors believe is a<i>“no risk”</i>market.</p><p><blockquote><ul><li>鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</li><li>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</li><li>虽然在融化过程中利用融化的机会至关重要，但不要过于自满 “这次不同了”。</li></ul>是<i>“市场融化？”</i>这是我从同事那里得到的问题<i>减少垃圾投资。</i>这是一个很好的问题，因为投资者认为<i>“无风险”</i>市场。</blockquote></p><p> Of course, we need a definition of precisely what constitutes a melt-up.</p><p><blockquote>当然，我们需要一个定义，准确地定义什么是熔化。</blockquote></p><p>   <i>“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly</i>  <i><b>by a stampede of investors who don’t want to miss out on its rise,</b></i>  <i>rather than by fundamental improvements in the economy.“</i>–  <i>Investopedia</i>  Currently, there is sufficient evidence to support the idea of an exuberant market.<b><i>As noted previously:</i></b></p><p><blockquote><i>“融化是指资产或资产类别的投资业绩持续且往往出乎意料的改善，部分原因是</i><i><b>不想错过其上涨机会的投资者蜂拥而至、</b></i><i>而不是经济的根本性改善。”</i>–<i>投资百科</i>目前，有足够的证据支持市场繁荣的观点。<b><i>如前所述：</i></b></blockquote></p><p>   <i>“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”</i>    <i>‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’</i>  <ul>  <li><b><i>High optimism</i></b></li>  <li><b><i>Easy credit (too easy, with loose terms)</i></b></li>  <li><b><i>A rush of initial and secondary offerings</i></b></li>  <li><b><i>Risky stocks outperforming</i></b></li>  <li><b><i>Stretched valuations</i></b></li> </ul> <img src=\"https://static.tigerbbs.com/ff8de3a84084162ca86b415584bbf793\" tg-width=\"731\" tg-height=\"468\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><i>“在市场周期的顶峰附近，投资者会被潜在的繁荣所吸引。这种繁荣滋生了 “合理化”，即 “这次不同 ”。那么，你如何知道目前的市场是否繁荣呢？通过情绪交易者：”</i><i>这种市场活动表明市场已经回到了'热情'阶段。其特点是：'</i><ul><li><b><i>高度乐观</i></b></li><li><b><i>轻松信贷（太容易，条款宽松）</i></b></li><li><b><i>首次和二次发行的热潮</i></b></li><li><b><i>高风险股票跑赢大盘</i></b></li><li><b><i>拉伸估值</i></b></li></ul></blockquote></p><p> However, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.</p><p><blockquote>然而，虽然人们会期望个人在这样的环境中表现出谨慎，但事实恰恰相反。鉴于美联储正在进行的资产负债表操作，投资者完全相信他们可以免受下跌的影响。</blockquote></p><p> <b>A Visualization Of A Market Melting-Up</b></p><p><blockquote><b>市场融化的可视化</b></blockquote></p><p> It is often easier to visualize something rather than explain it.<b>Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.</b>The chart below shows both periods in terms of price.</p><p><blockquote>想象一些事情往往比解释它更容易。<b>自 1900 年以来，只有两个之前的市场时期符合融化的条件：1920-1929 年和 1995-2000 年。</b>下图显示了这两个时期的价格。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a218c7efe2ebd874d05c9ff7dd564436\" tg-width=\"797\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/9f193c9c32d55747bf7ff511c2f9fd53\" tg-width=\"793\" tg-height=\"439\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> However, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.<b>As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.</b></p><p><blockquote>然而，估值的大幅上涨也直观地体现了这种融化。这一点至关重要，因为盈利增长速度不足以支撑价格上涨。<b>一如既往，投资公众相信未来的收益将证明熔化期间价格上涨是合理的。只是从来没有那样的结果。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69e418d5a19d6fd03b305ab111e3be3\" tg-width=\"794\" tg-height=\"440\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/af03d3bbd071b8edfdf3a19e2c7b0bcd\" tg-width=\"796\" tg-height=\"437\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.</p><p><blockquote>我们可以将前两个时期与当前较 2020 年 3 月低点的进步进行比较。同样，我们看到价格也出现了非常相似的大幅上涨，同时估值也飙升。正如预期的那样，投资者目前希望未来的盈利能够大幅增长，以证明当前的价格是合理的。然而，付出高价的理由是美联储持续的资产负债表扩张。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f3562aea27b24ad4921d0f5cd497e072\" tg-width=\"804\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market<i>“melt-up,”</i>there is a rapid deviation from the growth trend matching the acceleration in valuations.</p><p><blockquote>下图显示，价格上涨和估值的衡量标准略有不同。它显示了当前与长期指数增长趋势的偏差。毫不奇怪，在市场期间<i>“融化，”</i>与估值加速相匹配的增长趋势迅速偏离。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1419cf4b2afdcdc0f61e0cad862f498d\" tg-width=\"836\" tg-height=\"460\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The problem with market<i>“melt-ups”</i>is not the melt-up itself but what always follows.</p><p><blockquote>市场问题<i>“融化”</i>不是熔化本身，而是随之而来的东西。</blockquote></p><p> <b>Melting-Up Leads To Melting-Down</b></p><p><blockquote><b>熔化导致熔化</b></blockquote></p><p> A market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why<i>“this time is different.”</i>They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.</p><p><blockquote>市场融化持续下去是令人兴奋的。在融化过程中，投资者开始合理化原因<i>“这次不一样。”</i>他们开始过度使用杠杆，试图利用价格的快速上涨，而基本面则让位于价格动能。</blockquote></p><p></p><p> Market melt-ups are all about<i>“psychology.”</i><b>Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.</b>The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous<i>‘melt-up”</i>periods should be easy to spot when compared with the advance currently.</p><p><blockquote>市场融化是关于<i>心理学。</i><b>从历史上看，无论什么催化剂引发了人们对风险的漠视，价格和估值的相应飙升都很容易见证。</b>下图显示了相对强度、偏差和估值的长期偏差。以前的<i>“融化”</i>与目前的进步相比，时期应该很容易发现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bc04cb25c0199dd17475a551a5dd7ec1\" tg-width=\"869\" tg-height=\"1024\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Given that current extensions match only a few rare periods in history, a couple of points should be readily apparent.</p><p><blockquote>鉴于当前的扩展只与历史上几个罕见的时期相匹配，有几点应该是显而易见的。</blockquote></p><p> <ol>  <li><b><i>Melt-ups can longer than logic would predict.</i></b></li>  <li><b><i>The prevailing psychology is always “this time is different.”</i></b></li>  <li><b><i>Valuations are dismissed in exchange for measures of momentum and forward expectations.</i></b></li>  <li><b><i>Investors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.</i></b></li>  <li><b><i>Lastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.</i></b></li> </ol> It is essential to recognize the markets are in a<i>“melt-up,</i>” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual<i>“melting-down.”</i></p><p><blockquote><ol><li><b><i>融化的时间可能比逻辑预测的要长。</i></b></li><li><b><i>流行的心理总是 “这次不一样”。</i></b></li><li><b><i>估值被放弃，以换取势头和前瞻性预期的衡量标准。</i></b></li><li><b><i>投资者为了参与一个看似 “输不起 ”的市场，承担了过多的杠杆和风险。</i></b></li><li><b><i>最后，也是不可避免的，“融化 ”以最坏的结果告终。</i></b></li></ol>必须认识到市场处于<i>“融化，</i>“事件的持续时间不得而知。因此，投资者需要一个策略来参与预先，并减轻最终的损失<i>“融化。”</i></blockquote></p><p> <b>Surviving The Melt-Up</b></p><p><blockquote><b>在融化中幸存下来</b></blockquote></p><p> <b>As noted, none of this means the next</b><b><i>“bear market”</i></b><b>is lurking.</b>Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “<i>end”</i>a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.</p><p><blockquote><b>如前所述，这些都不意味着下一个</b><b><i>“熊市”</i></b><b>正在潜伏。</b>鉴于市场融化是心理的一个功能，它们可能会持续更长时间，比逻辑预测的更远。需要什么 “<i>结束”</i>融化是一种意想不到的外部事件，它会将心理从看涨转变为看跌。这就是退出潮发生的时候，价格会迅速下跌。</blockquote></p><p> As such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.</p><p><blockquote>因此，投资者需要一套指导方针来参与市场发展。但是，当然，困难的部分是当调整不可避免地发生时保持这些收益。</blockquote></p><p> As portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.</p><p><blockquote>作为客户的投资组合经理，这正是我们必须采取的方法。因此，我概述了我们采用的流程。</blockquote></p><p> <ol>  <li><i><b>Tighten up stop-loss levels</b></i><i>to current support levels for each position.(Provides identifiable exit points when the market reverses.)</i></li>  <li><i><b>Hedge portfolios</b></i><i>against major market declines.(Non-correlated assets, short-market positions, index put options)</i></li>  <li><i><b>Take profits</b></i><i>in positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)</i></li>  <li><i><b>Sell laggards</b></i><i>and losers</i>.<i>(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)</i></li>  <li><i><b>Raise cash</b></i><i>and rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)</i></li> </ol> <b>Notice, nothing in there says,</b><b><i>“sell everything and go to cash.”</i></b></p><p><blockquote><ol><li><i><b>收紧止损水平</b></i><i>每个头寸的当前支撑位。（在市场反转时提供可识别的退出点。）</i></li><li><i><b>对冲投资组合</b></i><i>抵御市场大幅下跌。（不相关资产、空头市场头寸、指数看跌期权）</i></li><li><i><b>获利</b></i><i>在已经成为大赢家的头寸中（重新平衡超买或扩展头寸以获取收益，但继续参与上涨。）</i></li><li><i><b>卖出落后者</b></i><i>和失败者</i>.<i>(如果某种方法在市场融化时不起作用，那么在普遍下跌时很可能也不起作用。最好尽早消除风险）。</i></li><li><i><b>筹集现金</b></i><i>并根据目标权重重新平衡投资组合。（定期重新平衡风险可以在一定程度上减轻隐藏风险。）</i></li></ol><b>注意，里面没写，</b><b><i>“卖掉所有东西，变现。”</i></b></blockquote></p><p> There will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that<i>“stop-loss”</i>levels get triggered, exposure decreases, and cash levels rise when the selling begins.</p><p><blockquote>将会有一段时间大幅筹集现金。良好的投资组合管理策略将自动确保<i>“止损”</i>当销售开始时，水平被触发，风险敞口减少，现金水平上升。</blockquote></p><p> While it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent<i>“this time is different.”</i></p><p><blockquote>虽然在融化过程中利用融化的机会至关重要，但不要过于自满<i>“这次不一样。”</i></blockquote></p><p> It likely isn’t.</p><p><blockquote>很可能不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up\">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":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://seekingalpha.com/article/4457469-technically-speaking-is-the-market-melting-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198528044","content_text":"Summary\n\nGiven the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nAs is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent “this time is different”.\n\nIs the“market melting-up?”Such was the question I received from my colleague atCut The Crap Investing.It is an excellent question given the relentless increase in what investors believe is a“no risk”market.\nOf course, we need a definition of precisely what constitutes a melt-up.\n\n“A melt-up is a sustained and often unexpected improvement in the investment performance of an asset or asset class, driven partly\nby a stampede of investors who don’t want to miss out on its rise,\nrather than by fundamental improvements in the economy.“–\n Investopedia\n\nCurrently, there is sufficient evidence to support the idea of an exuberant market.As noted previously:\n\n“Near peaks of market cycles, investors become swept up by the underlying exuberance. That exuberance breeds the “rationalization” that “this time is different.” So how do you know the market is exuberant currently? Via Sentiment Trader:”\n\n\n‘This type of market activity is an indication that markets have returned their ‘enthusiasm’ stage. Such is characterized by:’\n\n\nHigh optimism\nEasy credit (too easy, with loose terms)\nA rush of initial and secondary offerings\nRisky stocks outperforming\nStretched valuations\n\n\nHowever, while one would expect individuals to exhibit caution in such an environment, the opposite is true. Given the Fed’s ongoing balance sheet operations, investors fully believe they have protection from a decline.\nA Visualization Of A Market Melting-Up\nIt is often easier to visualize something rather than explain it.Since 1900, only two previous market periods qualify as a melt-up: 1920-1929 and 1995-2000.The chart below shows both periods in terms of price.\n\nHowever, the melt-up is also visually represented by the incredibly sharp rise in valuations. Such is essential because earnings are not rising at a fast enough clip to support higher prices.As is always the case, the investing public believes future earnings will justify higher prices during a melt-up. It just never works out that way.\n\nWe can compare those two previous periods with the current advance from the March 2020 lows. Again, we see a very similar sharp advance in price combined with a surge in valuations. As expected, investors are currently hoping that future earnings will rise sharply enough to justify current prices. However, the justification for paying high prices is the Federal Reserve’s ongoing balance sheet expansion.\n\nThe following chart looks that the price advance and valuation measures a little differently. It shows the current deviation from the long-term exponential growth trend. Not surprisingly, during a market“melt-up,”there is a rapid deviation from the growth trend matching the acceleration in valuations.\n\nThe problem with market“melt-ups”is not the melt-up itself but what always follows.\nMelting-Up Leads To Melting-Down\nA market melting-up is exciting while it lasts. During melt-ups, investors begin to rationalize why“this time is different.”They start taking on excess leverage to try and capitalize on the rapid advance in prices, and fundamentals take a back seat to price momentum.\nMarket melt-ups are all about“psychology.”Historically, whatever has been the catalyst to spark the disregard of risk is readily witnessed in the corresponding surge in price and valuations.The chart below shows the long-term deviations in relative strength, deviations, and valuations. The previous‘melt-up”periods should be easy to spot when compared with the advance currently.\n\nGiven that current extensions match only a few rare periods in history, a couple of points should be readily apparent.\n\nMelt-ups can longer than logic would predict.\nThe prevailing psychology is always “this time is different.”\nValuations are dismissed in exchange for measures of momentum and forward expectations.\nInvestors take on excess leverage and risk in order to participate in a seemingly “can’t lose” market.\nLastly, and inevitably, “melt-ups” end and always in the worst possible outcomes.\n\nIt is essential to recognize the markets are in a“melt-up,” and the duration of that event is unknowable. Therefore, investors need a strategy to participate in the advance and mitigate the damage from the eventual“melting-down.”\nSurviving The Melt-Up\nAs noted, none of this means the next“bear market”is lurking.Given that a market melting-up is a function of psychology, they can last longer and go further than logic would predict. What is required to “end”a melt-up is an unanticipated exogenous event that changes psychology from bullish to bearish. Such is when the stampede for the exits occurs, and prices decline very quickly.\nAs such, investors need a set of guidelines to participate in the market advance. But, of course, the hard part is keeping those gains when corrections inevitably occur.\nAs portfolio managers for our clients, such is precisely the approach we must take. Accordingly, I have provided a general overview of the process that we employ.\n\nTighten up stop-loss levelsto current support levels for each position.(Provides identifiable exit points when the market reverses.)\nHedge portfoliosagainst major market declines.(Non-correlated assets, short-market positions, index put options)\nTake profitsin positions that have been big winners(Rebalancing overbought or extended positions to capture gains but continue to participate in the advance.)\nSell laggardsand losers.(If something isn’t working in a market melt-up, it most likely won’t work during a broad decline. Better to eliminate the risk early.)\nRaise cashand rebalance portfolios to target weightings.(Rebalancing risk on a regular basis keeps hidden risks somewhat mitigated.)\n\nNotice, nothing in there says,“sell everything and go to cash.”\nThere will be a time to raise significant levels of cash. A good portfolio management strategy will automatically ensure that“stop-loss”levels get triggered, exposure decreases, and cash levels rise when the selling begins.\nWhile it is essential to take advantage of the melt-up while it lasts, just don’t become overly complacent“this time is different.”\nIt likely isn’t.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":3455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}