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Yoda0603

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2021-06-23

Like and comment

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2021-06-23

Good

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2021-06-15

Liked

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2021-06-09

[得意]

2021-06-08

Well done

6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600万美国人支持周一股市大赢家</blockquote>

2021-06-08

Good !!

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2021-06-07

Good

Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>

2021-06-06

Good

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2021-06-06

Good

Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于为Square、DoorDash等提供服务的金融科技公司需要了解的5件事</blockquote>

2021-06-06

Good

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2021-05-31

Good

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2021-05-31

Coin base

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2021-05-31

Cool

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done&nbsp;","listText":"Well done&nbsp;","text":"Well done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117657812","repostId":"1170180025","repostType":4,"repost":{"id":"1170180025","kind":"news","pubTimestamp":1623137843,"share":"https://www.laohu8.com/m/news/1170180025?lang=zh_CN&edition=full","pubTime":"2021-06-08 15:37","market":"us","language":"en","title":"6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600万美国人支持周一股市大赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170180025","media":"Motley Fool","summary":"It's not just about money. This company could change millions of lives for the better.\n\nIt's not eve","content":"<p>  <b>It's not just about money. This company could change millions of lives for the better.</b>  It's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.</p><p><blockquote><b>这不仅仅是钱的问题。这家公司可以让数百万人的生活变得更好。</b>并不是每天都有涉及股市的新闻事件有可能让数百万人的生活变得更好。但这就是今天发生的事情，尽管这个决定涉及一些争议，但美国的最新批准。美国食品药品监督管理局为600多万患有可怕和使人虚弱的疾病的美国人的潜在突破铺平了道路。</blockquote></p><p> To be clear, the entire stock market didn't celebrate the news. The<b>Dow Jones Industrial Average</b>&nbsp;and<b>S&amp;P 500</b>were both down on the day, although gains for the<b>Nasdaq Composite</b>&nbsp;were nice to see.</p><p><blockquote>需要明确的是，整个股市并没有庆祝这个消息。The<b>道琼斯工业平均指数</b>和<b>标普500</b>当天均下跌，尽管上涨<b>纳斯达克复合材料</b>很高兴见到你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/181bcc06eb97d19baf436292a1eb2331\" tg-width=\"793\" tg-height=\"292\">Indeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.<b>Biogen</b>(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.</p><p><blockquote>事实上，纳斯达克的收益部分来自于相关股票的表现。<b>Biogen</b>（纳斯达克：BIIB）周一大涨逾38%，上涨源于该公司最终可能能够一劳永逸地解决阿尔茨海默病问题的希望。</blockquote></p><p> <b>An approval for Biogen</b></p><p><blockquote><b>Biogen的批准</b></blockquote></p><p> Biogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.</p><p><blockquote>百健(Biogen)的股价在持续近三个小时的长时间停牌后飙升。美国东部时间中午，百健(Biogen)发布新闻稿，宣布FDA加速批准其aducanumab-avwa治疗阿尔茨海默病的药物。百健(Biogen)使用该药物的营销名称Aduhelm，声称该药物是第一种也是唯一一种通过降低患者大脑中β淀粉样蛋白斑块水平来解决其所谓的“该疾病的定义病理学”的阿尔茨海默病治疗方法。</blockquote></p><p> Biogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.</p><p><blockquote>Biogen表示，FDA发布加速批准是基于临床试验数据证明斑块减少。这将取决于持续的研究来验证成功对抗淀粉样β斑块实际上会降低阿尔茨海默病患者的临床衰退率。</blockquote></p><p> CEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials at<b>Eisai</b>(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.</p><p><blockquote>首席执行官Michel Vounatsos称这一批准是一个“历史性时刻”，并庆祝了众多研究人员长达十年的工作。官员在<b>卫材</b>（OTC：ESALY）与百健（Biogen）合作进行治疗，也同样感到高兴。卫材股价在场外交易中上涨了70%。</blockquote></p><p> <b>Why Biogen's win is controversial</b></p><p><blockquote><b>为什么百健(Biogen)的胜利存在争议</b></blockquote></p><p> Yet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.</p><p><blockquote>然而，其他人仍然对百健的胜利持怀疑态度。尽管该公司在展示治疗对淀粉样蛋白形成的直接影响方面做得很好，但进一步证明认知能力等阿尔茨海默氏症症状的实际改善却更加难以捉摸。事实上，过去的试验未能确定统计学上显著的益处。</blockquote></p><p> Also unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.</p><p><blockquote>同样不寻常的是该领域研究人员之间的分歧程度。当看到Aduhelm的结果时，一个独立专家小组并不相信这种治疗可以直接改善症状。</blockquote></p><p> Nevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.</p><p><blockquote>尽管如此，Biogen预计Aduhelm的销售将会很活跃。作为市场上唯一被批准的治疗方法，Biogen将有许多医疗专业人士寻求尝试它，即使他们对其最终影响持怀疑态度。这将不可避免地为百健（Biogen）带来数十亿美元的收入，同时使该公司能够继续收集有关治疗对患者的任何积极影响的数据。</blockquote></p><p> <b>Hoping for a cure</b></p><p><blockquote><b>希望找到治愈方法</b></blockquote></p><p> It's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.</p><p><blockquote>正是因为如此多的人面临如此多的风险，Biogen的阿尔茨海默氏症治疗产生了如此强烈的情感。然而，每个人都希望Aduhelm能够一劳永逸地证明自己，并开始为那些患有这种疾病的人提供救济。</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>6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600万美国人支持周一股市大赢家</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\">\n6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600万美国人支持周一股市大赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-08 15:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>It's not just about money. This company could change millions of lives for the better.</b>  It's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.</p><p><blockquote><b>这不仅仅是钱的问题。这家公司可以让数百万人的生活变得更好。</b>并不是每天都有涉及股市的新闻事件有可能让数百万人的生活变得更好。但这就是今天发生的事情，尽管这个决定涉及一些争议，但美国的最新批准。美国食品药品监督管理局为600多万患有可怕和使人虚弱的疾病的美国人的潜在突破铺平了道路。</blockquote></p><p> To be clear, the entire stock market didn't celebrate the news. The<b>Dow Jones Industrial Average</b>&nbsp;and<b>S&amp;P 500</b>were both down on the day, although gains for the<b>Nasdaq Composite</b>&nbsp;were nice to see.</p><p><blockquote>需要明确的是，整个股市并没有庆祝这个消息。The<b>道琼斯工业平均指数</b>和<b>标普500</b>当天均下跌，尽管上涨<b>纳斯达克复合材料</b>很高兴见到你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/181bcc06eb97d19baf436292a1eb2331\" tg-width=\"793\" tg-height=\"292\">Indeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.<b>Biogen</b>(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.</p><p><blockquote>事实上，纳斯达克的收益部分来自于相关股票的表现。<b>Biogen</b>（纳斯达克：BIIB）周一大涨逾38%，上涨源于该公司最终可能能够一劳永逸地解决阿尔茨海默病问题的希望。</blockquote></p><p> <b>An approval for Biogen</b></p><p><blockquote><b>Biogen的批准</b></blockquote></p><p> Biogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.</p><p><blockquote>百健(Biogen)的股价在持续近三个小时的长时间停牌后飙升。美国东部时间中午，百健(Biogen)发布新闻稿，宣布FDA加速批准其aducanumab-avwa治疗阿尔茨海默病的药物。百健(Biogen)使用该药物的营销名称Aduhelm，声称该药物是第一种也是唯一一种通过降低患者大脑中β淀粉样蛋白斑块水平来解决其所谓的“该疾病的定义病理学”的阿尔茨海默病治疗方法。</blockquote></p><p> Biogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.</p><p><blockquote>Biogen表示，FDA发布加速批准是基于临床试验数据证明斑块减少。这将取决于持续的研究来验证成功对抗淀粉样β斑块实际上会降低阿尔茨海默病患者的临床衰退率。</blockquote></p><p> CEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials at<b>Eisai</b>(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.</p><p><blockquote>首席执行官Michel Vounatsos称这一批准是一个“历史性时刻”，并庆祝了众多研究人员长达十年的工作。官员在<b>卫材</b>（OTC：ESALY）与百健（Biogen）合作进行治疗，也同样感到高兴。卫材股价在场外交易中上涨了70%。</blockquote></p><p> <b>Why Biogen's win is controversial</b></p><p><blockquote><b>为什么百健(Biogen)的胜利存在争议</b></blockquote></p><p> Yet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.</p><p><blockquote>然而，其他人仍然对百健的胜利持怀疑态度。尽管该公司在展示治疗对淀粉样蛋白形成的直接影响方面做得很好，但进一步证明认知能力等阿尔茨海默氏症症状的实际改善却更加难以捉摸。事实上，过去的试验未能确定统计学上显著的益处。</blockquote></p><p> Also unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.</p><p><blockquote>同样不寻常的是该领域研究人员之间的分歧程度。当看到Aduhelm的结果时，一个独立专家小组并不相信这种治疗可以直接改善症状。</blockquote></p><p> Nevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.</p><p><blockquote>尽管如此，Biogen预计Aduhelm的销售将会很活跃。作为市场上唯一被批准的治疗方法，Biogen将有许多医疗专业人士寻求尝试它，即使他们对其最终影响持怀疑态度。这将不可避免地为百健（Biogen）带来数十亿美元的收入，同时使该公司能够继续收集有关治疗对患者的任何积极影响的数据。</blockquote></p><p> <b>Hoping for a cure</b></p><p><blockquote><b>希望找到治愈方法</b></blockquote></p><p> It's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.</p><p><blockquote>正是因为如此多的人面临如此多的风险，Biogen的阿尔茨海默氏症治疗产生了如此强烈的情感。然而，每个人都希望Aduhelm能够一劳永逸地证明自己，并开始为那些患有这种疾病的人提供救济。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/07/6-million-americans-are-rooting-for-mondays-big-st/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.fool.com/investing/2021/06/07/6-million-americans-are-rooting-for-mondays-big-st/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170180025","content_text":"It's not just about money. This company could change millions of lives for the better.\n\nIt's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.\nTo be clear, the entire stock market didn't celebrate the news. TheDow Jones Industrial Average andS&P 500were both down on the day, although gains for theNasdaq Composite were nice to see.\nIndeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.Biogen(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.\nAn approval for Biogen\nBiogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.\nBiogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.\nCEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials atEisai(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.\nWhy Biogen's win is controversial\nYet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.\nAlso unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.\nNevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.\nHoping for a cure\nIt's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.","news_type":1,"symbols_score_info":{"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":2248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117652266,"gmtCreate":1623140126155,"gmtModify":1634036532990,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good !!","listText":"Good !!","text":"Good !!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117652266","repostId":"1125998409","repostType":4,"isVote":1,"tweetType":1,"viewCount":1722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114958969,"gmtCreate":1623044612451,"gmtModify":1634095893529,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114958969","repostId":"1170185754","repostType":4,"repost":{"id":"1170185754","kind":"news","pubTimestamp":1623037748,"share":"https://www.laohu8.com/m/news/1170185754?lang=zh_CN&edition=full","pubTime":"2021-06-07 11:49","market":"us","language":"en","title":"Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170185754","media":"Reuters","summary":"TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares wo","content":"<p>TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.</p><p><blockquote>东京（路透社）-东芝公司周一表示，将回购最多6%的流通股，价值约1000亿日元（9.13亿美元），以符合其提高股东回报的计划。</blockquote></p><p>The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.</p><p><blockquote>这家日本工业集团在一份声明中表示，由于“一些股东，主要是散户股东，更喜欢股息”，还将拨款约500亿日元支付特别股息。</blockquote></p><p>Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.</p><p><blockquote>一直受到激进股东压力的东芝上个月承诺，将向股东返还相对于适当股东权益水平的1500亿日元盈余。</blockquote></p><p></p>","source":"lsy1612507957220","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>Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</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\">\nToshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-07 11:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.</p><p><blockquote>东京（路透社）-东芝公司周一表示，将回购最多6%的流通股，价值约1000亿日元（9.13亿美元），以符合其提高股东回报的计划。</blockquote></p><p>The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.</p><p><blockquote>这家日本工业集团在一份声明中表示，由于“一些股东，主要是散户股东，更喜欢股息”，还将拨款约500亿日元支付特别股息。</blockquote></p><p>Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.</p><p><blockquote>一直受到激进股东压力的东芝上个月承诺，将向股东返还相对于适当股东权益水平的1500亿日元盈余。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/toshiba-buy-back-6-shares-033708746.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOSYY":"东芝"},"source_url":"https://finance.yahoo.com/news/toshiba-buy-back-6-shares-033708746.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170185754","content_text":"TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.","news_type":1,"symbols_score_info":{"TOSYY":0.9}},"isVote":1,"tweetType":1,"viewCount":1353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115837602,"gmtCreate":1622969111906,"gmtModify":1634096488665,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115837602","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":1252,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115837918,"gmtCreate":1622969052334,"gmtModify":1634096489026,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115837918","repostId":"2141402879","repostType":4,"repost":{"id":"2141402879","kind":"highlight","pubTimestamp":1622942472,"share":"https://www.laohu8.com/m/news/2141402879?lang=zh_CN&edition=full","pubTime":"2021-06-06 09:21","market":"us","language":"en","title":"Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于为Square、DoorDash等提供服务的金融科技公司需要了解的5件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2141402879","media":"MarketWatch","summary":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\n","content":"<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p><p><blockquote>Marqeta寻求筹集超过10亿美元的IPO后估值可能超过120亿美元</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Square Inc.去年占Marqeta Inc.收入的70%；Marqeta的发卡技术帮助Square向其Cash App客户提供借记卡。</span></p></blockquote></p><p> Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p><p><blockquote>投资者可能很快就会有一种新的方式来利用硅谷一些最热门公司背后的支付基础设施。</blockquote></p><p> Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p><p><blockquote>从Instacart到DoorDash Inc.<a href=\"https://laohu8.com/S/DASH\">$（破折号）$</a>确认控股公司。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>依靠卡支付来方便客户购买，例如，允许送货人员只为订单中的商品付款。Marqeta Inc.提供发卡技术，让企业能够构建这些功能，这家金融科技公司目前正在上市。</blockquote></p><p> Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p><p><blockquote>总部位于加利福尼亚州奥克兰的Marqeta成立于2010年，该公司表示，这为发行定制卡的做法注入了现代元素。该公司提供应用程序编程接口(API)，让公司在构建虚拟和物理卡程序时利用Marqeta与银行和卡网络的关系。</blockquote></p><p> Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p><p><blockquote>广场公司。<a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a>是Marqeta最大的客户，依靠Marqeta技术为现金卡借记卡提供支持，让用户可以使用移动钱包中的资金。根据Marqeta在首次公开募股前向美国证券交易委员会提交的招股说明书，Marqeta还支持一项功能，让Square的Cash应用程序用户直接从雇主或政府接收存款。</blockquote></p><p> Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p><p><blockquote>Marqeta计划通过IPO发行约4500万股A类股票，每股价格为20至24美元，而创始人兼首席执行官Jason Gardner以及早期投资者将获得投票权为10倍的B类股票。该公司将在拟议范围的高端筹集近11亿美元，同时估值超过120亿美元。以高盛和摩根大通为首的承销商可以额外获得680万股股票。Marqeta预计将在纳斯达克交易所上市，股票代码为MQ。</blockquote></p><p> Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p><p><blockquote>Marqeta预计将于6月9日开始交易，在发行股票之前需要了解以下五件事。</blockquote></p><p> <b>Doubling revenue, but still in the red</b></p><p><blockquote><b>收入翻倍，但仍处于亏损状态</b></blockquote></p><p> Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p><p><blockquote>Marqeta去年的净收入为2.903亿美元，是该公司去年同期1.433亿美元的两倍多。2021年第一季度，Marqeta的收入从4840万美元增至1.08亿美元。</blockquote></p><p> The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p><p><blockquote>尽管上一财年亏损有所收窄，但该公司仍在亏损。Marqeta公布2020年净亏损4770万美元，而2019年亏损5820万美元。Marqeta 2021年第一季度亏损1280万美元，而去年同期亏损1450万美元。</blockquote></p><p> Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p><p><blockquote>Marqeta的总处理量，即通过其平台处理的支付的美元价值，在第一季度增长了167%，达到240亿美元。</blockquote></p><p> <b>Squarely its biggest customer</b></p><p><blockquote><b>绝对是其最大的客户</b></blockquote></p><p> Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p><p><blockquote>Marqeta高度依赖Square，Square占该公司去年净收入的70%，2021年第一季度净收入的73%。</blockquote></p><p> \"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p><p><blockquote>“尽管我们预计来自最大客户的净收入占我们总净收入的百分比将随着时间的推移而下降，因为我们从其他客户那里产生了更多的净收入，但我们预计来自相对较小的客户群体的净收入将继续占我们近期净收入的很大一部分，”该公司在其招股说明书中列出的风险因素中指出。</blockquote></p><p> \"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p><p><blockquote>“看到一家公司上市时如此多的业务来自<a href=\"https://laohu8.com/S/AONE\">一</a>客户，”451 Research首席分析师Jordan McKee告诉MarketWatch。</blockquote></p><p> Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p><p><blockquote>Marqeta的Cash App合同期限将于2024年3月结束，其Square Card（一款面向企业的独立产品）的合同将于2024年12月到期。两个协议都可以自动续订<a href=\"https://laohu8.com/S/AONE.U\">一</a>-此后的年份。</blockquote></p><p> Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p><p><blockquote>Bernstein分析师Harshita Rawat认为Square将业务转移到另一个发卡平台的风险很小，因为提供这项技术的其他公司是Square在其他业务领域与之竞争的公司。她认为，更大的长期风险是Square在内部开发发卡能力。</blockquote></p><p> \"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p><p><blockquote>“虽然很难明确说Square是否正在考虑构建内部解决方案，但我们认为Stripe和Adyen存在优先权，因此这种客户集中风险应该纳入Marqeta的估值中，”拉瓦特写道。</blockquote></p><p> <b>Meet the competition</b></p><p><blockquote><b>迎接竞争</b></blockquote></p><p></p><p> Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p><p><blockquote>Marqeta承认，它处于一个竞争激烈的市场，因为该公司要与Global Payments Inc.等更传统的参与者竞争。<a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a>和Fiserv公司。<a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a>以及Stripe和Adyen NV等“新兴提供商”。</blockquote></p><p> Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p><p><blockquote>Rawat写道，更老派的金融服务参与者“没有足够的能力和上市速度来在新时代发行人市场中有效竞争”，尽管她“密切关注Stripe，将其视为Marqeta最强大的竞争对手之一”随着时间的推移。”Stripe与商家以及更“现成”的产品建立了现有关系。</blockquote></p><p> While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p><p><blockquote>虽然Rawat强调Stripe更通用的产品相对于Marqeta来说可能会给该公司带来好处，Marqeta拥有更可定制的产品，但杰富瑞(Jefferies)分析师特雷弗·威廉姆斯(Trevor Williams)在进行了多次行业对话（包括与Marqeta前产品副总裁的对话）后，对情况有了不同的看法。Williams指出定制选项是Marqeta的一个优势，并表示迁移到新平台的转换成本很高。</blockquote></p><p> \"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p><p><blockquote>他写道：“我们的专家认为，除非Marqeta不能满足业务需求，否则不太可能进行转换。”他引用了“管理转换所需的工程资源，特别是如果卡产品对客户来说是非核心产品（例如DoorDash不依赖于）交换）。”</blockquote></p><p> MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p><p><blockquote>MKM Partners分析师Rohit Kulkarni写道，新兴的金融科技竞争对手拥有“类似但可以说不太复杂的产品”。</blockquote></p><p> <b>About interchange</b></p><p><blockquote><b>关于interchange</b></blockquote></p><p> Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p><p><blockquote>Marqeta的大部分收入来自交换费，即客户使用信用卡或借记卡进行交易时商业银行向发卡银行支付的费用。Marqeta在其招股说明书中指出：“我们与发卡银行的协议规定，我们在处理客户的卡交易时收取100%的交换费。”</blockquote></p><p> Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p><p><blockquote>信用卡网络设定了交换费用，但2010年的杜宾修正案限制了借记卡交换。然而，一些较小的银行不受杜宾限制，根据该公司的招股说明书，Marqeta“目前仅与在我们提供项目管理服务时不受杜宾修正案约束的发行银行签订合同”。</blockquote></p><p> \"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and &gt;2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p><p><blockquote>“简而言之，消费者和商业卡交易（Marqeta通过其不同的产品接触到这两种交易）之间的Durbin豁免交换[百分比]对消费者来说可能平均为1.4%（根据交易类型的不同，范围很大））商业支出的比例&gt;2%，”伯恩斯坦的拉瓦特写道。“这与杜宾监管交易的平均交换率为0.5%形成鲜明对比。”</blockquote></p><p> Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p><p><blockquote>Rawat认为，Marqeta与Durbin豁免发行人的合作有助于该公司比与较大的非豁免发行银行合作的更传统的合作伙伴产生更高的收入“收益率”，这意味着该公司可以保留更大比例的收入。虽然她表示投资者应该监控豁免规则潜在变化的风险，但她也写道，“监管机构或政府似乎不愿意废除杜宾豁免，也不愿意让金融科技公司或科技巨头更难从中受益。”</blockquote></p><p> <b>A big market</b></p><p><blockquote><b>大市场</b></blockquote></p><p> Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p><p><blockquote>Marqeta去年处理了约600亿美元的交易量，根据支付行业出版物Nilson Report的估计，这还不到同期流经美国发行人的6.7万亿美元交易量的1%。</blockquote></p><p> \"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p><p><blockquote>该公司在招股说明书中表示：“我们相信，由于我们独特的平台、竞争优势和强大的创新文化，我们在这一巨大机遇中的份额将继续增加。”</blockquote></p><p> Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p><p><blockquote>拉瓦特写道，Marqeta的“增长跑道是巨大的”。她认为，进一步的机会包括更大的国际扩张和最近推出的信贷处理计划的进展。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于为Square、DoorDash等提供服务的金融科技公司需要了解的5件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-06 09:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p><p><blockquote>Marqeta寻求筹集超过10亿美元的IPO后估值可能超过120亿美元</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Square Inc.去年占Marqeta Inc.收入的70%；Marqeta的发卡技术帮助Square向其Cash App客户提供借记卡。</span></p></blockquote></p><p> Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p><p><blockquote>投资者可能很快就会有一种新的方式来利用硅谷一些最热门公司背后的支付基础设施。</blockquote></p><p> Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p><p><blockquote>从Instacart到DoorDash Inc.<a href=\"https://laohu8.com/S/DASH\">$（破折号）$</a>确认控股公司。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>依靠卡支付来方便客户购买，例如，允许送货人员只为订单中的商品付款。Marqeta Inc.提供发卡技术，让企业能够构建这些功能，这家金融科技公司目前正在上市。</blockquote></p><p> Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p><p><blockquote>总部位于加利福尼亚州奥克兰的Marqeta成立于2010年，该公司表示，这为发行定制卡的做法注入了现代元素。该公司提供应用程序编程接口(API)，让公司在构建虚拟和物理卡程序时利用Marqeta与银行和卡网络的关系。</blockquote></p><p> Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p><p><blockquote>广场公司。<a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a>是Marqeta最大的客户，依靠Marqeta技术为现金卡借记卡提供支持，让用户可以使用移动钱包中的资金。根据Marqeta在首次公开募股前向美国证券交易委员会提交的招股说明书，Marqeta还支持一项功能，让Square的Cash应用程序用户直接从雇主或政府接收存款。</blockquote></p><p> Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p><p><blockquote>Marqeta计划通过IPO发行约4500万股A类股票，每股价格为20至24美元，而创始人兼首席执行官Jason Gardner以及早期投资者将获得投票权为10倍的B类股票。该公司将在拟议范围的高端筹集近11亿美元，同时估值超过120亿美元。以高盛和摩根大通为首的承销商可以额外获得680万股股票。Marqeta预计将在纳斯达克交易所上市，股票代码为MQ。</blockquote></p><p> Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p><p><blockquote>Marqeta预计将于6月9日开始交易，在发行股票之前需要了解以下五件事。</blockquote></p><p> <b>Doubling revenue, but still in the red</b></p><p><blockquote><b>收入翻倍，但仍处于亏损状态</b></blockquote></p><p> Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p><p><blockquote>Marqeta去年的净收入为2.903亿美元，是该公司去年同期1.433亿美元的两倍多。2021年第一季度，Marqeta的收入从4840万美元增至1.08亿美元。</blockquote></p><p> The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p><p><blockquote>尽管上一财年亏损有所收窄，但该公司仍在亏损。Marqeta公布2020年净亏损4770万美元，而2019年亏损5820万美元。Marqeta 2021年第一季度亏损1280万美元，而去年同期亏损1450万美元。</blockquote></p><p> Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p><p><blockquote>Marqeta的总处理量，即通过其平台处理的支付的美元价值，在第一季度增长了167%，达到240亿美元。</blockquote></p><p> <b>Squarely its biggest customer</b></p><p><blockquote><b>绝对是其最大的客户</b></blockquote></p><p> Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p><p><blockquote>Marqeta高度依赖Square，Square占该公司去年净收入的70%，2021年第一季度净收入的73%。</blockquote></p><p> \"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p><p><blockquote>“尽管我们预计来自最大客户的净收入占我们总净收入的百分比将随着时间的推移而下降，因为我们从其他客户那里产生了更多的净收入，但我们预计来自相对较小的客户群体的净收入将继续占我们近期净收入的很大一部分，”该公司在其招股说明书中列出的风险因素中指出。</blockquote></p><p> \"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p><p><blockquote>“看到一家公司上市时如此多的业务来自<a href=\"https://laohu8.com/S/AONE\">一</a>客户，”451 Research首席分析师Jordan McKee告诉MarketWatch。</blockquote></p><p> Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p><p><blockquote>Marqeta的Cash App合同期限将于2024年3月结束，其Square Card（一款面向企业的独立产品）的合同将于2024年12月到期。两个协议都可以自动续订<a href=\"https://laohu8.com/S/AONE.U\">一</a>-此后的年份。</blockquote></p><p> Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p><p><blockquote>Bernstein分析师Harshita Rawat认为Square将业务转移到另一个发卡平台的风险很小，因为提供这项技术的其他公司是Square在其他业务领域与之竞争的公司。她认为，更大的长期风险是Square在内部开发发卡能力。</blockquote></p><p> \"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p><p><blockquote>“虽然很难明确说Square是否正在考虑构建内部解决方案，但我们认为Stripe和Adyen存在优先权，因此这种客户集中风险应该纳入Marqeta的估值中，”拉瓦特写道。</blockquote></p><p> <b>Meet the competition</b></p><p><blockquote><b>迎接竞争</b></blockquote></p><p></p><p> Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p><p><blockquote>Marqeta承认，它处于一个竞争激烈的市场，因为该公司要与Global Payments Inc.等更传统的参与者竞争。<a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a>和Fiserv公司。<a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a>以及Stripe和Adyen NV等“新兴提供商”。</blockquote></p><p> Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p><p><blockquote>Rawat写道，更老派的金融服务参与者“没有足够的能力和上市速度来在新时代发行人市场中有效竞争”，尽管她“密切关注Stripe，将其视为Marqeta最强大的竞争对手之一”随着时间的推移。”Stripe与商家以及更“现成”的产品建立了现有关系。</blockquote></p><p> While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p><p><blockquote>虽然Rawat强调Stripe更通用的产品相对于Marqeta来说可能会给该公司带来好处，Marqeta拥有更可定制的产品，但杰富瑞(Jefferies)分析师特雷弗·威廉姆斯(Trevor Williams)在进行了多次行业对话（包括与Marqeta前产品副总裁的对话）后，对情况有了不同的看法。Williams指出定制选项是Marqeta的一个优势，并表示迁移到新平台的转换成本很高。</blockquote></p><p> \"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p><p><blockquote>他写道：“我们的专家认为，除非Marqeta不能满足业务需求，否则不太可能进行转换。”他引用了“管理转换所需的工程资源，特别是如果卡产品对客户来说是非核心产品（例如DoorDash不依赖于）交换）。”</blockquote></p><p> MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p><p><blockquote>MKM Partners分析师Rohit Kulkarni写道，新兴的金融科技竞争对手拥有“类似但可以说不太复杂的产品”。</blockquote></p><p> <b>About interchange</b></p><p><blockquote><b>关于interchange</b></blockquote></p><p> Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p><p><blockquote>Marqeta的大部分收入来自交换费，即客户使用信用卡或借记卡进行交易时商业银行向发卡银行支付的费用。Marqeta在其招股说明书中指出：“我们与发卡银行的协议规定，我们在处理客户的卡交易时收取100%的交换费。”</blockquote></p><p> Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p><p><blockquote>信用卡网络设定了交换费用，但2010年的杜宾修正案限制了借记卡交换。然而，一些较小的银行不受杜宾限制，根据该公司的招股说明书，Marqeta“目前仅与在我们提供项目管理服务时不受杜宾修正案约束的发行银行签订合同”。</blockquote></p><p> \"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and &gt;2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p><p><blockquote>“简而言之，消费者和商业卡交易（Marqeta通过其不同的产品接触到这两种交易）之间的Durbin豁免交换[百分比]对消费者来说可能平均为1.4%（根据交易类型的不同，范围很大））商业支出的比例&gt;2%，”伯恩斯坦的拉瓦特写道。“这与杜宾监管交易的平均交换率为0.5%形成鲜明对比。”</blockquote></p><p> Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p><p><blockquote>Rawat认为，Marqeta与Durbin豁免发行人的合作有助于该公司比与较大的非豁免发行银行合作的更传统的合作伙伴产生更高的收入“收益率”，这意味着该公司可以保留更大比例的收入。虽然她表示投资者应该监控豁免规则潜在变化的风险，但她也写道，“监管机构或政府似乎不愿意废除杜宾豁免，也不愿意让金融科技公司或科技巨头更难从中受益。”</blockquote></p><p> <b>A big market</b></p><p><blockquote><b>大市场</b></blockquote></p><p> Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p><p><blockquote>Marqeta去年处理了约600亿美元的交易量，根据支付行业出版物Nilson Report的估计，这还不到同期流经美国发行人的6.7万亿美元交易量的1%。</blockquote></p><p> \"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p><p><blockquote>该公司在招股说明书中表示：“我们相信，由于我们独特的平台、竞争优势和强大的创新文化，我们在这一巨大机遇中的份额将继续增加。”</blockquote></p><p> Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p><p><blockquote>拉瓦特写道，Marqeta的“增长跑道是巨大的”。她认为，进一步的机会包括更大的国际扩张和最近推出的信贷处理计划的进展。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?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":{"MQ":"Marqeta, Inc.","DASH":"DoorDash, Inc."},"source_url":"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141402879","content_text":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\nSquare Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.\nInvestors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.\nCompanies from Instacart to DoorDash Inc. $(DASH)$ to Affirm Holdings Inc. $(AFRM)$ rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.\nOakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.\nSquare Inc. $(SQ)$ is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.\nMarqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.\nHere are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.\nDoubling revenue, but still in the red\nMarqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.\nThe company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.\nMarqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.\nSquarely its biggest customer\nMarqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.\n\"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.\n\"It's unprecedented to see a company going public with that much of business coming from one customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.\nMarqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive one-year periods after that.\nBernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.\n\"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.\nMeet the competition\nMarqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. $(GPN)$ and Fiserv Inc. $(FISV)$ as well as \"emerging providers\" like Stripe and Adyen NV .\nRawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.\nWhile Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.\n\"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"\nMKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"\nAbout interchange\nMarqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.\nCard networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.\n\"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and >2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"\nRawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"\nA big market\nMarqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.\n\"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.\nRawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.","news_type":1,"symbols_score_info":{"DASH":0.9,"MQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115834842,"gmtCreate":1622968993786,"gmtModify":1634096489851,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115834842","repostId":"1102972710","repostType":4,"isVote":1,"tweetType":1,"viewCount":2579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110597178,"gmtCreate":1622467305594,"gmtModify":1634101282581,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110597178","repostId":"1168423433","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110595468,"gmtCreate":1622467225654,"gmtModify":1634101284178,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Coin 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!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117652266","repostId":"1125998409","repostType":4,"isVote":1,"tweetType":1,"viewCount":1722,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114958969,"gmtCreate":1623044612451,"gmtModify":1634095893529,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114958969","repostId":"1170185754","repostType":4,"repost":{"id":"1170185754","kind":"news","pubTimestamp":1623037748,"share":"https://www.laohu8.com/m/news/1170185754?lang=zh_CN&edition=full","pubTime":"2021-06-07 11:49","market":"us","language":"en","title":"Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170185754","media":"Reuters","summary":"TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares wo","content":"<p>TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.</p><p><blockquote>东京（路透社）-东芝公司周一表示，将回购最多6%的流通股，价值约1000亿日元（9.13亿美元），以符合其提高股东回报的计划。</blockquote></p><p>The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.</p><p><blockquote>这家日本工业集团在一份声明中表示，由于“一些股东，主要是散户股东，更喜欢股息”，还将拨款约500亿日元支付特别股息。</blockquote></p><p>Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.</p><p><blockquote>一直受到激进股东压力的东芝上个月承诺，将向股东返还相对于适当股东权益水平的1500亿日元盈余。</blockquote></p><p></p>","source":"lsy1612507957220","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>Toshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote></title>\n<style 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#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\">\nToshiba to buy back 6% of shares, pay special dividend<blockquote>东芝将回购6%股份并支付特别股息</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-07 11:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.</p><p><blockquote>东京（路透社）-东芝公司周一表示，将回购最多6%的流通股，价值约1000亿日元（9.13亿美元），以符合其提高股东回报的计划。</blockquote></p><p>The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.</p><p><blockquote>这家日本工业集团在一份声明中表示，由于“一些股东，主要是散户股东，更喜欢股息”，还将拨款约500亿日元支付特别股息。</blockquote></p><p>Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.</p><p><blockquote>一直受到激进股东压力的东芝上个月承诺，将向股东返还相对于适当股东权益水平的1500亿日元盈余。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/toshiba-buy-back-6-shares-033708746.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOSYY":"东芝"},"source_url":"https://finance.yahoo.com/news/toshiba-buy-back-6-shares-033708746.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170185754","content_text":"TOKYO (Reuters) - Toshiba Corp said on Monday it will buy back up to 6% of its outstanding shares worth around 100 billion yen ($913 million), in line with its plans to boost shareholder returns.The Japanese industrial conglomerate will also allocate about 50 billion yen to pay a special dividend as \"some shareholders, mainly retail shareholders, prefer dividends\", it said in a statement.Toshiba, which has been under pressure from activist shareholders, last month promised to return to shareholders a surplus of 150 billion yen against the appropriate shareholder equity level.","news_type":1,"symbols_score_info":{"TOSYY":0.9}},"isVote":1,"tweetType":1,"viewCount":1353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115834842,"gmtCreate":1622968993786,"gmtModify":1634096489851,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115834842","repostId":"1102972710","repostType":4,"isVote":1,"tweetType":1,"viewCount":2579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110597178,"gmtCreate":1622467305594,"gmtModify":1634101282581,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110597178","repostId":"1168423433","repostType":4,"isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180732668,"gmtCreate":1623226347954,"gmtModify":1634035614816,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[{"img":"https://static.tigerbbs.com/d1727a21ad7264cd2a7df80e58b10643","width":"1440","height":"2706"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/180732668","isVote":1,"tweetType":1,"viewCount":1464,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":117657812,"gmtCreate":1623140204236,"gmtModify":1634036530175,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Well done&nbsp;","listText":"Well done&nbsp;","text":"Well done","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117657812","repostId":"1170180025","repostType":4,"repost":{"id":"1170180025","kind":"news","pubTimestamp":1623137843,"share":"https://www.laohu8.com/m/news/1170180025?lang=zh_CN&edition=full","pubTime":"2021-06-08 15:37","market":"us","language":"en","title":"6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600万美国人支持周一股市大赢家</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170180025","media":"Motley Fool","summary":"It's not just about money. This company could change millions of lives for the better.\n\nIt's not eve","content":"<p>  <b>It's not just about money. This company could change millions of lives for the better.</b>  It's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.</p><p><blockquote><b>这不仅仅是钱的问题。这家公司可以让数百万人的生活变得更好。</b>并不是每天都有涉及股市的新闻事件有可能让数百万人的生活变得更好。但这就是今天发生的事情，尽管这个决定涉及一些争议，但美国的最新批准。美国食品药品监督管理局为600多万患有可怕和使人虚弱的疾病的美国人的潜在突破铺平了道路。</blockquote></p><p> To be clear, the entire stock market didn't celebrate the news. The<b>Dow Jones Industrial Average</b>&nbsp;and<b>S&amp;P 500</b>were both down on the day, although gains for the<b>Nasdaq Composite</b>&nbsp;were nice to see.</p><p><blockquote>需要明确的是，整个股市并没有庆祝这个消息。The<b>道琼斯工业平均指数</b>和<b>标普500</b>当天均下跌，尽管上涨<b>纳斯达克复合材料</b>很高兴见到你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/181bcc06eb97d19baf436292a1eb2331\" tg-width=\"793\" tg-height=\"292\">Indeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.<b>Biogen</b>(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.</p><p><blockquote>事实上，纳斯达克的收益部分来自于相关股票的表现。<b>Biogen</b>（纳斯达克：BIIB）周一大涨逾38%，上涨源于该公司最终可能能够一劳永逸地解决阿尔茨海默病问题的希望。</blockquote></p><p> <b>An approval for Biogen</b></p><p><blockquote><b>Biogen的批准</b></blockquote></p><p> Biogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.</p><p><blockquote>百健(Biogen)的股价在持续近三个小时的长时间停牌后飙升。美国东部时间中午，百健(Biogen)发布新闻稿，宣布FDA加速批准其aducanumab-avwa治疗阿尔茨海默病的药物。百健(Biogen)使用该药物的营销名称Aduhelm，声称该药物是第一种也是唯一一种通过降低患者大脑中β淀粉样蛋白斑块水平来解决其所谓的“该疾病的定义病理学”的阿尔茨海默病治疗方法。</blockquote></p><p> Biogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.</p><p><blockquote>Biogen表示，FDA发布加速批准是基于临床试验数据证明斑块减少。这将取决于持续的研究来验证成功对抗淀粉样β斑块实际上会降低阿尔茨海默病患者的临床衰退率。</blockquote></p><p> CEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials at<b>Eisai</b>(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.</p><p><blockquote>首席执行官Michel Vounatsos称这一批准是一个“历史性时刻”，并庆祝了众多研究人员长达十年的工作。官员在<b>卫材</b>（OTC：ESALY）与百健（Biogen）合作进行治疗，也同样感到高兴。卫材股价在场外交易中上涨了70%。</blockquote></p><p> <b>Why Biogen's win is controversial</b></p><p><blockquote><b>为什么百健(Biogen)的胜利存在争议</b></blockquote></p><p> Yet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.</p><p><blockquote>然而，其他人仍然对百健的胜利持怀疑态度。尽管该公司在展示治疗对淀粉样蛋白形成的直接影响方面做得很好，但进一步证明认知能力等阿尔茨海默氏症症状的实际改善却更加难以捉摸。事实上，过去的试验未能确定统计学上显著的益处。</blockquote></p><p> Also unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.</p><p><blockquote>同样不寻常的是该领域研究人员之间的分歧程度。当看到Aduhelm的结果时，一个独立专家小组并不相信这种治疗可以直接改善症状。</blockquote></p><p> Nevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.</p><p><blockquote>尽管如此，Biogen预计Aduhelm的销售将会很活跃。作为市场上唯一被批准的治疗方法，Biogen将有许多医疗专业人士寻求尝试它，即使他们对其最终影响持怀疑态度。这将不可避免地为百健（Biogen）带来数十亿美元的收入，同时使该公司能够继续收集有关治疗对患者的任何积极影响的数据。</blockquote></p><p> <b>Hoping for a cure</b></p><p><blockquote><b>希望找到治愈方法</b></blockquote></p><p> It's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.</p><p><blockquote>正是因为如此多的人面临如此多的风险，Biogen的阿尔茨海默氏症治疗产生了如此强烈的情感。然而，每个人都希望Aduhelm能够一劳永逸地证明自己，并开始为那些患有这种疾病的人提供救济。</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>6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600万美国人支持周一股市大赢家</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\">\n6 Million Americans Are Rooting for Monday's Big Stock Market Winner<blockquote>600万美国人支持周一股市大赢家</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-06-08 15:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>It's not just about money. This company could change millions of lives for the better.</b>  It's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.</p><p><blockquote><b>这不仅仅是钱的问题。这家公司可以让数百万人的生活变得更好。</b>并不是每天都有涉及股市的新闻事件有可能让数百万人的生活变得更好。但这就是今天发生的事情，尽管这个决定涉及一些争议，但美国的最新批准。美国食品药品监督管理局为600多万患有可怕和使人虚弱的疾病的美国人的潜在突破铺平了道路。</blockquote></p><p> To be clear, the entire stock market didn't celebrate the news. The<b>Dow Jones Industrial Average</b>&nbsp;and<b>S&amp;P 500</b>were both down on the day, although gains for the<b>Nasdaq Composite</b>&nbsp;were nice to see.</p><p><blockquote>需要明确的是，整个股市并没有庆祝这个消息。The<b>道琼斯工业平均指数</b>和<b>标普500</b>当天均下跌，尽管上涨<b>纳斯达克复合材料</b>很高兴见到你。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/181bcc06eb97d19baf436292a1eb2331\" tg-width=\"793\" tg-height=\"292\">Indeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.<b>Biogen</b>(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.</p><p><blockquote>事实上，纳斯达克的收益部分来自于相关股票的表现。<b>Biogen</b>（纳斯达克：BIIB）周一大涨逾38%，上涨源于该公司最终可能能够一劳永逸地解决阿尔茨海默病问题的希望。</blockquote></p><p> <b>An approval for Biogen</b></p><p><blockquote><b>Biogen的批准</b></blockquote></p><p> Biogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.</p><p><blockquote>百健(Biogen)的股价在持续近三个小时的长时间停牌后飙升。美国东部时间中午，百健(Biogen)发布新闻稿，宣布FDA加速批准其aducanumab-avwa治疗阿尔茨海默病的药物。百健(Biogen)使用该药物的营销名称Aduhelm，声称该药物是第一种也是唯一一种通过降低患者大脑中β淀粉样蛋白斑块水平来解决其所谓的“该疾病的定义病理学”的阿尔茨海默病治疗方法。</blockquote></p><p> Biogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.</p><p><blockquote>Biogen表示，FDA发布加速批准是基于临床试验数据证明斑块减少。这将取决于持续的研究来验证成功对抗淀粉样β斑块实际上会降低阿尔茨海默病患者的临床衰退率。</blockquote></p><p> CEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials at<b>Eisai</b>(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.</p><p><blockquote>首席执行官Michel Vounatsos称这一批准是一个“历史性时刻”，并庆祝了众多研究人员长达十年的工作。官员在<b>卫材</b>（OTC：ESALY）与百健（Biogen）合作进行治疗，也同样感到高兴。卫材股价在场外交易中上涨了70%。</blockquote></p><p> <b>Why Biogen's win is controversial</b></p><p><blockquote><b>为什么百健(Biogen)的胜利存在争议</b></blockquote></p><p> Yet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.</p><p><blockquote>然而，其他人仍然对百健的胜利持怀疑态度。尽管该公司在展示治疗对淀粉样蛋白形成的直接影响方面做得很好，但进一步证明认知能力等阿尔茨海默氏症症状的实际改善却更加难以捉摸。事实上，过去的试验未能确定统计学上显著的益处。</blockquote></p><p> Also unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.</p><p><blockquote>同样不寻常的是该领域研究人员之间的分歧程度。当看到Aduhelm的结果时，一个独立专家小组并不相信这种治疗可以直接改善症状。</blockquote></p><p> Nevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.</p><p><blockquote>尽管如此，Biogen预计Aduhelm的销售将会很活跃。作为市场上唯一被批准的治疗方法，Biogen将有许多医疗专业人士寻求尝试它，即使他们对其最终影响持怀疑态度。这将不可避免地为百健（Biogen）带来数十亿美元的收入，同时使该公司能够继续收集有关治疗对患者的任何积极影响的数据。</blockquote></p><p> <b>Hoping for a cure</b></p><p><blockquote><b>希望找到治愈方法</b></blockquote></p><p> It's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.</p><p><blockquote>正是因为如此多的人面临如此多的风险，Biogen的阿尔茨海默氏症治疗产生了如此强烈的情感。然而，每个人都希望Aduhelm能够一劳永逸地证明自己，并开始为那些患有这种疾病的人提供救济。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/07/6-million-americans-are-rooting-for-mondays-big-st/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BIIB":"渤健公司"},"source_url":"https://www.fool.com/investing/2021/06/07/6-million-americans-are-rooting-for-mondays-big-st/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170180025","content_text":"It's not just about money. This company could change millions of lives for the better.\n\nIt's not every day that a news event involving the stock market has the potential to change the lives of millions of people for the better. But that's what happened today, and although the decision involves some controversy, the latest approval from the U.S. Food and Drug Administration paves the way for a potential breakthrough for the more than 6 million Americans who suffer from a terrible and debilitating illness.\nTo be clear, the entire stock market didn't celebrate the news. TheDow Jones Industrial Average andS&P 500were both down on the day, although gains for theNasdaq Composite were nice to see.\nIndeed, the Nasdaq's gain came in part from the performance of the high-flying stock in question.Biogen(NASDAQ:BIIB)surged higher by more than 38% on Monday, and the gains came on hopes that the company might finally be able to solve the problem of Alzheimer's disease once and for all.\nAn approval for Biogen\nBiogen's stock soared after a long trading halt that lasted nearly three hours. At noon EDT,Biogen issued a press releasethat announced the FDA's accelerated approval of its aducanumab-avwa treatment for Alzheimer's disease. Using the marketing name Aduhelm for the drug, Biogen claimed the status as having the first and only Alzheimer's treatment addressing what it called \"a defining pathology of the disease\" by reducing amyloid beta plaque levels in patients' brains.\nBiogen said that the FDA issued the accelerated approval based on clinical trial data demonstrating plaque reduction. It'll be up to continuing studies to verify that success in fighting amyloid beta plaque will actually reduce the rate of clinical decline that Alzheimer's disease patients suffer.\nCEO Michel Vounatsos calling the approval a \"historic moment\" and celebrated the decade-long work of numerous researchers. Officials atEisai(OTC:ESALY), which has worked together with Biogen on the treatment, were similarly pleased. Eisai stock jumped as much as 70% in over-the-counter trading.\nWhy Biogen's win is controversial\nYet others remain skeptical about Biogen's victory. Although the company has done a good job of showing the direct impact of the treatment on amyloid protein formation, making the further link to demonstrate actual improvement in Alzheimer's symptoms like cognitive ability has been more elusive. In fact,past trials have specifically failedto establish statistically significant benefits.\nAlso unusual is the extent of disagreement among researchers in the field.A panel of independent experts wasn't convincedwhen presented with Aduhelm's results that the treatment could directly improve symptoms.\nNevertheless, Biogen can expect sales of Aduhelm to be brisk. With the only approved treatment on the market, Biogen will have many medical professionals looking to try it even if they're skeptical about its eventual impact. That will inevitably produce billions of dollars in revenue for Biogen while allowing the company to continue collecting data on any positive impacts of the treatment on patients.\nHoping for a cure\nIt's precisely because so much is on the line for so many people that Biogen's Alzheimer's treatment generates such strong emotion. Nevertheless, everyone has to be hoping that Aduhelm will be able to prove itself once and for all and start providing relief for those who suffer from the disease.","news_type":1,"symbols_score_info":{"BIIB":0.9}},"isVote":1,"tweetType":1,"viewCount":2248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115837918,"gmtCreate":1622969052334,"gmtModify":1634096489026,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115837918","repostId":"2141402879","repostType":4,"repost":{"id":"2141402879","kind":"highlight","pubTimestamp":1622942472,"share":"https://www.laohu8.com/m/news/2141402879?lang=zh_CN&edition=full","pubTime":"2021-06-06 09:21","market":"us","language":"en","title":"Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于为Square、DoorDash等提供服务的金融科技公司需要了解的5件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2141402879","media":"MarketWatch","summary":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\n","content":"<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p><p><blockquote>Marqeta寻求筹集超过10亿美元的IPO后估值可能超过120亿美元</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Square Inc.去年占Marqeta Inc.收入的70%；Marqeta的发卡技术帮助Square向其Cash App客户提供借记卡。</span></p></blockquote></p><p> Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p><p><blockquote>投资者可能很快就会有一种新的方式来利用硅谷一些最热门公司背后的支付基础设施。</blockquote></p><p> Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p><p><blockquote>从Instacart到DoorDash Inc.<a href=\"https://laohu8.com/S/DASH\">$（破折号）$</a>确认控股公司。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>依靠卡支付来方便客户购买，例如，允许送货人员只为订单中的商品付款。Marqeta Inc.提供发卡技术，让企业能够构建这些功能，这家金融科技公司目前正在上市。</blockquote></p><p> Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p><p><blockquote>总部位于加利福尼亚州奥克兰的Marqeta成立于2010年，该公司表示，这为发行定制卡的做法注入了现代元素。该公司提供应用程序编程接口(API)，让公司在构建虚拟和物理卡程序时利用Marqeta与银行和卡网络的关系。</blockquote></p><p> Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p><p><blockquote>广场公司。<a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a>是Marqeta最大的客户，依靠Marqeta技术为现金卡借记卡提供支持，让用户可以使用移动钱包中的资金。根据Marqeta在首次公开募股前向美国证券交易委员会提交的招股说明书，Marqeta还支持一项功能，让Square的Cash应用程序用户直接从雇主或政府接收存款。</blockquote></p><p> Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p><p><blockquote>Marqeta计划通过IPO发行约4500万股A类股票，每股价格为20至24美元，而创始人兼首席执行官Jason Gardner以及早期投资者将获得投票权为10倍的B类股票。该公司将在拟议范围的高端筹集近11亿美元，同时估值超过120亿美元。以高盛和摩根大通为首的承销商可以额外获得680万股股票。Marqeta预计将在纳斯达克交易所上市，股票代码为MQ。</blockquote></p><p> Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p><p><blockquote>Marqeta预计将于6月9日开始交易，在发行股票之前需要了解以下五件事。</blockquote></p><p> <b>Doubling revenue, but still in the red</b></p><p><blockquote><b>收入翻倍，但仍处于亏损状态</b></blockquote></p><p> Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p><p><blockquote>Marqeta去年的净收入为2.903亿美元，是该公司去年同期1.433亿美元的两倍多。2021年第一季度，Marqeta的收入从4840万美元增至1.08亿美元。</blockquote></p><p> The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p><p><blockquote>尽管上一财年亏损有所收窄，但该公司仍在亏损。Marqeta公布2020年净亏损4770万美元，而2019年亏损5820万美元。Marqeta 2021年第一季度亏损1280万美元，而去年同期亏损1450万美元。</blockquote></p><p> Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p><p><blockquote>Marqeta的总处理量，即通过其平台处理的支付的美元价值，在第一季度增长了167%，达到240亿美元。</blockquote></p><p> <b>Squarely its biggest customer</b></p><p><blockquote><b>绝对是其最大的客户</b></blockquote></p><p> Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p><p><blockquote>Marqeta高度依赖Square，Square占该公司去年净收入的70%，2021年第一季度净收入的73%。</blockquote></p><p> \"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p><p><blockquote>“尽管我们预计来自最大客户的净收入占我们总净收入的百分比将随着时间的推移而下降，因为我们从其他客户那里产生了更多的净收入，但我们预计来自相对较小的客户群体的净收入将继续占我们近期净收入的很大一部分，”该公司在其招股说明书中列出的风险因素中指出。</blockquote></p><p> \"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p><p><blockquote>“看到一家公司上市时如此多的业务来自<a href=\"https://laohu8.com/S/AONE\">一</a>客户，”451 Research首席分析师Jordan McKee告诉MarketWatch。</blockquote></p><p> Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p><p><blockquote>Marqeta的Cash App合同期限将于2024年3月结束，其Square Card（一款面向企业的独立产品）的合同将于2024年12月到期。两个协议都可以自动续订<a href=\"https://laohu8.com/S/AONE.U\">一</a>-此后的年份。</blockquote></p><p> Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p><p><blockquote>Bernstein分析师Harshita Rawat认为Square将业务转移到另一个发卡平台的风险很小，因为提供这项技术的其他公司是Square在其他业务领域与之竞争的公司。她认为，更大的长期风险是Square在内部开发发卡能力。</blockquote></p><p> \"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p><p><blockquote>“虽然很难明确说Square是否正在考虑构建内部解决方案，但我们认为Stripe和Adyen存在优先权，因此这种客户集中风险应该纳入Marqeta的估值中，”拉瓦特写道。</blockquote></p><p> <b>Meet the competition</b></p><p><blockquote><b>迎接竞争</b></blockquote></p><p></p><p> Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p><p><blockquote>Marqeta承认，它处于一个竞争激烈的市场，因为该公司要与Global Payments Inc.等更传统的参与者竞争。<a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a>和Fiserv公司。<a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a>以及Stripe和Adyen NV等“新兴提供商”。</blockquote></p><p> Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p><p><blockquote>Rawat写道，更老派的金融服务参与者“没有足够的能力和上市速度来在新时代发行人市场中有效竞争”，尽管她“密切关注Stripe，将其视为Marqeta最强大的竞争对手之一”随着时间的推移。”Stripe与商家以及更“现成”的产品建立了现有关系。</blockquote></p><p> While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p><p><blockquote>虽然Rawat强调Stripe更通用的产品相对于Marqeta来说可能会给该公司带来好处，Marqeta拥有更可定制的产品，但杰富瑞(Jefferies)分析师特雷弗·威廉姆斯(Trevor Williams)在进行了多次行业对话（包括与Marqeta前产品副总裁的对话）后，对情况有了不同的看法。Williams指出定制选项是Marqeta的一个优势，并表示迁移到新平台的转换成本很高。</blockquote></p><p> \"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p><p><blockquote>他写道：“我们的专家认为，除非Marqeta不能满足业务需求，否则不太可能进行转换。”他引用了“管理转换所需的工程资源，特别是如果卡产品对客户来说是非核心产品（例如DoorDash不依赖于）交换）。”</blockquote></p><p> MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p><p><blockquote>MKM Partners分析师Rohit Kulkarni写道，新兴的金融科技竞争对手拥有“类似但可以说不太复杂的产品”。</blockquote></p><p> <b>About interchange</b></p><p><blockquote><b>关于interchange</b></blockquote></p><p> Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p><p><blockquote>Marqeta的大部分收入来自交换费，即客户使用信用卡或借记卡进行交易时商业银行向发卡银行支付的费用。Marqeta在其招股说明书中指出：“我们与发卡银行的协议规定，我们在处理客户的卡交易时收取100%的交换费。”</blockquote></p><p> Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p><p><blockquote>信用卡网络设定了交换费用，但2010年的杜宾修正案限制了借记卡交换。然而，一些较小的银行不受杜宾限制，根据该公司的招股说明书，Marqeta“目前仅与在我们提供项目管理服务时不受杜宾修正案约束的发行银行签订合同”。</blockquote></p><p> \"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and &gt;2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p><p><blockquote>“简而言之，消费者和商业卡交易（Marqeta通过其不同的产品接触到这两种交易）之间的Durbin豁免交换[百分比]对消费者来说可能平均为1.4%（根据交易类型的不同，范围很大））商业支出的比例&gt;2%，”伯恩斯坦的拉瓦特写道。“这与杜宾监管交易的平均交换率为0.5%形成鲜明对比。”</blockquote></p><p> Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p><p><blockquote>Rawat认为，Marqeta与Durbin豁免发行人的合作有助于该公司比与较大的非豁免发行银行合作的更传统的合作伙伴产生更高的收入“收益率”，这意味着该公司可以保留更大比例的收入。虽然她表示投资者应该监控豁免规则潜在变化的风险，但她也写道，“监管机构或政府似乎不愿意废除杜宾豁免，也不愿意让金融科技公司或科技巨头更难从中受益。”</blockquote></p><p> <b>A big market</b></p><p><blockquote><b>大市场</b></blockquote></p><p> Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p><p><blockquote>Marqeta去年处理了约600亿美元的交易量，根据支付行业出版物Nilson Report的估计，这还不到同期流经美国发行人的6.7万亿美元交易量的1%。</blockquote></p><p> \"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p><p><blockquote>该公司在招股说明书中表示：“我们相信，由于我们独特的平台、竞争优势和强大的创新文化，我们在这一巨大机遇中的份额将继续增加。”</blockquote></p><p> Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p><p><blockquote>拉瓦特写道，Marqeta的“增长跑道是巨大的”。她认为，进一步的机会包括更大的国际扩张和最近推出的信贷处理计划的进展。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others<blockquote>Marqeta IPO：关于为Square、DoorDash等提供服务的金融科技公司需要了解的5件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-06-06 09:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion</p><p><blockquote>Marqeta寻求筹集超过10亿美元的IPO后估值可能超过120亿美元</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/412c348141d4444464c736dce5633419\" tg-width=\"1260\" tg-height=\"937\"><span>Square Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.</span></p><p><blockquote><p class=\"t-img-caption\"><span>Square Inc.去年占Marqeta Inc.收入的70%；Marqeta的发卡技术帮助Square向其Cash App客户提供借记卡。</span></p></blockquote></p><p> Investors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.</p><p><blockquote>投资者可能很快就会有一种新的方式来利用硅谷一些最热门公司背后的支付基础设施。</blockquote></p><p> Companies from Instacart to DoorDash Inc. <a href=\"https://laohu8.com/S/DASH\">$(DASH)$</a> to Affirm Holdings Inc. <a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a> rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.</p><p><blockquote>从Instacart到DoorDash Inc.<a href=\"https://laohu8.com/S/DASH\">$（破折号）$</a>确认控股公司。<a href=\"https://laohu8.com/S/AFRM\">$(AFRM)$</a>依靠卡支付来方便客户购买，例如，允许送货人员只为订单中的商品付款。Marqeta Inc.提供发卡技术，让企业能够构建这些功能，这家金融科技公司目前正在上市。</blockquote></p><p> Oakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.</p><p><blockquote>总部位于加利福尼亚州奥克兰的Marqeta成立于2010年，该公司表示，这为发行定制卡的做法注入了现代元素。该公司提供应用程序编程接口(API)，让公司在构建虚拟和物理卡程序时利用Marqeta与银行和卡网络的关系。</blockquote></p><p> Square Inc. <a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a> is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.</p><p><blockquote>广场公司。<a href=\"https://laohu8.com/S/SQ\">$(SQ)$</a>是Marqeta最大的客户，依靠Marqeta技术为现金卡借记卡提供支持，让用户可以使用移动钱包中的资金。根据Marqeta在首次公开募股前向美国证券交易委员会提交的招股说明书，Marqeta还支持一项功能，让Square的Cash应用程序用户直接从雇主或政府接收存款。</blockquote></p><p> Marqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.</p><p><blockquote>Marqeta计划通过IPO发行约4500万股A类股票，每股价格为20至24美元，而创始人兼首席执行官Jason Gardner以及早期投资者将获得投票权为10倍的B类股票。该公司将在拟议范围的高端筹集近11亿美元，同时估值超过120亿美元。以高盛和摩根大通为首的承销商可以额外获得680万股股票。Marqeta预计将在纳斯达克交易所上市，股票代码为MQ。</blockquote></p><p> Here are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.</p><p><blockquote>Marqeta预计将于6月9日开始交易，在发行股票之前需要了解以下五件事。</blockquote></p><p> <b>Doubling revenue, but still in the red</b></p><p><blockquote><b>收入翻倍，但仍处于亏损状态</b></blockquote></p><p> Marqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.</p><p><blockquote>Marqeta去年的净收入为2.903亿美元，是该公司去年同期1.433亿美元的两倍多。2021年第一季度，Marqeta的收入从4840万美元增至1.08亿美元。</blockquote></p><p> The company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.</p><p><blockquote>尽管上一财年亏损有所收窄，但该公司仍在亏损。Marqeta公布2020年净亏损4770万美元，而2019年亏损5820万美元。Marqeta 2021年第一季度亏损1280万美元，而去年同期亏损1450万美元。</blockquote></p><p> Marqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.</p><p><blockquote>Marqeta的总处理量，即通过其平台处理的支付的美元价值，在第一季度增长了167%，达到240亿美元。</blockquote></p><p> <b>Squarely its biggest customer</b></p><p><blockquote><b>绝对是其最大的客户</b></blockquote></p><p> Marqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.</p><p><blockquote>Marqeta高度依赖Square，Square占该公司去年净收入的70%，2021年第一季度净收入的73%。</blockquote></p><p> \"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.</p><p><blockquote>“尽管我们预计来自最大客户的净收入占我们总净收入的百分比将随着时间的推移而下降，因为我们从其他客户那里产生了更多的净收入，但我们预计来自相对较小的客户群体的净收入将继续占我们近期净收入的很大一部分，”该公司在其招股说明书中列出的风险因素中指出。</blockquote></p><p> \"It's unprecedented to see a company going public with that much of business coming from <a href=\"https://laohu8.com/S/AONE\">one</a> customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.</p><p><blockquote>“看到一家公司上市时如此多的业务来自<a href=\"https://laohu8.com/S/AONE\">一</a>客户，”451 Research首席分析师Jordan McKee告诉MarketWatch。</blockquote></p><p> Marqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year periods after that.</p><p><blockquote>Marqeta的Cash App合同期限将于2024年3月结束，其Square Card（一款面向企业的独立产品）的合同将于2024年12月到期。两个协议都可以自动续订<a href=\"https://laohu8.com/S/AONE.U\">一</a>-此后的年份。</blockquote></p><p> Bernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.</p><p><blockquote>Bernstein分析师Harshita Rawat认为Square将业务转移到另一个发卡平台的风险很小，因为提供这项技术的其他公司是Square在其他业务领域与之竞争的公司。她认为，更大的长期风险是Square在内部开发发卡能力。</blockquote></p><p> \"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.</p><p><blockquote>“虽然很难明确说Square是否正在考虑构建内部解决方案，但我们认为Stripe和Adyen存在优先权，因此这种客户集中风险应该纳入Marqeta的估值中，”拉瓦特写道。</blockquote></p><p> <b>Meet the competition</b></p><p><blockquote><b>迎接竞争</b></blockquote></p><p></p><p> Marqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. <a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a> and Fiserv Inc. <a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a> as well as \"emerging providers\" like Stripe and Adyen NV .</p><p><blockquote>Marqeta承认，它处于一个竞争激烈的市场，因为该公司要与Global Payments Inc.等更传统的参与者竞争。<a href=\"https://laohu8.com/S/GPN\">$(GPN)$</a>和Fiserv公司。<a href=\"https://laohu8.com/S/FISV\">$(FISV)$</a>以及Stripe和Adyen NV等“新兴提供商”。</blockquote></p><p> Rawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.</p><p><blockquote>Rawat写道，更老派的金融服务参与者“没有足够的能力和上市速度来在新时代发行人市场中有效竞争”，尽管她“密切关注Stripe，将其视为Marqeta最强大的竞争对手之一”随着时间的推移。”Stripe与商家以及更“现成”的产品建立了现有关系。</blockquote></p><p> While Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.</p><p><blockquote>虽然Rawat强调Stripe更通用的产品相对于Marqeta来说可能会给该公司带来好处，Marqeta拥有更可定制的产品，但杰富瑞(Jefferies)分析师特雷弗·威廉姆斯(Trevor Williams)在进行了多次行业对话（包括与Marqeta前产品副总裁的对话）后，对情况有了不同的看法。Williams指出定制选项是Marqeta的一个优势，并表示迁移到新平台的转换成本很高。</blockquote></p><p> \"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"</p><p><blockquote>他写道：“我们的专家认为，除非Marqeta不能满足业务需求，否则不太可能进行转换。”他引用了“管理转换所需的工程资源，特别是如果卡产品对客户来说是非核心产品（例如DoorDash不依赖于）交换）。”</blockquote></p><p> MKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"</p><p><blockquote>MKM Partners分析师Rohit Kulkarni写道，新兴的金融科技竞争对手拥有“类似但可以说不太复杂的产品”。</blockquote></p><p> <b>About interchange</b></p><p><blockquote><b>关于interchange</b></blockquote></p><p> Marqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.</p><p><blockquote>Marqeta的大部分收入来自交换费，即客户使用信用卡或借记卡进行交易时商业银行向发卡银行支付的费用。Marqeta在其招股说明书中指出：“我们与发卡银行的协议规定，我们在处理客户的卡交易时收取100%的交换费。”</blockquote></p><p> Card networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.</p><p><blockquote>信用卡网络设定了交换费用，但2010年的杜宾修正案限制了借记卡交换。然而，一些较小的银行不受杜宾限制，根据该公司的招股说明书，Marqeta“目前仅与在我们提供项目管理服务时不受杜宾修正案约束的发行银行签订合同”。</blockquote></p><p> \"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and &gt;2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"</p><p><blockquote>“简而言之，消费者和商业卡交易（Marqeta通过其不同的产品接触到这两种交易）之间的Durbin豁免交换[百分比]对消费者来说可能平均为1.4%（根据交易类型的不同，范围很大））商业支出的比例&gt;2%，”伯恩斯坦的拉瓦特写道。“这与杜宾监管交易的平均交换率为0.5%形成鲜明对比。”</blockquote></p><p> Rawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"</p><p><blockquote>Rawat认为，Marqeta与Durbin豁免发行人的合作有助于该公司比与较大的非豁免发行银行合作的更传统的合作伙伴产生更高的收入“收益率”，这意味着该公司可以保留更大比例的收入。虽然她表示投资者应该监控豁免规则潜在变化的风险，但她也写道，“监管机构或政府似乎不愿意废除杜宾豁免，也不愿意让金融科技公司或科技巨头更难从中受益。”</blockquote></p><p> <b>A big market</b></p><p><blockquote><b>大市场</b></blockquote></p><p> Marqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.</p><p><blockquote>Marqeta去年处理了约600亿美元的交易量，根据支付行业出版物Nilson Report的估计，这还不到同期流经美国发行人的6.7万亿美元交易量的1%。</blockquote></p><p> \"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.</p><p><blockquote>该公司在招股说明书中表示：“我们相信，由于我们独特的平台、竞争优势和强大的创新文化，我们在这一巨大机遇中的份额将继续增加。”</blockquote></p><p> Rawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.</p><p><blockquote>拉瓦特写道，Marqeta的“增长跑道是巨大的”。她认为，进一步的机会包括更大的国际扩张和最近推出的信贷处理计划的进展。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?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":{"MQ":"Marqeta, Inc.","DASH":"DoorDash, Inc."},"source_url":"https://www.marketwatch.com/story/marqeta-ipo-5-things-to-know-about-the-fintech-company-serving-square-doordash-and-others-11622828431?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141402879","content_text":"Marqeta could be valued at more than $12 billion after IPO that seeks to raise more than $1 billion\nSquare Inc. accounted for 70% of Marqeta Inc.'s revenue last year; Marqeta's card-issuing technology helps Square offer debit cards to its Cash App customers.\nInvestors could soon have a new way to play the payments infrastructure behind some of Silicon Valley's hottest companies.\nCompanies from Instacart to DoorDash Inc. $(DASH)$ to Affirm Holdings Inc. $(AFRM)$ rely on card payments to facilitate customer purchases, allowing delivery workers to pay for just the items in orders, for instance. Marqeta Inc. offers card-issuing technology that lets businesses build out these functions, and the financial technology company is now in the process of going public.\nOakland, Calif.-based Marqeta, which was incorporated in 2010, says that's it putting a modern spin on the practice of issuing customized cards. The company offers application programming interfaces, or APIs, that let companies leverage Marqeta's relationships with banks and card networks while building out virtual and physical card programs.\nSquare Inc. $(SQ)$ is Marqeta's largest customer, relying on Marqeta technology to power Cash Card debit cards that let users spend the funds from their mobile wallets. Marqeta also enables a function that lets Square's Cash App users receive direct deposits from employers or the government, according to the prospectus Marqeta filed with the Securities and Exchange Commission ahead of its initial public offering.\nMarqeta is looking to offer about 45 million Class A shares priced at $20 to $24 apiece through its IPO, while founder and Chief Executive Jason Gardner, as well as early investors, receive class B shares with 10 times the voting power. The company would raise almost $1.1 billion at the high end of that proposed range while fetching a valuation over $12 billion. Underwriters, led by Goldman Sachs and JP Morgan, have access to an additional 6.8 million shares. Marqeta expects to list on the Nasdaq exchange under the ticker symbol MQ.\nHere are five things to know about Marqeta ahead of offering its shares, which are expected to begin trading on June 9.\nDoubling revenue, but still in the red\nMarqeta generated net revenue of $290.3 million last year, more than double the $143.3 million that the company recorded a year earlier. For the first quarter of 2021, Marqeta saw revenue rise to $108.0 million from $48.4 million.\nThe company is still losing money, though losses narrowed in the last fiscal year. Marqeta posted a net loss of $47.7 million in 2020, compared with a loss of $58.2 million in 2019. Marqeta lost $12.8 million in the first quarter of 2021, compared with $14.5 million in the comparable period a year prior.\nMarqeta's total processing volume, or the dollar value of payments processed through its platform, increased 167% in the first quarter to reach $24 billion.\nSquarely its biggest customer\nMarqeta is highly reliant on Square, which accounted for 70% of the company's net revenue last year and 73% of its net revenue in the first quarter of 2021.\n\"Although we expect the net revenue from our largest customer will decrease over time as a percentage of our total net revenue as we generate more net revenue from other customers, we expect that net revenue from a relatively small group of customers will continue to account for a significant portion of our net revenue in the near term,\" the company notes among the risk factors listed in its prospectus.\n\"It's unprecedented to see a company going public with that much of business coming from one customer,\" Jordan McKee, a principal analyst at 451 Research, told MarketWatch.\nMarqeta's Cash App contract term ends in March 2024, and its contract for the Square Card -- a separate product meant for businesses -- expires in December 2024. Both agreements can automatically renew for successive one-year periods after that.\nBernstein analyst Harshita Rawat sees little risk that Square moves its business to another card-issuing platform, since the other companies offering this technology are those Square competes with in other areas of its business. The bigger long-term risk is that Square develops card-issuing capabilities in-house, in her view.\n\"While it is very hard to definitively say whether Square is considering building an in-house solution or not ---- we believe precedence exists with Stripe and Adyen, and as such this customer-concentration risk should be baked into Marqeta's valuation,\" Rawat wrote.\nMeet the competition\nMarqeta concedes that it's in a competitive market, as the company goes up against more traditional players like Global Payments Inc. $(GPN)$ and Fiserv Inc. $(FISV)$ as well as \"emerging providers\" like Stripe and Adyen NV .\nRawat wrote that the more old-school financial-services players \"don't have adequate capabilities and speed-to-market to compete effectively in new-age issuer market,\" though she's \"closely watching Stripe as one of the most formidable competitors for Marqeta over time.\" Stripe has existing relationships with merchants as well as a more \"off-the-shelf\" product.\nWhile Rawat highlighted Stripe's more generalized offering as a possible benefit for that company relative to Marqeta, which has a more customizable product, Jefferies analyst Trevor Williams saw things differently after a number of industry conversations, including with a former Marqeta product vice president. Williams pointed to the customization options as an advantage for Marqeta and said that there are high switching costs of moving to a new platform.\n\"Our expert believes switches are unlikely unless a business need is not being met by Marqeta,\" he wrote, citing the \"engineering resources needed to manage a conversion, especially if card products are noncore for the customer (e.g. DoorDash isn't dependent on interchange).\"\nMKM Partners analyst Rohit Kulkarni wrote that the upstart fintech competitors have \"similar but arguably less sophisticated offerings.\"\nAbout interchange\nMarqeta generates most of its revenue from interchange fees, which are fees that merchant banks pay card-issuing banks when a customer makes a transaction with a credit or debit card. \"Our agreements with issuing banks provide that we receive 100% of the interchange fees for processing our customer's card transactions,\" Marqeta notes it its prospectus.\nCard networks set interchange fees, but the Durbin Amendment in 2010 capped debit interchange. Some smaller banks are exempt from the Durbin limits, however, and Marqeta \"currently only contract[s] with issuing banks that are exempt from the Durbin Amendment when we provide program management services,\" according to the company's prospectus.\n\"In a nutshell, Durbin-exempt interchange [percentage] across consumer and commercial card transactions (both of which Marqeta is exposed to through its different offerings) is likely 1.4% average for consumer (there is a wide range depending on the type of transaction) and >2% for commercial spend,\" Bernstein's Rawat wrote. \"This is in contrast to 0.5% average interchange for Durbin-regulated transactions.\"\nRawat believes that Marqeta's work with Durbin-exempt issuers helps the company generate higher revenue \"yields\" than more traditional partners that work with larger, nonexempt issuing banks, meaning that the company can keep a greater portion of volume as revenue. While she said that investors should monitor the risk of potential changes to exemption rules, she also wrote that \"there doesn't appear to be a willingness by the regulators or government to repeal Durbin exemption or make it harder for fintechs or tech giants to benefit from this.\"\nA big market\nMarqeta processed about $60 billion of volume last year, which it notes is less than 1% of the $6.7 trillion of volume that flowed through U.S. issuers in the same period, based on estimates from The Nilson Report, a payments-industry publication.\n\"We believe that our share of this massive opportunity will continue to increase due to our unique platform, competitive advantages, and a strong culture of innovation,\" the company said in its prospectus.\nRawat wrote that Marqeta's \"growth runway is immense.\" Further opportunities include greater international expansion and progress with recently launched credit-processing initiatives, in her view.","news_type":1,"symbols_score_info":{"DASH":0.9,"MQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1657,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110595308,"gmtCreate":1622467186404,"gmtModify":1634101284540,"author":{"id":"3576631475134774","authorId":"3576631475134774","name":"Yoda0603","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576631475134774","idStr":"3576631475134774"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110595308","repostId":"2139427430","repostType":4,"isVote":1,"tweetType":1,"viewCount":931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}