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2021-09-02

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Apple shares rose nearly 2% in early trading<blockquote>苹果股价早盘上涨近2%</blockquote>

2021-08-18

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Nvidia Reports Earnings Wednesday. Here’s Why Cryptocurrencies Matter.<blockquote>英伟达周三公布财报。这就是加密货币的重要性。</blockquote>

2021-08-16

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2021-08-11

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2021-08-10

Will drop soon

Moderna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</blockquote>

2021-08-05

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5 Stocks To Watch For August 5, 2021<blockquote>2021 年 8 月 5 日值得关注的 5 只股票</blockquote>

2021-08-03

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2021-08-02

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NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车，盘前交易增长 1%</blockquote>

2021-07-30

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2021-07-29

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2021-07-28

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2021-07-28

What a joke

GameStop to join S&P MidCap 400 index next week<blockquote>游戏驿站将于下周加入标准普尔中型股 400 指数</blockquote>

2021-07-23

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2021-07-20

Nice article for pleasure reading

Is This the Long-Awaited Stock Market Crash?<blockquote>这是期待已久的股市崩盘吗？</blockquote>

2021-07-20

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2021-07-19

Nice

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2021-07-19

Safe travel

Jeff Bezos is flying to space. Here's everything you need to know<blockquote>杰夫·贝索斯正在飞向太空。这里有你需要知道的一切</blockquote>

2021-07-18

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2021-07-16

Commented

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2021-07-16

Nice

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like&nbsp;","listText":"Pls like&nbsp;","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/812899995","repostId":"1194937312","repostType":4,"repost":{"id":"1194937312","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":1630503428,"share":"https://www.laohunote.com/m/news/1194937312?lang=zh_CN&edition=full","pubTime":"2021-09-01 21:37","market":"us","language":"en","title":"Apple shares rose nearly 2% in early trading<blockquote>苹果股价早盘上涨近2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194937312","media":"Tiger Newspress","summary":"Apple shares rose nearly 2% in early trading.\n\n\nWolfe Research upgrades Apple from Underperform to P","content":"<p>Apple&nbsp;shares&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>苹果股价早盘上涨近2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/074074cd9456d4c1a7776d87b07c5c72\" tg-width=\"885\" tg-height=\"572\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <ul>  <li>Wolfe Research upgrades Apple&nbsp;from Underperform to Peer Perform on strong iPhone 12 demand trends that should provide a tailwind for the iPhone 13 lineup expected to launch later this month.</li>  <li>Analyst Jeffrey Kvaal says the demand was driven by healthy U.S. operator promotions and Huawei share gains. Additional fuel is coming from the tech giant's supply chain strength, which partially offsets the global component shortage, and the \"elevated\" average selling prices.</li>  <li>Kvaal raises Apple's price target from $135 to $155.</li> </ul></p><p><blockquote><ul><li>Wolfe Research将苹果从表现不佳上调至表现同行，原因是iPhone 12强劲的需求趋势，这将为预计将于本月晚些时候推出的iPhone 13系列提供推动力。</li><li>分析师杰弗里·夸尔 (Jeffrey Kvaal) 表示，需求是由美国运营商健康的促销和华为股价上涨推动的。额外的燃料来自这家科技巨头的供应链实力，这在一定程度上抵消了全球零部件短缺和“较高”的平均销售价格。</li><li>Kvaal 将苹果的目标价从 135 美元上调至 155 美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple shares rose nearly 2% in early trading<blockquote>苹果股价早盘上涨近2%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple shares rose nearly 2% in early trading<blockquote>苹果股价早盘上涨近2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-01 21:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple&nbsp;shares&nbsp;rose&nbsp;nearly&nbsp;2%&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>苹果股价早盘上涨近2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/074074cd9456d4c1a7776d87b07c5c72\" tg-width=\"885\" tg-height=\"572\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <ul>  <li>Wolfe Research upgrades Apple&nbsp;from Underperform to Peer Perform on strong iPhone 12 demand trends that should provide a tailwind for the iPhone 13 lineup expected to launch later this month.</li>  <li>Analyst Jeffrey Kvaal says the demand was driven by healthy U.S. operator promotions and Huawei share gains. Additional fuel is coming from the tech giant's supply chain strength, which partially offsets the global component shortage, and the \"elevated\" average selling prices.</li>  <li>Kvaal raises Apple's price target from $135 to $155.</li> </ul></p><p><blockquote><ul><li>Wolfe Research将苹果从表现不佳上调至表现同行，原因是iPhone 12强劲的需求趋势，这将为预计将于本月晚些时候推出的iPhone 13系列提供推动力。</li><li>分析师杰弗里·夸尔 (Jeffrey Kvaal) 表示，需求是由美国运营商健康的促销和华为股价上涨推动的。额外的燃料来自这家科技巨头的供应链实力，这在一定程度上抵消了全球零部件短缺和“较高”的平均销售价格。</li><li>Kvaal 将苹果的目标价从 135 美元上调至 155 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194937312","content_text":"Apple shares rose nearly 2% in early trading.\n\n\nWolfe Research upgrades Apple from Underperform to Peer Perform on strong iPhone 12 demand trends that should provide a tailwind for the iPhone 13 lineup expected to launch later this month.\nAnalyst Jeffrey Kvaal says the demand was driven by healthy U.S. operator promotions and Huawei share gains. Additional fuel is coming from the tech giant's supply chain strength, which partially offsets the global component shortage, and the \"elevated\" average selling prices.\nKvaal raises Apple's price target from $135 to $155.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831030225,"gmtCreate":1629271263667,"gmtModify":1633686069438,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831030225","repostId":"1194174383","repostType":4,"repost":{"id":"1194174383","kind":"news","pubTimestamp":1629246519,"share":"https://www.laohunote.com/m/news/1194174383?lang=zh_CN&edition=full","pubTime":"2021-08-18 08:28","market":"us","language":"en","title":"Nvidia Reports Earnings Wednesday. Here’s Why Cryptocurrencies Matter.<blockquote>英伟达周三公布财报。这就是加密货币的重要性。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194174383","media":"Barrons","summary":"Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chi","content":"<p>Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chips. Investors should keep an eye on the total.</p><p><blockquote>英伟达将于周三公布的数据中隐藏着加密货币挖矿芯片的收入。投资者应该关注总数。</blockquote></p><p> Why is simple: The peaks and valleys of crypto prices make it tough to peg demand for the chips, which the miners who handle the transactions need. And Nvidia (ticker: NVDA) earnings has gotten burned before when crypto prices tanked.</p><p><blockquote>原因很简单：加密货币价格的高峰和低谷使得很难确定对芯片的需求，而处理交易的矿工需要芯片。英伟达（股票代码：NVDA）的盈利此前曾因加密货币价格暴跌而遭受损失。</blockquote></p><p> This year, though, Nvidia has done two things to protect itself: Maybe most important, it changed the design of its videogame chips that crypto miners co-optedfor their business. And the company started making a version just for miners.</p><p><blockquote>不过今年，英伟达做了两件事来保护自己：也许最重要的是，它改变了加密货币矿工为其业务所采用的视频游戏芯片的设计。该公司开始为矿工制作一个版本。</blockquote></p><p> The new chips arewhat Nvidia tracks as crypto revenue because it can’t accurately track how many videogame chips are being used for mining.</p><p><blockquote>新芯片是英伟达追踪的加密货币收入来源，因为它无法准确追踪有多少视频游戏芯片被用于挖矿。</blockquote></p><p> The company’s finance chief, Colette Kress, has forecast $400 million in crypto chip sales for the second quarter—more than double first-quarter revenue of $155 million.The consensus revenue estimate for the segment that includes mining chips is $537.5 million, up from $327 million sequentially in the first quarter.</p><p><blockquote>该公司财务主管科莱特-克雷斯（Colette Kress）预测，第二季度加密芯片销售额将达到 4 亿美元，是第一季度 1.55 亿美元收入的两倍多。包括采矿芯片在内的该部门的普遍收入估计为 5.375 亿美元，高于第一季度的 3.27 亿美元。</blockquote></p><p> Just like the results for any other company, investors want the actual numbers to at least match—and better yet beat—Kress’ estimates.</p><p><blockquote>就像其他公司的业绩一样，投资者希望实际数字至少能达到--甚至更好--克雷斯的估计。</blockquote></p><p> BMO Capital Markets analyst Ambrish Srivastava has put forward several estimates on the true size of Nvidia’s mining business—the new chips added to the videogame chips.</p><p><blockquote>蒙特利尔银行资本市场分析师安布里什-斯里瓦斯塔瓦（Ambrish Srivastava）对英伟达挖矿业务的真实规模--视频游戏芯片中增加的新芯片--提出了几个估计。</blockquote></p><p> For the second quarter, Srivastava predicts $450 million in crypto revenue, which isn’t far off the company’s forecast; his estimate for the first quarter was $650 million, which was well above the $155 million Nvidia reported for just its mining chips.</p><p><blockquote>Srivastava 预测第二季度加密货币收入为 4.5 亿美元，与公司的预测相差不远；他对第一季度的预期为 6.5 亿美元，远高于 Nvidia 报告的仅采矿芯片的 1.55 亿美元。</blockquote></p><p> Investors should hope that Nvidia—and Srivastava—are close with their numbers so they can have a better idea of just how much exposure the company has to those sometimes-volatile crypto prices. A slump in crypto prices a few years ago translated to a drop in Nvidia’s revenue by nearly a third for&nbsp;four straight quarters.</p><p><blockquote>投资者应该希望 Nvidia 和 Srivastava 的数据接近，这样他们就可以更好地了解该公司对有时波动的加密货币价格的敞口有多大。几年前加密货币价格的暴跌导致英伟达的收入连续四个季度下降了近三分之一。</blockquote></p><p> The rest of the quarter is fairly typical stuff. Overall, the consensus forecast is for adjusted earnings of $1.01 a share, on revenue of $6.3 billion.</p><p><blockquote>本季度的其余部分是相当典型的东西。总体而言，普遍预测调整后每股收益为 1.01 美元，营收为 63 亿美元。</blockquote></p><p> Investors also should pay attention to the data center segment. Chief executive Jensen Huang has talked up the demand around data-center graphics processors, which are often used for artificial intelligence and machine-learning tasks. Wall Street expects data center revenueto grow roughly 30% to $2.3 billion.</p><p><blockquote>投资者还应关注数据中心细分市场。首席执行官黄仁勋谈到了数据中心图形处理器的需求，这些处理器通常用于人工智能和机器学习任务。华尔街预计数据中心收入将增长约 30%，达到 23 亿美元。</blockquote></p><p> The company’s core videogame chip business is expected to grow 80% to $3 billion. It’s worth looking for commentary from executives about the ongoing global chip shortage. The expected increase in supply hasn’t quite materialized, according to Srivastava.</p><p><blockquote>该公司的核心视频游戏芯片业务预计将增长 80%，达到 30 亿美元。值得关注的是高管们对全球芯片持续短缺的评论。斯里瓦斯塔瓦认为，预期的供应量增加并未完全实现。</blockquote></p><p> Shares of Nvidia slumped 2.5% during Tuesday’s regular session to $194.58, but have gained 48% this year. The benchmark PHLX Semiconductor index gained 16% in 2021.</p><p><blockquote>英伟达股价在周二的常规交易中下跌了 2.5%，至 194.58 美元，但今年以来已上涨 48%。2021 年，基准 PHLX 半导体指数上涨了 16%。</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>Nvidia Reports Earnings Wednesday. Here’s Why Cryptocurrencies Matter.<blockquote>英伟达周三公布财报。这就是加密货币的重要性。</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\">\nNvidia Reports Earnings Wednesday. Here’s Why Cryptocurrencies Matter.<blockquote>英伟达周三公布财报。这就是加密货币的重要性。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-18 08:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chips. Investors should keep an eye on the total.</p><p><blockquote>英伟达将于周三公布的数据中隐藏着加密货币挖矿芯片的收入。投资者应该关注总数。</blockquote></p><p> Why is simple: The peaks and valleys of crypto prices make it tough to peg demand for the chips, which the miners who handle the transactions need. And Nvidia (ticker: NVDA) earnings has gotten burned before when crypto prices tanked.</p><p><blockquote>原因很简单：加密货币价格的高峰和低谷使得很难确定对芯片的需求，而处理交易的矿工需要芯片。英伟达（股票代码：NVDA）的盈利此前曾因加密货币价格暴跌而遭受损失。</blockquote></p><p> This year, though, Nvidia has done two things to protect itself: Maybe most important, it changed the design of its videogame chips that crypto miners co-optedfor their business. And the company started making a version just for miners.</p><p><blockquote>不过今年，英伟达做了两件事来保护自己：也许最重要的是，它改变了加密货币矿工为其业务所采用的视频游戏芯片的设计。该公司开始为矿工制作一个版本。</blockquote></p><p> The new chips arewhat Nvidia tracks as crypto revenue because it can’t accurately track how many videogame chips are being used for mining.</p><p><blockquote>新芯片是英伟达追踪的加密货币收入来源，因为它无法准确追踪有多少视频游戏芯片被用于挖矿。</blockquote></p><p> The company’s finance chief, Colette Kress, has forecast $400 million in crypto chip sales for the second quarter—more than double first-quarter revenue of $155 million.The consensus revenue estimate for the segment that includes mining chips is $537.5 million, up from $327 million sequentially in the first quarter.</p><p><blockquote>该公司财务主管科莱特-克雷斯（Colette Kress）预测，第二季度加密芯片销售额将达到 4 亿美元，是第一季度 1.55 亿美元收入的两倍多。包括采矿芯片在内的该部门的普遍收入估计为 5.375 亿美元，高于第一季度的 3.27 亿美元。</blockquote></p><p> Just like the results for any other company, investors want the actual numbers to at least match—and better yet beat—Kress’ estimates.</p><p><blockquote>就像其他公司的业绩一样，投资者希望实际数字至少能达到--甚至更好--克雷斯的估计。</blockquote></p><p> BMO Capital Markets analyst Ambrish Srivastava has put forward several estimates on the true size of Nvidia’s mining business—the new chips added to the videogame chips.</p><p><blockquote>蒙特利尔银行资本市场分析师安布里什-斯里瓦斯塔瓦（Ambrish Srivastava）对英伟达挖矿业务的真实规模--视频游戏芯片中增加的新芯片--提出了几个估计。</blockquote></p><p> For the second quarter, Srivastava predicts $450 million in crypto revenue, which isn’t far off the company’s forecast; his estimate for the first quarter was $650 million, which was well above the $155 million Nvidia reported for just its mining chips.</p><p><blockquote>Srivastava 预测第二季度加密货币收入为 4.5 亿美元，与公司的预测相差不远；他对第一季度的预期为 6.5 亿美元，远高于 Nvidia 报告的仅采矿芯片的 1.55 亿美元。</blockquote></p><p> Investors should hope that Nvidia—and Srivastava—are close with their numbers so they can have a better idea of just how much exposure the company has to those sometimes-volatile crypto prices. A slump in crypto prices a few years ago translated to a drop in Nvidia’s revenue by nearly a third for&nbsp;four straight quarters.</p><p><blockquote>投资者应该希望 Nvidia 和 Srivastava 的数据接近，这样他们就可以更好地了解该公司对有时波动的加密货币价格的敞口有多大。几年前加密货币价格的暴跌导致英伟达的收入连续四个季度下降了近三分之一。</blockquote></p><p> The rest of the quarter is fairly typical stuff. Overall, the consensus forecast is for adjusted earnings of $1.01 a share, on revenue of $6.3 billion.</p><p><blockquote>本季度的其余部分是相当典型的东西。总体而言，普遍预测调整后每股收益为 1.01 美元，营收为 63 亿美元。</blockquote></p><p> Investors also should pay attention to the data center segment. Chief executive Jensen Huang has talked up the demand around data-center graphics processors, which are often used for artificial intelligence and machine-learning tasks. Wall Street expects data center revenueto grow roughly 30% to $2.3 billion.</p><p><blockquote>投资者还应关注数据中心细分市场。首席执行官黄仁勋谈到了数据中心图形处理器的需求，这些处理器通常用于人工智能和机器学习任务。华尔街预计数据中心收入将增长约 30%，达到 23 亿美元。</blockquote></p><p> The company’s core videogame chip business is expected to grow 80% to $3 billion. It’s worth looking for commentary from executives about the ongoing global chip shortage. The expected increase in supply hasn’t quite materialized, according to Srivastava.</p><p><blockquote>该公司的核心视频游戏芯片业务预计将增长 80%，达到 30 亿美元。值得关注的是高管们对全球芯片持续短缺的评论。斯里瓦斯塔瓦认为，预期的供应量增加并未完全实现。</blockquote></p><p> Shares of Nvidia slumped 2.5% during Tuesday’s regular session to $194.58, but have gained 48% this year. The benchmark PHLX Semiconductor index gained 16% in 2021.</p><p><blockquote>英伟达股价在周二的常规交易中下跌了 2.5%，至 194.58 美元，但今年以来已上涨 48%。2021 年，基准 PHLX 半导体指数上涨了 16%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nvidia-reports-earnings-wednesday-heres-why-cryptocurrencies-matter-51629238799?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.barrons.com/articles/nvidia-reports-earnings-wednesday-heres-why-cryptocurrencies-matter-51629238799?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194174383","content_text":"Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chips. Investors should keep an eye on the total.\nWhy is simple: The peaks and valleys of crypto prices make it tough to peg demand for the chips, which the miners who handle the transactions need. And Nvidia (ticker: NVDA) earnings has gotten burned before when crypto prices tanked.\nThis year, though, Nvidia has done two things to protect itself: Maybe most important, it changed the design of its videogame chips that crypto miners co-optedfor their business. And the company started making a version just for miners.\nThe new chips arewhat Nvidia tracks as crypto revenue because it can’t accurately track how many videogame chips are being used for mining.\nThe company’s finance chief, Colette Kress, has forecast $400 million in crypto chip sales for the second quarter—more than double first-quarter revenue of $155 million.The consensus revenue estimate for the segment that includes mining chips is $537.5 million, up from $327 million sequentially in the first quarter.\nJust like the results for any other company, investors want the actual numbers to at least match—and better yet beat—Kress’ estimates.\nBMO Capital Markets analyst Ambrish Srivastava has put forward several estimates on the true size of Nvidia’s mining business—the new chips added to the videogame chips.\nFor the second quarter, Srivastava predicts $450 million in crypto revenue, which isn’t far off the company’s forecast; his estimate for the first quarter was $650 million, which was well above the $155 million Nvidia reported for just its mining chips.\nInvestors should hope that Nvidia—and Srivastava—are close with their numbers so they can have a better idea of just how much exposure the company has to those sometimes-volatile crypto prices. A slump in crypto prices a few years ago translated to a drop in Nvidia’s revenue by nearly a third for four straight quarters.\nThe rest of the quarter is fairly typical stuff. Overall, the consensus forecast is for adjusted earnings of $1.01 a share, on revenue of $6.3 billion.\nInvestors also should pay attention to the data center segment. Chief executive Jensen Huang has talked up the demand around data-center graphics processors, which are often used for artificial intelligence and machine-learning tasks. Wall Street expects data center revenueto grow roughly 30% to $2.3 billion.\nThe company’s core videogame chip business is expected to grow 80% to $3 billion. It’s worth looking for commentary from executives about the ongoing global chip shortage. The expected increase in supply hasn’t quite materialized, according to Srivastava.\nShares of Nvidia slumped 2.5% during Tuesday’s regular session to $194.58, but have gained 48% this year. The benchmark PHLX Semiconductor index gained 16% in 2021.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":839979430,"gmtCreate":1629120425520,"gmtModify":1633687276595,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/839979430","repostId":"1101175809","repostType":4,"isVote":1,"tweetType":1,"viewCount":3942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892577510,"gmtCreate":1628678787730,"gmtModify":1633745196017,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/892577510","repostId":"2158285288","repostType":4,"isVote":1,"tweetType":1,"viewCount":2496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896643687,"gmtCreate":1628581180949,"gmtModify":1633745991431,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Will drop soon","listText":"Will drop soon","text":"Will drop soon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896643687","repostId":"1109397612","repostType":4,"repost":{"id":"1109397612","kind":"news","pubTimestamp":1628578754,"share":"https://www.laohunote.com/m/news/1109397612?lang=zh_CN&edition=full","pubTime":"2021-08-10 14:59","market":"us","language":"en","title":"Moderna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109397612","media":"seeking alpha","summary":"Investment Thesis\nModerna (MRNA) and Novavax (NVAX) released their respective Q2 earnings one after ","content":"<p>Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Moderna (MRNA) and <a href=\"https://laohu8.com/S/NVAX\">Novavax</a> (NVAX) released their respective <a href=\"https://laohu8.com/S/QTWO\">Q2</a> earnings <a href=\"https://laohu8.com/S/AONE.U\">one</a> after the other, with Moderna indicating encouraging progress in its mRNA vaccine programs along with its COVID-19 vaccine production ramp. At the same time, Novavax surprised the market with its delay in filing for emergency use authorization ((EUA)) with the US government ((USG)).</p><p><blockquote>现代（MRNA）和<a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a>（NVAX）发布了各自的<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>收入<a href=\"https://laohu8.com/S/AONE.U\">一</a>随着 COVID-19 疫苗产量的增加，Moderna 表示其 mRNA 疫苗项目取得了令人鼓舞的进展。与此同时，Novavax 推迟向美国政府 ((USG)) 申请紧急使用授权 ((EUA))，令市场感到意外。</blockquote></p><p> Moderna has continued to make excellent momentum as the company took full advantage of a highly successful COVID-19 vaccine program to develop the other vaccines in other therapeutic areas to future-proof its revenue sustainability, as the world gradually moves on to a world where COVID-19 is endemic.</p><p><blockquote>随着世界逐渐走向新冠肺炎流行的世界，Moderna 充分利用非常成功的 COVID-19 疫苗计划，在其他治疗领域开发其他疫苗，以确保其收入可持续性，从而继续取得良好的发展势头。</blockquote></p><p> This article provides a timely update for our readers to decide whether Moderna is still a good investment given the recent run-up that we think has resulted in a high amount of optimism being baked into its price.</p><p><blockquote>本文为我们的读者提供了及时的更新，以决定 Moderna 是否仍然是一项不错的投资，因为我们认为最近的上涨导致其价格出现了大量的乐观情绪。</blockquote></p><p> Q2 Earnings Recap</p><p><blockquote>第二季度收益回顾</blockquote></p><p> <i>Moderna quarterly revenue surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna 季度收入惊喜。资料来源：Seeking Alpha Premium</i></blockquote></p><p> <i>Moderna quarterly EPS surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna 季度每股收益惊喜。资料来源：Seeking Alpha Premium</i></blockquote></p><p> Moderna reported a solid Q2 report card, keeping in line with the momentum from Q1, as the company posted revenue of $4.354B and EPS of $6.46, which were 10.3% and 2.8% above the consensus estimates.</p><p><blockquote>Moderna 公布了一份稳健的第二季度成绩单，与第一季度的势头保持一致，该公司公布的收入为 $4.354B，每股收益为 $6.46，分别比市场普遍预期高出 10.3% 和 2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/727827b49e82cf15b729bc1d2efd38fa\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><i>Moderna H1'21 revenue and FY21 consensus estimate. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>Moderna H1’21收入和21财年共识估计。数据来源：S&amp;P Capital IQ</i></blockquote></p><p> Importantly, Moderna posted a highly impressive QoQ increase of 125% in revenue from $1.94B in Q1'21 to $4.35B in Q2'21. However, Moderna would need to significantly ramp up in H2'21 for the company to meet the Street's FY21 estimates as H1'21's revenue of $6.29B accounted for only 31.2% of the FY21 consensus estimates.</p><p><blockquote>重要的是，Moderna 的收入环比增长了 125%，从 21 年第一季度的 $1.94B 增至 21 年第二季度的 $4.35B，令人印象深刻。然而，Moderna 需要在 2021 年下半年大幅增长才能达到华尔街对 2021 财年的预期，因为 2021 年上半年 6.29B 美元的收入仅占 2021 财年共识预期的 31.2%。</blockquote></p><p> To that, Moderna has assured investors that based on the company's signed advanced purchase agreements ((APA)) for FY21, Moderna indicated that \"expected delivery in 2021reflect the current full-year total of approximately $20 billion in anticipated product sales.\" The company continues to anticipate a supply of at least 800M to 1B doses for 2021.</p><p><blockquote>为此，Moderna 向投资者保证，根据该公司签署的 2021 财年预购协议 ((APA))，Moderna 表示，“预计 2021 年交付量反映了当前全年约 200 亿美元的预期产品销售总额。”该公司继续预计 2021 年将供应至少 8 亿至 1B 剂。</blockquote></p><p> Studying Moderna's Gross Margins and Pricing Strategy</p><p><blockquote>研究Moderna的毛利率和定价策略</blockquote></p><p> <i>Moderna quarterly gross margin. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>现代季度毛利率。数据来源：S&amp;P Capital IQ</i></blockquote></p><p> The production ramp in Q2'21 has also improved Moderna's economies of scale as its gross margin improved markedly in Q2'21, as Moderna's total cost of revenue represents about 26.9% of Q2'21 revenue.</p><p><blockquote>21 年第二季度的产量增加也改善了 Moderna 的规模经济，因为其毛利率在 21 年第二季度显着提高，因为 Moderna 的总收入成本约占 21 年第二季度收入的 26.9%。</blockquote></p><p> Crucially, Moderna has indicated that its COVID-19H1'21's product salesof $5.93B which constitute about 94.3% of H1'21's total revenue, has a much lower cost of revenue. Based on our findings, Moderna's COVID-19 product sales have a cost of revenue of $1.1B, representing about 18.5% of H1'21's COVID-19 product revenue, therefore indicating that the average gross margin for its COVID-19 product is about 81.5%. The company has also emphasized that it \"expects the average cost total of sales as a percent of product sales to be between 18% and 20% compared to our previous outlook of approximately 20% of product sales. This reflects the successful ramp-up of this global manufacturing network.\"</p><p><blockquote>至关重要的是，Moderna 表示，其 COVID-19 H1’21 的产品销售额为 59.3 亿美元，约占 H1’21 总收入的 94.3%，收入成本要低得多。根据我们的调查结果，Moderna 的 COVID-19 产品销售的收入成本为 $1.1B，约占 H1’21 COVID-19 产品收入的 18.5%，因此表明其 COVID-19 产品的平均毛利率约为 81.5%。该公司还强调，“预计销售总成本占产品销售额的百分比将在 18% 至 20% 之间，而我们之前的预期约为产品销售额的 20%。这反映了这一全球制造网络的成功扩张。”</blockquote></p><p> Since Moderna delivered 199M doses in Q2'21 and 102M doses in Q1'21, the company delivered a collective amount of 301M doses in H1'21 that was recognized as product revenue. Given that our cost of revenue is about $1.1B for H1'21, we could thus derive an average cost per dose of about $3.65, which the company has highlighted that it expects to maintain for the rest of 2021.</p><p><blockquote>由于 Moderna 在 21 年第二季度交付了 1.9 亿剂疫苗，在 21 年第一季度交付了 1.02 亿剂疫苗，因此该公司在 21 年上半年交付了 3.01 亿剂疫苗，确认为产品收入。鉴于我们 H1'21 的收入成本约为 $1.1B，因此我们可以得出每剂的平均成本约为 $3.65，该公司强调预计将在 2021 年剩余时间内保持这一水平。</blockquote></p><p> Before we carry on, Moderna has highlighted that the cost of sales that the company reflected in H1'21 of $943M included their \"zero-cost COVID-19 inventory,\" as the company emphasized: \"At the end of the first quarter of 2021, we had substantially utilized our zero-cost COVID-19 vaccine inventory. Therefore, if inventory sold for the six months ended June 30, 2021, were valued at cost, our cost of sales for the period would have been $1.1 billion.\" Therefore, based on our computation above, we believe it's important to reflect the cost of sales more accurately, which the company also corroborates in their earnings call.</p><p><blockquote>在我们继续之前，Moderna 强调，该公司在 H1’21 中反映的 9.43 亿美元销售成本包括他们的 “零成本 COVID-19 库存”，正如该公司所强调的那样： “截至 2021 年第一季度末，我们已基本使用了零成本 COVID-19 疫苗库存。因此，如果截至 2021 年 6 月 30 日的六个月销售库存按成本估值，我们该期间的销售成本将为 11 亿美元。”因此，基于我们上面的计算，我们认为更准确地反映销售成本非常重要，公司也在其盈利看涨期权中证实了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28b81eba2e15387ebf431cce2b895aba\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\">Moderna Spikevax pricing tiers. Data source: Moderna</p><p><blockquote>现代Spikevax定价等级。数据来源：Moderna</blockquote></p><p> Moderna adopts a tiered pricing model to distribute its vaccines equitably. For the USG, the company has applied a \"favorable\" pricing model because of the US government's funding as well as the 500M doses order that the USG committed to Moderna, which the company emphasized, \"is very large.\"</p><p><blockquote>Moderna采用分级定价模式来公平分配其疫苗。对于 USG，该公司采用了“有利”的定价模式，因为美国政府的资助以及 USG 向 Moderna 承诺的 5 亿剂订单，该公司强调该订单“非常大”。</blockquote></p><p></p><p> The other higher-income countries paid between $32 and $37, including larger orders from countries that include the EU with an APA of260M dosesfor 2021. Thus, applying Moderna's large contract discount logic, we should expect the average EU pricing to be at the lower end of the $32 to $37 range.</p><p><blockquote>其他高收入国家支付了 32 至 37 美元，其中包括来自包括欧盟在内的国家的更大订单，2021 年 APA 为 2.6 亿剂。因此，应用 Moderna 的大合同折扣逻辑，我们应该预计欧盟平均价格将处于 32 至 37 美元范围的低端。</blockquote></p><p> For the lower to middle-income countries, even though the company did not explicitly disclose the exact price range, the company highlighted that this category \"received the lowest-tiered pricing, including those sales to COVAX, which are considerably lower than the price to the U.S. government.\"</p><p><blockquote>对于中低收入国家，尽管该公司没有明确披露确切的价格范围，但该公司强调，这一类别“获得了最低等级的定价，包括向 COVAX 销售的产品，这些产品远低于美国政府的价格。”</blockquote></p><p> For Moderna, we could easily derive its average price at about $19.7 ($5.93B/301M) per dose for H1'21, even though the company has emphasized that it's likely to be reduced moving into 2022 as they ramp the production for delivery to COVAX as well as the lower and middle-income countries, especially since the COVAX APA is set to increase from 34M doses in 2021 to 117M doses in 2022, with an option to increase up to 350M doses.</p><p><blockquote>对于 Moderna，我们可以很容易地得出其 2021 年上半年每剂约 19.7 美元（59.3 亿美元/3.01 亿美元）的平均价格，尽管该公司强调，随着他们提高产量向 COVAX 以及中低收入国家交付，该价格可能会降低，特别是因为 COVAX APA 将从 2021 年的 3400 万剂增加到 2022 年的 1.17 亿剂，并可选择增加最多 3.5 亿剂。</blockquote></p><p> COVAX reported an average price of about$5.20 per dose; thus, it would be useful for investors to continue monitoring the impact on the average price for mRNA-1273 moving forward. Moderna has also indicated that it is expecting more price competition as we move from a pandemic towards a world where COVID-19 is endemic. In addition, it may also be useful to watch closely for further improvement in its economies of scale as the company ramps production from an estimated 800M to 1B doses in 2021 to 2B to 3B doses in 2022.</p><p><blockquote>COVAX报告的平均价格约为每剂5.20美元；因此，投资者继续监测未来对 mRNA-1273 平均价格的影响将是有用的。Moderna还表示，随着我们从疫情走向新冠肺炎流行的世界，它预计会有更多的价格竞争。此外，随着该公司将产量从 2021 年的预计 8 亿至 1B 剂量提高到 2022 年的 2B 至 3B 剂量，密切关注其规模经济的进一步改善也可能是有用的。</blockquote></p><p> Moderna's Strategy Moving <a href=\"https://laohu8.com/S/FORD\">Forward</a></p><p><blockquote>Moderna 的战略正在转变<a href=\"https://laohu8.com/S/FORD\">向前</a></blockquote></p><p> Share of the population fully vaccinated against COVID-19. Source: OWID</p><p><blockquote>完全接种新冠肺炎疫苗的人口比例。资料来源：OWID</blockquote></p><p> It's straightforward that Moderna has ramped production significantly to compete for the next phase in COVID-19 distribution for its mRNA-1273 product for countries within the COVAX category in 2022 and 2023 as the high-income countries are starting to approach the 60% to 70% fully vaccinated mark. However, we could clearly glean from the chart above where only 15% of the total world population has been fully vaccinated, while countries like Indonesia and India have only 8% and 7.8% of their population fully inoculated, and South America's 20.9% still has a long way to go as well.</p><p><blockquote>很明显，随着高收入国家开始接近 60% 至 70% 的完全接种率，Moderna 已大幅提高产量，以竞争 2022 年和 2023 年 COVAX 类别国家 mRNA-1273 产品的下一阶段 COVID-19 分销。然而，我们可以从上图中清楚地了解到，只有15%的世界总人口接种了疫苗，而印度尼西亚和印度等国家只有8%和7.8%的人口接种了疫苗，南美洲的20.9%也还有很长的路要走。</blockquote></p><p> Moving forward, the strategy for the high-income countries is starting to move towards booster shots. We think this is where Moderna, as one of the 2 mRNA vaccines makers, has sufficiently proven its worth against <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>-BioNTech as the company's recent COVE study demonstrated that mRNA-1273 could maintain the efficacy of 93.2%, 4 to 6 months after the second dose, and a 98.2% efficacy against severe disease, as well as a 100% efficacy against death caused by COVID-19. As compared to Pfizer-BioNTech's vaccine, where the efficacy is expected to drop to84%after 6 months, we would clearly applaud the breathtaking results that clearly demonstrate the superiority of Moderna's Spikevax against Comirnaty.</p><p><blockquote>展望未来，高收入国家的战略开始转向加强注射。我们认为这就是 Moderna 作为两家 mRNA 疫苗制造商之一，已经充分证明其价值的地方。<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>-BioNTech作为该公司最近的COVE研究表明，mRNA-1273在第二剂后4至6个月可以维持93.2%的疗效，对重症有98.2%的疗效，以及对COVID-19导致的死亡有100%的疗效。与辉瑞-BioNTech的疫苗相比，预计6个月后有效率将降至84%，我们显然会为令人惊叹的结果鼓掌，这些结果清楚地证明了Moderna的Spikevax对抗Comirnaty的优越性。</blockquote></p><p> To this Moderna Co-founder and Chairman Dr. Noubar Afeyan clearly articulated who he thinks owns the superior mRNA technology for COVID-19 vaccine in the market (shout-out to Pfizer-BioNTech folks):</p><p><blockquote>Moderna 联合创始人兼董事长 Noubar Afeyan 博士清楚地阐述了他认为谁拥有市场上 COVID-19 疫苗的卓越 mRNA 技术（向辉瑞-BioNTech 的人们大声喊出来）：</blockquote></p><p>   We set outto develop the most effective vaccine against this virus that would last for the longest possible time, [helping] the largest number of people to be safe...And this is the first time we had data that at least showed that six months after the initial vaccinations were seeing essentially the same level of protection, which is very encouraging.  Moderna also emphasized that we should never underestimate the efficacy differences as just plain numbers, which in Moderna's and Pfizer-BioNTech's case amounted to 9.2% points. The company emphasized that:</p><p><blockquote>我们着手开发针对这种病毒的最有效疫苗，这种疫苗将持续尽可能长的时间，【帮助】尽可能多的人安全……这是我们第一次有数据至少显示，在最初接种疫苗六个月后，我们看到了基本相同水平的保护，这是非常令人鼓舞的。Moderna 还强调，我们永远不应该将疗效差异低估为简单的数字，在 Moderna 和辉瑞-BioNTech 的案例中，疗效差异达到 9.2 个百分点。该公司强调：</blockquote></p><p></p><p>   The relative strength of the different vaccines suggested that small differences in efficacy would start to emerge to be larger differences in efficacy at about 200, 250 days as neutralizing antibody titers waned. And that may be what we're starting to see. And if you play that forward, if you assume [Professor Davenport of the University of <a href=\"https://laohu8.com/S/NGD\">New</a> South Wales, Australia] been right about those predictions, then that picture continues and continues through a year with continued declining neutralizing antibody titers over that time. And eventually, we therefore believe, a real increase in breakthrough infections and disease even with vaccinated participants, even with mRNA-1273.  Moderna has also presented clear findings where it expects that a booster shot would significantly increase the neutralizing titers. In contrast, without the booster, for test subjects 6 to 8 months after their second dose, the neutralizing titers have dropped so significantly that for the Beta, Gamma and Delta variants, the \"neutralizing titers had fallen below the detectable -- the level of detection of the assay for a decent number of participants in all 4 -- all 3 cases.\"</p><p><blockquote>不同疫苗的相对强度表明，随着中和抗体滴度的减弱，效力的小差异将在约200、250天时开始出现较大的效力差异。这可能是我们开始看到的。如果你玩前锋，如果你假设[达文波特大学的教授<a href=\"https://laohu8.com/S/NGD\">新的</a>澳大利亚南威尔士]的这些预测是正确的，然后这种情况持续了一年，在此期间中和抗体滴度持续下降。因此，我们认为，最终，即使是接种疫苗的参与者，即使是mRNA-1273，突破性感染和疾病也会真正增加。Moderna 还提出了明确的发现，预计加强注射将显着增加中和滴度。相比之下，在没有加强剂的情况下，对于第二次给药后 6 至 8 个月的测试受试者，中和滴度显著下降，以至于对于 Beta、Gamma 和 Delta 变体，“中和滴度已降至可检测水平以下——所有 3 例病例中相当数量的参与者的检测水平。”</blockquote></p><p> As a result, we expect Moderna has strongly assembled the case for a booster with strong evidence suggesting their importance to protect against the new potential variants that may emerge, which Moderna has certainly warned: \"...It seems logical to us that those 3 mutations present in the Beta, Gamma line and those 2 mutations present in the Delta might find some way to combine in new and potentially scary ways. And if that came with the increased transmissibility, [the] force of infection that Delta can achieve, that might be a significant threat. And so we view our multivalent platform as the best place for us to try and anticipate that threat.\"</p><p><blockquote>因此，我们预计Moderna已经有力地收集了加强剂的案例，有强有力的证据表明它们在防止可能出现的新的潜在变异方面的重要性，Moderna当然已经警告过这一点：“...在我们看来，β线、γ线中存在的3个突变和δ线中存在的2个突变可能会找到某种方式以新的和潜在的可怕的方式结合起来，这是合乎逻辑的。如果这伴随着传播性的增加，Delta可以实现的传染性，这可能是一个重大威胁。因此，我们将我们的多价平台视为我们尝试和预测这种威胁的最佳场所。”</blockquote></p><p> The company is developing a \"proactive\" multivalent platform where it combines \"different variants into a single vaccine\" as its strategy to combat potential variants that are expected to emerge. Based on the company's assays study, this platform clearly outperformed the other candidates in its study. In addition, it stood out as a strong candidate to be used as a booster option, even though the primary mRNA-1273 candidate can also be used effectively as a booster.</p><p><blockquote>该公司正在开发一个“主动”多价平台，将“不同的变体组合成单一疫苗”，作为其对抗预计出现的潜在变体的策略。根据该公司的化验研究，该平台在其研究中的表现明显优于其他候选平台。此外，尽管初级mRNA-1273候选物也可以有效地用作加强剂，但它仍然是用作加强剂的有力候选物。</blockquote></p><p> However, in a fast-evolving situation with COVID-19, we think having more efficacious options are only going to be beneficial as vaccine makers try to anticipate and are proactive against potential new and more potent antigens where Moderna even admitted that the Delta variant had humbled them, as it added: \"I think the Delta variant has taught us to also be incredibly humble in the face of the virus' ability to fight back and increase its transmission. I mean, I think most of us would have thought SARS-CoV-2 was a pretty good infector earlier this year. Delta has shown us that it can make huge steps forward.\"</p><p><blockquote>然而，在 COVID-19 快速发展的形势下，我们认为拥有更有效的选择只会是有益的，因为疫苗制造商试图预测并积极主动地对抗潜在的新的、更有效的抗原，Moderna 甚至承认德尔塔变异毒株让他们感到谦卑，正如它补充的那样： “我认为德尔塔变异毒株教会了我们，面对病毒的反击和传播能力，我们也要保持令人难以置信的谦逊。我的意思是，我想我们大多数人在今年早些时候都会认为 SARS-CoV-2 是一种相当不错的感染者。Delta 向我们展示了它可以向前迈出巨大的步伐。”</blockquote></p><p> Risks to our Thesis</p><p><blockquote>我们论文的风险</blockquote></p><p> By now, it should be clear that 2022 is promising to be a year where Moderna would almost double or triple its supply to 2B or 3B doses, depending on whether the company is using 100 micrograms or 50 micrograms in its product moving forward. Pfizer-BioNTech is also expected to increase its capacity to 3B doses in 2022, while we also need to take into account Novavax's impending entry into the COVID-19 vaccines production game, as well as the Chinese vaccine makers who already have an annual capacity of 5B doses.</p><p><blockquote>到目前为止，应该很清楚，2022 年有望成为 Moderna 将其 2B 或 3B 剂量供应量几乎翻一番或三倍的一年，具体取决于该公司未来在其产品中使用的是 100 微克还是 50 微克。辉瑞-BioNTech预计也将在2022年将其产能提高到3B剂量，同时我们还需要考虑到Novavax即将进入新冠肺炎疫苗生产游戏，以及已经拥有5B剂量年产能的中国疫苗制造商。</blockquote></p><p> We think there is a realistic chance where Moderna may be facing an over-supply situation even though it may have proven itself to be the superior mRNA vaccine for now against Pfizer-BioNTech.</p><p><blockquote>我们认为，Moderna 可能面临供应过剩的情况，尽管它可能已经证明自己是目前针对辉瑞-BioNTech 的优质 mRNA 疫苗。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b54cee9edb8e398275290f3edcdb770\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Revenue forecast mean consensus. Data source: S&amp;P Capital IQ</p><p><blockquote>收入预测意味着共识。数据来源：S&amp;P Capital IQ</blockquote></p><p> Therefore, we think the Street has prudently lowered its revenue estimates for Moderna over the next few years. The company is also likely to come under pricing pressure against the huge supply expected to come online.</p><p><blockquote>因此，我们认为华尔街已谨慎地降低了对 Moderna 未来几年的收入预期。由于预计上线的大量供应量，该公司也可能面临定价压力。</blockquote></p><p> However, we think Moderna is keenly aware of it. The company clearly highlighted that they had made good progress in the other 5 therapeutic areas that the company is involved in. Of notable mention is the fast track designation the company recently received from the US FDA for the company'sRSV vaccine candidate, mRNA-1345, especially when there is no approved RSV vaccine yet in the market.</p><p><blockquote>然而，我们认为Moderna敏锐地意识到了这一点。该公司明确强调，他们在公司涉足的其他5个治疗领域取得了良好进展。值得一提的是，该公司最近从美国FDA获得了该公司sRSV候选疫苗mRNA-1345的快速通道认证，特别是当市场上还没有批准的RSV疫苗时。</blockquote></p><p> In addition, the company has also commenced on the Phase I/II study of its mRNA-1010 quadrivalent seasonal flu vaccine to target the seasonal flu market, where it's worth about $5B to $6B annually, according to Moderna's estimates, especially when the current flu vaccine efficacy is between 40% and 60% according toCDC data. Moderna expects its quadrivalent vaccine to be launched as early as 2023.</p><p><blockquote>此外，该公司还开始了针对季节性流感市场的 mRNA-1010 四价季节性流感疫苗的 I/II 期研究，根据 Moderna 的估计，该疫苗每年的价值约为 5B 至 6B 美元，特别是根据 CDC 数据，目前的流感疫苗功效在 40% 至 60% 之间。Moderna 预计其四价疫苗最早将于 2023 年推出。</blockquote></p><p></p><p> Moderna is also expecting good results from its CMV vaccine, which is expected to be entering Phase III trials soon. It would also allow the company to tap into a market worth between $2B and $5B annually.</p><p><blockquote>Moderna也期待其CMV疫苗取得良好效果，预计很快将进入III期试验。它还将允许该公司每年挖掘 20 亿美元至 50 亿美元的市场价值。</blockquote></p><p> Hence, we think that the company has been proactively working on the success of its mRNA-1273 to progress confidently along the other programs to sustain its commercial success beyond just being a COVID-19 vaccine maker. Therefore, we encourage investors to monitor its most advanced programs closely and keep pace with them moving forward.</p><p><blockquote>因此，我们认为该公司一直在积极致力于其mRNA-1273的成功，以自信地推进其他项目，以维持其商业成功，而不仅仅是一家新冠肺炎疫苗制造商。因此，我们鼓励投资者密切关注其最先进的项目，并跟上其发展步伐。</blockquote></p><p> Valuations</p><p><blockquote>估值</blockquote></p><p> <img src=\"https://static.tigerbbs.com/69cb54a8282012f6cff4095f28e2a08f\" tg-width=\"640\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Biotech peers valuation comp set. Source: TIKR</p><p><blockquote>生物技术同行估值补偿集。资料来源：TIKR</blockquote></p><p> EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</p><p><blockquote>EV/Fwd 转速趋势。数据来源：S&amp;P Capital IQ</blockquote></p><p> Moderna is currently trading at an EV / Fwd Rev of about 8x, which interestingly comes in below its peers' mean multiple of 14.14x, where Moderna may look to be attractively valued. However, this assumes that Moderna can keep increasing its revenue strongly over the next few years, a point that we have raised previously may face significant headwinds ahead.</p><p><blockquote>Moderna 目前的电动汽车/前轮驱动转速约为 8 倍，有趣的是，低于同行 14.14 倍的平均倍数，而 Moderna 的估值可能很有吸引力。然而，这是假设 Moderna 可以在未来几年继续强劲增加收入，我们之前提出的这一点可能会在未来面临重大阻力。</blockquote></p><p> Importantly, we could see that based on the company's expected revenue moving forward, the company is not likely to see meaningful progress on its capital appreciation potential moving forward as its revenue multiple by the end of FY25 is expected to be about 14.6x, which is in line with the peers' mean multiple right now.</p><p><blockquote>重要的是，我们可以看到，根据该公司未来的预期收入，该公司未来的资本增值潜力不太可能取得有意义的进展，因为其到 2025 财年末的收入倍数预计约为 14.6 倍，这与目前同行的平均倍数一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4cc567a1361ba17617927c47a803418\" tg-width=\"640\" tg-height=\"476\" referrerpolicy=\"no-referrer\">Street's mean price target. Source: TIKR</p><p><blockquote>Street 的平均价格目标。资料来源：TIKR</blockquote></p><p> Moreover, the Street is also not optimistic on MRNA making meaningful headway from here, and in fact, values the stock at about a 5.2x implied EV / Fwd Rev multiple, at a 35% discount from the last closing price. Analysts from <a href=\"https://laohu8.com/S/OPY\">Oppenheimer</a> also emphasized that \"MRNA sharesare fairly pricing a tremendous amount of future recurring revenues and pipeline progress...[arguing] that the company’s non-COVID pipeline remains 2-3 years away from reaching commercial success.\"</p><p><blockquote>此外，华尔街也不看好 MRNA 从这里取得有意义的进展，事实上，该股的估值约为隐含 EV / Fwd Rev 倍数的 5.2 倍，较上次收盘价折扣 35%。分析师来自<a href=\"https://laohu8.com/S/OPY\">奥本海默</a>他还强调，“MRNA 股票对未来大量的经常性收入和产品线进展进行了公平的定价......[认为]该公司的非 COVID 产品线距离取得商业成功还有 2-3 年的时间”。</blockquote></p><p> Our opinion is in line with the Street, and we think that a lot of optimism is currently being priced into Moderna at the moment. So we think if investors are sitting on decent profits right now, we strongly encourage you to at least take partial profits and take some risk off the table.</p><p><blockquote>我们的观点与华尔街一致，我们认为目前 Moderna 的价值观很大。因此，我们认为，如果投资者现在获得了可观的利润，我们强烈建议您至少获得部分利润并承担一些风险。</blockquote></p><p> Price Action and Trend Analysis<img src=\"https://static.tigerbbs.com/766a37b6357b74ea899bd0e823ff64a2\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">Source: TradingView</p><p><blockquote>价格行为和趋势分析来源：TradingView</blockquote></p><p> While we are clear about MRNA's long-term uptrend bias (which is why we don't recommend a short-sell strategy against stocks with clear uptrend bias), we also think the stock's price action has recently shown signs of a climax top pattern.</p><p><blockquote>虽然我们清楚 MRNA 的长期上升趋势偏见（这就是为什么我们不建议对具有明显上升趋势偏见的股票采取卖空策略），但我们也认为该股的价格走势最近显示出高潮顶部模式的迹象。</blockquote></p><p> However, it's impossible to speculate exactly where the top is. Therefore, we think it's prudent for investors to take some profits off the table and wait for the euphoria to chill and cool down before considering adding exposure to MRNA again.</p><p><blockquote>然而，不可能准确地推测顶部在哪里。因此，我们认为投资者谨慎的做法是将一些利润从桌面上移开，等待兴奋情绪冷却下来，然后再考虑再次增加 MRNA 的敞口。</blockquote></p><p> We have already taken the opportunity of the stock's recent strength to lock in 50% of our profit on MRNA, with a view of locking in even more if we continue to see price action that shows a higher climax top tendency moving forward.</p><p><blockquote>我们已经利用该股近期走强的机会锁定了 MRNA 50% 的利润，如果我们继续看到价格走势显示出更高的高潮顶部趋势，我们将锁定更多利润。</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>Moderna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nModerna Is A Winner In COVID-19 Vaccines, But What's Next?<blockquote>Moderna是新冠肺炎疫苗的赢家，但下一步是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seeking alpha</strong><span class=\"h-time small\">2021-08-10 14:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investment Thesis</p><p><blockquote>投资论文</blockquote></p><p> Moderna (MRNA) and <a href=\"https://laohu8.com/S/NVAX\">Novavax</a> (NVAX) released their respective <a href=\"https://laohu8.com/S/QTWO\">Q2</a> earnings <a href=\"https://laohu8.com/S/AONE.U\">one</a> after the other, with Moderna indicating encouraging progress in its mRNA vaccine programs along with its COVID-19 vaccine production ramp. At the same time, Novavax surprised the market with its delay in filing for emergency use authorization ((EUA)) with the US government ((USG)).</p><p><blockquote>现代（MRNA）和<a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a>（NVAX）发布了各自的<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>收入<a href=\"https://laohu8.com/S/AONE.U\">一</a>随着 COVID-19 疫苗产量的增加，Moderna 表示其 mRNA 疫苗项目取得了令人鼓舞的进展。与此同时，Novavax 推迟向美国政府 ((USG)) 申请紧急使用授权 ((EUA))，令市场感到意外。</blockquote></p><p> Moderna has continued to make excellent momentum as the company took full advantage of a highly successful COVID-19 vaccine program to develop the other vaccines in other therapeutic areas to future-proof its revenue sustainability, as the world gradually moves on to a world where COVID-19 is endemic.</p><p><blockquote>随着世界逐渐走向新冠肺炎流行的世界，Moderna 充分利用非常成功的 COVID-19 疫苗计划，在其他治疗领域开发其他疫苗，以确保其收入可持续性，从而继续取得良好的发展势头。</blockquote></p><p> This article provides a timely update for our readers to decide whether Moderna is still a good investment given the recent run-up that we think has resulted in a high amount of optimism being baked into its price.</p><p><blockquote>本文为我们的读者提供了及时的更新，以决定 Moderna 是否仍然是一项不错的投资，因为我们认为最近的上涨导致其价格出现了大量的乐观情绪。</blockquote></p><p> Q2 Earnings Recap</p><p><blockquote>第二季度收益回顾</blockquote></p><p> <i>Moderna quarterly revenue surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna 季度收入惊喜。资料来源：Seeking Alpha Premium</i></blockquote></p><p> <i>Moderna quarterly EPS surprise. Source: Seeking Alpha Premium</i></p><p><blockquote><i>Moderna 季度每股收益惊喜。资料来源：Seeking Alpha Premium</i></blockquote></p><p> Moderna reported a solid Q2 report card, keeping in line with the momentum from Q1, as the company posted revenue of $4.354B and EPS of $6.46, which were 10.3% and 2.8% above the consensus estimates.</p><p><blockquote>Moderna 公布了一份稳健的第二季度成绩单，与第一季度的势头保持一致，该公司公布的收入为 $4.354B，每股收益为 $6.46，分别比市场普遍预期高出 10.3% 和 2.8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/727827b49e82cf15b729bc1d2efd38fa\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><i>Moderna H1'21 revenue and FY21 consensus estimate. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>Moderna H1’21收入和21财年共识估计。数据来源：S&amp;P Capital IQ</i></blockquote></p><p> Importantly, Moderna posted a highly impressive QoQ increase of 125% in revenue from $1.94B in Q1'21 to $4.35B in Q2'21. However, Moderna would need to significantly ramp up in H2'21 for the company to meet the Street's FY21 estimates as H1'21's revenue of $6.29B accounted for only 31.2% of the FY21 consensus estimates.</p><p><blockquote>重要的是，Moderna 的收入环比增长了 125%，从 21 年第一季度的 $1.94B 增至 21 年第二季度的 $4.35B，令人印象深刻。然而，Moderna 需要在 2021 年下半年大幅增长才能达到华尔街对 2021 财年的预期，因为 2021 年上半年 6.29B 美元的收入仅占 2021 财年共识预期的 31.2%。</blockquote></p><p> To that, Moderna has assured investors that based on the company's signed advanced purchase agreements ((APA)) for FY21, Moderna indicated that \"expected delivery in 2021reflect the current full-year total of approximately $20 billion in anticipated product sales.\" The company continues to anticipate a supply of at least 800M to 1B doses for 2021.</p><p><blockquote>为此，Moderna 向投资者保证，根据该公司签署的 2021 财年预购协议 ((APA))，Moderna 表示，“预计 2021 年交付量反映了当前全年约 200 亿美元的预期产品销售总额。”该公司继续预计 2021 年将供应至少 8 亿至 1B 剂。</blockquote></p><p> Studying Moderna's Gross Margins and Pricing Strategy</p><p><blockquote>研究Moderna的毛利率和定价策略</blockquote></p><p> <i>Moderna quarterly gross margin. Data source: S&amp;P Capital IQ</i></p><p><blockquote><i>现代季度毛利率。数据来源：S&amp;P Capital IQ</i></blockquote></p><p> The production ramp in Q2'21 has also improved Moderna's economies of scale as its gross margin improved markedly in Q2'21, as Moderna's total cost of revenue represents about 26.9% of Q2'21 revenue.</p><p><blockquote>21 年第二季度的产量增加也改善了 Moderna 的规模经济，因为其毛利率在 21 年第二季度显着提高，因为 Moderna 的总收入成本约占 21 年第二季度收入的 26.9%。</blockquote></p><p> Crucially, Moderna has indicated that its COVID-19H1'21's product salesof $5.93B which constitute about 94.3% of H1'21's total revenue, has a much lower cost of revenue. Based on our findings, Moderna's COVID-19 product sales have a cost of revenue of $1.1B, representing about 18.5% of H1'21's COVID-19 product revenue, therefore indicating that the average gross margin for its COVID-19 product is about 81.5%. The company has also emphasized that it \"expects the average cost total of sales as a percent of product sales to be between 18% and 20% compared to our previous outlook of approximately 20% of product sales. This reflects the successful ramp-up of this global manufacturing network.\"</p><p><blockquote>至关重要的是，Moderna 表示，其 COVID-19 H1’21 的产品销售额为 59.3 亿美元，约占 H1’21 总收入的 94.3%，收入成本要低得多。根据我们的调查结果，Moderna 的 COVID-19 产品销售的收入成本为 $1.1B，约占 H1’21 COVID-19 产品收入的 18.5%，因此表明其 COVID-19 产品的平均毛利率约为 81.5%。该公司还强调，“预计销售总成本占产品销售额的百分比将在 18% 至 20% 之间，而我们之前的预期约为产品销售额的 20%。这反映了这一全球制造网络的成功扩张。”</blockquote></p><p> Since Moderna delivered 199M doses in Q2'21 and 102M doses in Q1'21, the company delivered a collective amount of 301M doses in H1'21 that was recognized as product revenue. Given that our cost of revenue is about $1.1B for H1'21, we could thus derive an average cost per dose of about $3.65, which the company has highlighted that it expects to maintain for the rest of 2021.</p><p><blockquote>由于 Moderna 在 21 年第二季度交付了 1.9 亿剂疫苗，在 21 年第一季度交付了 1.02 亿剂疫苗，因此该公司在 21 年上半年交付了 3.01 亿剂疫苗，确认为产品收入。鉴于我们 H1'21 的收入成本约为 $1.1B，因此我们可以得出每剂的平均成本约为 $3.65，该公司强调预计将在 2021 年剩余时间内保持这一水平。</blockquote></p><p> Before we carry on, Moderna has highlighted that the cost of sales that the company reflected in H1'21 of $943M included their \"zero-cost COVID-19 inventory,\" as the company emphasized: \"At the end of the first quarter of 2021, we had substantially utilized our zero-cost COVID-19 vaccine inventory. Therefore, if inventory sold for the six months ended June 30, 2021, were valued at cost, our cost of sales for the period would have been $1.1 billion.\" Therefore, based on our computation above, we believe it's important to reflect the cost of sales more accurately, which the company also corroborates in their earnings call.</p><p><blockquote>在我们继续之前，Moderna 强调，该公司在 H1’21 中反映的 9.43 亿美元销售成本包括他们的 “零成本 COVID-19 库存”，正如该公司所强调的那样： “截至 2021 年第一季度末，我们已基本使用了零成本 COVID-19 疫苗库存。因此，如果截至 2021 年 6 月 30 日的六个月销售库存按成本估值，我们该期间的销售成本将为 11 亿美元。”因此，基于我们上面的计算，我们认为更准确地反映销售成本非常重要，公司也在其盈利看涨期权中证实了这一点。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/28b81eba2e15387ebf431cce2b895aba\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\">Moderna Spikevax pricing tiers. Data source: Moderna</p><p><blockquote>现代Spikevax定价等级。数据来源：Moderna</blockquote></p><p> Moderna adopts a tiered pricing model to distribute its vaccines equitably. For the USG, the company has applied a \"favorable\" pricing model because of the US government's funding as well as the 500M doses order that the USG committed to Moderna, which the company emphasized, \"is very large.\"</p><p><blockquote>Moderna采用分级定价模式来公平分配其疫苗。对于 USG，该公司采用了“有利”的定价模式，因为美国政府的资助以及 USG 向 Moderna 承诺的 5 亿剂订单，该公司强调该订单“非常大”。</blockquote></p><p></p><p> The other higher-income countries paid between $32 and $37, including larger orders from countries that include the EU with an APA of260M dosesfor 2021. Thus, applying Moderna's large contract discount logic, we should expect the average EU pricing to be at the lower end of the $32 to $37 range.</p><p><blockquote>其他高收入国家支付了 32 至 37 美元，其中包括来自包括欧盟在内的国家的更大订单，2021 年 APA 为 2.6 亿剂。因此，应用 Moderna 的大合同折扣逻辑，我们应该预计欧盟平均价格将处于 32 至 37 美元范围的低端。</blockquote></p><p> For the lower to middle-income countries, even though the company did not explicitly disclose the exact price range, the company highlighted that this category \"received the lowest-tiered pricing, including those sales to COVAX, which are considerably lower than the price to the U.S. government.\"</p><p><blockquote>对于中低收入国家，尽管该公司没有明确披露确切的价格范围，但该公司强调，这一类别“获得了最低等级的定价，包括向 COVAX 销售的产品，这些产品远低于美国政府的价格。”</blockquote></p><p> For Moderna, we could easily derive its average price at about $19.7 ($5.93B/301M) per dose for H1'21, even though the company has emphasized that it's likely to be reduced moving into 2022 as they ramp the production for delivery to COVAX as well as the lower and middle-income countries, especially since the COVAX APA is set to increase from 34M doses in 2021 to 117M doses in 2022, with an option to increase up to 350M doses.</p><p><blockquote>对于 Moderna，我们可以很容易地得出其 2021 年上半年每剂约 19.7 美元（59.3 亿美元/3.01 亿美元）的平均价格，尽管该公司强调，随着他们提高产量向 COVAX 以及中低收入国家交付，该价格可能会降低，特别是因为 COVAX APA 将从 2021 年的 3400 万剂增加到 2022 年的 1.17 亿剂，并可选择增加最多 3.5 亿剂。</blockquote></p><p> COVAX reported an average price of about$5.20 per dose; thus, it would be useful for investors to continue monitoring the impact on the average price for mRNA-1273 moving forward. Moderna has also indicated that it is expecting more price competition as we move from a pandemic towards a world where COVID-19 is endemic. In addition, it may also be useful to watch closely for further improvement in its economies of scale as the company ramps production from an estimated 800M to 1B doses in 2021 to 2B to 3B doses in 2022.</p><p><blockquote>COVAX报告的平均价格约为每剂5.20美元；因此，投资者继续监测未来对 mRNA-1273 平均价格的影响将是有用的。Moderna还表示，随着我们从疫情走向新冠肺炎流行的世界，它预计会有更多的价格竞争。此外，随着该公司将产量从 2021 年的预计 8 亿至 1B 剂量提高到 2022 年的 2B 至 3B 剂量，密切关注其规模经济的进一步改善也可能是有用的。</blockquote></p><p> Moderna's Strategy Moving <a href=\"https://laohu8.com/S/FORD\">Forward</a></p><p><blockquote>Moderna 的战略正在转变<a href=\"https://laohu8.com/S/FORD\">向前</a></blockquote></p><p> Share of the population fully vaccinated against COVID-19. Source: OWID</p><p><blockquote>完全接种新冠肺炎疫苗的人口比例。资料来源：OWID</blockquote></p><p> It's straightforward that Moderna has ramped production significantly to compete for the next phase in COVID-19 distribution for its mRNA-1273 product for countries within the COVAX category in 2022 and 2023 as the high-income countries are starting to approach the 60% to 70% fully vaccinated mark. However, we could clearly glean from the chart above where only 15% of the total world population has been fully vaccinated, while countries like Indonesia and India have only 8% and 7.8% of their population fully inoculated, and South America's 20.9% still has a long way to go as well.</p><p><blockquote>很明显，随着高收入国家开始接近 60% 至 70% 的完全接种率，Moderna 已大幅提高产量，以竞争 2022 年和 2023 年 COVAX 类别国家 mRNA-1273 产品的下一阶段 COVID-19 分销。然而，我们可以从上图中清楚地了解到，只有15%的世界总人口接种了疫苗，而印度尼西亚和印度等国家只有8%和7.8%的人口接种了疫苗，南美洲的20.9%也还有很长的路要走。</blockquote></p><p> Moving forward, the strategy for the high-income countries is starting to move towards booster shots. We think this is where Moderna, as one of the 2 mRNA vaccines makers, has sufficiently proven its worth against <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>-BioNTech as the company's recent COVE study demonstrated that mRNA-1273 could maintain the efficacy of 93.2%, 4 to 6 months after the second dose, and a 98.2% efficacy against severe disease, as well as a 100% efficacy against death caused by COVID-19. As compared to Pfizer-BioNTech's vaccine, where the efficacy is expected to drop to84%after 6 months, we would clearly applaud the breathtaking results that clearly demonstrate the superiority of Moderna's Spikevax against Comirnaty.</p><p><blockquote>展望未来，高收入国家的战略开始转向加强注射。我们认为这就是 Moderna 作为两家 mRNA 疫苗制造商之一，已经充分证明其价值的地方。<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>-BioNTech作为该公司最近的COVE研究表明，mRNA-1273在第二剂后4至6个月可以维持93.2%的疗效，对重症有98.2%的疗效，以及对COVID-19导致的死亡有100%的疗效。与辉瑞-BioNTech的疫苗相比，预计6个月后有效率将降至84%，我们显然会为令人惊叹的结果鼓掌，这些结果清楚地证明了Moderna的Spikevax对抗Comirnaty的优越性。</blockquote></p><p> To this Moderna Co-founder and Chairman Dr. Noubar Afeyan clearly articulated who he thinks owns the superior mRNA technology for COVID-19 vaccine in the market (shout-out to Pfizer-BioNTech folks):</p><p><blockquote>Moderna 联合创始人兼董事长 Noubar Afeyan 博士清楚地阐述了他认为谁拥有市场上 COVID-19 疫苗的卓越 mRNA 技术（向辉瑞-BioNTech 的人们大声喊出来）：</blockquote></p><p>   We set outto develop the most effective vaccine against this virus that would last for the longest possible time, [helping] the largest number of people to be safe...And this is the first time we had data that at least showed that six months after the initial vaccinations were seeing essentially the same level of protection, which is very encouraging.  Moderna also emphasized that we should never underestimate the efficacy differences as just plain numbers, which in Moderna's and Pfizer-BioNTech's case amounted to 9.2% points. The company emphasized that:</p><p><blockquote>我们着手开发针对这种病毒的最有效疫苗，这种疫苗将持续尽可能长的时间，【帮助】尽可能多的人安全……这是我们第一次有数据至少显示，在最初接种疫苗六个月后，我们看到了基本相同水平的保护，这是非常令人鼓舞的。Moderna 还强调，我们永远不应该将疗效差异低估为简单的数字，在 Moderna 和辉瑞-BioNTech 的案例中，疗效差异达到 9.2 个百分点。该公司强调：</blockquote></p><p></p><p>   The relative strength of the different vaccines suggested that small differences in efficacy would start to emerge to be larger differences in efficacy at about 200, 250 days as neutralizing antibody titers waned. And that may be what we're starting to see. And if you play that forward, if you assume [Professor Davenport of the University of <a href=\"https://laohu8.com/S/NGD\">New</a> South Wales, Australia] been right about those predictions, then that picture continues and continues through a year with continued declining neutralizing antibody titers over that time. And eventually, we therefore believe, a real increase in breakthrough infections and disease even with vaccinated participants, even with mRNA-1273.  Moderna has also presented clear findings where it expects that a booster shot would significantly increase the neutralizing titers. In contrast, without the booster, for test subjects 6 to 8 months after their second dose, the neutralizing titers have dropped so significantly that for the Beta, Gamma and Delta variants, the \"neutralizing titers had fallen below the detectable -- the level of detection of the assay for a decent number of participants in all 4 -- all 3 cases.\"</p><p><blockquote>不同疫苗的相对强度表明，随着中和抗体滴度的减弱，效力的小差异将在约200、250天时开始出现较大的效力差异。这可能是我们开始看到的。如果你玩前锋，如果你假设[达文波特大学的教授<a href=\"https://laohu8.com/S/NGD\">新的</a>澳大利亚南威尔士]的这些预测是正确的，然后这种情况持续了一年，在此期间中和抗体滴度持续下降。因此，我们认为，最终，即使是接种疫苗的参与者，即使是mRNA-1273，突破性感染和疾病也会真正增加。Moderna 还提出了明确的发现，预计加强注射将显着增加中和滴度。相比之下，在没有加强剂的情况下，对于第二次给药后 6 至 8 个月的测试受试者，中和滴度显著下降，以至于对于 Beta、Gamma 和 Delta 变体，“中和滴度已降至可检测水平以下——所有 3 例病例中相当数量的参与者的检测水平。”</blockquote></p><p> As a result, we expect Moderna has strongly assembled the case for a booster with strong evidence suggesting their importance to protect against the new potential variants that may emerge, which Moderna has certainly warned: \"...It seems logical to us that those 3 mutations present in the Beta, Gamma line and those 2 mutations present in the Delta might find some way to combine in new and potentially scary ways. And if that came with the increased transmissibility, [the] force of infection that Delta can achieve, that might be a significant threat. And so we view our multivalent platform as the best place for us to try and anticipate that threat.\"</p><p><blockquote>因此，我们预计Moderna已经有力地收集了加强剂的案例，有强有力的证据表明它们在防止可能出现的新的潜在变异方面的重要性，Moderna当然已经警告过这一点：“...在我们看来，β线、γ线中存在的3个突变和δ线中存在的2个突变可能会找到某种方式以新的和潜在的可怕的方式结合起来，这是合乎逻辑的。如果这伴随着传播性的增加，Delta可以实现的传染性，这可能是一个重大威胁。因此，我们将我们的多价平台视为我们尝试和预测这种威胁的最佳场所。”</blockquote></p><p> The company is developing a \"proactive\" multivalent platform where it combines \"different variants into a single vaccine\" as its strategy to combat potential variants that are expected to emerge. Based on the company's assays study, this platform clearly outperformed the other candidates in its study. In addition, it stood out as a strong candidate to be used as a booster option, even though the primary mRNA-1273 candidate can also be used effectively as a booster.</p><p><blockquote>该公司正在开发一个“主动”多价平台，将“不同的变体组合成单一疫苗”，作为其对抗预计出现的潜在变体的策略。根据该公司的化验研究，该平台在其研究中的表现明显优于其他候选平台。此外，尽管初级mRNA-1273候选物也可以有效地用作加强剂，但它仍然是用作加强剂的有力候选物。</blockquote></p><p> However, in a fast-evolving situation with COVID-19, we think having more efficacious options are only going to be beneficial as vaccine makers try to anticipate and are proactive against potential new and more potent antigens where Moderna even admitted that the Delta variant had humbled them, as it added: \"I think the Delta variant has taught us to also be incredibly humble in the face of the virus' ability to fight back and increase its transmission. I mean, I think most of us would have thought SARS-CoV-2 was a pretty good infector earlier this year. Delta has shown us that it can make huge steps forward.\"</p><p><blockquote>然而，在 COVID-19 快速发展的形势下，我们认为拥有更有效的选择只会是有益的，因为疫苗制造商试图预测并积极主动地对抗潜在的新的、更有效的抗原，Moderna 甚至承认德尔塔变异毒株让他们感到谦卑，正如它补充的那样： “我认为德尔塔变异毒株教会了我们，面对病毒的反击和传播能力，我们也要保持令人难以置信的谦逊。我的意思是，我想我们大多数人在今年早些时候都会认为 SARS-CoV-2 是一种相当不错的感染者。Delta 向我们展示了它可以向前迈出巨大的步伐。”</blockquote></p><p> Risks to our Thesis</p><p><blockquote>我们论文的风险</blockquote></p><p> By now, it should be clear that 2022 is promising to be a year where Moderna would almost double or triple its supply to 2B or 3B doses, depending on whether the company is using 100 micrograms or 50 micrograms in its product moving forward. Pfizer-BioNTech is also expected to increase its capacity to 3B doses in 2022, while we also need to take into account Novavax's impending entry into the COVID-19 vaccines production game, as well as the Chinese vaccine makers who already have an annual capacity of 5B doses.</p><p><blockquote>到目前为止，应该很清楚，2022 年有望成为 Moderna 将其 2B 或 3B 剂量供应量几乎翻一番或三倍的一年，具体取决于该公司未来在其产品中使用的是 100 微克还是 50 微克。辉瑞-BioNTech预计也将在2022年将其产能提高到3B剂量，同时我们还需要考虑到Novavax即将进入新冠肺炎疫苗生产游戏，以及已经拥有5B剂量年产能的中国疫苗制造商。</blockquote></p><p> We think there is a realistic chance where Moderna may be facing an over-supply situation even though it may have proven itself to be the superior mRNA vaccine for now against Pfizer-BioNTech.</p><p><blockquote>我们认为，Moderna 可能面临供应过剩的情况，尽管它可能已经证明自己是目前针对辉瑞-BioNTech 的优质 mRNA 疫苗。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3b54cee9edb8e398275290f3edcdb770\" tg-width=\"640\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Revenue forecast mean consensus. Data source: S&amp;P Capital IQ</p><p><blockquote>收入预测意味着共识。数据来源：S&amp;P Capital IQ</blockquote></p><p> Therefore, we think the Street has prudently lowered its revenue estimates for Moderna over the next few years. The company is also likely to come under pricing pressure against the huge supply expected to come online.</p><p><blockquote>因此，我们认为华尔街已谨慎地降低了对 Moderna 未来几年的收入预期。由于预计上线的大量供应量，该公司也可能面临定价压力。</blockquote></p><p> However, we think Moderna is keenly aware of it. The company clearly highlighted that they had made good progress in the other 5 therapeutic areas that the company is involved in. Of notable mention is the fast track designation the company recently received from the US FDA for the company'sRSV vaccine candidate, mRNA-1345, especially when there is no approved RSV vaccine yet in the market.</p><p><blockquote>然而，我们认为Moderna敏锐地意识到了这一点。该公司明确强调，他们在公司涉足的其他5个治疗领域取得了良好进展。值得一提的是，该公司最近从美国FDA获得了该公司sRSV候选疫苗mRNA-1345的快速通道认证，特别是当市场上还没有批准的RSV疫苗时。</blockquote></p><p> In addition, the company has also commenced on the Phase I/II study of its mRNA-1010 quadrivalent seasonal flu vaccine to target the seasonal flu market, where it's worth about $5B to $6B annually, according to Moderna's estimates, especially when the current flu vaccine efficacy is between 40% and 60% according toCDC data. Moderna expects its quadrivalent vaccine to be launched as early as 2023.</p><p><blockquote>此外，该公司还开始了针对季节性流感市场的 mRNA-1010 四价季节性流感疫苗的 I/II 期研究，根据 Moderna 的估计，该疫苗每年的价值约为 5B 至 6B 美元，特别是根据 CDC 数据，目前的流感疫苗功效在 40% 至 60% 之间。Moderna 预计其四价疫苗最早将于 2023 年推出。</blockquote></p><p></p><p> Moderna is also expecting good results from its CMV vaccine, which is expected to be entering Phase III trials soon. It would also allow the company to tap into a market worth between $2B and $5B annually.</p><p><blockquote>Moderna也期待其CMV疫苗取得良好效果，预计很快将进入III期试验。它还将允许该公司每年挖掘 20 亿美元至 50 亿美元的市场价值。</blockquote></p><p> Hence, we think that the company has been proactively working on the success of its mRNA-1273 to progress confidently along the other programs to sustain its commercial success beyond just being a COVID-19 vaccine maker. Therefore, we encourage investors to monitor its most advanced programs closely and keep pace with them moving forward.</p><p><blockquote>因此，我们认为该公司一直在积极致力于其mRNA-1273的成功，以自信地推进其他项目，以维持其商业成功，而不仅仅是一家新冠肺炎疫苗制造商。因此，我们鼓励投资者密切关注其最先进的项目，并跟上其发展步伐。</blockquote></p><p> Valuations</p><p><blockquote>估值</blockquote></p><p> <img src=\"https://static.tigerbbs.com/69cb54a8282012f6cff4095f28e2a08f\" tg-width=\"640\" tg-height=\"176\" referrerpolicy=\"no-referrer\">Biotech peers valuation comp set. Source: TIKR</p><p><blockquote>生物技术同行估值补偿集。资料来源：TIKR</blockquote></p><p> EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</p><p><blockquote>EV/Fwd 转速趋势。数据来源：S&amp;P Capital IQ</blockquote></p><p> Moderna is currently trading at an EV / Fwd Rev of about 8x, which interestingly comes in below its peers' mean multiple of 14.14x, where Moderna may look to be attractively valued. However, this assumes that Moderna can keep increasing its revenue strongly over the next few years, a point that we have raised previously may face significant headwinds ahead.</p><p><blockquote>Moderna 目前的电动汽车/前轮驱动转速约为 8 倍，有趣的是，低于同行 14.14 倍的平均倍数，而 Moderna 的估值可能很有吸引力。然而，这是假设 Moderna 可以在未来几年继续强劲增加收入，我们之前提出的这一点可能会在未来面临重大阻力。</blockquote></p><p> Importantly, we could see that based on the company's expected revenue moving forward, the company is not likely to see meaningful progress on its capital appreciation potential moving forward as its revenue multiple by the end of FY25 is expected to be about 14.6x, which is in line with the peers' mean multiple right now.</p><p><blockquote>重要的是，我们可以看到，根据该公司未来的预期收入，该公司未来的资本增值潜力不太可能取得有意义的进展，因为其到 2025 财年末的收入倍数预计约为 14.6 倍，这与目前同行的平均倍数一致。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4cc567a1361ba17617927c47a803418\" tg-width=\"640\" tg-height=\"476\" referrerpolicy=\"no-referrer\">Street's mean price target. Source: TIKR</p><p><blockquote>Street 的平均价格目标。资料来源：TIKR</blockquote></p><p> Moreover, the Street is also not optimistic on MRNA making meaningful headway from here, and in fact, values the stock at about a 5.2x implied EV / Fwd Rev multiple, at a 35% discount from the last closing price. Analysts from <a href=\"https://laohu8.com/S/OPY\">Oppenheimer</a> also emphasized that \"MRNA sharesare fairly pricing a tremendous amount of future recurring revenues and pipeline progress...[arguing] that the company’s non-COVID pipeline remains 2-3 years away from reaching commercial success.\"</p><p><blockquote>此外，华尔街也不看好 MRNA 从这里取得有意义的进展，事实上，该股的估值约为隐含 EV / Fwd Rev 倍数的 5.2 倍，较上次收盘价折扣 35%。分析师来自<a href=\"https://laohu8.com/S/OPY\">奥本海默</a>他还强调，“MRNA 股票对未来大量的经常性收入和产品线进展进行了公平的定价......[认为]该公司的非 COVID 产品线距离取得商业成功还有 2-3 年的时间”。</blockquote></p><p> Our opinion is in line with the Street, and we think that a lot of optimism is currently being priced into Moderna at the moment. So we think if investors are sitting on decent profits right now, we strongly encourage you to at least take partial profits and take some risk off the table.</p><p><blockquote>我们的观点与华尔街一致，我们认为目前 Moderna 的价值观很大。因此，我们认为，如果投资者现在获得了可观的利润，我们强烈建议您至少获得部分利润并承担一些风险。</blockquote></p><p> Price Action and Trend Analysis<img src=\"https://static.tigerbbs.com/766a37b6357b74ea899bd0e823ff64a2\" tg-width=\"640\" tg-height=\"391\" referrerpolicy=\"no-referrer\">Source: TradingView</p><p><blockquote>价格行为和趋势分析来源：TradingView</blockquote></p><p> While we are clear about MRNA's long-term uptrend bias (which is why we don't recommend a short-sell strategy against stocks with clear uptrend bias), we also think the stock's price action has recently shown signs of a climax top pattern.</p><p><blockquote>虽然我们清楚 MRNA 的长期上升趋势偏见（这就是为什么我们不建议对具有明显上升趋势偏见的股票采取卖空策略），但我们也认为该股的价格走势最近显示出高潮顶部模式的迹象。</blockquote></p><p> However, it's impossible to speculate exactly where the top is. Therefore, we think it's prudent for investors to take some profits off the table and wait for the euphoria to chill and cool down before considering adding exposure to MRNA again.</p><p><blockquote>然而，不可能准确地推测顶部在哪里。因此，我们认为投资者谨慎的做法是将一些利润从桌面上移开，等待兴奋情绪冷却下来，然后再考虑再次增加 MRNA 的敞口。</blockquote></p><p> We have already taken the opportunity of the stock's recent strength to lock in 50% of our profit on MRNA, with a view of locking in even more if we continue to see price action that shows a higher climax top tendency moving forward.</p><p><blockquote>我们已经利用该股近期走强的机会锁定了 MRNA 50% 的利润，如果我们继续看到价格走势显示出更高的高潮顶部趋势，我们将锁定更多利润。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4447049-moderna-what-is-next-beyond-covid-vaccine-win\">seeking alpha</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":{"MRNA":"Moderna, Inc."},"source_url":"https://seekingalpha.com/article/4447049-moderna-what-is-next-beyond-covid-vaccine-win","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109397612","content_text":"Investment Thesis\nModerna (MRNA) and Novavax (NVAX) released their respective Q2 earnings one after the other, with Moderna indicating encouraging progress in its mRNA vaccine programs along with its COVID-19 vaccine production ramp. At the same time, Novavax surprised the market with its delay in filing for emergency use authorization ((EUA)) with the US government ((USG)).\nModerna has continued to make excellent momentum as the company took full advantage of a highly successful COVID-19 vaccine program to develop the other vaccines in other therapeutic areas to future-proof its revenue sustainability, as the world gradually moves on to a world where COVID-19 is endemic.\nThis article provides a timely update for our readers to decide whether Moderna is still a good investment given the recent run-up that we think has resulted in a high amount of optimism being baked into its price.\nQ2 Earnings Recap\nModerna quarterly revenue surprise. Source: Seeking Alpha Premium\nModerna quarterly EPS surprise. Source: Seeking Alpha Premium\nModerna reported a solid Q2 report card, keeping in line with the momentum from Q1, as the company posted revenue of $4.354B and EPS of $6.46, which were 10.3% and 2.8% above the consensus estimates.\nModerna H1'21 revenue and FY21 consensus estimate. Data source: S&P Capital IQ\nImportantly, Moderna posted a highly impressive QoQ increase of 125% in revenue from $1.94B in Q1'21 to $4.35B in Q2'21. However, Moderna would need to significantly ramp up in H2'21 for the company to meet the Street's FY21 estimates as H1'21's revenue of $6.29B accounted for only 31.2% of the FY21 consensus estimates.\nTo that, Moderna has assured investors that based on the company's signed advanced purchase agreements ((APA)) for FY21, Moderna indicated that \"expected delivery in 2021reflect the current full-year total of approximately $20 billion in anticipated product sales.\" The company continues to anticipate a supply of at least 800M to 1B doses for 2021.\nStudying Moderna's Gross Margins and Pricing Strategy\nModerna quarterly gross margin. Data source: S&P Capital IQ\nThe production ramp in Q2'21 has also improved Moderna's economies of scale as its gross margin improved markedly in Q2'21, as Moderna's total cost of revenue represents about 26.9% of Q2'21 revenue.\nCrucially, Moderna has indicated that its COVID-19H1'21's product salesof $5.93B which constitute about 94.3% of H1'21's total revenue, has a much lower cost of revenue. Based on our findings, Moderna's COVID-19 product sales have a cost of revenue of $1.1B, representing about 18.5% of H1'21's COVID-19 product revenue, therefore indicating that the average gross margin for its COVID-19 product is about 81.5%. The company has also emphasized that it \"expects the average cost total of sales as a percent of product sales to be between 18% and 20% compared to our previous outlook of approximately 20% of product sales. This reflects the successful ramp-up of this global manufacturing network.\"\nSince Moderna delivered 199M doses in Q2'21 and 102M doses in Q1'21, the company delivered a collective amount of 301M doses in H1'21 that was recognized as product revenue. Given that our cost of revenue is about $1.1B for H1'21, we could thus derive an average cost per dose of about $3.65, which the company has highlighted that it expects to maintain for the rest of 2021.\nBefore we carry on, Moderna has highlighted that the cost of sales that the company reflected in H1'21 of $943M included their \"zero-cost COVID-19 inventory,\" as the company emphasized: \"At the end of the first quarter of 2021, we had substantially utilized our zero-cost COVID-19 vaccine inventory. Therefore, if inventory sold for the six months ended June 30, 2021, were valued at cost, our cost of sales for the period would have been $1.1 billion.\" Therefore, based on our computation above, we believe it's important to reflect the cost of sales more accurately, which the company also corroborates in their earnings call.\nModerna Spikevax pricing tiers. Data source: Moderna\nModerna adopts a tiered pricing model to distribute its vaccines equitably. For the USG, the company has applied a \"favorable\" pricing model because of the US government's funding as well as the 500M doses order that the USG committed to Moderna, which the company emphasized, \"is very large.\"\nThe other higher-income countries paid between $32 and $37, including larger orders from countries that include the EU with an APA of260M dosesfor 2021. Thus, applying Moderna's large contract discount logic, we should expect the average EU pricing to be at the lower end of the $32 to $37 range.\nFor the lower to middle-income countries, even though the company did not explicitly disclose the exact price range, the company highlighted that this category \"received the lowest-tiered pricing, including those sales to COVAX, which are considerably lower than the price to the U.S. government.\"\nFor Moderna, we could easily derive its average price at about $19.7 ($5.93B/301M) per dose for H1'21, even though the company has emphasized that it's likely to be reduced moving into 2022 as they ramp the production for delivery to COVAX as well as the lower and middle-income countries, especially since the COVAX APA is set to increase from 34M doses in 2021 to 117M doses in 2022, with an option to increase up to 350M doses.\nCOVAX reported an average price of about$5.20 per dose; thus, it would be useful for investors to continue monitoring the impact on the average price for mRNA-1273 moving forward. Moderna has also indicated that it is expecting more price competition as we move from a pandemic towards a world where COVID-19 is endemic. In addition, it may also be useful to watch closely for further improvement in its economies of scale as the company ramps production from an estimated 800M to 1B doses in 2021 to 2B to 3B doses in 2022.\nModerna's Strategy Moving Forward\nShare of the population fully vaccinated against COVID-19. Source: OWID\nIt's straightforward that Moderna has ramped production significantly to compete for the next phase in COVID-19 distribution for its mRNA-1273 product for countries within the COVAX category in 2022 and 2023 as the high-income countries are starting to approach the 60% to 70% fully vaccinated mark. However, we could clearly glean from the chart above where only 15% of the total world population has been fully vaccinated, while countries like Indonesia and India have only 8% and 7.8% of their population fully inoculated, and South America's 20.9% still has a long way to go as well.\nMoving forward, the strategy for the high-income countries is starting to move towards booster shots. We think this is where Moderna, as one of the 2 mRNA vaccines makers, has sufficiently proven its worth against Pfizer-BioNTech as the company's recent COVE study demonstrated that mRNA-1273 could maintain the efficacy of 93.2%, 4 to 6 months after the second dose, and a 98.2% efficacy against severe disease, as well as a 100% efficacy against death caused by COVID-19. As compared to Pfizer-BioNTech's vaccine, where the efficacy is expected to drop to84%after 6 months, we would clearly applaud the breathtaking results that clearly demonstrate the superiority of Moderna's Spikevax against Comirnaty.\nTo this Moderna Co-founder and Chairman Dr. Noubar Afeyan clearly articulated who he thinks owns the superior mRNA technology for COVID-19 vaccine in the market (shout-out to Pfizer-BioNTech folks):\n\n We set outto develop the most effective vaccine against this virus that would last for the longest possible time, [helping] the largest number of people to be safe...And this is the first time we had data that at least showed that six months after the initial vaccinations were seeing essentially the same level of protection, which is very encouraging.\n\nModerna also emphasized that we should never underestimate the efficacy differences as just plain numbers, which in Moderna's and Pfizer-BioNTech's case amounted to 9.2% points. The company emphasized that:\n\n The relative strength of the different vaccines suggested that small differences in efficacy would start to emerge to be larger differences in efficacy at about 200, 250 days as neutralizing antibody titers waned. And that may be what we're starting to see. And if you play that forward, if you assume [Professor Davenport of the University of New South Wales, Australia] been right about those predictions, then that picture continues and continues through a year with continued declining neutralizing antibody titers over that time. And eventually, we therefore believe, a real increase in breakthrough infections and disease even with vaccinated participants, even with mRNA-1273.\n\nModerna has also presented clear findings where it expects that a booster shot would significantly increase the neutralizing titers. In contrast, without the booster, for test subjects 6 to 8 months after their second dose, the neutralizing titers have dropped so significantly that for the Beta, Gamma and Delta variants, the \"neutralizing titers had fallen below the detectable -- the level of detection of the assay for a decent number of participants in all 4 -- all 3 cases.\"\nAs a result, we expect Moderna has strongly assembled the case for a booster with strong evidence suggesting their importance to protect against the new potential variants that may emerge, which Moderna has certainly warned: \"...It seems logical to us that those 3 mutations present in the Beta, Gamma line and those 2 mutations present in the Delta might find some way to combine in new and potentially scary ways. And if that came with the increased transmissibility, [the] force of infection that Delta can achieve, that might be a significant threat. And so we view our multivalent platform as the best place for us to try and anticipate that threat.\"\nThe company is developing a \"proactive\" multivalent platform where it combines \"different variants into a single vaccine\" as its strategy to combat potential variants that are expected to emerge. Based on the company's assays study, this platform clearly outperformed the other candidates in its study. In addition, it stood out as a strong candidate to be used as a booster option, even though the primary mRNA-1273 candidate can also be used effectively as a booster.\nHowever, in a fast-evolving situation with COVID-19, we think having more efficacious options are only going to be beneficial as vaccine makers try to anticipate and are proactive against potential new and more potent antigens where Moderna even admitted that the Delta variant had humbled them, as it added: \"I think the Delta variant has taught us to also be incredibly humble in the face of the virus' ability to fight back and increase its transmission. I mean, I think most of us would have thought SARS-CoV-2 was a pretty good infector earlier this year. Delta has shown us that it can make huge steps forward.\"\nRisks to our Thesis\nBy now, it should be clear that 2022 is promising to be a year where Moderna would almost double or triple its supply to 2B or 3B doses, depending on whether the company is using 100 micrograms or 50 micrograms in its product moving forward. Pfizer-BioNTech is also expected to increase its capacity to 3B doses in 2022, while we also need to take into account Novavax's impending entry into the COVID-19 vaccines production game, as well as the Chinese vaccine makers who already have an annual capacity of 5B doses.\nWe think there is a realistic chance where Moderna may be facing an over-supply situation even though it may have proven itself to be the superior mRNA vaccine for now against Pfizer-BioNTech.\nRevenue forecast mean consensus. Data source: S&P Capital IQ\nTherefore, we think the Street has prudently lowered its revenue estimates for Moderna over the next few years. The company is also likely to come under pricing pressure against the huge supply expected to come online.\nHowever, we think Moderna is keenly aware of it. The company clearly highlighted that they had made good progress in the other 5 therapeutic areas that the company is involved in. Of notable mention is the fast track designation the company recently received from the US FDA for the company'sRSV vaccine candidate, mRNA-1345, especially when there is no approved RSV vaccine yet in the market.\nIn addition, the company has also commenced on the Phase I/II study of its mRNA-1010 quadrivalent seasonal flu vaccine to target the seasonal flu market, where it's worth about $5B to $6B annually, according to Moderna's estimates, especially when the current flu vaccine efficacy is between 40% and 60% according toCDC data. Moderna expects its quadrivalent vaccine to be launched as early as 2023.\nModerna is also expecting good results from its CMV vaccine, which is expected to be entering Phase III trials soon. It would also allow the company to tap into a market worth between $2B and $5B annually.\nHence, we think that the company has been proactively working on the success of its mRNA-1273 to progress confidently along the other programs to sustain its commercial success beyond just being a COVID-19 vaccine maker. Therefore, we encourage investors to monitor its most advanced programs closely and keep pace with them moving forward.\nValuations\nBiotech peers valuation comp set. Source: TIKR\nEV / Fwd Rev trend. Data source: S&P Capital IQ\nModerna is currently trading at an EV / Fwd Rev of about 8x, which interestingly comes in below its peers' mean multiple of 14.14x, where Moderna may look to be attractively valued. However, this assumes that Moderna can keep increasing its revenue strongly over the next few years, a point that we have raised previously may face significant headwinds ahead.\nImportantly, we could see that based on the company's expected revenue moving forward, the company is not likely to see meaningful progress on its capital appreciation potential moving forward as its revenue multiple by the end of FY25 is expected to be about 14.6x, which is in line with the peers' mean multiple right now.\nStreet's mean price target. Source: TIKR\nMoreover, the Street is also not optimistic on MRNA making meaningful headway from here, and in fact, values the stock at about a 5.2x implied EV / Fwd Rev multiple, at a 35% discount from the last closing price. Analysts from Oppenheimer also emphasized that \"MRNA sharesare fairly pricing a tremendous amount of future recurring revenues and pipeline progress...[arguing] that the company’s non-COVID pipeline remains 2-3 years away from reaching commercial success.\"\nOur opinion is in line with the Street, and we think that a lot of optimism is currently being priced into Moderna at the moment. So we think if investors are sitting on decent profits right now, we strongly encourage you to at least take partial profits and take some risk off the table.\nPrice Action and Trend AnalysisSource: TradingView\nWhile we are clear about MRNA's long-term uptrend bias (which is why we don't recommend a short-sell strategy against stocks with clear uptrend bias), we also think the stock's price action has recently shown signs of a climax top pattern.\nHowever, it's impossible to speculate exactly where the top is. Therefore, we think it's prudent for investors to take some profits off the table and wait for the euphoria to chill and cool down before considering adding exposure to MRNA again.\nWe have already taken the opportunity of the stock's recent strength to lock in 50% of our profit on MRNA, with a view of locking in even more if we continue to see price action that shows a higher climax top tendency moving forward.","news_type":1,"symbols_score_info":{"MRNA":0.9}},"isVote":1,"tweetType":1,"viewCount":2581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899979613,"gmtCreate":1628155465932,"gmtModify":1633753095370,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/899979613","repostId":"2157433887","repostType":4,"repost":{"id":"2157433887","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628154522,"share":"https://www.laohunote.com/m/news/2157433887?lang=zh_CN&edition=full","pubTime":"2021-08-05 17:08","market":"us","language":"en","title":"5 Stocks To Watch For August 5, 2021<blockquote>2021 年 8 月 5 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2157433887","media":"Benzinga Earnings","summary":"Some of the stocks that may grab investor focus today are:\n\tWall Street expects  Kellogg Company (NYSE: K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.\n","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects <b> Kellogg Company</b> (NYSE:K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.</li>  <li><b>Uber Technologies Inc</b> (NYSE:UBER) reported a wider loss for its second quarter, while sales exceeded expectations. The company posted an adjusted loss before interest, taxes, depreciation and amortization of $509 million, wider by around $150 million compared to the first quarter. Uber shares fell&nbsp;4% to $40.13 in the pre-market trading session.</li>  <li>Analysts expect <b> Cardinal Health Inc</b> (NYSE:CAH) to post quarterly earnings at $1.20 per share on revenue of $40.43 billion before the opening bell. Cardinal Health shares fell 1.1% to close at $58.98 on Wednesday.</li> </ul> <ul>  <li><b><a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> Inc</b> (NASDAQ:BKNG) reported a wider-than-expected loss for its second quarter, while sales surpassed estimates. Booking shares gained 3.1% to $2,150.22 in the after-hours trading session.</li>  <li>Analysts are expecting <b> <a href=\"https://laohu8.com/S/VIACP\">ViacomCBS Inc.</a> </b> (NASDAQ:VIAC) to have earned $0.96 per share on revenue of $6.48 billion for the latest quarter. The company will release earnings after the closing bell. ViacomCBS shares fell 0.7% to $38.52 in after-hours trading.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>凯洛格公司</b>（纽约证券交易所股票代码：K）将公布季度收益，每股 1.02 美元，开盘前营收为 34.1 亿美元。家乐氏股价在盘后交易中下跌 0.1%，至 61.96 美元。</li><li><b>优步科技公司</b>（纽约证券交易所股票代码：UBER）公布第二季度亏损扩大，但销售额超出预期。该公司公布的调整后息税折旧摊销前亏损为 5.09 亿美元，比第一季度扩大约 1.5 亿美元。Uber 股价在盘前交易时段下跌 4%，至 40.13 美元。</li><li>分析师预计<b>卡迪纳尔健康公司</b>（纽约证券交易所股票代码：CAH）公布季度收益为每股 1.20 美元，开盘前营收为 404.3 亿美元。Cardinal Health 股价周三下跌 1.1%，收于 58.98 美元。</li></ul><ul><li><b><a href=\"https://laohu8.com/S/BKNG\">预订持有量</a>公司</b>（纳斯达克股票代码：BKNG）公布第二季度亏损超出预期，而销售额超出预期。Booking 股价在盘后交易时段上涨 3.1%，至 2,150.22 美元。</li><li>分析师预计<b><a href=\"https://laohu8.com/S/VIACP\">维亚康姆哥伦比亚广播公司。</a></b>（纳斯达克股票代码：VIAC）最新季度营收为 64.8 亿美元，每股收益为 0.96 美元。该公司将在收盘后发布财报。维亚康姆哥伦比亚广播公司股价在盘后交易中下跌 0.7%，至 38.52 美元。</li></ul></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>5 Stocks To Watch For August 5, 2021<blockquote>2021 年 8 月 5 日值得关注的 5 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Stocks To Watch For August 5, 2021<blockquote>2021 年 8 月 5 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-05 17:08</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects <b> Kellogg Company</b> (NYSE:K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.</li>  <li><b>Uber Technologies Inc</b> (NYSE:UBER) reported a wider loss for its second quarter, while sales exceeded expectations. The company posted an adjusted loss before interest, taxes, depreciation and amortization of $509 million, wider by around $150 million compared to the first quarter. Uber shares fell&nbsp;4% to $40.13 in the pre-market trading session.</li>  <li>Analysts expect <b> Cardinal Health Inc</b> (NYSE:CAH) to post quarterly earnings at $1.20 per share on revenue of $40.43 billion before the opening bell. Cardinal Health shares fell 1.1% to close at $58.98 on Wednesday.</li> </ul> <ul>  <li><b><a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> Inc</b> (NASDAQ:BKNG) reported a wider-than-expected loss for its second quarter, while sales surpassed estimates. Booking shares gained 3.1% to $2,150.22 in the after-hours trading session.</li>  <li>Analysts are expecting <b> <a href=\"https://laohu8.com/S/VIACP\">ViacomCBS Inc.</a> </b> (NASDAQ:VIAC) to have earned $0.96 per share on revenue of $6.48 billion for the latest quarter. The company will release earnings after the closing bell. ViacomCBS shares fell 0.7% to $38.52 in after-hours trading.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>凯洛格公司</b>（纽约证券交易所股票代码：K）将公布季度收益，每股 1.02 美元，开盘前营收为 34.1 亿美元。家乐氏股价在盘后交易中下跌 0.1%，至 61.96 美元。</li><li><b>优步科技公司</b>（纽约证券交易所股票代码：UBER）公布第二季度亏损扩大，但销售额超出预期。该公司公布的调整后息税折旧摊销前亏损为 5.09 亿美元，比第一季度扩大约 1.5 亿美元。Uber 股价在盘前交易时段下跌 4%，至 40.13 美元。</li><li>分析师预计<b>卡迪纳尔健康公司</b>（纽约证券交易所股票代码：CAH）公布季度收益为每股 1.20 美元，开盘前营收为 404.3 亿美元。Cardinal Health 股价周三下跌 1.1%，收于 58.98 美元。</li></ul><ul><li><b><a href=\"https://laohu8.com/S/BKNG\">预订持有量</a>公司</b>（纳斯达克股票代码：BKNG）公布第二季度亏损超出预期，而销售额超出预期。Booking 股价在盘后交易时段上涨 3.1%，至 2,150.22 美元。</li><li>分析师预计<b><a href=\"https://laohu8.com/S/VIACP\">维亚康姆哥伦比亚广播公司。</a></b>（纳斯达克股票代码：VIAC）最新季度营收为 64.8 亿美元，每股收益为 0.96 美元。该公司将在收盘后发布财报。维亚康姆哥伦比亚广播公司股价在盘后交易中下跌 0.7%，至 38.52 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBER":"优步","QNETCN":"纳斯达克中美互联网老虎指数","BKNG":"Booking Holdings","CAH":"卡地纳健康"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157433887","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects  Kellogg Company (NYSE:K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.\nUber Technologies Inc (NYSE:UBER) reported a wider loss for its second quarter, while sales exceeded expectations. The company posted an adjusted loss before interest, taxes, depreciation and amortization of $509 million, wider by around $150 million compared to the first quarter. Uber shares fell 4% to $40.13 in the pre-market trading session.\nAnalysts expect  Cardinal Health Inc (NYSE:CAH) to post quarterly earnings at $1.20 per share on revenue of $40.43 billion before the opening bell. Cardinal Health shares fell 1.1% to close at $58.98 on Wednesday.\n\n\nBooking Holdings Inc (NASDAQ:BKNG) reported a wider-than-expected loss for its second quarter, while sales surpassed estimates. Booking shares gained 3.1% to $2,150.22 in the after-hours trading session.\nAnalysts are expecting  ViacomCBS Inc.  (NASDAQ:VIAC) to have earned $0.96 per share on revenue of $6.48 billion for the latest quarter. The company will release earnings after the closing bell. ViacomCBS shares fell 0.7% to $38.52 in after-hours trading.","news_type":1,"symbols_score_info":{"VIAC":0.9,"UBER":0.9,"BKNG":0.9,"QNETCN":0.9,"K":0.9,"CAH":0.9}},"isVote":1,"tweetType":1,"viewCount":4042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804771009,"gmtCreate":1627984345201,"gmtModify":1633754654898,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804771009","repostId":"2156117308","repostType":4,"isVote":1,"tweetType":1,"viewCount":4040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805529135,"gmtCreate":1627892778227,"gmtModify":1633755535611,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805529135","repostId":"1193646270","repostType":4,"repost":{"id":"1193646270","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":1627891794,"share":"https://www.laohunote.com/m/news/1193646270?lang=zh_CN&edition=full","pubTime":"2021-08-02 16:09","market":"us","language":"en","title":"NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车，盘前交易增长 1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193646270","media":"Tiger Newspress","summary":" $NIO Inc.$ delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.","content":"<p>(August&nbsp;2)&nbsp;<a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车，同比强劲增长124.5%。交付的车辆包括 1702 辆 ES8（该公司的六座或七座旗舰高端智能电动 SUV）、3669 辆 ES6（该公司的五座高性能高端智能电动 SUV）和 2560 辆 EC6（该公司的五座高端智能电动轿跑车 SUV）。截至2021年7月31日，ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车，盘前交易增长 1%</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\">\nNIO delivered 7,931 vehicles in July 2021, and rose 1% in premarket trading<blockquote>蔚来 2021 年 7 月交付 7,931 辆汽车，盘前交易增长 1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-02 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(August&nbsp;2)&nbsp;<a href=\"https://laohu8.com/S/NIO\">NIO Inc.</a> delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.</p><p><blockquote>（8月2日）<a href=\"https://laohu8.com/S/NIO\">蔚来</a>2021年7月交付7,931辆汽车，同比强劲增长124.5%。交付的车辆包括 1702 辆 ES8（该公司的六座或七座旗舰高端智能电动 SUV）、3669 辆 ES6（该公司的五座高性能高端智能电动 SUV）和 2560 辆 EC6（该公司的五座高端智能电动轿跑车 SUV）。截至2021年7月31日，ES8、ES6和EC6的累计交付量达到125,528辆。</blockquote></p><p> NIO rose about 1% in premarket trading.</p><p><blockquote>蔚来在盘前交易中上涨约1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/29ee37756815b9785621385b00cfc549\" tg-width=\"629\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193646270","content_text":"(August 2) NIO Inc. delivered 7,931 vehicles in July 2021, representing a strong 124.5% year-over-year growth. The deliveries consisted of 1,702 ES8s, the Company’s six-seater or seven-seater flagship premium smart electric SUV, 3,669 ES6s, the Company’s five-seater high-performance premium smart electric SUV, and 2,560 EC6s, the Company’s five-seater premium smart electric coupe SUV. As of July 31, 2021, cumulative deliveries of the ES8, ES6 and EC6 reached 125,528 vehicles.\nNIO rose about 1% in premarket trading.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806974068,"gmtCreate":1627629316554,"gmtModify":1633757615762,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/806974068","repostId":"1136493836","repostType":4,"isVote":1,"tweetType":1,"viewCount":3142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808114699,"gmtCreate":1627564782611,"gmtModify":1633763769076,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808114699","repostId":"1122445859","repostType":4,"isVote":1,"tweetType":1,"viewCount":4016,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803291213,"gmtCreate":1627439712233,"gmtModify":1633764963008,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803291213","repostId":"2154991792","repostType":4,"isVote":1,"tweetType":1,"viewCount":1079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803291640,"gmtCreate":1627439696680,"gmtModify":1633764963129,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"What a joke&nbsp;","listText":"What a joke&nbsp;","text":"What a joke","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803291640","repostId":"1144879794","repostType":4,"repost":{"id":"1144879794","kind":"news","pubTimestamp":1627433268,"share":"https://www.laohunote.com/m/news/1144879794?lang=zh_CN&edition=full","pubTime":"2021-07-28 08:47","market":"us","language":"en","title":"GameStop to join S&P MidCap 400 index next week<blockquote>游戏驿站将于下周加入标准普尔中型股 400 指数</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144879794","media":"Reuters","summary":"July 27 (Reuters) - S&P Dow Jones Indices said on Tuesday GameStop, one of the hottest and most visi","content":"<p>July 27 (Reuters) - S&amp;P Dow Jones Indices said on Tuesday GameStop, one of the hottest and most visible ‘meme stocks’, will join the S&amp;P MidCap 400 index next week.</p><p><blockquote>7 月 27 日（路透社）--标准普尔道琼斯指数周二表示，最热门、最引人注目的 “备忘录股票 ”之一游戏驿站将于下周加入标准普尔中型股 400 指数。</blockquote></p><p> GameStop’s shares have surged more than nine fold this year, helped by a social media hype and was the spark in January for a battle casting hedge fund short-sellers against a pack of small-time investors organizing online.</p><p><blockquote>在社交媒体炒作的帮助下，游戏驿站的股价今年已经飙升了九倍多，并在 1 月份引发了一场对冲基金卖空者与一群在网上组织的小投资者之间的较量。</blockquote></p><p> The company, currently a part of S&amp;P SmallCap 600, will replace Weingarten Realty Investors in the S&amp;P MidCap 400. Lakeland Financial Corp will take GameStop’s place in the S&amp;P SmallCap 600.</p><p><blockquote>该公司目前是标准普尔小型股 600 指数的一部分，将取代 Weingarten Realty Investors 进入标准普尔中型股 400 指数。莱克兰金融公司（Lakeland Financial Corp）将取代游戏驿站在标准普尔小型股 600 指数中的位置。</blockquote></p><p> GameStop, like others meme stocks that have lit up Wall Street since January, has sold millions of dollars in new stock.</p><p><blockquote>游戏驿站和其他自一月份以来点亮华尔街的模因股票一样，已经出售了数百万美元的新股。</blockquote></p><p> The company is trying to pivot to e-commerce and recently hired a former Amazon official as its new chief executive officer to steer it through the transition.</p><p><blockquote>该公司正试图转向电子商务，最近聘请了一名前亚马逊官员担任其新任首席执行官，以指导其完成转型。</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>GameStop to join S&P MidCap 400 index next week<blockquote>游戏驿站将于下周加入标准普尔中型股 400 指数</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\">\nGameStop to join S&P MidCap 400 index next week<blockquote>游戏驿站将于下周加入标准普尔中型股 400 指数</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-28 08:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>July 27 (Reuters) - S&amp;P Dow Jones Indices said on Tuesday GameStop, one of the hottest and most visible ‘meme stocks’, will join the S&amp;P MidCap 400 index next week.</p><p><blockquote>7 月 27 日（路透社）--标准普尔道琼斯指数周二表示，最热门、最引人注目的 “备忘录股票 ”之一游戏驿站将于下周加入标准普尔中型股 400 指数。</blockquote></p><p> GameStop’s shares have surged more than nine fold this year, helped by a social media hype and was the spark in January for a battle casting hedge fund short-sellers against a pack of small-time investors organizing online.</p><p><blockquote>在社交媒体炒作的帮助下，游戏驿站的股价今年已经飙升了九倍多，并在 1 月份引发了一场对冲基金卖空者与一群在网上组织的小投资者之间的较量。</blockquote></p><p> The company, currently a part of S&amp;P SmallCap 600, will replace Weingarten Realty Investors in the S&amp;P MidCap 400. Lakeland Financial Corp will take GameStop’s place in the S&amp;P SmallCap 600.</p><p><blockquote>该公司目前是标准普尔小型股 600 指数的一部分，将取代 Weingarten Realty Investors 进入标准普尔中型股 400 指数。莱克兰金融公司（Lakeland Financial Corp）将取代游戏驿站在标准普尔小型股 600 指数中的位置。</blockquote></p><p> GameStop, like others meme stocks that have lit up Wall Street since January, has sold millions of dollars in new stock.</p><p><blockquote>游戏驿站和其他自一月份以来点亮华尔街的模因股票一样，已经出售了数百万美元的新股。</blockquote></p><p> The company is trying to pivot to e-commerce and recently hired a former Amazon official as its new chief executive officer to steer it through the transition.</p><p><blockquote>该公司正试图转向电子商务，最近聘请了一名前亚马逊官员担任其新任首席执行官，以指导其完成转型。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/gamestop-sp/gamestop-to-join-sp-midcap-400-index-next-week-idUSL4N2P349N\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.reuters.com/article/gamestop-sp/gamestop-to-join-sp-midcap-400-index-next-week-idUSL4N2P349N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144879794","content_text":"July 27 (Reuters) - S&P Dow Jones Indices said on Tuesday GameStop, one of the hottest and most visible ‘meme stocks’, will join the S&P MidCap 400 index next week.\nGameStop’s shares have surged more than nine fold this year, helped by a social media hype and was the spark in January for a battle casting hedge fund short-sellers against a pack of small-time investors organizing online.\nThe company, currently a part of S&P SmallCap 600, will replace Weingarten Realty Investors in the S&P MidCap 400. Lakeland Financial Corp will take GameStop’s place in the S&P SmallCap 600.\nGameStop, like others meme stocks that have lit up Wall Street since January, has sold millions of dollars in new stock.\nThe company is trying to pivot to e-commerce and recently hired a former Amazon official as its new chief executive officer to steer it through the transition.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1134,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175891537,"gmtCreate":1627019347329,"gmtModify":1633768711848,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like and comment.","listText":"Pls like and comment.","text":"Pls like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/175891537","repostId":"1164478982","repostType":4,"isVote":1,"tweetType":1,"viewCount":1141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171702704,"gmtCreate":1626761512308,"gmtModify":1633771261861,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Nice article for pleasure reading","listText":"Nice article for pleasure reading","text":"Nice article for pleasure reading","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171702704","repostId":"1149818409","repostType":4,"repost":{"id":"1149818409","kind":"news","pubTimestamp":1626746165,"share":"https://www.laohunote.com/m/news/1149818409?lang=zh_CN&edition=full","pubTime":"2021-07-20 09:56","market":"us","language":"en","title":"Is This the Long-Awaited Stock Market Crash?<blockquote>这是期待已久的股市崩盘吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149818409","media":"Motley Fool","summary":"Investors are always trying to anticipate the next stock market crash. Those searching for signs of ","content":"<p>Investors are always trying to anticipate the next stock market crash. Those searching for signs of the next major downturn for the market got some evidence supporting the idea that it could come sooner rather than later, with investors continuing to worry about the sharp increase in COVID-19 cases in the U.S. and in other areas of the world. As of 11:15 a.m. EDT, the&nbsp;<b>Dow Jones Industrial Average</b>(DJINDICES:^DJI)was down 767 points to 33,921. The&nbsp;<b>S&amp;P 500</b>(SNPINDEX:^GSPC)had dropped 65 points to 4,262, and the&nbsp;<b>Nasdaq Composite</b>(NASDAQINDEX:^IXIC)was lower by 143 points to 14,284.</p><p><blockquote>投资者总是试图预测下一次股市崩盘。那些寻找市场下一次重大衰退迹象的人得到了一些证据支持这种观点，即它可能会更快而不是更晚到来，投资者继续担心美国和世界其他地区的 COVID-19 病例急剧增加。截至美国东部时间上午 11:15，<b>道琼斯工业指数</b>(DJINDICES:^DJI) 下跌 767 点至 33,921 点。这个<b>标普500</b>（SNPINDEX:^GSPC）下跌65点至4,262点，<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）下跌 143 点至 14,284。</blockquote></p><p> You can always make a bearish case for why the stock market should stop going up, at least in the short run. However, investors spend too much time trying to figure out exact timing. If you're truly worried about your exposure to the stock market, then the time to take action is<i>before</i>the worst of the next bear market happens. Below, we'll take a closer look at what's hitting the market today and what response might be most appropriate.</p><p><blockquote>你总是可以对为什么股市应该停止上涨提出看跌的理由，至少在短期内是这样。然而，投资者花费了太多时间试图找出确切的时间。如果您真的担心自己在股市中的风险敞口，那么现在是采取行动的时候了<i>以前</i>下一个熊市最糟糕的情况发生了。下面，我们将仔细看看今天冲击市场的因素以及什么反应可能是最合适的。</blockquote></p><p> <b>Slowing down</b></p><p><blockquote><b>减速</b></blockquote></p><p> Many investors couldn't understand the huge gains that the stock market has produced over the past 15 months. Even as the global economy struggled under the weight of pandemic-caused lockdowns, the stock market reflected a level of optimism that simply didn't seem to be there yet. Eventually, vaccines led to reopenings, which in turn started to help lift the prospects for companies hit hard by the pandemic.</p><p><blockquote>许多投资者无法理解股市在过去15个月中产生的巨大收益。尽管全球经济在大流行造成的封锁重压下苦苦挣扎，但股市反映出一种似乎还不存在的乐观情绪。最终，疫苗导致重新开业，这反过来又开始帮助改善受疫情重创的公司的前景。</blockquote></p><p> Now, though, the fear among investors is that the markets have gotten ahead of themselves. As the delta variant helps stoke rising COVID-19 case counts, the idea that the pandemic would soon no longer be a major factor in the economy is starting to lose credibility.</p><p><blockquote>然而现在，投资者担心的是市场已经超越了自己。随着德尔塔变异毒株导致 COVID-19 病例数不断上升，疫情很快将不再是经济主要因素的观点开始失去可信度。</blockquote></p><p> That change of attitude is having dramatic impacts across the financial markets:</p><p><blockquote>这种态度的转变正在对整个金融市场产生巨大影响：</blockquote></p><p> <ul>  <li>Bond yields have plunged as investors seek the reliable, though minuscule, returns available from fixed income securities. Ten-year Treasury yields dropped below 1.2% Monday morning, and after having seen some upward movement in recent months, international bond yields now appear likely to remain negative in many countries throughout Europe for the foreseeable future.</li>  <li>The drop in long-term rates has hit financial stocks hard, with<b>Goldman Sachs</b>(NYSE:GS)leading big banks lower with a nearly 4% drop. Financials are playing a major role in pulling the Dow down by a larger percentage than other markets on Monday.</li>  <li>Signs ofinflationary pressureare showing early signs of potentially reversing. Crude oil fell nearly $5 per barrel on Monday, falling to $67 per barrel and causing oil-related stocks to fall.<b>Chevron</b>(NYSE:CVX)was among the Dow's weakest performers, falling more than 3% Monday morning.</li>  <li>Meanwhile, some stocks are benefiting.<b>Moderna</b>(NASDAQ:MRNA)shares rose, perhaps in anticipation ofgreater vaccine sales, while<b>Peloton Interactive</b>(NASDAQ:PTON)also gained ground as some anticipate that more fitness enthusiasts might stay home if health risk levels increase.</li> </ul> Meanwhile, cyclical stocks in areas like industrials and materials are also particularly weak. The declines are coming after a generally strong performance over the past year.</p><p><blockquote><ul><li>由于投资者寻求固定收益证券提供的可靠但微不足道的回报，债券收益率暴跌。周一上午，十年期国债收益率跌破1.2%，在经历了近几个月的一些上涨之后，在可预见的未来，欧洲许多国家的国际债券收益率似乎可能保持负值。</li><li>长期利率下降对金融股造成沉重打击，<b>高盛</b>（纽约证券交易所股票代码：GS）领先的大银行下跌近 4%。周一，金融股在推动道琼斯指数下跌的百分比高于其他市场方面发挥了重要作用。</li><li>通胀压力的迹象显示出潜在逆转的早期迹象。原油周一下跌近5美元/桶，跌至67美元/桶，并导致石油相关股票下跌。<b>人字形</b>（纽约证券交易所股票代码：CVX）是道琼斯指数表现最差的股票之一，周一上午下跌超过 3%。</li><li>与此同时，一些股票正在受益。<b>现代</b>（纳斯达克股票代码：MRNA）股价上涨，可能是由于预期疫苗销量增加，而<b>Peloton互动</b>（纳斯达克股票代码：PTON）也取得了进展，因为一些人预计，如果健康风险水平增加，更多的健身爱好者可能会呆在家里。</li></ul>与此同时，工业和材料等领域的周期性股票也尤其疲软。这种下降是在过去一年普遍表现强劲之后出现的。</blockquote></p><p> <b>Don't panic -- but be ready for what might come next</b></p><p><blockquote><b>不要惊慌——但要为接下来可能发生的事情做好准备</b></blockquote></p><p> It's always hard to deal with market downturns, and in particular, the long-term rise in the Dow makes declines seem worse than they really are. Drops of 2% have always been commonplace on Wall Street, but with the Dow having jumped as far as it has, the inevitable \"Dow Down 700+\" headlines always look more ominous.</p><p><blockquote>应对市场低迷总是很困难，特别是道琼斯指数的长期上涨使得下跌看起来比实际情况更糟糕。2%的下跌在华尔街一直很常见，但随着道琼斯指数的上涨，不可避免的“道琼斯指数下跌700+”的头条新闻总是看起来更加不祥。</blockquote></p><p> Panic-selling after a stock market crash almost never works out well, and that's why feeling comfortable with your current level of risk<i>before</i>a crash comes is so important. In particular, if you find your portfolio has a lot more invested in stocks than you thought after the big gains of the past year, it's not unreasonable to rebalance your portfolio and move some of that money out of the market before a crash. Many investors like to target certain percentages in various asset classes, and it's smart to periodically check in on your holdings to make sure gains in one area and losses in another haven't thrown your portfolio out of whack.</p><p><blockquote>股市崩盘后的恐慌性抛售几乎从来都不会奏效，这就是为什么对当前的风险水平感到满意<i>以前</i>车祸来了是如此重要。特别是，如果您发现您的投资组合在过去一年大幅上涨后对股票的投资比您想象的要多得多，那么在崩盘前重新平衡您的投资组合并将部分资金转移出市场并非不合理。许多投资者喜欢以各种资产类别的特定百分比为目标，明智的做法是定期检查您的持有量，以确保一个领域的收益和另一个领域的损失不会使您的投资组合失控。</blockquote></p><p> Monday morning's downward move doesn't count as a crash. That doesn't mean there won't be one later today, tomorrow, next week, or later this year. Regardless, though,having an investing strategythat acknowledges the inevitable fact that a crash will come at some point will definitely help you whenever that fateful day finally does arrive.</p><p><blockquote>周一早上的下跌不算崩盘。这并不意味着今天晚些时候、明天、下周或今年晚些时候不会有。不过，无论如何，拥有一个承认崩盘在某个时候不可避免的事实的投资策略，肯定会在决定性的一天最终到来时对你有所帮助。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is This the Long-Awaited Stock Market Crash?<blockquote>这是期待已久的股市崩盘吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs This the Long-Awaited Stock Market Crash?<blockquote>这是期待已久的股市崩盘吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-07-20 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Investors are always trying to anticipate the next stock market crash. Those searching for signs of the next major downturn for the market got some evidence supporting the idea that it could come sooner rather than later, with investors continuing to worry about the sharp increase in COVID-19 cases in the U.S. and in other areas of the world. As of 11:15 a.m. EDT, the&nbsp;<b>Dow Jones Industrial Average</b>(DJINDICES:^DJI)was down 767 points to 33,921. The&nbsp;<b>S&amp;P 500</b>(SNPINDEX:^GSPC)had dropped 65 points to 4,262, and the&nbsp;<b>Nasdaq Composite</b>(NASDAQINDEX:^IXIC)was lower by 143 points to 14,284.</p><p><blockquote>投资者总是试图预测下一次股市崩盘。那些寻找市场下一次重大衰退迹象的人得到了一些证据支持这种观点，即它可能会更快而不是更晚到来，投资者继续担心美国和世界其他地区的 COVID-19 病例急剧增加。截至美国东部时间上午 11:15，<b>道琼斯工业指数</b>(DJINDICES:^DJI) 下跌 767 点至 33,921 点。这个<b>标普500</b>（SNPINDEX:^GSPC）下跌65点至4,262点，<b>纳斯达克复合材料</b>（纳斯达克指数：^IXIC）下跌 143 点至 14,284。</blockquote></p><p> You can always make a bearish case for why the stock market should stop going up, at least in the short run. However, investors spend too much time trying to figure out exact timing. If you're truly worried about your exposure to the stock market, then the time to take action is<i>before</i>the worst of the next bear market happens. Below, we'll take a closer look at what's hitting the market today and what response might be most appropriate.</p><p><blockquote>你总是可以对为什么股市应该停止上涨提出看跌的理由，至少在短期内是这样。然而，投资者花费了太多时间试图找出确切的时间。如果您真的担心自己在股市中的风险敞口，那么现在是采取行动的时候了<i>以前</i>下一个熊市最糟糕的情况发生了。下面，我们将仔细看看今天冲击市场的因素以及什么反应可能是最合适的。</blockquote></p><p> <b>Slowing down</b></p><p><blockquote><b>减速</b></blockquote></p><p> Many investors couldn't understand the huge gains that the stock market has produced over the past 15 months. Even as the global economy struggled under the weight of pandemic-caused lockdowns, the stock market reflected a level of optimism that simply didn't seem to be there yet. Eventually, vaccines led to reopenings, which in turn started to help lift the prospects for companies hit hard by the pandemic.</p><p><blockquote>许多投资者无法理解股市在过去15个月中产生的巨大收益。尽管全球经济在大流行造成的封锁重压下苦苦挣扎，但股市反映出一种似乎还不存在的乐观情绪。最终，疫苗导致重新开业，这反过来又开始帮助改善受疫情重创的公司的前景。</blockquote></p><p> Now, though, the fear among investors is that the markets have gotten ahead of themselves. As the delta variant helps stoke rising COVID-19 case counts, the idea that the pandemic would soon no longer be a major factor in the economy is starting to lose credibility.</p><p><blockquote>然而现在，投资者担心的是市场已经超越了自己。随着德尔塔变异毒株导致 COVID-19 病例数不断上升，疫情很快将不再是经济主要因素的观点开始失去可信度。</blockquote></p><p> That change of attitude is having dramatic impacts across the financial markets:</p><p><blockquote>这种态度的转变正在对整个金融市场产生巨大影响：</blockquote></p><p> <ul>  <li>Bond yields have plunged as investors seek the reliable, though minuscule, returns available from fixed income securities. Ten-year Treasury yields dropped below 1.2% Monday morning, and after having seen some upward movement in recent months, international bond yields now appear likely to remain negative in many countries throughout Europe for the foreseeable future.</li>  <li>The drop in long-term rates has hit financial stocks hard, with<b>Goldman Sachs</b>(NYSE:GS)leading big banks lower with a nearly 4% drop. Financials are playing a major role in pulling the Dow down by a larger percentage than other markets on Monday.</li>  <li>Signs ofinflationary pressureare showing early signs of potentially reversing. Crude oil fell nearly $5 per barrel on Monday, falling to $67 per barrel and causing oil-related stocks to fall.<b>Chevron</b>(NYSE:CVX)was among the Dow's weakest performers, falling more than 3% Monday morning.</li>  <li>Meanwhile, some stocks are benefiting.<b>Moderna</b>(NASDAQ:MRNA)shares rose, perhaps in anticipation ofgreater vaccine sales, while<b>Peloton Interactive</b>(NASDAQ:PTON)also gained ground as some anticipate that more fitness enthusiasts might stay home if health risk levels increase.</li> </ul> Meanwhile, cyclical stocks in areas like industrials and materials are also particularly weak. The declines are coming after a generally strong performance over the past year.</p><p><blockquote><ul><li>由于投资者寻求固定收益证券提供的可靠但微不足道的回报，债券收益率暴跌。周一上午，十年期国债收益率跌破1.2%，在经历了近几个月的一些上涨之后，在可预见的未来，欧洲许多国家的国际债券收益率似乎可能保持负值。</li><li>长期利率下降对金融股造成沉重打击，<b>高盛</b>（纽约证券交易所股票代码：GS）领先的大银行下跌近 4%。周一，金融股在推动道琼斯指数下跌的百分比高于其他市场方面发挥了重要作用。</li><li>通胀压力的迹象显示出潜在逆转的早期迹象。原油周一下跌近5美元/桶，跌至67美元/桶，并导致石油相关股票下跌。<b>人字形</b>（纽约证券交易所股票代码：CVX）是道琼斯指数表现最差的股票之一，周一上午下跌超过 3%。</li><li>与此同时，一些股票正在受益。<b>现代</b>（纳斯达克股票代码：MRNA）股价上涨，可能是由于预期疫苗销量增加，而<b>Peloton互动</b>（纳斯达克股票代码：PTON）也取得了进展，因为一些人预计，如果健康风险水平增加，更多的健身爱好者可能会呆在家里。</li></ul>与此同时，工业和材料等领域的周期性股票也尤其疲软。这种下降是在过去一年普遍表现强劲之后出现的。</blockquote></p><p> <b>Don't panic -- but be ready for what might come next</b></p><p><blockquote><b>不要惊慌——但要为接下来可能发生的事情做好准备</b></blockquote></p><p> It's always hard to deal with market downturns, and in particular, the long-term rise in the Dow makes declines seem worse than they really are. Drops of 2% have always been commonplace on Wall Street, but with the Dow having jumped as far as it has, the inevitable \"Dow Down 700+\" headlines always look more ominous.</p><p><blockquote>应对市场低迷总是很困难，特别是道琼斯指数的长期上涨使得下跌看起来比实际情况更糟糕。2%的下跌在华尔街一直很常见，但随着道琼斯指数的上涨，不可避免的“道琼斯指数下跌700+”的头条新闻总是看起来更加不祥。</blockquote></p><p> Panic-selling after a stock market crash almost never works out well, and that's why feeling comfortable with your current level of risk<i>before</i>a crash comes is so important. In particular, if you find your portfolio has a lot more invested in stocks than you thought after the big gains of the past year, it's not unreasonable to rebalance your portfolio and move some of that money out of the market before a crash. Many investors like to target certain percentages in various asset classes, and it's smart to periodically check in on your holdings to make sure gains in one area and losses in another haven't thrown your portfolio out of whack.</p><p><blockquote>股市崩盘后的恐慌性抛售几乎从来都不会奏效，这就是为什么对当前的风险水平感到满意<i>以前</i>车祸来了是如此重要。特别是，如果您发现您的投资组合在过去一年大幅上涨后对股票的投资比您想象的要多得多，那么在崩盘前重新平衡您的投资组合并将部分资金转移出市场并非不合理。许多投资者喜欢以各种资产类别的特定百分比为目标，明智的做法是定期检查您的持有量，以确保一个领域的收益和另一个领域的损失不会使您的投资组合失控。</blockquote></p><p> Monday morning's downward move doesn't count as a crash. That doesn't mean there won't be one later today, tomorrow, next week, or later this year. Regardless, though,having an investing strategythat acknowledges the inevitable fact that a crash will come at some point will definitely help you whenever that fateful day finally does arrive.</p><p><blockquote>周一早上的下跌不算崩盘。这并不意味着今天晚些时候、明天、下周或今年晚些时候不会有。不过，无论如何，拥有一个承认崩盘在某个时候不可避免的事实的投资策略，肯定会在决定性的一天最终到来时对你有所帮助。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/07/19/is-this-the-long-awaited-stock-market-crash/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fool.com/investing/2021/07/19/is-this-the-long-awaited-stock-market-crash/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149818409","content_text":"Investors are always trying to anticipate the next stock market crash. Those searching for signs of the next major downturn for the market got some evidence supporting the idea that it could come sooner rather than later, with investors continuing to worry about the sharp increase in COVID-19 cases in the U.S. and in other areas of the world. As of 11:15 a.m. EDT, the Dow Jones Industrial Average(DJINDICES:^DJI)was down 767 points to 33,921. The S&P 500(SNPINDEX:^GSPC)had dropped 65 points to 4,262, and the Nasdaq Composite(NASDAQINDEX:^IXIC)was lower by 143 points to 14,284.\nYou can always make a bearish case for why the stock market should stop going up, at least in the short run. However, investors spend too much time trying to figure out exact timing. If you're truly worried about your exposure to the stock market, then the time to take action isbeforethe worst of the next bear market happens. Below, we'll take a closer look at what's hitting the market today and what response might be most appropriate.\nSlowing down\nMany investors couldn't understand the huge gains that the stock market has produced over the past 15 months. Even as the global economy struggled under the weight of pandemic-caused lockdowns, the stock market reflected a level of optimism that simply didn't seem to be there yet. Eventually, vaccines led to reopenings, which in turn started to help lift the prospects for companies hit hard by the pandemic.\nNow, though, the fear among investors is that the markets have gotten ahead of themselves. As the delta variant helps stoke rising COVID-19 case counts, the idea that the pandemic would soon no longer be a major factor in the economy is starting to lose credibility.\nThat change of attitude is having dramatic impacts across the financial markets:\n\nBond yields have plunged as investors seek the reliable, though minuscule, returns available from fixed income securities. Ten-year Treasury yields dropped below 1.2% Monday morning, and after having seen some upward movement in recent months, international bond yields now appear likely to remain negative in many countries throughout Europe for the foreseeable future.\nThe drop in long-term rates has hit financial stocks hard, withGoldman Sachs(NYSE:GS)leading big banks lower with a nearly 4% drop. Financials are playing a major role in pulling the Dow down by a larger percentage than other markets on Monday.\nSigns ofinflationary pressureare showing early signs of potentially reversing. Crude oil fell nearly $5 per barrel on Monday, falling to $67 per barrel and causing oil-related stocks to fall.Chevron(NYSE:CVX)was among the Dow's weakest performers, falling more than 3% Monday morning.\nMeanwhile, some stocks are benefiting.Moderna(NASDAQ:MRNA)shares rose, perhaps in anticipation ofgreater vaccine sales, whilePeloton Interactive(NASDAQ:PTON)also gained ground as some anticipate that more fitness enthusiasts might stay home if health risk levels increase.\n\nMeanwhile, cyclical stocks in areas like industrials and materials are also particularly weak. The declines are coming after a generally strong performance over the past year.\nDon't panic -- but be ready for what might come next\nIt's always hard to deal with market downturns, and in particular, the long-term rise in the Dow makes declines seem worse than they really are. Drops of 2% have always been commonplace on Wall Street, but with the Dow having jumped as far as it has, the inevitable \"Dow Down 700+\" headlines always look more ominous.\nPanic-selling after a stock market crash almost never works out well, and that's why feeling comfortable with your current level of riskbeforea crash comes is so important. In particular, if you find your portfolio has a lot more invested in stocks than you thought after the big gains of the past year, it's not unreasonable to rebalance your portfolio and move some of that money out of the market before a crash. Many investors like to target certain percentages in various asset classes, and it's smart to periodically check in on your holdings to make sure gains in one area and losses in another haven't thrown your portfolio out of whack.\nMonday morning's downward move doesn't count as a crash. That doesn't mean there won't be one later today, tomorrow, next week, or later this year. Regardless, though,having an investing strategythat acknowledges the inevitable fact that a crash will come at some point will definitely help you whenever that fateful day finally does arrive.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171703082,"gmtCreate":1626761152746,"gmtModify":1633771265294,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171703082","repostId":"2152363743","repostType":4,"isVote":1,"tweetType":1,"viewCount":1411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173417335,"gmtCreate":1626679268727,"gmtModify":1633924990596,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173417335","repostId":"1131398390","repostType":4,"isVote":1,"tweetType":1,"viewCount":966,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173564454,"gmtCreate":1626671315278,"gmtModify":1633925037059,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576410555567456","authorIdStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Safe travel","listText":"Safe travel","text":"Safe travel","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173564454","repostId":"1183989429","repostType":4,"repost":{"id":"1183989429","kind":"news","pubTimestamp":1626664759,"share":"https://www.laohunote.com/m/news/1183989429?lang=zh_CN&edition=full","pubTime":"2021-07-19 11:19","market":"us","language":"en","title":"Jeff Bezos is flying to space. Here's everything you need to know<blockquote>杰夫·贝索斯正在飞向太空。这里有你需要知道的一切</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183989429","media":"CNN","summary":"New York Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.Bezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey ","content":"<p>New York (CNN Business)Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.</p><p><blockquote>纽约（CNN Business）地球上最富有的人杰夫·贝索斯正准备进行一次11分钟、2300英里/小时的火箭动力太空边缘之旅，为这个充满火箭新闻和一些戏剧性的月份画上句号。世界上最富有的人将大部分财富奉献给了火箭开发。</blockquote></p><p> Bezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey just nine days after fellow billionaire and rocket company founder Richard Branson took his own trip.</p><p><blockquote>贝佐斯于 2000 年创立了蓝色起源公司，目标是利用他的部分亚马逊财富开发用于各种商业目的的火箭技术，他将在亿万富翁兼火箭公司创始人理查德·布兰森 (Richard Branson) 踏上外星之旅仅九天后进行他的外星之旅。</blockquote></p><p> But Bezos' flight, and the technology his company developed to get him there, is far different than Branson's. Blue Origin's New Shepard is a small, suborbital rocket that takes off vertically from a launch pad, giving a shorter yet higher-speed experience than the aerial-launched space plane created by Branson's Virgin Galactic. But much like Virgin Galactic's plane, New Shepard is designed to shuttle paying customers more than dozens of miles above the Earth's surface for a few moments of weightlessness and panoramic views of the Earth.</p><p><blockquote>但贝佐斯的飞行，以及他的公司为让他到达那里而开发的技术，与布兰森的截然不同。蓝色起源的新谢泼德是一种小型亚轨道火箭，从发射台垂直起飞，提供比布兰森的维珍银河制造的空射太空飞机更短但速度更快的体验。但就像维珍银河的飞机一样，新谢泼德的设计目的是将付费客户送到地球表面上方几十英里的地方，享受短暂的失重和地球全景。</blockquote></p><p> New Shepard has flown 15 automated test flights with no people on board, and Bezos announced in early June that he intended to be on the first-ever crewed flight, which is slated for July 20.</p><p><blockquote>新谢泼德已经在机上无人的情况下进行了15次自动化试飞，贝佐斯在6月初宣布，他打算参加定于7月20日进行的首次载人飞行。</blockquote></p><p> The public will be able to watch the whole thing go down on Blue Origin's livestream, where it will show exterior shots of the rocket and capsule shooting up toward the cosmos. (Shots of the interior — and Bezos' facial expressions — won't be released until after the flight.) The missions is expected to kick off Tuesday after 8 am ET, weather permitting.</p><p><blockquote>公众将能够在蓝色起源的直播中观看整个过程，在那里它将展示火箭和太空舱向宇宙发射的外部镜头。（内部照片——以及贝佐斯的面部表情——要到飞行结束后才会公布。）如果天气允许，任务预计将于美国东部时间周二上午 8 点之后开始。</blockquote></p><p> Here's everything you need to know before the big event.</p><p><blockquote>以下是你在大事件发生前需要知道的一切。</blockquote></p><p> Who's going?</p><p><blockquote>谁要去？</blockquote></p><p> Though the New Shepard capsule can carry up to six people, Bezos is bringing just three others along on this inaugural journey. They include his brother, Mark Bezos; Wally Funk, an 82-year-old pilot and one of the \"Mercury 13\" women; and an 18-year old recent high school graduate named Oliver Daemen.</p><p><blockquote>虽然新的谢泼德太空舱最多可以搭载六个人，但贝佐斯在这次首次旅行中只带了另外三个人。其中包括他的兄弟马克·贝佐斯；沃利·芬克，82岁的飞行员，“水星13号”女性之一；还有一个18岁的高中毕业生，名叫奥利弗·戴门。</blockquote></p><p> Bezos was supposed to fly alongside a mystery bidder who won a recent Blue Origin auction by agreeing to pay $28 million for a seat on the flight, but the company announced Thursday that the person, who asked to remain anonymous for the time being, had to bow out because of \"scheduling conflicts.\" Daemen — whose father, Dutch investment firm founder Joes Daemen, paid for his ticket — will fly in the auction winner's place.</p><p><blockquote>贝佐斯本应与一名神秘竞标者一起飞行，该竞标者同意支付 2800 万美元购买该航班的一个座位，赢得了最近的蓝色起源拍卖，但该公司周四宣布，这名要求暂时保持匿名的人不得不退出由于“日程安排冲突”。戴门的父亲、荷兰投资公司创始人乔斯·戴门支付了他的机票费用，他将代替拍卖获胜者飞行。</blockquote></p><p> What will happen?</p><p><blockquote>会发生什么？</blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一个宇航员绕地球飞行，在太空中漂浮至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing.</p><p><blockquote>这不是贝佐斯兄弟和他们的乘客们会做的事情。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time, about 11 minutes, than it takes most people to get to work.</p><p><blockquote>他们会上上下下，而且比大多数人上班所需的时间更短，大约11分钟。</blockquote></p><p> Visually, Blue Origin's livestream will look much the same as most of the New Shepard test launches of years past have looked: The rocket and capsule will be sitting on a launch pad at Blue Origin's private facilities in rural Texas — near Van Horn, which is about 120 miles east of El Paso.</p><p><blockquote>从视觉上看，蓝色起源的直播看起来将与过去几年大多数新的谢泼德测试发射看起来非常相似：火箭和太空舱将位于蓝色起源位于德克萨斯州农村的私人设施的发射台上——范霍恩附近，埃尔帕索以东约120英里。</blockquote></p><p> New Shepard'ssuborbital fightshit about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗机大约是音速的三倍——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在飞行路径顶部之前短暂继续向上，让乘客有几分钟的失重时间。它的工作原理有点像你到达过山车山顶时所经历的失重状态的扩展版本，就在重力将你的手推车——或者，在贝佐斯的情况下，你的太空舱——带回地面之前。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57e4eb7fb3b4232ed059ea25d202fdc1\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>A graphic that shows the flight profile of Blue Origin's New Shepard.</span></p><p><blockquote><p class=\"t-img-caption\"><span>显示蓝色起源新谢泼德飞行概况的图表。</span></p></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground, and Bezos and his fellow passengers will be further cushioned by shock-absorbent seats.</p><p><blockquote>然后，新的谢泼德太空舱部署了一大群降落伞，在落地前将其下降速度减慢到每小时 20 英里以下，贝佐斯和他的其他乘客将被减震座椅进一步缓冲。</blockquote></p><p> The rocket, flying separately after having detached from the human-carrying capsule, will then re-ignite its engines and use its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭在与载人太空舱分离后单独飞行，然后将重新点燃发动机，并使用机载计算机执行精确的垂直着陆。助推器着陆看起来类似于SpaceX对其猎鹰9号火箭所做的事情，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> A smattering of media will also be allowed in to watch the launch and interview Bezos and the other passengers after landing. CNN Business reporters will be on the ground during the flight and will post live updates on our site.</p><p><blockquote>少量媒体也将被允许观看发射，并在着陆后采访贝索斯和其他乘客。CNN商业记者将在飞行期间在地面上，并将在我们的网站上发布实时更新。</blockquote></p><p></p><p> How is this different from what SpaceX and Virgin Galactic do?</p><p><blockquote>这与SpaceX和维珍银河的做法有何不同？</blockquote></p><p> Bezos' flight will come just nine days after British billionaire Richard Branson took his own supersonic joy ride to the edge of space, the result of a surprise announcement that came from his space company, Virgin Galactic, days after Bezos announced his intention to go to space.</p><p><blockquote>贝佐斯的飞行将在英国亿万富翁理查德·布兰森 (Richard Branson) 乘坐自己的超音速快乐之旅到达太空边缘仅九天后进行，这是他的太空公司维珍银河 (Virgin Galactic) 在贝佐斯宣布他打算去太空几天后发布的令人惊讶的消息。</blockquote></p><p> The two men's companies — and their PR machines — have since entered into a public back-and-forth, though the billionaires themselves have said they're not interested in racing to become the first to actually rocket into space aboard a craft they helped fund.</p><p><blockquote>这两个人的公司——以及他们的公关机器——此后一直在公开交易，尽管亿万富翁们自己也表示，他们对成为第一个乘坐他们帮助资助的飞船真正进入太空的人不感兴趣。</blockquote></p><p> But suborbital space tourism isn't all that Branson and Bezos are pursuing with their space ventures. Nor is it the largest or most important sector in the burgeoning commercial space industry.</p><p><blockquote>但亚轨道太空旅游并不是布兰森和贝佐斯在太空冒险中追求的全部。它也不是蓬勃发展的商业航天工业中最大或最重要的部门。</blockquote></p><p> Branson, Musk and Bezos, however, have all been compared for years because of their similarities — all three men used fortune they accrued through other lines of business to pursue space-focused ventures. Here's how they break down:</p><p><blockquote>然而，布兰森、马斯克和贝佐斯多年来一直被比较，因为他们有相似之处——这三个人都利用他们通过其他业务积累的财富来追求以太空为重点的企业。它们是如何分解的：</blockquote></p><p> Elon Musk's SpaceX has for years been making headlines and breaking records with its rocket technology — and it is far different than what Blue Origin will debut on Tuesday.</p><p><blockquote>埃隆·马斯克 (Elon Musk) 的 SpaceX 多年来一直凭借其火箭技术成为头条新闻并打破记录——这与蓝色起源将于周二首次亮相的产品有很大不同。</blockquote></p><p> First off, SpaceX builds orbital rockets. Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity. That's how SpaceX is able to put satellites into orbit or carry astronauts to and from the International Space Station.</p><p><blockquote>首先，SpaceX制造轨道火箭。轨道火箭需要积累足够的动力来达到至少 17,000 英里/小时的速度，即所谓的轨道速度，本质上为航天器提供足够的能量来继续绕地球运行，而不是立即被重力拖回地球。这就是SpaceX能够将卫星送入轨道或运送宇航员往返国际空间站的方式。</blockquote></p><p> Suborbital flights, however, don't need to travel nearly as fast. They need only reach an altitude above the 50 miles mark — which the US government considers to mark the edge of outer space — or the 62-mile mark, which is internationally considered the demarcating line. (New Shepard is expected to reach over 62 miles.)</p><p><blockquote>然而，亚轨道飞行不需要那么快的速度。他们只需要到达50英里标记（美国政府认为这是外层空间边缘的标记）或62英里标记（国际上认为是分界线）以上的高度。（新谢泼德预计行驶里程超过 62 英里。）</blockquote></p><p> What New Shepard will do on Tuesday will more closely resemble what Richard Branson — the other, other space billionaire — is planning to do with his company, Virgin Galactic.</p><p><blockquote>新谢泼德周二将做的事情将更类似于另一位太空亿万富翁理查德·布兰森计划对他的公司维珍银河做的事情。</blockquote></p><p> Virgin Galactic is also planning to launch wealthy tourists to suborbital space, though it developed a much different vehicle to get there. Rather than an autonomous rocket that takes off vertically, Virgin Galactic has built a piloted space plane that takes off from a runway (much like an airplane) attached to a massive winged mothership.</p><p><blockquote>维珍银河也计划将富有的游客发射到亚轨道空间，尽管它开发了一种截然不同的飞行器来到达那里。维珍银河不是垂直起飞的自主火箭，而是建造了一架有人驾驶的太空飞机，它从附着在巨大有翼母舰上的跑道（很像飞机）起飞。</blockquote></p><p> Virgin Galactic has completed test flights of its own, and Branson became the first billionaire to fly to space aboard a rocket he helped fund on July 11.</p><p><blockquote>维珍银河已经完成了自己的试飞，布兰森成为第一位乘坐他在7月11日资助的火箭飞往太空的亿万富翁。</blockquote></p><p> How risky is this?</p><p><blockquote>这有多大风险？</blockquote></p><p> Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to suborbital space, as his space company Blue Origin has spent the better part of the last decade running New Shepard through a series of successful test flights.</p><p><blockquote>从历史上看，太空旅行充满了危险。尽管贝佐斯前往亚轨道太空的风险不一定是天文数字，但他的太空公司蓝色起源在过去十年的大部分时间里都在运行新谢泼德号进行一系列成功的试飞。</blockquote></p><p> Suborbital flights also require far less power and speed than orbital rockets. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行所需的功率和速度也远低于轨道火箭。这意味着火箭燃烧所需的时间更少，燃烧航天器外部的温度更低，对航天器的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> Still, any time a human straps themselves into a rocket, there are risks involved — and Bezos has apparently calculated that, for him, it's worth it.</p><p><blockquote>尽管如此，任何时候一个人把自己绑在火箭上，都会涉及风险——贝佐斯显然已经计算出，对他来说，这是值得的。</blockquote></p><p> \"Ever since I was five years old, I've dreamed of traveling to space,\" Bezos wrote in his June announcement on Instagram.</p><p><blockquote>“从五岁起，我就梦想着去太空旅行，”贝佐斯在 Instagram 六月份的公告中写道。</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>Jeff Bezos is flying to space. Here's everything you need to know<blockquote>杰夫·贝索斯正在飞向太空。这里有你需要知道的一切</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\">\nJeff Bezos is flying to space. Here's everything you need to know<blockquote>杰夫·贝索斯正在飞向太空。这里有你需要知道的一切</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-07-19 11:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.</p><p><blockquote>纽约（CNN Business）地球上最富有的人杰夫·贝索斯正准备进行一次11分钟、2300英里/小时的火箭动力太空边缘之旅，为这个充满火箭新闻和一些戏剧性的月份画上句号。世界上最富有的人将大部分财富奉献给了火箭开发。</blockquote></p><p> Bezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey just nine days after fellow billionaire and rocket company founder Richard Branson took his own trip.</p><p><blockquote>贝佐斯于 2000 年创立了蓝色起源公司，目标是利用他的部分亚马逊财富开发用于各种商业目的的火箭技术，他将在亿万富翁兼火箭公司创始人理查德·布兰森 (Richard Branson) 踏上外星之旅仅九天后进行他的外星之旅。</blockquote></p><p> But Bezos' flight, and the technology his company developed to get him there, is far different than Branson's. Blue Origin's New Shepard is a small, suborbital rocket that takes off vertically from a launch pad, giving a shorter yet higher-speed experience than the aerial-launched space plane created by Branson's Virgin Galactic. But much like Virgin Galactic's plane, New Shepard is designed to shuttle paying customers more than dozens of miles above the Earth's surface for a few moments of weightlessness and panoramic views of the Earth.</p><p><blockquote>但贝佐斯的飞行，以及他的公司为让他到达那里而开发的技术，与布兰森的截然不同。蓝色起源的新谢泼德是一种小型亚轨道火箭，从发射台垂直起飞，提供比布兰森的维珍银河制造的空射太空飞机更短但速度更快的体验。但就像维珍银河的飞机一样，新谢泼德的设计目的是将付费客户送到地球表面上方几十英里的地方，享受短暂的失重和地球全景。</blockquote></p><p> New Shepard has flown 15 automated test flights with no people on board, and Bezos announced in early June that he intended to be on the first-ever crewed flight, which is slated for July 20.</p><p><blockquote>新谢泼德已经在机上无人的情况下进行了15次自动化试飞，贝佐斯在6月初宣布，他打算参加定于7月20日进行的首次载人飞行。</blockquote></p><p> The public will be able to watch the whole thing go down on Blue Origin's livestream, where it will show exterior shots of the rocket and capsule shooting up toward the cosmos. (Shots of the interior — and Bezos' facial expressions — won't be released until after the flight.) The missions is expected to kick off Tuesday after 8 am ET, weather permitting.</p><p><blockquote>公众将能够在蓝色起源的直播中观看整个过程，在那里它将展示火箭和太空舱向宇宙发射的外部镜头。（内部照片——以及贝佐斯的面部表情——要到飞行结束后才会公布。）如果天气允许，任务预计将于美国东部时间周二上午 8 点之后开始。</blockquote></p><p> Here's everything you need to know before the big event.</p><p><blockquote>以下是你在大事件发生前需要知道的一切。</blockquote></p><p> Who's going?</p><p><blockquote>谁要去？</blockquote></p><p> Though the New Shepard capsule can carry up to six people, Bezos is bringing just three others along on this inaugural journey. They include his brother, Mark Bezos; Wally Funk, an 82-year-old pilot and one of the \"Mercury 13\" women; and an 18-year old recent high school graduate named Oliver Daemen.</p><p><blockquote>虽然新的谢泼德太空舱最多可以搭载六个人，但贝佐斯在这次首次旅行中只带了另外三个人。其中包括他的兄弟马克·贝佐斯；沃利·芬克，82岁的飞行员，“水星13号”女性之一；还有一个18岁的高中毕业生，名叫奥利弗·戴门。</blockquote></p><p> Bezos was supposed to fly alongside a mystery bidder who won a recent Blue Origin auction by agreeing to pay $28 million for a seat on the flight, but the company announced Thursday that the person, who asked to remain anonymous for the time being, had to bow out because of \"scheduling conflicts.\" Daemen — whose father, Dutch investment firm founder Joes Daemen, paid for his ticket — will fly in the auction winner's place.</p><p><blockquote>贝佐斯本应与一名神秘竞标者一起飞行，该竞标者同意支付 2800 万美元购买该航班的一个座位，赢得了最近的蓝色起源拍卖，但该公司周四宣布，这名要求暂时保持匿名的人不得不退出由于“日程安排冲突”。戴门的父亲、荷兰投资公司创始人乔斯·戴门支付了他的机票费用，他将代替拍卖获胜者飞行。</blockquote></p><p> What will happen?</p><p><blockquote>会发生什么？</blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一个宇航员绕地球飞行，在太空中漂浮至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing.</p><p><blockquote>这不是贝佐斯兄弟和他们的乘客们会做的事情。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time, about 11 minutes, than it takes most people to get to work.</p><p><blockquote>他们会上上下下，而且比大多数人上班所需的时间更短，大约11分钟。</blockquote></p><p> Visually, Blue Origin's livestream will look much the same as most of the New Shepard test launches of years past have looked: The rocket and capsule will be sitting on a launch pad at Blue Origin's private facilities in rural Texas — near Van Horn, which is about 120 miles east of El Paso.</p><p><blockquote>从视觉上看，蓝色起源的直播看起来将与过去几年大多数新的谢泼德测试发射看起来非常相似：火箭和太空舱将位于蓝色起源位于德克萨斯州农村的私人设施的发射台上——范霍恩附近，埃尔帕索以东约120英里。</blockquote></p><p> New Shepard'ssuborbital fightshit about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗机大约是音速的三倍——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在飞行路径顶部之前短暂继续向上，让乘客有几分钟的失重时间。它的工作原理有点像你到达过山车山顶时所经历的失重状态的扩展版本，就在重力将你的手推车——或者，在贝佐斯的情况下，你的太空舱——带回地面之前。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57e4eb7fb3b4232ed059ea25d202fdc1\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>A graphic that shows the flight profile of Blue Origin's New Shepard.</span></p><p><blockquote><p class=\"t-img-caption\"><span>显示蓝色起源新谢泼德飞行概况的图表。</span></p></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground, and Bezos and his fellow passengers will be further cushioned by shock-absorbent seats.</p><p><blockquote>然后，新的谢泼德太空舱部署了一大群降落伞，在落地前将其下降速度减慢到每小时 20 英里以下，贝佐斯和他的其他乘客将被减震座椅进一步缓冲。</blockquote></p><p> The rocket, flying separately after having detached from the human-carrying capsule, will then re-ignite its engines and use its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭在与载人太空舱分离后单独飞行，然后将重新点燃发动机，并使用机载计算机执行精确的垂直着陆。助推器着陆看起来类似于SpaceX对其猎鹰9号火箭所做的事情，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> A smattering of media will also be allowed in to watch the launch and interview Bezos and the other passengers after landing. CNN Business reporters will be on the ground during the flight and will post live updates on our site.</p><p><blockquote>少量媒体也将被允许观看发射，并在着陆后采访贝索斯和其他乘客。CNN商业记者将在飞行期间在地面上，并将在我们的网站上发布实时更新。</blockquote></p><p></p><p> How is this different from what SpaceX and Virgin Galactic do?</p><p><blockquote>这与SpaceX和维珍银河的做法有何不同？</blockquote></p><p> Bezos' flight will come just nine days after British billionaire Richard Branson took his own supersonic joy ride to the edge of space, the result of a surprise announcement that came from his space company, Virgin Galactic, days after Bezos announced his intention to go to space.</p><p><blockquote>贝佐斯的飞行将在英国亿万富翁理查德·布兰森 (Richard Branson) 乘坐自己的超音速快乐之旅到达太空边缘仅九天后进行，这是他的太空公司维珍银河 (Virgin Galactic) 在贝佐斯宣布他打算去太空几天后发布的令人惊讶的消息。</blockquote></p><p> The two men's companies — and their PR machines — have since entered into a public back-and-forth, though the billionaires themselves have said they're not interested in racing to become the first to actually rocket into space aboard a craft they helped fund.</p><p><blockquote>这两个人的公司——以及他们的公关机器——此后一直在公开交易，尽管亿万富翁们自己也表示，他们对成为第一个乘坐他们帮助资助的飞船真正进入太空的人不感兴趣。</blockquote></p><p> But suborbital space tourism isn't all that Branson and Bezos are pursuing with their space ventures. Nor is it the largest or most important sector in the burgeoning commercial space industry.</p><p><blockquote>但亚轨道太空旅游并不是布兰森和贝佐斯在太空冒险中追求的全部。它也不是蓬勃发展的商业航天工业中最大或最重要的部门。</blockquote></p><p> Branson, Musk and Bezos, however, have all been compared for years because of their similarities — all three men used fortune they accrued through other lines of business to pursue space-focused ventures. Here's how they break down:</p><p><blockquote>然而，布兰森、马斯克和贝佐斯多年来一直被比较，因为他们有相似之处——这三个人都利用他们通过其他业务积累的财富来追求以太空为重点的企业。它们是如何分解的：</blockquote></p><p> Elon Musk's SpaceX has for years been making headlines and breaking records with its rocket technology — and it is far different than what Blue Origin will debut on Tuesday.</p><p><blockquote>埃隆·马斯克 (Elon Musk) 的 SpaceX 多年来一直凭借其火箭技术成为头条新闻并打破记录——这与蓝色起源将于周二首次亮相的产品有很大不同。</blockquote></p><p> First off, SpaceX builds orbital rockets. Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity. That's how SpaceX is able to put satellites into orbit or carry astronauts to and from the International Space Station.</p><p><blockquote>首先，SpaceX制造轨道火箭。轨道火箭需要积累足够的动力来达到至少 17,000 英里/小时的速度，即所谓的轨道速度，本质上为航天器提供足够的能量来继续绕地球运行，而不是立即被重力拖回地球。这就是SpaceX能够将卫星送入轨道或运送宇航员往返国际空间站的方式。</blockquote></p><p> Suborbital flights, however, don't need to travel nearly as fast. They need only reach an altitude above the 50 miles mark — which the US government considers to mark the edge of outer space — or the 62-mile mark, which is internationally considered the demarcating line. (New Shepard is expected to reach over 62 miles.)</p><p><blockquote>然而，亚轨道飞行不需要那么快的速度。他们只需要到达50英里标记（美国政府认为这是外层空间边缘的标记）或62英里标记（国际上认为是分界线）以上的高度。（新谢泼德预计行驶里程超过 62 英里。）</blockquote></p><p> What New Shepard will do on Tuesday will more closely resemble what Richard Branson — the other, other space billionaire — is planning to do with his company, Virgin Galactic.</p><p><blockquote>新谢泼德周二将做的事情将更类似于另一位太空亿万富翁理查德·布兰森计划对他的公司维珍银河做的事情。</blockquote></p><p> Virgin Galactic is also planning to launch wealthy tourists to suborbital space, though it developed a much different vehicle to get there. Rather than an autonomous rocket that takes off vertically, Virgin Galactic has built a piloted space plane that takes off from a runway (much like an airplane) attached to a massive winged mothership.</p><p><blockquote>维珍银河也计划将富有的游客发射到亚轨道空间，尽管它开发了一种截然不同的飞行器来到达那里。维珍银河不是垂直起飞的自主火箭，而是建造了一架有人驾驶的太空飞机，它从附着在巨大有翼母舰上的跑道（很像飞机）起飞。</blockquote></p><p> Virgin Galactic has completed test flights of its own, and Branson became the first billionaire to fly to space aboard a rocket he helped fund on July 11.</p><p><blockquote>维珍银河已经完成了自己的试飞，布兰森成为第一位乘坐他在7月11日资助的火箭飞往太空的亿万富翁。</blockquote></p><p> How risky is this?</p><p><blockquote>这有多大风险？</blockquote></p><p> Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to suborbital space, as his space company Blue Origin has spent the better part of the last decade running New Shepard through a series of successful test flights.</p><p><blockquote>从历史上看，太空旅行充满了危险。尽管贝佐斯前往亚轨道太空的风险不一定是天文数字，但他的太空公司蓝色起源在过去十年的大部分时间里都在运行新谢泼德号进行一系列成功的试飞。</blockquote></p><p> Suborbital flights also require far less power and speed than orbital rockets. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行所需的功率和速度也远低于轨道火箭。这意味着火箭燃烧所需的时间更少，燃烧航天器外部的温度更低，对航天器的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> Still, any time a human straps themselves into a rocket, there are risks involved — and Bezos has apparently calculated that, for him, it's worth it.</p><p><blockquote>尽管如此，任何时候一个人把自己绑在火箭上，都会涉及风险——贝佐斯显然已经计算出，对他来说，这是值得的。</blockquote></p><p> \"Ever since I was five years old, I've dreamed of traveling to space,\" Bezos wrote in his June announcement on Instagram.</p><p><blockquote>“从五岁起，我就梦想着去太空旅行，”贝佐斯在 Instagram 六月份的公告中写道。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/17/tech/jeff-bezos-space-flight-walkup-scn/index.html\">CNN</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":{"SPCE":"维珍银河","AMZN":"亚马逊"},"source_url":"https://edition.cnn.com/2021/07/17/tech/jeff-bezos-space-flight-walkup-scn/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183989429","content_text":"New York (CNN Business)Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.\nBezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey just nine days after fellow billionaire and rocket company founder Richard Branson took his own trip.\nBut Bezos' flight, and the technology his company developed to get him there, is far different than Branson's. Blue Origin's New Shepard is a small, suborbital rocket that takes off vertically from a launch pad, giving a shorter yet higher-speed experience than the aerial-launched space plane created by Branson's Virgin Galactic. But much like Virgin Galactic's plane, New Shepard is designed to shuttle paying customers more than dozens of miles above the Earth's surface for a few moments of weightlessness and panoramic views of the Earth.\nNew Shepard has flown 15 automated test flights with no people on board, and Bezos announced in early June that he intended to be on the first-ever crewed flight, which is slated for July 20.\nThe public will be able to watch the whole thing go down on Blue Origin's livestream, where it will show exterior shots of the rocket and capsule shooting up toward the cosmos. (Shots of the interior — and Bezos' facial expressions — won't be released until after the flight.) The missions is expected to kick off Tuesday after 8 am ET, weather permitting.\nHere's everything you need to know before the big event.\nWho's going?\nThough the New Shepard capsule can carry up to six people, Bezos is bringing just three others along on this inaugural journey. They include his brother, Mark Bezos; Wally Funk, an 82-year-old pilot and one of the \"Mercury 13\" women; and an 18-year old recent high school graduate named Oliver Daemen.\nBezos was supposed to fly alongside a mystery bidder who won a recent Blue Origin auction by agreeing to pay $28 million for a seat on the flight, but the company announced Thursday that the person, who asked to remain anonymous for the time being, had to bow out because of \"scheduling conflicts.\" Daemen — whose father, Dutch investment firm founder Joes Daemen, paid for his ticket — will fly in the auction winner's place.\nWhat will happen?\nWhen most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.\nThat is not what the Bezos brothers and their fellow passengers will be doing.\nThey'll be going up and coming right back down, and they'll be doing it in less time, about 11 minutes, than it takes most people to get to work.\nVisually, Blue Origin's livestream will look much the same as most of the New Shepard test launches of years past have looked: The rocket and capsule will be sitting on a launch pad at Blue Origin's private facilities in rural Texas — near Van Horn, which is about 120 miles east of El Paso.\nNew Shepard'ssuborbital fightshit about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.\nA graphic that shows the flight profile of Blue Origin's New Shepard.\nThe New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground, and Bezos and his fellow passengers will be further cushioned by shock-absorbent seats.\nThe rocket, flying separately after having detached from the human-carrying capsule, will then re-ignite its engines and use its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.\nA smattering of media will also be allowed in to watch the launch and interview Bezos and the other passengers after landing. CNN Business reporters will be on the ground during the flight and will post live updates on our site.\nHow is this different from what SpaceX and Virgin Galactic do?\nBezos' flight will come just nine days after British billionaire Richard Branson took his own supersonic joy ride to the edge of space, the result of a surprise announcement that came from his space company, Virgin Galactic, days after Bezos announced his intention to go to space.\nThe two men's companies — and their PR machines — have since entered into a public back-and-forth, though the billionaires themselves have said they're not interested in racing to become the first to actually rocket into space aboard a craft they helped fund.\nBut suborbital space tourism isn't all that Branson and Bezos are pursuing with their space ventures. Nor is it the largest or most important sector in the burgeoning commercial space industry.\nBranson, Musk and Bezos, however, have all been compared for years because of their similarities — all three men used fortune they accrued through other lines of business to pursue space-focused ventures. Here's how they break down:\nElon Musk's SpaceX has for years been making headlines and breaking records with its rocket technology — and it is far different than what Blue Origin will debut on Tuesday.\nFirst off, SpaceX builds orbital rockets. Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity. That's how SpaceX is able to put satellites into orbit or carry astronauts to and from the International Space Station.\nSuborbital flights, however, don't need to travel nearly as fast. They need only reach an altitude above the 50 miles mark — which the US government considers to mark the edge of outer space — or the 62-mile mark, which is internationally considered the demarcating line. (New Shepard is expected to reach over 62 miles.)\nWhat New Shepard will do on Tuesday will more closely resemble what Richard Branson — the other, other space billionaire — is planning to do with his company, Virgin Galactic.\nVirgin Galactic is also planning to launch wealthy tourists to suborbital space, though it developed a much different vehicle to get there. Rather than an autonomous rocket that takes off vertically, Virgin Galactic has built a piloted space plane that takes off from a runway (much like an airplane) attached to a massive winged mothership.\nVirgin Galactic has completed test flights of its own, and Branson became the first billionaire to fly to space aboard a rocket he helped fund on July 11.\nHow risky is this?\nSpace travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to suborbital space, as his space company Blue Origin has spent the better part of the last decade running New Shepard through a series of successful test flights.\nSuborbital flights also require far less power and speed than orbital rockets. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.\nStill, any time a human straps themselves into a rocket, there are risks involved — and Bezos has apparently calculated that, for him, it's worth it.\n\"Ever since I was five years old, I've dreamed of traveling to space,\" Bezos wrote in his June announcement on 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like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/899979613","repostId":"2157433887","repostType":4,"repost":{"id":"2157433887","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628154522,"share":"https://www.laohunote.com/m/news/2157433887?lang=zh_CN&edition=full","pubTime":"2021-08-05 17:08","market":"us","language":"en","title":"5 Stocks To Watch For August 5, 2021<blockquote>2021 年 8 月 5 日值得关注的 5 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2157433887","media":"Benzinga Earnings","summary":"Some of the stocks that may grab investor focus today are:\n\tWall Street expects  Kellogg Company (NYSE: K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.\n","content":"<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects <b> Kellogg Company</b> (NYSE:K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.</li>  <li><b>Uber Technologies Inc</b> (NYSE:UBER) reported a wider loss for its second quarter, while sales exceeded expectations. The company posted an adjusted loss before interest, taxes, depreciation and amortization of $509 million, wider by around $150 million compared to the first quarter. Uber shares fell&nbsp;4% to $40.13 in the pre-market trading session.</li>  <li>Analysts expect <b> Cardinal Health Inc</b> (NYSE:CAH) to post quarterly earnings at $1.20 per share on revenue of $40.43 billion before the opening bell. Cardinal Health shares fell 1.1% to close at $58.98 on Wednesday.</li> </ul> <ul>  <li><b><a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> Inc</b> (NASDAQ:BKNG) reported a wider-than-expected loss for its second quarter, while sales surpassed estimates. Booking shares gained 3.1% to $2,150.22 in the after-hours trading session.</li>  <li>Analysts are expecting <b> <a href=\"https://laohu8.com/S/VIACP\">ViacomCBS Inc.</a> </b> (NASDAQ:VIAC) to have earned $0.96 per share on revenue of $6.48 billion for the latest quarter. The company will release earnings after the closing bell. ViacomCBS shares fell 0.7% to $38.52 in after-hours trading.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>凯洛格公司</b>（纽约证券交易所股票代码：K）将公布季度收益，每股 1.02 美元，开盘前营收为 34.1 亿美元。家乐氏股价在盘后交易中下跌 0.1%，至 61.96 美元。</li><li><b>优步科技公司</b>（纽约证券交易所股票代码：UBER）公布第二季度亏损扩大，但销售额超出预期。该公司公布的调整后息税折旧摊销前亏损为 5.09 亿美元，比第一季度扩大约 1.5 亿美元。Uber 股价在盘前交易时段下跌 4%，至 40.13 美元。</li><li>分析师预计<b>卡迪纳尔健康公司</b>（纽约证券交易所股票代码：CAH）公布季度收益为每股 1.20 美元，开盘前营收为 404.3 亿美元。Cardinal Health 股价周三下跌 1.1%，收于 58.98 美元。</li></ul><ul><li><b><a href=\"https://laohu8.com/S/BKNG\">预订持有量</a>公司</b>（纳斯达克股票代码：BKNG）公布第二季度亏损超出预期，而销售额超出预期。Booking 股价在盘后交易时段上涨 3.1%，至 2,150.22 美元。</li><li>分析师预计<b><a href=\"https://laohu8.com/S/VIACP\">维亚康姆哥伦比亚广播公司。</a></b>（纳斯达克股票代码：VIAC）最新季度营收为 64.8 亿美元，每股收益为 0.96 美元。该公司将在收盘后发布财报。维亚康姆哥伦比亚广播公司股价在盘后交易中下跌 0.7%，至 38.52 美元。</li></ul></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>5 Stocks To Watch For August 5, 2021<blockquote>2021 年 8 月 5 日值得关注的 5 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Stocks To Watch For August 5, 2021<blockquote>2021 年 8 月 5 日值得关注的 5 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-05 17:08</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Some of the stocks that may grab investor focus today are:</p><p><blockquote>今天可能吸引投资者关注的一些股票是：</blockquote></p><p> <ul>  <li>Wall Street expects <b> Kellogg Company</b> (NYSE:K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.</li>  <li><b>Uber Technologies Inc</b> (NYSE:UBER) reported a wider loss for its second quarter, while sales exceeded expectations. The company posted an adjusted loss before interest, taxes, depreciation and amortization of $509 million, wider by around $150 million compared to the first quarter. Uber shares fell&nbsp;4% to $40.13 in the pre-market trading session.</li>  <li>Analysts expect <b> Cardinal Health Inc</b> (NYSE:CAH) to post quarterly earnings at $1.20 per share on revenue of $40.43 billion before the opening bell. Cardinal Health shares fell 1.1% to close at $58.98 on Wednesday.</li> </ul> <ul>  <li><b><a href=\"https://laohu8.com/S/BKNG\">Booking Holdings</a> Inc</b> (NASDAQ:BKNG) reported a wider-than-expected loss for its second quarter, while sales surpassed estimates. Booking shares gained 3.1% to $2,150.22 in the after-hours trading session.</li>  <li>Analysts are expecting <b> <a href=\"https://laohu8.com/S/VIACP\">ViacomCBS Inc.</a> </b> (NASDAQ:VIAC) to have earned $0.96 per share on revenue of $6.48 billion for the latest quarter. The company will release earnings after the closing bell. ViacomCBS shares fell 0.7% to $38.52 in after-hours trading.</li> </ul></p><p><blockquote><ul><li>华尔街预期<b>凯洛格公司</b>（纽约证券交易所股票代码：K）将公布季度收益，每股 1.02 美元，开盘前营收为 34.1 亿美元。家乐氏股价在盘后交易中下跌 0.1%，至 61.96 美元。</li><li><b>优步科技公司</b>（纽约证券交易所股票代码：UBER）公布第二季度亏损扩大，但销售额超出预期。该公司公布的调整后息税折旧摊销前亏损为 5.09 亿美元，比第一季度扩大约 1.5 亿美元。Uber 股价在盘前交易时段下跌 4%，至 40.13 美元。</li><li>分析师预计<b>卡迪纳尔健康公司</b>（纽约证券交易所股票代码：CAH）公布季度收益为每股 1.20 美元，开盘前营收为 404.3 亿美元。Cardinal Health 股价周三下跌 1.1%，收于 58.98 美元。</li></ul><ul><li><b><a href=\"https://laohu8.com/S/BKNG\">预订持有量</a>公司</b>（纳斯达克股票代码：BKNG）公布第二季度亏损超出预期，而销售额超出预期。Booking 股价在盘后交易时段上涨 3.1%，至 2,150.22 美元。</li><li>分析师预计<b><a href=\"https://laohu8.com/S/VIACP\">维亚康姆哥伦比亚广播公司。</a></b>（纳斯达克股票代码：VIAC）最新季度营收为 64.8 亿美元，每股收益为 0.96 美元。该公司将在收盘后发布财报。维亚康姆哥伦比亚广播公司股价在盘后交易中下跌 0.7%，至 38.52 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UBER":"优步","QNETCN":"纳斯达克中美互联网老虎指数","BKNG":"Booking Holdings","CAH":"卡地纳健康"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2157433887","content_text":"Some of the stocks that may grab investor focus today are:\n\nWall Street expects  Kellogg Company (NYSE:K) to report quarterly earnings at $1.02 per share on revenue of $3.41 billion before the opening bell. Kellogg shares fell 0.1% to $61.96 in after-hours trading.\nUber Technologies Inc (NYSE:UBER) reported a wider loss for its second quarter, while sales exceeded expectations. The company posted an adjusted loss before interest, taxes, depreciation and amortization of $509 million, wider by around $150 million compared to the first quarter. Uber shares fell 4% to $40.13 in the pre-market trading session.\nAnalysts expect  Cardinal Health Inc (NYSE:CAH) to post quarterly earnings at $1.20 per share on revenue of $40.43 billion before the opening bell. Cardinal Health shares fell 1.1% to close at $58.98 on Wednesday.\n\n\nBooking Holdings Inc (NASDAQ:BKNG) reported a wider-than-expected loss for its second quarter, while sales surpassed estimates. Booking shares gained 3.1% to $2,150.22 in the after-hours trading session.\nAnalysts are expecting  ViacomCBS Inc.  (NASDAQ:VIAC) to have earned $0.96 per share on revenue of $6.48 billion for the latest quarter. The company will release earnings after the closing bell. ViacomCBS shares fell 0.7% to $38.52 in after-hours trading.","news_type":1,"symbols_score_info":{"VIAC":0.9,"UBER":0.9,"BKNG":0.9,"QNETCN":0.9,"K":0.9,"CAH":0.9}},"isVote":1,"tweetType":1,"viewCount":4042,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892577510,"gmtCreate":1628678787730,"gmtModify":1633745196017,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576410555567456","idStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/892577510","repostId":"2158285288","repostType":4,"isVote":1,"tweetType":1,"viewCount":2496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324970963,"gmtCreate":1615956931152,"gmtModify":1703495520108,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576410555567456","idStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/324970963","repostId":"1103121082","repostType":4,"repost":{"id":"1103121082","kind":"news","pubTimestamp":1615948559,"share":"https://www.laohunote.com/m/news/1103121082?lang=zh_CN&edition=full","pubTime":"2021-03-17 10:35","market":"us","language":"en","title":"Easy Money, the Dot Plot, and the Fed’s Dilemma: An Investor Guide to a Key Meeting<blockquote>轻松赚钱、点阵图和美联储的困境： 重要会议的投资者指南</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103121082","media":"Barrons","summary":"The Federal Reserve has an awkward balancing act this week: It’s likely to at once issue brighter ec","content":"<p>The Federal Reserve has an awkward balancing act this week: It’s likely to at once issue brighter economic forecasts while trying to assure investors that it is still “not thinking about thinking about” lifting interest rates—and that it doesn’t need to.</p><p><blockquote>美联储本周采取了一个尴尬的平衡行动：它很可能会立即发布更乐观的经济预测，同时试图向投资者保证，美联储仍然 “没有考虑 ”加息，而且也不需要加息。</blockquote></p><p> More-optimistic estimates for gross domestic product, unemployment and inflation would typically prompt an acknowledgement that monetary policy would, in turn, begin to tighten. For a data-dependent Fed, the message that the economy is improving much faster than expected is at odds with the message that rates will remain near zero through 2023. How the Federal Open Market Committee, the Fed’s policy arm, tries to square those conflicting dynamics will be in focus as investors take in new economic forecasts, the dot plot showing updated rate predictions, and Chairman Jerome Powell’s press conference.</p><p><blockquote>对国内生产总值、失业率和通货膨胀的更乐观的估计通常会促使人们承认货币政策将反过来开始收紧。对于依赖数据的美联储来说，经济改善速度远超预期的信息与利率将在 2023 年之前保持接近于零的信息不一致。随着投资者对新的经济预测、显示最新利率预测的点阵图以及主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会的关注，美联储的政策机构联邦公开市场委员会将如何试图平衡这些相互矛盾的动态。</blockquote></p><p> “It’s a fine line for them to walk,” says Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, as the bond market prices in more tightening amid improving economic data, Covid-19 vaccinations, and building inflation concerns, while the Fed reiterates its dovish stance. “How do you telegraph patience while conveying you won’t be behind the curve?”</p><p><blockquote>“牛津经济研究院（Oxford Economics）首席美国金融经济学家凯西-博斯特扬西奇（Kathy Bostjancic）说：”这对他们来说是一条微妙的路线，因为在经济数据改善、Covid-19 疫苗接种和通胀担忧加剧的情况下，债券市场价格进一步收紧，而美联储则重申了其鸽派立场。“你如何在传达你不会落后于时代的同时传达耐心？”</blockquote></p><p> The rate decision and updated materials will be released this Wednesday at 2 p.m. Eastern time, with Powell’s question-and-answer session following. Here is a run down of what Wall Street is watching.</p><p><blockquote>费率决定和更新材料将于本周三下午2点发布东部时间，鲍威尔将进行问答环节。以下是华尔街正在关注的内容。</blockquote></p><p> <b>Updated economic forecasts:</b>In the December Summary of Economic Projections, the FOMC projected 4.2% GDP growth for 2021 and 3.2% for 2022, bringing its inflation expectation to 2% by the end of 2023 and thus implying rates would begin to rise in 2024.</p><p><blockquote><b>更新的经济预测：</b>在 12 月份的经济预测摘要中，FOMC 预计 2021 年 GDP 增长率为 4.2%，2022 年为 3.2%，到 2023 年底通胀预期将达到 2%，从而意味着利率将在 2024 年开始上升。</blockquote></p><p> Aneta Markowska, chief economist at Jefferies, thinks the FOMC will raise GDP forecasts for the next two years to about 6% and 4%, respectively. This should push the unemployment rate below the natural rate (the lowest unemployment rate an economy can sustain with inflation remaining stable) by the second half of 2022, she says, meaning the 2% inflation forecast would be pulled forward to the end of 2022—and the first rate hike therefore pulled forward to 2023. (In December, the Fed projected inflation at a 1.8% rate at the end of this year.)</p><p><blockquote>Jefferies首席经济学家Aneta Markowska认为，FOMC将把未来两年的GDP预测分别上调至6%和4%左右。她表示，到 2022 年下半年，这应该会将失业率推至自然率以下（在通胀保持稳定的情况下，一个经济体可以维持的最低失业率），这意味着 2% 的通胀预测将被提前至 2022 年底——因此，第一次加息被提前至 2023 年。（12月，美联储预计今年年底通胀率为1.8%。）</blockquote></p><p> Fed officials have expressed comfort in letting inflation run hotter than the 2% target. The question is by how much. Even though the FOMC will likely repeat that the recovery will slow after this year, new forecasts may show inflation of over 2% in both 2022 and 2023 alongside an unemployment rate of 3.5% by the end of 2023, thereby meeting the Fed’s criteria of inflation above 2% and “maximum employment,” says David Kelly, chief global strategist at J.P. Morgan Funds.</p><p><blockquote>美联储官员对让通胀率高于 2% 的目标表示欣慰。问题是多少。摩根大通基金（J.P. Morgan Funds）首席全球策略师大卫-凯利（David Kelly）表示，尽管联邦公开市场委员会（FOMC）可能会重申今年之后经济复苏将放缓，但新的预测可能会显示，2022 年和 2023 年的通胀率都将超过 2%，到 2023 年底失业率将达到 3.5%，从而满足美联储关于通胀率高于 2% 和 “最大就业 ”的标准。</blockquote></p><p> Some economists, however, say the Fed may focus more on a broader unemployment rate, known as the U-6 rate, that includes discouraged workers plus those who are working part time but would prefer to work full time, among others. That would give policy makers more breathing room given how much higher U-6 stands (11.1%) compared with the “official” U-3 rate (6.2%).</p><p><blockquote>然而，一些经济学家表示，美联储可能会更多地关注更广泛的失业率，即所谓的U-6失业率，其中包括沮丧的工人以及那些从事兼职工作但更愿意全职工作的工人等。鉴于 U-6 的比率（11.1%）远高于 “官方 ”U-3 的比率（6.2%），这将给政策制定者更多的喘息空间。</blockquote></p><p> Given the Fed’s new policy framework defines maximum employment as consisting of ‘broad-based and inclusive’ employment, investors looking to handicap the Fed’s next rate move should monitor the U-6 unemployment rate, says Bostjancic of Oxford Economics.</p><p><blockquote>牛津经济研究院（Oxford Economics）的博斯特扬西奇（Bostjancic）表示，鉴于美联储的新政策框架将最大就业定义为 “基础广泛、包容性 ”就业，希望阻碍美联储下一次利率走势的投资者应关注 U-6 失业率。</blockquote></p><p> <b>The dot plot:</b>In December, only one of 17 FOMC members submitting forecasts saw a rate hike by the end of 2022 and five saw a rate hike by the end of 2023. While some economists say Fed officials may be wary of lifting their dots, or appearing more hawkish and thereby adding fuel to a surge in long-term interest rates that has been under way, others say the Fed has to show some change in its rate outlook.</p><p><blockquote><b>点阵图：</b>12 月，提交预测的 17 名 FOMC 成员中只有 1 名成员预计到 2022 年底加息，5 名成员预计到 2023 年底加息。尽管一些经济学家表示，美联储官员可能对提高他们的点数或显得更加鹰派持谨慎态度，从而加剧正在进行的长期利率飙升，但其他人表示，美联储必须在其利率前景中表现出一些变化。</blockquote></p><p> “Given the magnitude of the likely forecast revisions, it would be hard to justify no change in the policy outlook,” says Markowska. “Not doing so would be inconsistent with data-dependency and would strongly suggest that the Fed is calendar dependent (which the Fed insists it isn’t).” At the same time, she says, the Fed hasn’t pushed back against the recent repricing of rate expectations, which is an implicit endorsement of what’s already priced in.</p><p><blockquote>“马尔科夫斯卡说：”鉴于预测可能修正的幅度，很难证明政策前景不改变是合理的。“不这样做将不符合数据依赖性，并将强烈表明美联储依赖于日历（美联储坚称它不是）。”她说，与此同时，美联储并没有反击最近对利率预期的重新定价，这是对已经定价的隐性认可。</blockquote></p><p> Bostjancic expects the median forecast to show at least one 0.25% rate hike during 2023, while Markowska thinks the median 2023 dot could rise to 0.375% (she notes only 4 members need to lift their dots—or signal a higher expected Fed funds rate by the end of 2023—to move the median rate projection. The bond market has priced in three quarter-point increases by the end of 2023.</p><p><blockquote>Bostjancic 预计预测中值将显示 2023 年至少加息一次 0.25%，而 Markowska 则认为 2023 年 dot 中值可能会升至 0.375%（她指出，只有 4 名成员需要提高 dot，或在 2023 年底前发出更高预期联邦基金利率的信号），即可移动利率预测中值。债券市场已预计到 2023 年底将加息三个四分之一点。</blockquote></p><p></p><p> <b>Bond market action:</b>How the Treasury market reacts to the new Fed information will be at least as interesting as the information itself. Instead of the Fed potentially catching up to where the market already is in terms of rate expectations, Bostjancic says even a whiff of the Fed pulling forward rate hike expectations could spur the bond market to price in more tightening.</p><p><blockquote><b>债券市场行动：</b>国债市场对美联储新信息的反应至少与信息本身一样有趣。Bostjancic表示，即使美联储稍微提前加息预期，也可能刺激债券市场消化更多紧缩政策，而不是美联储在利率预期方面可能赶上市场已经处于的水平。</blockquote></p><p> Ian Lyngen, head of rates strategy at BMO Capital, says chances are low Powell will meaningfully alter his stance on the recent yield action, maintaining that as long as the move is driven by an improving economic outlook and inflation expectations, the repricing is for the right reasons. “Needless to say, higher yields are good until they are not and it’s just such an inflection point that represents the more significant policy risk for the Fed,” he says.</p><p><blockquote>BMO Capital 利率策略主管伊恩·林根 (Ian Lyngen) 表示，鲍威尔不太可能有意义地改变他对最近收益率行动的立场，他坚持认为，只要此举是由经济前景和通胀预期改善推动的，重新定价就是出于正确的原因。“他说：”不用说，更高的收益率是好事，直到它们不好，而这正是美联储面临的更大政策风险的拐点。</blockquote></p><p> Lyngen is watching the 1.64% level on the 10-year (it was last week’s yield peak as well as the highest for the benchmark since early-February 2020) and has a 1.75% target on the note.</p><p><blockquote>林根正在关注 10 年期国债 1.64% 的水平（这是上周的收益率峰值，也是该基准自 2020 年 2 月初以来的最高收益率），并将该票据的目标定为 1.75%。</blockquote></p><p> <b>SLR exemption extension:</b>Potentially contributing to bond market action on Wednesday will be any signal around the Fed’s plan for a popular program launched last April, as pandemic-driven shutdowns cascaded.</p><p><blockquote><b>SLR豁免延期：</b>随着大流行病导致的停摆接踵而至，围绕美联储去年 4 月推出的一项广受欢迎的计划的任何信号都可能导致周三债券市场的走势。</blockquote></p><p> Wall Street is hoping for an extension of a temporary exemption of Treasuries and bank deposits at the Fed Reserve Banks from the banks’ Supplementary Leverage Ratio, which requires financial institutions hold a minimum ratio of at least 3% in capital measured against their total leverage exposure. The exemption is set to expire at the end of March.</p><p><blockquote>华尔街希望延长美联储银行对国债和银行存款的临时豁免期限，该期限要求金融机构持有至少 3% 的最低资本比率，以其总杠杆敞口衡量。该豁免将于三月底到期。</blockquote></p><p> The exemption’s fate has big implications. Over the past year, banks have increased their purchases of Treasuries by a large $854 billion, while bank reserves have ballooned by $1.8 trillion, Bostjancic notes. Economists say the lack of an extension could significantly lessen banks’ appetite for Treasuries, putting even more upward pressure on yields.</p><p><blockquote>豁免的命运影响重大。Bostjancic 指出，过去一年，银行增加了 8,540 亿美元的国债购买量，而银行准备金则激增了 1.8 万亿美元。经济学家表示，缺乏延期可能会大大降低银行对美国国债的兴趣，从而给收益率带来更大的上行压力。</blockquote></p><p> <b>Further easing watch:</b>Wall Street generally doesn’t expect more easing unless yields stage a more disorderly surge and financial conditions meaningfully tighten. For now, the FOMC “is reasonably well positioned to stay the course for the time being,” Lyngen says, “even if such an outcome involves the risk of tacitly endorsing a further Treasury selloff at stage when investors are wary, if not worried.”</p><p><blockquote><b>进一步放松观察：</b>除非收益率出现更无序的飙升，金融状况有意义地收紧，否则华尔街普遍预计不会出现更多宽松政策。林根说，就目前而言，联邦公开市场委员会 “处于相当有利的位置，可以暂时坚持到底”，“即使这样的结果涉及在投资者谨慎甚至担忧的情况下，默许进一步抛售美国国债的风险”。</blockquote></p><p> As for potential responses to any disorderly jump in yields, economists say the Fed has a few options. Most immediately, the Fed could opt to lengthen the duration of its current asset purchases, says Bostjancic. As of December, the average maturity under the current program was 7.4 years, she says, adding that policy makers could start buying 10- to 30-year Treasuries. Doing so would effectively be one part of a new “operation twist,” with the other leg involving the sale of short-date Treasury bills, Bostjancic says.</p><p><blockquote>至于对收益率无序飙升的潜在反应，经济学家表示，美联储有几个选择。Bostjancic 表示，最直接的是，美联储可能会选择延长当前资产购买的期限。她表示，截至 12 月，当前计划的平均期限为 7.4 年，并补充说政策制定者可以开始购买 10 至 30 年期国债。Bostjancic 说，这样做实际上将是新的 “扭曲行动 ”的一部分，另一部分涉及出售短期国库券。</blockquote></p><p> If financial conditions tighten much more sharply and buying further out on the yield curve proves insufficient, Bostjancic and others say the Fed could attempt yield curve control.</p><p><blockquote>Bostjancic和其他人表示，如果金融状况进一步收紧，并且在收益率曲线上进一步买入被证明是不够的，美联储可能会尝试控制收益率曲线。</blockquote></p><p> YCC, undertaken by the Fed after World War II, the Bank of Japan in 2016, and the Reserve Bank of Australia in 2020, aims to control interest rates along some portion of the yield curve, targeting longer-term rates directly by imposing interest rate caps on particular maturities.As economists at the St. Louis Fed put it, because bond prices and yields are inversely related, this also implies a price floor for targeted maturities: if bond prices (yields) of targeted maturities remain above (below) the floor, the central bank does nothing. But if prices fall (rise) below (above) the floor, the central bank buys targeted-maturity bonds—increasing the demand and thus the price of those bonds.</p><p><blockquote>YCC由美联储在二战后、日本央行在2016年和澳大利亚储备银行在2020年实施，旨在控制收益率曲线的某些部分的利率，通过对特定期限施加利率上限来直接瞄准长期利率。正如圣路易斯联储的经济学家所说，由于债券价格和收益率成反比关系，这也意味着目标期限的价格下限：如果目标期限的债券价格（收益率）保持在下限之上（低于），央行什么也不做。但如果价格跌至（上涨）下限以下（高于），央行就会购买目标期限债券——增加需求，从而提高这些债券的价格。</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>Easy Money, the Dot Plot, and the Fed’s Dilemma: An Investor Guide to a Key Meeting<blockquote>轻松赚钱、点阵图和美联储的困境： 重要会议的投资者指南</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\">\nEasy Money, the Dot Plot, and the Fed’s Dilemma: An Investor Guide to a Key Meeting<blockquote>轻松赚钱、点阵图和美联储的困境： 重要会议的投资者指南</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-17 10:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve has an awkward balancing act this week: It’s likely to at once issue brighter economic forecasts while trying to assure investors that it is still “not thinking about thinking about” lifting interest rates—and that it doesn’t need to.</p><p><blockquote>美联储本周采取了一个尴尬的平衡行动：它很可能会立即发布更乐观的经济预测，同时试图向投资者保证，美联储仍然 “没有考虑 ”加息，而且也不需要加息。</blockquote></p><p> More-optimistic estimates for gross domestic product, unemployment and inflation would typically prompt an acknowledgement that monetary policy would, in turn, begin to tighten. For a data-dependent Fed, the message that the economy is improving much faster than expected is at odds with the message that rates will remain near zero through 2023. How the Federal Open Market Committee, the Fed’s policy arm, tries to square those conflicting dynamics will be in focus as investors take in new economic forecasts, the dot plot showing updated rate predictions, and Chairman Jerome Powell’s press conference.</p><p><blockquote>对国内生产总值、失业率和通货膨胀的更乐观的估计通常会促使人们承认货币政策将反过来开始收紧。对于依赖数据的美联储来说，经济改善速度远超预期的信息与利率将在 2023 年之前保持接近于零的信息不一致。随着投资者对新的经济预测、显示最新利率预测的点阵图以及主席杰罗姆-鲍威尔（Jerome Powell）的新闻发布会的关注，美联储的政策机构联邦公开市场委员会将如何试图平衡这些相互矛盾的动态。</blockquote></p><p> “It’s a fine line for them to walk,” says Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, as the bond market prices in more tightening amid improving economic data, Covid-19 vaccinations, and building inflation concerns, while the Fed reiterates its dovish stance. “How do you telegraph patience while conveying you won’t be behind the curve?”</p><p><blockquote>“牛津经济研究院（Oxford Economics）首席美国金融经济学家凯西-博斯特扬西奇（Kathy Bostjancic）说：”这对他们来说是一条微妙的路线，因为在经济数据改善、Covid-19 疫苗接种和通胀担忧加剧的情况下，债券市场价格进一步收紧，而美联储则重申了其鸽派立场。“你如何在传达你不会落后于时代的同时传达耐心？”</blockquote></p><p> The rate decision and updated materials will be released this Wednesday at 2 p.m. Eastern time, with Powell’s question-and-answer session following. Here is a run down of what Wall Street is watching.</p><p><blockquote>费率决定和更新材料将于本周三下午2点发布东部时间，鲍威尔将进行问答环节。以下是华尔街正在关注的内容。</blockquote></p><p> <b>Updated economic forecasts:</b>In the December Summary of Economic Projections, the FOMC projected 4.2% GDP growth for 2021 and 3.2% for 2022, bringing its inflation expectation to 2% by the end of 2023 and thus implying rates would begin to rise in 2024.</p><p><blockquote><b>更新的经济预测：</b>在 12 月份的经济预测摘要中，FOMC 预计 2021 年 GDP 增长率为 4.2%，2022 年为 3.2%，到 2023 年底通胀预期将达到 2%，从而意味着利率将在 2024 年开始上升。</blockquote></p><p> Aneta Markowska, chief economist at Jefferies, thinks the FOMC will raise GDP forecasts for the next two years to about 6% and 4%, respectively. This should push the unemployment rate below the natural rate (the lowest unemployment rate an economy can sustain with inflation remaining stable) by the second half of 2022, she says, meaning the 2% inflation forecast would be pulled forward to the end of 2022—and the first rate hike therefore pulled forward to 2023. (In December, the Fed projected inflation at a 1.8% rate at the end of this year.)</p><p><blockquote>Jefferies首席经济学家Aneta Markowska认为，FOMC将把未来两年的GDP预测分别上调至6%和4%左右。她表示，到 2022 年下半年，这应该会将失业率推至自然率以下（在通胀保持稳定的情况下，一个经济体可以维持的最低失业率），这意味着 2% 的通胀预测将被提前至 2022 年底——因此，第一次加息被提前至 2023 年。（12月，美联储预计今年年底通胀率为1.8%。）</blockquote></p><p> Fed officials have expressed comfort in letting inflation run hotter than the 2% target. The question is by how much. Even though the FOMC will likely repeat that the recovery will slow after this year, new forecasts may show inflation of over 2% in both 2022 and 2023 alongside an unemployment rate of 3.5% by the end of 2023, thereby meeting the Fed’s criteria of inflation above 2% and “maximum employment,” says David Kelly, chief global strategist at J.P. Morgan Funds.</p><p><blockquote>美联储官员对让通胀率高于 2% 的目标表示欣慰。问题是多少。摩根大通基金（J.P. Morgan Funds）首席全球策略师大卫-凯利（David Kelly）表示，尽管联邦公开市场委员会（FOMC）可能会重申今年之后经济复苏将放缓，但新的预测可能会显示，2022 年和 2023 年的通胀率都将超过 2%，到 2023 年底失业率将达到 3.5%，从而满足美联储关于通胀率高于 2% 和 “最大就业 ”的标准。</blockquote></p><p> Some economists, however, say the Fed may focus more on a broader unemployment rate, known as the U-6 rate, that includes discouraged workers plus those who are working part time but would prefer to work full time, among others. That would give policy makers more breathing room given how much higher U-6 stands (11.1%) compared with the “official” U-3 rate (6.2%).</p><p><blockquote>然而，一些经济学家表示，美联储可能会更多地关注更广泛的失业率，即所谓的U-6失业率，其中包括沮丧的工人以及那些从事兼职工作但更愿意全职工作的工人等。鉴于 U-6 的比率（11.1%）远高于 “官方 ”U-3 的比率（6.2%），这将给政策制定者更多的喘息空间。</blockquote></p><p> Given the Fed’s new policy framework defines maximum employment as consisting of ‘broad-based and inclusive’ employment, investors looking to handicap the Fed’s next rate move should monitor the U-6 unemployment rate, says Bostjancic of Oxford Economics.</p><p><blockquote>牛津经济研究院（Oxford Economics）的博斯特扬西奇（Bostjancic）表示，鉴于美联储的新政策框架将最大就业定义为 “基础广泛、包容性 ”就业，希望阻碍美联储下一次利率走势的投资者应关注 U-6 失业率。</blockquote></p><p> <b>The dot plot:</b>In December, only one of 17 FOMC members submitting forecasts saw a rate hike by the end of 2022 and five saw a rate hike by the end of 2023. While some economists say Fed officials may be wary of lifting their dots, or appearing more hawkish and thereby adding fuel to a surge in long-term interest rates that has been under way, others say the Fed has to show some change in its rate outlook.</p><p><blockquote><b>点阵图：</b>12 月，提交预测的 17 名 FOMC 成员中只有 1 名成员预计到 2022 年底加息，5 名成员预计到 2023 年底加息。尽管一些经济学家表示，美联储官员可能对提高他们的点数或显得更加鹰派持谨慎态度，从而加剧正在进行的长期利率飙升，但其他人表示，美联储必须在其利率前景中表现出一些变化。</blockquote></p><p> “Given the magnitude of the likely forecast revisions, it would be hard to justify no change in the policy outlook,” says Markowska. “Not doing so would be inconsistent with data-dependency and would strongly suggest that the Fed is calendar dependent (which the Fed insists it isn’t).” At the same time, she says, the Fed hasn’t pushed back against the recent repricing of rate expectations, which is an implicit endorsement of what’s already priced in.</p><p><blockquote>“马尔科夫斯卡说：”鉴于预测可能修正的幅度，很难证明政策前景不改变是合理的。“不这样做将不符合数据依赖性，并将强烈表明美联储依赖于日历（美联储坚称它不是）。”她说，与此同时，美联储并没有反击最近对利率预期的重新定价，这是对已经定价的隐性认可。</blockquote></p><p> Bostjancic expects the median forecast to show at least one 0.25% rate hike during 2023, while Markowska thinks the median 2023 dot could rise to 0.375% (she notes only 4 members need to lift their dots—or signal a higher expected Fed funds rate by the end of 2023—to move the median rate projection. The bond market has priced in three quarter-point increases by the end of 2023.</p><p><blockquote>Bostjancic 预计预测中值将显示 2023 年至少加息一次 0.25%，而 Markowska 则认为 2023 年 dot 中值可能会升至 0.375%（她指出，只有 4 名成员需要提高 dot，或在 2023 年底前发出更高预期联邦基金利率的信号），即可移动利率预测中值。债券市场已预计到 2023 年底将加息三个四分之一点。</blockquote></p><p></p><p> <b>Bond market action:</b>How the Treasury market reacts to the new Fed information will be at least as interesting as the information itself. Instead of the Fed potentially catching up to where the market already is in terms of rate expectations, Bostjancic says even a whiff of the Fed pulling forward rate hike expectations could spur the bond market to price in more tightening.</p><p><blockquote><b>债券市场行动：</b>国债市场对美联储新信息的反应至少与信息本身一样有趣。Bostjancic表示，即使美联储稍微提前加息预期，也可能刺激债券市场消化更多紧缩政策，而不是美联储在利率预期方面可能赶上市场已经处于的水平。</blockquote></p><p> Ian Lyngen, head of rates strategy at BMO Capital, says chances are low Powell will meaningfully alter his stance on the recent yield action, maintaining that as long as the move is driven by an improving economic outlook and inflation expectations, the repricing is for the right reasons. “Needless to say, higher yields are good until they are not and it’s just such an inflection point that represents the more significant policy risk for the Fed,” he says.</p><p><blockquote>BMO Capital 利率策略主管伊恩·林根 (Ian Lyngen) 表示，鲍威尔不太可能有意义地改变他对最近收益率行动的立场，他坚持认为，只要此举是由经济前景和通胀预期改善推动的，重新定价就是出于正确的原因。“他说：”不用说，更高的收益率是好事，直到它们不好，而这正是美联储面临的更大政策风险的拐点。</blockquote></p><p> Lyngen is watching the 1.64% level on the 10-year (it was last week’s yield peak as well as the highest for the benchmark since early-February 2020) and has a 1.75% target on the note.</p><p><blockquote>林根正在关注 10 年期国债 1.64% 的水平（这是上周的收益率峰值，也是该基准自 2020 年 2 月初以来的最高收益率），并将该票据的目标定为 1.75%。</blockquote></p><p> <b>SLR exemption extension:</b>Potentially contributing to bond market action on Wednesday will be any signal around the Fed’s plan for a popular program launched last April, as pandemic-driven shutdowns cascaded.</p><p><blockquote><b>SLR豁免延期：</b>随着大流行病导致的停摆接踵而至，围绕美联储去年 4 月推出的一项广受欢迎的计划的任何信号都可能导致周三债券市场的走势。</blockquote></p><p> Wall Street is hoping for an extension of a temporary exemption of Treasuries and bank deposits at the Fed Reserve Banks from the banks’ Supplementary Leverage Ratio, which requires financial institutions hold a minimum ratio of at least 3% in capital measured against their total leverage exposure. The exemption is set to expire at the end of March.</p><p><blockquote>华尔街希望延长美联储银行对国债和银行存款的临时豁免期限，该期限要求金融机构持有至少 3% 的最低资本比率，以其总杠杆敞口衡量。该豁免将于三月底到期。</blockquote></p><p> The exemption’s fate has big implications. Over the past year, banks have increased their purchases of Treasuries by a large $854 billion, while bank reserves have ballooned by $1.8 trillion, Bostjancic notes. Economists say the lack of an extension could significantly lessen banks’ appetite for Treasuries, putting even more upward pressure on yields.</p><p><blockquote>豁免的命运影响重大。Bostjancic 指出，过去一年，银行增加了 8,540 亿美元的国债购买量，而银行准备金则激增了 1.8 万亿美元。经济学家表示，缺乏延期可能会大大降低银行对美国国债的兴趣，从而给收益率带来更大的上行压力。</blockquote></p><p> <b>Further easing watch:</b>Wall Street generally doesn’t expect more easing unless yields stage a more disorderly surge and financial conditions meaningfully tighten. For now, the FOMC “is reasonably well positioned to stay the course for the time being,” Lyngen says, “even if such an outcome involves the risk of tacitly endorsing a further Treasury selloff at stage when investors are wary, if not worried.”</p><p><blockquote><b>进一步放松观察：</b>除非收益率出现更无序的飙升，金融状况有意义地收紧，否则华尔街普遍预计不会出现更多宽松政策。林根说，就目前而言，联邦公开市场委员会 “处于相当有利的位置，可以暂时坚持到底”，“即使这样的结果涉及在投资者谨慎甚至担忧的情况下，默许进一步抛售美国国债的风险”。</blockquote></p><p> As for potential responses to any disorderly jump in yields, economists say the Fed has a few options. Most immediately, the Fed could opt to lengthen the duration of its current asset purchases, says Bostjancic. As of December, the average maturity under the current program was 7.4 years, she says, adding that policy makers could start buying 10- to 30-year Treasuries. Doing so would effectively be one part of a new “operation twist,” with the other leg involving the sale of short-date Treasury bills, Bostjancic says.</p><p><blockquote>至于对收益率无序飙升的潜在反应，经济学家表示，美联储有几个选择。Bostjancic 表示，最直接的是，美联储可能会选择延长当前资产购买的期限。她表示，截至 12 月，当前计划的平均期限为 7.4 年，并补充说政策制定者可以开始购买 10 至 30 年期国债。Bostjancic 说，这样做实际上将是新的 “扭曲行动 ”的一部分，另一部分涉及出售短期国库券。</blockquote></p><p> If financial conditions tighten much more sharply and buying further out on the yield curve proves insufficient, Bostjancic and others say the Fed could attempt yield curve control.</p><p><blockquote>Bostjancic和其他人表示，如果金融状况进一步收紧，并且在收益率曲线上进一步买入被证明是不够的，美联储可能会尝试控制收益率曲线。</blockquote></p><p> YCC, undertaken by the Fed after World War II, the Bank of Japan in 2016, and the Reserve Bank of Australia in 2020, aims to control interest rates along some portion of the yield curve, targeting longer-term rates directly by imposing interest rate caps on particular maturities.As economists at the St. Louis Fed put it, because bond prices and yields are inversely related, this also implies a price floor for targeted maturities: if bond prices (yields) of targeted maturities remain above (below) the floor, the central bank does nothing. But if prices fall (rise) below (above) the floor, the central bank buys targeted-maturity bonds—increasing the demand and thus the price of those bonds.</p><p><blockquote>YCC由美联储在二战后、日本央行在2016年和澳大利亚储备银行在2020年实施，旨在控制收益率曲线的某些部分的利率，通过对特定期限施加利率上限来直接瞄准长期利率。正如圣路易斯联储的经济学家所说，由于债券价格和收益率成反比关系，这也意味着目标期限的价格下限：如果目标期限的债券价格（收益率）保持在下限之上（低于），央行什么也不做。但如果价格跌至（上涨）下限以下（高于），央行就会购买目标期限债券——增加需求，从而提高这些债券的价格。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/easy-money-the-dot-plot-and-the-feds-dilemma-an-investor-guide-to-a-key-meeting-51615905001?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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/easy-money-the-dot-plot-and-the-feds-dilemma-an-investor-guide-to-a-key-meeting-51615905001?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103121082","content_text":"The Federal Reserve has an awkward balancing act this week: It’s likely to at once issue brighter economic forecasts while trying to assure investors that it is still “not thinking about thinking about” lifting interest rates—and that it doesn’t need to.\nMore-optimistic estimates for gross domestic product, unemployment and inflation would typically prompt an acknowledgement that monetary policy would, in turn, begin to tighten. For a data-dependent Fed, the message that the economy is improving much faster than expected is at odds with the message that rates will remain near zero through 2023. How the Federal Open Market Committee, the Fed’s policy arm, tries to square those conflicting dynamics will be in focus as investors take in new economic forecasts, the dot plot showing updated rate predictions, and Chairman Jerome Powell’s press conference.\n“It’s a fine line for them to walk,” says Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, as the bond market prices in more tightening amid improving economic data, Covid-19 vaccinations, and building inflation concerns, while the Fed reiterates its dovish stance. “How do you telegraph patience while conveying you won’t be behind the curve?”\nThe rate decision and updated materials will be released this Wednesday at 2 p.m. Eastern time, with Powell’s question-and-answer session following. Here is a run down of what Wall Street is watching.\nUpdated economic forecasts:In the December Summary of Economic Projections, the FOMC projected 4.2% GDP growth for 2021 and 3.2% for 2022, bringing its inflation expectation to 2% by the end of 2023 and thus implying rates would begin to rise in 2024.\nAneta Markowska, chief economist at Jefferies, thinks the FOMC will raise GDP forecasts for the next two years to about 6% and 4%, respectively. This should push the unemployment rate below the natural rate (the lowest unemployment rate an economy can sustain with inflation remaining stable) by the second half of 2022, she says, meaning the 2% inflation forecast would be pulled forward to the end of 2022—and the first rate hike therefore pulled forward to 2023. (In December, the Fed projected inflation at a 1.8% rate at the end of this year.)\nFed officials have expressed comfort in letting inflation run hotter than the 2% target. The question is by how much. Even though the FOMC will likely repeat that the recovery will slow after this year, new forecasts may show inflation of over 2% in both 2022 and 2023 alongside an unemployment rate of 3.5% by the end of 2023, thereby meeting the Fed’s criteria of inflation above 2% and “maximum employment,” says David Kelly, chief global strategist at J.P. Morgan Funds.\nSome economists, however, say the Fed may focus more on a broader unemployment rate, known as the U-6 rate, that includes discouraged workers plus those who are working part time but would prefer to work full time, among others. That would give policy makers more breathing room given how much higher U-6 stands (11.1%) compared with the “official” U-3 rate (6.2%).\nGiven the Fed’s new policy framework defines maximum employment as consisting of ‘broad-based and inclusive’ employment, investors looking to handicap the Fed’s next rate move should monitor the U-6 unemployment rate, says Bostjancic of Oxford Economics.\nThe dot plot:In December, only one of 17 FOMC members submitting forecasts saw a rate hike by the end of 2022 and five saw a rate hike by the end of 2023. While some economists say Fed officials may be wary of lifting their dots, or appearing more hawkish and thereby adding fuel to a surge in long-term interest rates that has been under way, others say the Fed has to show some change in its rate outlook.\n“Given the magnitude of the likely forecast revisions, it would be hard to justify no change in the policy outlook,” says Markowska. “Not doing so would be inconsistent with data-dependency and would strongly suggest that the Fed is calendar dependent (which the Fed insists it isn’t).” At the same time, she says, the Fed hasn’t pushed back against the recent repricing of rate expectations, which is an implicit endorsement of what’s already priced in.\nBostjancic expects the median forecast to show at least one 0.25% rate hike during 2023, while Markowska thinks the median 2023 dot could rise to 0.375% (she notes only 4 members need to lift their dots—or signal a higher expected Fed funds rate by the end of 2023—to move the median rate projection. The bond market has priced in three quarter-point increases by the end of 2023.\nBond market action:How the Treasury market reacts to the new Fed information will be at least as interesting as the information itself. Instead of the Fed potentially catching up to where the market already is in terms of rate expectations, Bostjancic says even a whiff of the Fed pulling forward rate hike expectations could spur the bond market to price in more tightening.\nIan Lyngen, head of rates strategy at BMO Capital, says chances are low Powell will meaningfully alter his stance on the recent yield action, maintaining that as long as the move is driven by an improving economic outlook and inflation expectations, the repricing is for the right reasons. “Needless to say, higher yields are good until they are not and it’s just such an inflection point that represents the more significant policy risk for the Fed,” he says.\nLyngen is watching the 1.64% level on the 10-year (it was last week’s yield peak as well as the highest for the benchmark since early-February 2020) and has a 1.75% target on the note.\nSLR exemption extension:Potentially contributing to bond market action on Wednesday will be any signal around the Fed’s plan for a popular program launched last April, as pandemic-driven shutdowns cascaded.\nWall Street is hoping for an extension of a temporary exemption of Treasuries and bank deposits at the Fed Reserve Banks from the banks’ Supplementary Leverage Ratio, which requires financial institutions hold a minimum ratio of at least 3% in capital measured against their total leverage exposure. The exemption is set to expire at the end of March.\nThe exemption’s fate has big implications. Over the past year, banks have increased their purchases of Treasuries by a large $854 billion, while bank reserves have ballooned by $1.8 trillion, Bostjancic notes. Economists say the lack of an extension could significantly lessen banks’ appetite for Treasuries, putting even more upward pressure on yields.\nFurther easing watch:Wall Street generally doesn’t expect more easing unless yields stage a more disorderly surge and financial conditions meaningfully tighten. For now, the FOMC “is reasonably well positioned to stay the course for the time being,” Lyngen says, “even if such an outcome involves the risk of tacitly endorsing a further Treasury selloff at stage when investors are wary, if not worried.”\nAs for potential responses to any disorderly jump in yields, economists say the Fed has a few options. Most immediately, the Fed could opt to lengthen the duration of its current asset purchases, says Bostjancic. As of December, the average maturity under the current program was 7.4 years, she says, adding that policy makers could start buying 10- to 30-year Treasuries. Doing so would effectively be one part of a new “operation twist,” with the other leg involving the sale of short-date Treasury bills, Bostjancic says.\nIf financial conditions tighten much more sharply and buying further out on the yield curve proves insufficient, Bostjancic and others say the Fed could attempt yield curve control.\nYCC, undertaken by the Fed after World War II, the Bank of Japan in 2016, and the Reserve Bank of Australia in 2020, aims to control interest rates along some portion of the yield curve, targeting longer-term rates directly by imposing interest rate caps on particular maturities.As economists at the St. Louis Fed put it, because bond prices and yields are inversely related, this also implies a price floor for targeted maturities: if bond prices (yields) of targeted maturities remain above (below) the floor, the central bank does nothing. But if prices fall (rise) below (above) the floor, the central bank buys targeted-maturity bonds—increasing the demand and thus the price of those bonds.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831030225,"gmtCreate":1629271263667,"gmtModify":1633686069438,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576410555567456","idStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/831030225","repostId":"1194174383","repostType":4,"repost":{"id":"1194174383","kind":"news","pubTimestamp":1629246519,"share":"https://www.laohunote.com/m/news/1194174383?lang=zh_CN&edition=full","pubTime":"2021-08-18 08:28","market":"us","language":"en","title":"Nvidia Reports Earnings Wednesday. Here’s Why Cryptocurrencies Matter.<blockquote>英伟达周三公布财报。这就是加密货币的重要性。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194174383","media":"Barrons","summary":"Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chi","content":"<p>Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chips. Investors should keep an eye on the total.</p><p><blockquote>英伟达将于周三公布的数据中隐藏着加密货币挖矿芯片的收入。投资者应该关注总数。</blockquote></p><p> Why is simple: The peaks and valleys of crypto prices make it tough to peg demand for the chips, which the miners who handle the transactions need. And Nvidia (ticker: NVDA) earnings has gotten burned before when crypto prices tanked.</p><p><blockquote>原因很简单：加密货币价格的高峰和低谷使得很难确定对芯片的需求，而处理交易的矿工需要芯片。英伟达（股票代码：NVDA）的盈利此前曾因加密货币价格暴跌而遭受损失。</blockquote></p><p> This year, though, Nvidia has done two things to protect itself: Maybe most important, it changed the design of its videogame chips that crypto miners co-optedfor their business. And the company started making a version just for miners.</p><p><blockquote>不过今年，英伟达做了两件事来保护自己：也许最重要的是，它改变了加密货币矿工为其业务所采用的视频游戏芯片的设计。该公司开始为矿工制作一个版本。</blockquote></p><p> The new chips arewhat Nvidia tracks as crypto revenue because it can’t accurately track how many videogame chips are being used for mining.</p><p><blockquote>新芯片是英伟达追踪的加密货币收入来源，因为它无法准确追踪有多少视频游戏芯片被用于挖矿。</blockquote></p><p> The company’s finance chief, Colette Kress, has forecast $400 million in crypto chip sales for the second quarter—more than double first-quarter revenue of $155 million.The consensus revenue estimate for the segment that includes mining chips is $537.5 million, up from $327 million sequentially in the first quarter.</p><p><blockquote>该公司财务主管科莱特-克雷斯（Colette Kress）预测，第二季度加密芯片销售额将达到 4 亿美元，是第一季度 1.55 亿美元收入的两倍多。包括采矿芯片在内的该部门的普遍收入估计为 5.375 亿美元，高于第一季度的 3.27 亿美元。</blockquote></p><p> Just like the results for any other company, investors want the actual numbers to at least match—and better yet beat—Kress’ estimates.</p><p><blockquote>就像其他公司的业绩一样，投资者希望实际数字至少能达到--甚至更好--克雷斯的估计。</blockquote></p><p> BMO Capital Markets analyst Ambrish Srivastava has put forward several estimates on the true size of Nvidia’s mining business—the new chips added to the videogame chips.</p><p><blockquote>蒙特利尔银行资本市场分析师安布里什-斯里瓦斯塔瓦（Ambrish Srivastava）对英伟达挖矿业务的真实规模--视频游戏芯片中增加的新芯片--提出了几个估计。</blockquote></p><p> For the second quarter, Srivastava predicts $450 million in crypto revenue, which isn’t far off the company’s forecast; his estimate for the first quarter was $650 million, which was well above the $155 million Nvidia reported for just its mining chips.</p><p><blockquote>Srivastava 预测第二季度加密货币收入为 4.5 亿美元，与公司的预测相差不远；他对第一季度的预期为 6.5 亿美元，远高于 Nvidia 报告的仅采矿芯片的 1.55 亿美元。</blockquote></p><p> Investors should hope that Nvidia—and Srivastava—are close with their numbers so they can have a better idea of just how much exposure the company has to those sometimes-volatile crypto prices. A slump in crypto prices a few years ago translated to a drop in Nvidia’s revenue by nearly a third for&nbsp;four straight quarters.</p><p><blockquote>投资者应该希望 Nvidia 和 Srivastava 的数据接近，这样他们就可以更好地了解该公司对有时波动的加密货币价格的敞口有多大。几年前加密货币价格的暴跌导致英伟达的收入连续四个季度下降了近三分之一。</blockquote></p><p> The rest of the quarter is fairly typical stuff. Overall, the consensus forecast is for adjusted earnings of $1.01 a share, on revenue of $6.3 billion.</p><p><blockquote>本季度的其余部分是相当典型的东西。总体而言，普遍预测调整后每股收益为 1.01 美元，营收为 63 亿美元。</blockquote></p><p> Investors also should pay attention to the data center segment. Chief executive Jensen Huang has talked up the demand around data-center graphics processors, which are often used for artificial intelligence and machine-learning tasks. Wall Street expects data center revenueto grow roughly 30% to $2.3 billion.</p><p><blockquote>投资者还应关注数据中心细分市场。首席执行官黄仁勋谈到了数据中心图形处理器的需求，这些处理器通常用于人工智能和机器学习任务。华尔街预计数据中心收入将增长约 30%，达到 23 亿美元。</blockquote></p><p> The company’s core videogame chip business is expected to grow 80% to $3 billion. It’s worth looking for commentary from executives about the ongoing global chip shortage. The expected increase in supply hasn’t quite materialized, according to Srivastava.</p><p><blockquote>该公司的核心视频游戏芯片业务预计将增长 80%，达到 30 亿美元。值得关注的是高管们对全球芯片持续短缺的评论。斯里瓦斯塔瓦认为，预期的供应量增加并未完全实现。</blockquote></p><p> Shares of Nvidia slumped 2.5% during Tuesday’s regular session to $194.58, but have gained 48% this year. The benchmark PHLX Semiconductor index gained 16% in 2021.</p><p><blockquote>英伟达股价在周二的常规交易中下跌了 2.5%，至 194.58 美元，但今年以来已上涨 48%。2021 年，基准 PHLX 半导体指数上涨了 16%。</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>Nvidia Reports Earnings Wednesday. Here’s Why Cryptocurrencies Matter.<blockquote>英伟达周三公布财报。这就是加密货币的重要性。</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\">\nNvidia Reports Earnings Wednesday. Here’s Why Cryptocurrencies Matter.<blockquote>英伟达周三公布财报。这就是加密货币的重要性。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-18 08:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chips. Investors should keep an eye on the total.</p><p><blockquote>英伟达将于周三公布的数据中隐藏着加密货币挖矿芯片的收入。投资者应该关注总数。</blockquote></p><p> Why is simple: The peaks and valleys of crypto prices make it tough to peg demand for the chips, which the miners who handle the transactions need. And Nvidia (ticker: NVDA) earnings has gotten burned before when crypto prices tanked.</p><p><blockquote>原因很简单：加密货币价格的高峰和低谷使得很难确定对芯片的需求，而处理交易的矿工需要芯片。英伟达（股票代码：NVDA）的盈利此前曾因加密货币价格暴跌而遭受损失。</blockquote></p><p> This year, though, Nvidia has done two things to protect itself: Maybe most important, it changed the design of its videogame chips that crypto miners co-optedfor their business. And the company started making a version just for miners.</p><p><blockquote>不过今年，英伟达做了两件事来保护自己：也许最重要的是，它改变了加密货币矿工为其业务所采用的视频游戏芯片的设计。该公司开始为矿工制作一个版本。</blockquote></p><p> The new chips arewhat Nvidia tracks as crypto revenue because it can’t accurately track how many videogame chips are being used for mining.</p><p><blockquote>新芯片是英伟达追踪的加密货币收入来源，因为它无法准确追踪有多少视频游戏芯片被用于挖矿。</blockquote></p><p> The company’s finance chief, Colette Kress, has forecast $400 million in crypto chip sales for the second quarter—more than double first-quarter revenue of $155 million.The consensus revenue estimate for the segment that includes mining chips is $537.5 million, up from $327 million sequentially in the first quarter.</p><p><blockquote>该公司财务主管科莱特-克雷斯（Colette Kress）预测，第二季度加密芯片销售额将达到 4 亿美元，是第一季度 1.55 亿美元收入的两倍多。包括采矿芯片在内的该部门的普遍收入估计为 5.375 亿美元，高于第一季度的 3.27 亿美元。</blockquote></p><p> Just like the results for any other company, investors want the actual numbers to at least match—and better yet beat—Kress’ estimates.</p><p><blockquote>就像其他公司的业绩一样，投资者希望实际数字至少能达到--甚至更好--克雷斯的估计。</blockquote></p><p> BMO Capital Markets analyst Ambrish Srivastava has put forward several estimates on the true size of Nvidia’s mining business—the new chips added to the videogame chips.</p><p><blockquote>蒙特利尔银行资本市场分析师安布里什-斯里瓦斯塔瓦（Ambrish Srivastava）对英伟达挖矿业务的真实规模--视频游戏芯片中增加的新芯片--提出了几个估计。</blockquote></p><p> For the second quarter, Srivastava predicts $450 million in crypto revenue, which isn’t far off the company’s forecast; his estimate for the first quarter was $650 million, which was well above the $155 million Nvidia reported for just its mining chips.</p><p><blockquote>Srivastava 预测第二季度加密货币收入为 4.5 亿美元，与公司的预测相差不远；他对第一季度的预期为 6.5 亿美元，远高于 Nvidia 报告的仅采矿芯片的 1.55 亿美元。</blockquote></p><p> Investors should hope that Nvidia—and Srivastava—are close with their numbers so they can have a better idea of just how much exposure the company has to those sometimes-volatile crypto prices. A slump in crypto prices a few years ago translated to a drop in Nvidia’s revenue by nearly a third for&nbsp;four straight quarters.</p><p><blockquote>投资者应该希望 Nvidia 和 Srivastava 的数据接近，这样他们就可以更好地了解该公司对有时波动的加密货币价格的敞口有多大。几年前加密货币价格的暴跌导致英伟达的收入连续四个季度下降了近三分之一。</blockquote></p><p> The rest of the quarter is fairly typical stuff. Overall, the consensus forecast is for adjusted earnings of $1.01 a share, on revenue of $6.3 billion.</p><p><blockquote>本季度的其余部分是相当典型的东西。总体而言，普遍预测调整后每股收益为 1.01 美元，营收为 63 亿美元。</blockquote></p><p> Investors also should pay attention to the data center segment. Chief executive Jensen Huang has talked up the demand around data-center graphics processors, which are often used for artificial intelligence and machine-learning tasks. Wall Street expects data center revenueto grow roughly 30% to $2.3 billion.</p><p><blockquote>投资者还应关注数据中心细分市场。首席执行官黄仁勋谈到了数据中心图形处理器的需求，这些处理器通常用于人工智能和机器学习任务。华尔街预计数据中心收入将增长约 30%，达到 23 亿美元。</blockquote></p><p> The company’s core videogame chip business is expected to grow 80% to $3 billion. It’s worth looking for commentary from executives about the ongoing global chip shortage. The expected increase in supply hasn’t quite materialized, according to Srivastava.</p><p><blockquote>该公司的核心视频游戏芯片业务预计将增长 80%，达到 30 亿美元。值得关注的是高管们对全球芯片持续短缺的评论。斯里瓦斯塔瓦认为，预期的供应量增加并未完全实现。</blockquote></p><p> Shares of Nvidia slumped 2.5% during Tuesday’s regular session to $194.58, but have gained 48% this year. The benchmark PHLX Semiconductor index gained 16% in 2021.</p><p><blockquote>英伟达股价在周二的常规交易中下跌了 2.5%，至 194.58 美元，但今年以来已上涨 48%。2021 年，基准 PHLX 半导体指数上涨了 16%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nvidia-reports-earnings-wednesday-heres-why-cryptocurrencies-matter-51629238799?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.barrons.com/articles/nvidia-reports-earnings-wednesday-heres-why-cryptocurrencies-matter-51629238799?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194174383","content_text":"Tucked away in the numbers that Nvidia will post Wednesday is revenue from cryptocurrency mining chips. Investors should keep an eye on the total.\nWhy is simple: The peaks and valleys of crypto prices make it tough to peg demand for the chips, which the miners who handle the transactions need. And Nvidia (ticker: NVDA) earnings has gotten burned before when crypto prices tanked.\nThis year, though, Nvidia has done two things to protect itself: Maybe most important, it changed the design of its videogame chips that crypto miners co-optedfor their business. And the company started making a version just for miners.\nThe new chips arewhat Nvidia tracks as crypto revenue because it can’t accurately track how many videogame chips are being used for mining.\nThe company’s finance chief, Colette Kress, has forecast $400 million in crypto chip sales for the second quarter—more than double first-quarter revenue of $155 million.The consensus revenue estimate for the segment that includes mining chips is $537.5 million, up from $327 million sequentially in the first quarter.\nJust like the results for any other company, investors want the actual numbers to at least match—and better yet beat—Kress’ estimates.\nBMO Capital Markets analyst Ambrish Srivastava has put forward several estimates on the true size of Nvidia’s mining business—the new chips added to the videogame chips.\nFor the second quarter, Srivastava predicts $450 million in crypto revenue, which isn’t far off the company’s forecast; his estimate for the first quarter was $650 million, which was well above the $155 million Nvidia reported for just its mining chips.\nInvestors should hope that Nvidia—and Srivastava—are close with their numbers so they can have a better idea of just how much exposure the company has to those sometimes-volatile crypto prices. A slump in crypto prices a few years ago translated to a drop in Nvidia’s revenue by nearly a third for four straight quarters.\nThe rest of the quarter is fairly typical stuff. Overall, the consensus forecast is for adjusted earnings of $1.01 a share, on revenue of $6.3 billion.\nInvestors also should pay attention to the data center segment. Chief executive Jensen Huang has talked up the demand around data-center graphics processors, which are often used for artificial intelligence and machine-learning tasks. Wall Street expects data center revenueto grow roughly 30% to $2.3 billion.\nThe company’s core videogame chip business is expected to grow 80% to $3 billion. It’s worth looking for commentary from executives about the ongoing global chip shortage. The expected increase in supply hasn’t quite materialized, according to Srivastava.\nShares of Nvidia slumped 2.5% during Tuesday’s regular session to $194.58, but have gained 48% this year. The benchmark PHLX Semiconductor index gained 16% in 2021.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":2831,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144013972,"gmtCreate":1626252540696,"gmtModify":1633928616092,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576410555567456","idStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like and comment&nbsp;","listText":"Pls like and comment&nbsp;","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144013972","repostId":"1158281742","repostType":4,"repost":{"id":"1158281742","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":1626249848,"share":"https://www.laohunote.com/m/news/1158281742?lang=zh_CN&edition=full","pubTime":"2021-07-14 16:04","market":"us","language":"en","title":"Apple shares rises nearly 1% in premarket trading.<blockquote>苹果股价在盘前交易中上涨近 1%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158281742","media":"Tiger Newspress","summary":"Apple shares rises nearly 1% in premarket trading.\nApple Inc. has asked suppliers to build as many a","content":"<p>Apple&nbsp;shares rises nearly&nbsp;1% in premarket&nbsp;trading.</p><p><blockquote>苹果股价在盘前交易中上涨近 1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35d519e7b8520bdf005ef08215187349\" tg-width=\"1290\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Apple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.</p><p><blockquote>据知情人士透露，苹果公司已要求供应商今年生产多达 9000 万部下一代 iPhone，较 2020 年 iPhone 出货量大幅增长。</blockquote></p><p> The Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.</p><p><blockquote>这家总部位于加利福尼亚州库比蒂诺的科技巨头近年来一直保持着稳定的水平，从设备发布到年底，初始运行的销量约为 7500 万台。2021 年的预测升级表明，该公司预计将推出首款 iPhone，因为 Covid-19 疫苗的推出将释放额外的需求。下一代 iPhone 将是苹果推出的第二款 5G 手机，这是促使用户升级的一个关键诱因。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple shares rises nearly 1% in premarket trading.<blockquote>苹果股价在盘前交易中上涨近 1%。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple shares rises nearly 1% in premarket trading.<blockquote>苹果股价在盘前交易中上涨近 1%。</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\">2021-07-14 16:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple&nbsp;shares rises nearly&nbsp;1% in premarket&nbsp;trading.</p><p><blockquote>苹果股价在盘前交易中上涨近 1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/35d519e7b8520bdf005ef08215187349\" tg-width=\"1290\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Apple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.</p><p><blockquote>据知情人士透露，苹果公司已要求供应商今年生产多达 9000 万部下一代 iPhone，较 2020 年 iPhone 出货量大幅增长。</blockquote></p><p> The Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.</p><p><blockquote>这家总部位于加利福尼亚州库比蒂诺的科技巨头近年来一直保持着稳定的水平，从设备发布到年底，初始运行的销量约为 7500 万台。2021 年的预测升级表明，该公司预计将推出首款 iPhone，因为 Covid-19 疫苗的推出将释放额外的需求。下一代 iPhone 将是苹果推出的第二款 5G 手机，这是促使用户升级的一个关键诱因。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158281742","content_text":"Apple shares rises nearly 1% in premarket trading.\nApple Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.\nThe Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of Covid-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":775,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141990312,"gmtCreate":1625830438336,"gmtModify":1633936922831,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576410555567456","idStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Pls like&nbsp;","listText":"Pls like&nbsp;","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/141990312","repostId":"1180424186","repostType":4,"repost":{"id":"1180424186","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":1625819933,"share":"https://www.laohunote.com/m/news/1180424186?lang=zh_CN&edition=full","pubTime":"2021-07-09 16:38","market":"us","language":"en","title":"BioNTech shares rises 3.6% in premarket<blockquote>BioNTech 股价盘前上涨 3.6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180424186","media":"Tiger Newspress","summary":"BioNTech shares rises 3.6% in premarket trading,which is developing a booster shot specifically targ","content":"<p>BioNTech&nbsp;shares&nbsp;rises 3.6% in premarket&nbsp;trading,which&nbsp;is&nbsp;developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>BioNTech 股价在盘前交易中上涨 3.6%， 该公司正在开发一种专门针对导致该疾病的病毒所谓德尔塔变异毒株的加强注射。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41726c12e31bc4f3b7aaaf7cfbf1ac5\" tg-width=\"1281\" tg-height=\"605\">Pfizer Inc. and COVID-19 vaccine partner BioNTech said late Thursday they are developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>辉瑞公司和新冠肺炎疫苗合作伙伴BioNTech周四晚间表示，他们正在开发一种加强注射，专门针对导致该疾病的病毒的所谓德尔塔变异毒株。</blockquote></p><p> The Wall Street Journal reported saying fully vaccinated Americans \"do not need a booster shot at this time,\" but that they are prepared for booster doses \"if and when the science demonstrates they are needed.\"</p><p><blockquote>《华尔街日报》报道称，完全接种疫苗的美国人“目前不需要加强注射”，但“如果科学证明需要加强注射”，他们会做好接种加强剂量的准备。</blockquote></p><p> Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> said in a statement that there is encouraging data from the use of a third booster shot of their current BNT162b2 vaccine, which is widely administered in two doses given three weeks apart.</p><p><blockquote>辉瑞<a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>和生物技术<a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a>在一份声明中表示，使用他们当前 BNT162b2 疫苗的第三次加强注射有令人鼓舞的数据，该疫苗广泛分两剂，间隔三周注射。</blockquote></p><p> \"While we believe a third dose of BNT162b2 has the potential to preserve the highest levels protective efficacy against all currently known variants including delta, we are remaining vigilant and are developing an updated version of the Pfizer-COVID-19 vaccine that uses a new construct based on the B.1.617.2 lineage, first identified in India and also known as the delta variant,\" the companies said in a statement.</p><p><blockquote>“虽然我们相信第三剂 BNT162b2 有可能对包括 delta 在内的所有目前已知变种保持最高水平的保护效力，但我们仍保持警惕，并正在开发辉瑞 COVID-19 疫苗的更新版本，该疫苗使用基于 B.1.617.2 谱系的新结构，首次在印度发现，也称为德尔塔变异毒株，”两家公司在一份声明中表示。</blockquote></p><p> The companies also pointed to evidence from the Israeli Ministry of Health showing the effectiveness of the vaccine declined six months after the shots, just as the delta variant is taking hold in the country.</p><p><blockquote>这些公司还指出，以色列卫生部的证据显示，疫苗的有效性在注射六个月后下降，就在德尔塔变异毒株在该国蔓延之际。</blockquote></p><p> Pfizer and BioNTech expect to begin clinical trials to study a third dose in August.</p><p><blockquote>辉瑞和BioNTech预计将于8月开始临床试验，研究第三剂疫苗。</blockquote></p><p> \"That is why we have said, and we continue to believe, that it is likely, based on the totality of the data we have to date, that a third dose may be needed within 6 to 12 months after full vaccination,\" the companies said.</p><p><blockquote>“这就是为什么我们说，并且我们仍然相信，根据我们迄今为止掌握的全部数据，很可能在完全接种疫苗后 6 至 12 个月内需要接种第三剂疫苗，”两家公司表示。</blockquote></p><p> On Thursday, Japan barred spectators from the Tokyo Olympics because of an uptick in COVID cases likely caused by the delta variant. Previously, only foreign spectators had been banned from attending the games in person.</p><p><blockquote>周四，日本禁止观众参加东京奥运会，因为德尔塔变异毒株可能导致新冠病例上升。此前，只有外国观众被禁止亲自观看奥运会。</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>BioNTech shares rises 3.6% in premarket<blockquote>BioNTech 股价盘前上涨 3.6%</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\">\nBioNTech shares rises 3.6% in premarket<blockquote>BioNTech 股价盘前上涨 3.6%</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\">2021-07-09 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BioNTech&nbsp;shares&nbsp;rises 3.6% in premarket&nbsp;trading,which&nbsp;is&nbsp;developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>BioNTech 股价在盘前交易中上涨 3.6%， 该公司正在开发一种专门针对导致该疾病的病毒所谓德尔塔变异毒株的加强注射。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41726c12e31bc4f3b7aaaf7cfbf1ac5\" tg-width=\"1281\" tg-height=\"605\">Pfizer Inc. and COVID-19 vaccine partner BioNTech said late Thursday they are developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>辉瑞公司和新冠肺炎疫苗合作伙伴BioNTech周四晚间表示，他们正在开发一种加强注射，专门针对导致该疾病的病毒的所谓德尔塔变异毒株。</blockquote></p><p> The Wall Street Journal reported saying fully vaccinated Americans \"do not need a booster shot at this time,\" but that they are prepared for booster doses \"if and when the science demonstrates they are needed.\"</p><p><blockquote>《华尔街日报》报道称，完全接种疫苗的美国人“目前不需要加强注射”，但“如果科学证明需要加强注射”，他们会做好接种加强剂量的准备。</blockquote></p><p> Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> said in a statement that there is encouraging data from the use of a third booster shot of their current BNT162b2 vaccine, which is widely administered in two doses given three weeks apart.</p><p><blockquote>辉瑞<a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>和生物技术<a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a>在一份声明中表示，使用他们当前 BNT162b2 疫苗的第三次加强注射有令人鼓舞的数据，该疫苗广泛分两剂，间隔三周注射。</blockquote></p><p> \"While we believe a third dose of BNT162b2 has the potential to preserve the highest levels protective efficacy against all currently known variants including delta, we are remaining vigilant and are developing an updated version of the Pfizer-COVID-19 vaccine that uses a new construct based on the B.1.617.2 lineage, first identified in India and also known as the delta variant,\" the companies said in a statement.</p><p><blockquote>“虽然我们相信第三剂 BNT162b2 有可能对包括 delta 在内的所有目前已知变种保持最高水平的保护效力，但我们仍保持警惕，并正在开发辉瑞 COVID-19 疫苗的更新版本，该疫苗使用基于 B.1.617.2 谱系的新结构，首次在印度发现，也称为德尔塔变异毒株，”两家公司在一份声明中表示。</blockquote></p><p> The companies also pointed to evidence from the Israeli Ministry of Health showing the effectiveness of the vaccine declined six months after the shots, just as the delta variant is taking hold in the country.</p><p><blockquote>这些公司还指出，以色列卫生部的证据显示，疫苗的有效性在注射六个月后下降，就在德尔塔变异毒株在该国蔓延之际。</blockquote></p><p> Pfizer and BioNTech expect to begin clinical trials to study a third dose in August.</p><p><blockquote>辉瑞和BioNTech预计将于8月开始临床试验，研究第三剂疫苗。</blockquote></p><p> \"That is why we have said, and we continue to believe, that it is likely, based on the totality of the data we have to date, that a third dose may be needed within 6 to 12 months after full vaccination,\" the companies said.</p><p><blockquote>“这就是为什么我们说，并且我们仍然相信，根据我们迄今为止掌握的全部数据，很可能在完全接种疫苗后 6 至 12 个月内需要接种第三剂疫苗，”两家公司表示。</blockquote></p><p> On Thursday, Japan barred spectators from the Tokyo Olympics because of an uptick in COVID cases likely caused by the delta variant. Previously, only foreign spectators had been banned from attending the games in person.</p><p><blockquote>周四，日本禁止观众参加东京奥运会，因为德尔塔变异毒株可能导致新冠病例上升。此前，只有外国观众被禁止亲自观看奥运会。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","BNTX":"BioNTech SE"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180424186","content_text":"BioNTech shares rises 3.6% in premarket trading,which is developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.\nPfizer Inc. and COVID-19 vaccine partner BioNTech said late Thursday they are developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.\nThe Wall Street Journal reported saying fully vaccinated Americans \"do not need a booster shot at this time,\" but that they are prepared for booster doses \"if and when the science demonstrates they are needed.\"\nPfizer $(PFE)$ and BioNTech $(BNTX)$ said in a statement that there is encouraging data from the use of a third booster shot of their current BNT162b2 vaccine, which is widely administered in two doses given three weeks apart.\n\"While we believe a third dose of BNT162b2 has the potential to preserve the highest levels protective efficacy against all currently known variants including delta, we are remaining vigilant and are developing an updated version of the Pfizer-COVID-19 vaccine that uses a new construct based on the B.1.617.2 lineage, first identified in India and also known as the delta variant,\" the companies said in a statement.\nThe companies also pointed to evidence from the Israeli Ministry of Health showing the effectiveness of the vaccine declined six months after the shots, just as the delta variant is taking hold in the country.\nPfizer and BioNTech expect to begin clinical trials to study a third dose in August.\n\"That is why we have said, and we continue to believe, that it is likely, based on the totality of the data we have to date, that a third dose may be needed within 6 to 12 months after full vaccination,\" the companies said.\nOn Thursday, Japan barred spectators from the Tokyo Olympics because of an uptick in COVID cases likely caused by the delta variant. Previously, only foreign spectators had been banned from attending the games in person.","news_type":1,"symbols_score_info":{"BNTX":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173564454,"gmtCreate":1626671315278,"gmtModify":1633925037059,"author":{"id":"3576410555567456","authorId":"3576410555567456","name":"nivlac","avatar":"https://static.tigerbbs.com/20f49098bcdb5db4fdcfb746b729245d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576410555567456","idStr":"3576410555567456"},"themes":[],"title":"","htmlText":"Safe travel","listText":"Safe travel","text":"Safe travel","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/173564454","repostId":"1183989429","repostType":4,"repost":{"id":"1183989429","kind":"news","pubTimestamp":1626664759,"share":"https://www.laohunote.com/m/news/1183989429?lang=zh_CN&edition=full","pubTime":"2021-07-19 11:19","market":"us","language":"en","title":"Jeff Bezos is flying to space. Here's everything you need to know<blockquote>杰夫·贝索斯正在飞向太空。这里有你需要知道的一切</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183989429","media":"CNN","summary":"New York Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.Bezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey ","content":"<p>New York (CNN Business)Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.</p><p><blockquote>纽约（CNN Business）地球上最富有的人杰夫·贝索斯正准备进行一次11分钟、2300英里/小时的火箭动力太空边缘之旅，为这个充满火箭新闻和一些戏剧性的月份画上句号。世界上最富有的人将大部分财富奉献给了火箭开发。</blockquote></p><p> Bezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey just nine days after fellow billionaire and rocket company founder Richard Branson took his own trip.</p><p><blockquote>贝佐斯于 2000 年创立了蓝色起源公司，目标是利用他的部分亚马逊财富开发用于各种商业目的的火箭技术，他将在亿万富翁兼火箭公司创始人理查德·布兰森 (Richard Branson) 踏上外星之旅仅九天后进行他的外星之旅。</blockquote></p><p> But Bezos' flight, and the technology his company developed to get him there, is far different than Branson's. Blue Origin's New Shepard is a small, suborbital rocket that takes off vertically from a launch pad, giving a shorter yet higher-speed experience than the aerial-launched space plane created by Branson's Virgin Galactic. But much like Virgin Galactic's plane, New Shepard is designed to shuttle paying customers more than dozens of miles above the Earth's surface for a few moments of weightlessness and panoramic views of the Earth.</p><p><blockquote>但贝佐斯的飞行，以及他的公司为让他到达那里而开发的技术，与布兰森的截然不同。蓝色起源的新谢泼德是一种小型亚轨道火箭，从发射台垂直起飞，提供比布兰森的维珍银河制造的空射太空飞机更短但速度更快的体验。但就像维珍银河的飞机一样，新谢泼德的设计目的是将付费客户送到地球表面上方几十英里的地方，享受短暂的失重和地球全景。</blockquote></p><p> New Shepard has flown 15 automated test flights with no people on board, and Bezos announced in early June that he intended to be on the first-ever crewed flight, which is slated for July 20.</p><p><blockquote>新谢泼德已经在机上无人的情况下进行了15次自动化试飞，贝佐斯在6月初宣布，他打算参加定于7月20日进行的首次载人飞行。</blockquote></p><p> The public will be able to watch the whole thing go down on Blue Origin's livestream, where it will show exterior shots of the rocket and capsule shooting up toward the cosmos. (Shots of the interior — and Bezos' facial expressions — won't be released until after the flight.) The missions is expected to kick off Tuesday after 8 am ET, weather permitting.</p><p><blockquote>公众将能够在蓝色起源的直播中观看整个过程，在那里它将展示火箭和太空舱向宇宙发射的外部镜头。（内部照片——以及贝佐斯的面部表情——要到飞行结束后才会公布。）如果天气允许，任务预计将于美国东部时间周二上午 8 点之后开始。</blockquote></p><p> Here's everything you need to know before the big event.</p><p><blockquote>以下是你在大事件发生前需要知道的一切。</blockquote></p><p> Who's going?</p><p><blockquote>谁要去？</blockquote></p><p> Though the New Shepard capsule can carry up to six people, Bezos is bringing just three others along on this inaugural journey. They include his brother, Mark Bezos; Wally Funk, an 82-year-old pilot and one of the \"Mercury 13\" women; and an 18-year old recent high school graduate named Oliver Daemen.</p><p><blockquote>虽然新的谢泼德太空舱最多可以搭载六个人，但贝佐斯在这次首次旅行中只带了另外三个人。其中包括他的兄弟马克·贝佐斯；沃利·芬克，82岁的飞行员，“水星13号”女性之一；还有一个18岁的高中毕业生，名叫奥利弗·戴门。</blockquote></p><p> Bezos was supposed to fly alongside a mystery bidder who won a recent Blue Origin auction by agreeing to pay $28 million for a seat on the flight, but the company announced Thursday that the person, who asked to remain anonymous for the time being, had to bow out because of \"scheduling conflicts.\" Daemen — whose father, Dutch investment firm founder Joes Daemen, paid for his ticket — will fly in the auction winner's place.</p><p><blockquote>贝佐斯本应与一名神秘竞标者一起飞行，该竞标者同意支付 2800 万美元购买该航班的一个座位，赢得了最近的蓝色起源拍卖，但该公司周四宣布，这名要求暂时保持匿名的人不得不退出由于“日程安排冲突”。戴门的父亲、荷兰投资公司创始人乔斯·戴门支付了他的机票费用，他将代替拍卖获胜者飞行。</blockquote></p><p> What will happen?</p><p><blockquote>会发生什么？</blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一个宇航员绕地球飞行，在太空中漂浮至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing.</p><p><blockquote>这不是贝佐斯兄弟和他们的乘客们会做的事情。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time, about 11 minutes, than it takes most people to get to work.</p><p><blockquote>他们会上上下下，而且比大多数人上班所需的时间更短，大约11分钟。</blockquote></p><p> Visually, Blue Origin's livestream will look much the same as most of the New Shepard test launches of years past have looked: The rocket and capsule will be sitting on a launch pad at Blue Origin's private facilities in rural Texas — near Van Horn, which is about 120 miles east of El Paso.</p><p><blockquote>从视觉上看，蓝色起源的直播看起来将与过去几年大多数新的谢泼德测试发射看起来非常相似：火箭和太空舱将位于蓝色起源位于德克萨斯州农村的私人设施的发射台上——范霍恩附近，埃尔帕索以东约120英里。</blockquote></p><p> New Shepard'ssuborbital fightshit about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗机大约是音速的三倍——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在飞行路径顶部之前短暂继续向上，让乘客有几分钟的失重时间。它的工作原理有点像你到达过山车山顶时所经历的失重状态的扩展版本，就在重力将你的手推车——或者，在贝佐斯的情况下，你的太空舱——带回地面之前。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57e4eb7fb3b4232ed059ea25d202fdc1\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>A graphic that shows the flight profile of Blue Origin's New Shepard.</span></p><p><blockquote><p class=\"t-img-caption\"><span>显示蓝色起源新谢泼德飞行概况的图表。</span></p></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground, and Bezos and his fellow passengers will be further cushioned by shock-absorbent seats.</p><p><blockquote>然后，新的谢泼德太空舱部署了一大群降落伞，在落地前将其下降速度减慢到每小时 20 英里以下，贝佐斯和他的其他乘客将被减震座椅进一步缓冲。</blockquote></p><p> The rocket, flying separately after having detached from the human-carrying capsule, will then re-ignite its engines and use its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭在与载人太空舱分离后单独飞行，然后将重新点燃发动机，并使用机载计算机执行精确的垂直着陆。助推器着陆看起来类似于SpaceX对其猎鹰9号火箭所做的事情，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> A smattering of media will also be allowed in to watch the launch and interview Bezos and the other passengers after landing. CNN Business reporters will be on the ground during the flight and will post live updates on our site.</p><p><blockquote>少量媒体也将被允许观看发射，并在着陆后采访贝索斯和其他乘客。CNN商业记者将在飞行期间在地面上，并将在我们的网站上发布实时更新。</blockquote></p><p></p><p> How is this different from what SpaceX and Virgin Galactic do?</p><p><blockquote>这与SpaceX和维珍银河的做法有何不同？</blockquote></p><p> Bezos' flight will come just nine days after British billionaire Richard Branson took his own supersonic joy ride to the edge of space, the result of a surprise announcement that came from his space company, Virgin Galactic, days after Bezos announced his intention to go to space.</p><p><blockquote>贝佐斯的飞行将在英国亿万富翁理查德·布兰森 (Richard Branson) 乘坐自己的超音速快乐之旅到达太空边缘仅九天后进行，这是他的太空公司维珍银河 (Virgin Galactic) 在贝佐斯宣布他打算去太空几天后发布的令人惊讶的消息。</blockquote></p><p> The two men's companies — and their PR machines — have since entered into a public back-and-forth, though the billionaires themselves have said they're not interested in racing to become the first to actually rocket into space aboard a craft they helped fund.</p><p><blockquote>这两个人的公司——以及他们的公关机器——此后一直在公开交易，尽管亿万富翁们自己也表示，他们对成为第一个乘坐他们帮助资助的飞船真正进入太空的人不感兴趣。</blockquote></p><p> But suborbital space tourism isn't all that Branson and Bezos are pursuing with their space ventures. Nor is it the largest or most important sector in the burgeoning commercial space industry.</p><p><blockquote>但亚轨道太空旅游并不是布兰森和贝佐斯在太空冒险中追求的全部。它也不是蓬勃发展的商业航天工业中最大或最重要的部门。</blockquote></p><p> Branson, Musk and Bezos, however, have all been compared for years because of their similarities — all three men used fortune they accrued through other lines of business to pursue space-focused ventures. Here's how they break down:</p><p><blockquote>然而，布兰森、马斯克和贝佐斯多年来一直被比较，因为他们有相似之处——这三个人都利用他们通过其他业务积累的财富来追求以太空为重点的企业。它们是如何分解的：</blockquote></p><p> Elon Musk's SpaceX has for years been making headlines and breaking records with its rocket technology — and it is far different than what Blue Origin will debut on Tuesday.</p><p><blockquote>埃隆·马斯克 (Elon Musk) 的 SpaceX 多年来一直凭借其火箭技术成为头条新闻并打破记录——这与蓝色起源将于周二首次亮相的产品有很大不同。</blockquote></p><p> First off, SpaceX builds orbital rockets. Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity. That's how SpaceX is able to put satellites into orbit or carry astronauts to and from the International Space Station.</p><p><blockquote>首先，SpaceX制造轨道火箭。轨道火箭需要积累足够的动力来达到至少 17,000 英里/小时的速度，即所谓的轨道速度，本质上为航天器提供足够的能量来继续绕地球运行，而不是立即被重力拖回地球。这就是SpaceX能够将卫星送入轨道或运送宇航员往返国际空间站的方式。</blockquote></p><p> Suborbital flights, however, don't need to travel nearly as fast. They need only reach an altitude above the 50 miles mark — which the US government considers to mark the edge of outer space — or the 62-mile mark, which is internationally considered the demarcating line. (New Shepard is expected to reach over 62 miles.)</p><p><blockquote>然而，亚轨道飞行不需要那么快的速度。他们只需要到达50英里标记（美国政府认为这是外层空间边缘的标记）或62英里标记（国际上认为是分界线）以上的高度。（新谢泼德预计行驶里程超过 62 英里。）</blockquote></p><p> What New Shepard will do on Tuesday will more closely resemble what Richard Branson — the other, other space billionaire — is planning to do with his company, Virgin Galactic.</p><p><blockquote>新谢泼德周二将做的事情将更类似于另一位太空亿万富翁理查德·布兰森计划对他的公司维珍银河做的事情。</blockquote></p><p> Virgin Galactic is also planning to launch wealthy tourists to suborbital space, though it developed a much different vehicle to get there. Rather than an autonomous rocket that takes off vertically, Virgin Galactic has built a piloted space plane that takes off from a runway (much like an airplane) attached to a massive winged mothership.</p><p><blockquote>维珍银河也计划将富有的游客发射到亚轨道空间，尽管它开发了一种截然不同的飞行器来到达那里。维珍银河不是垂直起飞的自主火箭，而是建造了一架有人驾驶的太空飞机，它从附着在巨大有翼母舰上的跑道（很像飞机）起飞。</blockquote></p><p> Virgin Galactic has completed test flights of its own, and Branson became the first billionaire to fly to space aboard a rocket he helped fund on July 11.</p><p><blockquote>维珍银河已经完成了自己的试飞，布兰森成为第一位乘坐他在7月11日资助的火箭飞往太空的亿万富翁。</blockquote></p><p> How risky is this?</p><p><blockquote>这有多大风险？</blockquote></p><p> Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to suborbital space, as his space company Blue Origin has spent the better part of the last decade running New Shepard through a series of successful test flights.</p><p><blockquote>从历史上看，太空旅行充满了危险。尽管贝佐斯前往亚轨道太空的风险不一定是天文数字，但他的太空公司蓝色起源在过去十年的大部分时间里都在运行新谢泼德号进行一系列成功的试飞。</blockquote></p><p> Suborbital flights also require far less power and speed than orbital rockets. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行所需的功率和速度也远低于轨道火箭。这意味着火箭燃烧所需的时间更少，燃烧航天器外部的温度更低，对航天器的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> Still, any time a human straps themselves into a rocket, there are risks involved — and Bezos has apparently calculated that, for him, it's worth it.</p><p><blockquote>尽管如此，任何时候一个人把自己绑在火箭上，都会涉及风险——贝佐斯显然已经计算出，对他来说，这是值得的。</blockquote></p><p> \"Ever since I was five years old, I've dreamed of traveling to space,\" Bezos wrote in his June announcement on Instagram.</p><p><blockquote>“从五岁起，我就梦想着去太空旅行，”贝佐斯在 Instagram 六月份的公告中写道。</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>Jeff Bezos is flying to space. Here's everything you need to know<blockquote>杰夫·贝索斯正在飞向太空。这里有你需要知道的一切</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\">\nJeff Bezos is flying to space. Here's everything you need to know<blockquote>杰夫·贝索斯正在飞向太空。这里有你需要知道的一切</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-07-19 11:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.</p><p><blockquote>纽约（CNN Business）地球上最富有的人杰夫·贝索斯正准备进行一次11分钟、2300英里/小时的火箭动力太空边缘之旅，为这个充满火箭新闻和一些戏剧性的月份画上句号。世界上最富有的人将大部分财富奉献给了火箭开发。</blockquote></p><p> Bezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey just nine days after fellow billionaire and rocket company founder Richard Branson took his own trip.</p><p><blockquote>贝佐斯于 2000 年创立了蓝色起源公司，目标是利用他的部分亚马逊财富开发用于各种商业目的的火箭技术，他将在亿万富翁兼火箭公司创始人理查德·布兰森 (Richard Branson) 踏上外星之旅仅九天后进行他的外星之旅。</blockquote></p><p> But Bezos' flight, and the technology his company developed to get him there, is far different than Branson's. Blue Origin's New Shepard is a small, suborbital rocket that takes off vertically from a launch pad, giving a shorter yet higher-speed experience than the aerial-launched space plane created by Branson's Virgin Galactic. But much like Virgin Galactic's plane, New Shepard is designed to shuttle paying customers more than dozens of miles above the Earth's surface for a few moments of weightlessness and panoramic views of the Earth.</p><p><blockquote>但贝佐斯的飞行，以及他的公司为让他到达那里而开发的技术，与布兰森的截然不同。蓝色起源的新谢泼德是一种小型亚轨道火箭，从发射台垂直起飞，提供比布兰森的维珍银河制造的空射太空飞机更短但速度更快的体验。但就像维珍银河的飞机一样，新谢泼德的设计目的是将付费客户送到地球表面上方几十英里的地方，享受短暂的失重和地球全景。</blockquote></p><p> New Shepard has flown 15 automated test flights with no people on board, and Bezos announced in early June that he intended to be on the first-ever crewed flight, which is slated for July 20.</p><p><blockquote>新谢泼德已经在机上无人的情况下进行了15次自动化试飞，贝佐斯在6月初宣布，他打算参加定于7月20日进行的首次载人飞行。</blockquote></p><p> The public will be able to watch the whole thing go down on Blue Origin's livestream, where it will show exterior shots of the rocket and capsule shooting up toward the cosmos. (Shots of the interior — and Bezos' facial expressions — won't be released until after the flight.) The missions is expected to kick off Tuesday after 8 am ET, weather permitting.</p><p><blockquote>公众将能够在蓝色起源的直播中观看整个过程，在那里它将展示火箭和太空舱向宇宙发射的外部镜头。（内部照片——以及贝佐斯的面部表情——要到飞行结束后才会公布。）如果天气允许，任务预计将于美国东部时间周二上午 8 点之后开始。</blockquote></p><p> Here's everything you need to know before the big event.</p><p><blockquote>以下是你在大事件发生前需要知道的一切。</blockquote></p><p> Who's going?</p><p><blockquote>谁要去？</blockquote></p><p> Though the New Shepard capsule can carry up to six people, Bezos is bringing just three others along on this inaugural journey. They include his brother, Mark Bezos; Wally Funk, an 82-year-old pilot and one of the \"Mercury 13\" women; and an 18-year old recent high school graduate named Oliver Daemen.</p><p><blockquote>虽然新的谢泼德太空舱最多可以搭载六个人，但贝佐斯在这次首次旅行中只带了另外三个人。其中包括他的兄弟马克·贝佐斯；沃利·芬克，82岁的飞行员，“水星13号”女性之一；还有一个18岁的高中毕业生，名叫奥利弗·戴门。</blockquote></p><p> Bezos was supposed to fly alongside a mystery bidder who won a recent Blue Origin auction by agreeing to pay $28 million for a seat on the flight, but the company announced Thursday that the person, who asked to remain anonymous for the time being, had to bow out because of \"scheduling conflicts.\" Daemen — whose father, Dutch investment firm founder Joes Daemen, paid for his ticket — will fly in the auction winner's place.</p><p><blockquote>贝佐斯本应与一名神秘竞标者一起飞行，该竞标者同意支付 2800 万美元购买该航班的一个座位，赢得了最近的蓝色起源拍卖，但该公司周四宣布，这名要求暂时保持匿名的人不得不退出由于“日程安排冲突”。戴门的父亲、荷兰投资公司创始人乔斯·戴门支付了他的机票费用，他将代替拍卖获胜者飞行。</blockquote></p><p> What will happen?</p><p><blockquote>会发生什么？</blockquote></p><p> When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.</p><p><blockquote>当大多数人想到太空飞行时，他们会想到一个宇航员绕地球飞行，在太空中漂浮至少几天。</blockquote></p><p> That is not what the Bezos brothers and their fellow passengers will be doing.</p><p><blockquote>这不是贝佐斯兄弟和他们的乘客们会做的事情。</blockquote></p><p> They'll be going up and coming right back down, and they'll be doing it in less time, about 11 minutes, than it takes most people to get to work.</p><p><blockquote>他们会上上下下，而且比大多数人上班所需的时间更短，大约11分钟。</blockquote></p><p> Visually, Blue Origin's livestream will look much the same as most of the New Shepard test launches of years past have looked: The rocket and capsule will be sitting on a launch pad at Blue Origin's private facilities in rural Texas — near Van Horn, which is about 120 miles east of El Paso.</p><p><blockquote>从视觉上看，蓝色起源的直播看起来将与过去几年大多数新的谢泼德测试发射看起来非常相似：火箭和太空舱将位于蓝色起源位于德克萨斯州农村的私人设施的发射台上——范霍恩附近，埃尔帕索以东约120英里。</blockquote></p><p> New Shepard'ssuborbital fightshit about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.</p><p><blockquote>新谢泼德的亚轨道战斗机大约是音速的三倍——大约每小时2300英里——并直接向上飞行，直到火箭耗尽大部分燃料。然后，乘员舱将在轨道顶部与火箭分离，并在太空舱几乎悬停在飞行路径顶部之前短暂继续向上，让乘客有几分钟的失重时间。它的工作原理有点像你到达过山车山顶时所经历的失重状态的扩展版本，就在重力将你的手推车——或者，在贝佐斯的情况下，你的太空舱——带回地面之前。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57e4eb7fb3b4232ed059ea25d202fdc1\" tg-width=\"780\" tg-height=\"438\" referrerpolicy=\"no-referrer\"><span>A graphic that shows the flight profile of Blue Origin's New Shepard.</span></p><p><blockquote><p class=\"t-img-caption\"><span>显示蓝色起源新谢泼德飞行概况的图表。</span></p></blockquote></p><p> The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground, and Bezos and his fellow passengers will be further cushioned by shock-absorbent seats.</p><p><blockquote>然后，新的谢泼德太空舱部署了一大群降落伞，在落地前将其下降速度减慢到每小时 20 英里以下，贝佐斯和他的其他乘客将被减震座椅进一步缓冲。</blockquote></p><p> The rocket, flying separately after having detached from the human-carrying capsule, will then re-ignite its engines and use its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.</p><p><blockquote>火箭在与载人太空舱分离后单独飞行，然后将重新点燃发动机，并使用机载计算机执行精确的垂直着陆。助推器着陆看起来类似于SpaceX对其猎鹰9号火箭所做的事情，尽管这些火箭比新谢泼德火箭强大得多，而且——是的——更容易在撞击时爆炸。</blockquote></p><p> A smattering of media will also be allowed in to watch the launch and interview Bezos and the other passengers after landing. CNN Business reporters will be on the ground during the flight and will post live updates on our site.</p><p><blockquote>少量媒体也将被允许观看发射，并在着陆后采访贝索斯和其他乘客。CNN商业记者将在飞行期间在地面上，并将在我们的网站上发布实时更新。</blockquote></p><p></p><p> How is this different from what SpaceX and Virgin Galactic do?</p><p><blockquote>这与SpaceX和维珍银河的做法有何不同？</blockquote></p><p> Bezos' flight will come just nine days after British billionaire Richard Branson took his own supersonic joy ride to the edge of space, the result of a surprise announcement that came from his space company, Virgin Galactic, days after Bezos announced his intention to go to space.</p><p><blockquote>贝佐斯的飞行将在英国亿万富翁理查德·布兰森 (Richard Branson) 乘坐自己的超音速快乐之旅到达太空边缘仅九天后进行，这是他的太空公司维珍银河 (Virgin Galactic) 在贝佐斯宣布他打算去太空几天后发布的令人惊讶的消息。</blockquote></p><p> The two men's companies — and their PR machines — have since entered into a public back-and-forth, though the billionaires themselves have said they're not interested in racing to become the first to actually rocket into space aboard a craft they helped fund.</p><p><blockquote>这两个人的公司——以及他们的公关机器——此后一直在公开交易，尽管亿万富翁们自己也表示，他们对成为第一个乘坐他们帮助资助的飞船真正进入太空的人不感兴趣。</blockquote></p><p> But suborbital space tourism isn't all that Branson and Bezos are pursuing with their space ventures. Nor is it the largest or most important sector in the burgeoning commercial space industry.</p><p><blockquote>但亚轨道太空旅游并不是布兰森和贝佐斯在太空冒险中追求的全部。它也不是蓬勃发展的商业航天工业中最大或最重要的部门。</blockquote></p><p> Branson, Musk and Bezos, however, have all been compared for years because of their similarities — all three men used fortune they accrued through other lines of business to pursue space-focused ventures. Here's how they break down:</p><p><blockquote>然而，布兰森、马斯克和贝佐斯多年来一直被比较，因为他们有相似之处——这三个人都利用他们通过其他业务积累的财富来追求以太空为重点的企业。它们是如何分解的：</blockquote></p><p> Elon Musk's SpaceX has for years been making headlines and breaking records with its rocket technology — and it is far different than what Blue Origin will debut on Tuesday.</p><p><blockquote>埃隆·马斯克 (Elon Musk) 的 SpaceX 多年来一直凭借其火箭技术成为头条新闻并打破记录——这与蓝色起源将于周二首次亮相的产品有很大不同。</blockquote></p><p> First off, SpaceX builds orbital rockets. Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity. That's how SpaceX is able to put satellites into orbit or carry astronauts to and from the International Space Station.</p><p><blockquote>首先，SpaceX制造轨道火箭。轨道火箭需要积累足够的动力来达到至少 17,000 英里/小时的速度，即所谓的轨道速度，本质上为航天器提供足够的能量来继续绕地球运行，而不是立即被重力拖回地球。这就是SpaceX能够将卫星送入轨道或运送宇航员往返国际空间站的方式。</blockquote></p><p> Suborbital flights, however, don't need to travel nearly as fast. They need only reach an altitude above the 50 miles mark — which the US government considers to mark the edge of outer space — or the 62-mile mark, which is internationally considered the demarcating line. (New Shepard is expected to reach over 62 miles.)</p><p><blockquote>然而，亚轨道飞行不需要那么快的速度。他们只需要到达50英里标记（美国政府认为这是外层空间边缘的标记）或62英里标记（国际上认为是分界线）以上的高度。（新谢泼德预计行驶里程超过 62 英里。）</blockquote></p><p> What New Shepard will do on Tuesday will more closely resemble what Richard Branson — the other, other space billionaire — is planning to do with his company, Virgin Galactic.</p><p><blockquote>新谢泼德周二将做的事情将更类似于另一位太空亿万富翁理查德·布兰森计划对他的公司维珍银河做的事情。</blockquote></p><p> Virgin Galactic is also planning to launch wealthy tourists to suborbital space, though it developed a much different vehicle to get there. Rather than an autonomous rocket that takes off vertically, Virgin Galactic has built a piloted space plane that takes off from a runway (much like an airplane) attached to a massive winged mothership.</p><p><blockquote>维珍银河也计划将富有的游客发射到亚轨道空间，尽管它开发了一种截然不同的飞行器来到达那里。维珍银河不是垂直起飞的自主火箭，而是建造了一架有人驾驶的太空飞机，它从附着在巨大有翼母舰上的跑道（很像飞机）起飞。</blockquote></p><p> Virgin Galactic has completed test flights of its own, and Branson became the first billionaire to fly to space aboard a rocket he helped fund on July 11.</p><p><blockquote>维珍银河已经完成了自己的试飞，布兰森成为第一位乘坐他在7月11日资助的火箭飞往太空的亿万富翁。</blockquote></p><p> How risky is this?</p><p><blockquote>这有多大风险？</blockquote></p><p> Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to suborbital space, as his space company Blue Origin has spent the better part of the last decade running New Shepard through a series of successful test flights.</p><p><blockquote>从历史上看，太空旅行充满了危险。尽管贝佐斯前往亚轨道太空的风险不一定是天文数字，但他的太空公司蓝色起源在过去十年的大部分时间里都在运行新谢泼德号进行一系列成功的试飞。</blockquote></p><p> Suborbital flights also require far less power and speed than orbital rockets. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.</p><p><blockquote>亚轨道飞行所需的功率和速度也远低于轨道火箭。这意味着火箭燃烧所需的时间更少，燃烧航天器外部的温度更低，对航天器的力和压缩撕裂更少，并且通常出现严重问题的机会更少。</blockquote></p><p> Still, any time a human straps themselves into a rocket, there are risks involved — and Bezos has apparently calculated that, for him, it's worth it.</p><p><blockquote>尽管如此，任何时候一个人把自己绑在火箭上，都会涉及风险——贝佐斯显然已经计算出，对他来说，这是值得的。</blockquote></p><p> \"Ever since I was five years old, I've dreamed of traveling to space,\" Bezos wrote in his June announcement on Instagram.</p><p><blockquote>“从五岁起，我就梦想着去太空旅行，”贝佐斯在 Instagram 六月份的公告中写道。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/17/tech/jeff-bezos-space-flight-walkup-scn/index.html\">CNN</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":{"SPCE":"维珍银河","AMZN":"亚马逊"},"source_url":"https://edition.cnn.com/2021/07/17/tech/jeff-bezos-space-flight-walkup-scn/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183989429","content_text":"New York (CNN Business)Jeff Bezos, the richest man on the planet, is preparing for a rocket-powered, 11-minute 2,300-mph excursion to the edge of space, capping off a month filled with rocket news and a bit of drama among the world's richest people who are dedicating large portions of their wealth to rocket development.\nBezos, who founded Blue Origin in 2000 with the goal of using some of his Amazon fortune to develop rocket technology for a variety of business purposes, will take his extraterrestrial journey just nine days after fellow billionaire and rocket company founder Richard Branson took his own trip.\nBut Bezos' flight, and the technology his company developed to get him there, is far different than Branson's. Blue Origin's New Shepard is a small, suborbital rocket that takes off vertically from a launch pad, giving a shorter yet higher-speed experience than the aerial-launched space plane created by Branson's Virgin Galactic. But much like Virgin Galactic's plane, New Shepard is designed to shuttle paying customers more than dozens of miles above the Earth's surface for a few moments of weightlessness and panoramic views of the Earth.\nNew Shepard has flown 15 automated test flights with no people on board, and Bezos announced in early June that he intended to be on the first-ever crewed flight, which is slated for July 20.\nThe public will be able to watch the whole thing go down on Blue Origin's livestream, where it will show exterior shots of the rocket and capsule shooting up toward the cosmos. (Shots of the interior — and Bezos' facial expressions — won't be released until after the flight.) The missions is expected to kick off Tuesday after 8 am ET, weather permitting.\nHere's everything you need to know before the big event.\nWho's going?\nThough the New Shepard capsule can carry up to six people, Bezos is bringing just three others along on this inaugural journey. They include his brother, Mark Bezos; Wally Funk, an 82-year-old pilot and one of the \"Mercury 13\" women; and an 18-year old recent high school graduate named Oliver Daemen.\nBezos was supposed to fly alongside a mystery bidder who won a recent Blue Origin auction by agreeing to pay $28 million for a seat on the flight, but the company announced Thursday that the person, who asked to remain anonymous for the time being, had to bow out because of \"scheduling conflicts.\" Daemen — whose father, Dutch investment firm founder Joes Daemen, paid for his ticket — will fly in the auction winner's place.\nWhat will happen?\nWhen most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.\nThat is not what the Bezos brothers and their fellow passengers will be doing.\nThey'll be going up and coming right back down, and they'll be doing it in less time, about 11 minutes, than it takes most people to get to work.\nVisually, Blue Origin's livestream will look much the same as most of the New Shepard test launches of years past have looked: The rocket and capsule will be sitting on a launch pad at Blue Origin's private facilities in rural Texas — near Van Horn, which is about 120 miles east of El Paso.\nNew Shepard'ssuborbital fightshit about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos' case, your space capsule -- screaming back down toward the ground.\nA graphic that shows the flight profile of Blue Origin's New Shepard.\nThe New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground, and Bezos and his fellow passengers will be further cushioned by shock-absorbent seats.\nThe rocket, flying separately after having detached from the human-carrying capsule, will then re-ignite its engines and use its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.\nA smattering of media will also be allowed in to watch the launch and interview Bezos and the other passengers after landing. CNN Business reporters will be on the ground during the flight and will post live updates on our site.\nHow is this different from what SpaceX and Virgin Galactic do?\nBezos' flight will come just nine days after British billionaire Richard Branson took his own supersonic joy ride to the edge of space, the result of a surprise announcement that came from his space company, Virgin Galactic, days after Bezos announced his intention to go to space.\nThe two men's companies — and their PR machines — have since entered into a public back-and-forth, though the billionaires themselves have said they're not interested in racing to become the first to actually rocket into space aboard a craft they helped fund.\nBut suborbital space tourism isn't all that Branson and Bezos are pursuing with their space ventures. Nor is it the largest or most important sector in the burgeoning commercial space industry.\nBranson, Musk and Bezos, however, have all been compared for years because of their similarities — all three men used fortune they accrued through other lines of business to pursue space-focused ventures. Here's how they break down:\nElon Musk's SpaceX has for years been making headlines and breaking records with its rocket technology — and it is far different than what Blue Origin will debut on Tuesday.\nFirst off, SpaceX builds orbital rockets. Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what's known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity. That's how SpaceX is able to put satellites into orbit or carry astronauts to and from the International Space Station.\nSuborbital flights, however, don't need to travel nearly as fast. They need only reach an altitude above the 50 miles mark — which the US government considers to mark the edge of outer space — or the 62-mile mark, which is internationally considered the demarcating line. (New Shepard is expected to reach over 62 miles.)\nWhat New Shepard will do on Tuesday will more closely resemble what Richard Branson — the other, other space billionaire — is planning to do with his company, Virgin Galactic.\nVirgin Galactic is also planning to launch wealthy tourists to suborbital space, though it developed a much different vehicle to get there. Rather than an autonomous rocket that takes off vertically, Virgin Galactic has built a piloted space plane that takes off from a runway (much like an airplane) attached to a massive winged mothership.\nVirgin Galactic has completed test flights of its own, and Branson became the first billionaire to fly to space aboard a rocket he helped fund on July 11.\nHow risky is this?\nSpace travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos' jaunt to suborbital space, as his space company Blue Origin has spent the better part of the last decade running New Shepard through a series of successful test flights.\nSuborbital flights also require far less power and speed than orbital rockets. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.\nStill, any time a human straps themselves into a rocket, there are risks involved — and Bezos has apparently calculated that, for him, it's worth it.\n\"Ever since I was five years old, I've dreamed of traveling to space,\" Bezos wrote in his June announcement on Instagram.","news_type":1,"symbols_score_info":{"AMZN":0.9,"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":1045,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}