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46476cc

46476cc

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2021-10-06

Buy the dip.

抱歉，原内容已删除

2021-08-26

I am right here waiting NVDA. ❤️

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2021-08-19

Like a rocket!

NVDA soars over 6% in morning trading<blockquote>NVDA 早盘交易中飙升超过 6%</blockquote>

2021-08-05

Yay!

抱歉，原内容已删除

2021-08-01

Time for bargain hunting!

Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>

2021-08-01

Go Goog!

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2021-08-01

👍

抱歉，原内容已删除

2021-07-31

Pumping more $$$

Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>

2021-07-31

😢

SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</blockquote>

2021-07-27

Yay!

AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD 周二公布财报。一切都与数据中心有关。</blockquote>

2021-07-24

Go FB!

抱歉，原内容已删除

2021-07-21

Oh no…

Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>

2021-07-21

I ❤️ 🍎

Apple’s Earnings Are Next Week. Analysts Are Expecting More.<blockquote>苹果的财报将于下周公布。分析师预计会有更多。</blockquote>

2021-07-20

I am ready.

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2021-07-20

Go for gold [Miser]

Worried about inflation? Here’s how investments did in the 1970s<blockquote>担心通货膨胀？以下是 20 世纪 70 年代的投资情况</blockquote>

2021-07-18

Haha 😂

抱歉，原内容已删除

2021-07-15

Crash or no crash, I am ready. [Smile]

抱歉，原内容已删除

2021-07-15

Buy the dip

GM Warns Some Bolt EV Owners To Park Vehicles Outside Due to Spontaneous Combustion Risk<blockquote>通用汽车警告一些 Bolt EV 车主不要将车辆停放在室外，因为存在自燃风险</blockquote>

2021-07-15

Game on!

抱歉，原内容已删除

2021-07-13

To the moon!

抱歉，原内容已删除

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rocket!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838843416","repostId":"1150522255","repostType":4,"repost":{"id":"1150522255","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629386895,"share":"https://www.laohunote.com/m/news/1150522255?lang=zh_CN&edition=full","pubTime":"2021-08-19 23:28","market":"us","language":"en","title":"NVDA soars over 6% in morning trading<blockquote>NVDA 早盘交易中飙升超过 6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150522255","media":"Tiger Newspress","summary":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the 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Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏业务占该公司收入的最大份额。游戏总额为 30.6 亿美元，同比增长 85%，主要原因是对 GeForce 图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银 (UBS) 的蒂莫西·阿库里 (Timothy Arcuri) 表示，英伟达 (NVDA) 的游戏业务在进入该公司典型的强劲秋季季度时“趋于更加一致”。Arcuri 对这家芯片制造商的股票给予买入评级，目标价为每股 230 美元。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>本季度，英伟达 (NVDA) 公布每股利润 1.04 美元，总收入为 65.1 亿美元。华尔街分析师曾预测这家芯片制造商每股收益为 1.02 美元，销售额为 63.4 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NVDA soars over 6% in morning trading<blockquote>NVDA 早盘交易中飙升超过 6%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNVDA soars over 6% in morning trading<blockquote>NVDA 早盘交易中飙升超过 6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-19 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;19)&nbsp;Nvidia(NASDAQ:NVDA)&nbsp;shares rose&nbsp;over 6%&nbsp;Thursday&nbsp;to&nbsp;a&nbsp;record&nbsp;high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8 月 19 日）英伟达（纳斯达克股票代码：NVDA）股价周四上涨超过 6%，创历史新高，此前这家芯片制造商公布了第二季度业绩，该公司数据中心业务的强劲表现凸显了这一业绩。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长 35%，达到 23.7 亿美元。美国银行证券分析师 Vivek Arya 表示，关于其数据中心产品，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA) 在超大规模、垂直市场和高性能计算方面表现出增长，Arya 表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长 30%。Arya 对 Nvidia (NVDA) 股票给予买入评级，目标价为每股 260 美元。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏业务占该公司收入的最大份额。游戏总额为 30.6 亿美元，同比增长 85%，主要原因是对 GeForce 图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银 (UBS) 的蒂莫西·阿库里 (Timothy Arcuri) 表示，英伟达 (NVDA) 的游戏业务在进入该公司典型的强劲秋季季度时“趋于更加一致”。Arcuri 对这家芯片制造商的股票给予买入评级，目标价为每股 230 美元。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>本季度，英伟达 (NVDA) 公布每股利润 1.04 美元，总收入为 65.1 亿美元。华尔街分析师曾预测这家芯片制造商每股收益为 1.02 美元，销售额为 63.4 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150522255","content_text":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.\nData center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, NVIDIA Corp (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.\nBut, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.\nTimothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.\nFor the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":3885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890530433,"gmtCreate":1628122909722,"gmtModify":1631889815579,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Yay!&nbsp;","listText":"Yay!&nbsp;","text":"Yay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890530433","repostId":"1116782530","repostType":4,"isVote":1,"tweetType":1,"viewCount":2224,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802477421,"gmtCreate":1627801078163,"gmtModify":1631885102347,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Time for bargain hunting!&nbsp;","listText":"Time for bargain hunting!&nbsp;","text":"Time for bargain hunting!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802477421","repostId":"1142925544","repostType":4,"repost":{"id":"1142925544","kind":"news","pubTimestamp":1627787240,"share":"https://www.laohunote.com/m/news/1142925544?lang=zh_CN&edition=full","pubTime":"2021-08-01 11:07","market":"us","language":"en","title":"Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142925544","media":"Barron's","summary":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970","content":"<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>","source":"lsy1610680873436","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>Investors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</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\">\nInvestors, Beware! Stocks Are Entering the Most Dangerous Stretch of the Year<blockquote>投资者小心!股市正在进入一年中最危险的时期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-01 11:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.</p><p><blockquote>“是的，现在是夏天，我一年中的季节”，乐队高唱着 20 世纪 70 年代的金色老歌《夏天》，回忆起在海滩或烧烤旁的美好时光。当时没有必要提醒任何人干旱、野火或新冠肺炎激增，这些都是今年潮湿季节的不幸特征。</blockquote></p><p> But the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&amp;P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.</p><p><blockquote>但根据美国银行分析师斯蒂芬·萨特迈尔 (Stephen Suttmeier) 编制的 1928 年数据，8 月的到来也意味着股市进入了历史上一年中最危险的时期。他发现，标准普尔 500 指数在 8 月、9 月和 10 月的平均回报率为 0.03%，这是该大型股基准指数一年中最糟糕的三个月。事实上，它们是唯一平均亏损的三个月时期。</blockquote></p><p> August actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&amp;P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.</p><p><blockquote>他在一份研究报告中补充道，八月实际上是一年中最好和最差的月份。7 月份标普500的平均回报率为 1.58%，其中 59.1% 的时间为正面结果，而 9 月份的平均回报率为负 1.03%，不到一半的时间（即 45%）以正面结果结束。</blockquote></p><p> This July did even better than the norm, with the S&amp;P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.</p><p><blockquote>今年7月的表现甚至好于正常水平，标普500上涨了2.27%。据道琼斯统计专家称，这也是该指数连续第六个月上涨，是自 2018 年 9 月以来最长的连涨。在此期间，其累计上涨18.34%。</blockquote></p><p> August’s record is in between, with an average 0.70% S&amp;P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”</p><p><blockquote>8 月份的记录介于两者之间，平均标普500回报率为 0.70%，阳性结果率为 58.1%，标志着从 “夏季撕裂 ”到 “秋季下跌 ”的过渡。</blockquote></p><p> Not surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.</p><p><blockquote>Suttmeier 发现，毫不奇怪，8 月至 10 月期间的滞后回报伴随着波动性的上升。根据 1992 年的记录，继 4 月至 7 月期间波动性相对较低之后，ECBOE 波动率指数 (VIX) 在那几个月经常出现飙升。</blockquote></p><p> Past isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.</p><p><blockquote>过去不一定是序幕，但如果是序幕，那么如果股市确实经历了典型的季节性动荡时期，Robinhood Markets（股票代码：HOOD）首次公开募股的时机可能会被证明是有利的。这家在线经纪商的假定使命是向被老牌机构忽视的新手开放投资，周四以 38 美元的价格出售了 5500 万股股票。在这个过程中，它给所有进入IPO的人提供了宝贵的一课：低买高卖。</blockquote></p><p> The company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.</p><p><blockquote>该公司显然满足了后一个要求，高价出售其股票，尽管它们的定价处于预期的 38-42 美元范围的低端。他们的价格在第一天交易中下跌了8.4%，尽管他们在周五有所回升。截至周末，持有 Robinhood IPO 的买家下跌了 7.5%。</blockquote></p><p> Among those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.</p><p><blockquote>公司联合创始人、首席执行官弗拉基米尔-特涅夫（Vladimir Tenev）和首席创意官拜朱-巴特（Baiju Bhatt）都在高价抛售，他们在首次公开募股中分别抛售了 125 万股股票。正如我杰出的前任艾伦-阿贝尔森（Alan Abelson）喜欢指出的那样，卖出股票有很多很好的理由，但预期股价上涨并不是其中之一。鉴于富裕的所有者有能力通过廉价借款来将其资产货币化，而且无需缴纳资本利得税，这一点从未如此真实。</blockquote></p><p> To be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.</p><p><blockquote>可以肯定的是，Tenev 和 Bhatt 仍然持有 Robinhood 的重大股份。Asour 的同事 Avi Salzman 报道称，这些股票按首次发行价计算价值 25 亿美元，Tenev 和 Bhatt 保留投票控制权。如果股价达到 300 美元，两人还可以获得 Tenev 价值高达 67 亿美元的股票奖励，Bhatt 价值高达 40 亿美元的股票奖励，或者接近众所周知的十袋大亨。</blockquote></p><p> But in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”</p><p><blockquote>但为了打击收入不平等，这对潜在的亿万富翁夫妇象征性地减薪，美国工人的平均年薪降至 34,248 美元。正如喜剧演员雅科夫-斯米尔诺夫（Yakov Smirnoff）喜欢说的那样：“多么美好的国家啊!”</blockquote></p><p> How those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.</p><p><blockquote>这些工人的情况将是定于本周五发布的月度就业报告的主题。</blockquote></p><p> Economists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.</p><p><blockquote>经济学家对非农就业人数的预测集中在增加 90 万人左右。Jefferies 经济学家 Aneta Markowska 和 Thomas Simons 估计，这一增幅可能会超过人们期待已久的 100 万大关；他们预测120万。</blockquote></p><p> Markowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)</p><p><blockquote>Markowska和Simons认为，一些州补充失业救济金的到期将增加劳动力供应，尽管这是一个有争议的问题。(有关就业市场的更多信息，请参阅本周的封面故事）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.barrons.com/articles/stocks-news-robinhood-sp500-51627692215?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142925544","content_text":"“Yes, it’s summer, my time of year,”as the group War sangin that golden oldie “Summer” from the 1970s, recalling pleasant times at the beach or by the barbecue. No need to remind anyone back then of droughts, wildfires, or Covid-19 surges that are unfortunate features of the steamy season this year.\nBut the coming of August also means entering what historically has been the most treacherous stretch of the year for stocks, according to data going back to 1928 compiled by Bank of America analyst Stephen Suttmeier. He finds that theS&P 500index had a negative return averaging 0.03% in August, September, and October—the worst three-month span of the year for the big-cap benchmark. In fact, they constitute the only three-month period that averages in the red.\nAugust actually is bracketed by the best and worst months of the year, he adds in a research note. July averages a 1.58% return on the S&P 500, with positive results 59.1% of the time, while September averages a negative 1.03%, ending in the plus column less than half of the time, or 45%.\nThis July did even better than the norm, with the S&P 500 gaining 2.27%. It also was the sixth consecutive up month for the index—the longest positive streak since September 2018, according to Dow Jones’ statistical mavens. During that period, its cumulative advance was 18.34%.\nAugust’s record is in between, with an average 0.70% S&P 500 return and positive results 58.1% of the time, marking a transition from the “summer rip” to the “fall dip.”\nNot surprisingly, the laggard returns of the August-October period are accompanied by an uptick in volatility, Suttmeier finds. Based on records going back to 1992, theCboe Volatility Index,or VIX, has often seen spikes during those months, following relatively subdued volatility in the April-July period.\nPast isn’t necessarily prologue, but if it is, the timing of the initial public offering byRobinhood Markets(ticker: HOOD) might prove propitious, if the stock market does have its typical seasonal rough patch. The online broker, whose putative mission is to open investing to novices supposedly ignored by established outfits, sold 55 million shares at $38 on Thursday. In the process, it provided a valuable lesson to all those who got in on the IPO: Buy low and sell high.\nThe company evidently fulfilled the latter imperative, selling its shares high, even though they were priced at the low end of the expected $38-$42 range. Their price sank 8.4% on their first day of trading, although they recouped a bit on Friday. By week’s end, buyers of Robinhood’s IPO who held were down 7.5%.\nAmong those who sold high were the company’s co-founders, CEO Vladimir Tenev and Chief Creative Officer Baiju Bhatt, who each offloaded 1.25 million shares in the IPO. As my illustrious predecessor, Alan Abelson, liked to observe, there are many good reasons to sell a stock, but expecting it to go up isn’t one of them. That has never been more true, given the ability of rich owners to monetize their assets by borrowing against them cheaply, and without incurring capital-gains taxes.\nTo be sure, Tenev and Bhatt still have significant stakes in Robinhood. Asour colleague Avi Salzman reported, these were worth $2.5 billion at the initial offering price, and Tenev and Bhatt retain voting control. The two also could receive awards of shares worth as much as $6.7 billion for Tenev and $4 billion for Bhatt, if the stock hits $300, or nearly the proverbial ten-bagger from here.\nBut in a blow against income inequality, the potential billionaire pair took symbolic pay cuts, to $34,248, the average annual wage of American workers. As the comedian Yakov Smirnoff likes to say, “What a country!”\nHow those workers are faring will be a subject of the monthly employment report slated for release this coming Friday.\nEconomists’ forecasts for nonfarm payrolls center around a gain of 900,000. Jefferies economists Aneta Markowska and Thomas Simons estimate that the increase could top the long-anticipated one million mark; they forecast 1.2 million.\nMarkowska and Simons think the expiration of supplemental unemployment benefits in some states will boost the labor supply, although that is a matter of significant debate. (For more on the jobs market, seethis week’s cover story.)","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":3260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802477346,"gmtCreate":1627801036385,"gmtModify":1631889815587,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Go Goog!&nbsp;","listText":"Go Goog!&nbsp;","text":"Go Goog!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802477346","repostId":"1122171439","repostType":4,"isVote":1,"tweetType":1,"viewCount":3881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802585089,"gmtCreate":1627788531041,"gmtModify":1631889815601,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802585089","repostId":"2156166889","repostType":4,"isVote":1,"tweetType":1,"viewCount":4463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802399668,"gmtCreate":1627714555754,"gmtModify":1631889815611,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Pumping more $$$","listText":"Pumping more $$$","text":"Pumping more $$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802399668","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohunote.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</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":{},"source_url":"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802399880,"gmtCreate":1627714508640,"gmtModify":1631889815634,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"😢","listText":"😢","text":"😢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802399880","repostId":"1167653033","repostType":4,"repost":{"id":"1167653033","kind":"news","pubTimestamp":1627706886,"share":"https://www.laohunote.com/m/news/1167653033?lang=zh_CN&edition=full","pubTime":"2021-07-31 12:48","market":"sg","language":"en","title":"SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167653033","media":"Singapore Business","summary":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, accor","content":"<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案公司的数据，预计2021年新加坡元（SGD）兑美元（USD）将贬值至1.35美元，2022年将进一步贬值至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的 2021 年美元兑 1.33 美元和 2022 年美元兑 1.32 美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>“惠誉表示：”在美联储于 6 月 16 日出其不意的鹰派政策之后，新加坡元与大多数其他亚洲货币一样走弱，在 2021 年剩余时间里，新加坡元可能会在 1 美元兑 1.35 美元至 1 美元兑 1.38 美元之间的弱势区间内交易，2022 年也可能如此。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲各地（包括印度尼西亚、马来西亚和泰国的主要经济体）新冠肺炎感染病例死灰复燃引发了避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值中美贸易战的初期阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>“然而，由于为民众接种疫苗的快速进展，新加坡元的任何疲软都应受到经济比其他亚洲市场更具弹性的限制，”它补充道。“与大多数其他亚洲经济体相比，这使得新加坡处于更具弹性的地位，随着今年的进展，新加坡元可能会受益于来自该地区其他地方的一定程度的避险资金流动，从而限制了新加坡元在我们确定的交易区间之外进一步贬值的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长远来看，惠誉预计 2022 年出口将强劲复苏以支撑人民币，但如果目标通胀率持续高于 -2%，美联储可能会采取更加鹰派的风险平衡了这一趋势。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案公司认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步封锁。</blockquote></p><p></p>","source":"lsy1618986048053","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>SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</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\">\nSGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-07-31 12:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案公司的数据，预计2021年新加坡元（SGD）兑美元（USD）将贬值至1.35美元，2022年将进一步贬值至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的 2021 年美元兑 1.33 美元和 2022 年美元兑 1.32 美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>“惠誉表示：”在美联储于 6 月 16 日出其不意的鹰派政策之后，新加坡元与大多数其他亚洲货币一样走弱，在 2021 年剩余时间里，新加坡元可能会在 1 美元兑 1.35 美元至 1 美元兑 1.38 美元之间的弱势区间内交易，2022 年也可能如此。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲各地（包括印度尼西亚、马来西亚和泰国的主要经济体）新冠肺炎感染病例死灰复燃引发了避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值中美贸易战的初期阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>“然而，由于为民众接种疫苗的快速进展，新加坡元的任何疲软都应受到经济比其他亚洲市场更具弹性的限制，”它补充道。“与大多数其他亚洲经济体相比，这使得新加坡处于更具弹性的地位，随着今年的进展，新加坡元可能会受益于来自该地区其他地方的一定程度的避险资金流动，从而限制了新加坡元在我们确定的交易区间之外进一步贬值的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长远来看，惠誉预计 2022 年出口将强劲复苏以支撑人民币，但如果目标通胀率持续高于 -2%，美联储可能会采取更加鹰派的风险平衡了这一趋势。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案公司认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步封锁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch\">Singapore Business</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":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167653033","content_text":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.\nThis is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.\n“The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.\nThis is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.\nThe SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.\n“However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”\nFor the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.\nFitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3997,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809822515,"gmtCreate":1627359420737,"gmtModify":1631889815635,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Yay!&nbsp;","listText":"Yay!&nbsp;","text":"Yay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809822515","repostId":"1190848120","repostType":4,"repost":{"id":"1190848120","kind":"news","pubTimestamp":1627356244,"share":"https://www.laohunote.com/m/news/1190848120?lang=zh_CN&edition=full","pubTime":"2021-07-27 11:24","market":"us","language":"en","title":"AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD 周二公布财报。一切都与数据中心有关。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190848120","media":"Barrons","summary":"When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors","content":"<p>When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.</p><p><blockquote>当芯片设计商 Advanced Micro Devices 周二收盘后公布财报时，投资者预计每股利润将增长 266%，收入将几乎翻一番。</blockquote></p><p> Amid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.</p><p><blockquote>在芯片短缺削弱全球经济的情况下，投资者对半导体业务寄予厚望。</blockquote></p><p> For AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).</p><p><blockquote>对于 AMD（股票代码：AMD）来说，该公司能否超越高预期可能取决于其数据中心芯片的收入。在竞争对手英特尔 (INTC) 推迟推出新型高级服务器芯片后，AMD 的数据中心市场充满了机遇。</blockquote></p><p> Jefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.</p><p><blockquote>杰富瑞（Jefferies）分析师马克-利帕西斯（Mark Lipacis）写道，根据他团队的行业调查，AMD 的米兰服务器芯片将在今年下半年从英特尔手中夺走大量市场份额。</blockquote></p><p> AMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.</p><p><blockquote>AMD 高管一直发布看涨指引。4月份，该公司预测第二季度收入将增长86%，达到约36亿美元。分析师目前预计第二季度调整后每股利润为 54 美分，营收为 36 亿美元。</blockquote></p><p> Wall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).</p><p><blockquote>华尔街预计 AMD 的计算机和图形部门收入将达到 22 亿美元，企业、嵌入式和半定制部门收入将达到 14 亿美元。该公司的半定制业务包括为微软（MSFT）和索尼公司（SNE）销售的新视频游戏机设计的芯片。</blockquote></p><p> AMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.</p><p><blockquote>AMD此前曾表示，预计2021年全年收入将比去年增长约50%。</blockquote></p><p> AMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.</p><p><blockquote>AMD 的增长潜力可能会因难以获得芯片制造所需的材料和零部件，以及难以获得包括台积电（TSM）在内的合同制造商的额外产能而受到限制。BMO资本市场分析师Ambrish Srivastava写道，数据中心需求可能会因零部件和制造芯片所需的一些材料短缺而受到损害。</blockquote></p><p> Because AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.</p><p><blockquote>由于 AMD 的股价市盈率很高，是未来 12 个月盈利预期的 42 倍，斯里瓦斯塔瓦表示，该公司需要以 “有意义 ”的金额超出华尔街预期，并再次上调全年指引，以推动股价走高。</blockquote></p><p> AMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.</p><p><blockquote>AMD 报告过去四个季度的每股利润好于预期。过去两年中，该公司仅一次未能达到收入预期。</blockquote></p><p> Outsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.</p><p><blockquote>最近，高管们的过高期望和乐观预测对 AMD 的股价没有多大帮助。在 2020 年飙升后，AMD 股价今年持平，而 PHLX 半导体指数则上涨了 17%。</blockquote></p><p> Among Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.</p><p><blockquote>在研究 AMD 的华尔街分析师中，25 人给予该股买入评级，15 人给予持有评级，3 人给予卖出评级。平均目标价为 102.35 美元，比最近收盘价 91.82 美元高出 11%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD 周二公布财报。一切都与数据中心有关。</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\">\nAMD Reports Earnings Tuesday. It’s All About the Data Center.<blockquote>AMD 周二公布财报。一切都与数据中心有关。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-27 11:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.</p><p><blockquote>当芯片设计商 Advanced Micro Devices 周二收盘后公布财报时，投资者预计每股利润将增长 266%，收入将几乎翻一番。</blockquote></p><p> Amid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.</p><p><blockquote>在芯片短缺削弱全球经济的情况下，投资者对半导体业务寄予厚望。</blockquote></p><p> For AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).</p><p><blockquote>对于 AMD（股票代码：AMD）来说，该公司能否超越高预期可能取决于其数据中心芯片的收入。在竞争对手英特尔 (INTC) 推迟推出新型高级服务器芯片后，AMD 的数据中心市场充满了机遇。</blockquote></p><p> Jefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.</p><p><blockquote>杰富瑞（Jefferies）分析师马克-利帕西斯（Mark Lipacis）写道，根据他团队的行业调查，AMD 的米兰服务器芯片将在今年下半年从英特尔手中夺走大量市场份额。</blockquote></p><p> AMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.</p><p><blockquote>AMD 高管一直发布看涨指引。4月份，该公司预测第二季度收入将增长86%，达到约36亿美元。分析师目前预计第二季度调整后每股利润为 54 美分，营收为 36 亿美元。</blockquote></p><p> Wall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).</p><p><blockquote>华尔街预计 AMD 的计算机和图形部门收入将达到 22 亿美元，企业、嵌入式和半定制部门收入将达到 14 亿美元。该公司的半定制业务包括为微软（MSFT）和索尼公司（SNE）销售的新视频游戏机设计的芯片。</blockquote></p><p> AMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.</p><p><blockquote>AMD此前曾表示，预计2021年全年收入将比去年增长约50%。</blockquote></p><p> AMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.</p><p><blockquote>AMD 的增长潜力可能会因难以获得芯片制造所需的材料和零部件，以及难以获得包括台积电（TSM）在内的合同制造商的额外产能而受到限制。BMO资本市场分析师Ambrish Srivastava写道，数据中心需求可能会因零部件和制造芯片所需的一些材料短缺而受到损害。</blockquote></p><p> Because AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.</p><p><blockquote>由于 AMD 的股价市盈率很高，是未来 12 个月盈利预期的 42 倍，斯里瓦斯塔瓦表示，该公司需要以 “有意义 ”的金额超出华尔街预期，并再次上调全年指引，以推动股价走高。</blockquote></p><p> AMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.</p><p><blockquote>AMD 报告过去四个季度的每股利润好于预期。过去两年中，该公司仅一次未能达到收入预期。</blockquote></p><p> Outsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.</p><p><blockquote>最近，高管们的过高期望和乐观预测对 AMD 的股价没有多大帮助。在 2020 年飙升后，AMD 股价今年持平，而 PHLX 半导体指数则上涨了 17%。</blockquote></p><p> Among Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.</p><p><blockquote>在研究 AMD 的华尔街分析师中，25 人给予该股买入评级，15 人给予持有评级，3 人给予卖出评级。平均目标价为 102.35 美元，比最近收盘价 91.82 美元高出 11%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amd-reports-earnings-tuesday-its-all-about-the-data-center-51627339031?mod=hp_DAY_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司"},"source_url":"https://www.barrons.com/articles/amd-reports-earnings-tuesday-its-all-about-the-data-center-51627339031?mod=hp_DAY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190848120","content_text":"When chip designer Advanced Micro Devices reports earnings Tuesday after the closing bell, investors are expecting a 266% increase in per-share profit and a near doubling in revenue.\nAmid chip shortages crippling the global economy, investors have lofty expectations for semiconductor businesses.\nFor AMD (ticker: AMD), the company’s ability to top high expectations may come down to its revenue from data center chips. That data-center market is rich with opportunity for AMD, after the launch delay of a new advanced server chip from rival Intel (INTC).\nJefferies analyst Mark Lipacis wrote that, according to his team’s industry checks, AMD’s Milan server chips are set to take a significant amount of market share from Intel in the second half of the year.\nAMD executives have issued consistently bullish guidance. In April, the company forecast that revenue would be up 86% in the second-quarter, to approximately $3.6 billion. Analysts currently expect second-quarter adjusted profit of 54 cents a share on revenue of $3.6 billion.\nWall Street expects AMD to deliver computer and graphics segment revenue of $2.2 billion and enterprise, embedded, and semi-custom revenue of $1.4 billion. The company’s semi-custom business includes chips designed for new videogame consoles sold by Microsoft (MSFT) and Sony (SNE).\nAMD has previously said it expects full-year 2021 revenue to grow about 50% from last year.\nAMD’s growth potential could be limited by difficulties in obtaining materials and components necessary for chip making, as well as securing additional capacity from its contract manufacturers, including Taiwan Semiconductor Manufacturing (TSM). BMO Capital Markets analyst Ambrish Srivastava wrote that data center demand could be hurt by component shortages and some of the materials necessary to manufacture chips.\nBecause AMD shares trade at a high multiple—42 times earnings estimates for the next 12 months—Srivastava said that the company would need to top Wall Street expectations by a “meaningful” amount and again raise its full-year guidance to move the stock higher.\nAMD has reported better-than-expected per-share profit for the past four quarters. It has missed revenue estimates only once in the past two years.\nOutsize expectations and bullish forecasts from executives haven’t done much to help AMD’s stock recently. After soaring in 2020, AMD shares are flat this year, while the PHLX Semiconductor index is up 17%.\nAmong Wall Street analysts covering AMD, 25 rate the stock at Buy, 15 at Hold, and three at Sell. The average target price is $102.35, 11% above a recent close of $91.82.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":3142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174709622,"gmtCreate":1627134576366,"gmtModify":1631889815641,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Go FB!&nbsp;","listText":"Go FB!&nbsp;","text":"Go FB!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174709622","repostId":"1181195967","repostType":4,"isVote":1,"tweetType":1,"viewCount":637,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176982671,"gmtCreate":1626854877093,"gmtModify":1631889815654,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Oh no…","listText":"Oh no…","text":"Oh no…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176982671","repostId":"1183563723","repostType":4,"repost":{"id":"1183563723","kind":"news","pubTimestamp":1626853969,"share":"https://www.laohunote.com/m/news/1183563723?lang=zh_CN&edition=full","pubTime":"2021-07-21 15:52","market":"us","language":"en","title":"Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183563723","media":"zerohedge","summary":"Recent earnings reports from streaming giant $Netflix$ have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo qu","content":"<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">网飞</a>喜忧参半：三个季度前，当该公司报告其第一个完整的“后新冠”季度收益并警告称，该股暴跌<i>“增长正在放缓”，</i>三个季度前再次暴跌，当时该公司报告每股收益和新订阅量均大幅下滑，为 220 万份，并列过去五年来最糟糕的季度，同时本季度的前景也比预期更差。两个季度前，当 Netflix 报告用户数量激增并预计现金流很快就会为正时，这种情况发生了逆转，导致其股价飙升至历史新高——哪怕只是短暂的，然后在上个季度再次逆转，然后暴跌时，Netflix 再次令人失望，当时它报告了巨大的用户失误并给出了令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天很紧张，不是要弄清楚该公司是否会超出或低于预期，而是要弄清楚首席执行官里德·黑斯廷斯（Reed Hastings）警告的经济放缓是否是真实的，并且由于covid而吸引了更多的订户？毕竟，Netflix 几个月来一直警告称，与去年疫情封锁开始时惊人的注册率相比，2021 年的增长将会放缓。是的，准备好迎接巨大的基地效果打击：<i>2020年第二季度，该服务新增了1000万客户，仅次于2020年第一季度创纪录的1577万客户。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列波动，但该公司一直乘着乐观浪潮，其股价在 2021 年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直波动，未能突破新高。毫无疑问，在美国和世界大部分地区的 Covid-19 封锁期间，收视率激增，但也存在一些复杂情况： 病毒使电视和电影制作陷入停滞，随着时间的推移，这种情况对 Netflix 来说只会变得更加糟糕。但最大的问题仍然是<b>covid给现在带来了多少未来的潜艇，与此相关的是——对Delta菌株的恐慌会导致未来几个季度的用户再次小规模爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，共识预计第二季度仅新增 112 万用户，略高于该公司自己预测的 100 万新用户。收入预计为 73.2 亿美元，高于上一季度的 71.6 亿美元，每股收益为 3.36 美元，略低于上一季度的 3.75 美元。这是因为自疫情袭击以来，流媒体视频仍然火爆。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博情报公司（Bloomberg Intelligence）分析师吉塔-兰加纳坦（Geetha Ranganathan）和阿明-本赛德（Amine Bensaid）在预览季度业绩时警告说，Netflix 2020 年的巨额业绩将导致今年的用户增长更加平淡： Netflix,Inc.将继续感受到 2020 年上半年超负荷运转的余波，需求的大幅拉动促使人们对第二季度新增 100 万用户的预期有所降低，这是自 2011 年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引存在不确定性，但几部备受瞩目的影片（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度到 2022 年用户增长正常化的明显催化剂”。</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners 媒体分析师 Rich Greenfield 发表了他认为 Netflix 投资者在财报发布后应该向管理层提出的关键问题。其中包括 Netflix 的用户增长何时恢复正常、印度能否成为有意义的盈利驱动力，以及该公司在视频游戏领域看到的机遇。格林菲尔德问道： “目标是利用你为电视/电影创作的知识产权，还是创造可以用于电视/电影制作的原创视频游戏知识产权？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本上陷入停滞，这限制了接下来几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>所以考虑到这一切，<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>这个季度最终会让 Netflix 股票再次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，并且增加了比预期更多的订户，但该公司的每股收益和<i>再一次</i>报告了另一份令人沮丧的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34B，<i><b>殴打</b></i>是的。$73.2亿美元</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12万</li><li>营业利润率为 25.2%，高于预期的 25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益为 2.97 美元，低于市场预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化为+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>不好，<b>该公司报告称，美国/加拿大付费用户首次下降，减少了43万，至73.95毫米。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>换句话说，虽然第二季度收入增长了19%，经营利润增长了36%，<b>第三季度用户预测未达到预期，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是美国/加拿大付费订阅量下降的第二季度订阅量的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN 流媒体付费净变化 -430,000，预估 +52,190</b></li><li>EMEA 流媒体付费净变化 +190,000，估计 +429,335</li><li>LATAM streaming 付费净变化 +760,000，预估 +128,719</li><li>APAC streaming 付费净变化 +102 万，预计 +524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化 +154 万美元，预计 +112 万美元（彭博共识）</li></ul>和视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员增加11%和平均每个会员收入（ARM）增长8%推动的。“COVID 给我们的会员增长带来了一些波动（2020 年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了为什么该公司的盈利持续出现“波动”：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“大流行病给我们的增长带来了不同寻常的波动，并扭曲了同比比较，因为在 COVID 爆发的最初几个月，每户成员家庭的购买量和参与度激增。在 21 年第二季度，我们的每户成员家庭参与度不出所料地下降了，但与 19 年第二季度相比，仍增长了 17%。同样，尽管在这两年期间，每个会员的平均收入增长了 8%，但留存率仍然强劲，好于 2019 年第二季度的水平，这表明我们的会员是多么重视 Netflix，随着我们改善服务，我们可以收取更多的费用。”</i>NFLX 还表示，第二季度新增了 150 万付费会员，“略高于我们 100 万的指导预测”<b>本季度亚太地区约占全球付费净增加额的三分之二</b>同时，如上所述，<b>UCAN 地区第二季度付费会员数量环比下降（付费净增加 -40 万）：</b>\"<i>我们相信，我们在 UCAN 的庞大会员基础加上季节性较小的收购季度是这种动态的主要原因。这与我们在 2019 年第二季度经历的情况类似，当时我们的 UCAN 付费净增为 -10 万；从那时起，我们在 UCAN 新增了近 750 万付费净增用户”。</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情推动了如此多的潜艇，以至于2021年将成为至少自2016年以来最糟糕的一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司的目标是 2019 年而不是 2020 年（由于基数效应令人沮丧），Netflix 敦促投资者将今年与 2019 年进行比较，而不是与一年前的同一季度（当时疫情促进了订户增长）进行比较。奇怪的是，该公司在比较2020年和2019年的数据对其有利时没有问题，但我们跑题了……该公司指出，与 2020 年 “前所未有的水平 ”相比，第二季度每个家庭成员的用户参与度有所下降，但 “与 2019 年第二季度相比 ”增长了 17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>也许是为了转移人们对（缺乏）用户增长的注意力，Netflix 表示，它正在兑现 2016 年的承诺，稳步增长营业利润率。这家流媒体巨头的目标是 2021 年营业利润率达到 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现了利润率目标，那么在过去五年中，我们的营业利润率将增长五倍，并将比平均每年增长三个百分点。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅上升（尽管我们一直在大量投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>不过，尽管股东们可能会原谅美国潜艇销量的下降，但他们对公司的整体指引并不满意，<b>目前，第三季度新增潜艇数量仅为 350 万，远低于预期的 586 万。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix 表示，由于 Covid，上半年内容将会清淡。该公司目前正在迎头赶上，上半年新电视节目和电影的支出增长了 41%，达到 80 亿美元。该公司今年的内容支出目标是 120 亿美元，增长 12%，具体如下：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至 2021 年上半年，我们已在内容上花费了 80 亿美元现金（同比增长 41%，是内容摊销额的 1.4 倍）。</b></i><i>我们预计全年内容摊销约为 120 亿美元（同比增长 12%）。我们的第三季度名单将包括粉丝最喜欢的《纸钞屋》（又名《金钱抢劫》）、《性教育》、《处女河》和《我从未有过》等新一季，以及真人电影，包括《甜心女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画长片《Vivo》，其中收录了林·曼努埃尔·米兰达的全新歌曲。</i>Netflix offers 分享了有关其即将进军游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“在我们早期围绕互动性（如《黑镜抢劫案》）和《怪奇物语》游戏的基础上，我们还处于进一步向游戏扩张的早期阶段。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无剧本电视的扩张。</i><i><b>游戏将免费包含在会员的 Netflix 订阅中，类似于电影和剧集</b></i><i>. 最初，我们将主要关注移动设备游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们现有的所有内容类别都将有很长的时间来增加投资和增长，但由于我们推进原创节目已经近十年了，我们认为现在是时候更多地了解我们的会员如何看待游戏了。</i>在对竞争格局的粗略概述中，Netflix 指出了华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>他们 “不认为这次合并对我们的增长产生了太大影响，如果有的话”。该公司还指出，虽然它一直在评估合并机会： “我们不认为任何资产是'必须拥有'的，我们还没有发现任何大规模的资产足以令人信服地采取行动”。</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX 现金流还有更多坏消息，在上季度激增后再次逆转，下降了 1.75 亿美元，而去年同期为正现金流 8.99 亿美元。NFLX 指出，它“仍然预计 2021 年全年自由现金流将大致达到收支平衡”。本公司亦认为不再需要筹集外部融资来资助我们的日常运营。我们会看看这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他新闻方面，在第二季度，NFLX 将其循环信贷额度（仍未提取）从 7.5 亿美元增加到 10 亿美元，并将期限从 2024 年延长至 2026 年。该公司还根据我们 50 亿美元的股票授权，以 5 亿美元（平均每股价格约为 500 美元）回购了 100 万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保持战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并没有留下深刻印象，但情况可能会更糟：在最初短暂跌破 500 美元后，该股此后已下跌 2%，稳定在 515 美元左右。在同情心下跌的股票中，视频流平台Roku下跌 1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix 盘前交易下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</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\">\nNetflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 15:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">网飞</a>喜忧参半：三个季度前，当该公司报告其第一个完整的“后新冠”季度收益并警告称，该股暴跌<i>“增长正在放缓”，</i>三个季度前再次暴跌，当时该公司报告每股收益和新订阅量均大幅下滑，为 220 万份，并列过去五年来最糟糕的季度，同时本季度的前景也比预期更差。两个季度前，当 Netflix 报告用户数量激增并预计现金流很快就会为正时，这种情况发生了逆转，导致其股价飙升至历史新高——哪怕只是短暂的，然后在上个季度再次逆转，然后暴跌时，Netflix 再次令人失望，当时它报告了巨大的用户失误并给出了令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天很紧张，不是要弄清楚该公司是否会超出或低于预期，而是要弄清楚首席执行官里德·黑斯廷斯（Reed Hastings）警告的经济放缓是否是真实的，并且由于covid而吸引了更多的订户？毕竟，Netflix 几个月来一直警告称，与去年疫情封锁开始时惊人的注册率相比，2021 年的增长将会放缓。是的，准备好迎接巨大的基地效果打击：<i>2020年第二季度，该服务新增了1000万客户，仅次于2020年第一季度创纪录的1577万客户。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列波动，但该公司一直乘着乐观浪潮，其股价在 2021 年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直波动，未能突破新高。毫无疑问，在美国和世界大部分地区的 Covid-19 封锁期间，收视率激增，但也存在一些复杂情况： 病毒使电视和电影制作陷入停滞，随着时间的推移，这种情况对 Netflix 来说只会变得更加糟糕。但最大的问题仍然是<b>covid给现在带来了多少未来的潜艇，与此相关的是——对Delta菌株的恐慌会导致未来几个季度的用户再次小规模爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，共识预计第二季度仅新增 112 万用户，略高于该公司自己预测的 100 万新用户。收入预计为 73.2 亿美元，高于上一季度的 71.6 亿美元，每股收益为 3.36 美元，略低于上一季度的 3.75 美元。这是因为自疫情袭击以来，流媒体视频仍然火爆。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博情报公司（Bloomberg Intelligence）分析师吉塔-兰加纳坦（Geetha Ranganathan）和阿明-本赛德（Amine Bensaid）在预览季度业绩时警告说，Netflix 2020 年的巨额业绩将导致今年的用户增长更加平淡： Netflix,Inc.将继续感受到 2020 年上半年超负荷运转的余波，需求的大幅拉动促使人们对第二季度新增 100 万用户的预期有所降低，这是自 2011 年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引存在不确定性，但几部备受瞩目的影片（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度到 2022 年用户增长正常化的明显催化剂”。</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners 媒体分析师 Rich Greenfield 发表了他认为 Netflix 投资者在财报发布后应该向管理层提出的关键问题。其中包括 Netflix 的用户增长何时恢复正常、印度能否成为有意义的盈利驱动力，以及该公司在视频游戏领域看到的机遇。格林菲尔德问道： “目标是利用你为电视/电影创作的知识产权，还是创造可以用于电视/电影制作的原创视频游戏知识产权？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本上陷入停滞，这限制了接下来几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>所以考虑到这一切，<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>这个季度最终会让 Netflix 股票再次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，并且增加了比预期更多的订户，但该公司的每股收益和<i>再一次</i>报告了另一份令人沮丧的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34B，<i><b>殴打</b></i>是的。$73.2亿美元</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12万</li><li>营业利润率为 25.2%，高于预期的 25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益为 2.97 美元，低于市场预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化为+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>不好，<b>该公司报告称，美国/加拿大付费用户首次下降，减少了43万，至73.95毫米。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>换句话说，虽然第二季度收入增长了19%，经营利润增长了36%，<b>第三季度用户预测未达到预期，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是美国/加拿大付费订阅量下降的第二季度订阅量的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN 流媒体付费净变化 -430,000，预估 +52,190</b></li><li>EMEA 流媒体付费净变化 +190,000，估计 +429,335</li><li>LATAM streaming 付费净变化 +760,000，预估 +128,719</li><li>APAC streaming 付费净变化 +102 万，预计 +524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化 +154 万美元，预计 +112 万美元（彭博共识）</li></ul>和视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员增加11%和平均每个会员收入（ARM）增长8%推动的。“COVID 给我们的会员增长带来了一些波动（2020 年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了为什么该公司的盈利持续出现“波动”：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“大流行病给我们的增长带来了不同寻常的波动，并扭曲了同比比较，因为在 COVID 爆发的最初几个月，每户成员家庭的购买量和参与度激增。在 21 年第二季度，我们的每户成员家庭参与度不出所料地下降了，但与 19 年第二季度相比，仍增长了 17%。同样，尽管在这两年期间，每个会员的平均收入增长了 8%，但留存率仍然强劲，好于 2019 年第二季度的水平，这表明我们的会员是多么重视 Netflix，随着我们改善服务，我们可以收取更多的费用。”</i>NFLX 还表示，第二季度新增了 150 万付费会员，“略高于我们 100 万的指导预测”<b>本季度亚太地区约占全球付费净增加额的三分之二</b>同时，如上所述，<b>UCAN 地区第二季度付费会员数量环比下降（付费净增加 -40 万）：</b>\"<i>我们相信，我们在 UCAN 的庞大会员基础加上季节性较小的收购季度是这种动态的主要原因。这与我们在 2019 年第二季度经历的情况类似，当时我们的 UCAN 付费净增为 -10 万；从那时起，我们在 UCAN 新增了近 750 万付费净增用户”。</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情推动了如此多的潜艇，以至于2021年将成为至少自2016年以来最糟糕的一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司的目标是 2019 年而不是 2020 年（由于基数效应令人沮丧），Netflix 敦促投资者将今年与 2019 年进行比较，而不是与一年前的同一季度（当时疫情促进了订户增长）进行比较。奇怪的是，该公司在比较2020年和2019年的数据对其有利时没有问题，但我们跑题了……该公司指出，与 2020 年 “前所未有的水平 ”相比，第二季度每个家庭成员的用户参与度有所下降，但 “与 2019 年第二季度相比 ”增长了 17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>也许是为了转移人们对（缺乏）用户增长的注意力，Netflix 表示，它正在兑现 2016 年的承诺，稳步增长营业利润率。这家流媒体巨头的目标是 2021 年营业利润率达到 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现了利润率目标，那么在过去五年中，我们的营业利润率将增长五倍，并将比平均每年增长三个百分点。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅上升（尽管我们一直在大量投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>不过，尽管股东们可能会原谅美国潜艇销量的下降，但他们对公司的整体指引并不满意，<b>目前，第三季度新增潜艇数量仅为 350 万，远低于预期的 586 万。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix 表示，由于 Covid，上半年内容将会清淡。该公司目前正在迎头赶上，上半年新电视节目和电影的支出增长了 41%，达到 80 亿美元。该公司今年的内容支出目标是 120 亿美元，增长 12%，具体如下：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至 2021 年上半年，我们已在内容上花费了 80 亿美元现金（同比增长 41%，是内容摊销额的 1.4 倍）。</b></i><i>我们预计全年内容摊销约为 120 亿美元（同比增长 12%）。我们的第三季度名单将包括粉丝最喜欢的《纸钞屋》（又名《金钱抢劫》）、《性教育》、《处女河》和《我从未有过》等新一季，以及真人电影，包括《甜心女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画长片《Vivo》，其中收录了林·曼努埃尔·米兰达的全新歌曲。</i>Netflix offers 分享了有关其即将进军游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“在我们早期围绕互动性（如《黑镜抢劫案》）和《怪奇物语》游戏的基础上，我们还处于进一步向游戏扩张的早期阶段。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无剧本电视的扩张。</i><i><b>游戏将免费包含在会员的 Netflix 订阅中，类似于电影和剧集</b></i><i>. 最初，我们将主要关注移动设备游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们现有的所有内容类别都将有很长的时间来增加投资和增长，但由于我们推进原创节目已经近十年了，我们认为现在是时候更多地了解我们的会员如何看待游戏了。</i>在对竞争格局的粗略概述中，Netflix 指出了华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>他们 “不认为这次合并对我们的增长产生了太大影响，如果有的话”。该公司还指出，虽然它一直在评估合并机会： “我们不认为任何资产是'必须拥有'的，我们还没有发现任何大规模的资产足以令人信服地采取行动”。</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX 现金流还有更多坏消息，在上季度激增后再次逆转，下降了 1.75 亿美元，而去年同期为正现金流 8.99 亿美元。NFLX 指出，它“仍然预计 2021 年全年自由现金流将大致达到收支平衡”。本公司亦认为不再需要筹集外部融资来资助我们的日常运营。我们会看看这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他新闻方面，在第二季度，NFLX 将其循环信贷额度（仍未提取）从 7.5 亿美元增加到 10 亿美元，并将期限从 2024 年延长至 2026 年。该公司还根据我们 50 亿美元的股票授权，以 5 亿美元（平均每股价格约为 500 美元）回购了 100 万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保持战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并没有留下深刻印象，但情况可能会更糟：在最初短暂跌破 500 美元后，该股此后已下跌 2%，稳定在 515 美元左右。在同情心下跌的股票中，视频流平台Roku下跌 1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix 盘前交易下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","GUID":"Guident","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183563723","content_text":"Recent earnings reports from streaming giant Netflix have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.\nWhich brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.\nTo be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remainshow many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?\nIndicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.\nPreviewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"\nLightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”\nAnother thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.\n* * *\nSo with all that in mind, was Q2 the quarter that would finally unleash another repricing higher for Netflix stock?Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS andagainreported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).\nFirst, the good news:\n\nQ2 revenue $7.34B,beatingEst. $7.32B\nQ2 Streaming Paid Net Change +1.54M,beatingEst. +1.12M\nOperating margin of 25.2% came in on top of estiamtes of 25.2%\n\nAnd then the bad news:\n\nQ2 EPS $2.97 missing consensus Est. $3.14\nCompany sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M\n\nJust as bad,the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.\nIn other words, while q2 revenue rose 19% and operating income rose 36%,shares tumbled after its third-quarter subscriber forecast missed estimates.\nHere is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:\n\nUCAN streaming paid net change -430,000, estimate +52,190\nEMEA streaming paid net change +190,000, estimate +429,335\nLATAM streaming paid net change +760,000, estimate +128,719\nAPAC streaming paid net change +1.02 million, estimate +524,900\nTotal Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)\n\nAnd visually:\nCommenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”\nA more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:\n\n\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"\n\nNFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"with the APAC region representing about two-thirds of global paid net adds in the quarter. Meanwhile, as noted above,Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):\"We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"\nThis means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.\nUnderstandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”\nPerhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.\nSome more details here:\n\n“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..\n.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.\n\nBut while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.\n* * *\nLooking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:\n\nThrough the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)\nand we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.\n\nNetflix offers shared some more details on its upcoming entrance into the gaming arena:\n\n“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.\nGames will be included in members’ Netflix subscription at no additional cost, similar to films and series\n. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”\n\nIn its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/Discovery, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”\nThere was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.\nIn other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"\nAfter all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.\nNetflix Slides in premarket trading.","news_type":1,"symbols_score_info":{"GUID":0.9,"QNETCN":0.9,"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176031718,"gmtCreate":1626844129234,"gmtModify":1633770460949,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"I ❤️ 🍎&nbsp;","listText":"I ❤️ 🍎&nbsp;","text":"I ❤️ 🍎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/176031718","repostId":"1110746736","repostType":4,"repost":{"id":"1110746736","kind":"news","pubTimestamp":1626838936,"share":"https://www.laohunote.com/m/news/1110746736?lang=zh_CN&edition=full","pubTime":"2021-07-21 11:42","market":"us","language":"en","title":"Apple’s Earnings Are Next Week. Analysts Are Expecting More.<blockquote>苹果的财报将于下周公布。分析师预计会有更多。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1110746736","media":"Barrons","summary":"Apple shares are trading higher Tuesday as the Street continues to ratchet up expectations for the company’s June quarter earnings report, now a week away.The Wall Street consensus view is that Apple  will post revenue of $72.9 billion, up 22% from a year earlier, with profits of $1 a share. When it reported its March quarter results, Apple didn’t issue specific financial forecasts for the June quarter, but said it expects “strong double digit” revenue growth on a year-over-year basis. Managemen","content":"<p>Apple shares are trading higher Tuesday as the Street continues to ratchet up expectations for the company’s June quarter earnings report, now a week away.</p><p><blockquote>苹果股价周二走高，因为华尔街继续提高对该公司 6 月份季度收益报告的预期，该报告还有一周时间。</blockquote></p><p> The Wall Street consensus view is that Apple (ticker: AAPL) will post revenue of $72.9 billion, up 22% from a year earlier, with profits of $1 a share. When it reported its March quarter results, Apple didn’t issue specific financial forecasts for the June quarter, but said it expects “strong double digit” revenue growth on a year-over-year basis. Management also predicted a bigger quarter-over-quarter decline than in prior years, due to the later launch last year of the iPhone 12 and continuing component shortages.</p><p><blockquote>华尔街一致认为，苹果（股票代码：AAPL）的营收将达到 729 亿美元，同比增长 22%，每股利润为 1 美元。苹果在公布 3 月份季度业绩时，没有发布 6 月份季度的具体财务预测，但表示预计收入将同比 “强劲的两位数 ”增长。管理层还预测，由于去年 iPhone 12 的推出较晚以及零部件持续短缺，季度环比降幅将比往年更大。</blockquote></p><p> Apple has said gross margin for the quarter will be between 41.5% and 42.5%, and that supply constraints affecting Macs and iPads will trim top-line revenue by as much as $4 billion.</p><p><blockquote>苹果表示，本季度毛利率将在 41.5% 至 42.5% 之间，影响 Mac 和 iPad 的供应限制将使营收减少多达 40 亿美元。</blockquote></p><p> In a research note Tuesday, UBS analyst David Vogt lifted his outlook for the quarter, citing strong demand for both iPhones and Macs. His forecast for the quarter went to $74.7 billion in revenue and profits of $1.01 a share, from $71.3 billion and 95 cents a share. Vogt repeated his Buy rating, and raised his target for the stock price to $160, from $155. He said revenue would be higher still were it not for supply constraints.</p><p><blockquote>瑞银分析师 David Vogt 在周二的一份研究报告中上调了本季度的展望，理由是 iPhone 和 Mac 的需求强劲。他预测本季度收入为 747 亿美元，每股利润为 1.01 美元，高于每股 713 亿美元 95 美分。沃格特重申了买入评级，并将股价目标从 155 美元上调至 160 美元。他说，如果不是因为供应限制，收入还会更高。</blockquote></p><p> Apple shares on Tuesday were up 2.6%, to $146.15, while the S&amp;P 500 had gained 1.6%.</p><p><blockquote>苹果股价周二上涨 2.6%，至 146.15 美元，标普500上涨 1.6%。</blockquote></p><p> Vogt now sees iPhone unit shipments for the September 2021 fiscal year of 227 million, up from 225 million. For fiscal 2022, he now expects shipments of 225 million phones, up from 220 million. He boosted his Mac forecast for the quarter to 6 million units, from 5.5 million.</p><p><blockquote>Vogt 目前预计 2021 年 9 月财年 iPhone 出货量为 2.27 亿部，高于 2.25 亿部。他目前预计 2022 财年手机出货量将从 2.2 亿部增至 2.25 亿部。他将本季度 Mac 销量预测从 550 万台上调至 600 万台。</blockquote></p><p> Monness Crespi Hardt analyst Brian White repeated a Buy rating and $180 stock-price target, saying that the Street consensus for the quarter is far too conservative. He expects revenue of $80.33 billion, which would be up 35% year over year, with profits of $1.16 a share. That would still be a 10% sequential decline, and slightly steeper than the average 8% dip over the past four June quarters, he noted.</p><p><blockquote>Monness Crespi Hardt 分析师 Brian White 重申了买入评级和 180 美元的股价目标，称华尔街对本季度的共识过于保守。他预计营收为803.3亿美元，同比增长35%，每股利润为1.16美元。他指出，这仍将是连续下降 10%，略高于过去 6 月份四个季度 8% 的平均降幅。</blockquote></p><p> White’s forecasts for June quarter revenue are $39.1 billion for the iPhone (the Street consensus is $33.9 billion); $9.6 billion for Macs (way above the Street at $7.8 billion); $6.9 billion for iPads (the Street’s call is $7.2 billion); $7.5 billion for wearables, home, and accessories (consensus is $7.8 billion); and $17.2 billion for services (vs. the consensus call of $16.2 billion).</p><p><blockquote>怀特对 6 月份季度 iPhone 收入的预测为 391 亿美元（华尔街共识为 339 亿美元）；苹果电脑售价96亿美元（远高于华尔街78亿美元）；iPad 69 亿美元（华尔街看涨期权为 72 亿美元）；75亿美元用于可穿戴设备、家庭和配件（共识是78亿美元）；服务支出为 172 亿美元（而市场普遍预期的看涨期权为 162 亿美元）。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple’s Earnings Are Next Week. Analysts Are Expecting More.<blockquote>苹果的财报将于下周公布。分析师预计会有更多。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple’s Earnings Are Next Week. Analysts Are Expecting More.<blockquote>苹果的财报将于下周公布。分析师预计会有更多。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-21 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple shares are trading higher Tuesday as the Street continues to ratchet up expectations for the company’s June quarter earnings report, now a week away.</p><p><blockquote>苹果股价周二走高，因为华尔街继续提高对该公司 6 月份季度收益报告的预期，该报告还有一周时间。</blockquote></p><p> The Wall Street consensus view is that Apple (ticker: AAPL) will post revenue of $72.9 billion, up 22% from a year earlier, with profits of $1 a share. When it reported its March quarter results, Apple didn’t issue specific financial forecasts for the June quarter, but said it expects “strong double digit” revenue growth on a year-over-year basis. Management also predicted a bigger quarter-over-quarter decline than in prior years, due to the later launch last year of the iPhone 12 and continuing component shortages.</p><p><blockquote>华尔街一致认为，苹果（股票代码：AAPL）的营收将达到 729 亿美元，同比增长 22%，每股利润为 1 美元。苹果在公布 3 月份季度业绩时，没有发布 6 月份季度的具体财务预测，但表示预计收入将同比 “强劲的两位数 ”增长。管理层还预测，由于去年 iPhone 12 的推出较晚以及零部件持续短缺，季度环比降幅将比往年更大。</blockquote></p><p> Apple has said gross margin for the quarter will be between 41.5% and 42.5%, and that supply constraints affecting Macs and iPads will trim top-line revenue by as much as $4 billion.</p><p><blockquote>苹果表示，本季度毛利率将在 41.5% 至 42.5% 之间，影响 Mac 和 iPad 的供应限制将使营收减少多达 40 亿美元。</blockquote></p><p> In a research note Tuesday, UBS analyst David Vogt lifted his outlook for the quarter, citing strong demand for both iPhones and Macs. His forecast for the quarter went to $74.7 billion in revenue and profits of $1.01 a share, from $71.3 billion and 95 cents a share. Vogt repeated his Buy rating, and raised his target for the stock price to $160, from $155. He said revenue would be higher still were it not for supply constraints.</p><p><blockquote>瑞银分析师 David Vogt 在周二的一份研究报告中上调了本季度的展望，理由是 iPhone 和 Mac 的需求强劲。他预测本季度收入为 747 亿美元，每股利润为 1.01 美元，高于每股 713 亿美元 95 美分。沃格特重申了买入评级，并将股价目标从 155 美元上调至 160 美元。他说，如果不是因为供应限制，收入还会更高。</blockquote></p><p> Apple shares on Tuesday were up 2.6%, to $146.15, while the S&amp;P 500 had gained 1.6%.</p><p><blockquote>苹果股价周二上涨 2.6%，至 146.15 美元，标普500上涨 1.6%。</blockquote></p><p> Vogt now sees iPhone unit shipments for the September 2021 fiscal year of 227 million, up from 225 million. For fiscal 2022, he now expects shipments of 225 million phones, up from 220 million. He boosted his Mac forecast for the quarter to 6 million units, from 5.5 million.</p><p><blockquote>Vogt 目前预计 2021 年 9 月财年 iPhone 出货量为 2.27 亿部，高于 2.25 亿部。他目前预计 2022 财年手机出货量将从 2.2 亿部增至 2.25 亿部。他将本季度 Mac 销量预测从 550 万台上调至 600 万台。</blockquote></p><p> Monness Crespi Hardt analyst Brian White repeated a Buy rating and $180 stock-price target, saying that the Street consensus for the quarter is far too conservative. He expects revenue of $80.33 billion, which would be up 35% year over year, with profits of $1.16 a share. That would still be a 10% sequential decline, and slightly steeper than the average 8% dip over the past four June quarters, he noted.</p><p><blockquote>Monness Crespi Hardt 分析师 Brian White 重申了买入评级和 180 美元的股价目标，称华尔街对本季度的共识过于保守。他预计营收为803.3亿美元，同比增长35%，每股利润为1.16美元。他指出，这仍将是连续下降 10%，略高于过去 6 月份四个季度 8% 的平均降幅。</blockquote></p><p> White’s forecasts for June quarter revenue are $39.1 billion for the iPhone (the Street consensus is $33.9 billion); $9.6 billion for Macs (way above the Street at $7.8 billion); $6.9 billion for iPads (the Street’s call is $7.2 billion); $7.5 billion for wearables, home, and accessories (consensus is $7.8 billion); and $17.2 billion for services (vs. the consensus call of $16.2 billion).</p><p><blockquote>怀特对 6 月份季度 iPhone 收入的预测为 391 亿美元（华尔街共识为 339 亿美元）；苹果电脑售价96亿美元（远高于华尔街78亿美元）；iPad 69 亿美元（华尔街看涨期权为 72 亿美元）；75亿美元用于可穿戴设备、家庭和配件（共识是78亿美元）；服务支出为 172 亿美元（而市场普遍预期的看涨期权为 162 亿美元）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apples-earnings-outlook-upgrades-revenue-sales-51626805089?mod=hp_DAY_Theme_2_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apples-earnings-outlook-upgrades-revenue-sales-51626805089?mod=hp_DAY_Theme_2_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110746736","content_text":"Apple shares are trading higher Tuesday as the Street continues to ratchet up expectations for the company’s June quarter earnings report, now a week away.\nThe Wall Street consensus view is that Apple (ticker: AAPL) will post revenue of $72.9 billion, up 22% from a year earlier, with profits of $1 a share. When it reported its March quarter results, Apple didn’t issue specific financial forecasts for the June quarter, but said it expects “strong double digit” revenue growth on a year-over-year basis. Management also predicted a bigger quarter-over-quarter decline than in prior years, due to the later launch last year of the iPhone 12 and continuing component shortages.\nApple has said gross margin for the quarter will be between 41.5% and 42.5%, and that supply constraints affecting Macs and iPads will trim top-line revenue by as much as $4 billion.\nIn a research note Tuesday, UBS analyst David Vogt lifted his outlook for the quarter, citing strong demand for both iPhones and Macs. His forecast for the quarter went to $74.7 billion in revenue and profits of $1.01 a share, from $71.3 billion and 95 cents a share. Vogt repeated his Buy rating, and raised his target for the stock price to $160, from $155. He said revenue would be higher still were it not for supply constraints.\nApple shares on Tuesday were up 2.6%, to $146.15, while the S&P 500 had gained 1.6%.\nVogt now sees iPhone unit shipments for the September 2021 fiscal year of 227 million, up from 225 million. For fiscal 2022, he now expects shipments of 225 million phones, up from 220 million. He boosted his Mac forecast for the quarter to 6 million units, from 5.5 million.\nMonness Crespi Hardt analyst Brian White repeated a Buy rating and $180 stock-price target, saying that the Street consensus for the quarter is far too conservative. He expects revenue of $80.33 billion, which would be up 35% year over year, with profits of $1.16 a share. That would still be a 10% sequential decline, and slightly steeper than the average 8% dip over the past four June quarters, he noted.\nWhite’s forecasts for June quarter revenue are $39.1 billion for the iPhone (the Street consensus is $33.9 billion); $9.6 billion for Macs (way above the Street at $7.8 billion); $6.9 billion for iPads (the Street’s call is $7.2 billion); $7.5 billion for wearables, home, and accessories (consensus is $7.8 billion); and $17.2 billion for services (vs. the consensus call of $16.2 billion).","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171709892,"gmtCreate":1626761132216,"gmtModify":1633771265416,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"I am ready.&nbsp;","listText":"I am ready.&nbsp;","text":"I am ready.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/171709892","repostId":"1116573791","repostType":4,"isVote":1,"tweetType":1,"viewCount":801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171700661,"gmtCreate":1626761050453,"gmtModify":1633771266030,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Go for gold [Miser]&nbsp;","listText":"Go for gold [Miser]&nbsp;","text":"Go for gold [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171700661","repostId":"1129846769","repostType":4,"repost":{"id":"1129846769","kind":"news","pubTimestamp":1626751789,"share":"https://www.laohunote.com/m/news/1129846769?lang=zh_CN&edition=full","pubTime":"2021-07-20 11:29","market":"us","language":"en","title":"Worried about inflation? Here’s how investments did in the 1970s<blockquote>担心通货膨胀？以下是 20 世纪 70 年代的投资情况</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129846769","media":"Marketwatch","summary":"In the 1990s movie The Shipping News, an old newspaperman explains to Kevin Spacey how to cover the ","content":"<p>In the 1990s movie The Shipping News, an old newspaperman explains to Kevin Spacey how to cover the news. If there is a storm visible anywhere, he explains, you write “Storm threatens the town,” even if the storm is nowhere near and is unlikely to hit. If—as expected—the storm never hits, you just write the follow up: “Town spared by storm.”</p><p><blockquote>在 20 世纪 90 年代的电影《航运新闻》中，一位老记者向凯文·史派西解释如何报道新闻。他解释说，如果任何地方都能看到暴风雨，你就写 “暴风雨威胁着小镇”，即使暴风雨不在附近，也不太可能袭来。如果--如预期的那样--暴风雨从未袭来，您只需写下后续内容： “暴风雨幸免于难的小镇”。</blockquote></p><p> Readers may be excused for thinking something similar about the latest stories about looming, threatening, surging, terrifying inflation. Yes, the inflation forecasts were surging months ago, and hit 8-year highs. Had they continued there would be grounds to worry. But they haven’t continued. On the contrary, they’ve been falling for two months. The bond market’s 5-year inflation forecast is now lower than it was in mid-March. The market sees five-year inflation running at around 2.6%. That’s higher than we’ve been used to for a decade, but it’s nothing to cause any significant alarm.</p><p><blockquote>对于关于迫在眉睫、威胁性、飙升、可怕的通货膨胀的最新报道，读者可能会有类似的想法。是的，几个月前通胀预测飙升，并达到了8年来的高点。如果他们继续下去，就有理由担心了。但他们没有继续下去。相反，它们已经下降了两个月。债券市场对 5 年期通胀的预测目前低于 3 月中旬。市场预计五年通胀率约为 2.6%。这比我们十年来习惯的要高，但这并不会引起任何大的恐慌。</blockquote></p><p> That can change, of course. Maybe it will. We’ll see.</p><p><blockquote>当然，这种情况可能会改变。也许会。我们拭目以待。</blockquote></p><p> But with all this talk I got to thinking about the obvious question. If serious inflation really does hit, what can we do about it? How can we protect our investments?</p><p><blockquote>但是说了这么多，我开始思考一个显而易见的问题。如果严重的通货膨胀真的来袭，我们能做些什么？我们如何保护我们的投资？</blockquote></p><p> That’s an especially key question for today’s retirees and those expecting to retire soon. When we’re older we’re generally advised to keep most of our money in more “conservative” investments, meaning things like bonds, that involve less risk. Someone in their 20s or 30s may not worry unduly if their retirement savings plunge 30% in a market rout or an inflationary spiral. For someone in their 60s, let alone older, that can become a major financial crisis.</p><p><blockquote>对于今天的退休人员和即将退休的人来说，这是一个特别重要的问题。随着年龄的增长，我们通常会被建议将大部分资金投资于更 “保守 ”的投资，也就是债券等风险较小的投资。20多岁或30多岁的人可能不会过度担心，如果他们的退休储蓄在市场崩溃或通货膨胀螺旋中暴跌30%。对于60多岁的人来说，更不用说老年人了，这可能会成为一场重大的金融危机。</blockquote></p><p> So I went back and dug up the information from the last, infamous inflationary spiral in the 1970s, when consumer price inflation often topped 10% a year. The Greek philosopher Heraclitus pointed out that no one ever walks through the same stream twice, because the second time it’s not the same stream, and we’re not the same person. Everything changes. There is no guarantee the next inflationary boom, even if it happens, will look anything like the last one — any more than we should assume that it will be accompanied by outbreaks of disco music and flared jeans.</p><p><blockquote>所以我回去挖掘了20世纪70年代上一次臭名昭著的通货膨胀螺旋的信息，当时消费者价格通胀率每年经常超过10%。希腊哲学家赫拉克利特指出，没有人两次走过同一条小溪，因为第二次不是同一条小溪，我们也不是同一个人。一切都变了。不能保证下一次通胀繁荣，即使发生，看起来也会像上一次一样——我们不应该假设它会伴随着迪斯科音乐和喇叭裤的爆发。</blockquote></p><p> Nonetheless the chart above shows the total returns, after adjusting for inflation, of various asset classes from December 1971 to December 1981. (I used those dates because the National Association of Real Estate Investment Trusts, or NAREIT, starts their data series then.) The data on energy stocks came from data compiled by professor Ken French at Dartmouth College’s Tuck School of Business.</p><p><blockquote>尽管如此，上图显示了1971年12月至1981年12月期间，经通货膨胀调整后，各种资产类别的总回报率。(我使用这些日期是因为全国房地产投资信托协会（NAREIT）的数据系列是在那时开始的）。能源股的数据来自达特茅斯学院塔克商学院的肯-弗伦奇教授汇编的数据。</blockquote></p><p> This is what happened to your purchasing power if you invested in these assets and hung on for 10 years. (I’ve excluded gold, which is a different story.)</p><p><blockquote>如果你投资这些资产并坚持10年，这就是你的购买力发生的变化。(我不包括黄金，那是另一回事了）。</blockquote></p><p> The key standout is that you really didn’t want to own Treasury bonds. The near 40% loss of purchasing power over 10 years is somewhat notional—it is derived from the compound annual returns on 10 Year Treasurys compiled by New York University’s Stern School of Business, divided by the consumer-price index—but tells a story nonetheless. (In Great Britain, where inflation was even worse, government bonds during the 1970s became known as “certificates of confiscation.” Ouch.)</p><p><blockquote>最突出的是，你真的不想拥有国债。10 年内近 40% 的购买力损失在某种程度上是名义上的--它是根据纽约大学斯特恩商学院编制的 10 年期国债复合年收益率除以消费者价格指数得出的--但它仍然说明了一个问题。(在通货膨胀更严重的英国，20 世纪 70 年代的政府债券被称为 “没收凭证”。哎哟）。</blockquote></p><p> Holding them cost you money. Lots of it.</p><p><blockquote>持有它们会花钱。很多。</blockquote></p><p> You could argue that the danger today is even greater, simply because the yields on long-term Treasury bonds are so low. Federal Reserve quantitative easing, bond buying, and zero interest-rate policies have left Treasury yields at their lowest on record—which means the turns would be a disaster if inflation reared its head.</p><p><blockquote>你可能会说，今天的危险甚至更大，仅仅是因为长期国债的收益率如此之低。美联储的量化宽松、债券购买和零利率政策使美国国债收益率处于历史最低水平，这意味着如果通胀抬头，转折将是一场灾难。</blockquote></p><p> Corporate bonds and the S&amp;P 500&nbsp;were also terrible investments. It’s worth remembering that these are real term losses over a decade, which means investors didn’t just lose a lot of money—they also lost a lot of time.</p><p><blockquote>公司债券和标普500也是糟糕的投资。值得记住的是，这些都是十年来的真实期限损失，这意味着投资者不仅损失了很多钱，还损失了很多时间。</blockquote></p><p> Utility stocks weren’t great, but they held up better. And Treasury bills—short-term paper—did better still. But once again you were going backward when you needed to be going forwards.</p><p><blockquote>公用事业股表现不佳，但表现较好。国库券——短期票据——表现更好。但是当你需要前进的时候，你又一次在后退。</blockquote></p><p> No one who remembers the 1970s will be surprised that energy companies boomed. Less well-remembered, maybe, is that REITs also did pretty well. These numbers, incidentally, represented property-owning REITs and excluded mortgage REITs, which own loans.</p><p><blockquote>任何记得 20 世纪 70 年代的人都不会对能源公司的繁荣感到惊讶。也许不太为人所知的是，房地产投资信托基金的表现也相当不错。顺便说一句，这些数字代表拥有房地产的房地产投资信托基金，不包括拥有贷款的抵押房地产投资信托基金。</blockquote></p><p> But there are two caveats to this. The first is that of course energy stocks did well, because a key driver of inflation in the 1970s was the rise of OPEC and two oil embargoes it imposed on the West for political reasons. Cue Heraclitus. There is no particular reason to assume that the next inflationary surge will be the same.</p><p><blockquote>但是有两个注意事项。首先是能源股当然表现良好，因为20世纪70年代通货膨胀的一个关键驱动因素是石油输出国组织的崛起及其出于政治原因对西方实施的两次石油禁运。提示赫拉克利特。没有特别的理由假设下一次通胀飙升会是一样的。</blockquote></p><p></p><p> The second caveat is that although REITs ended up doing well, they were volatile along the way. In particular, REIT prices collapsed in the OPEC-driven recession of 1972-4. And according to FactSet, U.S. REITs today already look pretty expensive on some measures. For instance it reckons that the forecast dividend yield on the Vanguard Real Estate ETF (a reasonable benchmark for the industry) is just 2.9% — by far the lowest since it was launched in 2004. Looking through NAREIT data, I can’t find a moment since 1971 when the overall yield on REITs was this low. During the real estate bubble in 2007, incidentally, the yield bottomed out no lower than 3.6%</p><p><blockquote>第二个警告是，尽管房地产投资信托基金最终表现良好，但一路上却波动较大。特别是，房地产投资信托基金价格在 1972-4 年欧佩克推动的经济衰退中暴跌。根据 FactSet 的数据，从某些指标来看，如今美国房地产投资信托基金已经相当昂贵。例如，它估计先锋房地产 ETF（该行业的合理基准）的预测股息收益率仅为 2.9%，是自 2004 年推出以来的最低水平。翻阅 NAREIT 的数据，我找不到自 1971 年以来房地产投资信托基金的整体收益率如此之低的时刻。顺便说一句，在2007年房地产泡沫期间，收益率最低跌至3.6%</blockquote></p><p> So it may be that REITs offer less inflation protection today than we would hope.</p><p><blockquote>因此，如今房地产投资信托基金提供的通胀保护可能比我们希望的要少。</blockquote></p><p> One key difference in the 1970s is that there were no “inflation-protected” Treasury bonds to keep investors protected. So-called TIPS are in theory almost the perfect investment for retirees. They are issued by the U.S. government and their coupons are safe against default. Meanwhile their coupons effectively adjust to reflect changes in consumer prices.</p><p><blockquote>20 世纪 70 年代的一个关键区别是，没有 “通胀保值 ”国债来保护投资者。所谓的小费理论上几乎是退休人员的完美投资。它们由美国政府发行，其优惠券不会违约。同时，他们的优惠券有效地调整以反映消费者价格的变化。</blockquote></p><p> The problem today is that TIPS—like almost everything else in the bond market—look incredibly expensive. Most TIPS already lock in an actual loss of purchasing power if you buy them today. For example if you buy 5 year TIPS bonds and hold them for 5 years you’ll end up losing 9% of your purchasing power. And 30-year TIPS bonds offer the same 9% loss, though stretched out over 30 years.</p><p><blockquote>如今的问题是，小费——就像债券市场上的几乎所有其他东西一样——看起来非常昂贵。如果你今天购买，大多数建议已经锁定了购买力的实际损失。例如，如果您购买 5 年期 TIPS 债券并持有 5 年，您最终将失去 9% 的购买力。30 年期 TIPS 债券的损失相同，为 9%，尽管期限超过 30 年。</blockquote></p><p> It’s not very compelling. And it shows the risks that the government’s policy responses have created for those in retirement and near it.</p><p><blockquote>这并不令人信服。这也显示了政府的政策应对措施给退休人员和接近退休人员带来的风险。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Worried about inflation? Here’s how investments did in the 1970s<blockquote>担心通货膨胀？以下是 20 世纪 70 年代的投资情况</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\">\nWorried about inflation? Here’s how investments did in the 1970s<blockquote>担心通货膨胀？以下是 20 世纪 70 年代的投资情况</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-07-20 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In the 1990s movie The Shipping News, an old newspaperman explains to Kevin Spacey how to cover the news. If there is a storm visible anywhere, he explains, you write “Storm threatens the town,” even if the storm is nowhere near and is unlikely to hit. If—as expected—the storm never hits, you just write the follow up: “Town spared by storm.”</p><p><blockquote>在 20 世纪 90 年代的电影《航运新闻》中，一位老记者向凯文·史派西解释如何报道新闻。他解释说，如果任何地方都能看到暴风雨，你就写 “暴风雨威胁着小镇”，即使暴风雨不在附近，也不太可能袭来。如果--如预期的那样--暴风雨从未袭来，您只需写下后续内容： “暴风雨幸免于难的小镇”。</blockquote></p><p> Readers may be excused for thinking something similar about the latest stories about looming, threatening, surging, terrifying inflation. Yes, the inflation forecasts were surging months ago, and hit 8-year highs. Had they continued there would be grounds to worry. But they haven’t continued. On the contrary, they’ve been falling for two months. The bond market’s 5-year inflation forecast is now lower than it was in mid-March. The market sees five-year inflation running at around 2.6%. That’s higher than we’ve been used to for a decade, but it’s nothing to cause any significant alarm.</p><p><blockquote>对于关于迫在眉睫、威胁性、飙升、可怕的通货膨胀的最新报道，读者可能会有类似的想法。是的，几个月前通胀预测飙升，并达到了8年来的高点。如果他们继续下去，就有理由担心了。但他们没有继续下去。相反，它们已经下降了两个月。债券市场对 5 年期通胀的预测目前低于 3 月中旬。市场预计五年通胀率约为 2.6%。这比我们十年来习惯的要高，但这并不会引起任何大的恐慌。</blockquote></p><p> That can change, of course. Maybe it will. We’ll see.</p><p><blockquote>当然，这种情况可能会改变。也许会。我们拭目以待。</blockquote></p><p> But with all this talk I got to thinking about the obvious question. If serious inflation really does hit, what can we do about it? How can we protect our investments?</p><p><blockquote>但是说了这么多，我开始思考一个显而易见的问题。如果严重的通货膨胀真的来袭，我们能做些什么？我们如何保护我们的投资？</blockquote></p><p> That’s an especially key question for today’s retirees and those expecting to retire soon. When we’re older we’re generally advised to keep most of our money in more “conservative” investments, meaning things like bonds, that involve less risk. Someone in their 20s or 30s may not worry unduly if their retirement savings plunge 30% in a market rout or an inflationary spiral. For someone in their 60s, let alone older, that can become a major financial crisis.</p><p><blockquote>对于今天的退休人员和即将退休的人来说，这是一个特别重要的问题。随着年龄的增长，我们通常会被建议将大部分资金投资于更 “保守 ”的投资，也就是债券等风险较小的投资。20多岁或30多岁的人可能不会过度担心，如果他们的退休储蓄在市场崩溃或通货膨胀螺旋中暴跌30%。对于60多岁的人来说，更不用说老年人了，这可能会成为一场重大的金融危机。</blockquote></p><p> So I went back and dug up the information from the last, infamous inflationary spiral in the 1970s, when consumer price inflation often topped 10% a year. The Greek philosopher Heraclitus pointed out that no one ever walks through the same stream twice, because the second time it’s not the same stream, and we’re not the same person. Everything changes. There is no guarantee the next inflationary boom, even if it happens, will look anything like the last one — any more than we should assume that it will be accompanied by outbreaks of disco music and flared jeans.</p><p><blockquote>所以我回去挖掘了20世纪70年代上一次臭名昭著的通货膨胀螺旋的信息，当时消费者价格通胀率每年经常超过10%。希腊哲学家赫拉克利特指出，没有人两次走过同一条小溪，因为第二次不是同一条小溪，我们也不是同一个人。一切都变了。不能保证下一次通胀繁荣，即使发生，看起来也会像上一次一样——我们不应该假设它会伴随着迪斯科音乐和喇叭裤的爆发。</blockquote></p><p> Nonetheless the chart above shows the total returns, after adjusting for inflation, of various asset classes from December 1971 to December 1981. (I used those dates because the National Association of Real Estate Investment Trusts, or NAREIT, starts their data series then.) The data on energy stocks came from data compiled by professor Ken French at Dartmouth College’s Tuck School of Business.</p><p><blockquote>尽管如此，上图显示了1971年12月至1981年12月期间，经通货膨胀调整后，各种资产类别的总回报率。(我使用这些日期是因为全国房地产投资信托协会（NAREIT）的数据系列是在那时开始的）。能源股的数据来自达特茅斯学院塔克商学院的肯-弗伦奇教授汇编的数据。</blockquote></p><p> This is what happened to your purchasing power if you invested in these assets and hung on for 10 years. (I’ve excluded gold, which is a different story.)</p><p><blockquote>如果你投资这些资产并坚持10年，这就是你的购买力发生的变化。(我不包括黄金，那是另一回事了）。</blockquote></p><p> The key standout is that you really didn’t want to own Treasury bonds. The near 40% loss of purchasing power over 10 years is somewhat notional—it is derived from the compound annual returns on 10 Year Treasurys compiled by New York University’s Stern School of Business, divided by the consumer-price index—but tells a story nonetheless. (In Great Britain, where inflation was even worse, government bonds during the 1970s became known as “certificates of confiscation.” Ouch.)</p><p><blockquote>最突出的是，你真的不想拥有国债。10 年内近 40% 的购买力损失在某种程度上是名义上的--它是根据纽约大学斯特恩商学院编制的 10 年期国债复合年收益率除以消费者价格指数得出的--但它仍然说明了一个问题。(在通货膨胀更严重的英国，20 世纪 70 年代的政府债券被称为 “没收凭证”。哎哟）。</blockquote></p><p> Holding them cost you money. Lots of it.</p><p><blockquote>持有它们会花钱。很多。</blockquote></p><p> You could argue that the danger today is even greater, simply because the yields on long-term Treasury bonds are so low. Federal Reserve quantitative easing, bond buying, and zero interest-rate policies have left Treasury yields at their lowest on record—which means the turns would be a disaster if inflation reared its head.</p><p><blockquote>你可能会说，今天的危险甚至更大，仅仅是因为长期国债的收益率如此之低。美联储的量化宽松、债券购买和零利率政策使美国国债收益率处于历史最低水平，这意味着如果通胀抬头，转折将是一场灾难。</blockquote></p><p> Corporate bonds and the S&amp;P 500&nbsp;were also terrible investments. It’s worth remembering that these are real term losses over a decade, which means investors didn’t just lose a lot of money—they also lost a lot of time.</p><p><blockquote>公司债券和标普500也是糟糕的投资。值得记住的是，这些都是十年来的真实期限损失，这意味着投资者不仅损失了很多钱，还损失了很多时间。</blockquote></p><p> Utility stocks weren’t great, but they held up better. And Treasury bills—short-term paper—did better still. But once again you were going backward when you needed to be going forwards.</p><p><blockquote>公用事业股表现不佳，但表现较好。国库券——短期票据——表现更好。但是当你需要前进的时候，你又一次在后退。</blockquote></p><p> No one who remembers the 1970s will be surprised that energy companies boomed. Less well-remembered, maybe, is that REITs also did pretty well. These numbers, incidentally, represented property-owning REITs and excluded mortgage REITs, which own loans.</p><p><blockquote>任何记得 20 世纪 70 年代的人都不会对能源公司的繁荣感到惊讶。也许不太为人所知的是，房地产投资信托基金的表现也相当不错。顺便说一句，这些数字代表拥有房地产的房地产投资信托基金，不包括拥有贷款的抵押房地产投资信托基金。</blockquote></p><p> But there are two caveats to this. The first is that of course energy stocks did well, because a key driver of inflation in the 1970s was the rise of OPEC and two oil embargoes it imposed on the West for political reasons. Cue Heraclitus. There is no particular reason to assume that the next inflationary surge will be the same.</p><p><blockquote>但是有两个注意事项。首先是能源股当然表现良好，因为20世纪70年代通货膨胀的一个关键驱动因素是石油输出国组织的崛起及其出于政治原因对西方实施的两次石油禁运。提示赫拉克利特。没有特别的理由假设下一次通胀飙升会是一样的。</blockquote></p><p></p><p> The second caveat is that although REITs ended up doing well, they were volatile along the way. In particular, REIT prices collapsed in the OPEC-driven recession of 1972-4. And according to FactSet, U.S. REITs today already look pretty expensive on some measures. For instance it reckons that the forecast dividend yield on the Vanguard Real Estate ETF (a reasonable benchmark for the industry) is just 2.9% — by far the lowest since it was launched in 2004. Looking through NAREIT data, I can’t find a moment since 1971 when the overall yield on REITs was this low. During the real estate bubble in 2007, incidentally, the yield bottomed out no lower than 3.6%</p><p><blockquote>第二个警告是，尽管房地产投资信托基金最终表现良好，但一路上却波动较大。特别是，房地产投资信托基金价格在 1972-4 年欧佩克推动的经济衰退中暴跌。根据 FactSet 的数据，从某些指标来看，如今美国房地产投资信托基金已经相当昂贵。例如，它估计先锋房地产 ETF（该行业的合理基准）的预测股息收益率仅为 2.9%，是自 2004 年推出以来的最低水平。翻阅 NAREIT 的数据，我找不到自 1971 年以来房地产投资信托基金的整体收益率如此之低的时刻。顺便说一句，在2007年房地产泡沫期间，收益率最低跌至3.6%</blockquote></p><p> So it may be that REITs offer less inflation protection today than we would hope.</p><p><blockquote>因此，如今房地产投资信托基金提供的通胀保护可能比我们希望的要少。</blockquote></p><p> One key difference in the 1970s is that there were no “inflation-protected” Treasury bonds to keep investors protected. So-called TIPS are in theory almost the perfect investment for retirees. They are issued by the U.S. government and their coupons are safe against default. Meanwhile their coupons effectively adjust to reflect changes in consumer prices.</p><p><blockquote>20 世纪 70 年代的一个关键区别是，没有 “通胀保值 ”国债来保护投资者。所谓的小费理论上几乎是退休人员的完美投资。它们由美国政府发行，其优惠券不会违约。同时，他们的优惠券有效地调整以反映消费者价格的变化。</blockquote></p><p> The problem today is that TIPS—like almost everything else in the bond market—look incredibly expensive. Most TIPS already lock in an actual loss of purchasing power if you buy them today. For example if you buy 5 year TIPS bonds and hold them for 5 years you’ll end up losing 9% of your purchasing power. And 30-year TIPS bonds offer the same 9% loss, though stretched out over 30 years.</p><p><blockquote>如今的问题是，小费——就像债券市场上的几乎所有其他东西一样——看起来非常昂贵。如果你今天购买，大多数建议已经锁定了购买力的实际损失。例如，如果您购买 5 年期 TIPS 债券并持有 5 年，您最终将失去 9% 的购买力。30 年期 TIPS 债券的损失相同，为 9%，尽管期限超过 30 年。</blockquote></p><p> It’s not very compelling. And it shows the risks that the government’s policy responses have created for those in retirement and near it.</p><p><blockquote>这并不令人信服。这也显示了政府的政策应对措施给退休人员和接近退休人员带来的风险。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/worried-about-inflation-heres-how-investments-did-in-the-1970s-11626658251?siteid=yhoof2\">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":{"XOM":"埃克森美孚",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/worried-about-inflation-heres-how-investments-did-in-the-1970s-11626658251?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1129846769","content_text":"In the 1990s movie The Shipping News, an old newspaperman explains to Kevin Spacey how to cover the news. If there is a storm visible anywhere, he explains, you write “Storm threatens the town,” even if the storm is nowhere near and is unlikely to hit. If—as expected—the storm never hits, you just write the follow up: “Town spared by storm.”\nReaders may be excused for thinking something similar about the latest stories about looming, threatening, surging, terrifying inflation. Yes, the inflation forecasts were surging months ago, and hit 8-year highs. Had they continued there would be grounds to worry. But they haven’t continued. On the contrary, they’ve been falling for two months. The bond market’s 5-year inflation forecast is now lower than it was in mid-March. The market sees five-year inflation running at around 2.6%. That’s higher than we’ve been used to for a decade, but it’s nothing to cause any significant alarm.\nThat can change, of course. Maybe it will. We’ll see.\nBut with all this talk I got to thinking about the obvious question. If serious inflation really does hit, what can we do about it? How can we protect our investments?\nThat’s an especially key question for today’s retirees and those expecting to retire soon. When we’re older we’re generally advised to keep most of our money in more “conservative” investments, meaning things like bonds, that involve less risk. Someone in their 20s or 30s may not worry unduly if their retirement savings plunge 30% in a market rout or an inflationary spiral. For someone in their 60s, let alone older, that can become a major financial crisis.\nSo I went back and dug up the information from the last, infamous inflationary spiral in the 1970s, when consumer price inflation often topped 10% a year. The Greek philosopher Heraclitus pointed out that no one ever walks through the same stream twice, because the second time it’s not the same stream, and we’re not the same person. Everything changes. There is no guarantee the next inflationary boom, even if it happens, will look anything like the last one — any more than we should assume that it will be accompanied by outbreaks of disco music and flared jeans.\nNonetheless the chart above shows the total returns, after adjusting for inflation, of various asset classes from December 1971 to December 1981. (I used those dates because the National Association of Real Estate Investment Trusts, or NAREIT, starts their data series then.) The data on energy stocks came from data compiled by professor Ken French at Dartmouth College’s Tuck School of Business.\nThis is what happened to your purchasing power if you invested in these assets and hung on for 10 years. (I’ve excluded gold, which is a different story.)\nThe key standout is that you really didn’t want to own Treasury bonds. The near 40% loss of purchasing power over 10 years is somewhat notional—it is derived from the compound annual returns on 10 Year Treasurys compiled by New York University’s Stern School of Business, divided by the consumer-price index—but tells a story nonetheless. (In Great Britain, where inflation was even worse, government bonds during the 1970s became known as “certificates of confiscation.” Ouch.)\nHolding them cost you money. Lots of it.\nYou could argue that the danger today is even greater, simply because the yields on long-term Treasury bonds are so low. Federal Reserve quantitative easing, bond buying, and zero interest-rate policies have left Treasury yields at their lowest on record—which means the turns would be a disaster if inflation reared its head.\nCorporate bonds and the S&P 500 were also terrible investments. It’s worth remembering that these are real term losses over a decade, which means investors didn’t just lose a lot of money—they also lost a lot of time.\nUtility stocks weren’t great, but they held up better. And Treasury bills—short-term paper—did better still. But once again you were going backward when you needed to be going forwards.\nNo one who remembers the 1970s will be surprised that energy companies boomed. Less well-remembered, maybe, is that REITs also did pretty well. These numbers, incidentally, represented property-owning REITs and excluded mortgage REITs, which own loans.\nBut there are two caveats to this. The first is that of course energy stocks did well, because a key driver of inflation in the 1970s was the rise of OPEC and two oil embargoes it imposed on the West for political reasons. Cue Heraclitus. There is no particular reason to assume that the next inflationary surge will be the same.\nThe second caveat is that although REITs ended up doing well, they were volatile along the way. In particular, REIT prices collapsed in the OPEC-driven recession of 1972-4. And according to FactSet, U.S. REITs today already look pretty expensive on some measures. For instance it reckons that the forecast dividend yield on the Vanguard Real Estate ETF (a reasonable benchmark for the industry) is just 2.9% — by far the lowest since it was launched in 2004. Looking through NAREIT data, I can’t find a moment since 1971 when the overall yield on REITs was this low. During the real estate bubble in 2007, incidentally, the yield bottomed out no lower than 3.6%\nSo it may be that REITs offer less inflation protection today than we would hope.\nOne key difference in the 1970s is that there were no “inflation-protected” Treasury bonds to keep investors protected. So-called TIPS are in theory almost the perfect investment for retirees. They are issued by the U.S. government and their coupons are safe against default. Meanwhile their coupons effectively adjust to reflect changes in consumer prices.\nThe problem today is that TIPS—like almost everything else in the bond market—look incredibly expensive. Most TIPS already lock in an actual loss of purchasing power if you buy them today. For example if you buy 5 year TIPS bonds and hold them for 5 years you’ll end up losing 9% of your purchasing power. And 30-year TIPS bonds offer the same 9% loss, though stretched out over 30 years.\nIt’s not very compelling. And it shows the risks that the government’s policy responses have created for those in retirement and near it.","news_type":1,"symbols_score_info":{".SPX":0.9,"XOM":0.9}},"isVote":1,"tweetType":1,"viewCount":501,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173319923,"gmtCreate":1626615115462,"gmtModify":1633925486081,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Haha 😂&nbsp;","listText":"Haha 😂&nbsp;","text":"Haha 😂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173319923","repostId":"2152368129","repostType":4,"isVote":1,"tweetType":1,"viewCount":550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147506085,"gmtCreate":1626361883347,"gmtModify":1633927464538,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Crash or no crash, I am ready. [Smile]&nbsp;","listText":"Crash or no crash, I am ready. [Smile]&nbsp;","text":"Crash or no crash, I am ready. [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147506085","repostId":"1155093230","repostType":4,"isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147275458,"gmtCreate":1626361556174,"gmtModify":1633927470652,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/147275458","repostId":"1125623556","repostType":4,"repost":{"id":"1125623556","kind":"news","pubTimestamp":1626360370,"share":"https://www.laohunote.com/m/news/1125623556?lang=zh_CN&edition=full","pubTime":"2021-07-15 22:46","market":"us","language":"en","title":"GM Warns Some Bolt EV Owners To Park Vehicles Outside Due to Spontaneous Combustion Risk<blockquote>通用汽车警告一些 Bolt EV 车主不要将车辆停放在室外，因为存在自燃风险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125623556","media":"Benzinga","summary":"General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside a","content":"<p><div> General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside and away from homes due to a risk of unexpectedly catching fire. The auto manufacturer has also ...</p><p><blockquote><div>由于存在意外起火的风险，通用汽车已要求 2017-2019 款雪佛兰 Bolt 电动汽车的车主将车辆停放在室外并远离家园。这家汽车制造商还……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>GM Warns Some Bolt EV Owners To Park Vehicles Outside Due to Spontaneous Combustion Risk<blockquote>通用汽车警告一些 Bolt EV 车主不要将车辆停放在室外，因为存在自燃风险</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\">\nGM Warns Some Bolt EV Owners To Park Vehicles Outside Due to Spontaneous Combustion Risk<blockquote>通用汽车警告一些 Bolt EV 车主不要将车辆停放在室外，因为存在自燃风险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-15 22:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside and away from homes due to a risk of unexpectedly catching fire. The auto manufacturer has also ...</p><p><blockquote><div>由于存在意外起火的风险，通用汽车已要求 2017-2019 款雪佛兰 Bolt 电动汽车的车主将车辆停放在室外并远离家园。这家汽车制造商还……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">Benzinga</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":{"GM":"通用汽车"},"source_url":"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125623556","content_text":"General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside and away from homes due to a risk of unexpectedly catching fire. The auto manufacturer has also warned vehicle owners not to leave their Bolt EV charging unattended overnight.\nWhat Happened:The National Highway Traffic Safety Administration (NHTSA) issued astatement that explained the Bolt EVs’ cell packs “have the potential to smoke and ignite internally, which could spread to the rest of the vehicle and cause a structure fire if parked inside a garage or near a house.”\nThe NHTSA added the vehicles in question were originally recalled last November due to the potential of unattended fires sparking from the high-voltage battery pack underneath the backseat’s bottom cushion. Approximately 50,000 Bolt vehicles are impacted by this warning.\nWhat Else Happened:CNBC reported that GM said it has bought back some of the recalled vehicles, although it did not state the quantity involved.\n“At GM, safety is our highest priority, and we are moving as quickly as we can to investigate this issue,” said the company in a statement.\nThe new warning follows a pair of spontaneous combustion blazes created earlier this month by the Bolt, including one at the home of Vermont state Rep.Timothy Briglin,who is the chairman of the state House Committee on Energy and Technology and a vocal EV advocate.\nThe new warning comes one month after General Motors Chairwoman and CEO Mary Barra announced that the company was “targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.”","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":1092,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147275142,"gmtCreate":1626361529086,"gmtModify":1633927471097,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Game on!&nbsp;","listText":"Game on!&nbsp;","text":"Game on!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147275142","repostId":"2151154518","repostType":4,"isVote":1,"tweetType":1,"viewCount":838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142737345,"gmtCreate":1626175753787,"gmtModify":1633929405741,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"To the moon!&nbsp;","listText":"To the moon!&nbsp;","text":"To the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142737345","repostId":"1191858541","repostType":4,"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":373969301,"gmtCreate":1618812154303,"gmtModify":1634290738182,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Bears coming?","listText":"Bears coming?","text":"Bears coming?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/373969301","repostId":"2128525488","repostType":4,"isVote":1,"tweetType":1,"viewCount":727,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838843416,"gmtCreate":1629387047835,"gmtModify":1631889815565,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Like a rocket!&nbsp;","listText":"Like a rocket!&nbsp;","text":"Like a rocket!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/838843416","repostId":"1150522255","repostType":4,"repost":{"id":"1150522255","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629386895,"share":"https://www.laohunote.com/m/news/1150522255?lang=zh_CN&edition=full","pubTime":"2021-08-19 23:28","market":"us","language":"en","title":"NVDA soars over 6% in morning trading<blockquote>NVDA 早盘交易中飙升超过 6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150522255","media":"Tiger Newspress","summary":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's","content":"<p>(Aug&nbsp;19)&nbsp;Nvidia(NASDAQ:NVDA)&nbsp;shares rose&nbsp;over 6%&nbsp;Thursday&nbsp;to&nbsp;a&nbsp;record&nbsp;high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8 月 19 日）英伟达（纳斯达克股票代码：NVDA）股价周四上涨超过 6%，创历史新高，此前这家芯片制造商公布了第二季度业绩，该公司数据中心业务的强劲表现凸显了这一业绩。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长 35%，达到 23.7 亿美元。美国银行证券分析师 Vivek Arya 表示，关于其数据中心产品，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA) 在超大规模、垂直市场和高性能计算方面表现出增长，Arya 表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长 30%。Arya 对 Nvidia (NVDA) 股票给予买入评级，目标价为每股 260 美元。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏业务占该公司收入的最大份额。游戏总额为 30.6 亿美元，同比增长 85%，主要原因是对 GeForce 图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银 (UBS) 的蒂莫西·阿库里 (Timothy Arcuri) 表示，英伟达 (NVDA) 的游戏业务在进入该公司典型的强劲秋季季度时“趋于更加一致”。Arcuri 对这家芯片制造商的股票给予买入评级，目标价为每股 230 美元。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>本季度，英伟达 (NVDA) 公布每股利润 1.04 美元，总收入为 65.1 亿美元。华尔街分析师曾预测这家芯片制造商每股收益为 1.02 美元，销售额为 63.4 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NVDA soars over 6% in morning trading<blockquote>NVDA 早盘交易中飙升超过 6%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNVDA soars over 6% in morning trading<blockquote>NVDA 早盘交易中飙升超过 6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-19 23:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Aug&nbsp;19)&nbsp;Nvidia(NASDAQ:NVDA)&nbsp;shares rose&nbsp;over 6%&nbsp;Thursday&nbsp;to&nbsp;a&nbsp;record&nbsp;high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.</p><p><blockquote>（8 月 19 日）英伟达（纳斯达克股票代码：NVDA）股价周四上涨超过 6%，创历史新高，此前这家芯片制造商公布了第二季度业绩，该公司数据中心业务的强劲表现凸显了这一业绩。</blockquote></p><p> Data center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, <a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a> (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.</p><p><blockquote>数据中心收入同比增长 35%，达到 23.7 亿美元。美国银行证券分析师 Vivek Arya 表示，关于其数据中心产品，<a href=\"https://laohu8.com/S/NVDA\">英伟达公司</a>(NVDA) 在超大规模、垂直市场和高性能计算方面表现出增长，Arya 表示，从长远来看，这应该有助于该公司的数据中心业务每年至少增长 30%。Arya 对 Nvidia (NVDA) 股票给予买入评级，目标价为每股 260 美元。</blockquote></p><p> But, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.</p><p><blockquote>但是，在最近一个季度，游戏业务占该公司收入的最大份额。游戏总额为 30.6 亿美元，同比增长 85%，主要原因是对 GeForce 图形处理器和游戏机片上系统产品的需求。</blockquote></p><p> Timothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.</p><p><blockquote>瑞银 (UBS) 的蒂莫西·阿库里 (Timothy Arcuri) 表示，英伟达 (NVDA) 的游戏业务在进入该公司典型的强劲秋季季度时“趋于更加一致”。Arcuri 对这家芯片制造商的股票给予买入评级，目标价为每股 230 美元。</blockquote></p><p> For the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.</p><p><blockquote>本季度，英伟达 (NVDA) 公布每股利润 1.04 美元，总收入为 65.1 亿美元。华尔街分析师曾预测这家芯片制造商每股收益为 1.02 美元，销售额为 63.4 亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9901d7947e5f939784f513f994e97469\" tg-width=\"885\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <ul></ul></p><p><blockquote><ul></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150522255","content_text":"(Aug 19) Nvidia(NASDAQ:NVDA) shares rose over 6% Thursday to a record high following the chipmaker's second-quarter results that were highlighted by strength in the company's data center business.\nData center revenue rose 35% from a year ago, to $2.37 billion. Bank of America Securities analyst Vivek Arya said that with regards to its data center offerings, NVIDIA Corp (NVDA) showed growth in hyperscale, vertical markets and high-performance computing, which Arya said should help the company's data center business grow by at least 30% a year over the long-term. Arya has a buy rating and $260-a-share price target on Nvidia's (NVDA) stock.\nBut, it was the gaming that produced the largest share of the company's revenue in the most-recent quarter. Gaming totaled $3.06 billion, up 85% from a year ago, led by demand for GeForce graphics processors and system-on-a-chip offerings for game consoles.\nTimothy Arcuri, of UBS, said Nvidia's (NVDA) gaming business is \"trending more in-line\" heading into what is typically a strong fall quarter for the company. Arcuri has a buy rating and $230-a-share price target on the chipmaker's stock.\nFor the quarter, Nvidia (NVDA) reported a profit of $1.04 a share, on total revenue of $6.51 billion. Wall Street analysts had forecast the chipmaker to earn $1.02 a share on $6.34 billion in sales.","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":3885,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171709892,"gmtCreate":1626761132216,"gmtModify":1633771265416,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"I am ready.&nbsp;","listText":"I am ready.&nbsp;","text":"I am ready.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/171709892","repostId":"1116573791","repostType":4,"isVote":1,"tweetType":1,"viewCount":801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802477346,"gmtCreate":1627801036385,"gmtModify":1631889815587,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Go Goog!&nbsp;","listText":"Go Goog!&nbsp;","text":"Go Goog!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/802477346","repostId":"1122171439","repostType":4,"isVote":1,"tweetType":1,"viewCount":3881,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123068221,"gmtCreate":1624403942863,"gmtModify":1634006768202,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Sweet!&nbsp;","listText":"Sweet!&nbsp;","text":"Sweet!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/123068221","repostId":"1118580429","repostType":4,"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123060488,"gmtCreate":1624403825044,"gmtModify":1634006771709,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Tech tech tech!&nbsp;","listText":"Tech tech tech!&nbsp;","text":"Tech tech tech!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123060488","repostId":"2145664330","repostType":4,"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802399880,"gmtCreate":1627714508640,"gmtModify":1631889815634,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"😢","listText":"😢","text":"😢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802399880","repostId":"1167653033","repostType":4,"repost":{"id":"1167653033","kind":"news","pubTimestamp":1627706886,"share":"https://www.laohunote.com/m/news/1167653033?lang=zh_CN&edition=full","pubTime":"2021-07-31 12:48","market":"sg","language":"en","title":"SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167653033","media":"Singapore Business","summary":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, accor","content":"<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案公司的数据，预计2021年新加坡元（SGD）兑美元（USD）将贬值至1.35美元，2022年将进一步贬值至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的 2021 年美元兑 1.33 美元和 2022 年美元兑 1.32 美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>“惠誉表示：”在美联储于 6 月 16 日出其不意的鹰派政策之后，新加坡元与大多数其他亚洲货币一样走弱，在 2021 年剩余时间里，新加坡元可能会在 1 美元兑 1.35 美元至 1 美元兑 1.38 美元之间的弱势区间内交易，2022 年也可能如此。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲各地（包括印度尼西亚、马来西亚和泰国的主要经济体）新冠肺炎感染病例死灰复燃引发了避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值中美贸易战的初期阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>“然而，由于为民众接种疫苗的快速进展，新加坡元的任何疲软都应受到经济比其他亚洲市场更具弹性的限制，”它补充道。“与大多数其他亚洲经济体相比，这使得新加坡处于更具弹性的地位，随着今年的进展，新加坡元可能会受益于来自该地区其他地方的一定程度的避险资金流动，从而限制了新加坡元在我们确定的交易区间之外进一步贬值的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长远来看，惠誉预计 2022 年出口将强劲复苏以支撑人民币，但如果目标通胀率持续高于 -2%，美联储可能会采取更加鹰派的风险平衡了这一趋势。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案公司认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步封锁。</blockquote></p><p></p>","source":"lsy1618986048053","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>SGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</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\">\nSGD to weaken to $1.35/USD amidst COVID-19 woes: Fitch<blockquote>惠誉：在 COVID-19 困境中，新加坡元将贬值至 1.35 美元/美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-07-31 12:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.</p><p><blockquote>根据惠誉解决方案公司的数据，预计2021年新加坡元（SGD）兑美元（USD）将贬值至1.35美元，2022年将进一步贬值至1.36美元。</blockquote></p><p> This is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.</p><p><blockquote>这比之前预测的 2021 年美元兑 1.33 美元和 2022 年美元兑 1.32 美元有所下调。</blockquote></p><p> “The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.</p><p><blockquote>“惠誉表示：”在美联储于 6 月 16 日出其不意的鹰派政策之后，新加坡元与大多数其他亚洲货币一样走弱，在 2021 年剩余时间里，新加坡元可能会在 1 美元兑 1.35 美元至 1 美元兑 1.38 美元之间的弱势区间内交易，2022 年也可能如此。</blockquote></p><p> This is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.</p><p><blockquote>这是由于亚洲各地（包括印度尼西亚、马来西亚和泰国的主要经济体）新冠肺炎感染病例死灰复燃引发了避险情绪。</blockquote></p><p> The SGD&nbsp;also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.</p><p><blockquote>新加坡元也在7月8日突破了1美元兑1.35美元的关键支撑位，此后一直走弱。新加坡上一次突破这一水平是在2018年7月，当时正值中美贸易战的初期阶段。</blockquote></p><p> “However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”</p><p><blockquote>“然而，由于为民众接种疫苗的快速进展，新加坡元的任何疲软都应受到经济比其他亚洲市场更具弹性的限制，”它补充道。“与大多数其他亚洲经济体相比，这使得新加坡处于更具弹性的地位，随着今年的进展，新加坡元可能会受益于来自该地区其他地方的一定程度的避险资金流动，从而限制了新加坡元在我们确定的交易区间之外进一步贬值的前景。”</blockquote></p><p> For the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.</p><p><blockquote>从长远来看，惠誉预计 2022 年出口将强劲复苏以支撑人民币，但如果目标通胀率持续高于 -2%，美联储可能会采取更加鹰派的风险平衡了这一趋势。</blockquote></p><p> Fitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.</p><p><blockquote>惠誉解决方案公司认为，一个关键风险是新冠肺炎变种可能绕过现有疫苗，这可能迫使新加坡实施进一步封锁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch\">Singapore Business</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":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/economy/in-focus/sgd-weaken-135usd-amidst-covid-19-woes-fitch","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167653033","content_text":"The Singapore dollar (SGD) is expected to weaken to $1.35 versus the US dollar (USD) for 2021, according to Fitch Solutions, to weaken further to $1.36 in 2022.\nThis is a downgrade from its previous forecast of $1.33 against the greenback for 2021 and $1.32 in 2022.\n“The SGD has weakened in line with most other Asian currencies after the Fed’s hawkish surprise on June 16, and will likely trade in a weaker range between $1.35 per USD and $1.38 per USD for the remainder of 2021 and likely in 2022 as well,” Fitch said.\nThis is due to the risk-off sentiment sparked by the resurgence of COVID-19 infections across Asia, including the key economies of Indonesia, Malaysia, and Thailand.\nThe SGD also breached the key support level of $1.35 per USD on 8 July and has weakened since. The last time Singapore breached this level was in July 2018, during the initial phases of the US-China trade war.\n“However, any weakness in the SGD should be capped by the economy being in a much more resilient position than other Asian markets, due to the fast progress in vaccinating the population,” it added. “This puts Singapore in a much more resilient position compared to most other Asian economies and the SGD could benefit from some degree of safe-haven flows from elsewhere in the region as the year progresses, limiting prospects for further depreciation beyond our identified trading range.”\nFor the long term, Fitch expects a strong recovery in exports to support the currency in 2022, but balanced by the risk of a potentially more hawkish US Fed if above-2% target inflation persists.\nFitch Solutions identified as a key risk the possibility of a COVID-19 variant that can bypass existing vaccines, which could force Singapore to implement further lockdowns.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3997,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802399668,"gmtCreate":1627714555754,"gmtModify":1631889815611,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Pumping more $$$","listText":"Pumping more $$$","text":"Pumping more $$$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802399668","repostId":"1186334150","repostType":4,"repost":{"id":"1186334150","kind":"news","pubTimestamp":1627713845,"share":"https://www.laohunote.com/m/news/1186334150?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:44","market":"us","language":"en","title":"Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>","source":"lsy1610680873436","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>Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</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\">\nInfrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</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":{},"source_url":"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147275458,"gmtCreate":1626361556174,"gmtModify":1633927470652,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"Buy the dip","listText":"Buy the dip","text":"Buy the dip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/147275458","repostId":"1125623556","repostType":4,"repost":{"id":"1125623556","kind":"news","pubTimestamp":1626360370,"share":"https://www.laohunote.com/m/news/1125623556?lang=zh_CN&edition=full","pubTime":"2021-07-15 22:46","market":"us","language":"en","title":"GM Warns Some Bolt EV Owners To Park Vehicles Outside Due to Spontaneous Combustion Risk<blockquote>通用汽车警告一些 Bolt EV 车主不要将车辆停放在室外，因为存在自燃风险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125623556","media":"Benzinga","summary":"General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside a","content":"<p><div> General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside and away from homes due to a risk of unexpectedly catching fire. The auto manufacturer has also ...</p><p><blockquote><div>由于存在意外起火的风险，通用汽车已要求 2017-2019 款雪佛兰 Bolt 电动汽车的车主将车辆停放在室外并远离家园。这家汽车制造商还……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>GM Warns Some Bolt EV Owners To Park Vehicles Outside Due to Spontaneous Combustion Risk<blockquote>通用汽车警告一些 Bolt EV 车主不要将车辆停放在室外，因为存在自燃风险</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\">\nGM Warns Some Bolt EV Owners To Park Vehicles Outside Due to Spontaneous Combustion Risk<blockquote>通用汽车警告一些 Bolt EV 车主不要将车辆停放在室外，因为存在自燃风险</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-07-15 22:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside and away from homes due to a risk of unexpectedly catching fire. The auto manufacturer has also ...</p><p><blockquote><div>由于存在意外起火的风险，通用汽车已要求 2017-2019 款雪佛兰 Bolt 电动汽车的车主将车辆停放在室外并远离家园。这家汽车制造商还……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk\">Benzinga</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":{"GM":"通用汽车"},"source_url":"https://www.benzinga.com/government/21/07/21998256/gm-warns-some-bolt-ev-owners-to-park-vehicles-outside-due-to-spontaneous-combustion-risk","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125623556","content_text":"General Motors has asked the owners of 2017-2019 Chevrolet Bolt EVs to park their vehicles outside and away from homes due to a risk of unexpectedly catching fire. The auto manufacturer has also warned vehicle owners not to leave their Bolt EV charging unattended overnight.\nWhat Happened:The National Highway Traffic Safety Administration (NHTSA) issued astatement that explained the Bolt EVs’ cell packs “have the potential to smoke and ignite internally, which could spread to the rest of the vehicle and cause a structure fire if parked inside a garage or near a house.”\nThe NHTSA added the vehicles in question were originally recalled last November due to the potential of unattended fires sparking from the high-voltage battery pack underneath the backseat’s bottom cushion. Approximately 50,000 Bolt vehicles are impacted by this warning.\nWhat Else Happened:CNBC reported that GM said it has bought back some of the recalled vehicles, although it did not state the quantity involved.\n“At GM, safety is our highest priority, and we are moving as quickly as we can to investigate this issue,” said the company in a statement.\nThe new warning follows a pair of spontaneous combustion blazes created earlier this month by the Bolt, including one at the home of Vermont state Rep.Timothy Briglin,who is the chairman of the state House Committee on Energy and Technology and a vocal EV advocate.\nThe new warning comes one month after General Motors Chairwoman and CEO Mary Barra announced that the company was “targeting annual global EV sales of more than 1 million by 2025, and we are increasing our investment to scale faster because we see momentum building in the United States for electrification, along with customer demand for our product portfolio.”","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":1092,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142737345,"gmtCreate":1626175753787,"gmtModify":1633929405741,"author":{"id":"3577096177015881","authorId":"3577096177015881","name":"46476cc","avatar":"https://static.tigerbbs.com/default-avatar2.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577096177015881","authorIdStr":"3577096177015881"},"themes":[],"title":"","htmlText":"To the moon!&nbsp;","listText":"To the moon!&nbsp;","text":"To the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142737345","repostId":"1191858541","repostType":4,"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}