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2021-04-14

Pltr buy!

@ck1986:$Palantir Technologies Inc.(PLTR)$sideway and climbing up

2021-04-08

👍🏼

抱歉，原内容已删除

2021-04-06

$Sundial Growers Inc.(SNDL)$What happen to sndl? 🤓

2021-04-04

Wow

抱歉，原内容已删除

2021-04-02

$Tiger Brokers(TIGR)$Aiyoo what happen to tigr

2021-04-01

$Angi Inc(ANGI)$Up up and go!

2021-03-31

$Idex ASA(IDEX)$Go go go idex

2021-03-31

$Tiger Brokers(TIGR)$Why keep going down?Not like futu

2021-03-31

Can consider?

抱歉，原内容已删除

2021-03-30

Up up up

抱歉，原内容已删除

2021-03-29

🤦🏼‍♀️

Stocks fall to start the week as impacts continue to be felt from margin-call rout<blockquote>由于保证金看涨期权溃败的影响继续显现，股市本周初下跌</blockquote>

2021-03-28

Not yet time to buy tesla...

Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.<blockquote>特斯拉交付即将到来。它们比以往任何时候都重要。这是可以期待的。</blockquote>

2021-03-24

Everything is possible

抱歉，原内容已删除

2021-03-22

Oops

Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>

2021-03-20

Nice one!

抱歉，原内容已删除

2021-03-19

Go go go

Value stocks are so in favor they’ve become momentum stocks<blockquote>价值股如此受青睐，已成为动量股</blockquote>

2021-03-18

Gogo nio go

抱歉，原内容已删除

2021-03-17

Ya pltr is company with future, not for speculator!

抱歉，原内容已删除

2021-03-16

$Tiger Brokers(TIGR)$Go chase FUtu

2021-03-15

Dont buy? Sure bo?

抱歉，原内容已删除

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consider?","listText":"Can consider?","text":"Can consider?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/354635994","repostId":"1163996400","repostType":4,"isVote":1,"tweetType":1,"viewCount":2666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355604241,"gmtCreate":1617064760283,"gmtModify":1634522868551,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/355604241","repostId":"1197127356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355953535,"gmtCreate":1617025666727,"gmtModify":1634523069324,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"🤦🏼‍♀️","listText":"🤦🏼‍♀️","text":"🤦🏼‍♀️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/355953535","repostId":"1131213558","repostType":4,"repost":{"id":"1131213558","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":1617024683,"share":"https://www.laohu8.com/m/news/1131213558?lang=zh_CN&edition=full","pubTime":"2021-03-29 21:31","market":"us","language":"en","title":"Stocks fall to start the week as impacts continue to be felt from margin-call rout<blockquote>由于保证金看涨期权溃败的影响继续显现，股市本周初下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131213558","media":"Tiger Newspress","summary":"(March 29) U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced ","content":"<p>(March 29)&nbsp;U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced selling Friday by a large investment firm. </p><p><blockquote>（3月29日）美国。由于担心一家大型投资公司周五被迫抛售的连锁反应，股市周一开盘走低。</blockquote></p><p>The Dow Jones Industrial Average lost 139 points, 0.4%, to open near 32,934, while the S&amp;P 500  opened 16 points, 0.4%, lower, near 3,958. The Nasdaq Composite index  was off 35 points, 0.3%, at the open, trading near 13,104. </p><p><blockquote>道琼斯工业平均指数下跌139点，跌幅0.4%，收于32,934点附近；标普500开盘下跌16点，跌幅0.4%，收于3,958点附近。纳斯达克综合指数开盘下跌35点，跌幅0.3%，交投于13,104点附近。</blockquote></p><p>Shares of Boeing Co. jumped 2.6% after Southwest Airlines Inc. said it had ordered 100 of the Boeing 737 Max 7. </p><p><blockquote>西南航空表示已订购100架波音737 Max 7后，波音公司股价上涨2.6%。</blockquote></p><p>Meanwhile, bond yields remained tame, with the 10-year U.S. Treasury note TMUBMUSD10Y, 1.662% down about 3 basis points to 1.654%.</p><p><blockquote>与此同时，债券收益率保持温和，10年期美国国债TMUBMUSD10Y, 1.662%下跌约3个基点至1.654%。</blockquote></p><p>Stock futures added to losses Monday amid weakness in bank stocks caught in the downdraft of Friday’s margin call, though media shares rebounded after the stunning late-week selloff.</p><p><blockquote>由于周五保证金看涨期权下跌，银行股疲软，股指期货周一进一步下跌，但媒体股在周末令人震惊的抛售后反弹。</blockquote></p><p>Futures on the Dow Jones Industrial Average implied an opening loss of about 160 points. S&amp;P 500 futures and Nasdaq 100 futures also traded in negative territory.</p><p><blockquote>道琼斯工业平均指数期货暗示开盘损失约160点。标普500期货和纳斯达克100期货也出现负值。</blockquote></p><p>Shares of ViacomCBS and Discovery both rebounded after coming underintense selling pressurelast week. The two companies were believed to be hit by forced liquidation of positions held by the multibillion dollar family office Archegos Capital Management, a source familiar with the situation told CNBC.</p><p><blockquote>维亚康姆哥伦比亚广播公司和探索频道的股价在上周面临巨大抛售压力后均出现反弹。一位知情人士告诉CNBC，据信这两家公司受到了价值数十亿美元的家族办公室Archegos Capital Management所持头寸强制平仓的打击。</blockquote></p><p>Discovery gained more than 4% in premarket trading Monday while ViacomCBS rose more than 2%. The two companies had lost 27% apiece during Friday’s selloff.</p><p><blockquote>Discovery周一盘前交易中上涨超过4%，ViacomCBS上涨超过2%。在周五的抛售中，两家公司各下跌了27%。</blockquote></p><p>Elsewhere, Boeing was up 2.6% premarket on news that Southwest Airlines had added 100 orders for the airliner’s 737 Max jet. The first 30 jets are scheduled for delivery in 2022.</p><p><blockquote>其他方面，有消息称西南航空增加了100架波音737 Max喷气式飞机的订单，波音盘前上涨2.6%。首批30架飞机计划于2022年交付。</blockquote></p><p>However, futures overall were indicating negative. Credit Suisse shares tumbled 13% as the bank warned itwould face a “significant” hitto its first-quarter results due to the bank having to exit hedge fund positions related to the forced selling. Nomura also warned that it could get hit, sending its shares down nearly 15%.</p><p><blockquote>然而，期货总体表现为负面。瑞士信贷股价暴跌13%，该银行警告称，由于该银行不得不退出与强制抛售相关的对冲基金头寸，其第一季度业绩将面临“重大”打击。野村证券还警告称，该公司可能会受到打击，导致其股价下跌近15%。</blockquote></p><p>Bank stocks weighed on the Dow industrials, with Goldman Sachs down more than 3% and JPMorgan Chase off 1.4%. The weakness came as government bond yields edged lower to start the week.</p><p><blockquote>银行股打压道指，高盛跌超3%，摩根大通跌1.4%。本周初，政府债券收益率小幅走低，出现了疲软。</blockquote></p><p>Though the market was taking a hit from the Archegos stumble, the situation is unlikely to have lasting impacts on the broader market, according to Bespoke Investment Group.</p><p><blockquote>Bespoke Investment Group表示，尽管市场受到Archegos暴跌的打击，但这种情况不太可能对大盘产生持久影响。</blockquote></p><p>“While other funds may be caught in the mess, we fail to see how this specific car crash of a trade ends up propagating across the financial system via counterparty default,” Bespoke said in its morning note. However, the firm did caution that investors should “get used to the GMEs and Archegos of the world, because they seem to be happening with more frequency even if their fall-out is contained.”</p><p><blockquote>Bespoke在早间报告中表示：“虽然其他基金可能会陷入困境，但我们看不到这种特定的交易车祸最终如何通过交易对手违约在整个金融体系中蔓延。”然而，该公司确实警告说，投资者应该“习惯世界上的GMEs和Archegos，因为即使它们的影响得到控制，它们似乎也会更频繁地发生。”</blockquote></p><p>On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow closing about 450 points higher. The S&amp;P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% loss and ended Friday 1.2% higher.</p><p><blockquote>周五，三大主要基准股指均升至盘中高点，蓝筹股道琼斯指数收盘上涨约450点。标普500最终上涨1.7%，创下收盘历史新高。纳斯达克综合指数收复了0.8%的跌幅，周五收盘上涨1.2%。</blockquote></p><p>Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing among pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolios.</p><p><blockquote>随着养老基金和其他大型投资者在季度末进行再平衡，交易员正在为假期缩短的一周内波动加剧做好准备。最近债券收益率的快速上涨可能会让基金经理对其投资组合进行重大调整。</blockquote></p><p>The Dow and the S&amp;P 500 have risen 6.9% and 4.3%, respectively, so far in March. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields.</p><p><blockquote>3月份迄今为止，道琼斯指数和标普500指数分别上涨了6.9%和4.3%。然而，以科技股为主的纳斯达克本月下跌了0.4%，因为一些投资者在收益率上升的情况下买入了高科技股。</blockquote></p><p>Investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said SundayBiden plans to roll out two packagesin the coming months, the first covering infrastructure and the second covering health and family care.</p><p><blockquote>投资者正在等待乔·拜登总统关于其基础设施计划的最新消息，该计划可能耗资超过3万亿美元。预计总统将在周三前往匹兹堡时公布他的计划。白宫新闻秘书珍·帕萨基周日表示，拜登计划在未来几个月推出两项计划，第一项涵盖基础设施，第二项涵盖健康和家庭护理。</blockquote></p><p>“The market isn’t placing very high odds on this infrastructure/tax blueprint coming to fruition and while Biden probably won’t get everything he’s asking for,&nbsp;Congressional Democrats and the White House are VERY intent on passing some substantial bills in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note.</p><p><blockquote>“市场对这一基础设施/税收蓝图实现的可能性并不高，虽然拜登可能不会得到他所要求的一切，但国会民主党人和白宫非常热衷于在未来几个月内通过一些实质性法案，”Vital Knowledge创始人Adam Crisafulli在一份报告中表示。</blockquote></p><p>The stock market is closed for the Good Friday holiday, but the March jobs report is still slated for release that morning. Economists expect 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.</p><p><blockquote>股市因耶稣受难日假期休市，但三月份就业报告仍定于当天上午发布。据道琼斯称，经济学家预计3月份新增就业岗位63万个，失业率从6.2%降至6%。</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>Stocks fall to start the week as impacts continue to be felt from margin-call rout<blockquote>由于保证金看涨期权溃败的影响继续显现，股市本周初下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks fall to start the week as impacts continue to be felt from margin-call rout<blockquote>由于保证金看涨期权溃败的影响继续显现，股市本周初下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-29 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 29)&nbsp;U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced selling Friday by a large investment firm. </p><p><blockquote>（3月29日）美国。由于担心一家大型投资公司周五被迫抛售的连锁反应，股市周一开盘走低。</blockquote></p><p>The Dow Jones Industrial Average lost 139 points, 0.4%, to open near 32,934, while the S&amp;P 500  opened 16 points, 0.4%, lower, near 3,958. The Nasdaq Composite index  was off 35 points, 0.3%, at the open, trading near 13,104. </p><p><blockquote>道琼斯工业平均指数下跌139点，跌幅0.4%，收于32,934点附近；标普500开盘下跌16点，跌幅0.4%，收于3,958点附近。纳斯达克综合指数开盘下跌35点，跌幅0.3%，交投于13,104点附近。</blockquote></p><p>Shares of Boeing Co. jumped 2.6% after Southwest Airlines Inc. said it had ordered 100 of the Boeing 737 Max 7. </p><p><blockquote>西南航空表示已订购100架波音737 Max 7后，波音公司股价上涨2.6%。</blockquote></p><p>Meanwhile, bond yields remained tame, with the 10-year U.S. Treasury note TMUBMUSD10Y, 1.662% down about 3 basis points to 1.654%.</p><p><blockquote>与此同时，债券收益率保持温和，10年期美国国债TMUBMUSD10Y, 1.662%下跌约3个基点至1.654%。</blockquote></p><p>Stock futures added to losses Monday amid weakness in bank stocks caught in the downdraft of Friday’s margin call, though media shares rebounded after the stunning late-week selloff.</p><p><blockquote>由于周五保证金看涨期权下跌，银行股疲软，股指期货周一进一步下跌，但媒体股在周末令人震惊的抛售后反弹。</blockquote></p><p>Futures on the Dow Jones Industrial Average implied an opening loss of about 160 points. S&amp;P 500 futures and Nasdaq 100 futures also traded in negative territory.</p><p><blockquote>道琼斯工业平均指数期货暗示开盘损失约160点。标普500期货和纳斯达克100期货也出现负值。</blockquote></p><p>Shares of ViacomCBS and Discovery both rebounded after coming underintense selling pressurelast week. The two companies were believed to be hit by forced liquidation of positions held by the multibillion dollar family office Archegos Capital Management, a source familiar with the situation told CNBC.</p><p><blockquote>维亚康姆哥伦比亚广播公司和探索频道的股价在上周面临巨大抛售压力后均出现反弹。一位知情人士告诉CNBC，据信这两家公司受到了价值数十亿美元的家族办公室Archegos Capital Management所持头寸强制平仓的打击。</blockquote></p><p>Discovery gained more than 4% in premarket trading Monday while ViacomCBS rose more than 2%. The two companies had lost 27% apiece during Friday’s selloff.</p><p><blockquote>Discovery周一盘前交易中上涨超过4%，ViacomCBS上涨超过2%。在周五的抛售中，两家公司各下跌了27%。</blockquote></p><p>Elsewhere, Boeing was up 2.6% premarket on news that Southwest Airlines had added 100 orders for the airliner’s 737 Max jet. The first 30 jets are scheduled for delivery in 2022.</p><p><blockquote>其他方面，有消息称西南航空增加了100架波音737 Max喷气式飞机的订单，波音盘前上涨2.6%。首批30架飞机计划于2022年交付。</blockquote></p><p>However, futures overall were indicating negative. Credit Suisse shares tumbled 13% as the bank warned itwould face a “significant” hitto its first-quarter results due to the bank having to exit hedge fund positions related to the forced selling. Nomura also warned that it could get hit, sending its shares down nearly 15%.</p><p><blockquote>然而，期货总体表现为负面。瑞士信贷股价暴跌13%，该银行警告称，由于该银行不得不退出与强制抛售相关的对冲基金头寸，其第一季度业绩将面临“重大”打击。野村证券还警告称，该公司可能会受到打击，导致其股价下跌近15%。</blockquote></p><p>Bank stocks weighed on the Dow industrials, with Goldman Sachs down more than 3% and JPMorgan Chase off 1.4%. The weakness came as government bond yields edged lower to start the week.</p><p><blockquote>银行股打压道指，高盛跌超3%，摩根大通跌1.4%。本周初，政府债券收益率小幅走低，出现了疲软。</blockquote></p><p>Though the market was taking a hit from the Archegos stumble, the situation is unlikely to have lasting impacts on the broader market, according to Bespoke Investment Group.</p><p><blockquote>Bespoke Investment Group表示，尽管市场受到Archegos暴跌的打击，但这种情况不太可能对大盘产生持久影响。</blockquote></p><p>“While other funds may be caught in the mess, we fail to see how this specific car crash of a trade ends up propagating across the financial system via counterparty default,” Bespoke said in its morning note. However, the firm did caution that investors should “get used to the GMEs and Archegos of the world, because they seem to be happening with more frequency even if their fall-out is contained.”</p><p><blockquote>Bespoke在早间报告中表示：“虽然其他基金可能会陷入困境，但我们看不到这种特定的交易车祸最终如何通过交易对手违约在整个金融体系中蔓延。”然而，该公司确实警告说，投资者应该“习惯世界上的GMEs和Archegos，因为即使它们的影响得到控制，它们似乎也会更频繁地发生。”</blockquote></p><p>On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow closing about 450 points higher. The S&amp;P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% loss and ended Friday 1.2% higher.</p><p><blockquote>周五，三大主要基准股指均升至盘中高点，蓝筹股道琼斯指数收盘上涨约450点。标普500最终上涨1.7%，创下收盘历史新高。纳斯达克综合指数收复了0.8%的跌幅，周五收盘上涨1.2%。</blockquote></p><p>Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing among pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolios.</p><p><blockquote>随着养老基金和其他大型投资者在季度末进行再平衡，交易员正在为假期缩短的一周内波动加剧做好准备。最近债券收益率的快速上涨可能会让基金经理对其投资组合进行重大调整。</blockquote></p><p>The Dow and the S&amp;P 500 have risen 6.9% and 4.3%, respectively, so far in March. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields.</p><p><blockquote>3月份迄今为止，道琼斯指数和标普500指数分别上涨了6.9%和4.3%。然而，以科技股为主的纳斯达克本月下跌了0.4%，因为一些投资者在收益率上升的情况下买入了高科技股。</blockquote></p><p>Investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said SundayBiden plans to roll out two packagesin the coming months, the first covering infrastructure and the second covering health and family care.</p><p><blockquote>投资者正在等待乔·拜登总统关于其基础设施计划的最新消息，该计划可能耗资超过3万亿美元。预计总统将在周三前往匹兹堡时公布他的计划。白宫新闻秘书珍·帕萨基周日表示，拜登计划在未来几个月推出两项计划，第一项涵盖基础设施，第二项涵盖健康和家庭护理。</blockquote></p><p>“The market isn’t placing very high odds on this infrastructure/tax blueprint coming to fruition and while Biden probably won’t get everything he’s asking for,&nbsp;Congressional Democrats and the White House are VERY intent on passing some substantial bills in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note.</p><p><blockquote>“市场对这一基础设施/税收蓝图实现的可能性并不高，虽然拜登可能不会得到他所要求的一切，但国会民主党人和白宫非常热衷于在未来几个月内通过一些实质性法案，”Vital Knowledge创始人Adam Crisafulli在一份报告中表示。</blockquote></p><p>The stock market is closed for the Good Friday holiday, but the March jobs report is still slated for release that morning. Economists expect 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.</p><p><blockquote>股市因耶稣受难日假期休市，但三月份就业报告仍定于当天上午发布。据道琼斯称，经济学家预计3月份新增就业岗位63万个，失业率从6.2%降至6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/96819b78df36696eeccbf03ebd7c466d","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131213558","content_text":"(March 29) U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced selling Friday by a large investment firm. The Dow Jones Industrial Average lost 139 points, 0.4%, to open near 32,934, while the S&P 500  opened 16 points, 0.4%, lower, near 3,958. The Nasdaq Composite index  was off 35 points, 0.3%, at the open, trading near 13,104. Shares of Boeing Co. jumped 2.6% after Southwest Airlines Inc. said it had ordered 100 of the Boeing 737 Max 7. Meanwhile, bond yields remained tame, with the 10-year U.S. Treasury note TMUBMUSD10Y, 1.662% down about 3 basis points to 1.654%.Stock futures added to losses Monday amid weakness in bank stocks caught in the downdraft of Friday’s margin call, though media shares rebounded after the stunning late-week selloff.Futures on the Dow Jones Industrial Average implied an opening loss of about 160 points. S&P 500 futures and Nasdaq 100 futures also traded in negative territory.Shares of ViacomCBS and Discovery both rebounded after coming underintense selling pressurelast week. The two companies were believed to be hit by forced liquidation of positions held by the multibillion dollar family office Archegos Capital Management, a source familiar with the situation told CNBC.Discovery gained more than 4% in premarket trading Monday while ViacomCBS rose more than 2%. The two companies had lost 27% apiece during Friday’s selloff.Elsewhere, Boeing was up 2.6% premarket on news that Southwest Airlines had added 100 orders for the airliner’s 737 Max jet. The first 30 jets are scheduled for delivery in 2022.However, futures overall were indicating negative. Credit Suisse shares tumbled 13% as the bank warned itwould face a “significant” hitto its first-quarter results due to the bank having to exit hedge fund positions related to the forced selling. Nomura also warned that it could get hit, sending its shares down nearly 15%.Bank stocks weighed on the Dow industrials, with Goldman Sachs down more than 3% and JPMorgan Chase off 1.4%. The weakness came as government bond yields edged lower to start the week.Though the market was taking a hit from the Archegos stumble, the situation is unlikely to have lasting impacts on the broader market, according to Bespoke Investment Group.“While other funds may be caught in the mess, we fail to see how this specific car crash of a trade ends up propagating across the financial system via counterparty default,” Bespoke said in its morning note. However, the firm did caution that investors should “get used to the GMEs and Archegos of the world, because they seem to be happening with more frequency even if their fall-out is contained.”On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow closing about 450 points higher. The S&P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% loss and ended Friday 1.2% higher.Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing among pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolios.The Dow and the S&P 500 have risen 6.9% and 4.3%, respectively, so far in March. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields.Investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said SundayBiden plans to roll out two packagesin the coming months, the first covering infrastructure and the second covering health and family care.“The market isn’t placing very high odds on this infrastructure/tax blueprint coming to fruition and while Biden probably won’t get everything he’s asking for, Congressional Democrats and the White House are VERY intent on passing some substantial bills in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note.The stock market is closed for the Good Friday holiday, but the March jobs report is still slated for release that morning. Economists expect 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352129594,"gmtCreate":1616909692418,"gmtModify":1634523559696,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Not yet time to buy tesla...","listText":"Not yet time to buy tesla...","text":"Not yet time to buy tesla...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352129594","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","kind":"news","pubTimestamp":1616772179,"share":"https://www.laohu8.com/m/news/1111192234?lang=zh_CN&edition=full","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.<blockquote>特斯拉交付即将到来。它们比以往任何时候都重要。这是可以期待的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p><p><blockquote>第一季度再过几天就结束了。这意味着汽车制造商的更多交付数据即将发布。对于投资者来说，这些数字将比平时更重要。原因很简单：全球汽车微芯片短缺正在扰乱整个汽车行业。</blockquote></p><p> Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p><p><blockquote>对于特斯拉（股票代码：TSLA）等估值高、高增长的公司来说，数字将更加重要。特斯拉投资者想要增长，而芯片形势正在挤压增长。通用汽车(GM)和福特汽车(F)最近都意外停工，并称芯片问题是2021年10亿美元利润的阻力。这不是投资者想听到的。</blockquote></p><p> Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p><p><blockquote>每个人都意识到了这个问题。尽管如此，当第一季度数据公布时，如果业绩弱于预期，投资者必须决定是否给特斯拉或任何其他快速增长的电动汽车制造商一个通行证。</blockquote></p><p> So far the market isn’t feeling charitable. But the sample size is only one stock.</p><p><blockquote>到目前为止，市场并不仁慈。但样本量只有一只股票。</blockquote></p><p> NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p><p><blockquote>电动汽车制造商蔚来（蔚来）将第一季度交付量指引从约20,250辆下调至约19,500辆，该公司股价在周五交易中下跌超过6%。蔚来管理层以芯片短缺为由，将从3月29日开始关闭一家制造工厂五天。</blockquote></p><p> For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p><p><blockquote>对于特斯拉，华尔街正在寻找3月份交付的约16.2万辆汽车。这低于峰值估计的约183,000辆。分析师似乎正在减少数量，可能是因为短缺。</blockquote></p><p> Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p><p><blockquote>特斯拉第四季度交付了约18.1万辆汽车。分析师预计2021年全年汽车交付量将接近80万辆，同比增长约60%。</blockquote></p><p> RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p><p><blockquote>RBC分析师Joe Spak预测第一季度交付量为17万辆，同比增长90%以上。他还预测，本季度特斯拉将在加州生产96,000辆汽车，在中国生产74,000辆汽车。斯帕克在周四的一份报告中写道：“共识[估计]看起来基本合理。”“我们确实在寻找最新消息，以了解semi短缺如何影响特斯拉——就像它对行业其他部门一样。”他认为，由于芯片的原因，预期存在一些额外的下行风险，尤其是第二季度的数据。</blockquote></p><p> Spak rates Tesla stock Hold and has a $725 price target for shares.</p><p><blockquote>Spak将特斯拉股票评级为持有，目标价为725美元。</blockquote></p><p> In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p><p><blockquote>就特斯拉股票而言，芯片短缺已经让位于利率上升。利率上升主要通过两种方式影响成长型股票。首先，这使得增长的融资成本更高。蔚来尚未盈利。高增长公司的大部分现金流是在遥远的未来产生的。相对而言，当投资者今天可以用现金赚取更高的利率时，现金流的价值就会低一些。</blockquote></p><p> Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p><p><blockquote>特斯拉股价在2020年上涨超过740%后，今年迄今已下跌约10%。周五早盘交易中，股价下跌0.9%，至634.40美元。标准普尔500指数上涨约0.7%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.<blockquote>特斯拉交付即将到来。它们比以往任何时候都重要。这是可以期待的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.<blockquote>特斯拉交付即将到来。它们比以往任何时候都重要。这是可以期待的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-26 23:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p><p><blockquote>第一季度再过几天就结束了。这意味着汽车制造商的更多交付数据即将发布。对于投资者来说，这些数字将比平时更重要。原因很简单：全球汽车微芯片短缺正在扰乱整个汽车行业。</blockquote></p><p> Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p><p><blockquote>对于特斯拉（股票代码：TSLA）等估值高、高增长的公司来说，数字将更加重要。特斯拉投资者想要增长，而芯片形势正在挤压增长。通用汽车(GM)和福特汽车(F)最近都意外停工，并称芯片问题是2021年10亿美元利润的阻力。这不是投资者想听到的。</blockquote></p><p> Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p><p><blockquote>每个人都意识到了这个问题。尽管如此，当第一季度数据公布时，如果业绩弱于预期，投资者必须决定是否给特斯拉或任何其他快速增长的电动汽车制造商一个通行证。</blockquote></p><p> So far the market isn’t feeling charitable. But the sample size is only one stock.</p><p><blockquote>到目前为止，市场并不仁慈。但样本量只有一只股票。</blockquote></p><p> NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p><p><blockquote>电动汽车制造商蔚来（蔚来）将第一季度交付量指引从约20,250辆下调至约19,500辆，该公司股价在周五交易中下跌超过6%。蔚来管理层以芯片短缺为由，将从3月29日开始关闭一家制造工厂五天。</blockquote></p><p> For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p><p><blockquote>对于特斯拉，华尔街正在寻找3月份交付的约16.2万辆汽车。这低于峰值估计的约183,000辆。分析师似乎正在减少数量，可能是因为短缺。</blockquote></p><p> Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p><p><blockquote>特斯拉第四季度交付了约18.1万辆汽车。分析师预计2021年全年汽车交付量将接近80万辆，同比增长约60%。</blockquote></p><p> RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p><p><blockquote>RBC分析师Joe Spak预测第一季度交付量为17万辆，同比增长90%以上。他还预测，本季度特斯拉将在加州生产96,000辆汽车，在中国生产74,000辆汽车。斯帕克在周四的一份报告中写道：“共识[估计]看起来基本合理。”“我们确实在寻找最新消息，以了解semi短缺如何影响特斯拉——就像它对行业其他部门一样。”他认为，由于芯片的原因，预期存在一些额外的下行风险，尤其是第二季度的数据。</blockquote></p><p> Spak rates Tesla stock Hold and has a $725 price target for shares.</p><p><blockquote>Spak将特斯拉股票评级为持有，目标价为725美元。</blockquote></p><p> In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p><p><blockquote>就特斯拉股票而言，芯片短缺已经让位于利率上升。利率上升主要通过两种方式影响成长型股票。首先，这使得增长的融资成本更高。蔚来尚未盈利。高增长公司的大部分现金流是在遥远的未来产生的。相对而言，当投资者今天可以用现金赚取更高的利率时，现金流的价值就会低一些。</blockquote></p><p> Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p><p><blockquote>特斯拉股价在2020年上涨超过740%后，今年迄今已下跌约10%。周五早盘交易中，股价下跌0.9%，至634.40美元。标准普尔500指数上涨约0.7%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351831638,"gmtCreate":1616582383524,"gmtModify":1634525091070,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Everything is possible","listText":"Everything is possible","text":"Everything is possible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/351831638","repostId":"1178385748","repostType":4,"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359700199,"gmtCreate":1616422322111,"gmtModify":1634525909075,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Oops","listText":"Oops","text":"Oops","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/359700199","repostId":"1144300867","repostType":4,"repost":{"id":"1144300867","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":1616422110,"share":"https://www.laohu8.com/m/news/1144300867?lang=zh_CN&edition=full","pubTime":"2021-03-22 22:08","market":"us","language":"en","title":"Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144300867","media":"Tiger Newspress","summary":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell ","content":"<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘，加密货币股快速下跌。嘉楠耘智跌逾8%，迅雷跌逾7%，Riot Blockchain和The 9跌逾5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短线跌约500美元，报56754.10美元/枚。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" 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>Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-22 22:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘，加密货币股快速下跌。嘉楠耘智跌逾8%，迅雷跌逾7%，Riot Blockchain和The 9跌逾5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短线跌约500美元，报56754.10美元/枚。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XNET":"迅雷","CAN":"嘉楠科技","RIOT":"Riot Platforms","GBTC":"比特币ETF-Grayscale","NCTY":"第九城市"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144300867","content_text":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.Crypto Stocks fell rapidly in Monday morning trading.Canaan Inc. fell more 8%, Xunlei fell more than 7%,Riot Blockchain and The9 Fell more than 5%.Bitcoin fell about $500 in the short term to $56754.10 per coin.","news_type":1,"symbols_score_info":{"RIOT":0.9,"CAN":0.9,"XBTmain":0.9,"GBTC":0.9,"XNET":0.9,"NCTY":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350577724,"gmtCreate":1616243461268,"gmtModify":1634526604829,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Nice one!","listText":"Nice one!","text":"Nice one!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/350577724","repostId":"1136440314","repostType":4,"isVote":1,"tweetType":1,"viewCount":497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327721468,"gmtCreate":1616127914554,"gmtModify":1634527091090,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Go go go","listText":"Go go go","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327721468","repostId":"1138262460","repostType":4,"repost":{"id":"1138262460","kind":"news","pubTimestamp":1616124732,"share":"https://www.laohu8.com/m/news/1138262460?lang=zh_CN&edition=full","pubTime":"2021-03-19 11:32","market":"us","language":"en","title":"Value stocks are so in favor they’ve become momentum stocks<blockquote>价值股如此受青睐，已成为动量股</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138262460","media":"MarketWatch","summary":"As investors continue to rotate their exposure into value sectors, stocks in that corner of the mark","content":"<p>As investors continue to&nbsp;rotate their exposure into value sectors, stocks in that corner of the market starting to take on characteristics of the momentum factor, an uncommon combination that bodes well for investors, said analysts at Alliance Bernstein in a research note out Wednesday.</p><p><blockquote>Alliance Bernstein分析师在周三发布的一份研究报告中表示，随着投资者继续将投资转向价值行业，市场该角落的股票开始呈现动量因素的特征，这是一种不寻常的组合，对投资者来说是个好兆头。</blockquote></p><p>“This is the holy grail of quant and Value investing!” the Bernstein analysts wrote.</p><p><blockquote>“这是量化和价值投资的圣杯！”伯恩斯坦分析师写道。</blockquote></p><p>Many investing models, they note, have been “built to overweight stocks where there is agreement between Value and Momentum – i.e. to overweight stocks which are cheap but which also have earnings momentum and/or price momentum. It was a very successful combination.”</p><p><blockquote>他们指出，许多投资模型都是“针对价值和动量之间存在一致性的跑赢大盘股票构建的，即针对价格便宜但也具有盈利动量和/或价格动量的跑赢大盘股票。这是一个非常成功的组合。”</blockquote></p><p>Investors are currently in the midst of a rotation into stocks seen as offering value in terms of earnings or sales growth as the economy recovers from the coronavirus pandemic rotation and are paring exposure to stocks that rose sharply as they benefited from the work-from-home trend in the past year.</p><p><blockquote>随着经济从冠状病毒大流行轮动中复苏，投资者目前正在转向被视为在盈利或销售增长方面提供价值的股票，并正在削减因受益于在家工作而大幅上涨的股票的投资。过去一年的趋势。</blockquote></p><p>“It is being driven by the re-opening trade, and improving macro outlook, and is directly linked to continuously increasing nominal yields, a steepening yield curve and increasing inflation expectations. We are tactically long Value and think there is further to go,” the Alliance Bernstein analysts wrote.</p><p><blockquote>“这是由贸易重新开放和宏观前景改善推动的，并与名义收益率持续上升、收益率曲线陡峭和通胀预期上升直接相关。我们在战术上做多价值，并认为还有更长的路要走，”伯恩斯坦联盟分析师写道。</blockquote></p><p>Sectors that are benefitting now – that is, screening as both value and momentum – include autos, banks, energy, and materials. &nbsp;The energy, materials and financials sectors, as well as consumer discretionary, are the sectors with the largest increases in earnings estimates over the past six months. Share price performance is being driven by these earnings upgrades.</p><p><blockquote>现在受益的行业——即价值和动力的筛选——包括汽车、银行、能源和材料。能源、材料和金融以及非必需消费品是过去六个月盈利预期增幅最大的行业。这些盈利上调推动了股价表现。</blockquote></p><p>Specific stocks which fit the criteria as screening for both value and momentum — meaning they’re in the cheapest quintile for both Price to Book and 12-month Price Momentum — include Ford Motor Co.,PulteGroup,Baker Hughes Co.,Dupont de Nemours,and a host of financials, including KeyCorp,Fifth Third Bancorp,Regions Financial&nbsp;and Ally Financial Inc.</p><p><blockquote>符合价值和动量筛选标准的特定股票（这意味着它们在账面价和12个月价格动量方面都处于最便宜的五分之一）包括福特汽车公司、PulteGroup、贝克休斯公司、杜邦公司de Nemours以及许多金融股，包括KeyCorp、Fifth Third Bancorp、Regions Financial和Ally Financial Inc.。</blockquote></p><p>The Bernstein analysts note that the backdrop for this value rotation “is very different to any period in history. We are in a very different policy environment and possibly are at the start of a much bigger change in the inflation regime.”</p><p><blockquote>伯恩斯坦分析师指出，这种价值轮换的背景“与历史上任何时期都非常不同。我们正处于一个非常不同的政策环境中，并且可能正处于通胀制度更大变化的开始。”</blockquote></p><p>Still, it’s worth drawing comparisons and distinctions between earlier value rotations, they add. The current one is the largest since 2009, which served as a rebound from the 2008 financial crisis.</p><p><blockquote>他们补充说，尽管如此，还是值得对早期的价值轮换进行比较和区分。目前的规模是自2009年以来最大的一次，2009年是从2008年金融危机中反弹。</blockquote></p><p></p>","source":"market_watch","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>Value stocks are so in favor they’ve become momentum stocks<blockquote>价值股如此受青睐，已成为动量股</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\">\nValue stocks are so in favor they’ve become momentum stocks<blockquote>价值股如此受青睐，已成为动量股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-19 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As investors continue to&nbsp;rotate their exposure into value sectors, stocks in that corner of the market starting to take on characteristics of the momentum factor, an uncommon combination that bodes well for investors, said analysts at Alliance Bernstein in a research note out Wednesday.</p><p><blockquote>Alliance Bernstein分析师在周三发布的一份研究报告中表示，随着投资者继续将投资转向价值行业，市场该角落的股票开始呈现动量因素的特征，这是一种不寻常的组合，对投资者来说是个好兆头。</blockquote></p><p>“This is the holy grail of quant and Value investing!” the Bernstein analysts wrote.</p><p><blockquote>“这是量化和价值投资的圣杯！”伯恩斯坦分析师写道。</blockquote></p><p>Many investing models, they note, have been “built to overweight stocks where there is agreement between Value and Momentum – i.e. to overweight stocks which are cheap but which also have earnings momentum and/or price momentum. It was a very successful combination.”</p><p><blockquote>他们指出，许多投资模型都是“针对价值和动量之间存在一致性的跑赢大盘股票构建的，即针对价格便宜但也具有盈利动量和/或价格动量的跑赢大盘股票。这是一个非常成功的组合。”</blockquote></p><p>Investors are currently in the midst of a rotation into stocks seen as offering value in terms of earnings or sales growth as the economy recovers from the coronavirus pandemic rotation and are paring exposure to stocks that rose sharply as they benefited from the work-from-home trend in the past year.</p><p><blockquote>随着经济从冠状病毒大流行轮动中复苏，投资者目前正在转向被视为在盈利或销售增长方面提供价值的股票，并正在削减因受益于在家工作而大幅上涨的股票的投资。过去一年的趋势。</blockquote></p><p>“It is being driven by the re-opening trade, and improving macro outlook, and is directly linked to continuously increasing nominal yields, a steepening yield curve and increasing inflation expectations. We are tactically long Value and think there is further to go,” the Alliance Bernstein analysts wrote.</p><p><blockquote>“这是由贸易重新开放和宏观前景改善推动的，并与名义收益率持续上升、收益率曲线陡峭和通胀预期上升直接相关。我们在战术上做多价值，并认为还有更长的路要走，”伯恩斯坦联盟分析师写道。</blockquote></p><p>Sectors that are benefitting now – that is, screening as both value and momentum – include autos, banks, energy, and materials. &nbsp;The energy, materials and financials sectors, as well as consumer discretionary, are the sectors with the largest increases in earnings estimates over the past six months. Share price performance is being driven by these earnings upgrades.</p><p><blockquote>现在受益的行业——即价值和动力的筛选——包括汽车、银行、能源和材料。能源、材料和金融以及非必需消费品是过去六个月盈利预期增幅最大的行业。这些盈利上调推动了股价表现。</blockquote></p><p>Specific stocks which fit the criteria as screening for both value and momentum — meaning they’re in the cheapest quintile for both Price to Book and 12-month Price Momentum — include Ford Motor Co.,PulteGroup,Baker Hughes Co.,Dupont de Nemours,and a host of financials, including KeyCorp,Fifth Third Bancorp,Regions Financial&nbsp;and Ally Financial Inc.</p><p><blockquote>符合价值和动量筛选标准的特定股票（这意味着它们在账面价和12个月价格动量方面都处于最便宜的五分之一）包括福特汽车公司、PulteGroup、贝克休斯公司、杜邦公司de Nemours以及许多金融股，包括KeyCorp、Fifth Third Bancorp、Regions Financial和Ally Financial Inc.。</blockquote></p><p>The Bernstein analysts note that the backdrop for this value rotation “is very different to any period in history. We are in a very different policy environment and possibly are at the start of a much bigger change in the inflation regime.”</p><p><blockquote>伯恩斯坦分析师指出，这种价值轮换的背景“与历史上任何时期都非常不同。我们正处于一个非常不同的政策环境中，并且可能正处于通胀制度更大变化的开始。”</blockquote></p><p>Still, it’s worth drawing comparisons and distinctions between earlier value rotations, they add. The current one is the largest since 2009, which served as a rebound from the 2008 financial crisis.</p><p><blockquote>他们补充说，尽管如此，还是值得对早期的价值轮换进行比较和区分。目前的规模是自2009年以来最大的一次，2009年是从2008年金融危机中反弹。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/value-stocks-are-so-in-favor-theyve-become-momentum-stocks-11616084864?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/value-stocks-are-so-in-favor-theyve-become-momentum-stocks-11616084864?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1138262460","content_text":"As investors continue to rotate their exposure into value sectors, stocks in that corner of the market starting to take on characteristics of the momentum factor, an uncommon combination that bodes well for investors, said analysts at Alliance Bernstein in a research note out Wednesday.“This is the holy grail of quant and Value investing!” the Bernstein analysts wrote.Many investing models, they note, have been “built to overweight stocks where there is agreement between Value and Momentum – i.e. to overweight stocks which are cheap but which also have earnings momentum and/or price momentum. It was a very successful combination.”Investors are currently in the midst of a rotation into stocks seen as offering value in terms of earnings or sales growth as the economy recovers from the coronavirus pandemic rotation and are paring exposure to stocks that rose sharply as they benefited from the work-from-home trend in the past year.“It is being driven by the re-opening trade, and improving macro outlook, and is directly linked to continuously increasing nominal yields, a steepening yield curve and increasing inflation expectations. We are tactically long Value and think there is further to go,” the Alliance Bernstein analysts wrote.Sectors that are benefitting now – that is, screening as both value and momentum – include autos, banks, energy, and materials.  The energy, materials and financials sectors, as well as consumer discretionary, are the sectors with the largest increases in earnings estimates over the past six months. Share price performance is being driven by these earnings upgrades.Specific stocks which fit the criteria as screening for both value and momentum — meaning they’re in the cheapest quintile for both Price to Book and 12-month Price Momentum — include Ford Motor Co.,PulteGroup,Baker Hughes Co.,Dupont de Nemours,and a host of financials, including KeyCorp,Fifth Third Bancorp,Regions Financial and Ally Financial Inc.The Bernstein analysts note that the backdrop for this value rotation “is very different to any period in history. We are in a very different policy environment and possibly are at the start of a much bigger change in the inflation regime.”Still, it’s worth drawing comparisons and distinctions between earlier value rotations, they add. The current one is the largest since 2009, which served as a rebound from the 2008 financial crisis.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":263,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327338364,"gmtCreate":1616057784958,"gmtModify":1703496992402,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Gogo nio go","listText":"Gogo nio go","text":"Gogo nio go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/327338364","repostId":"1176074161","repostType":4,"isVote":1,"tweetType":1,"viewCount":381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":324649388,"gmtCreate":1615991156944,"gmtModify":1703496084775,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Ya pltr is company with future, not for speculator!","listText":"Ya pltr is company with future, not for speculator!","text":"Ya pltr is company with future, not for speculator!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/324649388","repostId":"1179894269","repostType":4,"isVote":1,"tweetType":1,"viewCount":518,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325100103,"gmtCreate":1615870432302,"gmtModify":1703494258369,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go chase FUtu","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go chase FUtu","text":"$Tiger Brokers(TIGR)$Go chase FUtu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/325100103","isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322160708,"gmtCreate":1615783679204,"gmtModify":1703492894203,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Dont buy? 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href=\"https://laohu8.com/S/IDEX\">$Idex ASA(IDEX)$</a>Go go go idex","listText":"<a href=\"https://laohu8.com/S/IDEX\">$Idex ASA(IDEX)$</a>Go go go idex","text":"$Idex ASA(IDEX)$Go go go idex","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/354634760","isVote":1,"tweetType":1,"viewCount":2352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352129594,"gmtCreate":1616909692418,"gmtModify":1634523559696,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Not yet time to buy tesla...","listText":"Not yet time to buy tesla...","text":"Not yet time to buy tesla...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352129594","repostId":"1111192234","repostType":4,"repost":{"id":"1111192234","kind":"news","pubTimestamp":1616772179,"share":"https://www.laohu8.com/m/news/1111192234?lang=zh_CN&edition=full","pubTime":"2021-03-26 23:22","market":"us","language":"en","title":"Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.<blockquote>特斯拉交付即将到来。它们比以往任何时候都重要。这是可以期待的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111192234","media":"Barrons","summary":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.Numbers will matter even more for richly valued, high-growth companies such as Tesla. Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors and Ford Motor have taken unexpected plant downtime recently and","content":"<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p><p><blockquote>第一季度再过几天就结束了。这意味着汽车制造商的更多交付数据即将发布。对于投资者来说，这些数字将比平时更重要。原因很简单：全球汽车微芯片短缺正在扰乱整个汽车行业。</blockquote></p><p> Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p><p><blockquote>对于特斯拉（股票代码：TSLA）等估值高、高增长的公司来说，数字将更加重要。特斯拉投资者想要增长，而芯片形势正在挤压增长。通用汽车(GM)和福特汽车(F)最近都意外停工，并称芯片问题是2021年10亿美元利润的阻力。这不是投资者想听到的。</blockquote></p><p> Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p><p><blockquote>每个人都意识到了这个问题。尽管如此，当第一季度数据公布时，如果业绩弱于预期，投资者必须决定是否给特斯拉或任何其他快速增长的电动汽车制造商一个通行证。</blockquote></p><p> So far the market isn’t feeling charitable. But the sample size is only one stock.</p><p><blockquote>到目前为止，市场并不仁慈。但样本量只有一只股票。</blockquote></p><p> NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p><p><blockquote>电动汽车制造商蔚来（蔚来）将第一季度交付量指引从约20,250辆下调至约19,500辆，该公司股价在周五交易中下跌超过6%。蔚来管理层以芯片短缺为由，将从3月29日开始关闭一家制造工厂五天。</blockquote></p><p> For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p><p><blockquote>对于特斯拉，华尔街正在寻找3月份交付的约16.2万辆汽车。这低于峰值估计的约183,000辆。分析师似乎正在减少数量，可能是因为短缺。</blockquote></p><p> Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p><p><blockquote>特斯拉第四季度交付了约18.1万辆汽车。分析师预计2021年全年汽车交付量将接近80万辆，同比增长约60%。</blockquote></p><p> RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p><p><blockquote>RBC分析师Joe Spak预测第一季度交付量为17万辆，同比增长90%以上。他还预测，本季度特斯拉将在加州生产96,000辆汽车，在中国生产74,000辆汽车。斯帕克在周四的一份报告中写道：“共识[估计]看起来基本合理。”“我们确实在寻找最新消息，以了解semi短缺如何影响特斯拉——就像它对行业其他部门一样。”他认为，由于芯片的原因，预期存在一些额外的下行风险，尤其是第二季度的数据。</blockquote></p><p> Spak rates Tesla stock Hold and has a $725 price target for shares.</p><p><blockquote>Spak将特斯拉股票评级为持有，目标价为725美元。</blockquote></p><p> In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p><p><blockquote>就特斯拉股票而言，芯片短缺已经让位于利率上升。利率上升主要通过两种方式影响成长型股票。首先，这使得增长的融资成本更高。蔚来尚未盈利。高增长公司的大部分现金流是在遥远的未来产生的。相对而言，当投资者今天可以用现金赚取更高的利率时，现金流的价值就会低一些。</blockquote></p><p> Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p><p><blockquote>特斯拉股价在2020年上涨超过740%后，今年迄今已下跌约10%。周五早盘交易中，股价下跌0.9%，至634.40美元。标准普尔500指数上涨约0.7%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.<blockquote>特斯拉交付即将到来。它们比以往任何时候都重要。这是可以期待的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Deliveries Are Coming. They Matter More Than Ever. Here’s What to Expect.<blockquote>特斯拉交付即将到来。它们比以往任何时候都重要。这是可以期待的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-26 23:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.</p><p><blockquote>第一季度再过几天就结束了。这意味着汽车制造商的更多交付数据即将发布。对于投资者来说，这些数字将比平时更重要。原因很简单：全球汽车微芯片短缺正在扰乱整个汽车行业。</blockquote></p><p> Numbers will matter even more for richly valued, high-growth companies such as&nbsp;Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both&nbsp;General Motors(GM) and&nbsp;Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.</p><p><blockquote>对于特斯拉（股票代码：TSLA）等估值高、高增长的公司来说，数字将更加重要。特斯拉投资者想要增长，而芯片形势正在挤压增长。通用汽车(GM)和福特汽车(F)最近都意外停工，并称芯片问题是2021年10亿美元利润的阻力。这不是投资者想听到的。</blockquote></p><p> Everyone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.</p><p><blockquote>每个人都意识到了这个问题。尽管如此，当第一季度数据公布时，如果业绩弱于预期，投资者必须决定是否给特斯拉或任何其他快速增长的电动汽车制造商一个通行证。</blockquote></p><p> So far the market isn’t feeling charitable. But the sample size is only one stock.</p><p><blockquote>到目前为止，市场并不仁慈。但样本量只有一只股票。</blockquote></p><p> NIO&nbsp;shares (NIO) are down more than 6% in Friday trading after the EV maker&nbsp;reduced guidance&nbsp;for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.</p><p><blockquote>电动汽车制造商蔚来（蔚来）将第一季度交付量指引从约20,250辆下调至约19,500辆，该公司股价在周五交易中下跌超过6%。蔚来管理层以芯片短缺为由，将从3月29日开始关闭一家制造工厂五天。</blockquote></p><p> For Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.</p><p><blockquote>对于特斯拉，华尔街正在寻找3月份交付的约16.2万辆汽车。这低于峰值估计的约183,000辆。分析师似乎正在减少数量，可能是因为短缺。</blockquote></p><p> Tesla delivered about 181,000 vehicles in the&nbsp;fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.</p><p><blockquote>特斯拉第四季度交付了约18.1万辆汽车。分析师预计2021年全年汽车交付量将接近80万辆，同比增长约60%。</blockquote></p><p> RBC analyst&nbsp;Joe Spak&nbsp;is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting&nbsp;Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.</p><p><blockquote>RBC分析师Joe Spak预测第一季度交付量为17万辆，同比增长90%以上。他还预测，本季度特斯拉将在加州生产96,000辆汽车，在中国生产74,000辆汽车。斯帕克在周四的一份报告中写道：“共识[估计]看起来基本合理。”“我们确实在寻找最新消息，以了解semi短缺如何影响特斯拉——就像它对行业其他部门一样。”他认为，由于芯片的原因，预期存在一些额外的下行风险，尤其是第二季度的数据。</blockquote></p><p> Spak rates Tesla stock Hold and has a $725 price target for shares.</p><p><blockquote>Spak将特斯拉股票评级为持有，目标价为725美元。</blockquote></p><p> In the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.</p><p><blockquote>就特斯拉股票而言，芯片短缺已经让位于利率上升。利率上升主要通过两种方式影响成长型股票。首先，这使得增长的融资成本更高。蔚来尚未盈利。高增长公司的大部分现金流是在遥远的未来产生的。相对而言，当投资者今天可以用现金赚取更高的利率时，现金流的价值就会低一些。</blockquote></p><p> Tesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The&nbsp;S&amp;P 500is up about 0.7%.</p><p><blockquote>特斯拉股价在2020年上涨超过740%后，今年迄今已下跌约10%。周五早盘交易中，股价下跌0.9%，至634.40美元。标准普尔500指数上涨约0.7%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-deliveries-are-coming-they-matter-more-than-ever-heres-what-to-expect-51616769819?mod=hp_DAY_Theme_1_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111192234","content_text":"The first quarter ends in just a few days. That means more delivery data from auto makers is due. For investors, the figures will be higher stakes than usual. The reason is simple: The global automotive microchip shortage is roiling the entire car business.\nNumbers will matter even more for richly valued, high-growth companies such as Tesla(ticker: TSLA). Tesla investors want growth, and the chip situation is squeezing growth. Both General Motors(GM) and Ford Motor(F) have taken unexpected plant downtime recently and have called the chip issue a billion-dollar profit headwind for 2021. That’s not what investors want to hear.\nEveryone is aware of the issue. Still, when first-quarter data is released, investors have to decide whether or not to give Tesla, or any other fast-growing EV maker, a pass if results are weaker than expected.\nSo far the market isn’t feeling charitable. But the sample size is only one stock.\nNIO shares (NIO) are down more than 6% in Friday trading after the EV maker reduced guidance for first-quarter deliveries from about 20,250 cars to about 19,500. NIO management cited the chip shortage and is shutting a manufacturing plant for five days starting March 29.\nFor Tesla, Wall Street is looking for about 162,000 vehicles delivered in March. That’s down from a peak estimate of about 183,000 vehicles. Analysts seem to be reducing numbers, possibly because of the shortage.\nTesla delivered about 181,000 vehicles in the fourth quarter. For the full year 2021, analysts are looking for almost 800,000 vehicle deliveries, up about 60% year over year.\nRBC analyst Joe Spak is forecasting 170,000 first-quarter deliveries, up more than 90% year over year. He also forecasts Tesla will make 96,000 cars in California and 74,000 cars in China during the quarter. “Consensus [estimate] looks mostly reasonable,” wrote Spak in a Thursday report. “We do look for updates to see how the semi shortage is impacting Tesla—as it has the rest of the industry.” He sees some additional downside risk to estimates, especially for second-quarter numbers, because of chips.\nSpak rates Tesla stock Hold and has a $725 price target for shares.\nIn the case of Tesla stock, the chip shortage has taken a back seat to rising interest rates. Rising rateshit growth stocksin two main ways. For starters, it makes growth more expensive to finance. NIO isn’t profitable yet. High-growth companies generate most of their cash flow far in the future. That cash flow is worth a little less, relatively speaking, when investors can earn higher interest rates on their cash today.\nTesla stock is down roughly 10% year to date after rising more than 740% in 2020. Shares are down 0.9% in early Friday trading, at $634.40. The S&P 500is up about 0.7%.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":350577724,"gmtCreate":1616243461268,"gmtModify":1634526604829,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Nice one!","listText":"Nice one!","text":"Nice one!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/350577724","repostId":"1136440314","repostType":4,"isVote":1,"tweetType":1,"viewCount":497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328759613,"gmtCreate":1615561185432,"gmtModify":1703490975695,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Strong fundamental.. not so worried","listText":"Strong fundamental.. not so worried","text":"Strong fundamental.. not so worried","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/328759613","repostId":"1114808605","repostType":4,"isVote":1,"tweetType":1,"viewCount":580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355953535,"gmtCreate":1617025666727,"gmtModify":1634523069324,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"🤦🏼‍♀️","listText":"🤦🏼‍♀️","text":"🤦🏼‍♀️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/355953535","repostId":"1131213558","repostType":4,"repost":{"id":"1131213558","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":1617024683,"share":"https://www.laohu8.com/m/news/1131213558?lang=zh_CN&edition=full","pubTime":"2021-03-29 21:31","market":"us","language":"en","title":"Stocks fall to start the week as impacts continue to be felt from margin-call rout<blockquote>由于保证金看涨期权溃败的影响继续显现，股市本周初下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131213558","media":"Tiger Newspress","summary":"(March 29) U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced ","content":"<p>(March 29)&nbsp;U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced selling Friday by a large investment firm. </p><p><blockquote>（3月29日）美国。由于担心一家大型投资公司周五被迫抛售的连锁反应，股市周一开盘走低。</blockquote></p><p>The Dow Jones Industrial Average lost 139 points, 0.4%, to open near 32,934, while the S&amp;P 500  opened 16 points, 0.4%, lower, near 3,958. The Nasdaq Composite index  was off 35 points, 0.3%, at the open, trading near 13,104. </p><p><blockquote>道琼斯工业平均指数下跌139点，跌幅0.4%，收于32,934点附近；标普500开盘下跌16点，跌幅0.4%，收于3,958点附近。纳斯达克综合指数开盘下跌35点，跌幅0.3%，交投于13,104点附近。</blockquote></p><p>Shares of Boeing Co. jumped 2.6% after Southwest Airlines Inc. said it had ordered 100 of the Boeing 737 Max 7. </p><p><blockquote>西南航空表示已订购100架波音737 Max 7后，波音公司股价上涨2.6%。</blockquote></p><p>Meanwhile, bond yields remained tame, with the 10-year U.S. Treasury note TMUBMUSD10Y, 1.662% down about 3 basis points to 1.654%.</p><p><blockquote>与此同时，债券收益率保持温和，10年期美国国债TMUBMUSD10Y, 1.662%下跌约3个基点至1.654%。</blockquote></p><p>Stock futures added to losses Monday amid weakness in bank stocks caught in the downdraft of Friday’s margin call, though media shares rebounded after the stunning late-week selloff.</p><p><blockquote>由于周五保证金看涨期权下跌，银行股疲软，股指期货周一进一步下跌，但媒体股在周末令人震惊的抛售后反弹。</blockquote></p><p>Futures on the Dow Jones Industrial Average implied an opening loss of about 160 points. S&amp;P 500 futures and Nasdaq 100 futures also traded in negative territory.</p><p><blockquote>道琼斯工业平均指数期货暗示开盘损失约160点。标普500期货和纳斯达克100期货也出现负值。</blockquote></p><p>Shares of ViacomCBS and Discovery both rebounded after coming underintense selling pressurelast week. The two companies were believed to be hit by forced liquidation of positions held by the multibillion dollar family office Archegos Capital Management, a source familiar with the situation told CNBC.</p><p><blockquote>维亚康姆哥伦比亚广播公司和探索频道的股价在上周面临巨大抛售压力后均出现反弹。一位知情人士告诉CNBC，据信这两家公司受到了价值数十亿美元的家族办公室Archegos Capital Management所持头寸强制平仓的打击。</blockquote></p><p>Discovery gained more than 4% in premarket trading Monday while ViacomCBS rose more than 2%. The two companies had lost 27% apiece during Friday’s selloff.</p><p><blockquote>Discovery周一盘前交易中上涨超过4%，ViacomCBS上涨超过2%。在周五的抛售中，两家公司各下跌了27%。</blockquote></p><p>Elsewhere, Boeing was up 2.6% premarket on news that Southwest Airlines had added 100 orders for the airliner’s 737 Max jet. The first 30 jets are scheduled for delivery in 2022.</p><p><blockquote>其他方面，有消息称西南航空增加了100架波音737 Max喷气式飞机的订单，波音盘前上涨2.6%。首批30架飞机计划于2022年交付。</blockquote></p><p>However, futures overall were indicating negative. Credit Suisse shares tumbled 13% as the bank warned itwould face a “significant” hitto its first-quarter results due to the bank having to exit hedge fund positions related to the forced selling. Nomura also warned that it could get hit, sending its shares down nearly 15%.</p><p><blockquote>然而，期货总体表现为负面。瑞士信贷股价暴跌13%，该银行警告称，由于该银行不得不退出与强制抛售相关的对冲基金头寸，其第一季度业绩将面临“重大”打击。野村证券还警告称，该公司可能会受到打击，导致其股价下跌近15%。</blockquote></p><p>Bank stocks weighed on the Dow industrials, with Goldman Sachs down more than 3% and JPMorgan Chase off 1.4%. The weakness came as government bond yields edged lower to start the week.</p><p><blockquote>银行股打压道指，高盛跌超3%，摩根大通跌1.4%。本周初，政府债券收益率小幅走低，出现了疲软。</blockquote></p><p>Though the market was taking a hit from the Archegos stumble, the situation is unlikely to have lasting impacts on the broader market, according to Bespoke Investment Group.</p><p><blockquote>Bespoke Investment Group表示，尽管市场受到Archegos暴跌的打击，但这种情况不太可能对大盘产生持久影响。</blockquote></p><p>“While other funds may be caught in the mess, we fail to see how this specific car crash of a trade ends up propagating across the financial system via counterparty default,” Bespoke said in its morning note. However, the firm did caution that investors should “get used to the GMEs and Archegos of the world, because they seem to be happening with more frequency even if their fall-out is contained.”</p><p><blockquote>Bespoke在早间报告中表示：“虽然其他基金可能会陷入困境，但我们看不到这种特定的交易车祸最终如何通过交易对手违约在整个金融体系中蔓延。”然而，该公司确实警告说，投资者应该“习惯世界上的GMEs和Archegos，因为即使它们的影响得到控制，它们似乎也会更频繁地发生。”</blockquote></p><p>On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow closing about 450 points higher. The S&amp;P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% loss and ended Friday 1.2% higher.</p><p><blockquote>周五，三大主要基准股指均升至盘中高点，蓝筹股道琼斯指数收盘上涨约450点。标普500最终上涨1.7%，创下收盘历史新高。纳斯达克综合指数收复了0.8%的跌幅，周五收盘上涨1.2%。</blockquote></p><p>Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing among pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolios.</p><p><blockquote>随着养老基金和其他大型投资者在季度末进行再平衡，交易员正在为假期缩短的一周内波动加剧做好准备。最近债券收益率的快速上涨可能会让基金经理对其投资组合进行重大调整。</blockquote></p><p>The Dow and the S&amp;P 500 have risen 6.9% and 4.3%, respectively, so far in March. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields.</p><p><blockquote>3月份迄今为止，道琼斯指数和标普500指数分别上涨了6.9%和4.3%。然而，以科技股为主的纳斯达克本月下跌了0.4%，因为一些投资者在收益率上升的情况下买入了高科技股。</blockquote></p><p>Investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said SundayBiden plans to roll out two packagesin the coming months, the first covering infrastructure and the second covering health and family care.</p><p><blockquote>投资者正在等待乔·拜登总统关于其基础设施计划的最新消息，该计划可能耗资超过3万亿美元。预计总统将在周三前往匹兹堡时公布他的计划。白宫新闻秘书珍·帕萨基周日表示，拜登计划在未来几个月推出两项计划，第一项涵盖基础设施，第二项涵盖健康和家庭护理。</blockquote></p><p>“The market isn’t placing very high odds on this infrastructure/tax blueprint coming to fruition and while Biden probably won’t get everything he’s asking for,&nbsp;Congressional Democrats and the White House are VERY intent on passing some substantial bills in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note.</p><p><blockquote>“市场对这一基础设施/税收蓝图实现的可能性并不高，虽然拜登可能不会得到他所要求的一切，但国会民主党人和白宫非常热衷于在未来几个月内通过一些实质性法案，”Vital Knowledge创始人Adam Crisafulli在一份报告中表示。</blockquote></p><p>The stock market is closed for the Good Friday holiday, but the March jobs report is still slated for release that morning. Economists expect 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.</p><p><blockquote>股市因耶稣受难日假期休市，但三月份就业报告仍定于当天上午发布。据道琼斯称，经济学家预计3月份新增就业岗位63万个，失业率从6.2%降至6%。</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>Stocks fall to start the week as impacts continue to be felt from margin-call rout<blockquote>由于保证金看涨期权溃败的影响继续显现，股市本周初下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks fall to start the week as impacts continue to be felt from margin-call rout<blockquote>由于保证金看涨期权溃败的影响继续显现，股市本周初下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-29 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 29)&nbsp;U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced selling Friday by a large investment firm. </p><p><blockquote>（3月29日）美国。由于担心一家大型投资公司周五被迫抛售的连锁反应，股市周一开盘走低。</blockquote></p><p>The Dow Jones Industrial Average lost 139 points, 0.4%, to open near 32,934, while the S&amp;P 500  opened 16 points, 0.4%, lower, near 3,958. The Nasdaq Composite index  was off 35 points, 0.3%, at the open, trading near 13,104. </p><p><blockquote>道琼斯工业平均指数下跌139点，跌幅0.4%，收于32,934点附近；标普500开盘下跌16点，跌幅0.4%，收于3,958点附近。纳斯达克综合指数开盘下跌35点，跌幅0.3%，交投于13,104点附近。</blockquote></p><p>Shares of Boeing Co. jumped 2.6% after Southwest Airlines Inc. said it had ordered 100 of the Boeing 737 Max 7. </p><p><blockquote>西南航空表示已订购100架波音737 Max 7后，波音公司股价上涨2.6%。</blockquote></p><p>Meanwhile, bond yields remained tame, with the 10-year U.S. Treasury note TMUBMUSD10Y, 1.662% down about 3 basis points to 1.654%.</p><p><blockquote>与此同时，债券收益率保持温和，10年期美国国债TMUBMUSD10Y, 1.662%下跌约3个基点至1.654%。</blockquote></p><p>Stock futures added to losses Monday amid weakness in bank stocks caught in the downdraft of Friday’s margin call, though media shares rebounded after the stunning late-week selloff.</p><p><blockquote>由于周五保证金看涨期权下跌，银行股疲软，股指期货周一进一步下跌，但媒体股在周末令人震惊的抛售后反弹。</blockquote></p><p>Futures on the Dow Jones Industrial Average implied an opening loss of about 160 points. S&amp;P 500 futures and Nasdaq 100 futures also traded in negative territory.</p><p><blockquote>道琼斯工业平均指数期货暗示开盘损失约160点。标普500期货和纳斯达克100期货也出现负值。</blockquote></p><p>Shares of ViacomCBS and Discovery both rebounded after coming underintense selling pressurelast week. The two companies were believed to be hit by forced liquidation of positions held by the multibillion dollar family office Archegos Capital Management, a source familiar with the situation told CNBC.</p><p><blockquote>维亚康姆哥伦比亚广播公司和探索频道的股价在上周面临巨大抛售压力后均出现反弹。一位知情人士告诉CNBC，据信这两家公司受到了价值数十亿美元的家族办公室Archegos Capital Management所持头寸强制平仓的打击。</blockquote></p><p>Discovery gained more than 4% in premarket trading Monday while ViacomCBS rose more than 2%. The two companies had lost 27% apiece during Friday’s selloff.</p><p><blockquote>Discovery周一盘前交易中上涨超过4%，ViacomCBS上涨超过2%。在周五的抛售中，两家公司各下跌了27%。</blockquote></p><p>Elsewhere, Boeing was up 2.6% premarket on news that Southwest Airlines had added 100 orders for the airliner’s 737 Max jet. The first 30 jets are scheduled for delivery in 2022.</p><p><blockquote>其他方面，有消息称西南航空增加了100架波音737 Max喷气式飞机的订单，波音盘前上涨2.6%。首批30架飞机计划于2022年交付。</blockquote></p><p>However, futures overall were indicating negative. Credit Suisse shares tumbled 13% as the bank warned itwould face a “significant” hitto its first-quarter results due to the bank having to exit hedge fund positions related to the forced selling. Nomura also warned that it could get hit, sending its shares down nearly 15%.</p><p><blockquote>然而，期货总体表现为负面。瑞士信贷股价暴跌13%，该银行警告称，由于该银行不得不退出与强制抛售相关的对冲基金头寸，其第一季度业绩将面临“重大”打击。野村证券还警告称，该公司可能会受到打击，导致其股价下跌近15%。</blockquote></p><p>Bank stocks weighed on the Dow industrials, with Goldman Sachs down more than 3% and JPMorgan Chase off 1.4%. The weakness came as government bond yields edged lower to start the week.</p><p><blockquote>银行股打压道指，高盛跌超3%，摩根大通跌1.4%。本周初，政府债券收益率小幅走低，出现了疲软。</blockquote></p><p>Though the market was taking a hit from the Archegos stumble, the situation is unlikely to have lasting impacts on the broader market, according to Bespoke Investment Group.</p><p><blockquote>Bespoke Investment Group表示，尽管市场受到Archegos暴跌的打击，但这种情况不太可能对大盘产生持久影响。</blockquote></p><p>“While other funds may be caught in the mess, we fail to see how this specific car crash of a trade ends up propagating across the financial system via counterparty default,” Bespoke said in its morning note. However, the firm did caution that investors should “get used to the GMEs and Archegos of the world, because they seem to be happening with more frequency even if their fall-out is contained.”</p><p><blockquote>Bespoke在早间报告中表示：“虽然其他基金可能会陷入困境，但我们看不到这种特定的交易车祸最终如何通过交易对手违约在整个金融体系中蔓延。”然而，该公司确实警告说，投资者应该“习惯世界上的GMEs和Archegos，因为即使它们的影响得到控制，它们似乎也会更频繁地发生。”</blockquote></p><p>On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow closing about 450 points higher. The S&amp;P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% loss and ended Friday 1.2% higher.</p><p><blockquote>周五，三大主要基准股指均升至盘中高点，蓝筹股道琼斯指数收盘上涨约450点。标普500最终上涨1.7%，创下收盘历史新高。纳斯达克综合指数收复了0.8%的跌幅，周五收盘上涨1.2%。</blockquote></p><p>Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing among pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolios.</p><p><blockquote>随着养老基金和其他大型投资者在季度末进行再平衡，交易员正在为假期缩短的一周内波动加剧做好准备。最近债券收益率的快速上涨可能会让基金经理对其投资组合进行重大调整。</blockquote></p><p>The Dow and the S&amp;P 500 have risen 6.9% and 4.3%, respectively, so far in March. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields.</p><p><blockquote>3月份迄今为止，道琼斯指数和标普500指数分别上涨了6.9%和4.3%。然而，以科技股为主的纳斯达克本月下跌了0.4%，因为一些投资者在收益率上升的情况下买入了高科技股。</blockquote></p><p>Investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said SundayBiden plans to roll out two packagesin the coming months, the first covering infrastructure and the second covering health and family care.</p><p><blockquote>投资者正在等待乔·拜登总统关于其基础设施计划的最新消息，该计划可能耗资超过3万亿美元。预计总统将在周三前往匹兹堡时公布他的计划。白宫新闻秘书珍·帕萨基周日表示，拜登计划在未来几个月推出两项计划，第一项涵盖基础设施，第二项涵盖健康和家庭护理。</blockquote></p><p>“The market isn’t placing very high odds on this infrastructure/tax blueprint coming to fruition and while Biden probably won’t get everything he’s asking for,&nbsp;Congressional Democrats and the White House are VERY intent on passing some substantial bills in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note.</p><p><blockquote>“市场对这一基础设施/税收蓝图实现的可能性并不高，虽然拜登可能不会得到他所要求的一切，但国会民主党人和白宫非常热衷于在未来几个月内通过一些实质性法案，”Vital Knowledge创始人Adam Crisafulli在一份报告中表示。</blockquote></p><p>The stock market is closed for the Good Friday holiday, but the March jobs report is still slated for release that morning. Economists expect 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.</p><p><blockquote>股市因耶稣受难日假期休市，但三月份就业报告仍定于当天上午发布。据道琼斯称，经济学家预计3月份新增就业岗位63万个，失业率从6.2%降至6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/96819b78df36696eeccbf03ebd7c466d","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131213558","content_text":"(March 29) U.S. stocks opened lower Monday, dogged by concerns about the ripple effects from forced selling Friday by a large investment firm. The Dow Jones Industrial Average lost 139 points, 0.4%, to open near 32,934, while the S&P 500  opened 16 points, 0.4%, lower, near 3,958. The Nasdaq Composite index  was off 35 points, 0.3%, at the open, trading near 13,104. Shares of Boeing Co. jumped 2.6% after Southwest Airlines Inc. said it had ordered 100 of the Boeing 737 Max 7. Meanwhile, bond yields remained tame, with the 10-year U.S. Treasury note TMUBMUSD10Y, 1.662% down about 3 basis points to 1.654%.Stock futures added to losses Monday amid weakness in bank stocks caught in the downdraft of Friday’s margin call, though media shares rebounded after the stunning late-week selloff.Futures on the Dow Jones Industrial Average implied an opening loss of about 160 points. S&P 500 futures and Nasdaq 100 futures also traded in negative territory.Shares of ViacomCBS and Discovery both rebounded after coming underintense selling pressurelast week. The two companies were believed to be hit by forced liquidation of positions held by the multibillion dollar family office Archegos Capital Management, a source familiar with the situation told CNBC.Discovery gained more than 4% in premarket trading Monday while ViacomCBS rose more than 2%. The two companies had lost 27% apiece during Friday’s selloff.Elsewhere, Boeing was up 2.6% premarket on news that Southwest Airlines had added 100 orders for the airliner’s 737 Max jet. The first 30 jets are scheduled for delivery in 2022.However, futures overall were indicating negative. Credit Suisse shares tumbled 13% as the bank warned itwould face a “significant” hitto its first-quarter results due to the bank having to exit hedge fund positions related to the forced selling. Nomura also warned that it could get hit, sending its shares down nearly 15%.Bank stocks weighed on the Dow industrials, with Goldman Sachs down more than 3% and JPMorgan Chase off 1.4%. The weakness came as government bond yields edged lower to start the week.Though the market was taking a hit from the Archegos stumble, the situation is unlikely to have lasting impacts on the broader market, according to Bespoke Investment Group.“While other funds may be caught in the mess, we fail to see how this specific car crash of a trade ends up propagating across the financial system via counterparty default,” Bespoke said in its morning note. However, the firm did caution that investors should “get used to the GMEs and Archegos of the world, because they seem to be happening with more frequency even if their fall-out is contained.”On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow closing about 450 points higher. The S&P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% loss and ended Friday 1.2% higher.Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing among pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolios.The Dow and the S&P 500 have risen 6.9% and 4.3%, respectively, so far in March. The tech-heavy Nasdaq, however, has dipped 0.4% this month as some investors jumped high-flying technology names amid rising yields.Investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said SundayBiden plans to roll out two packagesin the coming months, the first covering infrastructure and the second covering health and family care.“The market isn’t placing very high odds on this infrastructure/tax blueprint coming to fruition and while Biden probably won’t get everything he’s asking for, Congressional Democrats and the White House are VERY intent on passing some substantial bills in the coming months,” Adam Crisafulli, founder of Vital Knowledge, said in a note.The stock market is closed for the Good Friday holiday, but the March jobs report is still slated for release that morning. Economists expect 630,000 jobs were added in March, and the unemployment rate fell to 6% from 6.2%, according to Dow Jones.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359700199,"gmtCreate":1616422322111,"gmtModify":1634525909075,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Oops","listText":"Oops","text":"Oops","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/359700199","repostId":"1144300867","repostType":4,"repost":{"id":"1144300867","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":1616422110,"share":"https://www.laohu8.com/m/news/1144300867?lang=zh_CN&edition=full","pubTime":"2021-03-22 22:08","market":"us","language":"en","title":"Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144300867","media":"Tiger Newspress","summary":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell ","content":"<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘，加密货币股快速下跌。嘉楠耘智跌逾8%，迅雷跌逾7%，Riot Blockchain和The 9跌逾5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短线跌约500美元，报56754.10美元/枚。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" 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>Crypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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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\">\nCrypto Stocks fell rapidly<blockquote>加密货币股票迅速下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-22 22:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.</p><p><blockquote>美联储主席杰罗姆·鲍威尔周一表示，加密资产更多的是用于投机，而不是作为支付手段。</blockquote></p><p>Crypto Stocks fell rapidly&nbsp;in Monday morning trading.Canaan Inc. fell more&nbsp;8%, Xunlei&nbsp;fell more than 7%,Riot Blockchain&nbsp;and&nbsp;The9&nbsp;Fell more than 5%.</p><p><blockquote>周一早盘，加密货币股快速下跌。嘉楠耘智跌逾8%，迅雷跌逾7%，Riot Blockchain和The 9跌逾5%。</blockquote></p><p>Bitcoin fell about $500 in the short term to $56754.10 per coin.</p><p><blockquote>比特币短线跌约500美元，报56754.10美元/枚。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d888fd90764150569defc2bed3abce2\" tg-width=\"370\" tg-height=\"725\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XNET":"迅雷","CAN":"嘉楠科技","RIOT":"Riot Platforms","GBTC":"比特币ETF-Grayscale","NCTY":"第九城市"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144300867","content_text":"Crypto assets are more for speculation, not as means of payment,Federal Reserve chair Jerome Powell said on Monday.Crypto Stocks fell rapidly in Monday morning trading.Canaan Inc. fell more 8%, Xunlei fell more than 7%,Riot Blockchain and The9 Fell more than 5%.Bitcoin fell about $500 in the short term to $56754.10 per coin.","news_type":1,"symbols_score_info":{"RIOT":0.9,"CAN":0.9,"XBTmain":0.9,"GBTC":0.9,"XNET":0.9,"NCTY":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322160708,"gmtCreate":1615783679204,"gmtModify":1703492894203,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Dont buy? Sure bo?","listText":"Dont buy? Sure bo?","text":"Dont buy? Sure bo?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322160708","repostId":"1108838813","repostType":4,"isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355604241,"gmtCreate":1617064760283,"gmtModify":1634522868551,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Up up up","listText":"Up up up","text":"Up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/355604241","repostId":"1197127356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323368462,"gmtCreate":1615303760256,"gmtModify":1703487114659,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"Nasdaq time!","listText":"Nasdaq time!","text":"Nasdaq time!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/323368462","repostId":"1158287133","repostType":4,"repost":{"id":"1158287133","kind":"news","pubTimestamp":1615298882,"share":"https://www.laohu8.com/m/news/1158287133?lang=zh_CN&edition=full","pubTime":"2021-03-09 22:08","market":"us","language":"en","title":"Dow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158287133","media":"MarketWatch","summary":"Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching","content":"<p>Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels</p><p><blockquote>基准指数存在固有的怪癖，例如不计算股息，这使其无法达到极高的水平</blockquote></p><p> The Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.</p><p><blockquote>道琼斯工业平均指数的交易价格不应该接近32,000点，而实际上应该高于120万点。</blockquote></p><p> I am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow&nbsp;would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.</p><p><blockquote>我不会对未来几年的股市做出过于乐观的预测。相反，我报告的是，如果道琼斯指数纳入了成分股公司多年来支付的股息，以及其他影响股价的公司行为，例如股票股息和配股，它现在的交易地点。</blockquote></p><p> New&nbsp;research from the National Bureau of Economic Research&nbsp;calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.</p><p><blockquote>美国国家经济研究局的最新研究计算出，如果考虑到1928年10月31日以来的所有此类事件，道琼斯指数将于2019年12月31日收于1,113,047点。道琼斯指数在随后15个月的上涨将推动其“真实”价值目前超过120万点。</blockquote></p><p> The study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”</p><p><blockquote>该研究的作者分别是斯坦福大学和德克萨斯大学奥斯汀分校的金融学教授John Shoven和Clemens Sialm，以及Jacky Lin和Genevieve Selden。研究人员讲述了一个关于道琼斯指数几十年来建造的肮脏故事——这个故事应该与香肠和立法一起被归档在“如果你喜欢它，就不要太仔细地看它是如何制造的”类别中。</blockquote></p><p> <b>Price-weighted</b></p><p><blockquote><b>价格加权</b></blockquote></p><p> One of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.</p><p><blockquote>道琼斯的特点之一是它是一个价格加权指数，这意味着股票对其业绩的贡献取决于其价格的高低。这在理论上没有意义。</blockquote></p><p> Consider the highest-priced stock currently in the DJIA, which is UnitedHealth Group&nbsp;with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.</p><p><blockquote>以目前道琼斯上价格最高的股票为例，它是联合健康集团，最近的价格约为每股350美元。它在该指数中的权重为7.3%，而思科系统公司的权重仅为1.0%，思科系统公司是道琼斯指数中价格最低的股票，接近每股48美元。因此，思科的表现需要比联合健康好七倍以上，才能对道琼斯指数的整体回报产生同样的影响。</blockquote></p><p> <b>Split adjustments</b></p><p><blockquote><b>拆分调整</b></blockquote></p><p> One consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is&nbsp;now in danger of entering into a bear market.</p><p><blockquote>这种价格权重的一个后果是，股票分割将对股票在道琼斯指数中的权重产生重大影响，即使分割是一个没有现实意义的会计分录。以苹果为例，该公司去年夏天将其股票进行了四比一的分割。由于这次分拆，该股在道琼斯指数中的权重立即下跌了四分之三。事实上，这最终帮助了道琼斯指数，因为苹果股票自分拆以来一直在苦苦挣扎，现在有进入熊市的危险。</blockquote></p><p> Another of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.</p><p><blockquote>道琼斯指数另一个令人挠头的特点是，在最初的几年里，它一次长达几个月的时间里未能针对股票分割进行调整。另一个原因是，在早期的许多年里，分割调整系数被四舍五入到小数点后一位。根据这项新研究的作者，这种四舍五入导致每次分割时的差异高达0.4%——相当于今天的指数水平超过125点。</blockquote></p><p> Another peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.</p><p><blockquote>另一个特点是：道琼斯指数对待股票股息和股票分割的方式不同，尽管两者在功能上是等效的。该研究的作者表示，从1928年到2019年，道指成分股宣布了105次股票股息，其中只有24次反映在道指价值的计算中。</blockquote></p><p> <b>Dividends</b></p><p><blockquote><b>股息</b></blockquote></p><p> By the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.</p><p><blockquote>西亚姆教授在接受采访时告诉我，迄今为止，道琼斯指数多年来做出的最重要的方法论决定是省略股息。自1928年以来，道指近一半的长期总回报来自股息。</blockquote></p><p> You might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)</p><p><blockquote>您可能认为这种对股息的严重依赖是道琼斯指数所独有的，道琼斯指数是由通常提供较高股息收益率的最蓝的蓝筹股构成的。但研究人员对道琼斯指数的发现也适用于整个美国股市。自1871年以来，根据耶鲁大学罗伯特·希勒的数据，美国股市仅按价格计算的年化回报率为4.6%，几乎正好是市场按总回报率计算的9.3%年化回报率的一半。（见下图。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e99e55881bbacc9fb4c6753120044e2\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Notice what this means for the near-term, given that the S&amp;P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the&nbsp;10-year breakeven inflation rate.</p><p><blockquote>请注意这对短期意味着什么，因为标普500的SPX,-0.54%目前的收益率仅为1.5%。假设未来与过去一样，并且取决于股息的增长率，这种低收益率表明股市的预期总回报率不会超过当前年化3%。这比10年期盈亏平衡通胀率高出不到一个百分点。</blockquote></p><p> <b>Could the future be different than the past?</b></p><p><blockquote><b>未来会与过去不同吗？</b></blockquote></p><p></p><p> The bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.</p><p><blockquote>多头对这一令人沮丧的预测有坚实的理论回应。根据金融界的一个长期理论，可以追溯到1985年获得诺贝尔经济学奖的佛朗哥·莫迪里阿尼(Franco Modigliani)在20世纪60年代的工作，支付股息较少的公司应该增长更快。这是因为他们可以将原本要支付给股东的资金再投资于自己的增长。因此，较低的股息收益率应该会转化为更快的盈利增长率和更高的股价。</blockquote></p><p> If so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.</p><p><blockquote>如果是这样，股票的总回报不应受到较低股息收益率的影响，因为价格升值将通过做出相应更大的贡献来进行补偿。</blockquote></p><p> Crucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.</p><p><blockquote>至关重要的是，莫迪里阿尼在股票回购在股市中没有发挥很大作用时提出了他的理论，他的理论可能需要修改以解释它们。如果公司将减少股息节省下来的钱用于回购，而不是投资于未来的增长，那么较低的股息收益率可能不会转化为后续盈利增长的加速。</blockquote></p><p> Whether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.</p><p><blockquote>是否如此，关键取决于公司是否在股票被低估时回购股票。他们在过去二十年里在这里的记录并不令人鼓舞。</blockquote></p><p> This means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&amp;P 500) was 3.8%, of which dividend yield contributed exactly half.”</p><p><blockquote>这意味着我们不能自动假设当今的低股息收益率意味着未来几年价格升值将在股票总回报中占更大比例。Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)在一封电子邮件中指出，过去二十年股息在股票总回报中所占的比例与股息收益率高得多的前几十年一样大。阿诺特写道，截至2020年的20年里，“股票（标普500）的实际回报率为3.8%，其中股息收益率正好贡献了一半。”</blockquote></p><p> To be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.</p><p><blockquote>可以肯定的是，Sialm补充道，当试图评估股息、价格升值和回购之间的相互作用时，理论很快就会变得复杂。不能保证价格上涨不会弥补市场当前较低的股息收益率。尽管如此，他继续说道，股票投资者很可能面临一个长期的低增长时代。</blockquote></p><p></p>","source":"market_watch","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>Dow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</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\">\nDow 32,000? Why the index should be more than 1 million points higher<blockquote>道指32,000？为什么指数应该高出100万点以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-09 22:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels</p><p><blockquote>基准指数存在固有的怪癖，例如不计算股息，这使其无法达到极高的水平</blockquote></p><p> The Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.</p><p><blockquote>道琼斯工业平均指数的交易价格不应该接近32,000点，而实际上应该高于120万点。</blockquote></p><p> I am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow&nbsp;would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.</p><p><blockquote>我不会对未来几年的股市做出过于乐观的预测。相反，我报告的是，如果道琼斯指数纳入了成分股公司多年来支付的股息，以及其他影响股价的公司行为，例如股票股息和配股，它现在的交易地点。</blockquote></p><p> New&nbsp;research from the National Bureau of Economic Research&nbsp;calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.</p><p><blockquote>美国国家经济研究局的最新研究计算出，如果考虑到1928年10月31日以来的所有此类事件，道琼斯指数将于2019年12月31日收于1,113,047点。道琼斯指数在随后15个月的上涨将推动其“真实”价值目前超过120万点。</blockquote></p><p> The study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”</p><p><blockquote>该研究的作者分别是斯坦福大学和德克萨斯大学奥斯汀分校的金融学教授John Shoven和Clemens Sialm，以及Jacky Lin和Genevieve Selden。研究人员讲述了一个关于道琼斯指数几十年来建造的肮脏故事——这个故事应该与香肠和立法一起被归档在“如果你喜欢它，就不要太仔细地看它是如何制造的”类别中。</blockquote></p><p> <b>Price-weighted</b></p><p><blockquote><b>价格加权</b></blockquote></p><p> One of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.</p><p><blockquote>道琼斯的特点之一是它是一个价格加权指数，这意味着股票对其业绩的贡献取决于其价格的高低。这在理论上没有意义。</blockquote></p><p> Consider the highest-priced stock currently in the DJIA, which is UnitedHealth Group&nbsp;with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.</p><p><blockquote>以目前道琼斯上价格最高的股票为例，它是联合健康集团，最近的价格约为每股350美元。它在该指数中的权重为7.3%，而思科系统公司的权重仅为1.0%，思科系统公司是道琼斯指数中价格最低的股票，接近每股48美元。因此，思科的表现需要比联合健康好七倍以上，才能对道琼斯指数的整体回报产生同样的影响。</blockquote></p><p> <b>Split adjustments</b></p><p><blockquote><b>拆分调整</b></blockquote></p><p> One consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is&nbsp;now in danger of entering into a bear market.</p><p><blockquote>这种价格权重的一个后果是，股票分割将对股票在道琼斯指数中的权重产生重大影响，即使分割是一个没有现实意义的会计分录。以苹果为例，该公司去年夏天将其股票进行了四比一的分割。由于这次分拆，该股在道琼斯指数中的权重立即下跌了四分之三。事实上，这最终帮助了道琼斯指数，因为苹果股票自分拆以来一直在苦苦挣扎，现在有进入熊市的危险。</blockquote></p><p> Another of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.</p><p><blockquote>道琼斯指数另一个令人挠头的特点是，在最初的几年里，它一次长达几个月的时间里未能针对股票分割进行调整。另一个原因是，在早期的许多年里，分割调整系数被四舍五入到小数点后一位。根据这项新研究的作者，这种四舍五入导致每次分割时的差异高达0.4%——相当于今天的指数水平超过125点。</blockquote></p><p> Another peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.</p><p><blockquote>另一个特点是：道琼斯指数对待股票股息和股票分割的方式不同，尽管两者在功能上是等效的。该研究的作者表示，从1928年到2019年，道指成分股宣布了105次股票股息，其中只有24次反映在道指价值的计算中。</blockquote></p><p> <b>Dividends</b></p><p><blockquote><b>股息</b></blockquote></p><p> By the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.</p><p><blockquote>西亚姆教授在接受采访时告诉我，迄今为止，道琼斯指数多年来做出的最重要的方法论决定是省略股息。自1928年以来，道指近一半的长期总回报来自股息。</blockquote></p><p> You might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)</p><p><blockquote>您可能认为这种对股息的严重依赖是道琼斯指数所独有的，道琼斯指数是由通常提供较高股息收益率的最蓝的蓝筹股构成的。但研究人员对道琼斯指数的发现也适用于整个美国股市。自1871年以来，根据耶鲁大学罗伯特·希勒的数据，美国股市仅按价格计算的年化回报率为4.6%，几乎正好是市场按总回报率计算的9.3%年化回报率的一半。（见下图。）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2e99e55881bbacc9fb4c6753120044e2\" tg-width=\"1260\" tg-height=\"849\"></p><p><blockquote></blockquote></p><p> Notice what this means for the near-term, given that the S&amp;P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the&nbsp;10-year breakeven inflation rate.</p><p><blockquote>请注意这对短期意味着什么，因为标普500的SPX,-0.54%目前的收益率仅为1.5%。假设未来与过去一样，并且取决于股息的增长率，这种低收益率表明股市的预期总回报率不会超过当前年化3%。这比10年期盈亏平衡通胀率高出不到一个百分点。</blockquote></p><p> <b>Could the future be different than the past?</b></p><p><blockquote><b>未来会与过去不同吗？</b></blockquote></p><p></p><p> The bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.</p><p><blockquote>多头对这一令人沮丧的预测有坚实的理论回应。根据金融界的一个长期理论，可以追溯到1985年获得诺贝尔经济学奖的佛朗哥·莫迪里阿尼(Franco Modigliani)在20世纪60年代的工作，支付股息较少的公司应该增长更快。这是因为他们可以将原本要支付给股东的资金再投资于自己的增长。因此，较低的股息收益率应该会转化为更快的盈利增长率和更高的股价。</blockquote></p><p> If so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.</p><p><blockquote>如果是这样，股票的总回报不应受到较低股息收益率的影响，因为价格升值将通过做出相应更大的贡献来进行补偿。</blockquote></p><p> Crucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.</p><p><blockquote>至关重要的是，莫迪里阿尼在股票回购在股市中没有发挥很大作用时提出了他的理论，他的理论可能需要修改以解释它们。如果公司将减少股息节省下来的钱用于回购，而不是投资于未来的增长，那么较低的股息收益率可能不会转化为后续盈利增长的加速。</blockquote></p><p> Whether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.</p><p><blockquote>是否如此，关键取决于公司是否在股票被低估时回购股票。他们在过去二十年里在这里的记录并不令人鼓舞。</blockquote></p><p> This means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&amp;P 500) was 3.8%, of which dividend yield contributed exactly half.”</p><p><blockquote>这意味着我们不能自动假设当今的低股息收益率意味着未来几年价格升值将在股票总回报中占更大比例。Research Affiliates创始人罗伯特·阿诺特(Robert Arnott)在一封电子邮件中指出，过去二十年股息在股票总回报中所占的比例与股息收益率高得多的前几十年一样大。阿诺特写道，截至2020年的20年里，“股票（标普500）的实际回报率为3.8%，其中股息收益率正好贡献了一半。”</blockquote></p><p> To be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.</p><p><blockquote>可以肯定的是，Sialm补充道，当试图评估股息、价格升值和回购之间的相互作用时，理论很快就会变得复杂。不能保证价格上涨不会弥补市场当前较低的股息收益率。尽管如此，他继续说道，股票投资者很可能面临一个长期的低增长时代。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dow-32-000-why-the-index-should-be-more-than-1-million-points-higher-11615248554?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/dow-32-000-why-the-index-should-be-more-than-1-million-points-higher-11615248554?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1158287133","content_text":"Benchmark index has inherent quirks, such as not counting dividends, that have kept it from reaching stratospheric levels\nThe Dow Jones Industrial Average should be trading not near 32,000 but actually above 1.2 million.\nI am not making some wildly bullish prediction about the stock market in coming years. I am instead reporting where the Dow would be trading now if it had incorporated dividends that component companies have paid over the years, as well as other corporate actions that affect stock prices, such as stock dividends and rights issues.\nNew research from the National Bureau of Economic Research calculates that had all such events been taken into account since Oct. 31, 1928, the Dow would have closed at 1,113,047 on Dec, 31, 2019. The Dow’s gain over the subsequent 15 months would propel its “true” value currently to more than 1.2 million.\nThe study’s authors are John Shoven and Clemens Sialm, finance professors at Stanford University and the University of Texas at Austin, respectively, along with Jacky Lin and Genevieve Selden. The researchers tell a sordid tale of the Dow’s construction over the decades — a story that should be filed, along with sausage and legislation, in the category of “if you like it, don’t look too closely to how it is made.”\nPrice-weighted\nOne of the DJIA’s peculiarities is that it is a price-weighted index, which means that the contribution a stock makes to its performance is a function of how high- or low-priced it is. That makes no theoretical sense.\nConsider the highest-priced stock currently in the DJIA, which is UnitedHealth Group with a recent price of about $350 per share. It has a 7.3% weighting in the index, compared to just a 1.0% weighting for Cisco Systems,the lowest-priced stock in the Dow at close to $48 per share. As a result, Cisco would need to perform more than seven times better than United Health in order to have the same impact on the Dow’s overall return.\nSplit adjustments\nOne consequence of this price-weighting is that a stock split will have a big impact on a stock’s weight in the Dow, even though the split is an accounting entry with no real-world significance. Consider Apple,which last summer split its shares four-for-one. As a result of that split, the stock’s weight in the Dow instantly fell by three-quarters. This in fact ended up helping the Dow, since Apple stock has struggled since that split and is now in danger of entering into a bear market.\nAnother of the Dow’s head-scratching idiosyncrasies is that in some early years it failed to adjust for stock splits for up to several months at a time. Yet another is that, in a number of those early years, split-adjustment factors were rounded to just one decimal point. According to the authors of this new study, this rounding led to discrepancies of as much as 0.4% on the occasion of each split — equivalent to more than 125 Dow points at today’s index level.\nAnother peculiarity: The Dow treated stock dividends differently than stock splits, even though the two are functionally equivalent. According to the research’s authors, the Dow’s component stocks declared 105 stock dividends between them from 1928 through 2019, only 24 of which were reflected in the calculation of the Dow’s value.\nDividends\nBy the far the most consequential methodological decision that the Dow made over the years has been to omit dividends, Professor Sialm told me in an interview. Nearly half of the Dow’s long-term total return since 1928 has come from dividends.\nYou might think that this heavy reliance on dividends is unique to the Dow, which is constructed from the bluest of blue-chip stocks that typically offer higher dividend yields. But what the researchers found for the Dow is also true for the U.S. stock market as a whole. Since 1871, according to data from Yale University’s Robert Shiller, the U.S. stock market’s price-only annualized return has been 4.6%, almost precisely half of the market’s 9.3% annualized return on a total-return basis. (See the chart below.)\n\nNotice what this means for the near-term, given that the S&P 500’sSPX,-0.54%current yield is just 1.5%. Assuming the future is like the past, and depending on the growth rate of dividends, this low yield points to an expected total return for the stock market from current levels of not much more than 3% annualized. That’s less than a percentage point greater than the 10-year breakeven inflation rate.\nCould the future be different than the past?\nThe bulls have a solid theoretical response to this otherwise dismal projection. According to a longstanding theory in finance, tracing to work in the 1960s by Franco Modigliani, who in 1985 would win the Nobel Prize in Economics, companies that pay out less in dividends should grow faster. That’s because they can reinvest in their own growth what they otherwise would have paid out to shareholders. A lower dividend yield therefore should translate into an accelerated earnings growth rate and a higher stock price.\nIf so, stocks’ total return should not be affected by a lower dividend yield, since price appreciation would compensate by making a correspondingly greater contribution.\nCrucially, Modigliani advanced his theory when share repurchases did not play a big role in the stock market, and his theory may need to be modified to account for them. If companies take the money they save from paying out fewer dividends and spend it on repurchases instead of investing it in their future growth, then a lower dividend yield may not translate into accelerated subsequent earnings growth.\nWhether or not it does depends crucially on whether companies repurchase shares when they are undervalued. Their track record here over the past two decades is not encouraging.\nThis means we can’t automatically assume that today’s low dividend yield will mean that, in coming years, price appreciation will constitute a greater proportion of stocks’ total return. In an email, Robert Arnott, founder of Research Affiliates, pointed out that dividends over the past two decades have represented just as big a proportion of stocks’ total return as in prior decades when dividend yields were much higher. For the 20 years through 2020, Arnott wrote, “the real return on stocks (S&P 500) was 3.8%, of which dividend yield contributed exactly half.”\nTo be sure, Sialm added, theory quickly gets complicated when trying to assess the interactions between dividends, price appreciation, and buybacks. There is no guarantee that price appreciation won’t make up for the market’s low current dividend yield. Nevertheless, he continued, it is likely that stock investors face an extended low-growth era.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368871708,"gmtCreate":1614312960704,"gmtModify":1703476212141,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Strong fundamental however still under pressure... long run shld be ok&nbsp;","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Strong fundamental however still under pressure... long run shld be ok&nbsp;","text":"$Alibaba(09988)$Strong fundamental however still under pressure... long run shld be ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/368871708","isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":387714022,"gmtCreate":1613785960966,"gmtModify":1634552242694,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Up up up to 10 dollar","listText":"<a href=\"https://laohu8.com/S/SNDL\">$Sundial Growers Inc.(SNDL)$</a>Up up up to 10 dollar","text":"$Sundial Growers Inc.(SNDL)$Up up up to 10 dollar","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/387714022","isVote":1,"tweetType":1,"viewCount":1748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357805746,"gmtCreate":1617253282285,"gmtModify":1631886014727,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ANGI\">$Angi Inc(ANGI)$</a>Up up and go!","listText":"<a href=\"https://laohu8.com/S/ANGI\">$Angi Inc(ANGI)$</a>Up up and go!","text":"$Angi Inc(ANGI)$Up up and go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/357805746","isVote":1,"tweetType":1,"viewCount":1593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362779428,"gmtCreate":1614674560064,"gmtModify":1703479676387,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Long terms still shining!!!!","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Long terms still shining!!!!","text":"$Alibaba(09988)$Long terms still shining!!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/362779428","isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354634229,"gmtCreate":1617165641761,"gmtModify":1634522305501,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Why keep going down?Not like futu","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Why keep going down?Not like futu","text":"$Tiger Brokers(TIGR)$Why keep going down?Not like futu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/354634229","isVote":1,"tweetType":1,"viewCount":2737,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3464294287504557","authorId":"3464294287504557","name":"老铁来了","avatar":"https://static.tigerbbs.com/d2464e458a80641114f6239a95fd33b5","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3464294287504557","idStr":"3464294287504557"},"content":"获利盘还没洗出去，还得等等，大哥那洗完了，拉升阻力小","text":"获利盘还没洗出去，还得等等，大哥那洗完了，拉升阻力小","html":"获利盘还没洗出去，还得等等，大哥那洗完了，拉升阻力小"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326480100,"gmtCreate":1615696352200,"gmtModify":1703492184356,"author":{"id":"3576477105577045","authorId":"3576477105577045","name":"illuminat18n","avatar":"https://static.tigerbbs.com/67a25091d6ea4083ba242a07a3ff8239","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576477105577045","idStr":"3576477105577045"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go tiger","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>Go go tiger","text":"$Tiger Brokers(TIGR)$Go go tiger","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/326480100","isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}