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2021-03-16

$ContextLogic Inc.(WISH)$buy buy buy [暗中观察]

2021-06-18

Wow 👏

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2021-05-15

Wow, please reply and comment, doing tasks, thanks 😊🙏

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2021-06-10

Wow, please reply and comment, doing tasks, thanks 😊🙏

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2021-06-17

Wow, please reply and comment, doing tasks, thanks 😊🙏👍

Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote>

2021-05-29

Wow please reply and comment, doing tasks, thanks 😊🙏

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2021-05-27

Wow, please reply and comment, doing tasks, thanks 😊🙏

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2021-05-24

Wow, please reply and comment, doing tasks, thanks 😊🙏

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2021-06-04

Wow, please reply and comment, doing tasks, thanks 😊🙏

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2021-06-12

Wow, please reply and comment, doing tasks, thanks 😊🙏👍

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Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? 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Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2886,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852656904,"gmtCreate":1635264075650,"gmtModify":1635264075907,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> i believe just now i saw one guy commented saying..if it does not close above 10, he will cut his..... (im praying for him...) [惊吓]","listText":"<a target=\"_blank\" href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a> i believe just now i saw one guy commented saying..if it does not close above 10, he will cut his..... (im praying for him...) [惊吓]","text":"$Tiger Brokers(TIGR)$ i believe just now i saw one guy commented saying..if it does not close above 10, he will cut his..... (im praying for him...) [惊吓]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/852656904","isVote":1,"tweetType":1,"viewCount":3447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":144598367,"gmtCreate":1626305099959,"gmtModify":1633928149705,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/144598367","repostId":"1130412034","repostType":4,"isVote":1,"tweetType":1,"viewCount":2105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144591572,"gmtCreate":1626305081696,"gmtModify":1633928150314,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow//<a href=\"https://laohu8.com/U/3578739466550787\">@Showcase</a>: Nice","listText":"Wow//<a href=\"https://laohu8.com/U/3578739466550787\">@Showcase</a>: Nice","text":"Wow//@Showcase: Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144591572","repostId":"2150434370","repostType":4,"isVote":1,"tweetType":1,"viewCount":3337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":168183132,"gmtCreate":1623965453426,"gmtModify":1634025240914,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow 👏","listText":"Wow 👏","text":"Wow 👏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/168183132","repostId":"2144742672","repostType":4,"isVote":1,"tweetType":1,"viewCount":3103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163873794,"gmtCreate":1623878972318,"gmtModify":1634026684026,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks,&nbsp; thanks 😊🙏👍","listText":"Wow, please reply and comment, doing tasks,&nbsp; thanks 😊🙏👍","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/163873794","repostId":"1170150919","repostType":4,"repost":{"id":"1170150919","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":1623866564,"share":"https://www.laohu8.com/m/news/1170150919?lang=zh_CN&edition=full","pubTime":"2021-06-17 02:02","market":"hk","language":"en","title":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170150919","media":"Tiger Newspress","summary":"U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.The Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.Nine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and finan","content":"<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美国股市周三跌至盘中低点，此前美联储上调了通胀预期，并提前了下次加息的时间框架。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>11个标普500板块中有9个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重新开放为大盘提供了一些支撑。主要航空股美国航空、联合航空和达美航空均走高。在Wolfe Research上调评级后，皇家加勒比和嘉年华股价均上涨2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在2023年加息，此前该委员会在3月份表示至少在2024年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续称通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于下午2:30举行新闻发布会。等。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀加剧，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>周三在参议院财政委员会作证的财政部长珍妮特·耶伦表示，从长远来看，更高的价格压力不应持续下去。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦表示：“我之前说过，我看到了重要的暂时影响，但我预计这种影响不会是永久性的。”“但我们将继续非常仔细地监测通胀数据，对于长期通胀前景来说，重要的是，我们认为从大多数指标来看，通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</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\">\nFed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-17 02:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美国股市周三跌至盘中低点，此前美联储上调了通胀预期，并提前了下次加息的时间框架。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>11个标普500板块中有9个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重新开放为大盘提供了一些支撑。主要航空股美国航空、联合航空和达美航空均走高。在Wolfe Research上调评级后，皇家加勒比和嘉年华股价均上涨2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在2023年加息，此前该委员会在3月份表示至少在2024年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续称通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于下午2:30举行新闻发布会。等。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀加剧，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>周三在参议院财政委员会作证的财政部长珍妮特·耶伦表示，从长远来看，更高的价格压力不应持续下去。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦表示：“我之前说过，我看到了重要的暂时影响，但我预计这种影响不会是永久性的。”“但我们将继续非常仔细地监测通胀数据，对于长期通胀前景来说，重要的是，我们认为从大多数指标来看，通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170150919","content_text":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.\nU.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.\nThe Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.\nNine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and financials.\nEconomic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.\nThe policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.\nThe Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"\nChairman Jerome Powell will hold a press conference at 2:30 p.m. ET.\nThe meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nTreasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.\n\"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1914,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160611843,"gmtCreate":1623794444982,"gmtModify":1634028248531,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment,&nbsp; doing tasks,&nbsp; thanks 😊🙏👍","listText":"Wow, please reply and comment,&nbsp; doing tasks,&nbsp; thanks 😊🙏👍","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/160611843","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://www.laohu8.com/m/news/1191245053?lang=zh_CN&edition=full","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五2万亿美元伽马到期将如何影响市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周，在讨论将VIX推至新冠大流行爆发以来的最低水平的市场夏季低迷时，我们表示，这段异常的市场平静期可能会持续到本周五的“四女巫”，届时大量的gamma和delta到期并去风险，在此过程中消除了股票的自然下行缓冲之一（请参阅“市场低迷随着下周五的Op-Ex而结束的4个原因”）。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此，高盛内部衍生品专家洛基·菲什曼(Rocky Fishman)在谈到周五“可能影响市场的运营支出”的话题时，预览了即将到来的6月份到期，他称之为“规模很大——与典型的季度相当”。具体而言，<b>周五有1.8万亿美元的SPX期权到期，此外还有2400亿美元的SPDR标普500指数ETF期权以及2000亿美元的SPX和SPX E-mini期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而，尽管这些总数很大，<b>根据指数规模进行调整后，当前现货10%以内的到期期权数量比过去十年中的任何一个季度都要少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是，根据高盛的估计，combos账户<b>对于15-20%的SPX期权，</b>因此，调整后的未平仓合约总额将达到1.5万亿美元，仍远高于即将到期的单一股票未平仓合约总额（7750亿美元）。此外，由于股市处于历史高位，预计6月份大部分未平仓合约均低于当前SPX现货价格。如下图所示，双峰在3900和4150。这意味着周五之后，在伽马被重新填充之前，这些点周围可能会有一定的“反”重力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>这位高盛策略师随后解释了他认为低于已实现市场波动率的异常低水平的情况，并指出——正如我们上周讨论的——这与多头伽马头寸一致。考虑一下SPX<b>过去13个交易日的已实现波动率仅为5.1%，为2019年以来最低的13天已实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比；AMC上周是个股中合约量最高的（但名义交易量为70亿美元/天，远低于AMZN领先的1200亿美元/天），同期已实现成交量接近400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后，正如野村证券的Charlie McElligott上周首次指出的那样，高盛的衍生品团队同意<b>极低的SPX已实现波动性与6月18日离开“华尔街”多头指数gamma的可能性是一致的，在这种情况下，Fishman呼应了我们上周所说的，即“一旦头寸变得更加干净，已实现波动性可能会回升。”</b>与此同时，VIX期货相对于SPX的贝塔值上升表明，投资者预计，如果市场抛售，空头伽马动态将会回升。翻译：<u><b>在抛售中，市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时，与最新的备忘录股票挤压保持一致，高盛还指出，虽然单一股票期权交易量仍然很高，但远低于第一季度的峰值。最近几周，由散户驱动的所有单一股票期权活动的很大比例以及散户活动的预测价值都提高了对单一股票期权市场的关注。近期单一股票期权活动的增长主要集中在低股价股票上，导致过去两周合约交易量大幅上涨，但名义交易量并未与之匹配。在根据股市规模调整名义成交量时，高盛发现过去两周单只股票成交量实际上一直处于2021年区间的低点，这意味着最新的上涨几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是高盛的观察，即短期SPX期权（每周）和远离季度的趋势仍在继续，这与散户参与交易的不断增加相一致。这也是周五SPX到期时间小于最近许多季度的原因之一，也是为什么随着到期时间的临近，其交易量一直在下降的原因之一。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛所解释的那样，投资者越来越多地采用SPX到期的完整日历，包括每周一和周三的到期，因为他们围绕事件调整了自己的观点。事实上，<b>第三个周五到期的SPX期权交易量百分比处于历史最低点，</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单一股票交易量：高盛提出了一个兴趣——“在某种程度上，做市商无法弥补散户投资者看涨期权买入产生的单一股票空头伽马，他们可能会积极交易超短期SPX指数期权的多头头寸，以抵消这种伽马。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要？因为如果这种趋势足够大，它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是，通过增加单一名称“最受做空的名称”，散户投资者正在市场的其他部分迎来一段非正统的平静时期！</b></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五2万亿美元伽马到期将如何影响市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周，在讨论将VIX推至新冠大流行爆发以来的最低水平的市场夏季低迷时，我们表示，这段异常的市场平静期可能会持续到本周五的“四女巫”，届时大量的gamma和delta到期并去风险，在此过程中消除了股票的自然下行缓冲之一（请参阅“市场低迷随着下周五的Op-Ex而结束的4个原因”）。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此，高盛内部衍生品专家洛基·菲什曼(Rocky Fishman)在谈到周五“可能影响市场的运营支出”的话题时，预览了即将到来的6月份到期，他称之为“规模很大——与典型的季度相当”。具体而言，<b>周五有1.8万亿美元的SPX期权到期，此外还有2400亿美元的SPDR标普500指数ETF期权以及2000亿美元的SPX和SPX E-mini期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而，尽管这些总数很大，<b>根据指数规模进行调整后，当前现货10%以内的到期期权数量比过去十年中的任何一个季度都要少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是，根据高盛的估计，combos账户<b>对于15-20%的SPX期权，</b>因此，调整后的未平仓合约总额将达到1.5万亿美元，仍远高于即将到期的单一股票未平仓合约总额（7750亿美元）。此外，由于股市处于历史高位，预计6月份大部分未平仓合约均低于当前SPX现货价格。如下图所示，双峰在3900和4150。这意味着周五之后，在伽马被重新填充之前，这些点周围可能会有一定的“反”重力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>这位高盛策略师随后解释了他认为低于已实现市场波动率的异常低水平的情况，并指出——正如我们上周讨论的——这与多头伽马头寸一致。考虑一下SPX<b>过去13个交易日的已实现波动率仅为5.1%，为2019年以来最低的13天已实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比；AMC上周是个股中合约量最高的（但名义交易量为70亿美元/天，远低于AMZN领先的1200亿美元/天），同期已实现成交量接近400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后，正如野村证券的Charlie McElligott上周首次指出的那样，高盛的衍生品团队同意<b>极低的SPX已实现波动性与6月18日离开“华尔街”多头指数gamma的可能性是一致的，在这种情况下，Fishman呼应了我们上周所说的，即“一旦头寸变得更加干净，已实现波动性可能会回升。”</b>与此同时，VIX期货相对于SPX的贝塔值上升表明，投资者预计，如果市场抛售，空头伽马动态将会回升。翻译：<u><b>在抛售中，市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时，与最新的备忘录股票挤压保持一致，高盛还指出，虽然单一股票期权交易量仍然很高，但远低于第一季度的峰值。最近几周，由散户驱动的所有单一股票期权活动的很大比例以及散户活动的预测价值都提高了对单一股票期权市场的关注。近期单一股票期权活动的增长主要集中在低股价股票上，导致过去两周合约交易量大幅上涨，但名义交易量并未与之匹配。在根据股市规模调整名义成交量时，高盛发现过去两周单只股票成交量实际上一直处于2021年区间的低点，这意味着最新的上涨几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是高盛的观察，即短期SPX期权（每周）和远离季度的趋势仍在继续，这与散户参与交易的不断增加相一致。这也是周五SPX到期时间小于最近许多季度的原因之一，也是为什么随着到期时间的临近，其交易量一直在下降的原因之一。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛所解释的那样，投资者越来越多地采用SPX到期的完整日历，包括每周一和周三的到期，因为他们围绕事件调整了自己的观点。事实上，<b>第三个周五到期的SPX期权交易量百分比处于历史最低点，</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单一股票交易量：高盛提出了一个兴趣——“在某种程度上，做市商无法弥补散户投资者看涨期权买入产生的单一股票空头伽马，他们可能会积极交易超短期SPX指数期权的多头头寸，以抵消这种伽马。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要？因为如果这种趋势足够大，它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是，通过增加单一名称“最受做空的名称”，散户投资者正在市场的其他部分迎来一段非正统的平静时期！</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":2252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182784447,"gmtCreate":1623619835289,"gmtModify":1634031213233,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment,&nbsp; doing tasks, thanks 😊🙏👍","listText":"Wow, please reply and comment,&nbsp; doing tasks, thanks 😊🙏👍","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/182784447","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":2658,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186467547,"gmtCreate":1623532326089,"gmtModify":1634032145513,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","listText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/186467547","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":3293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186467080,"gmtCreate":1623532087040,"gmtModify":1634032146003,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment,&nbsp; doing tasks,&nbsp; thanks 😊🙏👍","listText":"Wow, please reply and comment,&nbsp; doing tasks,&nbsp; thanks 😊🙏👍","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/186467080","repostId":"1148565686","repostType":4,"isVote":1,"tweetType":1,"viewCount":898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188235584,"gmtCreate":1623446170548,"gmtModify":1634033160620,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","listText":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/188235584","repostId":"2142572209","repostType":4,"isVote":1,"tweetType":1,"viewCount":736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189219617,"gmtCreate":1623274170139,"gmtModify":1634035191347,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","listText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/189219617","repostId":"1188697627","repostType":4,"isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180314738,"gmtCreate":1623187207924,"gmtModify":1634036127570,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>a gd day for everyone. How about tomorrow? Wishing all 👍[开心]&nbsp;[财迷]&nbsp;[害羞]&nbsp;","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>a gd day for everyone. How about tomorrow? Wishing all 👍[开心]&nbsp;[财迷]&nbsp;[害羞]&nbsp;","text":"$ContextLogic Inc.(WISH)$a gd day for everyone. How about tomorrow? Wishing all 👍[开心] [财迷] [害羞]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/180314738","isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":180312421,"gmtCreate":1623186918063,"gmtModify":1634036129077,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment,&nbsp; doing tasks, thanks 😊🙏","listText":"Wow, please reply and comment,&nbsp; doing tasks, thanks 😊🙏","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/180312421","repostId":"1166056944","repostType":4,"isVote":1,"tweetType":1,"viewCount":720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114449741,"gmtCreate":1623099735483,"gmtModify":1634037065688,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","listText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/114449741","repostId":"1108033863","repostType":4,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112733929,"gmtCreate":1622926889961,"gmtModify":1634096924596,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment,&nbsp; doing tasks, thanks 😊🙏👍","listText":"Wow, please reply and comment,&nbsp; doing tasks, thanks 😊🙏👍","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/112733929","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","MQ":"Marqeta, Inc.",".SPX":"S&P 500 Index","MNDY":"Monday.com Ltd.","LFST":"LifeStance Health Group, Inc.","ZME":"掌门教育","TASK":"TaskUs Inc.","ZETA":"Zeta Global Holdings Corp.","BZ":"BOSS直聘",".IXIC":"NASDAQ Composite","DIBS":"1stdibs.com Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{"ZME":0.9,"MQ":0.9,"MNDY":0.9,"BZ":0.9,"DIBS":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9,"TASK":0.9,"ZETA":0.9,"LFST":0.9}},"isVote":1,"tweetType":1,"viewCount":686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112911964,"gmtCreate":1622843635158,"gmtModify":1634097545322,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment,doing tasks, thanks 😊🙏","listText":"Wow, please reply and comment,doing tasks, thanks 😊🙏","text":"Wow, please reply and comment,doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/112911964","repostId":"1154529120","repostType":4,"repost":{"id":"1154529120","kind":"news","pubTimestamp":1622810459,"share":"https://www.laohu8.com/m/news/1154529120?lang=zh_CN&edition=full","pubTime":"2021-06-04 20:40","market":"hk","language":"en","title":"Can Alibaba Stock Hit $500? If You Got Time, Yes<blockquote>阿里巴巴-SW股价能否触及500美元？如果你有时间，是的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154529120","media":"seekingalpha","summary":"Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.I believe that there are both opportunities and risks, but would see the prior outweighing the latter.In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:. Alibaba Group'","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.</li>  <li>I believe that there are both opportunities and risks, but would see the prior outweighing the latter.</li>  <li>In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/567d19950e6c8789ce2192b4503f0fa5\" tg-width=\"1536\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><span>Photo by efetova/iStock via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW是一只战场股票，有些人看到了很多机会，而另一些人则看到了很多风险。</li><li>我相信机遇和风险都存在，但我认为前者大于后者。</li><li>从长远来看，阿里巴巴有机会为那些以目前相当低的估值买入的人带来强劲收益。</li></ul><p class=\"t-img-caption\"><span>摄影：efetova/iStock，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Alibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.</p><p><blockquote>阿里巴巴-SW集团（BABA）是一家全球领先的高科技公司，持续产生有吸引力的增长，并为投资者提供了进入高增长的中国消费市场的机会。与此同时，通过一系列合资企业，阿里巴巴-SW还活跃在云计算等其他行业。过去几个月股价大幅下跌，但我相信长期潜力巨大。如果股价上涨至500美元，我不会感到惊讶，尽管这不会在短期内发生。</blockquote></p><p> <b>BABA Stock Price</b></p><p><blockquote><b>阿里巴巴股价</b></blockquote></p><p> Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:</p><p><blockquote>自IPO以来，阿里巴巴-SW股价强劲上涨，但也应该提到的是，股价在2020年下半年确实出现了小幅上涨，此后大幅下跌：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8079eeb5384ea003fb3725d3cd1e877f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a&nbsp;revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.</p><p><blockquote>由于蚂蚁金服IPO计划被叫停后，2020年夏季的涨幅已被抹去，股价目前基本处于一年前的水平。不过，去年持平的股价表现有些令人惊讶，因为阿里巴巴-SW在此期间继续取得强劲业绩。例如，上一季度，阿里巴巴-SW的收入增长率为64%，而上一季度的收入增长也非常强劲，在50%左右。然而，这并不是阿里巴巴-SW财报中唯一的积极因素。仅在最近一个季度，该公司的用户数量就增加了3200万，相当于用户年化增长率约为20%。这对未来几个季度来说是个好兆头，因为阿里巴巴-SW平台上的更多用户应该会转化为更高的收入。最重要的是，强劲的用户增长表明，对阿里巴巴-SW平台提供的购物服务的需求仍在增长——市场根本没有饱和。阿里巴巴-SW的EBITDA也同比增长了25%，这也是一个有吸引力的增长速度，尽管管理层在评级关键增长领域的投资不断增加，但这一增长还是实现了。与此同时，由于一些运营杠杆，运营收入增长速度更快，经调整阿里巴巴-SW第一季度必须支付的罚款后，同比增长48%。我认为，为了更清楚地了解阿里巴巴-SW平均季度的基本“核心”盈利能力，放弃这一一次性项目是有意义的。</blockquote></p><p> Alibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and&nbsp;fears about regulation.</p><p><blockquote>因此，相对于大盘和其他科技股，阿里巴巴-SW集团的股价表现疲软，并不是经营业绩疲软的结果，而是多重压缩的结果，原因是投资者情绪疲软以及对监管的担忧。</blockquote></p><p> At its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.</p><p><blockquote>以目前220美元的价格计算，与目前分析师298美元的一致目标价相比，阿里巴巴的交易价格有相当大的折扣。如果阿里巴巴-SW达到这一目标，股价将上涨35%。分析师的价格目标通常以1年的时间框架发布，因此，如果分析师界是正确的，阿里巴巴-SW可能是一项伟大的投资。从估值的角度来看，这个目标价似乎一点也不离谱，因为298美元相当于今年预期净利润的29倍左右，或明年净利润的23倍。当我们谈论2022年夏季（即一年后）的价格目标时，后者可能更能说明问题。</blockquote></p><p> <b>Can Alibaba Stock Hit $500?</b></p><p><blockquote><b>阿里巴巴-SW股价能否触及500美元？</b></blockquote></p><p> The answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.</p><p><blockquote>我认为，这个问题的答案取决于你的时间框架。如果你着眼于12个月的窗口期，那么阿里巴巴-SW很可能无法达到500美元。300美元左右的价格目标似乎是可以实现的，尽管这当然也不能保证。然而，如果我们从更长远的角度来看，那么500美元似乎是阿里巴巴最终可能触及的股价。让我们看几个例子。</blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.</i></p><p><blockquote><i>-如果阿里巴巴-SW在某个时候每股收益为20美元，市盈率为25倍，那么股价将为500美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.</i></p><p><blockquote><i>-如果阿里巴巴-SW的每股收益为25美元，市盈率为20倍，那么股价将为500美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.</i></p><p><blockquote><i>-如果阿里巴巴-SW的每股收益为17美元，交易价格为净利润的29倍，那么股价将为（略低于）500美元。</i></blockquote></p><p></p><p> We see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:</p><p><blockquote>我们看到，有很多情况可能会让阿里巴巴的股价达到500美元，其中一些情况比其他情况更有可能。当然，你的目标倍数越高，所需的收益就越低。这反过来意味着可以更快达到价格目标，因为所需的累计盈利增长较少。当我们看一下阿里巴巴-SW过去的估值时，我们会发现阿里巴巴的长期市盈率中位数如下所示：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd2d42b7094deb394266d6410287c2e4\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.</p><p><blockquote>阿里巴巴-SW的净利润为30-40倍，相对于目前的股价估值（约为今年盈利的20倍），显然存在巨大溢价。我认为目前的估值太低，但另一方面，我预计阿里巴巴-SW未来几年的净利润不会达到30倍、35倍甚至40倍。由于阿里巴巴-SW的规模不断扩大，这使得其在未来几年保持出色的增长变得更加困难，与过去的估值相比，未来几年的股价可能会较低。</blockquote></p><p> I still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.</p><p><blockquote>我仍然认为，从目前21倍左右的市盈率来看，该股确实有一定的估值扩张潜力，因此让我们假设该股未来的净利润为23倍。与历史估值相比，这仍然是一个巨大的折扣，与美国高科技大型股的估值相比也是一个巨大的折扣——例如，亚马逊(AMZN)的交易价格是今年市盈率的59倍。</blockquote></p><p> If we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:</p><p><blockquote>如果我们想使用23倍的市盈率将阿里巴巴的股价达到500美元，那么阿里巴巴-SW必须产生的每股收益为21.70美元。什么时候会是这种情况？在下图中，我们看到了本年度、明年（2022财年）和2023财年的每股收益预测：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fcf78e0b071eff9753afbdcd96f751c\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> If analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.</p><p><blockquote>如果分析师是对的，阿里巴巴-SW到2023年每股收益将无法达到22美元，我认为这是现实的。我也不认为今年到2023年间每股收益会增长100%以上。从2023年开始，阿里巴巴-SW的每股收益需要再增长43%才能达到21.70美元，这是我们500美元股价的“目标每股收益”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b4c351b4b5eb3328191ccaa9a3b776c\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Analysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.</p><p><blockquote>分析师目前预测长期每股收益增长约为27%，这意味着阿里巴巴-SW需要大约1.5年的时间才能将每股收益从15.20美元（2023年估计）增长到我们21.70美元的目标。即使我们假设这过于乐观，2024年和2025年的增长率仅为20%，到2025年底每股收益也可能达到21.70美元。因此，换句话说，如果阿里巴巴-SW的增长略低于分析师目前的预测，那么到2025年底（即4.5年后），阿里巴巴-SW的交易价格可能会达到500美元。请注意，这种情况根本不需要很高的市盈率——我相信，阿里巴巴-SW的净利润为23倍，价格并不昂贵。</blockquote></p><p> We can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.</p><p><blockquote>我们可以更加保守地假设2023年每股收益预期过高10%，并且2023年之后的几年每股收益每年仅增长17%（而分析师社区的长期预测为每年27%）。在这种情况下，阿里巴巴-SW的每股收益将在2026年达到21.70美元，股价将在未来5.5年内升至500美元。即使在这种情况下，阿里巴巴也根本不是一项糟糕的投资——未来5.5年内股价较当前水平上涨130%，相当于年化回报率为16%。</blockquote></p><p> So, to sum this section up, I'd say<i>yes, BABA can hit $500</i>-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.</p><p><blockquote>所以，总结一下这一部分，我想说<i>是的，阿里巴巴可以达到500美元</i>——但实际上需要几年时间。到2020年代中期，对我来说，这似乎是一个非常可以实现的目标，尽管当然没有任何保证。</blockquote></p><p> <b>Is Alibaba Stock A Buy Or Sell Now?</b></p><p><blockquote><b>阿里巴巴-SW股票现在是买入还是卖出？</b></blockquote></p><p> Alibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.</p><p><blockquote>我认为，阿里巴巴-SW集团是一项强有力的投资。该公司增长强劲，利润来自多个长期宏观趋势，例如中国消费者支出的增长、电子商务市场份额的增长和云计算。然而，也有一些风险需要考虑：阿里巴巴-SW高度依赖中国，如果中国的经济增长故事结束，阿里巴巴-SW将受到很大伤害。最重要的是，阿里巴巴-SW可能会再次成为监管机构的目标，尽管我个人认为伤害中国增长最快的科技公司之一不符合中国的最佳利益。</blockquote></p><p></p><p> For those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.</p><p><blockquote>对于那些担心这些风险的人来说，阿里巴巴-SW可能不是正确的选择，但对于那些认为阿里巴巴-SW对中国消费者来说可能非常有益的投资的人来说，阿里巴巴可能是多元化投资组合中的一个强有力的选择。我属于后一类，因此按当前估值将该股评级为买入，预计未来几年将大幅上涨。然而，根据您的风险承受能力以及您如何权衡投资中国公司的机会和威胁，您可能会做出不同的决定。</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>Can Alibaba Stock Hit $500? If You Got Time, Yes<blockquote>阿里巴巴-SW股价能否触及500美元？如果你有时间，是的</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\">\nCan Alibaba Stock Hit $500? If You Got Time, Yes<blockquote>阿里巴巴-SW股价能否触及500美元？如果你有时间，是的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 20:40</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>Alibaba is a battleground stock where some see a lot of opportunities, while others see many risks.</li>  <li>I believe that there are both opportunities and risks, but would see the prior outweighing the latter.</li>  <li>In the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/567d19950e6c8789ce2192b4503f0fa5\" tg-width=\"1536\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><span>Photo by efetova/iStock via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW是一只战场股票，有些人看到了很多机会，而另一些人则看到了很多风险。</li><li>我相信机遇和风险都存在，但我认为前者大于后者。</li><li>从长远来看，阿里巴巴有机会为那些以目前相当低的估值买入的人带来强劲收益。</li></ul><p class=\"t-img-caption\"><span>摄影：efetova/iStock，来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Alibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.</p><p><blockquote>阿里巴巴-SW集团（BABA）是一家全球领先的高科技公司，持续产生有吸引力的增长，并为投资者提供了进入高增长的中国消费市场的机会。与此同时，通过一系列合资企业，阿里巴巴-SW还活跃在云计算等其他行业。过去几个月股价大幅下跌，但我相信长期潜力巨大。如果股价上涨至500美元，我不会感到惊讶，尽管这不会在短期内发生。</blockquote></p><p> <b>BABA Stock Price</b></p><p><blockquote><b>阿里巴巴股价</b></blockquote></p><p> Since its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:</p><p><blockquote>自IPO以来，阿里巴巴-SW股价强劲上涨，但也应该提到的是，股价在2020年下半年确实出现了小幅上涨，此后大幅下跌：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8079eeb5384ea003fb3725d3cd1e877f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Shares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a&nbsp;revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.</p><p><blockquote>由于蚂蚁金服IPO计划被叫停后，2020年夏季的涨幅已被抹去，股价目前基本处于一年前的水平。不过，去年持平的股价表现有些令人惊讶，因为阿里巴巴-SW在此期间继续取得强劲业绩。例如，上一季度，阿里巴巴-SW的收入增长率为64%，而上一季度的收入增长也非常强劲，在50%左右。然而，这并不是阿里巴巴-SW财报中唯一的积极因素。仅在最近一个季度，该公司的用户数量就增加了3200万，相当于用户年化增长率约为20%。这对未来几个季度来说是个好兆头，因为阿里巴巴-SW平台上的更多用户应该会转化为更高的收入。最重要的是，强劲的用户增长表明，对阿里巴巴-SW平台提供的购物服务的需求仍在增长——市场根本没有饱和。阿里巴巴-SW的EBITDA也同比增长了25%，这也是一个有吸引力的增长速度，尽管管理层在评级关键增长领域的投资不断增加，但这一增长还是实现了。与此同时，由于一些运营杠杆，运营收入增长速度更快，经调整阿里巴巴-SW第一季度必须支付的罚款后，同比增长48%。我认为，为了更清楚地了解阿里巴巴-SW平均季度的基本“核心”盈利能力，放弃这一一次性项目是有意义的。</blockquote></p><p> Alibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and&nbsp;fears about regulation.</p><p><blockquote>因此，相对于大盘和其他科技股，阿里巴巴-SW集团的股价表现疲软，并不是经营业绩疲软的结果，而是多重压缩的结果，原因是投资者情绪疲软以及对监管的担忧。</blockquote></p><p> At its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.</p><p><blockquote>以目前220美元的价格计算，与目前分析师298美元的一致目标价相比，阿里巴巴的交易价格有相当大的折扣。如果阿里巴巴-SW达到这一目标，股价将上涨35%。分析师的价格目标通常以1年的时间框架发布，因此，如果分析师界是正确的，阿里巴巴-SW可能是一项伟大的投资。从估值的角度来看，这个目标价似乎一点也不离谱，因为298美元相当于今年预期净利润的29倍左右，或明年净利润的23倍。当我们谈论2022年夏季（即一年后）的价格目标时，后者可能更能说明问题。</blockquote></p><p> <b>Can Alibaba Stock Hit $500?</b></p><p><blockquote><b>阿里巴巴-SW股价能否触及500美元？</b></blockquote></p><p> The answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.</p><p><blockquote>我认为，这个问题的答案取决于你的时间框架。如果你着眼于12个月的窗口期，那么阿里巴巴-SW很可能无法达到500美元。300美元左右的价格目标似乎是可以实现的，尽管这当然也不能保证。然而，如果我们从更长远的角度来看，那么500美元似乎是阿里巴巴最终可能触及的股价。让我们看几个例子。</blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.</i></p><p><blockquote><i>-如果阿里巴巴-SW在某个时候每股收益为20美元，市盈率为25倍，那么股价将为500美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.</i></p><p><blockquote><i>-如果阿里巴巴-SW的每股收益为25美元，市盈率为20倍，那么股价将为500美元。</i></blockquote></p><p> <i>- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.</i></p><p><blockquote><i>-如果阿里巴巴-SW的每股收益为17美元，交易价格为净利润的29倍，那么股价将为（略低于）500美元。</i></blockquote></p><p></p><p> We see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:</p><p><blockquote>我们看到，有很多情况可能会让阿里巴巴的股价达到500美元，其中一些情况比其他情况更有可能。当然，你的目标倍数越高，所需的收益就越低。这反过来意味着可以更快达到价格目标，因为所需的累计盈利增长较少。当我们看一下阿里巴巴-SW过去的估值时，我们会发现阿里巴巴的长期市盈率中位数如下所示：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dd2d42b7094deb394266d6410287c2e4\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> At 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.</p><p><blockquote>阿里巴巴-SW的净利润为30-40倍，相对于目前的股价估值（约为今年盈利的20倍），显然存在巨大溢价。我认为目前的估值太低，但另一方面，我预计阿里巴巴-SW未来几年的净利润不会达到30倍、35倍甚至40倍。由于阿里巴巴-SW的规模不断扩大，这使得其在未来几年保持出色的增长变得更加困难，与过去的估值相比，未来几年的股价可能会较低。</blockquote></p><p> I still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.</p><p><blockquote>我仍然认为，从目前21倍左右的市盈率来看，该股确实有一定的估值扩张潜力，因此让我们假设该股未来的净利润为23倍。与历史估值相比，这仍然是一个巨大的折扣，与美国高科技大型股的估值相比也是一个巨大的折扣——例如，亚马逊(AMZN)的交易价格是今年市盈率的59倍。</blockquote></p><p> If we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:</p><p><blockquote>如果我们想使用23倍的市盈率将阿里巴巴的股价达到500美元，那么阿里巴巴-SW必须产生的每股收益为21.70美元。什么时候会是这种情况？在下图中，我们看到了本年度、明年（2022财年）和2023财年的每股收益预测：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6fcf78e0b071eff9753afbdcd96f751c\" tg-width=\"635\" tg-height=\"436\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> If analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.</p><p><blockquote>如果分析师是对的，阿里巴巴-SW到2023年每股收益将无法达到22美元，我认为这是现实的。我也不认为今年到2023年间每股收益会增长100%以上。从2023年开始，阿里巴巴-SW的每股收益需要再增长43%才能达到21.70美元，这是我们500美元股价的“目标每股收益”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b4c351b4b5eb3328191ccaa9a3b776c\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Analysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.</p><p><blockquote>分析师目前预测长期每股收益增长约为27%，这意味着阿里巴巴-SW需要大约1.5年的时间才能将每股收益从15.20美元（2023年估计）增长到我们21.70美元的目标。即使我们假设这过于乐观，2024年和2025年的增长率仅为20%，到2025年底每股收益也可能达到21.70美元。因此，换句话说，如果阿里巴巴-SW的增长略低于分析师目前的预测，那么到2025年底（即4.5年后），阿里巴巴-SW的交易价格可能会达到500美元。请注意，这种情况根本不需要很高的市盈率——我相信，阿里巴巴-SW的净利润为23倍，价格并不昂贵。</blockquote></p><p> We can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.</p><p><blockquote>我们可以更加保守地假设2023年每股收益预期过高10%，并且2023年之后的几年每股收益每年仅增长17%（而分析师社区的长期预测为每年27%）。在这种情况下，阿里巴巴-SW的每股收益将在2026年达到21.70美元，股价将在未来5.5年内升至500美元。即使在这种情况下，阿里巴巴也根本不是一项糟糕的投资——未来5.5年内股价较当前水平上涨130%，相当于年化回报率为16%。</blockquote></p><p> So, to sum this section up, I'd say<i>yes, BABA can hit $500</i>-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.</p><p><blockquote>所以，总结一下这一部分，我想说<i>是的，阿里巴巴可以达到500美元</i>——但实际上需要几年时间。到2020年代中期，对我来说，这似乎是一个非常可以实现的目标，尽管当然没有任何保证。</blockquote></p><p> <b>Is Alibaba Stock A Buy Or Sell Now?</b></p><p><blockquote><b>阿里巴巴-SW股票现在是买入还是卖出？</b></blockquote></p><p> Alibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.</p><p><blockquote>我认为，阿里巴巴-SW集团是一项强有力的投资。该公司增长强劲，利润来自多个长期宏观趋势，例如中国消费者支出的增长、电子商务市场份额的增长和云计算。然而，也有一些风险需要考虑：阿里巴巴-SW高度依赖中国，如果中国的经济增长故事结束，阿里巴巴-SW将受到很大伤害。最重要的是，阿里巴巴-SW可能会再次成为监管机构的目标，尽管我个人认为伤害中国增长最快的科技公司之一不符合中国的最佳利益。</blockquote></p><p></p><p> For those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.</p><p><blockquote>对于那些担心这些风险的人来说，阿里巴巴-SW可能不是正确的选择，但对于那些认为阿里巴巴-SW对中国消费者来说可能非常有益的投资的人来说，阿里巴巴可能是多元化投资组合中的一个强有力的选择。我属于后一类，因此按当前估值将该股评级为买入，预计未来几年将大幅上涨。然而，根据您的风险承受能力以及您如何权衡投资中国公司的机会和威胁，您可能会做出不同的决定。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4432992-alibaba-stock-hit-500","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154529120","content_text":"Summary\n\nAlibaba is a battleground stock where some see a lot of opportunities, while others see many risks.\nI believe that there are both opportunities and risks, but would see the prior outweighing the latter.\nIn the long run, BABA has a chance of delivering strong gains for those that buy at the current, quite low, valuation.\n\nPhoto by efetova/iStock via Getty Images\nArticle Thesis\nAlibaba Group (BABA) is a leading global high-tech name that continues to generate attractive growth and that offers investors exposure to the high-growth Chinese consumer market. At the same time, through a range of ventures, Alibaba is also active in additional industries, such as cloud computing. Shares have declined considerably over the last couple of months, but I believe that the long-term potential is significant. I would not be surprised to see shares rise towards $500, although that will not happen in the near term.\nBABA Stock Price\nSince its IPO, Alibaba has seen strong share price gains, but it should also be mentioned that shares did peek in H2 2020, and have declined considerably since then:\nData byYCharts\nShares are now basically where they were one year ago, as the gains during summer 2020 have been erased when Ant Financial's IPO plans were stopped. The flat share price performance over the last year is somewhat surprising, though, as Alibaba continued to generate strong results in that time frame. During the last quarter, for example, Alibaba showcased a revenue growth rate of 64%, while revenue growth during the previous quarter was also very strong, at around 50%. This is not the only positive in Alibaba's earnings releases, however. The company also managed to grow its user count by 32 million during the most recent quarter alone, which equates to an annualized user growth rate of around 20%. This bodes well for future quarters, as more users on Alibaba's platform should translate into higher revenues. On top of that, the strong user growth shows that there is still growing demand for the shopping services that Alibaba's platforms offer -- the market is not saturated at all. Alibaba also managed to grow its EBITDA by 25% year over year, which is an attractive growth pace as well, and which was achieved despite growing investments in what management calls key growth areas. Income from operations, meanwhile, grew at an even faster pace, thanks to some operating leverage, rising by 48% year over year when adjusted for the fine that Alibaba had to pay during Q1. It makes, I believe, sense to back out this one-time item to get a clearer picture about Alibaba's underlying, \"core\" profitability during an average quarter.\nAlibaba Group's weak share price performance, relative to the broad market and other tech names, is thus not the result of weak operating performance, but rather a result of multiple compression, driven by weak investor sentiment due to China exposure and fears about regulation.\nAt its current price of $220, BABA trades at a quite large discount compared to the current consensus analyst price target of $298. If Alibaba were to hit that, shares would gain 35%. Analyst price targets are usually issued with a 1-year time frame, thus, if the analyst community is correct, Alibaba could be a great investment. From a valuation standpoint, this price target doesn't seem outrageous at all, as $298 would equate to around 29x this year's expected net profits, or 23x next year's net earnings. The latter is likely the more telling one when we talk about a price target for summer 2022, i.e. 1 year from now.\nCan Alibaba Stock Hit $500?\nThe answer to that question, I think, depends on your time frame. If you are looking at a 12-month window, then Alibaba will most likely not be able to hit $500. The ~$300 price target seems achievable, although that is, of course, also not guaranteed. If, however, we take a longer-term view, then $500 seems like a share price that BABA could hit eventually. Let's look at a couple of examples.\n- If Alibaba were to generate earnings per share of $20 at some point and traded at an earnings multiple of 25, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $25 and traded at a 20x earnings multiple, then shares would trade at $500.\n- If Alibaba were to generate earnings per share of $17 and traded at 29x its net profits, then shares would trade at (marginally below) $500.\nWe see that there are many scenarios that could get us to a $500 share price for BABA, some of them more likely than others. Of course, the higher your target multiple, the lower the earnings that would be required. This, in turn, means that the price target can be hit sooner, as less cumulative earnings growth would be required. When we take a look at how Alibaba was valued in the past, we see that the longer-term median earnings multiples for BABA look like this:\nData byYCharts\nAt 30-40x net earnings, Alibaba was clearly trading at a massive premium relative to how shares are valued today (around 20x this year's earnings). I think that the current valuation is too low, but on the other hand, I do not expect Alibaba to trade at 30, 35, or even 40x net profits in coming years. Due to the growing scale of Alibaba, which makes it a little harder to maintain its excellent growth in coming years, shares will likely trade at a lower valuation in coming years, compared to how they were valued in the past.\nI still think that shares do have some valuation expansion potential from the current earnings multiple of around 21, thus let's assume that shares trade at 23x net profits in the future. This would still represent a massive discount versus the historic valuation, and also a substantial discount compared to how US-based high-tech mega-caps are valued -- Amazon (AMZN), for example, trades at 59x this year's earnings.\nIf we want to get to a $500 share price for BABA using a 23x earnings multiple, then we get to earnings per share of $21.70 that Alibaba must generate. When could this be the case? In the following chart, we see EPS estimates for the current year, next year (CY 2022), and CY 2023:\nData byYCharts\nIf analysts are right, Alibaba will not get to earn $22 a share through 2023, and I think that is realistic. I do not see earnings per share rising by 100%+ between this year and 2023, either. From 2023, it would take another 43% increase in Alibaba's earnings per share to get to $21.70, which is our \"target EPS\" for a $500 share price.\nData byYCharts\nAnalysts are currently forecasting long-term EPS growth of around 27%, which would mean it would take Alibaba about 1.5 years to grow its EPS from $15.20 (2023 estimate) to our target of $21.70. Even if we assume that this is too optimistic and that growth will be just 20% in 2024 and 2025, EPS of $21.70 could be hit by the end of 2025. So, in other words, if Alibaba grows a little less than what analysts are forecasting right now, Alibaba could trade at $500 by the end of 2025 -- or 4.5 years from now. Note that this scenario does not require a high earnings multiple at all -- at 23x net profits, Alibaba wouldn't be expensive, I believe.\nWe can get even more conservative and assume that the 2023 EPS estimate is 10% too high and that EPS will grow by just 17% a year in the years beyond 2023 (versus a long-term forecast of 27% a year by the analyst community). In that case, Alibaba would hit $21.70 in earnings per share in 2026, and shares would rise to $500 over the next 5.5 years. Even in this scenario, BABA wouldn't be a bad investment at all -- a 130% share price increase from the current level over the next 5.5 years would equate to annualized returns of 16%.\nSo, to sum this section up, I'd sayyes, BABA can hit $500-- but it will realistically take a couple of years. By the mid-2020s, this seems like a very achievable goal to me, although there are, of course, no guarantees.\nIs Alibaba Stock A Buy Or Sell Now?\nAlibaba Group is, I believe, a strong investment. The company generates strong growth, profits from multiple long-term macro trends, such as growing consumer spending in China, growing e-commerce market share, and cloud computing. There are, however, risks to consider: Alibaba is highly China-dependent, and in case the economic growth story in China ends, Alibaba would be hurt a lot. On top of that, Alibaba could be targeted again by regulators, although I personally think that it is not in China's best interest to hurt one of its highest-growth tech companies.\nFor those that worry about these risks, Alibaba may not be the right choice, but for those that see Alibaba as a potentially very rewarding play on Chinese consumers, BABA could be a strong pick in a diversified portfolio. I belong to the latter group and thus rate the stock a buy at current valuations, expecting significant upside over the coming years. Depending on your risk tolerance and how you weigh the opportunities and threats of investing in Chinese companies, you may decide differently, however.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118460080,"gmtCreate":1622754247840,"gmtModify":1634098445844,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks,&nbsp; thanks 😊🙏","listText":"Wow, please reply and comment, doing tasks,&nbsp; thanks 😊🙏","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/118460080","repostId":"2140247164","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111158855,"gmtCreate":1622669126177,"gmtModify":1634099441968,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Hmm..","listText":"Hmm..","text":"Hmm..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/111158855","repostId":"1188552613","repostType":4,"repost":{"id":"1188552613","kind":"news","pubTimestamp":1622627641,"share":"https://www.laohu8.com/m/news/1188552613?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:54","market":"us","language":"en","title":"AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须进行翻新，否则就有可能将所有顾客流失到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资本推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</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>AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</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 Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-02 17:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须进行翻新，否则就有可能将所有顾客流失到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资本推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1\">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":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":325231835,"gmtCreate":1615901459127,"gmtModify":1703494715644,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>buy buy buy&nbsp;[暗中观察]&nbsp;","listText":"<a href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>buy buy buy&nbsp;[暗中观察]&nbsp;","text":"$ContextLogic Inc.(WISH)$buy buy buy [暗中观察]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":17,"repostSize":1,"link":"https://laohu8.com/post/325231835","isVote":1,"tweetType":1,"viewCount":1545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":168183132,"gmtCreate":1623965453426,"gmtModify":1634025240914,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow 👏","listText":"Wow 👏","text":"Wow 👏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":14,"repostSize":0,"link":"https://laohu8.com/post/168183132","repostId":"2144742672","repostType":4,"isVote":1,"tweetType":1,"viewCount":3103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196365008,"gmtCreate":1621027029804,"gmtModify":1634194531255,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","listText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/196365008","repostId":"2135710626","repostType":4,"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":189219617,"gmtCreate":1623274170139,"gmtModify":1634035191347,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","listText":"Wow, please reply and comment, doing tasks, thanks 😊🙏","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/189219617","repostId":"1188697627","repostType":4,"isVote":1,"tweetType":1,"viewCount":516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163873794,"gmtCreate":1623878972318,"gmtModify":1634026684026,"author":{"id":"3575962000596639","authorId":"3575962000596639","name":"windspring","avatar":"https://static.tigerbbs.com/5d5a2e9dd39323626596edc7c99f83dc","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575962000596639","idStr":"3575962000596639"},"themes":[],"htmlText":"Wow, please reply and comment, doing tasks,&nbsp; thanks 😊🙏👍","listText":"Wow, please reply and comment, doing tasks,&nbsp; thanks 😊🙏👍","text":"Wow, please reply and comment, doing tasks, thanks 😊🙏👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/163873794","repostId":"1170150919","repostType":4,"repost":{"id":"1170150919","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":1623866564,"share":"https://www.laohu8.com/m/news/1170150919?lang=zh_CN&edition=full","pubTime":"2021-06-17 02:02","market":"hk","language":"en","title":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170150919","media":"Tiger Newspress","summary":"U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.The Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.Nine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and finan","content":"<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美国股市周三跌至盘中低点，此前美联储上调了通胀预期，并提前了下次加息的时间框架。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>11个标普500板块中有9个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重新开放为大盘提供了一些支撑。主要航空股美国航空、联合航空和达美航空均走高。在Wolfe Research上调评级后，皇家加勒比和嘉年华股价均上涨2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在2023年加息，此前该委员会在3月份表示至少在2024年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续称通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于下午2:30举行新闻发布会。等。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀加剧，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>周三在参议院财政委员会作证的财政部长珍妮特·耶伦表示，从长远来看，更高的价格压力不应持续下去。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦表示：“我之前说过，我看到了重要的暂时影响，但我预计这种影响不会是永久性的。”“但我们将继续非常仔细地监测通胀数据，对于长期通胀前景来说，重要的是，我们认为从大多数指标来看，通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</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\">\nFed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-17 02:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅上调通胀预期，且未提及taper。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美国股市周三跌至盘中低点，此前美联储上调了通胀预期，并提前了下次加息的时间框架。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>11个标普500板块中有9个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重新开放为大盘提供了一些支撑。主要航空股美国航空、联合航空和达美航空均走高。在Wolfe Research上调评级后，皇家加勒比和嘉年华股价均上涨2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在2023年加息，此前该委员会在3月份表示至少在2024年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续称通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于下午2:30举行新闻发布会。等。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀加剧，5月份生产者价格以近11年来最快的年增长率上涨。这促使包括保罗·都铎·琼斯在内的一些人呼吁央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>联邦金融网络首席信息官布拉德·麦克米兰表示：“本周的戏剧性事件将是美联储是按兵不动，还是承认通胀正在上升，美联储需要收紧政策。”“由于美联储有双重使命——失业和通胀——这表明它确实应该将重点放在失业上，而不是通胀上。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>周三在参议院财政委员会作证的财政部长珍妮特·耶伦表示，从长远来看，更高的价格压力不应持续下去。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦表示：“我之前说过，我看到了重要的暂时影响，但我预计这种影响不会是永久性的。”“但我们将继续非常仔细地监测通胀数据，对于长期通胀前景来说，重要的是，我们认为从大多数指标来看，通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价较历史高点下跌逾10%，周二跌入回调区间。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170150919","content_text":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.\nU.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.\nThe Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.\nNine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and financials.\nEconomic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.\nThe policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.\nThe Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"\nChairman Jerome Powell will hold a press conference at 2:30 p.m. ET.\nThe meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nTreasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.\n\"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. 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