Chimpsey的个人主页 - 老虎社区

Chimpsey

Chimpsey

暂无个人介绍

IP属地：未知

383关注

29粉丝

0主题

0勋章

2021-11-01

Great company still

抱歉，原内容已删除

2021-05-02

Please like and comment. Thanks.

抱歉，原内容已删除

2021-07-05

Short term drop, long term confirm still up

Chinese EV stocks slipped in Friday morning trading<blockquote>中国电动汽车股周五早盘下跌</blockquote>

2021-05-28

Make one community post

抱歉，原内容已删除

2021-05-21

Can it stay like.. Green for another 2 more weeks. Please like and comment.

抱歉，原内容已删除

2021-05-01

I realised no matter what, apple shares will still be up. Please like and comment.

抱歉，原内容已删除

2021-09-08

Oh no [流泪]

U.S. stock market opens slightly lower on Wednesday as investors await Beige book<blockquote>美国股市周三小幅低开，投资者等待褐皮书</blockquote>

2021-06-29

Buy both Tesla and Nio. Hold long term. Won't go wrong

NIO Will Surpass Tesla as China's Top EV Maker, Navellier Says<blockquote>纳维利尔表示，蔚来将超越特斯拉成为中国最大的电动汽车制造商</blockquote>

2021-06-09

Please like and comment. Thanks.

Wall Street Is Lighting a Fire Under These 2 Stocks<blockquote>华尔街正在这两只股票下点燃一把火</blockquote>

2021-05-09

Hope other Chinese will not be de-listed. Please like and comment.

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3578111487107537","uuid":"3578111487107537","gmtCreate":1615019165238,"gmtModify":1615980784894,"name":"Chimpsey","pinyin":"chimpsey","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":29,"headSize":383,"tweetSize":204,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"228c86a078844d74991fff2b7ab2428d-1","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资经理虎","description":"证券账户累计交易金额达到10万美元","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.02.03","exceedPercentage":"60.51%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"35ec162348d5460f88c959321e554969-2","templateUuid":"35ec162348d5460f88c959321e554969","name":"宗师交易员","description":"证券或期货账户累计交易次数达到100次","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"80.67%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":600931977,"gmtCreate":1638031491215,"gmtModify":1638031491595,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/600931977","repostId":"1138332509","repostType":4,"isVote":1,"tweetType":1,"viewCount":3125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873165978,"gmtCreate":1636888451195,"gmtModify":1636888451412,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873165978","repostId":"1102251183","repostType":4,"repost":{"id":"1102251183","kind":"news","pubTimestamp":1636772424,"share":"https://www.laohunote.com/m/news/1102251183?lang=zh_CN&edition=full","pubTime":"2021-11-13 11:00","market":"us","language":"en","title":"Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1102251183","media":"Barrons","summary":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Mo","content":"<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一清晨，通过电话联系到辉瑞公司的首席科学官米凯尔-多尔斯滕（Mikael Dolsten）时，他听起来头晕目眩。就在几天前，他的公司宣布其 Covid-19 抗病毒药物已将高危成年人的住院风险降低了 89%，这一消息震惊了市场。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>“多尔斯滕说：”这不可能是一件偶然的事情，你能够打破这种世界纪录，同时获得大满贯。他在试图说明辉瑞公司双赢的重要性时，用了体育比喻： 仅用了 10 个月就研制出了一种非常有效的 Covid-19 疫苗，一年后又研制出了一种同样令人惊叹的 Covid-19 抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉 (Albert Bourla) 要求投资者在多尔斯滕十多年来重建的研发业务上下大注。这个赌注看起来比以往任何时候都聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla 已经摆脱了辉瑞公司的非专利药物部门及其最后的消费者保健产品，留下了一家纯粹的生物制药公司，该公司将依靠多尔斯滕的科学力量生死存亡。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在 2019 年 11 月的封面故事中，<i>巴伦</i>认为Bourla和Dolsten能成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞公司的观点：<i>巴伦</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从疫情中获利会带来新的风险。低收入国家在全球70多亿剂疫苗中所占比例不到1%。如果辉瑞公司抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞公司股价飙升 10.9%，创下至少 20 年来最佳单日表现。尽管如此，随着该股目前在 50 美元左右易手，投资者继续低估该公司的估值。投资者对辉瑞公司的定价是明年预期收益的 12 倍，低于强生公司（JNJ）和礼来公司（LLY）等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临的专利悬崖的担忧。该公司将失去少数几种每年带来数十亿美元收入的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这种担忧是合理的，但辉瑞公司的科学政变应该让投资者相信，该公司的科学能够安全地渡过悬崖。市场可能需要时间才能迎头赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞公司科学实力的最好例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>辉瑞公司的 Covid-19 疫苗来自德国生物技术公司 BioNTech (BNTX) 的实验室，而新型 Covid-19 抗病毒药物则是由多尔斯滕所说的辉瑞公司位于美国东北部的实验室科学家 “梦之队 ”研发出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将精力分散在与 BioNTech 在疫苗方面的合作和对 Covid-19 药丸的追求上。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的 “巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目是一个规模小得多的项目——一组辉瑞专家利用疫苗推广剩余的资源开展工作。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“多尔斯滕说：”小分子更像是一个灵活、专注于激光的高端团队，资源相当适中。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括辉瑞公司的药物设计主管夏洛特-阿勒顿（Charlotte Allerton）。科学家们从辉瑞公司几年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“辉瑞的药物研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂是静脉注射给药的，口服给药时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“多尔斯滕说：”他们必须真正创造很多新的化学反应。科学家们创造了 600 种化合物来确定合适的药物，这一过程通常可能需要数年时间，但他们在几个月内就完成了。“他说：”四年在这里变成了四个月。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药丸。目前，该公司正在对该药物进行多项 2/3 期试验，包括一项针对高危患者的试验、一项针对非高危患者的试验以及一项针对接触过病毒但尚未患病的患者的预防措施。在第一次读数中，该药物看起来比默克公司 (MRK) 的 Covid 治疗药丸更有效。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>“Cantor Fitzgerald 的分析师 Louise Chen 说：”这无疑有助于证明（辉瑞的）药品研发比人们想象的要好。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈说，在 Covid-19 疫苗和药丸销售的耐久性得到更明确以及其余的管道得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“她说：”我认为没有一个事件会引发该股的评级被重新评级到下一个级别。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得押注辉瑞成为一项长期战略。与此同时，Moderna (MRNA) 最近几周的经历凸显了疫苗制造商因疫苗分配不均而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对 Moderna 公司越来越不满，呼吁该公司提高产量，以便以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司 “加大力度”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna 股价在过去三个月中下跌了 40% 以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞公司可能会侵蚀大约一年前推出 Covid-19 疫苗时获得的巨大商誉。本月早些时候，辉瑞公司首席执行官布尔拉将疫苗分配不公归咎于低收入国家，并表示<i>巴伦</i>不下单是他们的错。辉瑞公司以非营利价格向美国出售了10亿剂疫苗，用于捐赠给贫困国家，并表示到明年年底将总共至少向中低收入国家交付20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>当谈到抗病毒药物时，辉瑞只表示将为较贫穷的国家提供分层定价，这与它对疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫困国家提供自己的 Covid-19 药丸的计划形成了鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，该协议将允许其药丸在全球获得许可，而默克公司无需支付版税。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕说，辉瑞公司正在考虑按照与默克公司类似的机制对其药片进行许可。“他说：”我们将研究这些方案。“我们绝不是说我们会做一些不同的事情。我们只是想确保无论谁参与其中，都能获得建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的举措来得还不够快。上月底，活动人士在布尔拉家门外举行抗议活动，呼吁辉瑞公司分享其疫苗生产技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞保持相对良好的华盛顿青睐，并使其令人印象深刻的科学继续推高股价。</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>Pfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</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\">\nPfizer Shows Its R&D Is Strong. It’s a Good Sign for the Stock.<blockquote>辉瑞显示出其研发实力雄厚。这对该股来说是个好兆头。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-13 11:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Pfizer’s&nbsp;chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.</p><p><blockquote>周一清晨，通过电话联系到辉瑞公司的首席科学官米凯尔-多尔斯滕（Mikael Dolsten）时，他听起来头晕目眩。就在几天前，他的公司宣布其 Covid-19 抗病毒药物已将高危成年人的住院风险降低了 89%，这一消息震惊了市场。</blockquote></p><p> “It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.</p><p><blockquote>“多尔斯滕说：”这不可能是一件偶然的事情，你能够打破这种世界纪录，同时获得大满贯。他在试图说明辉瑞公司双赢的重要性时，用了体育比喻： 仅用了 10 个月就研制出了一种非常有效的 Covid-19 疫苗，一年后又研制出了一种同样令人惊叹的 Covid-19 抗病毒药物。</blockquote></p><p> Two years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.</p><p><blockquote>两年前，辉瑞（股票代码：PFE）首席执行官阿尔伯特·布尔拉 (Albert Bourla) 要求投资者在多尔斯滕十多年来重建的研发业务上下大注。这个赌注看起来比以往任何时候都聪明。</blockquote></p><p> Bourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.</p><p><blockquote>Bourla 已经摆脱了辉瑞公司的非专利药物部门及其最后的消费者保健产品，留下了一家纯粹的生物制药公司，该公司将依靠多尔斯滕的科学力量生死存亡。</blockquote></p><p> In a cover story in November 2019, <i>Barron’s</i> argued that Bourla and Dolsten could pull it off.</p><p><blockquote>在 2019 年 11 月的封面故事中，<i>巴伦</i>认为Bourla和Dolsten能成功。</blockquote></p><p> The new antiviral data reaffirms the case for Pfizer that <i>Barron’s</i> made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.</p><p><blockquote>新的抗病毒数据再次证实了辉瑞公司的观点：<i>巴伦</i>两年前做的。然而，随着对全球疫苗分配不平等的批评越来越多，继续从疫情中获利会带来新的风险。低收入国家在全球70多亿剂疫苗中所占比例不到1%。如果辉瑞公司抗病毒药物的分销继续有利于富裕国家，该公司的股票最终可能会受到影响。</blockquote></p><p> Pfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like&nbsp;Johnson &amp; Johnson&nbsp;(JNJ) and&nbsp;Eli Lilly&nbsp;(LLY).</p><p><blockquote>数据公布当天，辉瑞公司股价飙升 10.9%，创下至少 20 年来最佳单日表现。尽管如此，随着该股目前在 50 美元左右易手，投资者继续低估该公司的估值。投资者对辉瑞公司的定价是明年预期收益的 12 倍，低于强生公司（JNJ）和礼来公司（LLY）等同行。</blockquote></p><p> The Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.</p><p><blockquote>辉瑞的折扣可归因于对该制药商在本世纪末面临的专利悬崖的担忧。该公司将失去少数几种每年带来数十亿美元收入的药物的独家经营权。</blockquote></p><p> The worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.</p><p><blockquote>这种担忧是合理的，但辉瑞公司的科学政变应该让投资者相信，该公司的科学能够安全地渡过悬崖。市场可能需要时间才能迎头赶上，但对于长期投资者来说，这是一个充满希望的机会。</blockquote></p><p> The success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.</p><p><blockquote>抗病毒药物的成功是辉瑞公司科学实力的最好例证。</blockquote></p><p> While Pfizer’s Covid-19 vaccine came out of the labs of the German biotech&nbsp;BioNTech&nbsp;(BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.</p><p><blockquote>辉瑞公司的 Covid-19 疫苗来自德国生物技术公司 BioNTech (BNTX) 的实验室，而新型 Covid-19 抗病毒药物则是由多尔斯滕所说的辉瑞公司位于美国东北部的实验室科学家 “梦之队 ”研发出来的。</blockquote></p><p> In the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.</p><p><blockquote>在大流行的早期，辉瑞公司将精力分散在与 BioNTech 在疫苗方面的合作和对 Covid-19 药丸的追求上。疫苗工作规模巨大；多尔斯滕称之为横跨大西洋的 “巨型团队”。</blockquote></p><p> The antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.</p><p><blockquote>抗病毒项目是一个规模小得多的项目——一组辉瑞专家利用疫苗推广剩余的资源开展工作。</blockquote></p><p> “The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.</p><p><blockquote>“多尔斯滕说：”小分子更像是一个灵活、专注于激光的高端团队，资源相当适中。</blockquote></p><p> Dolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.</p><p><blockquote>多尔斯滕召集了辉瑞公司一些最有经验的科学家参与抗病毒项目，其中包括辉瑞公司的药物设计主管夏洛特-阿勒顿（Charlotte Allerton）。科学家们从辉瑞公司几年前在一种叫做蛋白酶抑制剂的抗病毒药物上所做的工作开始。</blockquote></p><p> “[Pfizer’s] pharmaceutical R&amp;D is better than people had thought.”</p><p><blockquote>“辉瑞的药物研发比人们想象的要好。”</blockquote></p><p> The protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.</p><p><blockquote>然而，辉瑞文库中的蛋白酶抑制剂是静脉注射给药的，口服给药时效果不佳。该团队必须弄清楚如何使药物适应口服给药，这是一项艰巨的任务。</blockquote></p><p> “They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.</p><p><blockquote>“多尔斯滕说：”他们必须真正创造很多新的化学反应。科学家们创造了 600 种化合物来确定合适的药物，这一过程通常可能需要数年时间，但他们在几个月内就完成了。“他说：”四年在这里变成了四个月。</blockquote></p><p> Pfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from&nbsp;Merck&nbsp;(MRK).</p><p><blockquote>辉瑞公司于三月份开始在人体中测试这种药丸。目前，该公司正在对该药物进行多项 2/3 期试验，包括一项针对高危患者的试验、一项针对非高危患者的试验以及一项针对接触过病毒但尚未患病的患者的预防措施。在第一次读数中，该药物看起来比默克公司 (MRK) 的 Covid 治疗药丸更有效。</blockquote></p><p> “It definitely helps prove the point that [Pfizer’s] pharmaceutical R&amp;D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.</p><p><blockquote>“Cantor Fitzgerald 的分析师 Louise Chen 说：”这无疑有助于证明（辉瑞的）药品研发比人们想象的要好。</blockquote></p><p></p><p> Chen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.</p><p><blockquote>陈说，在 Covid-19 疫苗和药丸销售的耐久性得到更明确以及其余的管道得到证实之前，她预计投资者不会接受她的想法。</blockquote></p><p> “There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”</p><p><blockquote>“她说：”我认为没有一个事件会引发该股的评级被重新评级到下一个级别。“在这些事情发生之前，我认为不一定会发生。”</blockquote></p><p> That makes a bet on Pfizer a long-term play. In the meantime, the experience of&nbsp;Moderna&nbsp;(MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.</p><p><blockquote>这使得押注辉瑞成为一项长期战略。与此同时，Moderna (MRNA) 最近几周的经历凸显了疫苗制造商因疫苗分配不均而受到审查的可能性。</blockquote></p><p> Biden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”</p><p><blockquote>拜登政府官员对 Moderna 公司越来越不满，呼吁该公司提高产量，以便以非营利价格向低收入国家提供更多剂量，一位高级官员呼吁该公司 “加大力度”。</blockquote></p><p> Moderna shares are down more than 40% over the past three months.</p><p><blockquote>Moderna 股价在过去三个月中下跌了 40% 以上。</blockquote></p><p> As the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling <i>Barron’s</i> that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.</p><p><blockquote>随着疫情的持续，辉瑞公司可能会侵蚀大约一年前推出 Covid-19 疫苗时获得的巨大商誉。本月早些时候，辉瑞公司首席执行官布尔拉将疫苗分配不公归咎于低收入国家，并表示<i>巴伦</i>不下单是他们的错。辉瑞公司以非营利价格向美国出售了10亿剂疫苗，用于捐赠给贫困国家，并表示到明年年底将总共至少向中低收入国家交付20亿剂疫苗。</blockquote></p><p> When it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.</p><p><blockquote>当谈到抗病毒药物时，辉瑞只表示将为较贫穷的国家提供分层定价，这与它对疫苗采取的方法相同。</blockquote></p><p> That contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.</p><p><blockquote>这与默克公司向贫困国家提供自己的 Covid-19 药丸的计划形成了鲜明对比。默克公司已与一个联合国支持的组织签署了一项协议，该协议将允许其药丸在全球获得许可，而默克公司无需支付版税。</blockquote></p><p> Dolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”</p><p><blockquote>多尔斯滕说，辉瑞公司正在考虑按照与默克公司类似的机制对其药片进行许可。“他说：”我们将研究这些方案。“我们绝不是说我们会做一些不同的事情。我们只是想确保无论谁参与其中，都能获得建议和技能。”</blockquote></p><p> Such a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.</p><p><blockquote>这样的举措来得还不够快。上月底，活动人士在布尔拉家门外举行抗议活动，呼吁辉瑞公司分享其疫苗生产技术，并在富裕国家之前完成低收入国家的订单。</blockquote></p><p> An aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.</p><p><blockquote>分享其抗病毒药物的积极计划将有助于避免此类批评，使辉瑞保持相对良好的华盛顿青睐，并使其令人印象深刻的科学继续推高股价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://www.barrons.com/articles/buy-pfizer-stock-covid-19-51636674652?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102251183","content_text":"Pfizer’s chief scientific officer, Mikael Dolsten, sounded giddy when reached via telephone early Monday morning. It was just days after his company knocked the socks off the market with the news that its Covid-19 antiviral had cut the risk of hospitalization by 89% in high-risk adults.\n“It can’t be just a random thing, that you’re able to beat this type of world record and get a grand slam at the same time by chance,” Dolsten said, scrambling sports metaphors as he sought to illustrate the magnitude of Pfizer’s twin wins: the development of a stunningly effective Covid-19 vaccine in just 10 months, followed a year later by the development of a similarly stunning Covid-19 antiviral.\nTwo years ago, Pfizer (ticker: PFE) CEO Albert Bourla asked investors to take a big gamble on the research-and-development operation that Dolsten has rebuilt over the course of more than a decade. That bet is looking smarter than ever.\nBourla has gotten rid of Pfizer’s off-patent drugs division and the last of its consumer health products, leaving behind a pure-play biopharma company that will live or die on the strength of Dolsten’s science.\nIn a cover story in November 2019, Barron’s argued that Bourla and Dolsten could pull it off.\nThe new antiviral data reaffirms the case for Pfizer that Barron’s made two years ago. Continuing to profit off the pandemic, however, brings new risks, as criticism grows over the global inequity in vaccine distribution. Low-income nations account for less than 1% of the more than seven billion doses administered worldwide. If distribution of Pfizer’s antiviral continues to favor wealthy nations, the company’s stock could ultimately suffer.\nPfizer’s shares surged 10.9% the day the data came out, their best daily showing in at least 20 years. Still, with the stock now changing hands at around $50, investors continue to undervalue the company. Investors are pricing Pfizer at 12 times next year’s expected earnings, cheaper than peers like Johnson & Johnson (JNJ) and Eli Lilly (LLY).\nThe Pfizer discount can be attributed to concerns over the patent cliff the drugmaker faces at the end of the decade. The company stands to lose exclusivity over a handful of drugs that bring in billions in annual revenue.\nThe worries are legitimate, but Pfizer’s scientific coup should give investors confidence that the company’s science can carry it safely over that cliff. It may take time for the market to catch up, but for long-term investors, it’s a promising opportunity.\nThe success of the antiviral is the best illustration yet of Pfizer’s scientific prowess.\nWhile Pfizer’s Covid-19 vaccine came out of the labs of the German biotech BioNTech (BNTX), the new Covid-19 antiviral was whipped up by what Dolsten called a “dream team” of scientists at Pfizer’s own labs across the Northeast U.S.\nIn the earliest days of the pandemic, Pfizer split its efforts between its collaboration with BioNTech on the vaccine and its quest for a Covid-19 pill. The vaccine effort operated on a huge scale; Dolsten called it a “mega team” that spanned the Atlantic.\nThe antiviral project was a much smaller operation—a group of Pfizer experts operating with resources left over from the vaccine push.\n“The small molecule was more like a nimble, laser-focused, high-end team, with rather moderate resources,” Dolsten said.\nDolsten gathered some of Pfizer’s most experienced scientists to work on the antiviral project, including its head of medicine design, Charlotte Allerton. The scientists started with work Pfizer had done years ago on a type of antiviral called a protease inhibitor.\n“[Pfizer’s] pharmaceutical R&D is better than people had thought.”\nThe protease inhibitors in the Pfizer library, however, had been administered intravenously, and had not worked well when delivered orally. The team had to figure out how to adapt the drugs to oral administration, a substantial undertaking.\n“They had to really create a lot of new chemistry,” Dolsten said. The scientists created 600 compounds to nail down the right drug, a process that might normally take years, and which they accomplished in a matter of months. “Four years turned into four months here,” he said.\nPfizer started testing the pill in humans in March. It is now running a number of Phase 2/3 trials of the drug, including one for patients who are high risk, one for patients not high risk, and one as a prophylaxis for patients who have been exposed to the virus but aren’t yet sick. In the first readout, the drug looked substantially more effective than the Covid treatment pill from Merck (MRK).\n“It definitely helps prove the point that [Pfizer’s] pharmaceutical R&D is better than people had thought,” says Louise Chen, an analyst at Cantor Fitzgerald, who has an Overweight rating and a $61 price target on the stock.\nChen says that she doesn’t expect investors to come around to her way of thinking until there is more clarity on the durability of Covid-19 vaccine and pill sales, and the rest of the pipeline gets proved out.\n“There is not one event that I think will trigger a re-rating of the stock at the next level,” she says. “Until those things play out, I don’t think that it necessarily will.”\nThat makes a bet on Pfizer a long-term play. In the meantime, the experience of Moderna (MRNA) in recent weeks is highlighting the potential for the vaccine makers to come under scrutiny over unequal distribution of vaccines.\nBiden administration officials have been increasingly frustrated with Moderna, calling on the company to ramp up production so it can offer more doses at not-for-profit prices to low-income countries, with one top official calling on the company to “step up.”\nModerna shares are down more than 40% over the past three months.\nAs the pandemic persists, Pfizer risks eroding the enormous goodwill it earned roughly a year ago when it introduced its Covid-19 vaccine. Earlier this month, Pfizer CEO Bourla blamed low-income countries for unfair vaccine distribution, telling Barron’s that it was their fault for not placing orders. Pfizer has sold a billion vaccine doses to the U.S. at a not-for-profit price to donate to poor countries, and says that a total of at least two billion doses will be delivered to low- and middle-income nations by the end of next year.\nWhen it comes to antivirals, Pfizer has said only that it will offer tiered pricing for poorer nations, the same approach it has taken with its vaccine.\nThat contrasts sharply with Merck’s plan to make its own Covid-19 pill available to poor countries. Merck has signed a deal with a United Nations-backed group that will allow its pill to be licensed globally, with no royalties paid to Merck.\nDolsten said that Pfizer is looking into licensing its pill under a similar mechanism as Merck’s. “We will look at those options,” he said. “By no means have we said we would do something different. We just want to make sure whoever will be involved gets the advice and skill to do this.”\nSuch a step couldn’t come soon enough. Late last month, activists protested outside Bourla’s home, calling on Pfizer to share its vaccine manufacturing technology and to fill orders from low-income countries ahead of those from wealthy countries.\nAn aggressive plan to share its antiviral would help stave off such criticism, keeping Pfizer in the relative good graces of Washington and allowing its impressive science to continue to drive the stock higher.","news_type":1,"symbols_score_info":{"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":4083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":847767992,"gmtCreate":1636555119357,"gmtModify":1636555119910,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Time to buy","listText":"Time to buy","text":"Time to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/847767992","repostId":"1153835627","repostType":4,"repost":{"id":"1153835627","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":1636554818,"share":"https://www.laohunote.com/m/news/1153835627?lang=zh_CN&edition=full","pubTime":"2021-11-10 22:33","market":"us","language":"en","title":"Tesla shares fell nearly 3% in morning trading, and its price fell below $1,000<blockquote>特斯拉股价早盘下跌近3%，价格跌破1000美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153835627","media":"Tiger Newspress","summary":"Tesla shares fell nearly 3% in morning trading, and its price fell below $1,000.","content":"<p>Tesla&nbsp;shares&nbsp;fell&nbsp;nearly&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading,&nbsp;and its&nbsp;price fell below $1,000.<img src=\"https://static.tigerbbs.com/eb770649e4f7a834c97a7de6c47528e4\" tg-width=\"868\" tg-height=\"603\" width=\"100%\" height=\"auto\"></p><p><blockquote>特斯拉股价早盘下跌近3%，股价跌破1000美元。</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>Tesla shares fell nearly 3% in morning trading, and its price fell below $1,000<blockquote>特斯拉股价早盘下跌近3%，价格跌破1000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\">\nTesla shares fell nearly 3% in morning trading, and its price fell below $1,000<blockquote>特斯拉股价早盘下跌近3%，价格跌破1000美元</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\">2021-11-10 22:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tesla&nbsp;shares&nbsp;fell&nbsp;nearly&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading,&nbsp;and its&nbsp;price fell below $1,000.<img src=\"https://static.tigerbbs.com/eb770649e4f7a834c97a7de6c47528e4\" tg-width=\"868\" tg-height=\"603\" width=\"100%\" height=\"auto\"></p><p><blockquote>特斯拉股价早盘下跌近3%，股价跌破1000美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153835627","content_text":"Tesla shares fell nearly 3% in morning trading, and its price fell below $1,000.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3857,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":844948313,"gmtCreate":1636384978672,"gmtModify":1636385036264,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"What does this mean?&nbsp;","listText":"What does this mean?&nbsp;","text":"What does this mean?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/844948313","repostId":"1190184675","repostType":4,"repost":{"id":"1190184675","kind":"news","pubTimestamp":1636384600,"share":"https://www.laohunote.com/m/news/1190184675?lang=zh_CN&edition=full","pubTime":"2021-11-08 23:16","market":"us","language":"en","title":"Buffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190184675","media":"Bloomberg","summary":"(Bloomberg) -- Warren Buffett is signaling wariness with the soaring stock market as the billionaire","content":"<p><div> (Bloomberg) -- Warren Buffett is signaling wariness with the soaring stock market as the billionaire investor extends a selling streak. Buffett’s Berkshire Hathaway Inc. was a net seller of equities ...</p><p><blockquote><div>（彭博社）——随着这位亿万富翁投资者延续抛售势头，沃伦·巴菲特对股市飙升表示警惕。巴菲特的伯克希尔哈撒韦公司是股票的净卖家……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html\">网页连接</a></blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</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\">\nBuffett Signals Caution With Berkshire on Stock-Selling Streak<blockquote>巴菲特对伯克希尔哈撒韦公司连续抛售股票表示谨慎</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-11-08 23:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> (Bloomberg) -- Warren Buffett is signaling wariness with the soaring stock market as the billionaire investor extends a selling streak. Buffett’s Berkshire Hathaway Inc. was a net seller of equities ...</p><p><blockquote><div>（彭博社）——随着这位亿万富翁投资者延续抛售势头，沃伦·巴菲特对股市飙升表示警惕。巴菲特的伯克希尔哈撒韦公司是股票的净卖家……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html\">Bloomberg</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":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://finance.yahoo.com/news/buffett-signals-caution-berkshire-stock-140819517.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190184675","content_text":"(Bloomberg) -- Warren Buffett is signaling wariness with the soaring stock market as the billionaire investor extends a selling streak.\nBuffett’s Berkshire Hathaway Inc. was a net seller of equities for the fourth straight quarter, a trend not seen in data going back to 2008. The company ended up selling almost $2 billion more in stocks than it purchased during the period, adding to a cash pile that climbed to a record $149.2 billion.\nThe selling streak indicates Buffett has struggled to find bargains with the stock market hitting all-time highs. A big, splashy acquisition also eluded the conglomerate, as the 91-year old and his investing deputies confronted a combination of sky-high price tags and fierce competition from the wave of special purpose acquisition companies.\n“The big issue here is that Berkshire was a net seller of stocks again this quarter,” Jim Shanahan, an analyst with Edward Jones, said in a telephone interview. “That’s the primary culprit” of the cash pile continuing to rise.\nBerkshire’s sales appear to have largely come from cutting holdings in banks, insurance and financial investments, according to its third-quarter regulatory filing released Saturday. Berkshire has been paring certain stocks in recent periods, spending the second quarter trimming its investment in General Motors Co. and pulling back on some of its pharmaceutical bets. The company is set to release its third-quarter stock tweaks later this month.\nWhile Buffett’s been a consistent net seller these past four quarters, those sales have been relatively small compared with the massive size of his stock portfolio. Over the past nine months, he’s sold almost $7 billion more of stocks than he’s bought, roughly 2.2% of the fair value of Berkshire’s stock portfolio at the end of September.\nBuffett warned investors in May that Berkshire might not have much luck striking deals as SPACs gripped the market -- though he also predicted the boom probably wouldn’t last. Compounding the challenge, his most recent big acquisition, the $37 billion deal for Precision Castparts five years ago, resulted in a writedown that Buffett laid squarely at his own door.\nBerkshire isn’t alone in extending a cash pile amid the pandemic. Amazon.com Inc., Google-parent Alphabet Inc. and American Airlines Group Inc. were among companies that amassed significant holdings during the health crisis in a step analysts have said would likely lead to some acquisitions.\nAnd the rising cash pile is better than the alternative in the eyes of investors including Cheviot Value Management’s Darren Pollock. Even though Buffett’s cash pile still increased to a record despite the $7.6 billion of buybacks in the third quarter, Pollock says it’s a good sign about the health of Berkshire.\n“We’re happy with it because the alternative is that cash isn’t growing as much and that means that Berkshire’s operating companies aren’t of as high quality as we thought,” said Pollock, whose Cheviot owns shares in Berkshire. “To see that the cash is rising, to see that he’s deploying so much in one avenue which happens to be buybacks -- it’s not acquisitions -- but it’s being spent in a productive way, it’s so much better than the alternative of seeing that cash stabilize or decline without other large acquisitions.”\nHere are some other key takeaways from Berkshire’s third-quarter earnings on Saturday:\nBerkshire Appetite\nBuffett has increasingly leaned on share buybacks as one way to deploy billions of dollars. He’s spent about $51 billion on stock buybacks since a policy tweak in 2018, outpacing the $31 billion used to purchase shares of Apple Inc., Berkshire’s largest stock bet.\nIn the third quarter, Berkshire bought back $7.6 billion of stock, surpassing the $6 billion of shares repurchased in the previous period.\nBNSF’s Record\nRecord profit at Berkshire’s railroad, BNSF, and strong earnings from its energy businesses helped raise operating profit by 18% at the conglomerate during the third quarter.\nThat also aided in offsetting a painful quarter for Berkshire’s insurers. Those businesses reported an underwriting loss that widened to $784 million amid heightened catastrophe costs and worsening claims trends at auto insurer Geico.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":3618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842306648,"gmtCreate":1636129484308,"gmtModify":1636129484784,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/842306648","repostId":"1163952473","repostType":4,"isVote":1,"tweetType":1,"viewCount":2739,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848545456,"gmtCreate":1636015279644,"gmtModify":1636015279827,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848545456","repostId":"1198107375","repostType":4,"repost":{"id":"1198107375","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1636010650,"share":"https://www.laohunote.com/m/news/1198107375?lang=zh_CN&edition=full","pubTime":"2021-11-04 15:24","market":"us","language":"en","title":"Cathie Wood Rushes To Lower Exposure In Zillow — Also Trims Tesla Stake And Buys These Stocks On Wednesday<blockquote>Cathie Wood 急于降低 Zillow 的敞口，并在周三减持特斯拉股份并购买这些股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198107375","media":"Benzinga Earnings","summary":"Cathie Wood’s investment management firm Ark Invest on Wednesday significantly lowered its exposure ","content":"<p><b>Cathie Wood</b>’s investment management firm&nbsp;<b>Ark Invest</b>&nbsp;on Wednesday significantly lowered its&nbsp;exposure in&nbsp;<b>ZillowGroup Class C</b>&nbsp;as the stock sank after the company reported a&nbsp;third-quarter loss and said it would be winding down its home buying business.</p><p><blockquote><b>凯西·伍德</b>投资管理公司<b>方舟投资</b>周三大幅降低了其在<b>ZillowGroup C类</b>该公司公布第三季度亏损并表示将逐步缩减购房业务后，该股股价下跌。</blockquote></p><p> The popular money managing firm sold 3.9 million shares — estimated to be worth $256.9 million — in the online real estate marketplace company.</p><p><blockquote>这家受欢迎的资金管理公司出售了这家在线房地产市场公司的 390 万股股票，估计价值 2.569 亿美元。</blockquote></p><p> Zillow Class C shares closed 25% lower at $65.47 a share on Wednesday. The stock is down about 50% so far this year.</p><p><blockquote>Zillow C 类股周三收盘下跌 25%，至每股 65.47 美元。今年迄今为止，该股已下跌约 50%。</blockquote></p><p> The company said it plans to wind down its home buying unit, Offers. Zillow said it would&nbsp;also cut 25% of its workforce.</p><p><blockquote>该公司表示，计划关闭其购房部门 Offers。Zillow 表示还将裁员 25%。</blockquote></p><p> Just weeks after Zillow announced it would be pausing its iBuying of U.S. houses — Bloomberg reported this week that Zillow has actually sold 7,000 homes from its inventory.</p><p><blockquote>就在 Zillow 宣布将暂停购买美国房屋几周后，彭博社本周报道称，Zillow 实际上已经从其库存中出售了 7,000 套房屋。</blockquote></p><p> Ark Invest deployed three of its active ETFs to sell the shares in Zillow. These are the&nbsp;<b>Ark Innovation ETF</b>, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;and the&nbsp;<b>Ark Fintech Innovation ETF</b>.</p><p><blockquote>Ark Invest 部署了三只主动 ETF 来出售 Zillow 的股票。这些是<b>方舟创新ETF</b>，这个<b>方舟下一代互联网ETF</b>和<b>方舟金融科技创新ETF</b>.</blockquote></p><p> The three ETFs held 10.59 million shares — estimated to be worth $924 million — in Zillow, ahead of Wednesday’s trade.&nbsp; Ark Invest had piled up shares in Zillow ahead of the company’s third quarter results on Wednesday.</p><p><blockquote>在周三的交易前，这三只 ETF 持有 Zillow 1059 万股股票，估计价值 9.24 亿美元。在周三公布 Zillow 第三季度业绩之前，Ark Invest 已经囤积了该公司的股票。</blockquote></p><p> Here are a few other key Ark Invest trades from Wednesday:</p><p><blockquote>以下是周三的其他一些重要方舟投资交易：</blockquote></p><p> <ul>  <li>Bought 226,377 shares — estimated to be worth $64.7 million — in&nbsp;<b>Zoom Video Communications Inc</b>&nbsp;on Tuesday. Shares of the company closed 1.92% higher at $285.66 a share.</li>  <li>Sold 17,787 shares — estimated to be worth $21.59 million — in&nbsp;<b>Tesla Inc</b>. Including the latest sale Ark Invest has sold about $1.44 billion worth of shares in Tesla since the start of September. Shares closed 3.57% higher at $1,213.86 a share.</li>  <li>Bought 722,344 shares — estimated to be worth $26.75 million — in&nbsp;<b>RobinhoodMarkets Inc</b>&nbsp;on the day shares closed 5.86% higher at $37.04 a share.</li>  <li>Bought 193,482 shares — estimated to be worth $9 million — in&nbsp;<b>Draftkings Inc</b>. The stock closed 1.6% lower at $46.84 a share.</li> </ul></p><p><blockquote><ul><li>购买了 226,377 股股票，估计价值 6,470 万美元<b>Zoom Video通信公司</b>星期二。该公司股价收盘上涨 1.92%，至每股 285.66 美元。</li><li>出售 17,787 股股票（估计价值 2,159 万美元）<b>特斯拉公司</b>包括最近一次出售在内，Ark Invest 自 9 月初以来已出售了价值约 14.4 亿美元的特斯拉股票。股价收盘上涨 3.57%，至每股 1,213.86 美元。</li><li>购买了 722,344 股股票，估计价值 2,675 万美元<b>罗宾汉市场公司</b>当天股价收盘上涨 5.86%，至每股 37.04 美元。</li><li>购买了 193,482 股股票，估计价值 900 万美元<b>Draftkings公司</b>该股收盘下跌 1.6%，至每股 46.84 美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Rushes To Lower Exposure In Zillow — Also Trims Tesla Stake And Buys These Stocks On Wednesday<blockquote>Cathie Wood 急于降低 Zillow 的敞口，并在周三减持特斯拉股份并购买这些股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Rushes To Lower Exposure In Zillow — Also Trims Tesla Stake And Buys These Stocks On Wednesday<blockquote>Cathie Wood 急于降低 Zillow 的敞口，并在周三减持特斯拉股份并购买这些股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-11-04 15:24</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Cathie Wood</b>’s investment management firm&nbsp;<b>Ark Invest</b>&nbsp;on Wednesday significantly lowered its&nbsp;exposure in&nbsp;<b>ZillowGroup Class C</b>&nbsp;as the stock sank after the company reported a&nbsp;third-quarter loss and said it would be winding down its home buying business.</p><p><blockquote><b>凯西·伍德</b>投资管理公司<b>方舟投资</b>周三大幅降低了其在<b>ZillowGroup C类</b>该公司公布第三季度亏损并表示将逐步缩减购房业务后，该股股价下跌。</blockquote></p><p> The popular money managing firm sold 3.9 million shares — estimated to be worth $256.9 million — in the online real estate marketplace company.</p><p><blockquote>这家受欢迎的资金管理公司出售了这家在线房地产市场公司的 390 万股股票，估计价值 2.569 亿美元。</blockquote></p><p> Zillow Class C shares closed 25% lower at $65.47 a share on Wednesday. The stock is down about 50% so far this year.</p><p><blockquote>Zillow C 类股周三收盘下跌 25%，至每股 65.47 美元。今年迄今为止，该股已下跌约 50%。</blockquote></p><p> The company said it plans to wind down its home buying unit, Offers. Zillow said it would&nbsp;also cut 25% of its workforce.</p><p><blockquote>该公司表示，计划关闭其购房部门 Offers。Zillow 表示还将裁员 25%。</blockquote></p><p> Just weeks after Zillow announced it would be pausing its iBuying of U.S. houses — Bloomberg reported this week that Zillow has actually sold 7,000 homes from its inventory.</p><p><blockquote>就在 Zillow 宣布将暂停购买美国房屋几周后，彭博社本周报道称，Zillow 实际上已经从其库存中出售了 7,000 套房屋。</blockquote></p><p> Ark Invest deployed three of its active ETFs to sell the shares in Zillow. These are the&nbsp;<b>Ark Innovation ETF</b>, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;and the&nbsp;<b>Ark Fintech Innovation ETF</b>.</p><p><blockquote>Ark Invest 部署了三只主动 ETF 来出售 Zillow 的股票。这些是<b>方舟创新ETF</b>，这个<b>方舟下一代互联网ETF</b>和<b>方舟金融科技创新ETF</b>.</blockquote></p><p> The three ETFs held 10.59 million shares — estimated to be worth $924 million — in Zillow, ahead of Wednesday’s trade.&nbsp; Ark Invest had piled up shares in Zillow ahead of the company’s third quarter results on Wednesday.</p><p><blockquote>在周三的交易前，这三只 ETF 持有 Zillow 1059 万股股票，估计价值 9.24 亿美元。在周三公布 Zillow 第三季度业绩之前，Ark Invest 已经囤积了该公司的股票。</blockquote></p><p> Here are a few other key Ark Invest trades from Wednesday:</p><p><blockquote>以下是周三的其他一些重要方舟投资交易：</blockquote></p><p> <ul>  <li>Bought 226,377 shares — estimated to be worth $64.7 million — in&nbsp;<b>Zoom Video Communications Inc</b>&nbsp;on Tuesday. Shares of the company closed 1.92% higher at $285.66 a share.</li>  <li>Sold 17,787 shares — estimated to be worth $21.59 million — in&nbsp;<b>Tesla Inc</b>. Including the latest sale Ark Invest has sold about $1.44 billion worth of shares in Tesla since the start of September. Shares closed 3.57% higher at $1,213.86 a share.</li>  <li>Bought 722,344 shares — estimated to be worth $26.75 million — in&nbsp;<b>RobinhoodMarkets Inc</b>&nbsp;on the day shares closed 5.86% higher at $37.04 a share.</li>  <li>Bought 193,482 shares — estimated to be worth $9 million — in&nbsp;<b>Draftkings Inc</b>. The stock closed 1.6% lower at $46.84 a share.</li> </ul></p><p><blockquote><ul><li>购买了 226,377 股股票，估计价值 6,470 万美元<b>Zoom Video通信公司</b>星期二。该公司股价收盘上涨 1.92%，至每股 285.66 美元。</li><li>出售 17,787 股股票（估计价值 2,159 万美元）<b>特斯拉公司</b>包括最近一次出售在内，Ark Invest 自 9 月初以来已出售了价值约 14.4 亿美元的特斯拉股票。股价收盘上涨 3.57%，至每股 1,213.86 美元。</li><li>购买了 722,344 股股票，估计价值 2,675 万美元<b>罗宾汉市场公司</b>当天股价收盘上涨 5.86%，至每股 37.04 美元。</li><li>购买了 193,482 股股票，估计价值 900 万美元<b>Draftkings公司</b>该股收盘下跌 1.6%，至每股 46.84 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","HOOD":"Robinhood","TSLA":"特斯拉","ARKG":"ARK Genomic Revolution ETF","DKNG":"DraftKings Inc.","ARKF":"ARK Fintech Innovation ETF","Z":"Zillow"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198107375","content_text":"Cathie Wood’s investment management firm Ark Invest on Wednesday significantly lowered its exposure in ZillowGroup Class C as the stock sank after the company reported a third-quarter loss and said it would be winding down its home buying business.\nThe popular money managing firm sold 3.9 million shares — estimated to be worth $256.9 million — in the online real estate marketplace company.\nZillow Class C shares closed 25% lower at $65.47 a share on Wednesday. The stock is down about 50% so far this year.\nThe company said it plans to wind down its home buying unit, Offers. Zillow said it would also cut 25% of its workforce.\nJust weeks after Zillow announced it would be pausing its iBuying of U.S. houses — Bloomberg reported this week that Zillow has actually sold 7,000 homes from its inventory.\nArk Invest deployed three of its active ETFs to sell the shares in Zillow. These are the Ark Innovation ETF, the Ark Next Generation Internet ETF and the Ark Fintech Innovation ETF.\nThe three ETFs held 10.59 million shares — estimated to be worth $924 million — in Zillow, ahead of Wednesday’s trade.  Ark Invest had piled up shares in Zillow ahead of the company’s third quarter results on Wednesday.\nHere are a few other key Ark Invest trades from Wednesday:\n\nBought 226,377 shares — estimated to be worth $64.7 million — in Zoom Video Communications Inc on Tuesday. Shares of the company closed 1.92% higher at $285.66 a share.\nSold 17,787 shares — estimated to be worth $21.59 million — in Tesla Inc. Including the latest sale Ark Invest has sold about $1.44 billion worth of shares in Tesla since the start of September. Shares closed 3.57% higher at $1,213.86 a share.\nBought 722,344 shares — estimated to be worth $26.75 million — in RobinhoodMarkets Inc on the day shares closed 5.86% higher at $37.04 a share.\nBought 193,482 shares — estimated to be worth $9 million — in Draftkings Inc. The stock closed 1.6% lower at $46.84 a share.","news_type":1,"symbols_score_info":{"HOOD":0.9,"Z":0.9,"DKNG":0.9,"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":4442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848545151,"gmtCreate":1636015269275,"gmtModify":1636015269447,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848545151","repostId":"1198107375","repostType":4,"repost":{"id":"1198107375","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1636010650,"share":"https://www.laohunote.com/m/news/1198107375?lang=zh_CN&edition=full","pubTime":"2021-11-04 15:24","market":"us","language":"en","title":"Cathie Wood Rushes To Lower Exposure In Zillow — Also Trims Tesla Stake And Buys These Stocks On Wednesday<blockquote>Cathie Wood 急于降低 Zillow 的敞口，并在周三减持特斯拉股份并购买这些股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198107375","media":"Benzinga Earnings","summary":"Cathie Wood’s investment management firm Ark Invest on Wednesday significantly lowered its exposure ","content":"<p><b>Cathie Wood</b>’s investment management firm&nbsp;<b>Ark Invest</b>&nbsp;on Wednesday significantly lowered its&nbsp;exposure in&nbsp;<b>ZillowGroup Class C</b>&nbsp;as the stock sank after the company reported a&nbsp;third-quarter loss and said it would be winding down its home buying business.</p><p><blockquote><b>凯西·伍德</b>投资管理公司<b>方舟投资</b>周三大幅降低了其在<b>ZillowGroup C类</b>该公司公布第三季度亏损并表示将逐步缩减购房业务后，该股股价下跌。</blockquote></p><p> The popular money managing firm sold 3.9 million shares — estimated to be worth $256.9 million — in the online real estate marketplace company.</p><p><blockquote>这家受欢迎的资金管理公司出售了这家在线房地产市场公司的 390 万股股票，估计价值 2.569 亿美元。</blockquote></p><p> Zillow Class C shares closed 25% lower at $65.47 a share on Wednesday. The stock is down about 50% so far this year.</p><p><blockquote>Zillow C 类股周三收盘下跌 25%，至每股 65.47 美元。今年迄今为止，该股已下跌约 50%。</blockquote></p><p> The company said it plans to wind down its home buying unit, Offers. Zillow said it would&nbsp;also cut 25% of its workforce.</p><p><blockquote>该公司表示，计划关闭其购房部门 Offers。Zillow 表示还将裁员 25%。</blockquote></p><p> Just weeks after Zillow announced it would be pausing its iBuying of U.S. houses — Bloomberg reported this week that Zillow has actually sold 7,000 homes from its inventory.</p><p><blockquote>就在 Zillow 宣布将暂停购买美国房屋几周后，彭博社本周报道称，Zillow 实际上已经从其库存中出售了 7,000 套房屋。</blockquote></p><p> Ark Invest deployed three of its active ETFs to sell the shares in Zillow. These are the&nbsp;<b>Ark Innovation ETF</b>, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;and the&nbsp;<b>Ark Fintech Innovation ETF</b>.</p><p><blockquote>Ark Invest 部署了三只主动 ETF 来出售 Zillow 的股票。这些是<b>方舟创新ETF</b>，这个<b>方舟下一代互联网ETF</b>和<b>方舟金融科技创新ETF</b>.</blockquote></p><p> The three ETFs held 10.59 million shares — estimated to be worth $924 million — in Zillow, ahead of Wednesday’s trade.&nbsp; Ark Invest had piled up shares in Zillow ahead of the company’s third quarter results on Wednesday.</p><p><blockquote>在周三的交易前，这三只 ETF 持有 Zillow 1059 万股股票，估计价值 9.24 亿美元。在周三公布 Zillow 第三季度业绩之前，Ark Invest 已经囤积了该公司的股票。</blockquote></p><p> Here are a few other key Ark Invest trades from Wednesday:</p><p><blockquote>以下是周三的其他一些重要方舟投资交易：</blockquote></p><p> <ul>  <li>Bought 226,377 shares — estimated to be worth $64.7 million — in&nbsp;<b>Zoom Video Communications Inc</b>&nbsp;on Tuesday. Shares of the company closed 1.92% higher at $285.66 a share.</li>  <li>Sold 17,787 shares — estimated to be worth $21.59 million — in&nbsp;<b>Tesla Inc</b>. Including the latest sale Ark Invest has sold about $1.44 billion worth of shares in Tesla since the start of September. Shares closed 3.57% higher at $1,213.86 a share.</li>  <li>Bought 722,344 shares — estimated to be worth $26.75 million — in&nbsp;<b>RobinhoodMarkets Inc</b>&nbsp;on the day shares closed 5.86% higher at $37.04 a share.</li>  <li>Bought 193,482 shares — estimated to be worth $9 million — in&nbsp;<b>Draftkings Inc</b>. The stock closed 1.6% lower at $46.84 a share.</li> </ul></p><p><blockquote><ul><li>购买了 226,377 股股票，估计价值 6,470 万美元<b>Zoom Video通信公司</b>星期二。该公司股价收盘上涨 1.92%，至每股 285.66 美元。</li><li>出售 17,787 股股票（估计价值 2,159 万美元）<b>特斯拉公司</b>包括最近一次出售在内，Ark Invest 自 9 月初以来已出售了价值约 14.4 亿美元的特斯拉股票。股价收盘上涨 3.57%，至每股 1,213.86 美元。</li><li>购买了 722,344 股股票，估计价值 2,675 万美元<b>罗宾汉市场公司</b>当天股价收盘上涨 5.86%，至每股 37.04 美元。</li><li>购买了 193,482 股股票，估计价值 900 万美元<b>Draftkings公司</b>该股收盘下跌 1.6%，至每股 46.84 美元。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood Rushes To Lower Exposure In Zillow — Also Trims Tesla Stake And Buys These Stocks On Wednesday<blockquote>Cathie Wood 急于降低 Zillow 的敞口，并在周三减持特斯拉股份并购买这些股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood Rushes To Lower Exposure In Zillow — Also Trims Tesla Stake And Buys These Stocks On Wednesday<blockquote>Cathie Wood 急于降低 Zillow 的敞口，并在周三减持特斯拉股份并购买这些股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-11-04 15:24</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Cathie Wood</b>’s investment management firm&nbsp;<b>Ark Invest</b>&nbsp;on Wednesday significantly lowered its&nbsp;exposure in&nbsp;<b>ZillowGroup Class C</b>&nbsp;as the stock sank after the company reported a&nbsp;third-quarter loss and said it would be winding down its home buying business.</p><p><blockquote><b>凯西·伍德</b>投资管理公司<b>方舟投资</b>周三大幅降低了其在<b>ZillowGroup C类</b>该公司公布第三季度亏损并表示将逐步缩减购房业务后，该股股价下跌。</blockquote></p><p> The popular money managing firm sold 3.9 million shares — estimated to be worth $256.9 million — in the online real estate marketplace company.</p><p><blockquote>这家受欢迎的资金管理公司出售了这家在线房地产市场公司的 390 万股股票，估计价值 2.569 亿美元。</blockquote></p><p> Zillow Class C shares closed 25% lower at $65.47 a share on Wednesday. The stock is down about 50% so far this year.</p><p><blockquote>Zillow C 类股周三收盘下跌 25%，至每股 65.47 美元。今年迄今为止，该股已下跌约 50%。</blockquote></p><p> The company said it plans to wind down its home buying unit, Offers. Zillow said it would&nbsp;also cut 25% of its workforce.</p><p><blockquote>该公司表示，计划关闭其购房部门 Offers。Zillow 表示还将裁员 25%。</blockquote></p><p> Just weeks after Zillow announced it would be pausing its iBuying of U.S. houses — Bloomberg reported this week that Zillow has actually sold 7,000 homes from its inventory.</p><p><blockquote>就在 Zillow 宣布将暂停购买美国房屋几周后，彭博社本周报道称，Zillow 实际上已经从其库存中出售了 7,000 套房屋。</blockquote></p><p> Ark Invest deployed three of its active ETFs to sell the shares in Zillow. These are the&nbsp;<b>Ark Innovation ETF</b>, the&nbsp;<b>Ark Next Generation Internet ETF</b>&nbsp;and the&nbsp;<b>Ark Fintech Innovation ETF</b>.</p><p><blockquote>Ark Invest 部署了三只主动 ETF 来出售 Zillow 的股票。这些是<b>方舟创新ETF</b>，这个<b>方舟下一代互联网ETF</b>和<b>方舟金融科技创新ETF</b>.</blockquote></p><p> The three ETFs held 10.59 million shares — estimated to be worth $924 million — in Zillow, ahead of Wednesday’s trade.&nbsp; Ark Invest had piled up shares in Zillow ahead of the company’s third quarter results on Wednesday.</p><p><blockquote>在周三的交易前，这三只 ETF 持有 Zillow 1059 万股股票，估计价值 9.24 亿美元。在周三公布 Zillow 第三季度业绩之前，Ark Invest 已经囤积了该公司的股票。</blockquote></p><p> Here are a few other key Ark Invest trades from Wednesday:</p><p><blockquote>以下是周三的其他一些重要方舟投资交易：</blockquote></p><p> <ul>  <li>Bought 226,377 shares — estimated to be worth $64.7 million — in&nbsp;<b>Zoom Video Communications Inc</b>&nbsp;on Tuesday. Shares of the company closed 1.92% higher at $285.66 a share.</li>  <li>Sold 17,787 shares — estimated to be worth $21.59 million — in&nbsp;<b>Tesla Inc</b>. Including the latest sale Ark Invest has sold about $1.44 billion worth of shares in Tesla since the start of September. Shares closed 3.57% higher at $1,213.86 a share.</li>  <li>Bought 722,344 shares — estimated to be worth $26.75 million — in&nbsp;<b>RobinhoodMarkets Inc</b>&nbsp;on the day shares closed 5.86% higher at $37.04 a share.</li>  <li>Bought 193,482 shares — estimated to be worth $9 million — in&nbsp;<b>Draftkings Inc</b>. The stock closed 1.6% lower at $46.84 a share.</li> </ul></p><p><blockquote><ul><li>购买了 226,377 股股票，估计价值 6,470 万美元<b>Zoom Video通信公司</b>星期二。该公司股价收盘上涨 1.92%，至每股 285.66 美元。</li><li>出售 17,787 股股票（估计价值 2,159 万美元）<b>特斯拉公司</b>包括最近一次出售在内，Ark Invest 自 9 月初以来已出售了价值约 14.4 亿美元的特斯拉股票。股价收盘上涨 3.57%，至每股 1,213.86 美元。</li><li>购买了 722,344 股股票，估计价值 2,675 万美元<b>罗宾汉市场公司</b>当天股价收盘上涨 5.86%，至每股 37.04 美元。</li><li>购买了 193,482 股股票，估计价值 900 万美元<b>Draftkings公司</b>该股收盘下跌 1.6%，至每股 46.84 美元。</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","HOOD":"Robinhood","TSLA":"特斯拉","ARKG":"ARK Genomic Revolution ETF","DKNG":"DraftKings Inc.","ARKF":"ARK Fintech Innovation ETF","Z":"Zillow"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198107375","content_text":"Cathie Wood’s investment management firm Ark Invest on Wednesday significantly lowered its exposure in ZillowGroup Class C as the stock sank after the company reported a third-quarter loss and said it would be winding down its home buying business.\nThe popular money managing firm sold 3.9 million shares — estimated to be worth $256.9 million — in the online real estate marketplace company.\nZillow Class C shares closed 25% lower at $65.47 a share on Wednesday. The stock is down about 50% so far this year.\nThe company said it plans to wind down its home buying unit, Offers. Zillow said it would also cut 25% of its workforce.\nJust weeks after Zillow announced it would be pausing its iBuying of U.S. houses — Bloomberg reported this week that Zillow has actually sold 7,000 homes from its inventory.\nArk Invest deployed three of its active ETFs to sell the shares in Zillow. These are the Ark Innovation ETF, the Ark Next Generation Internet ETF and the Ark Fintech Innovation ETF.\nThe three ETFs held 10.59 million shares — estimated to be worth $924 million — in Zillow, ahead of Wednesday’s trade.  Ark Invest had piled up shares in Zillow ahead of the company’s third quarter results on Wednesday.\nHere are a few other key Ark Invest trades from Wednesday:\n\nBought 226,377 shares — estimated to be worth $64.7 million — in Zoom Video Communications Inc on Tuesday. Shares of the company closed 1.92% higher at $285.66 a share.\nSold 17,787 shares — estimated to be worth $21.59 million — in Tesla Inc. Including the latest sale Ark Invest has sold about $1.44 billion worth of shares in Tesla since the start of September. Shares closed 3.57% higher at $1,213.86 a share.\nBought 722,344 shares — estimated to be worth $26.75 million — in RobinhoodMarkets Inc on the day shares closed 5.86% higher at $37.04 a share.\nBought 193,482 shares — estimated to be worth $9 million — in Draftkings Inc. The stock closed 1.6% lower at $46.84 a share.","news_type":1,"symbols_score_info":{"HOOD":0.9,"Z":0.9,"DKNG":0.9,"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,"ARKG":0.9}},"isVote":1,"tweetType":1,"viewCount":2654,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848330844,"gmtCreate":1635962268288,"gmtModify":1635962268783,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848330844","repostId":"2180775797","repostType":4,"isVote":1,"tweetType":1,"viewCount":3122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":843905017,"gmtCreate":1635787077765,"gmtModify":1635787077900,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Correct","listText":"Correct","text":"Correct","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/843905017","repostId":"2179221955","repostType":4,"isVote":1,"tweetType":1,"viewCount":3593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":849091584,"gmtCreate":1635697658404,"gmtModify":1635697658597,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great company still","listText":"Great company still","text":"Great company still","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/849091584","repostId":"1104228860","repostType":4,"isVote":1,"tweetType":1,"viewCount":3107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854381276,"gmtCreate":1635419832539,"gmtModify":1635419897918,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/854381276","repostId":"1156209055","repostType":4,"repost":{"id":"1156209055","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":1635408276,"share":"https://www.laohunote.com/m/news/1156209055?lang=zh_CN&edition=full","pubTime":"2021-10-28 16:04","market":"us","language":"en","title":"Ford shares rose more than 9% in premarket trading<blockquote>福特股价在盘前交易中上涨超过 9%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156209055","media":"Tiger Newspress","summary":"Ford shares rose more than 9% in premarket trading.Ford Motor Co on Wednesday reported a stronger-th","content":"<p>Ford&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;9%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/1af5ccc70f73b65bb9f6d7faaf42260d\" tg-width=\"889\" tg-height=\"822\" referrerpolicy=\"no-referrer\">Ford Motor Co on Wednesday reported a stronger-than-expected third-quarter profit and raised its full-year earnings forecast as strong demand for its trucks helped offset the hit from a global semiconductor shortage.</p><p><blockquote>福特股价在盘前交易中上涨超过 9%。福特汽车公司周三公布第三季度利润强于预期，并上调了全年盈利预期，因为对其卡车的强劲需求有助于抵消全球半导体短缺的影响。</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>Ford shares rose more than 9% in premarket trading<blockquote>福特股价在盘前交易中上涨超过 9%</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\">\nFord shares rose more than 9% in premarket trading<blockquote>福特股价在盘前交易中上涨超过 9%</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\">2021-10-28 16:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Ford&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;9%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/1af5ccc70f73b65bb9f6d7faaf42260d\" tg-width=\"889\" tg-height=\"822\" referrerpolicy=\"no-referrer\">Ford Motor Co on Wednesday reported a stronger-than-expected third-quarter profit and raised its full-year earnings forecast as strong demand for its trucks helped offset the hit from a global semiconductor shortage.</p><p><blockquote>福特股价在盘前交易中上涨超过 9%。福特汽车公司周三公布第三季度利润强于预期，并上调了全年盈利预期，因为对其卡车的强劲需求有助于抵消全球半导体短缺的影响。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"F":"福特汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156209055","content_text":"Ford shares rose more than 9% in premarket trading.Ford Motor Co on Wednesday reported a stronger-than-expected third-quarter profit and raised its full-year earnings forecast as strong demand for its trucks helped offset the hit from a global semiconductor shortage.","news_type":1,"symbols_score_info":{"F":0.9}},"isVote":1,"tweetType":1,"viewCount":1404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856105349,"gmtCreate":1635157436359,"gmtModify":1635157437206,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"PayPal definitely will go up in long term..&nbsp;","listText":"PayPal definitely will go up in long term..&nbsp;","text":"PayPal definitely will go up in long term..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/856105349","repostId":"1193102815","repostType":4,"repost":{"id":"1193102815","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":1635148966,"share":"https://www.laohunote.com/m/news/1193102815?lang=zh_CN&edition=full","pubTime":"2021-10-25 16:02","market":"us","language":"en","title":"Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading as PayPal said it was not pursuing acquisition of Pinterest<blockquote>由于PayPal表示不会收购Pinterest，PayPal股价在盘前交易中上涨超过 5%，而Pinterest股价下跌超过 8%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193102815","media":"Tiger Newspress","summary":"Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading.PayPal is not pursui","content":"<p>Paypal jumped more&nbsp;than&nbsp;5% while Pinterest dropped over&nbsp;8% in premarket trading.<img src=\"https://static.tigerbbs.com/e73ec33465b0dfe90509948b00067e89\" tg-width=\"777\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68a410b900a07175fabccfa1ad5cdce6\" tg-width=\"762\" tg-height=\"564\" referrerpolicy=\"no-referrer\">PayPal&nbsp;is not pursuing an acquisition of Pinterest Inc&nbsp;at this time, the online payments provider said on Sunday, responding to market rumors.</p><p><blockquote>Paypal在盘前交易中上涨超过 5%，而Pinterest则下跌超过 8%。在线支付提供商PayPal周日在回应市场传言时表示，目前不会寻求收购Pinterest公司。</blockquote></p><p> Earlier in the week, it was reported that the payments behemoth had offered to buy digital pinboard site Pinterest for $45 billion, or about $70 per share, mostly in stock.</p><p><blockquote>本周早些时候，有报道称，这家支付巨头已提出以 450 亿美元（约合每股 70 美元）收购数字插板网站Pinterest，其中大部分是股票。</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>Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading as PayPal said it was not pursuing acquisition of Pinterest<blockquote>由于PayPal表示不会收购Pinterest，PayPal股价在盘前交易中上涨超过 5%，而Pinterest股价下跌超过 8%</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\">\nPaypal jumped more than 5% while Pinterest dropped over 8% in premarket trading as PayPal said it was not pursuing acquisition of Pinterest<blockquote>由于PayPal表示不会收购Pinterest，PayPal股价在盘前交易中上涨超过 5%，而Pinterest股价下跌超过 8%</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\">2021-10-25 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Paypal jumped more&nbsp;than&nbsp;5% while Pinterest dropped over&nbsp;8% in premarket trading.<img src=\"https://static.tigerbbs.com/e73ec33465b0dfe90509948b00067e89\" tg-width=\"777\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68a410b900a07175fabccfa1ad5cdce6\" tg-width=\"762\" tg-height=\"564\" referrerpolicy=\"no-referrer\">PayPal&nbsp;is not pursuing an acquisition of Pinterest Inc&nbsp;at this time, the online payments provider said on Sunday, responding to market rumors.</p><p><blockquote>Paypal在盘前交易中上涨超过 5%，而Pinterest则下跌超过 8%。在线支付提供商PayPal周日在回应市场传言时表示，目前不会寻求收购Pinterest公司。</blockquote></p><p> Earlier in the week, it was reported that the payments behemoth had offered to buy digital pinboard site Pinterest for $45 billion, or about $70 per share, mostly in stock.</p><p><blockquote>本周早些时候，有报道称，这家支付巨头已提出以 450 亿美元（约合每股 70 美元）收购数字插板网站Pinterest，其中大部分是股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal","PINS":"Pinterest, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193102815","content_text":"Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading.PayPal is not pursuing an acquisition of Pinterest Inc at this time, the online payments provider said on Sunday, responding to market rumors.\nEarlier in the week, it was reported that the payments behemoth had offered to buy digital pinboard site Pinterest for $45 billion, or about $70 per share, mostly in stock.","news_type":1,"symbols_score_info":{"PYPL":0.9,"PINS":0.9}},"isVote":1,"tweetType":1,"viewCount":1417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858929654,"gmtCreate":1634965472398,"gmtModify":1634965472880,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"I will continue to buy Dis. Current price is quite value.&nbsp;","listText":"I will continue to buy Dis. Current price is quite value.&nbsp;","text":"I will continue to buy Dis. Current price is quite value.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/858929654","repostId":"1138624053","repostType":4,"repost":{"id":"1138624053","kind":"news","pubTimestamp":1634952918,"share":"https://www.laohunote.com/m/news/1138624053?lang=zh_CN&edition=full","pubTime":"2021-10-23 09:35","market":"us","language":"en","title":"Disney Stock: Wall Street Is Cautious, Should Investors Worry?<blockquote>迪士尼股票：华尔街谨慎，投资者应该担心吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138624053","media":"TheStreet","summary":"A couple of analysts have cut their price targets on Disney stock due to lower expectations on strea","content":"<p>A couple of analysts have cut their price targets on Disney stock due to lower expectations on streaming subscriber growth. Should investors be concerned?</p><p><blockquote>由于对流媒体用户增长的预期较低，一些分析师下调了迪士尼股票的目标价。投资者应该担心吗？</blockquote></p><p> Last month, Steven Cahall, an analyst at Wells Fargo,lowered&nbsp;his Disney stock&nbsp;target price from $216 to $203. On that same day, shares fell by nearly 2%. More recently, Barclay’s research teamdowngradedDIS to hold, reducing the proportion of sell-side bulls to 79% of the coverage universe.</p><p><blockquote>上个月，富国银行分析师史蒂文·卡哈尔将迪士尼股票目标价从 216 美元下调至 203 美元。同一天，股价下跌近2%。最近，巴克莱的研究团队将评级下调至持有，将卖方多头的比例降至 79%。</blockquote></p><p> Today, we discuss Wall Street’s caution towards this stock that has struggled to gain traction lately, and whether investors should be worried.</p><p><blockquote>今天，我们将讨论华尔街对这只最近难以获得牵引力的股票的谨慎态度，以及投资者是否应该担心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e4158f896b062dda9f421975d5627f44\" tg-width=\"1136\" tg-height=\"852\" width=\"100%\" height=\"auto\"><span>Figure 1: Disney+ logo.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：迪士尼+标志。</span></p></blockquote></p><p> <b>The reason for the price target cuts</b></p><p><blockquote><b>下调价格目标的原因</b></blockquote></p><p> Disney’s streaming business has been the main factor behind the recent price target cuts. Estimates for the number of Disney+ subscribers for the foreseeable future have dropped. Wells Fargo’s analyst has reduced his projected 13.5 million new adds this quarter to only 2 million, while also slashing 2024 estimates from 256 million to 236 million.</p><p><blockquote>迪士尼的流媒体业务是最近下调目标价的主要因素。在可预见的未来，对Disney+用户数量的估计已经下降。富国银行（Wells Fargo）的分析师将本季度预计的 1350 万新增人口降至仅 200 万，同时还将 2024 年的预测值从 2.56 亿下调至 2.36 亿。</blockquote></p><p> The analyst&nbsp;offered&nbsp;the following insight:</p><p><blockquote>分析师提供了以下见解：</blockquote></p><p>   “Recent commentary around F4Q21 Disney+ net adds has cast a spotlight on what it will take for DIS to reach FY24 subscriber guidance. We think investors now have some causes for concern. […] Our price target falls as we reset our sub numbers.”  <b>CEO Bob Chapek’s forecast</b></p><p><blockquote>“最近围绕 2021 财年第四季度 Disney+ 净增的评论让人们关注到 DIS 需要什么才能达到 2024 财年的订户指导。我们认为投资者现在有一些理由感到担忧。[...] 随着我们重置子公司数量，我们的目标价也会下降。”<b>首席执行官鲍勃·查佩克的预测</b></blockquote></p><p> According to the company's CEO Bob Chapek, subscriber growth this quarter is unlikely to meet the market’s aggressive expectations. Bob also said that some of the reasons for the slowdown in growth include Hotstar's low penetration in India and difficulties in finding partners in Latin America.</p><p><blockquote>据该公司首席执行官鲍勃-查佩克（Bob Chapek）称，本季度的用户增长不太可能达到市场的积极预期。Bob还表示，增长放缓的部分原因包括Hotstar在印度的渗透率低，以及在拉丁美洲寻找合作伙伴的困难。</blockquote></p><p> Despite short-term challenges, Disney has yet to change its subscriber projections for 2024, currently set at 230 million to 260 million members.</p><p><blockquote>尽管面临短期挑战，迪士尼尚未改变其 2024 年订户预测，目前订户数量为 2.3 亿至 2.6 亿。</blockquote></p><p> <b>What's happening with DIS?</b></p><p><blockquote><b>迪斯怎么了？</b></blockquote></p><p> While the pandemic dragged Disney stock early last year due to the closing of theme parks and movie theaters, shares still climbed in 2020. The company managed to grow its nascent streaming business, which helped to fuel investor sentiment.</p><p><blockquote>尽管去年年初，由于主题公园和电影院关闭，疫情拖累了迪士尼股价，但2020年股价仍在攀升。该公司成功发展了新兴的流媒体业务，这有助于提振投资者情绪。</blockquote></p><p> However, the stay-at-home habits have started to faze, and Disney is caught between a rock and a hard place. The company’s operations have not fully returned to normal levels (e.g., cruise ships are only now starting to sail again), while the buzz around the streaming segment has been losing steam.</p><p><blockquote>然而，呆在家里的习惯已经开始困扰，迪士尼进退两难。该公司的运营尚未完全恢复到正常水平（例如，游轮现在才开始再次航行），而围绕流媒体领域的热议也在逐渐减弱。</blockquote></p><p> Since the beginning of 2021, DIS share price has remained stuck in the $170s, with a Q1 rally proving to be short lived.</p><p><blockquote>自2021年初以来，DIS股价一直停留在170美元左右，第一季度的涨势被证明是短暂的。</blockquote></p><p> <b>What Wall Street says</b></p><p><blockquote><b>华尔街怎么说</b></blockquote></p><p> Despite the recent price target revisions, analysts still think that DIS is a buy,according&nbsp;to TipRanks. Out of the 19 professionals covering the stock, 15 are still bullish, while only 4 have a neutral rating. None of the analysts recommend selling the stock.</p><p><blockquote>TipRanks 表示，尽管最近修改了目标价，但分析师仍然认为 DIS 值得买入。在报道该股的 19 位专业人士中，15 位仍然看好该股，而只有 4 位给予中性评级。没有分析师建议出售该股票。</blockquote></p><p> The highest price suggested by analysts is $263, while the lowest is $175. At the average price target of $215, Wall Street collectively hints at upside potential of over 25% from current levels.</p><p><blockquote>分析师建议的最高价为263美元，最低价为175美元。平均目标价为 215 美元，华尔街集体暗示当前水平的上涨潜力超过 25%。</blockquote></p><p> <b>Our take</b></p><p><blockquote><b>我们的看法</b></blockquote></p><p> We maintain our opinion that DIS shares still have room to rise in the next several months.</p><p><blockquote>我们坚持认为，DIS 股价在未来几个月仍有上涨空间。</blockquote></p><p> Disney continues to be a great company with one of the best content libraries, plenty of opportunities in streaming and an imminent rebound in parks, hotel, and cruise activity. On Disney+, despite the reduced subscriber number expected for this quarter, Disney could still deliver its longer-term goal by 2024.</p><p><blockquote>迪士尼仍然是一家伟大的公司，拥有最好的内容库之一，大量的流媒体机会，公园、酒店和游轮活动即将反弹。在 Disney+ 上，尽管预计本季度用户数量有所减少，但迪士尼仍可在 2024 年实现其长期目标。</blockquote></p><p> Once short-term challenges are left behind, we think that the market will once again turn to DIS for an investment opportunity – especially given current prices that are a substantial 15% below all-time highs.</p><p><blockquote>一旦短期挑战过去，我们认为市场将再次转向DIS寻找投资机会——特别是考虑到当前价格比历史高点低15%。</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>Disney Stock: Wall Street Is Cautious, Should Investors Worry?<blockquote>迪士尼股票：华尔街谨慎，投资者应该担心吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney Stock: Wall Street Is Cautious, Should Investors Worry?<blockquote>迪士尼股票：华尔街谨慎，投资者应该担心吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-10-23 09:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A couple of analysts have cut their price targets on Disney stock due to lower expectations on streaming subscriber growth. Should investors be concerned?</p><p><blockquote>由于对流媒体用户增长的预期较低，一些分析师下调了迪士尼股票的目标价。投资者应该担心吗？</blockquote></p><p> Last month, Steven Cahall, an analyst at Wells Fargo,lowered&nbsp;his Disney stock&nbsp;target price from $216 to $203. On that same day, shares fell by nearly 2%. More recently, Barclay’s research teamdowngradedDIS to hold, reducing the proportion of sell-side bulls to 79% of the coverage universe.</p><p><blockquote>上个月，富国银行分析师史蒂文·卡哈尔将迪士尼股票目标价从 216 美元下调至 203 美元。同一天，股价下跌近2%。最近，巴克莱的研究团队将评级下调至持有，将卖方多头的比例降至 79%。</blockquote></p><p> Today, we discuss Wall Street’s caution towards this stock that has struggled to gain traction lately, and whether investors should be worried.</p><p><blockquote>今天，我们将讨论华尔街对这只最近难以获得牵引力的股票的谨慎态度，以及投资者是否应该担心。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e4158f896b062dda9f421975d5627f44\" tg-width=\"1136\" tg-height=\"852\" width=\"100%\" height=\"auto\"><span>Figure 1: Disney+ logo.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：迪士尼+标志。</span></p></blockquote></p><p> <b>The reason for the price target cuts</b></p><p><blockquote><b>下调价格目标的原因</b></blockquote></p><p> Disney’s streaming business has been the main factor behind the recent price target cuts. Estimates for the number of Disney+ subscribers for the foreseeable future have dropped. Wells Fargo’s analyst has reduced his projected 13.5 million new adds this quarter to only 2 million, while also slashing 2024 estimates from 256 million to 236 million.</p><p><blockquote>迪士尼的流媒体业务是最近下调目标价的主要因素。在可预见的未来，对Disney+用户数量的估计已经下降。富国银行（Wells Fargo）的分析师将本季度预计的 1350 万新增人口降至仅 200 万，同时还将 2024 年的预测值从 2.56 亿下调至 2.36 亿。</blockquote></p><p> The analyst&nbsp;offered&nbsp;the following insight:</p><p><blockquote>分析师提供了以下见解：</blockquote></p><p>   “Recent commentary around F4Q21 Disney+ net adds has cast a spotlight on what it will take for DIS to reach FY24 subscriber guidance. We think investors now have some causes for concern. […] Our price target falls as we reset our sub numbers.”  <b>CEO Bob Chapek’s forecast</b></p><p><blockquote>“最近围绕 2021 财年第四季度 Disney+ 净增的评论让人们关注到 DIS 需要什么才能达到 2024 财年的订户指导。我们认为投资者现在有一些理由感到担忧。[...] 随着我们重置子公司数量，我们的目标价也会下降。”<b>首席执行官鲍勃·查佩克的预测</b></blockquote></p><p> According to the company's CEO Bob Chapek, subscriber growth this quarter is unlikely to meet the market’s aggressive expectations. Bob also said that some of the reasons for the slowdown in growth include Hotstar's low penetration in India and difficulties in finding partners in Latin America.</p><p><blockquote>据该公司首席执行官鲍勃-查佩克（Bob Chapek）称，本季度的用户增长不太可能达到市场的积极预期。Bob还表示，增长放缓的部分原因包括Hotstar在印度的渗透率低，以及在拉丁美洲寻找合作伙伴的困难。</blockquote></p><p> Despite short-term challenges, Disney has yet to change its subscriber projections for 2024, currently set at 230 million to 260 million members.</p><p><blockquote>尽管面临短期挑战，迪士尼尚未改变其 2024 年订户预测，目前订户数量为 2.3 亿至 2.6 亿。</blockquote></p><p> <b>What's happening with DIS?</b></p><p><blockquote><b>迪斯怎么了？</b></blockquote></p><p> While the pandemic dragged Disney stock early last year due to the closing of theme parks and movie theaters, shares still climbed in 2020. The company managed to grow its nascent streaming business, which helped to fuel investor sentiment.</p><p><blockquote>尽管去年年初，由于主题公园和电影院关闭，疫情拖累了迪士尼股价，但2020年股价仍在攀升。该公司成功发展了新兴的流媒体业务，这有助于提振投资者情绪。</blockquote></p><p> However, the stay-at-home habits have started to faze, and Disney is caught between a rock and a hard place. The company’s operations have not fully returned to normal levels (e.g., cruise ships are only now starting to sail again), while the buzz around the streaming segment has been losing steam.</p><p><blockquote>然而，呆在家里的习惯已经开始困扰，迪士尼进退两难。该公司的运营尚未完全恢复到正常水平（例如，游轮现在才开始再次航行），而围绕流媒体领域的热议也在逐渐减弱。</blockquote></p><p> Since the beginning of 2021, DIS share price has remained stuck in the $170s, with a Q1 rally proving to be short lived.</p><p><blockquote>自2021年初以来，DIS股价一直停留在170美元左右，第一季度的涨势被证明是短暂的。</blockquote></p><p> <b>What Wall Street says</b></p><p><blockquote><b>华尔街怎么说</b></blockquote></p><p> Despite the recent price target revisions, analysts still think that DIS is a buy,according&nbsp;to TipRanks. Out of the 19 professionals covering the stock, 15 are still bullish, while only 4 have a neutral rating. None of the analysts recommend selling the stock.</p><p><blockquote>TipRanks 表示，尽管最近修改了目标价，但分析师仍然认为 DIS 值得买入。在报道该股的 19 位专业人士中，15 位仍然看好该股，而只有 4 位给予中性评级。没有分析师建议出售该股票。</blockquote></p><p> The highest price suggested by analysts is $263, while the lowest is $175. At the average price target of $215, Wall Street collectively hints at upside potential of over 25% from current levels.</p><p><blockquote>分析师建议的最高价为263美元，最低价为175美元。平均目标价为 215 美元，华尔街集体暗示当前水平的上涨潜力超过 25%。</blockquote></p><p> <b>Our take</b></p><p><blockquote><b>我们的看法</b></blockquote></p><p> We maintain our opinion that DIS shares still have room to rise in the next several months.</p><p><blockquote>我们坚持认为，DIS 股价在未来几个月仍有上涨空间。</blockquote></p><p> Disney continues to be a great company with one of the best content libraries, plenty of opportunities in streaming and an imminent rebound in parks, hotel, and cruise activity. On Disney+, despite the reduced subscriber number expected for this quarter, Disney could still deliver its longer-term goal by 2024.</p><p><blockquote>迪士尼仍然是一家伟大的公司，拥有最好的内容库之一，大量的流媒体机会，公园、酒店和游轮活动即将反弹。在 Disney+ 上，尽管预计本季度用户数量有所减少，但迪士尼仍可在 2024 年实现其长期目标。</blockquote></p><p> Once short-term challenges are left behind, we think that the market will once again turn to DIS for an investment opportunity – especially given current prices that are a substantial 15% below all-time highs.</p><p><blockquote>一旦短期挑战过去，我们认为市场将再次转向DIS寻找投资机会——特别是考虑到当前价格比历史高点低15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/streaming/dis/disney-stock-wall-street-is-cautious-should-investors-worry\">TheStreet</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":{"DIS":"迪士尼"},"source_url":"https://www.thestreet.com/streaming/dis/disney-stock-wall-street-is-cautious-should-investors-worry","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138624053","content_text":"A couple of analysts have cut their price targets on Disney stock due to lower expectations on streaming subscriber growth. Should investors be concerned?\nLast month, Steven Cahall, an analyst at Wells Fargo,lowered his Disney stock target price from $216 to $203. On that same day, shares fell by nearly 2%. More recently, Barclay’s research teamdowngradedDIS to hold, reducing the proportion of sell-side bulls to 79% of the coverage universe.\nToday, we discuss Wall Street’s caution towards this stock that has struggled to gain traction lately, and whether investors should be worried.\nFigure 1: Disney+ logo.\nThe reason for the price target cuts\nDisney’s streaming business has been the main factor behind the recent price target cuts. Estimates for the number of Disney+ subscribers for the foreseeable future have dropped. Wells Fargo’s analyst has reduced his projected 13.5 million new adds this quarter to only 2 million, while also slashing 2024 estimates from 256 million to 236 million.\nThe analyst offered the following insight:\n\n “Recent commentary around F4Q21 Disney+ net adds has cast a spotlight on what it will take for DIS to reach FY24 subscriber guidance. We think investors now have some causes for concern. […] Our price target falls as we reset our sub numbers.”\n\nCEO Bob Chapek’s forecast\nAccording to the company's CEO Bob Chapek, subscriber growth this quarter is unlikely to meet the market’s aggressive expectations. Bob also said that some of the reasons for the slowdown in growth include Hotstar's low penetration in India and difficulties in finding partners in Latin America.\nDespite short-term challenges, Disney has yet to change its subscriber projections for 2024, currently set at 230 million to 260 million members.\nWhat's happening with DIS?\nWhile the pandemic dragged Disney stock early last year due to the closing of theme parks and movie theaters, shares still climbed in 2020. The company managed to grow its nascent streaming business, which helped to fuel investor sentiment.\nHowever, the stay-at-home habits have started to faze, and Disney is caught between a rock and a hard place. The company’s operations have not fully returned to normal levels (e.g., cruise ships are only now starting to sail again), while the buzz around the streaming segment has been losing steam.\nSince the beginning of 2021, DIS share price has remained stuck in the $170s, with a Q1 rally proving to be short lived.\nWhat Wall Street says\nDespite the recent price target revisions, analysts still think that DIS is a buy,according to TipRanks. Out of the 19 professionals covering the stock, 15 are still bullish, while only 4 have a neutral rating. None of the analysts recommend selling the stock.\nThe highest price suggested by analysts is $263, while the lowest is $175. At the average price target of $215, Wall Street collectively hints at upside potential of over 25% from current levels.\nOur take\nWe maintain our opinion that DIS shares still have room to rise in the next several months.\nDisney continues to be a great company with one of the best content libraries, plenty of opportunities in streaming and an imminent rebound in parks, hotel, and cruise activity. On Disney+, despite the reduced subscriber number expected for this quarter, Disney could still deliver its longer-term goal by 2024.\nOnce short-term challenges are left behind, we think that the market will once again turn to DIS for an investment opportunity – especially given current prices that are a substantial 15% below all-time highs.","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859065042,"gmtCreate":1634640938692,"gmtModify":1634640939267,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Still too low. Lotsa potential to go higher.&nbsp;","listText":"Still too low. Lotsa potential to go higher.&nbsp;","text":"Still too low. Lotsa potential to go higher.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/859065042","repostId":"1111431743","repostType":4,"repost":{"id":"1111431743","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1634637193,"share":"https://www.laohunote.com/m/news/1111431743?lang=zh_CN&edition=full","pubTime":"2021-10-19 17:53","market":"us","language":"en","title":"Alibaba Confirms It's Developing In-House Advanced Chips To Boost Cloud Computing Business<blockquote>阿里巴巴-SW确认正在开发内部先进芯片以促进云计算业务</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111431743","media":"Benzinga Earnings","summary":"Chinese e-commerce giant Alibaba on Tuesday confirmed plans to develop an in-house processor that wo","content":"<p>Chinese e-commerce giant&nbsp;<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a></b> on Tuesday confirmed&nbsp;plans&nbsp;to develop an in-house processor that would be used to power its&nbsp;cloud computing business.</p><p><blockquote>中国电子商务巨头<b><a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a></b>周二，该公司确认计划开发一款内部处理器，用于为其云计算业务提供动力。</blockquote></p><p> <b>What Happened:</b>&nbsp;The Yitian 710 server chip is developed by Alibaba’s in-house semiconductor unit T-Head.</p><p><blockquote><b>发生了什么：</b>亿天 710 服务器芯片由阿里巴巴-SW内部半导体部门 T-Head 开发。</blockquote></p><p> The design is based on British chipmaker Arm Holding's architecture and will use the 5nm technology, which has&nbsp;been under development since 2019 and is expected to boost Alibaba’s cloud services by leveraging performance and energy efficiency.</p><p><blockquote>该设计基于英国芯片制造商 Arm Holding 的架构，将使用 5 纳米技术，该技术自 2019 年以来一直在开发中，预计将通过利用性能和能效来提升阿里巴巴-SW的云服务。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;The semiconductor foray replicates similar moves from rival computing players such as&nbsp;<b>Huawei Technologies</b>&nbsp;and&nbsp;<b>Amazon.com Inc.</b></p><p><blockquote><b>为什么重要：</b>半导体进军复制了竞争对手计算公司的类似举措，例如<b>华为技术</b>和<b>亚马逊公司。</b></blockquote></p><p> Alibaba was the top cloud vendor in China in the second quarter and its share of the Chinese cloud market stood at 33.8%, according to a report released by Canalys.</p><p><blockquote>根据Canalys发布的一份报告，阿里巴巴-SW是第二季度中国最大的云供应商，其在中国云市场的份额为33.8%。</blockquote></p><p> The Chinese government has also been urging industry leaders to invest in&nbsp;the domestic chip sector amid crippling worldwide shortages affecting industries ranging from cars, electronics applications, to&nbsp;smartphones.</p><p><blockquote>中国政府还一直敦促行业领导者投资国内芯片行业，因为全球范围内严重的芯片短缺影响了从汽车、电子应用到智能手机等行业。</blockquote></p><p> <b>Price Action:</b>&nbsp;Alibaba shares closed 0.68% lower at $166.82 a share on Monday.</p><p><blockquote><b>价格行为：</b>阿里巴巴-SW股价周一收盘下跌 0.68%，至每股 166.82 美元。</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>Alibaba Confirms It's Developing In-House Advanced Chips To Boost Cloud Computing Business<blockquote>阿里巴巴-SW确认正在开发内部先进芯片以促进云计算业务</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\">\nAlibaba Confirms It's Developing In-House Advanced Chips To Boost Cloud Computing Business<blockquote>阿里巴巴-SW确认正在开发内部先进芯片以促进云计算业务</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-10-19 17:53</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Chinese e-commerce giant&nbsp;<b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a></b> on Tuesday confirmed&nbsp;plans&nbsp;to develop an in-house processor that would be used to power its&nbsp;cloud computing business.</p><p><blockquote>中国电子商务巨头<b><a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a></b>周二，该公司确认计划开发一款内部处理器，用于为其云计算业务提供动力。</blockquote></p><p> <b>What Happened:</b>&nbsp;The Yitian 710 server chip is developed by Alibaba’s in-house semiconductor unit T-Head.</p><p><blockquote><b>发生了什么：</b>亿天 710 服务器芯片由阿里巴巴-SW内部半导体部门 T-Head 开发。</blockquote></p><p> The design is based on British chipmaker Arm Holding's architecture and will use the 5nm technology, which has&nbsp;been under development since 2019 and is expected to boost Alibaba’s cloud services by leveraging performance and energy efficiency.</p><p><blockquote>该设计基于英国芯片制造商 Arm Holding 的架构，将使用 5 纳米技术，该技术自 2019 年以来一直在开发中，预计将通过利用性能和能效来提升阿里巴巴-SW的云服务。</blockquote></p><p> <b>Why It Matters:</b>&nbsp;The semiconductor foray replicates similar moves from rival computing players such as&nbsp;<b>Huawei Technologies</b>&nbsp;and&nbsp;<b>Amazon.com Inc.</b></p><p><blockquote><b>为什么重要：</b>半导体进军复制了竞争对手计算公司的类似举措，例如<b>华为技术</b>和<b>亚马逊公司。</b></blockquote></p><p> Alibaba was the top cloud vendor in China in the second quarter and its share of the Chinese cloud market stood at 33.8%, according to a report released by Canalys.</p><p><blockquote>根据Canalys发布的一份报告，阿里巴巴-SW是第二季度中国最大的云供应商，其在中国云市场的份额为33.8%。</blockquote></p><p> The Chinese government has also been urging industry leaders to invest in&nbsp;the domestic chip sector amid crippling worldwide shortages affecting industries ranging from cars, electronics applications, to&nbsp;smartphones.</p><p><blockquote>中国政府还一直敦促行业领导者投资国内芯片行业，因为全球范围内严重的芯片短缺影响了从汽车、电子应用到智能手机等行业。</blockquote></p><p> <b>Price Action:</b>&nbsp;Alibaba shares closed 0.68% lower at $166.82 a share on Monday.</p><p><blockquote><b>价格行为：</b>阿里巴巴-SW股价周一收盘下跌 0.68%，至每股 166.82 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111431743","content_text":"Chinese e-commerce giant Alibaba on Tuesday confirmed plans to develop an in-house processor that would be used to power its cloud computing business.\nWhat Happened: The Yitian 710 server chip is developed by Alibaba’s in-house semiconductor unit T-Head.\nThe design is based on British chipmaker Arm Holding's architecture and will use the 5nm technology, which has been under development since 2019 and is expected to boost Alibaba’s cloud services by leveraging performance and energy efficiency.\nWhy It Matters: The semiconductor foray replicates similar moves from rival computing players such as Huawei Technologies and Amazon.com Inc.\nAlibaba was the top cloud vendor in China in the second quarter and its share of the Chinese cloud market stood at 33.8%, according to a report released by Canalys.\nThe Chinese government has also been urging industry leaders to invest in the domestic chip sector amid crippling worldwide shortages affecting industries ranging from cars, electronics applications, to smartphones.\nPrice Action: Alibaba shares closed 0.68% lower at $166.82 a share on Monday.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850868864,"gmtCreate":1634572036314,"gmtModify":1634572036772,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/850868864","repostId":"1185155570","repostType":4,"repost":{"id":"1185155570","kind":"news","pubTimestamp":1634511079,"share":"https://www.laohunote.com/m/news/1185155570?lang=zh_CN&edition=full","pubTime":"2021-10-18 06:51","market":"us","language":"en","title":"Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185155570","media":"Barrons","summary":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. ","content":"<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的加剧，72 家标普500公司本周公布了财报。几家美国大银行上周开局强劲。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业等知名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>宝洁公司（Albertsons）和道富银行（State Street）将在周一大放异彩。宝洁公司（Procter &amp; Gamble）、哈里伯顿公司（Halliburton）和强生公司（Johnson &amp; Johnson）是周二上午的亮点，Netflix 和美国联合航空公司（United Airlines Holdings）将在收盘后紧随其后。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，威瑞森通信公司、IBM 和特斯拉将受到最多的关注。美国电话电报公司、美国航空集团、西南航空和 Chipotle Mexican Grill 将于周四发布报告，随后美国运通、斯伦贝谢和霍尼韦尔国际公司将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周的经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有人都从前几个月的水平回落了。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新发布的褐皮书（描述了美国各地的经济状况），以及 9 月份的两项房地产市场指标： 美国人口普查局（Census Bureau）将于周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）将于周四报告现房销售情况。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>10/18星期一</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继 8 月份上涨 0.4% 之后，经济学家预计上涨 0.20%。预计 9 月份的产能利用率为 76.5%，与 8 月份的 76.4% 大致持平。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二 10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节性调整后的新屋开工年率为 162.3 万套，而 8 月份为 161.5 万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>Halliburton、Procter &amp; Gamble、Johnson &amp; Johnson、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、Interactive Brokers Group、Netflix、ManpowerGroup、Dover 和加拿大国家铁路公司等公司在评级举办了财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布关于中央银行 12 个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、百健、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、威瑞森通信、CSX、Lam Research、特斯拉、IBM 和 Anthem 讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四 10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份的现房销售情况。经济学家预测，经季节性调整后的年销量为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、Genuine Parts、西南航空、Valero Energy、黑石、Quest Diagnostics、Snap安、拖拉机供应、巴克莱银行、丹纳赫、美国电话电报公司、纽柯、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、美泰和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从 9 月份的 30.7 降至 10 月份的 24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>会议委员会</b>发布9月份领先经济指数。继 8 月份上涨 0.90% 之后，预计上涨 0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>10/22星期五</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit 发布</b>10月份制造业和服务业采购经理人指数。制造业PMI的普遍预期为60.3，而服务业PMI预计为54.7，而9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>惠而浦、霍尼韦尔、Cleveland-Cliffs、塞拉尼斯、HCA Healthcare、斯伦贝谢、希捷科技控股公司、VF公司和美国运通主办了评级投资者会议。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap和其他投资者本周值得关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-18 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的加剧，72 家标普500公司本周公布了财报。几家美国大银行上周开局强劲。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业等知名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>宝洁公司（Albertsons）和道富银行（State Street）将在周一大放异彩。宝洁公司（Procter &amp; Gamble）、哈里伯顿公司（Halliburton）和强生公司（Johnson &amp; Johnson）是周二上午的亮点，Netflix 和美国联合航空公司（United Airlines Holdings）将在收盘后紧随其后。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，威瑞森通信公司、IBM 和特斯拉将受到最多的关注。美国电话电报公司、美国航空集团、西南航空和 Chipotle Mexican Grill 将于周四发布报告，随后美国运通、斯伦贝谢和霍尼韦尔国际公司将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周的经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有人都从前几个月的水平回落了。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新发布的褐皮书（描述了美国各地的经济状况），以及 9 月份的两项房地产市场指标： 美国人口普查局（Census Bureau）将于周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）将于周四报告现房销售情况。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>10/18星期一</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继 8 月份上涨 0.4% 之后，经济学家预计上涨 0.20%。预计 9 月份的产能利用率为 76.5%，与 8 月份的 76.4% 大致持平。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二 10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节性调整后的新屋开工年率为 162.3 万套，而 8 月份为 161.5 万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>Halliburton、Procter &amp; Gamble、Johnson &amp; Johnson、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、Interactive Brokers Group、Netflix、ManpowerGroup、Dover 和加拿大国家铁路公司等公司在评级举办了财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布关于中央银行 12 个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、百健、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、威瑞森通信、CSX、Lam Research、特斯拉、IBM 和 Anthem 讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四 10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份的现房销售情况。经济学家预测，经季节性调整后的年销量为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、Genuine Parts、西南航空、Valero Energy、黑石、Quest Diagnostics、Snap安、拖拉机供应、巴克莱银行、丹纳赫、美国电话电报公司、纽柯、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、美泰和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从 9 月份的 30.7 降至 10 月份的 24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>会议委员会</b>发布9月份领先经济指数。继 8 月份上涨 0.90% 之后，预计上涨 0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>10/22星期五</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit 发布</b>10月份制造业和服务业采购经理人指数。制造业PMI的普遍预期为60.3，而服务业PMI预计为54.7，而9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>惠而浦、霍尼韦尔、Cleveland-Cliffs、塞拉尼斯、HCA Healthcare、斯伦贝谢、希捷科技控股公司、VF公司和美国运通主办了评级投资者会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HAL":"哈里伯顿","CMG":"墨式烧烤",".SPX":"S&P 500 Index","LUV":"西南航空","T":"At&T","UAL":"联合大陆航空",".DJI":"道琼斯","TSLA":"特斯拉","NFLX":"奈飞","IBM":"IBM","AAL":"美国航空","INTC":"英特尔","JNJ":"强生",".IXIC":"NASDAQ Composite","AXP":"美国运通"},"source_url":"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185155570","content_text":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights will include results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.\n\nAlbertsons and State Street get the ball rolling on Monday.Procter & Gamble,Halliburton,and Johnson & Johnson are Tuesday morning’s highlights, followed by Netflix and United Airlines Holdings after the market closes.\nOn Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&T, American Airlines Group,Southwest Airlines,and Chipotle Mexican Grill report on Thursday, then American Express,Schlumberger,and Honeywell International close the week on Friday.\nEconomic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.\nOther releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.\nMonday 10/18\nThe Federal Reserve releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.\nAlbertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.\nTuesday 10/19\nThe Census Bureau reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.\nHalliburton, Procter & Gamble, Johnson & Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.\nWednesday 10/20\nThe Federal Reserve releases its beige book about current economic conditions across the central bank’s 12 districts.\nAbbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.\nThursday 10/21\nThe National Association of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.\nDow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.\nThe Philadelphia Fed diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.\nThe Conference Board releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.\nFriday 10/22\nIHS Markit releases the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.\nWhirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.","news_type":1,"symbols_score_info":{"AXP":0.9,"HAL":0.9,".SPX":0.9,"UAL":0.9,"CMG":0.9,"AAL":0.9,"INTC":0.9,"T":0.9,".DJI":0.9,"TSLA":0.9,".IXIC":0.9,"LUV":0.9,"NFLX":0.9,"IBM":0.9,"JNJ":0.9}},"isVote":1,"tweetType":1,"viewCount":1013,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827629986,"gmtCreate":1634463828305,"gmtModify":1634463828777,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Please like thanks","listText":"Please like thanks","text":"Please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/827629986","repostId":"2175146556","repostType":4,"isVote":1,"tweetType":1,"viewCount":936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":822699376,"gmtCreate":1634122738782,"gmtModify":1634122738921,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/822699376","repostId":"2175152592","repostType":4,"repost":{"id":"2175152592","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1634122062,"share":"https://www.laohunote.com/m/news/2175152592?lang=zh_CN&edition=full","pubTime":"2021-10-13 18:47","market":"us","language":"en","title":"JPMorgan Chase Q3 EPS $3.74 Beats $3.00 Estimate<blockquote>摩根大通第三季度每股收益 3.74 美元，超出预期 3.00 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2175152592","media":"Benzinga Earnings","summary":"-Dow Jones","content":"<p>JPMorgan Chase &amp; Co&nbsp;reported a jump in third-quarter earnings on Wednesday, as the largest U.S. bank's Wall Street arm capitalized on a global dealmaking boom.</p><p><blockquote>摩根大通周三公布第三季度收益大幅增长，这家美国最大银行的华尔街分支机构利用了全球交易热潮。</blockquote></p><p> JPMorgan's net income rose to $11.7 billion, or $3.74 per share, in the quarter ended Sept. 30, compared with $9.4 billion, or $2.92 per share, a year earlier.</p><p><blockquote>截至 9 月 30 日的季度，摩根大通的净利润增至 117 亿美元，即每股 3.74 美元，而去年同期为 94 亿美元，即每股 2.92 美元。</blockquote></p><p> Analysts on average had expected earnings of $3.00 per share, according to Refinitiv.</p><p><blockquote>路孚特表示，分析师平均预期每股收益为 3.00 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9a19448ee10d9f8c7752c706a1008e4\" tg-width=\"1029\" tg-height=\"381\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The&nbsp;shares&nbsp;rose&nbsp;0.5%&nbsp;in premarket trading.</p><p><blockquote>该股在盘前交易中上涨0.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b93eba6cab488f2d83cd244be3c9369b\" tg-width=\"850\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>THIRD-QUARTER 2021 RESULTS</b></p><p><blockquote><b>2021 年第三季度业绩</b></blockquote></p><p> <ul>  <li>Reported revenue of $29.6 billion; managed revenue of $30.4 billion</li> </ul> <ul>  <li>Credit costs net benefit of $1.5 billion included $2.1 billion of net reserve release and $524 million of net charge-offs</li> </ul> <ul>  <li>Average loans up 5%; average deposits up 19%$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li> </ul> <ul>  <li>Average deposits up 20%; client investment assets up 29%</li> </ul> <ul>  <li>Average loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39%</li> </ul> <ul>  <li>Debit and credit card sales volume up 26%</li> </ul> <ul>  <li>Active mobile customers up 10%</li> </ul></p><p><blockquote><ul><li>报告收入为 296 亿美元；管理收入304亿美元</li></ul><ul><li>信贷成本净收益为 15 亿美元，其中包括 21 亿美元的净准备金释放和 5.24 亿美元的净冲销</li></ul><ul><li>平均贷款增长5%；平均存款增长 19% 1.6 万亿美元流动性来源，包括 HQLA 和无负担有价证券</li></ul><ul><li>平均存款增长20%；客户投资资产增长 29%</li></ul><ul><li>平均贷款同比下降 2%，环比上升 1%；卡净扣款率为1.39%</li></ul><ul><li>借记卡和信用卡销售量增长 26%</li></ul><ul><li>活跃移动客户增长 10%</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase Q3 EPS $3.74 Beats $3.00 Estimate<blockquote>摩根大通第三季度每股收益 3.74 美元，超出预期 3.00 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\">\nJPMorgan Chase Q3 EPS $3.74 Beats $3.00 Estimate<blockquote>摩根大通第三季度每股收益 3.74 美元，超出预期 3.00 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-10-13 18:47</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>JPMorgan Chase &amp; Co&nbsp;reported a jump in third-quarter earnings on Wednesday, as the largest U.S. bank's Wall Street arm capitalized on a global dealmaking boom.</p><p><blockquote>摩根大通周三公布第三季度收益大幅增长，这家美国最大银行的华尔街分支机构利用了全球交易热潮。</blockquote></p><p> JPMorgan's net income rose to $11.7 billion, or $3.74 per share, in the quarter ended Sept. 30, compared with $9.4 billion, or $2.92 per share, a year earlier.</p><p><blockquote>截至 9 月 30 日的季度，摩根大通的净利润增至 117 亿美元，即每股 3.74 美元，而去年同期为 94 亿美元，即每股 2.92 美元。</blockquote></p><p> Analysts on average had expected earnings of $3.00 per share, according to Refinitiv.</p><p><blockquote>路孚特表示，分析师平均预期每股收益为 3.00 美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9a19448ee10d9f8c7752c706a1008e4\" tg-width=\"1029\" tg-height=\"381\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The&nbsp;shares&nbsp;rose&nbsp;0.5%&nbsp;in premarket trading.</p><p><blockquote>该股在盘前交易中上涨0.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b93eba6cab488f2d83cd244be3c9369b\" tg-width=\"850\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>THIRD-QUARTER 2021 RESULTS</b></p><p><blockquote><b>2021 年第三季度业绩</b></blockquote></p><p> <ul>  <li>Reported revenue of $29.6 billion; managed revenue of $30.4 billion</li> </ul> <ul>  <li>Credit costs net benefit of $1.5 billion included $2.1 billion of net reserve release and $524 million of net charge-offs</li> </ul> <ul>  <li>Average loans up 5%; average deposits up 19%$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li> </ul> <ul>  <li>Average deposits up 20%; client investment assets up 29%</li> </ul> <ul>  <li>Average loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39%</li> </ul> <ul>  <li>Debit and credit card sales volume up 26%</li> </ul> <ul>  <li>Active mobile customers up 10%</li> </ul></p><p><blockquote><ul><li>报告收入为 296 亿美元；管理收入304亿美元</li></ul><ul><li>信贷成本净收益为 15 亿美元，其中包括 21 亿美元的净准备金释放和 5.24 亿美元的净冲销</li></ul><ul><li>平均贷款增长5%；平均存款增长 19% 1.6 万亿美元流动性来源，包括 HQLA 和无负担有价证券</li></ul><ul><li>平均存款增长20%；客户投资资产增长 29%</li></ul><ul><li>平均贷款同比下降 2%，环比上升 1%；卡净扣款率为1.39%</li></ul><ul><li>借记卡和信用卡销售量增长 26%</li></ul><ul><li>活跃移动客户增长 10%</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2175152592","content_text":"JPMorgan Chase & Co reported a jump in third-quarter earnings on Wednesday, as the largest U.S. bank's Wall Street arm capitalized on a global dealmaking boom.\nJPMorgan's net income rose to $11.7 billion, or $3.74 per share, in the quarter ended Sept. 30, compared with $9.4 billion, or $2.92 per share, a year earlier.\nAnalysts on average had expected earnings of $3.00 per share, according to Refinitiv.\n\nThe shares rose 0.5% in premarket trading.\n\nTHIRD-QUARTER 2021 RESULTS\n\nReported revenue of $29.6 billion; managed revenue of $30.4 billion\n\n\nCredit costs net benefit of $1.5 billion included $2.1 billion of net reserve release and $524 million of net charge-offs\n\n\nAverage loans up 5%; average deposits up 19%$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities\n\n\nAverage deposits up 20%; client investment assets up 29%\n\n\nAverage loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39%\n\n\nDebit and credit card sales volume up 26%\n\n\nActive mobile customers up 10%","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":1028,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826947304,"gmtCreate":1633968982237,"gmtModify":1633968982366,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826947304","repostId":"1174273121","repostType":4,"repost":{"id":"1174273121","kind":"news","pubTimestamp":1633965002,"share":"https://www.laohunote.com/m/news/1174273121?lang=zh_CN&edition=full","pubTime":"2021-10-11 23:10","market":"us","language":"en","title":"Visa Stock: Scalability And Buffett Value Line<blockquote>Visa 股票：可扩展性和巴菲特价值线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174273121","media":"Seeking Alpha","summary":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalabilit","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>  <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>  <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>本文从利润可持续性和可扩展性的角度对Visa进行了分析。</li><li>本分析考察了利润可持续性最重要的两个方面：资本回报率（“ROCE”）和资本边际效率。</li><li>结果表明，V 不仅在过去获得了持续较高的 ROCE，而且在当前阶段仍然具有完全的可扩展性，表明未来将获得可持续的利润。</li><li>最后，本文还讨论了其估值，特别是与使用看涨期权巴菲特价值线享有出色可扩展性的其他股票相比，针对 ROCE 进行了调整的估值。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Investment thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析了Visa Inc (V)，重点关注其利润可持续性和可扩展性。本分析考察了利润可持续性最重要的两个方面：投资资本回报率（“ROCE”）和边际投资资本回报率（“MROCE”）。对我来说，ROCE 和 MROCE 是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。罗斯告诉我们，到目前为止，这项业务已经或正在盈利。MROCE 对盈利能力可能走向提出了见解。</blockquote></p><p> The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p><p><blockquote>结果表明，V 不仅在过去获得了持续较高的 ROCE，而且在当前阶段仍然具有完全的可扩展性，表明未来将获得可持续的利润。对于一个规模如此惊人的企业来说，保持完美的可扩展性确实令人印象深刻。最后，本文还讨论了其估值，特别是根据 ROCE 调整的估值以及与其他示范性可扩展股票（例如 FAAMG 股票和巴菲特风格股票）相比的估值。</blockquote></p><p> <b>The moat and the network effects</b></p><p><blockquote><b>护城河与网络效应</b></blockquote></p><p> V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p><p><blockquote>V 的护城河在于其规模和可扩展性，以下两张图表最能体现这一点。第一张图表显示了 2017 年至 2019 年全球流通的信用卡、借记卡和预付卡数量，以及 2023 年和 2025 年的预测。2019年，全球流通的信用卡、借记卡和预付卡有228亿张。到2023年，这一数字将达到293.1亿，比2019年的水平增长28%。到2025年，这一数字将进一步增加到300亿以上，比2019年的水平增长34%。换句话说，到2025年，流通中的卡总量将增加1/3以上。数字化交易的趋势不可阻挡。</blockquote></p><p> The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p><p><blockquote>第二张图表显示，V作为这一领域的领先参与者，将从这一长期趋势中受益最多。V是全球最大的零售电子支付网络，提供处理服务和支付产品平台。这包括信用卡、借记卡、预付和商业支付，这些支付以Visa、Visa Electron、Interlink和PLUS品牌提供。Visa/PLUS是全球最大的ATM网络之一。V促进200多个国家和地区的数字支付。它有36亿张流通卡，约占全球流通卡总数的16%。它处理的交易数量惊人——2020年2060亿笔支付交易和12.5万亿美元的总交易量——这是支付网络无可争议的主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国签证。</span></p></blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非发生任何重大监管或反垄断立法变化）。网络效应是指某些产品或服务的价值随着越来越多的人使用而增加。换句话说，某些网络随着规模的扩大而变得越来越有价值。并不是每个网络都享受这种神奇的特性，事实上，大多数网络的边际回报率都在下降——也就是说，额外回报率随着网络的变大而下降——这将在后面详细说明。连锁餐厅网络就是一个例子。随着网络变大，节点开始相互竞争客户，回报减少。</blockquote></p><p></p><p> But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但是某些网络，比如V提供的服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段还连接到连接其他城市的其他铁路时，这段铁路的价值要大得多）；B）网络越大，切换成本越高（如果每个人都用传真机，而你不想用，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的效力。一旦领先优势建立起来——不管出于什么原因——网络效应就会开始，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更多的便利、更好的效率、更低的成本，这将使网络对其用户和客户更好、更有价值，这反过来将吸引更多的新用户和客户加入，并使现有用户更难离开，这反过来将导致更多用户和更大的网络。这种反馈将反映在非常高的资本回报率（“ROCE”）中，这将在后面看到。</blockquote></p><p> Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p><p><blockquote>不幸的是，就像所有美好的事情最终都会结束一样，上述网络效应的好处也是如此。在某个时候，重力总是会赶上，回报开始减少。以铁路为例，如果已经修建了足够多的铁路来连接所有人口密度高的城市，那么现在修建下一段铁路的回报将会减少。在传真机的例子中，如果每个办公室都已经有一台，那么在每个办公室增加第二台传真机也会减少回报。</blockquote></p><p> Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p><p><blockquote>因此，作为投资者，我们不仅需要考察ROCE，同样重要的是，考察边际收益。因为边际回报告诉我们业务是否还处于可扩展阶段，或者业务是否已经度过了可扩展性的临界点，开始看到回报递减。换句话说，MROCE让我们看看回报递减的严重性是否已经赶上。</blockquote></p><p> And the remainder of this article will examine both aspects next.</p><p><blockquote>接下来，本文的其余部分将研究这两个方面。</blockquote></p><p> <b>Return on capital employed (“ROCE”)</b></p><p><blockquote><b>已动用资本回报率（「ROCE」）</b></blockquote></p><p> ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p><p><blockquote>ROCE 代表资本回报率。请注意，ROCE 不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报率，因此提供了企业如何有效地利用其资本赚取利润的见解。对ROCE分析细节感兴趣的读者可以在我之前的文章中找到它们。在这里，我将在下面的图表中总结结果。在这些结果中，我考虑了资本实际使用的以下项目：a）营运资金（包括应付账款、应收款项、存货），B）总资产、厂房和设备，C）研究和开发费用资本化，以及D）无形账面价值，主要包括此类业务的知识产权和专利。</blockquote></p><p> As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p><p><blockquote>如图所示，在过去十年中，它能够保持天文数字的 ROCE 水平：平均约为 103%。为了更好地了解情况，下图将 V 的 ROCE 与 FAAMG 股票进行了比较--FAAMG 是一组将网络效应发挥到极致的企业。可以看出，V 在其中赢得了非常有竞争力的 ROCE，仅次于苹果 (AAPL)。平均而言，每1美元的收入再投资将推动超过1美元的未来额外收入增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法。</span></p></blockquote></p><p> Introduction to marginal return on capital employed (“MROCE”)</p><p><blockquote>引入边际资本回报率（「边际资本回报率」）</blockquote></p><p> In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>除了ROCE，一个同样重要的概念是使用资本的边际回报率（“MROCE”）。对我来说，ROCE 和 MROCE 是分析企业最重要的两个指标。它们揭示了盈利能力这一核心问题的两个最基本的方面。罗斯告诉我们，到目前为止，这项业务已经或正在盈利。MROCE 对盈利能力可能走向提出了见解。</blockquote></p><p></p><p> A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p><p><blockquote>给不熟悉这个概念的读者一点背景和介绍。对于已经熟悉这个概念的读者，一定要跳过这一部分。据我所知，传奇经济学家约翰-梅纳德-凯恩斯（John Maynard Keynes）首先明确表达了这一概念，尽管在他之前的人已经观察和思考了一段时间。这个概念试图捕捉的是经济活动中的一个基本规律：收益递减规律。沃伦·巴菲特喜欢说，利率对所有经济活动的作用就像重力一样。只要人性没有发生任何根本性的改变，回报递减对所有经济活动也会产生类似重力的影响。</blockquote></p><p> The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p><p><blockquote>下图说明了这个概念。只要股东在寻求利润，上市公司就会首先将资金投入回报率最高的项目（即，先挑选最低的苹果，或者先获得最大的回报）。因此，第一批可用资源以高回报率进行投资——这是企业可能确定的最高回报率。第二批资金将不得不以稍低的回报率进行投资，因为最好的想法已经被第一批资源拿走了，依此类推。最后一批投资的资金可能会获得仅高于资本成本的回报率。最后，最终结果是如图所示的下降MROCE曲线。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p><p><blockquote>我们通常谈论的ROCE和公司报告是指这条曲线的平均值——对所有批次投资的回报进行平均。显然，平均值本身就是非常有用的信息。它告诉我们到目前为止，企业将资源转化为利润的效率有多高——但它的局限性是，它只告诉我们到目前为止已经投入的资源的效率。对投资者来说同样重要的是MROCE，它告诉我们当下一批资源投入时，业务将产生多少增量利润。</blockquote></p><p> For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p><p><blockquote>对于投资者来说，投资的梦想企业将是一个享有平坦MROCE曲线的企业，如实心蓝线所示。这将是一个完全可扩展的业务。从每一批投入的资源中获得持续稳定利润的企业。然而，这样的生意真的只是梦想生意。我之前提到过，回报递减对所有经济活动来说就像重力一样——因为它们确实如此。没有任何企业（至少在人类历史上没有）能够在保持资本回报的同时保持不变的增长。在某个时候，重力总是赶上，回报开始下降（如蓝色虚线所示）。</blockquote></p><p> V’s MROCE</p><p><blockquote>V的MROCE</blockquote></p><p> So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p><p><blockquote>因此，对于投资者来说，下一个最好的交易是投资于a）具有高且稳定的ROCE，以及B）仍处于可扩展阶段的业务（回报递减的严重性尚未赶上）。而如下图所示，V在这样的阶段似乎是这样的生意。</blockquote></p><p> This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p><p><blockquote>这张图表显示了近年来V的MROCE和ROCE。ROCE数据与上一节所示相同。通过以下步骤估计MROCE数据。首先，计算每年使用的资本。第二，每年计算收益。第三，计算了逐年占用资本的增量。同样，也计算了同比增量收益。最后，计算了增量收益和增量资本之间的比率，以近似MROCE。在增量收益或所用资本出现较大波动的年份，采用多年运行平均值来平滑波动。</blockquote></p><p> Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p><p><blockquote>在我们开始解释结果之前，让我首先澄清分析边际资本回报率的困难以及我在这里使用的方法的局限性。首先，在数学上，估计变化率（例如，MROCE本质上是什么）比平均变化（ROCE本质上是什么）要困难得多。估计后者涉及除以两个大数，不确定性很小。估计前者需要除以两个小数，财务数据中的不确定性可能会被放大。其次，企业中的一些资本投资可能需要多年（超过3年）才能结出果实（或失败）。因此，隔离和跟踪特定年份投资产生的边际回报本质上是困难的。尽管大多数项目应该在3年内开始显示结果（好或坏），这种方法应该能够捕捉到边际回报的主导趋势。</blockquote></p><p></p><p> With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p><p><blockquote>有了以上了解，让我们仔细看看结果。首先，请注意，本世纪初异常高的MROCE再次有力地说明了网络效应和在基本层面支持业务的长期趋势。商业模式太好了。</blockquote></p><p> The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p><p><blockquote>图表中的结果还表明，在这个阶段，V实际上已经能够维持一个实际上高于近年来平均ROCE的MROCE。如图所示，近年来ROCE平均为103%，MROCE平均为157%。这明显低于本世纪初350%以上的水平——地心引力总是试图赶上。但它仍然远高于 ROCE。差距超过50%，太大了，不可能是财务数据的不确定性和四舍五入误差造成的。所以这个结果表明，V还没有进入回报递减阶段——引力还没有赶上。而如果目前的MROCE继续下去，V的ROCE将保持目前的高水平，甚至进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法数据。</span></p></blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p><p><blockquote>在上面讨论了其盈利能力的可持续性之后，让我们来看看估值。在目前的价格水平下，V 的市盈率约为 44 倍，FW 的市盈率约为 39.6 倍。估值在绝对值和相对值上都很高。例如，与 FAAMG pack 相比，V 目前的估值仅在市盈率倍数方面低于亚马逊 (AMZN)，高于所有其他公司。</blockquote></p><p> It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p><p><blockquote>孤立地讨论估值而不根据业务质量进行调整是没有意义的。因此，下一张图表还将根据 ROCE 调整后的 V 估值与其同行进行了比较。如果您熟悉巴菲特的持股情况，您就会认识到这张图表中的股票代表了 BRK 的一些大型持股。</blockquote></p><p> I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p><p><blockquote>我不确定当我们在这张图表上添加更多数据点时，情况会是什么样子（我确实计划整理我对其他 BRK 主要持股的笔记，并在这张图表上添加更多数据点）。但是凭借我现在拥有的几个数据点，我不禁画出/看到了绿线——我看涨期权的巴菲特价值线。这是一条连接艾伯维公司 (ABBV) 和 AAPL 的线——一个物美价廉的好业务，一个物美价廉的高质量业务。因此，从价值投资者的角度来看，沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表着质量和价格之间的权衡，相当于或优于 ABBV 或 AAPL。投资高于这条线是没有意义的，因为任何高于这条线的东西都代表着质量和价格之间的劣质权衡——我们最好只投资 ABBV 和 AAPL。</blockquote></p><p> As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p><p><blockquote>正如您所看到的，V 目前远高于绿线，显示的估值不仅本身很昂贵，而且根据其 ROCE 进行调整后也很昂贵——即使它是一流的 ROCE。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法数据。</span></p></blockquote></p><p> <b>Catalysts and risks</b></p><p><blockquote><b>催化剂和风险</b></blockquote></p><p> The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p><p><blockquote>长期催化剂是文章开头提到的数字交易趋势。在我看来，这种趋势是不可阻挡的。电子商务平台的广泛部署将进一步加速这一转变。</blockquote></p><p> The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p><p><blockquote>近期最重要的催化剂，同时也是风险，是经济复苏的方向和步伐。正如首席财务官评论的那样，如果经济活动，特别是旅行活动恢复正常水平，V 将受益匪浅：</blockquote></p><p></p><p>   \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"    <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>  In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p><p><blockquote>“自热门旅游目的地开放边境以来，我们立即看到了影响。希腊于4月开放边境，截至6月底，入境刷卡消费较2019年增长近30个百分点。法国于6月9日开放边境，截至6月底，入境刷卡消费较2019年增长近20个百分点……”自 4 月份以来，美国在墨西哥的持卡跨境消费增长了近 50 个百分点，达到 2019 年水平的 170% 以上。”<i>Vasant Prabhu，Visa 首席财务官（2021 财年第三季度收益看涨期权）</i>就风险而言，我看到了如前所述的估值风险。就业务基本面而言，我真的看不到近期甚至长期有任何风险。在我看来，上面提到的疫情的经济复苏并不是真正的基本面风险。即使它朝着错误的方向发展和/或以比预期慢的速度发展，对V来说最多也只是暂时的打嗝。商业模式太健壮，太可扩展。从真正的长期来看，我们只能推测。从长远来看，金融科技和加密货币的颠覆肯定是一个潜在的风险。我建议对这些讨论感兴趣的读者阅读Natalie Koo发表的分析。</blockquote></p><p> Conclusion and final thought</p><p><blockquote>结论和最后的思考</blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析了Visa Inc (V)，重点关注其利润可持续性和可扩展性。本分析考察了利润可持续性最重要的两个方面：投资资本回报率（“ROCE”）和边际投资资本回报率（“MROCE”）。对我来说，ROCE 和 MROCE 是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。罗斯告诉我们，到目前为止，这项业务已经或正在盈利。MROCE 对盈利能力可能走向提出了见解。</blockquote></p><p> The results show that:</p><p><blockquote>结果表明：</blockquote></p><p> <ul>  <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>  <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li> </ul> As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</p><p><blockquote><ul><li>V 不仅在过去获得了持续较高的 ROCE，而且在当前阶段仍然具有完全的可扩展性，表明未来的可持续利润。</li><li>ROCE 平均约为 103%，与典型的可扩展股票相比非常有利。</li><li>近年来，MROCE 的平均增长率为 157%。所以这个结果表明，V还没有到达回报递减的阶段——引力还没有赶上。对于一个规模如此惊人的企业（去年处理了15万亿美元的交易量）仍然保持完美的可扩展性，这确实令人印象深刻。</li><li>最后，本文还讨论了其估值，特别是与使用看涨期权巴菲特价值线享有出色可扩展性的其他股票相比，针对 ROCE 进行了调整的估值。V 目前远高于价值线，表明其估值不仅本身昂贵，而且在调整其 ROCE 后也是如此——即使它是一流的 ROCE。</li></ul>因此，我的最终结论是，它仍然是一个完全可扩展的业务，但它的定价不仅仅是完美的。此时的投资需要一些时间、耐心和对增长的承诺来赶上估值。只有长期忠诚的投资者（至少有5年以上的时间范围）才能持有它，并避免任何潜在的近期估值波动。</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>Visa Stock: Scalability And Buffett Value Line<blockquote>Visa 股票：可扩展性和巴菲特价值线</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\">\nVisa Stock: Scalability And Buffett Value Line<blockquote>Visa 股票：可扩展性和巴菲特价值线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-11 23:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>This article analyzes Visa from the perspective of its profit sustainability and scalability.</li>  <li>This analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.</li>  <li>The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed4e9c2f1150ac54e1f764f98c0880f1\" tg-width=\"1536\" tg-height=\"1039\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>本文从利润可持续性和可扩展性的角度对Visa进行了分析。</li><li>本分析考察了利润可持续性最重要的两个方面：资本回报率（“ROCE”）和资本边际效率。</li><li>结果表明，V 不仅在过去获得了持续较高的 ROCE，而且在当前阶段仍然具有完全的可扩展性，表明未来将获得可持续的利润。</li><li>最后，本文还讨论了其估值，特别是与使用看涨期权巴菲特价值线享有出色可扩展性的其他股票相比，针对 ROCE 进行了调整的估值。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> <b>Investment thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析了Visa Inc (V)，重点关注其利润可持续性和可扩展性。本分析考察了利润可持续性最重要的两个方面：投资资本回报率（“ROCE”）和边际投资资本回报率（“MROCE”）。对我来说，ROCE 和 MROCE 是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。罗斯告诉我们，到目前为止，这项业务已经或正在盈利。MROCE 对盈利能力可能走向提出了见解。</blockquote></p><p> The results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).</p><p><blockquote>结果表明，V 不仅在过去获得了持续较高的 ROCE，而且在当前阶段仍然具有完全的可扩展性，表明未来将获得可持续的利润。对于一个规模如此惊人的企业来说，保持完美的可扩展性确实令人印象深刻。最后，本文还讨论了其估值，特别是根据 ROCE 调整的估值以及与其他示范性可扩展股票（例如 FAAMG 股票和巴菲特风格股票）相比的估值。</blockquote></p><p> <b>The moat and the network effects</b></p><p><blockquote><b>护城河与网络效应</b></blockquote></p><p> V’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.</p><p><blockquote>V 的护城河在于其规模和可扩展性，以下两张图表最能体现这一点。第一张图表显示了 2017 年至 2019 年全球流通的信用卡、借记卡和预付卡数量，以及 2023 年和 2025 年的预测。2019年，全球流通的信用卡、借记卡和预付卡有228亿张。到2023年，这一数字将达到293.1亿，比2019年的水平增长28%。到2025年，这一数字将进一步增加到300亿以上，比2019年的水平增长34%。换句话说，到2025年，流通中的卡总量将增加1/3以上。数字化交易的趋势不可阻挡。</blockquote></p><p> The second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.</p><p><blockquote>第二张图表显示，V作为这一领域的领先参与者，将从这一长期趋势中受益最多。V是全球最大的零售电子支付网络，提供处理服务和支付产品平台。这包括信用卡、借记卡、预付和商业支付，这些支付以Visa、Visa Electron、Interlink和PLUS品牌提供。Visa/PLUS是全球最大的ATM网络之一。V促进200多个国家和地区的数字支付。它有36亿张流通卡，约占全球流通卡总数的16%。它处理的交易数量惊人——2020年2060亿笔支付交易和12.5万亿美元的总交易量——这是支付网络无可争议的主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e261998de072e355b6f039912d0f1453\" tg-width=\"640\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statista</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/036bc8c94696fcfd8ed3403b699534c6\" tg-width=\"640\" tg-height=\"318\" width=\"100%\" height=\"auto\"><span>Source: Visa USA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：美国签证。</span></p></blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非发生任何重大监管或反垄断立法变化）。网络效应是指某些产品或服务的价值随着越来越多的人使用而增加。换句话说，某些网络随着规模的扩大而变得越来越有价值。并不是每个网络都享受这种神奇的特性，事实上，大多数网络的边际回报率都在下降——也就是说，额外回报率随着网络的变大而下降——这将在后面详细说明。连锁餐厅网络就是一个例子。随着网络变大，节点开始相互竞争客户，回报减少。</blockquote></p><p></p><p> But certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但是某些网络，比如V提供的服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段还连接到连接其他城市的其他铁路时，这段铁路的价值要大得多）；B）网络越大，切换成本越高（如果每个人都用传真机，而你不想用，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的效力。一旦领先优势建立起来——不管出于什么原因——网络效应就会开始，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更多的便利、更好的效率、更低的成本，这将使网络对其用户和客户更好、更有价值，这反过来将吸引更多的新用户和客户加入，并使现有用户更难离开，这反过来将导致更多用户和更大的网络。这种反馈将反映在非常高的资本回报率（“ROCE”）中，这将在后面看到。</blockquote></p><p> Unfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.</p><p><blockquote>不幸的是，就像所有美好的事情最终都会结束一样，上述网络效应的好处也是如此。在某个时候，重力总是会赶上，回报开始减少。以铁路为例，如果已经修建了足够多的铁路来连接所有人口密度高的城市，那么现在修建下一段铁路的回报将会减少。在传真机的例子中，如果每个办公室都已经有一台，那么在每个办公室增加第二台传真机也会减少回报。</blockquote></p><p> Therefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.</p><p><blockquote>因此，作为投资者，我们不仅需要考察ROCE，同样重要的是，考察边际收益。因为边际回报告诉我们业务是否还处于可扩展阶段，或者业务是否已经度过了可扩展性的临界点，开始看到回报递减。换句话说，MROCE让我们看看回报递减的严重性是否已经赶上。</blockquote></p><p> And the remainder of this article will examine both aspects next.</p><p><blockquote>接下来，本文的其余部分将研究这两个方面。</blockquote></p><p> <b>Return on capital employed (“ROCE”)</b></p><p><blockquote><b>已动用资本回报率（「ROCE」）</b></blockquote></p><p> ROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my&nbsp;earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.</p><p><blockquote>ROCE 代表资本回报率。请注意，ROCE 不同于股本回报率（在我看来更基本、更重要）。ROCE考虑实际使用的资本回报率，因此提供了企业如何有效地利用其资本赚取利润的见解。对ROCE分析细节感兴趣的读者可以在我之前的文章中找到它们。在这里，我将在下面的图表中总结结果。在这些结果中，我考虑了资本实际使用的以下项目：a）营运资金（包括应付账款、应收款项、存货），B）总资产、厂房和设备，C）研究和开发费用资本化，以及D）无形账面价值，主要包括此类业务的知识产权和专利。</blockquote></p><p> As seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.</p><p><blockquote>如图所示，在过去十年中，它能够保持天文数字的 ROCE 水平：平均约为 103%。为了更好地了解情况，下图将 V 的 ROCE 与 FAAMG 股票进行了比较--FAAMG 是一组将网络效应发挥到极致的企业。可以看出，V 在其中赢得了非常有竞争力的 ROCE，仅次于苹果 (AAPL)。平均而言，每1美元的收入再投资将推动超过1美元的未来额外收入增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/877e3bb73de3e6c4fbab1a0133f74464\" tg-width=\"640\" tg-height=\"380\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9f25b4c6dc0c7ee738ac345c3888ae11\" tg-width=\"640\" tg-height=\"395\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法。</span></p></blockquote></p><p> Introduction to marginal return on capital employed (“MROCE”)</p><p><blockquote>引入边际资本回报率（「边际资本回报率」）</blockquote></p><p> In addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>除了ROCE，一个同样重要的概念是使用资本的边际回报率（“MROCE”）。对我来说，ROCE 和 MROCE 是分析企业最重要的两个指标。它们揭示了盈利能力这一核心问题的两个最基本的方面。罗斯告诉我们，到目前为止，这项业务已经或正在盈利。MROCE 对盈利能力可能走向提出了见解。</blockquote></p><p></p><p> A bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.</p><p><blockquote>给不熟悉这个概念的读者一点背景和介绍。对于已经熟悉这个概念的读者，一定要跳过这一部分。据我所知，传奇经济学家约翰-梅纳德-凯恩斯（John Maynard Keynes）首先明确表达了这一概念，尽管在他之前的人已经观察和思考了一段时间。这个概念试图捕捉的是经济活动中的一个基本规律：收益递减规律。沃伦·巴菲特喜欢说，利率对所有经济活动的作用就像重力一样。只要人性没有发生任何根本性的改变，回报递减对所有经济活动也会产生类似重力的影响。</blockquote></p><p> The next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.</p><p><blockquote>下图说明了这个概念。只要股东在寻求利润，上市公司就会首先将资金投入回报率最高的项目（即，先挑选最低的苹果，或者先获得最大的回报）。因此，第一批可用资源以高回报率进行投资——这是企业可能确定的最高回报率。第二批资金将不得不以稍低的回报率进行投资，因为最好的想法已经被第一批资源拿走了，依此类推。最后一批投资的资金可能会获得仅高于资本成本的回报率。最后，最终结果是如图所示的下降MROCE曲线。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1cd59ec1a6da411c303c2bbccaf2425\" tg-width=\"640\" tg-height=\"460\" width=\"100%\" height=\"auto\"><span>Source: author</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者</span></p></blockquote></p><p> The ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.</p><p><blockquote>我们通常谈论的ROCE和公司报告是指这条曲线的平均值——对所有批次投资的回报进行平均。显然，平均值本身就是非常有用的信息。它告诉我们到目前为止，企业将资源转化为利润的效率有多高——但它的局限性是，它只告诉我们到目前为止已经投入的资源的效率。对投资者来说同样重要的是MROCE，它告诉我们当下一批资源投入时，业务将产生多少增量利润。</blockquote></p><p> For investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).</p><p><blockquote>对于投资者来说，投资的梦想企业将是一个享有平坦MROCE曲线的企业，如实心蓝线所示。这将是一个完全可扩展的业务。从每一批投入的资源中获得持续稳定利润的企业。然而，这样的生意真的只是梦想生意。我之前提到过，回报递减对所有经济活动来说就像重力一样——因为它们确实如此。没有任何企业（至少在人类历史上没有）能够在保持资本回报的同时保持不变的增长。在某个时候，重力总是赶上，回报开始下降（如蓝色虚线所示）。</blockquote></p><p> V’s MROCE</p><p><blockquote>V的MROCE</blockquote></p><p> So for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.</p><p><blockquote>因此，对于投资者来说，下一个最好的交易是投资于a）具有高且稳定的ROCE，以及B）仍处于可扩展阶段的业务（回报递减的严重性尚未赶上）。而如下图所示，V在这样的阶段似乎是这样的生意。</blockquote></p><p> This chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.</p><p><blockquote>这张图表显示了近年来V的MROCE和ROCE。ROCE数据与上一节所示相同。通过以下步骤估计MROCE数据。首先，计算每年使用的资本。第二，每年计算收益。第三，计算了逐年占用资本的增量。同样，也计算了同比增量收益。最后，计算了增量收益和增量资本之间的比率，以近似MROCE。在增量收益或所用资本出现较大波动的年份，采用多年运行平均值来平滑波动。</blockquote></p><p> Before we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.</p><p><blockquote>在我们开始解释结果之前，让我首先澄清分析边际资本回报率的困难以及我在这里使用的方法的局限性。首先，在数学上，估计变化率（例如，MROCE本质上是什么）比平均变化（ROCE本质上是什么）要困难得多。估计后者涉及除以两个大数，不确定性很小。估计前者需要除以两个小数，财务数据中的不确定性可能会被放大。其次，企业中的一些资本投资可能需要多年（超过3年）才能结出果实（或失败）。因此，隔离和跟踪特定年份投资产生的边际回报本质上是困难的。尽管大多数项目应该在3年内开始显示结果（好或坏），这种方法应该能够捕捉到边际回报的主导趋势。</blockquote></p><p></p><p> With the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.</p><p><blockquote>有了以上了解，让我们仔细看看结果。首先，请注意，本世纪初异常高的MROCE再次有力地说明了网络效应和在基本层面支持业务的长期趋势。商业模式太好了。</blockquote></p><p> The results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.</p><p><blockquote>图表中的结果还表明，在这个阶段，V实际上已经能够维持一个实际上高于近年来平均ROCE的MROCE。如图所示，近年来ROCE平均为103%，MROCE平均为157%。这明显低于本世纪初350%以上的水平——地心引力总是试图赶上。但它仍然远高于 ROCE。差距超过50%，太大了，不可能是财务数据的不确定性和四舍五入误差造成的。所以这个结果表明，V还没有进入回报递减阶段——引力还没有赶上。而如果目前的MROCE继续下去，V的ROCE将保持目前的高水平，甚至进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4cea9c214b6d0dd15d8f9c5c1392272e\" tg-width=\"640\" tg-height=\"398\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法数据。</span></p></blockquote></p><p> <b>Valuation</b></p><p><blockquote><b>估值</b></blockquote></p><p> After the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.</p><p><blockquote>在上面讨论了其盈利能力的可持续性之后，让我们来看看估值。在目前的价格水平下，V 的市盈率约为 44 倍，FW 的市盈率约为 39.6 倍。估值在绝对值和相对值上都很高。例如，与 FAAMG pack 相比，V 目前的估值仅在市盈率倍数方面低于亚马逊 (AMZN)，高于所有其他公司。</blockquote></p><p> It is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.</p><p><blockquote>孤立地讨论估值而不根据业务质量进行调整是没有意义的。因此，下一张图表还将根据 ROCE 调整后的 V 估值与其同行进行了比较。如果您熟悉巴菲特的持股情况，您就会认识到这张图表中的股票代表了 BRK 的一些大型持股。</blockquote></p><p> I am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.</p><p><blockquote>我不确定当我们在这张图表上添加更多数据点时，情况会是什么样子（我确实计划整理我对其他 BRK 主要持股的笔记，并在这张图表上添加更多数据点）。但是凭借我现在拥有的几个数据点，我不禁画出/看到了绿线——我看涨期权的巴菲特价值线。这是一条连接艾伯维公司 (ABBV) 和 AAPL 的线——一个物美价廉的好业务，一个物美价廉的高质量业务。因此，从价值投资者的角度来看，沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表着质量和价格之间的权衡，相当于或优于 ABBV 或 AAPL。投资高于这条线是没有意义的，因为任何高于这条线的东西都代表着质量和价格之间的劣质权衡——我们最好只投资 ABBV 和 AAPL。</blockquote></p><p> As you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</p><p><blockquote>正如您所看到的，V 目前远高于绿线，显示的估值不仅本身很昂贵，而且根据其 ROCE 进行调整后也很昂贵——即使它是一流的 ROCE。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9fbfdb9a53f0dac2386fcfaf067800\" tg-width=\"640\" tg-height=\"427\" width=\"100%\" height=\"auto\"><span>Source: author and Seeking Alpha data.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者和寻求阿尔法数据。</span></p></blockquote></p><p> <b>Catalysts and risks</b></p><p><blockquote><b>催化剂和风险</b></blockquote></p><p> The long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.</p><p><blockquote>长期催化剂是文章开头提到的数字交易趋势。在我看来，这种趋势是不可阻挡的。电子商务平台的广泛部署将进一步加速这一转变。</blockquote></p><p> The most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:</p><p><blockquote>近期最重要的催化剂，同时也是风险，是经济复苏的方向和步伐。正如首席财务官评论的那样，如果经济活动，特别是旅行活动恢复正常水平，V 将受益匪浅：</blockquote></p><p></p><p>   \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"    <i>Vasant Prabhu, Visa CFO (Q3 FY21 earnings call)</i>  In terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by&nbsp;Natalie Koo.</p><p><blockquote>“自热门旅游目的地开放边境以来，我们立即看到了影响。希腊于4月开放边境，截至6月底，入境刷卡消费较2019年增长近30个百分点。法国于6月9日开放边境，截至6月底，入境刷卡消费较2019年增长近20个百分点……”自 4 月份以来，美国在墨西哥的持卡跨境消费增长了近 50 个百分点，达到 2019 年水平的 170% 以上。”<i>Vasant Prabhu，Visa 首席财务官（2021 财年第三季度收益看涨期权）</i>就风险而言，我看到了如前所述的估值风险。就业务基本面而言，我真的看不到近期甚至长期有任何风险。在我看来，上面提到的疫情的经济复苏并不是真正的基本面风险。即使它朝着错误的方向发展和/或以比预期慢的速度发展，对V来说最多也只是暂时的打嗝。商业模式太健壮，太可扩展。从真正的长期来看，我们只能推测。从长远来看，金融科技和加密货币的颠覆肯定是一个潜在的风险。我建议对这些讨论感兴趣的读者阅读Natalie Koo发表的分析。</blockquote></p><p> Conclusion and final thought</p><p><blockquote>结论和最后的思考</blockquote></p><p> This article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.</p><p><blockquote>本文分析了Visa Inc (V)，重点关注其利润可持续性和可扩展性。本分析考察了利润可持续性最重要的两个方面：投资资本回报率（“ROCE”）和边际投资资本回报率（“MROCE”）。对我来说，ROCE 和 MROCE 是分析企业最重要的两个指标。它们揭示了利润可持续性这一核心问题的两个最基本的方面。罗斯告诉我们，到目前为止，这项业务已经或正在盈利。MROCE 对盈利能力可能走向提出了见解。</blockquote></p><p> The results show that:</p><p><blockquote>结果表明：</blockquote></p><p> <ul>  <li>V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.</li>  <li>The ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.</li>  <li>And the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.</li>  <li>Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.</li> </ul> As such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.</p><p><blockquote><ul><li>V 不仅在过去获得了持续较高的 ROCE，而且在当前阶段仍然具有完全的可扩展性，表明未来的可持续利润。</li><li>ROCE 平均约为 103%，与典型的可扩展股票相比非常有利。</li><li>近年来，MROCE 的平均增长率为 157%。所以这个结果表明，V还没有到达回报递减的阶段——引力还没有赶上。对于一个规模如此惊人的企业（去年处理了15万亿美元的交易量）仍然保持完美的可扩展性，这确实令人印象深刻。</li><li>最后，本文还讨论了其估值，特别是与使用看涨期权巴菲特价值线享有出色可扩展性的其他股票相比，针对 ROCE 进行了调整的估值。V 目前远高于价值线，表明其估值不仅本身昂贵，而且在调整其 ROCE 后也是如此——即使它是一流的 ROCE。</li></ul>因此，我的最终结论是，它仍然是一个完全可扩展的业务，但它的定价不仅仅是完美的。此时的投资需要一些时间、耐心和对增长的承诺来赶上估值。只有长期忠诚的投资者（至少有5年以上的时间范围）才能持有它，并避免任何潜在的近期估值波动。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"V":"Visa"},"source_url":"https://seekingalpha.com/article/4459179-visa-stock-scalability-and-buffett-value-line","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174273121","content_text":"Summary\n\nThis article analyzes Visa from the perspective of its profit sustainability and scalability.\nThis analysis examines the most two important aspects of profit sustainability: return on capital employed (“ROCE”) and the marginal efficiency of capital.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line.\n\nJustin Sullivan/Getty Images News\nInvestment thesis\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that V not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead. It is truly impressive for a business at such a staggering scale to maintain perfect scalability. Lastly, this article also discusses its valuation, especially valuation adjusted for ROCE and valuation compared to the other stocks that are exemplary scalable stocks (such as the FAAMG stocks and Buffett style stocks).\nThe moat and the network effects\nV’s moat is in its scale and scalability, best demonstrated in the following two charts. The first chart shows the number of credit, debit, and prepaid cards in circulation worldwide from 2017 to 2019, with forecasts for 2023 and 2025. In 2019, there were 22.8 billion credit, debit, and prepaid cards in circulation worldwide. This figure is set to reach 29.31 billion by 2023, a 28% increase from the 2019 level. This figure will further increase to surpass 30 billion by 2025, a 34% increase from the 2019 level. In other words, the total cards in circulation will increase by more than 1/3 by 2025. The trend of digital transactions is unstoppable.\nThe second chart shows that V, as the leading player in this space, will benefit the most from this secular trend. V is the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes credit, debit, prepaid, and commercial payments, which are offered under the Visa, Visa Electron, Interlink, and PLUS brands. Visa/PLUS is one of the largest global ATM networks. V facilitates digital payments across more than 200 countries and territories. It has 3.6 billion cards in circulation, about 16% of the total number of cards in circulation globally. It processes a mindboggling amount of transactions – 206 billion payment transactions and a total transaction volume of $12.5 trillion in 2020 – an undisputed dominance of the payment network.\nSource: Statista\nSource: Visa USA.\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use them. In other words, certain networks become increasingly more valuable as they become bigger. Not every network enjoys this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return – i.e., the additional return decreases as the network becomes bigger – as to be elaborated later. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the services V provides, enjoy this magic trait – the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of a railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established – for whatever the reason – the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more convenience, better efficiency, lower cost, which will make the network even better and more valuable for its users and clients, which will, in turn, attract more new users and clients to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network. And such feedback will be reflected in a very high level of return on capital employed (“ROCE”) as to be seen later.\nUnfortunately, like all good things eventually run to an end, so do the benefits of the above network effects. At some point, gravity always catches up, and return begins to diminish. In the railway example, if enough railways have already been built to link all cities with high population density, building the next segment would suffer a diminished return now. In the fax machine example, if every office already has one, adding a second one to each office would also suffer a diminished return.\nTherefore, as investors, we do not only need to examine the ROCE, but also equally importantly, to examine the marginal return. Because the marginal return tells us if the business is still in a scalable stage, or if the business has already passed the tipping point of scalability and begins to see a diminishing return. In another word, MROCE let us see if the gravity of diminishing return has caught up yet or not.\nAnd the remainder of this article will examine both aspects next.\nReturn on capital employed (“ROCE”)\nROCE stands for the return on capital employed. Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how effectively the business uses its capital to earn a profit. Readers interested in the details of the ROCE analysis can find them in my earlier article. Here I will just summarize the results in the chart below. In these results, I considered the following items capital actually employed A) Working capital (including payables, receivables, inventory), B) Gross Property, Plant, and Equipment, C) Research and development expenses are capitalized, and D) the intangible book value, mainly consisting of intellectual property and patents for such a business.\nAs seen, it was able to maintain an astronomical level of ROCE over the past decade: on average ~103%. To put things in perspective, the next chart compares V’s ROCE against the FAAMG stocks – a group of businesses that exploits the network effects to the extreme. As can be seen, V earns a very competitive ROCE among them – only second to Apple (AAPL). Every $1 of earning reinvested will fuel more than $1 of additional future earnings growth on average.\nSource: author and Seeking Alpha.\nSource: author and Seeking Alpha.\nIntroduction to marginal return on capital employed (“MROCE”)\nIn addition to ROCE, an equally important concept is the marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the most fundamental two aspects of the same central issue of profitability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nA bit of background and introduction for readers who are new to the concept. For readers familiar with the concept already, definitely skip this section. From what I’ve learned, the legendary economist John Maynard Keynes first explicitly expressed this concept, although people before him have observed and thought about it for some time already. What the concept tries to capture is a basic law in economic activities: the law of diminishing returns. Warren Buffett likes to say that interest rate acts like gravity on all economic activities. Well, diminishing returns act like gravity on all economic activities too, if not more so, as long as human nature does not change in any fundamental way.\nThe next chart illustrates the concept. As long as shareholders are seeking profit, a public business will first invest its money at projects with the highest possible rate of return (i.e., picking the lowest hanging apples first or getting the most bang for the buck first). Therefore, the first batch of available resources is invested at a high rate of return – the highest the business can possibly identify. The second batch of money will have to be invested at a somewhat lower rate of return since the best ideas have been taken by the first batch of resources already, and so on. The last batch of money invested may earn a rate of return that is only above the cost of capital. And finally, the end result is a declining MROCE curve as shown.\nSource: author\nThe ROCE we normally talk about and companies report refers to the average of this curve – averaging the return on all batches of money invested. Obviously, the average is very useful information by itself. It tells us how efficiently the business has been converting resources into profit so far – but its limitation is that it only tells us the efficiency of the resources that have already been invested SO FAR. What is of equal importance to investors is the MROCE, which tells us how much incremental profit the business WILL generate when the next batch of resources are invested.\nFor investors, a dream business to invest in would be a business that enjoys a flat MROCE curve as shown by the solid blue line. This would be a business that is perfectly scalable. A business that earns a consistent and stable profit for every batch of resources invested. However, such a business is really only a dream business. I mentioned earlier that diminishing returns act like gravity on all economic activities - because they really do. There has been no business (at least not so far in human history) that can keep growing while at the same time maintaining a constant return on capital. At some point, gravity always catches up and the return begins to decline (as shown by the dashed blue line).\nV’s MROCE\nSo for investors, the next best deal is to invest in a business that A) has a high and stable ROCE, and B) that is still in the scalable stage (the gravity of diminishing return has not caught up yet). And as shown in the next chart, V seems to be such a business at such a stage.\nThis chart shows the MROCE and ROCE for V over recent years. The ROCE data are the same as those shown in the previous section. The MROCE data are estimated by the following steps. First, the capital employed was calculated for each year. Second, the earnings were calculated each year. Third, then the incremental of capital employed year over year was calculated. Similarly, the incremental earnings year over year were also calculated. And finally, the ratio between the incremental earnings and incremental capital employed was calculated to approximate the MROCE. During years when there were large fluctuations in either the incremental earnings or the capital employed, a multi-year running average was taken to smooth the fluctuations.\nBefore we began to interpret the results, let me first clarify the difficulties of analyzing marginal return on capital and the limitations of the approach I used here. Firstly, it is just mathematically much harder to estimate the rate of change (e.g., which is what MROCE is essentially is) than the average change (which is what ROCE is essentially is). Estimating the latter involves dividing two large numbers and the uncertainties are small. Estimating the former requires dividing two small numbers and the uncertainties in the financial data can be magnified. Secondly, some capital investments in a business can take multiple years (more than 3 years) to bear fruit (or to fail). Therefore, isolating and tracking the marginal return produced by investments made in a given year is inherently difficult. Although most of the projects should begin to show results (either good or bad) in 3 years and this approach should be able to capture the dominating trend of marginal return.\nWith the above understanding, let’s look at the results closely. First, note that the extraordinarily high MROCE during the early part of the decade again provides a strong illustration of the network effects and the secular trend that support the business at a fundamental level. The business model is just too good.\nThe results in the chart also show that at this stage, V has been actually able to maintain an MROCE that actually is higher than the average ROCE in recent years. As seen, the ROCE has been on average 103% in recent years, and the MROCE has been on average 157%. It was significantly lower than the 350+% level in the earlier part of the decade – gravity always tries to catch up. But it is still higher than the ROCE by a good margin. And the gap is more than 50%, too large to be caused by the uncertainties in the financial data and rounding off errors. So this result suggests that V has not entered a stage of diminishing return yet - gravity has not caught up yet. And if the current MROCE continues, V’s ROCE will maintain its current high level or even further expand.\nSource: author and Seeking Alpha data.\nValuation\nAfter the above discussion of its profitability sustainability, let’s look at the valuation. At its current price levels, V’s PE is about 44x and FW PE is about 39.6x. The valuation is both high in absolute terms and also high in relative terms. For example, when compared to the FAAMG pack, V’s current valuation is only lower than Amazon (AMZN) in terms of the PE multiple and higher than all the others.\nIt is not that meaningful to discuss valuation in isolation and without adjusting for the quality of the business. The next chart therefore also compares V valuation adjusted for its ROCE with its peers. If you are familiar with Buffett’s holdings, you would recognize that the stocks in this chart represent some of the large BRK holdings.\nI am not sure what the picture will look like as we add more data points on this chart (I do plan to organize my notes on other BRK major holdings and add more data points onto this plot). But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking AbbVie Inc (ABBV) and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off just investing in ABBV and AAPL.\nAs you can see, V is currently way above the green line, showing a valuation that is only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\nSource: author and Seeking Alpha data.\nCatalysts and risks\nThe long-term catalyst is the trend of digital transactions as mentioned at the beginning of the article. In my view, this trend is unstoppable. The expansive deployment of e-commerce platforms will further accelerate this transition.\nThe most significant catalyst and also a risk at the same time in the near term is the direction and the pace of the economic recovery. If economic activities and especially travel activities resume to their normal level, V will benefit significantly, as commented by the CFO:\n\n \"We have seen immediate impacts since popular travel destinations opened their borders. Greece opened borders in April, and inbound card-present spend rose nearly 30 points by the end of June relative to 2019 levels. France opened on June 9, and inbound card-present volumes rose nearly 20 points by the end of June relative to 2019 ... Since April, card-present cross-border spend in Mexico from the U.S. rose nearly 50 points to over 170% of 2019 levels.\"\n\n\nVasant Prabhu, Visa CFO (Q3 FY21 earnings call)\n\nIn terms of risks, I see a valuation risk here as aforementioned. In terms of business fundamentals, I really do not see any risks in the near- or even long-term. The economic recovery from the pandemic mentioned above is not really a fundamental risk in my view. Even if it develops in the wrong direction and/or at a pace slower than expected, it is at most a temporary hiccup for V. The business model is too robust and too scalable. In the really long term, we can only speculate. The disruption from Fintechs and Crypto currency must be a potential risk in the long term. I suggest readers interested in these discussions to read the analysis published by Natalie Koo.\nConclusion and final thought\nThis article analyzes Visa Inc (V), with a focus on its profit sustainability and scalability. This analysis examines the most two important aspects of profit Sustainability: return on capital employed (“ROCE”) and marginal return on capital employed (“MROCE”). To me, ROCE and MROCE are the most two important metrics for analyzing a business. They reveal the two most fundamental aspects of the same central issue of profit Sustainability. ROCE tells us how profitable the business has been or is SO FAR. And MROCE sheds insights into which direction the profitability is likely to go.\nThe results show that:\n\nV not only earns a consistently high ROCE in the past but is still perfectly scalable at its current stage, indicating sustainable profit ahead.\nThe ROCE has been on average about 103% and compares very favorably against overachievers which are exemplary scalable stocks.\nAnd the MROCE has been on average 157% in recent years. So this result suggests that V has not reached the stage of diminishing return yet - gravity has not caught up yet. It is truly impressive for a business at such a staggering scale (which processes $15 trillion of transaction volume last year) to still maintain perfect scalability.\nLastly, this article also discusses its valuation, especially valuation adjusted for ROCE compared to other stocks that enjoy superb scalability using what I call the Buffett value line. V is currently way above the value line, showing its valuation to be only expensive by itself, but also when adjusted for its ROCE – even if it is superb ROCE.\n\nAs such, my final verdict is that it is still a perfectly scalable business, but it is more than perfectly priced. Investment at this point will take some time, patience, and commitment for the growth to catch up with the valuation. It is only for long-term committed investors (with at least 5+ years of time horizon) who could hold to it and sit out any potential near-term valuation volatilities.","news_type":1,"symbols_score_info":{"V":0.9}},"isVote":1,"tweetType":1,"viewCount":918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821568944,"gmtCreate":1633761645892,"gmtModify":1633761646337,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821568944","repostId":"1137774650","repostType":4,"repost":{"id":"1137774650","kind":"news","pubTimestamp":1633759754,"share":"https://www.laohunote.com/m/news/1137774650?lang=zh_CN&edition=full","pubTime":"2021-10-09 14:09","market":"us","language":"en","title":"Wall Street isn't sweating the mixed jobs report<blockquote>华尔街对混合就业报告并不担心</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137774650","media":"CNN","summary":"New York (CNN Business)America added far fewer jobs in September than expected, but investors didn't","content":"<p>New York (CNN Business)America added far fewer jobs in September than expected, but investors didn't seem too disappointed: Stocks were mostly unchanged Friday as Wall Street took solace that the unemployment rate continues to drop after the pandemic-fueled spike last year.</p><p><blockquote>纽约（CNN Business）美国 9 月份新增就业岗位远低于预期，但投资者似乎并没有太失望：周五股市基本保持不变，华尔街对失业率在去年大流行引发的飙升后继续下降感到安慰。</blockquote></p><p> The Dow finished the day down nearly 10 points, but it alternated between small gains and declines throughout much of the day. The S&amp;P 500 dipped 0.2% and the Nasdaq fell 0.5% after both also hovered between modest increases and drops.</p><p><blockquote>道琼斯指数当天收盘下跌近10点，但在当天的大部分时间里，它在小幅上涨和下跌之间交替出现。标普500下跌 0.2%，纳斯达克下跌 0.5%，此前两者也在小幅上涨和下跌之间徘徊。</blockquote></p><p> Friday's slide marked the end of a three-day winning streak for stocks. But all three indexes ended the week solidly in green, with the Dow having its best week since late June. The Dow is now just 2% below the all-time high it hit in August.</p><p><blockquote>周五的下滑标志着股市连续三天上涨的结束。但所有三个指数都以绿色收盘，道琼斯指数创下了自 6 月下旬以来最好的一周。道琼斯指数目前仅比 8 月份创下的历史高点低 2%。</blockquote></p><p> Investors seem to recognize that the jobs data will be choppy for the foreseeable future. Even though the September gains were underwhelming, the government's revised figures for July and August show that more jobs were added than previously reported.</p><p><blockquote>投资者似乎认识到，在可预见的未来，就业数据将起伏不定。尽管 9 月份的增幅并不令人印象深刻，但政府修订后的 7 月和 8 月数据显示，新增就业岗位比之前报告的要多。</blockquote></p><p> And as long as Covid-19 continues to disrupt the labor market, the numbers for the next few months will remain hard to predict.</p><p><blockquote>只要新冠肺炎继续扰乱劳动力市场，未来几个月的数字就很难预测。</blockquote></p><p> \"This is not an economic stall as much as it is a reflection of the Delta variant. Some people view the pandemic as largely over but that's not true,\" said Scott Clemons, chief investment strategist with BBH.</p><p><blockquote>BBH 首席投资策略师 Scott Clemons 表示：“这与其说是经济停滞，不如说是德尔塔变异毒株的反映。有些人认为疫情已基本结束，但事实并非如此。”</blockquote></p><p> Experts also said the jobs report is unlikely to change the Federal Reserve's likely plans to announce that it will begin to cut back on, or taper, its monthly bond purchases starting at its next meeting in November.</p><p><blockquote>专家还表示，就业报告不太可能改变美联储宣布将从 11 月下次会议开始削减或缩减每月债券购买规模的可能计划。</blockquote></p><p> The Fed's bond buys have helped keep long-term interest rates low in an attempt to stimulate the economy during the worst of the Covid-19 slowdown.</p><p><blockquote>美联储的债券购买有助于保持长期利率较低，试图在 Covid-19 经济放缓最严重的时期刺激经济。</blockquote></p><p> Taper coming soon but no rate hikes on horizon yet</p><p><blockquote>缩减规模即将到来，但尚未加息</blockquote></p><p> Strategists believe the Fed has probably made up its mind about tapering soon. But the question is whether investors are ready to see the central bank start to unwind its stimulus.</p><p><blockquote>策略师认为，美联储可能已经决定很快缩减规模。但问题是，投资者是否准备好看到央行开始放松刺激措施。</blockquote></p><p> \"It's time for the Fed to take the training wheels off the economy. The economy is ready. But I'm not so sure if the stock market is ready,\" said George Cipolloni, a portfolio manager with Penn Mutual Asset Management.</p><p><blockquote>宾夕法尼亚互惠资产管理公司的投资组合经理乔治·西波洛尼表示：“美联储是时候把训练轮从经济上拿下来了。经济已经准备好了。但我不太确定股市是否准备好了。”</blockquote></p><p> The fact that jobs gains have slowed will probably lead the Fed to take a gradual approach to tapering. It also means the Fed is unlikely to raise long-term interest rates, which have been near zero since March 2020, just yet. Investors clearly like that news.</p><p><blockquote>就业增长放缓的事实可能会导致美联储采取逐步缩减规模的方法。这也意味着美联储不太可能提高长期利率，自2020年3月以来，长期利率一直接近于零。投资者显然喜欢这个消息。</blockquote></p><p> \"The market's takeaway from the numbers is that the Fed will not move too quickly with rate hikes,\" said Mark Luschini, chief investment strategist at Janney. \"The headline number was underwhelming and that will keep the Fed cautious.\"</p><p><blockquote>Janney 首席投资策略师马克·卢斯基尼 (Mark Luschini) 表示：“市场从这些数据中得出的结论是，美联储不会过快加息。”“总体数据令人印象深刻，这将使美联储保持谨慎。”</blockquote></p><p> Along those lines, investors are currently betting that the Fed will wait until late 2022 to raise rates and only hike them once more in 2023.</p><p><blockquote>按照这些思路，投资者目前押注美联储将等到 2022 年底才加息，并在 2023 年再次加息。</blockquote></p><p> This is the last jobs report before the Fed's next meeting, a two-day session that concludes on November 3. The October jobs figures will be released on November 5.</p><p><blockquote>这是美联储下次会议之前的最后一份就业报告，下次会议为期两天，将于 11 月 3 日结束。10月份的就业数据将于11月5日公布。</blockquote></p><p> Investors will also be watching that report to see whether wages will keep climbing. The market has often feared that higher wages will lead to more inflation, but it appears that investors are now taking a different -- and more positive -- approach to worker pay.</p><p><blockquote>投资者也将关注这份报告，看看工资是否会继续攀升。市场经常担心更高的工资会导致更多的通货膨胀，但投资者现在似乎正在对工人工资采取不同的、更积极的态度。</blockquote></p><p> If people have more money in their pocketbooks, that could lead to a stronger fourth quarter shopping season...which would be good for retail sales and corporate profits.</p><p><blockquote>如果人们口袋里有更多的钱，这可能会导致第四季度购物季更加强劲……这将有利于零售销售和企业利润。</blockquote></p><p> \"Consumers have high savings. Wages are rising. That's a pretty good story for consumer spending going into the holidays,\" said Kathy Jones, chief fixed income strategist at Schwab.</p><p><blockquote>嘉信理财（Schwab）首席固定收益策略师凯西·琼斯（Kathy Jones）表示：“消费者储蓄很高。工资正在上涨。这对于假期前的消费者支出来说是一个非常好的消息。”</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>Wall Street isn't sweating the mixed jobs report<blockquote>华尔街对混合就业报告并不担心</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\">\nWall Street isn't sweating the mixed jobs report<blockquote>华尔街对混合就业报告并不担心</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-10-09 14:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)America added far fewer jobs in September than expected, but investors didn't seem too disappointed: Stocks were mostly unchanged Friday as Wall Street took solace that the unemployment rate continues to drop after the pandemic-fueled spike last year.</p><p><blockquote>纽约（CNN Business）美国 9 月份新增就业岗位远低于预期，但投资者似乎并没有太失望：周五股市基本保持不变，华尔街对失业率在去年大流行引发的飙升后继续下降感到安慰。</blockquote></p><p> The Dow finished the day down nearly 10 points, but it alternated between small gains and declines throughout much of the day. The S&amp;P 500 dipped 0.2% and the Nasdaq fell 0.5% after both also hovered between modest increases and drops.</p><p><blockquote>道琼斯指数当天收盘下跌近10点，但在当天的大部分时间里，它在小幅上涨和下跌之间交替出现。标普500下跌 0.2%，纳斯达克下跌 0.5%，此前两者也在小幅上涨和下跌之间徘徊。</blockquote></p><p> Friday's slide marked the end of a three-day winning streak for stocks. But all three indexes ended the week solidly in green, with the Dow having its best week since late June. The Dow is now just 2% below the all-time high it hit in August.</p><p><blockquote>周五的下滑标志着股市连续三天上涨的结束。但所有三个指数都以绿色收盘，道琼斯指数创下了自 6 月下旬以来最好的一周。道琼斯指数目前仅比 8 月份创下的历史高点低 2%。</blockquote></p><p> Investors seem to recognize that the jobs data will be choppy for the foreseeable future. Even though the September gains were underwhelming, the government's revised figures for July and August show that more jobs were added than previously reported.</p><p><blockquote>投资者似乎认识到，在可预见的未来，就业数据将起伏不定。尽管 9 月份的增幅并不令人印象深刻，但政府修订后的 7 月和 8 月数据显示，新增就业岗位比之前报告的要多。</blockquote></p><p> And as long as Covid-19 continues to disrupt the labor market, the numbers for the next few months will remain hard to predict.</p><p><blockquote>只要新冠肺炎继续扰乱劳动力市场，未来几个月的数字就很难预测。</blockquote></p><p> \"This is not an economic stall as much as it is a reflection of the Delta variant. Some people view the pandemic as largely over but that's not true,\" said Scott Clemons, chief investment strategist with BBH.</p><p><blockquote>BBH 首席投资策略师 Scott Clemons 表示：“这与其说是经济停滞，不如说是德尔塔变异毒株的反映。有些人认为疫情已基本结束，但事实并非如此。”</blockquote></p><p> Experts also said the jobs report is unlikely to change the Federal Reserve's likely plans to announce that it will begin to cut back on, or taper, its monthly bond purchases starting at its next meeting in November.</p><p><blockquote>专家还表示，就业报告不太可能改变美联储宣布将从 11 月下次会议开始削减或缩减每月债券购买规模的可能计划。</blockquote></p><p> The Fed's bond buys have helped keep long-term interest rates low in an attempt to stimulate the economy during the worst of the Covid-19 slowdown.</p><p><blockquote>美联储的债券购买有助于保持长期利率较低，试图在 Covid-19 经济放缓最严重的时期刺激经济。</blockquote></p><p> Taper coming soon but no rate hikes on horizon yet</p><p><blockquote>缩减规模即将到来，但尚未加息</blockquote></p><p> Strategists believe the Fed has probably made up its mind about tapering soon. But the question is whether investors are ready to see the central bank start to unwind its stimulus.</p><p><blockquote>策略师认为，美联储可能已经决定很快缩减规模。但问题是，投资者是否准备好看到央行开始放松刺激措施。</blockquote></p><p> \"It's time for the Fed to take the training wheels off the economy. The economy is ready. But I'm not so sure if the stock market is ready,\" said George Cipolloni, a portfolio manager with Penn Mutual Asset Management.</p><p><blockquote>宾夕法尼亚互惠资产管理公司的投资组合经理乔治·西波洛尼表示：“美联储是时候把训练轮从经济上拿下来了。经济已经准备好了。但我不太确定股市是否准备好了。”</blockquote></p><p> The fact that jobs gains have slowed will probably lead the Fed to take a gradual approach to tapering. It also means the Fed is unlikely to raise long-term interest rates, which have been near zero since March 2020, just yet. Investors clearly like that news.</p><p><blockquote>就业增长放缓的事实可能会导致美联储采取逐步缩减规模的方法。这也意味着美联储不太可能提高长期利率，自2020年3月以来，长期利率一直接近于零。投资者显然喜欢这个消息。</blockquote></p><p> \"The market's takeaway from the numbers is that the Fed will not move too quickly with rate hikes,\" said Mark Luschini, chief investment strategist at Janney. \"The headline number was underwhelming and that will keep the Fed cautious.\"</p><p><blockquote>Janney 首席投资策略师马克·卢斯基尼 (Mark Luschini) 表示：“市场从这些数据中得出的结论是，美联储不会过快加息。”“总体数据令人印象深刻，这将使美联储保持谨慎。”</blockquote></p><p> Along those lines, investors are currently betting that the Fed will wait until late 2022 to raise rates and only hike them once more in 2023.</p><p><blockquote>按照这些思路，投资者目前押注美联储将等到 2022 年底才加息，并在 2023 年再次加息。</blockquote></p><p> This is the last jobs report before the Fed's next meeting, a two-day session that concludes on November 3. The October jobs figures will be released on November 5.</p><p><blockquote>这是美联储下次会议之前的最后一份就业报告，下次会议为期两天，将于 11 月 3 日结束。10月份的就业数据将于11月5日公布。</blockquote></p><p> Investors will also be watching that report to see whether wages will keep climbing. The market has often feared that higher wages will lead to more inflation, but it appears that investors are now taking a different -- and more positive -- approach to worker pay.</p><p><blockquote>投资者也将关注这份报告，看看工资是否会继续攀升。市场经常担心更高的工资会导致更多的通货膨胀，但投资者现在似乎正在对工人工资采取不同的、更积极的态度。</blockquote></p><p> If people have more money in their pocketbooks, that could lead to a stronger fourth quarter shopping season...which would be good for retail sales and corporate profits.</p><p><blockquote>如果人们口袋里有更多的钱，这可能会导致第四季度购物季更加强劲……这将有利于零售销售和企业利润。</blockquote></p><p> \"Consumers have high savings. Wages are rising. That's a pretty good story for consumer spending going into the holidays,\" said Kathy Jones, chief fixed income strategist at Schwab.</p><p><blockquote>嘉信理财（Schwab）首席固定收益策略师凯西·琼斯（Kathy Jones）表示：“消费者储蓄很高。工资正在上涨。这对于假期前的消费者支出来说是一个非常好的消息。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/10/08/investing/dow-stock-market-today-jobs-report/index.html\">CNN</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://edition.cnn.com/2021/10/08/investing/dow-stock-market-today-jobs-report/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137774650","content_text":"New York (CNN Business)America added far fewer jobs in September than expected, but investors didn't seem too disappointed: Stocks were mostly unchanged Friday as Wall Street took solace that the unemployment rate continues to drop after the pandemic-fueled spike last year.\nThe Dow finished the day down nearly 10 points, but it alternated between small gains and declines throughout much of the day. The S&P 500 dipped 0.2% and the Nasdaq fell 0.5% after both also hovered between modest increases and drops.\nFriday's slide marked the end of a three-day winning streak for stocks. But all three indexes ended the week solidly in green, with the Dow having its best week since late June. The Dow is now just 2% below the all-time high it hit in August.\nInvestors seem to recognize that the jobs data will be choppy for the foreseeable future. Even though the September gains were underwhelming, the government's revised figures for July and August show that more jobs were added than previously reported.\nAnd as long as Covid-19 continues to disrupt the labor market, the numbers for the next few months will remain hard to predict.\n\"This is not an economic stall as much as it is a reflection of the Delta variant. Some people view the pandemic as largely over but that's not true,\" said Scott Clemons, chief investment strategist with BBH.\nExperts also said the jobs report is unlikely to change the Federal Reserve's likely plans to announce that it will begin to cut back on, or taper, its monthly bond purchases starting at its next meeting in November.\nThe Fed's bond buys have helped keep long-term interest rates low in an attempt to stimulate the economy during the worst of the Covid-19 slowdown.\nTaper coming soon but no rate hikes on horizon yet\nStrategists believe the Fed has probably made up its mind about tapering soon. But the question is whether investors are ready to see the central bank start to unwind its stimulus.\n\"It's time for the Fed to take the training wheels off the economy. The economy is ready. But I'm not so sure if the stock market is ready,\" said George Cipolloni, a portfolio manager with Penn Mutual Asset Management.\nThe fact that jobs gains have slowed will probably lead the Fed to take a gradual approach to tapering. It also means the Fed is unlikely to raise long-term interest rates, which have been near zero since March 2020, just yet. Investors clearly like that news.\n\"The market's takeaway from the numbers is that the Fed will not move too quickly with rate hikes,\" said Mark Luschini, chief investment strategist at Janney. \"The headline number was underwhelming and that will keep the Fed cautious.\"\nAlong those lines, investors are currently betting that the Fed will wait until late 2022 to raise rates and only hike them once more in 2023.\nThis is the last jobs report before the Fed's next meeting, a two-day session that concludes on November 3. The October jobs figures will be released on November 5.\nInvestors will also be watching that report to see whether wages will keep climbing. The market has often feared that higher wages will lead to more inflation, but it appears that investors are now taking a different -- and more positive -- approach to worker pay.\nIf people have more money in their pocketbooks, that could lead to a stronger fourth quarter shopping season...which would be good for retail sales and corporate profits.\n\"Consumers have high savings. Wages are rising. That's a pretty good story for consumer spending going into the holidays,\" said Kathy Jones, chief fixed income strategist at Schwab.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":829478382,"gmtCreate":1633540131970,"gmtModify":1633540137605,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578111487107537","authorIdStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Now or never","listText":"Now or never","text":"Now or never","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/829478382","repostId":"1141587133","repostType":4,"isVote":1,"tweetType":1,"viewCount":1082,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":849091584,"gmtCreate":1635697658404,"gmtModify":1635697658597,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Great company still","listText":"Great company still","text":"Great company still","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/849091584","repostId":"1104228860","repostType":4,"isVote":1,"tweetType":1,"viewCount":3107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":101553174,"gmtCreate":1619924902798,"gmtModify":1634209076208,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks.&nbsp;","listText":"Please like and comment. Thanks.&nbsp;","text":"Please like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/101553174","repostId":"1103106179","repostType":4,"isVote":1,"tweetType":1,"viewCount":564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154393171,"gmtCreate":1625476373093,"gmtModify":1633940349592,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Short term drop, long term confirm still up","listText":"Short term drop, long term confirm still up","text":"Short term drop, long term confirm still up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154393171","repostId":"1135486377","repostType":4,"repost":{"id":"1135486377","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":1625236243,"share":"https://www.laohunote.com/m/news/1135486377?lang=zh_CN&edition=full","pubTime":"2021-07-02 22:30","market":"us","language":"en","title":"Chinese EV stocks slipped in Friday morning trading<blockquote>中国电动汽车股周五早盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135486377","media":"Tiger Newspress","summary":"Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto shares fell between","content":"<p>Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto&nbsp;shares&nbsp;fell between 3% and 7%.</p><p><blockquote>中国电动汽车股在周五早盘交易中下跌。蔚来汽车、小鹏汽车和理想汽车股价下跌 3% 至 7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1eeb0b07a87842c4c5ac2bbb3c2873f\" tg-width=\"360\" tg-height=\"188\"></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>Chinese EV stocks slipped in Friday morning trading<blockquote>中国电动汽车股周五早盘下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese EV stocks slipped in Friday morning trading<blockquote>中国电动汽车股周五早盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-02 22:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto&nbsp;shares&nbsp;fell between 3% and 7%.</p><p><blockquote>中国电动汽车股在周五早盘交易中下跌。蔚来汽车、小鹏汽车和理想汽车股价下跌 3% 至 7%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c1eeb0b07a87842c4c5ac2bbb3c2873f\" tg-width=\"360\" tg-height=\"188\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏集团","LI":"理想汽车","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135486377","content_text":"Chinese EV stocks slipped in Friday morning trading.Nio,Xpeng Motors and Li Auto shares fell between 3% and 7%.","news_type":1,"symbols_score_info":{"LI":0.9,"XPEV":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135813183,"gmtCreate":1622157032842,"gmtModify":1631883989121,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Make one community post","listText":"Make one community post","text":"Make one community post","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/135813183","repostId":"2138517320","repostType":4,"isVote":1,"tweetType":1,"viewCount":690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130701947,"gmtCreate":1621563718989,"gmtModify":1631888654176,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Can it stay like.. Green for another 2 more weeks. Please like and comment.&nbsp;","listText":"Can it stay like.. Green for another 2 more weeks. Please like and comment.&nbsp;","text":"Can it stay like.. Green for another 2 more weeks. Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/130701947","repostId":"2137763179","repostType":4,"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101918459,"gmtCreate":1619836207771,"gmtModify":1634209590769,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"I realised no matter what, apple shares will still be up. Please like and comment.&nbsp;","listText":"I realised no matter what, apple shares will still be up. Please like and comment.&nbsp;","text":"I realised no matter what, apple shares will still be up. Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/101918459","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889302499,"gmtCreate":1631108238411,"gmtModify":1631890342658,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Oh no&nbsp;[流泪]&nbsp;","listText":"Oh no&nbsp;[流泪]&nbsp;","text":"Oh no [流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889302499","repostId":"1194004223","repostType":4,"repost":{"id":"1194004223","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":1631107719,"share":"https://www.laohunote.com/m/news/1194004223?lang=zh_CN&edition=full","pubTime":"2021-09-08 21:28","market":"us","language":"en","title":"U.S. stock market opens slightly lower on Wednesday as investors await Beige book<blockquote>美国股市周三小幅低开，投资者等待褐皮书</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194004223","media":"Tiger Newspress","summary":"(Sept 8) U.S. stock market opens slightly lower on Wednesday as investors await Beige book.\nThe Dow ","content":"<p>(Sept 8)&nbsp;U.S. stock market opens slightly lower on Wednesday as investors await Beige book.</p><p><blockquote>（9月8日）美国由于投资者等待褐皮书，周三股市小幅低开。</blockquote></p><p> The Dow Jones Industrial Average rose just 3 points. The S&amp;P 500 traded around the flat line. The Nasdaq Composite fell 0.4% after closing at a record on Tuesday.</p><p><blockquote>道琼斯工业平均指数仅上涨3点。标普500在平线附近交易。纳斯达克综合指数周二收盘创下历史新高后下跌 0.4%。</blockquote></p><p> Some&nbsp;China concepts stocks&nbsp;fell&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>部分中国概念股早盘下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f5299ed6b4d0296e027fa821eec6ccb\" tg-width=\"279\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><a href=\"https://laohu8.com/S/KDMN\">Kadmon</a></b> surged over 70%&nbsp;&nbsp;in&nbsp;early&nbsp;trading.&nbsp;Sanofi strengthens transplant business with acquisition of Kadmon for $1.9B.</p><p><blockquote><b><a href=\"https://laohu8.com/S/KDMN\">卡德蒙</a></b>早盘交易中飙升超过 70%。赛诺菲以 19 亿美元收购 Kadmon，加强移植业务。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SFTBY\">Softbank Group Corp</a></b> rose for second day&nbsp;as investors hope for buybacks.&nbsp;“We think a buyback is now likely,” Citigroup Inc. analyst Mitsunobu Tsuruo wrote in a note on Wednesday, after the announcement of the Deutsche Telekom deal that will see SoftBank acquire 4.5% of the German carrier as well as sell part of its stake in T-Mobile US Inc.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SFTBY\">软银集团公司</a></b>投资者希望回购，股价连续第二天上涨。“花旗集团（Citigroup Inc.）分析师鹤尾光信（Mitsunobu Tsuruo）在周三的一份报告中写道：”我们认为现在有可能进行回购。在德国电信宣布交易后，软银将收购这家德国运营商4.5%的股份，并出售其在T-Mobile US Inc.的部分股份。</blockquote></p><p> That deal should eventually cash out over 1.45 trillion yen ($13.1 billion) in total that may be allotted to a “major share buyback,” Tsuruo wrote.</p><p><blockquote>鹤雄写道，这笔交易最终将套现总计超过 1.45 万亿日元（131 亿美元）的资金，这些资金可能会分配给 “重大股票回购 ”。</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>U.S. stock market opens slightly lower on Wednesday as investors await Beige book<blockquote>美国股市周三小幅低开，投资者等待褐皮书</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stock market opens slightly lower on Wednesday as investors await Beige book<blockquote>美国股市周三小幅低开，投资者等待褐皮书</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-08 21:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 8)&nbsp;U.S. stock market opens slightly lower on Wednesday as investors await Beige book.</p><p><blockquote>（9月8日）美国由于投资者等待褐皮书，周三股市小幅低开。</blockquote></p><p> The Dow Jones Industrial Average rose just 3 points. The S&amp;P 500 traded around the flat line. The Nasdaq Composite fell 0.4% after closing at a record on Tuesday.</p><p><blockquote>道琼斯工业平均指数仅上涨3点。标普500在平线附近交易。纳斯达克综合指数周二收盘创下历史新高后下跌 0.4%。</blockquote></p><p> Some&nbsp;China concepts stocks&nbsp;fell&nbsp;in&nbsp;early&nbsp;trading.</p><p><blockquote>部分中国概念股早盘下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f5299ed6b4d0296e027fa821eec6ccb\" tg-width=\"279\" tg-height=\"853\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b><a href=\"https://laohu8.com/S/KDMN\">Kadmon</a></b> surged over 70%&nbsp;&nbsp;in&nbsp;early&nbsp;trading.&nbsp;Sanofi strengthens transplant business with acquisition of Kadmon for $1.9B.</p><p><blockquote><b><a href=\"https://laohu8.com/S/KDMN\">卡德蒙</a></b>早盘交易中飙升超过 70%。赛诺菲以 19 亿美元收购 Kadmon，加强移植业务。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SFTBY\">Softbank Group Corp</a></b> rose for second day&nbsp;as investors hope for buybacks.&nbsp;“We think a buyback is now likely,” Citigroup Inc. analyst Mitsunobu Tsuruo wrote in a note on Wednesday, after the announcement of the Deutsche Telekom deal that will see SoftBank acquire 4.5% of the German carrier as well as sell part of its stake in T-Mobile US Inc.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SFTBY\">软银集团公司</a></b>投资者希望回购，股价连续第二天上涨。“花旗集团（Citigroup Inc.）分析师鹤尾光信（Mitsunobu Tsuruo）在周三的一份报告中写道：”我们认为现在有可能进行回购。在德国电信宣布交易后，软银将收购这家德国运营商4.5%的股份，并出售其在T-Mobile US Inc.的部分股份。</blockquote></p><p> That deal should eventually cash out over 1.45 trillion yen ($13.1 billion) in total that may be allotted to a “major share buyback,” Tsuruo wrote.</p><p><blockquote>鹤雄写道，这笔交易最终将套现总计超过 1.45 万亿日元（131 亿美元）的资金，这些资金可能会分配给 “重大股票回购 ”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF","SFTBY":"软银集团",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194004223","content_text":"(Sept 8) U.S. stock market opens slightly lower on Wednesday as investors await Beige book.\nThe Dow Jones Industrial Average rose just 3 points. The S&P 500 traded around the flat line. The Nasdaq Composite fell 0.4% after closing at a record on Tuesday.\nSome China concepts stocks fell in early trading.\n\nKadmon surged over 70%  in early trading. Sanofi strengthens transplant business with acquisition of Kadmon for $1.9B.\nSoftbank Group Corp rose for second day as investors hope for buybacks. “We think a buyback is now likely,” Citigroup Inc. analyst Mitsunobu Tsuruo wrote in a note on Wednesday, after the announcement of the Deutsche Telekom deal that will see SoftBank acquire 4.5% of the German carrier as well as sell part of its stake in T-Mobile US Inc.\nThat deal should eventually cash out over 1.45 trillion yen ($13.1 billion) in total that may be allotted to a “major share buyback,” Tsuruo wrote.","news_type":1,"symbols_score_info":{"SFTBY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":159981458,"gmtCreate":1624935913774,"gmtModify":1633946768908,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Buy both Tesla and Nio. Hold long term. Won't go&nbsp;wrong","listText":"Buy both Tesla and Nio. Hold long term. Won't go&nbsp;wrong","text":"Buy both Tesla and Nio. Hold long term. Won't go wrong","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/159981458","repostId":"1195734655","repostType":4,"repost":{"id":"1195734655","kind":"news","pubTimestamp":1624932851,"share":"https://www.laohunote.com/m/news/1195734655?lang=zh_CN&edition=full","pubTime":"2021-06-29 10:14","market":"us","language":"en","title":"NIO Will Surpass Tesla as China's Top EV Maker, Navellier Says<blockquote>纳维利尔表示，蔚来将超越特斯拉成为中国最大的电动汽车制造商</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195734655","media":"thestreet","summary":"NIO (NIO) -Get Report shares rose Monday after Louis Navellier, chief investment officer of money ma","content":"<p>NIO&nbsp;(<b>NIO</b>) -Get Report&nbsp;shares rose Monday after Louis Navellier, chief investment officer of money manager Navellier, said the Chinese electric-car maker will surpass Tesla&nbsp;(<b>TSLA</b>) -Get Report&nbsp;in China.</p><p><blockquote>蔚来（<b>蔚来</b>money manager Navellier 首席投资官 Louis Navellier 表示这家中国电动汽车制造商将超越特斯拉 (Get Report) 后，股价周一上涨。<b>特斯拉</b>)-在中国获取报告。</blockquote></p><p> “Another electric vehicle company will eventually displace Tesla as the biggest manufacturer of EVs in China,” he wrote in a commentary.</p><p><blockquote>“他在一篇评论中写道：”另一家电动汽车公司最终将取代特斯拉，成为中国最大的电动汽车制造商。</blockquote></p><p> “I’m talking about NIO. The reality is that this company is on the verge of dominating the EV market in China and Hong Kong.”</p><p><blockquote>“我说的是蔚来。现实情况是，这家公司即将主导中国大陆和中国香港的电动汽车市场。”</blockquote></p><p> NIO American depositary receipts recently traded at $49.23, up 9.2%. They have climbed 27% in the past month amid investor enthusiasm for EVs.</p><p><blockquote>蔚来美国存托凭证最近交易价格为 49.23 美元，上涨 9.2%。由于投资者对电动汽车的热情，过去一个月股价上涨了 27%。</blockquote></p><p> Tesla recently traded at $687.47, up 2.3%, and has gained 9% in the past month.</p><p><blockquote>特斯拉近期交易价格为 687.47 美元，上涨 2.3%，过去一个月上涨 9%。</blockquote></p><p> As for NIO, “the company boasts that it is the ‘next-generation car company,’ as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence,” Navellier said.</p><p><blockquote>至于蔚来，“该公司自诩为'下一代汽车公司'，因为它设计和制造的电动汽车采用了连接、自动驾驶和人工智能方面的最新技术，”纳维利尔说。</blockquote></p><p> “The company is also partnering with cutting-edge chip companies like Nvidia&nbsp;(<b>NVDA</b>) -Get Report.”</p><p><blockquote>“该公司还与英伟达等尖端芯片公司合作（<b>NVDA</b>）——得到报告。”</blockquote></p><p> Earlier this month,NIO said that \"Gemini\" was the code namefor a new high-end electric-vehicle lineup to be launched next year. The move buried speculation that the Shanghai EV maker was looking to release a less-expensive mass-entry-level electric car.</p><p><blockquote>本月早些时候，蔚来表示“Gemini”是明年推出的新高端电动汽车系列的代号。此举掩盖了人们的猜测，即这家上海电动汽车制造商正在寻求发布一款更便宜的大众入门级电动汽车。</blockquote></p><p> NIO supplier JAC Group last month invited bids to build a NIO production line code-named “Gemini” that would produce 60,000 units a year. That sparked speculation that it would be a new entry-level NIO model.</p><p><blockquote>蔚来供应商江淮集团上个月邀请投标建设一条代号为 “Gemini ”的蔚来生产线，该生产线将年产 6 万辆。这引发了人们的猜测，认为这将是一款新的入门级蔚来车型。</blockquote></p><p> Also in June,NIO reported a more than 95% year-over-year increasein deliveries for May. Citi analyst Jeff Chung upgraded the stock to buy from neutral while raising his price target to $58.30 from $57.60.</p><p><blockquote>同样在 6 月份，蔚来汽车公布 5 月份交付量同比增长 95% 以上。花旗分析师 Jeff Chung 将该股评级从中性上调至买入，同时将目标价从 57.60 美元上调至 58.30 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO Will Surpass Tesla as China's Top EV Maker, Navellier Says<blockquote>纳维利尔表示，蔚来将超越特斯拉成为中国最大的电动汽车制造商</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO Will Surpass Tesla as China's Top EV Maker, Navellier Says<blockquote>纳维利尔表示，蔚来将超越特斯拉成为中国最大的电动汽车制造商</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">thestreet</strong><span class=\"h-time small\">2021-06-29 10:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NIO&nbsp;(<b>NIO</b>) -Get Report&nbsp;shares rose Monday after Louis Navellier, chief investment officer of money manager Navellier, said the Chinese electric-car maker will surpass Tesla&nbsp;(<b>TSLA</b>) -Get Report&nbsp;in China.</p><p><blockquote>蔚来（<b>蔚来</b>money manager Navellier 首席投资官 Louis Navellier 表示这家中国电动汽车制造商将超越特斯拉 (Get Report) 后，股价周一上涨。<b>特斯拉</b>)-在中国获取报告。</blockquote></p><p> “Another electric vehicle company will eventually displace Tesla as the biggest manufacturer of EVs in China,” he wrote in a commentary.</p><p><blockquote>“他在一篇评论中写道：”另一家电动汽车公司最终将取代特斯拉，成为中国最大的电动汽车制造商。</blockquote></p><p> “I’m talking about NIO. The reality is that this company is on the verge of dominating the EV market in China and Hong Kong.”</p><p><blockquote>“我说的是蔚来。现实情况是，这家公司即将主导中国大陆和中国香港的电动汽车市场。”</blockquote></p><p> NIO American depositary receipts recently traded at $49.23, up 9.2%. They have climbed 27% in the past month amid investor enthusiasm for EVs.</p><p><blockquote>蔚来美国存托凭证最近交易价格为 49.23 美元，上涨 9.2%。由于投资者对电动汽车的热情，过去一个月股价上涨了 27%。</blockquote></p><p> Tesla recently traded at $687.47, up 2.3%, and has gained 9% in the past month.</p><p><blockquote>特斯拉近期交易价格为 687.47 美元，上涨 2.3%，过去一个月上涨 9%。</blockquote></p><p> As for NIO, “the company boasts that it is the ‘next-generation car company,’ as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence,” Navellier said.</p><p><blockquote>至于蔚来，“该公司自诩为'下一代汽车公司'，因为它设计和制造的电动汽车采用了连接、自动驾驶和人工智能方面的最新技术，”纳维利尔说。</blockquote></p><p> “The company is also partnering with cutting-edge chip companies like Nvidia&nbsp;(<b>NVDA</b>) -Get Report.”</p><p><blockquote>“该公司还与英伟达等尖端芯片公司合作（<b>NVDA</b>）——得到报告。”</blockquote></p><p> Earlier this month,NIO said that \"Gemini\" was the code namefor a new high-end electric-vehicle lineup to be launched next year. The move buried speculation that the Shanghai EV maker was looking to release a less-expensive mass-entry-level electric car.</p><p><blockquote>本月早些时候，蔚来表示“Gemini”是明年推出的新高端电动汽车系列的代号。此举掩盖了人们的猜测，即这家上海电动汽车制造商正在寻求发布一款更便宜的大众入门级电动汽车。</blockquote></p><p> NIO supplier JAC Group last month invited bids to build a NIO production line code-named “Gemini” that would produce 60,000 units a year. That sparked speculation that it would be a new entry-level NIO model.</p><p><blockquote>蔚来供应商江淮集团上个月邀请投标建设一条代号为 “Gemini ”的蔚来生产线，该生产线将年产 6 万辆。这引发了人们的猜测，认为这将是一款新的入门级蔚来车型。</blockquote></p><p> Also in June,NIO reported a more than 95% year-over-year increasein deliveries for May. Citi analyst Jeff Chung upgraded the stock to buy from neutral while raising his price target to $58.30 from $57.60.</p><p><blockquote>同样在 6 月份，蔚来汽车公布 5 月份交付量同比增长 95% 以上。花旗分析师 Jeff Chung 将该股评级从中性上调至买入，同时将目标价从 57.60 美元上调至 58.30 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/nio-to-surpass-tesla-in-china-electric-vehicles-navellier-says\">thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来"},"source_url":"https://www.thestreet.com/investing/nio-to-surpass-tesla-in-china-electric-vehicles-navellier-says","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195734655","content_text":"NIO (NIO) -Get Report shares rose Monday after Louis Navellier, chief investment officer of money manager Navellier, said the Chinese electric-car maker will surpass Tesla (TSLA) -Get Report in China.\n“Another electric vehicle company will eventually displace Tesla as the biggest manufacturer of EVs in China,” he wrote in a commentary.\n“I’m talking about NIO. The reality is that this company is on the verge of dominating the EV market in China and Hong Kong.”\nNIO American depositary receipts recently traded at $49.23, up 9.2%. They have climbed 27% in the past month amid investor enthusiasm for EVs.\nTesla recently traded at $687.47, up 2.3%, and has gained 9% in the past month.\nAs for NIO, “the company boasts that it is the ‘next-generation car company,’ as it designs and manufactures electric vehicles that utilize the latest technologies in connectivity, autonomous driving and artificial intelligence,” Navellier said.\n“The company is also partnering with cutting-edge chip companies like Nvidia (NVDA) -Get Report.”\nEarlier this month,NIO said that \"Gemini\" was the code namefor a new high-end electric-vehicle lineup to be launched next year. The move buried speculation that the Shanghai EV maker was looking to release a less-expensive mass-entry-level electric car.\nNIO supplier JAC Group last month invited bids to build a NIO production line code-named “Gemini” that would produce 60,000 units a year. That sparked speculation that it would be a new entry-level NIO model.\nAlso in June,NIO reported a more than 95% year-over-year increasein deliveries for May. Citi analyst Jeff Chung upgraded the stock to buy from neutral while raising his price target to $58.30 from $57.60.","news_type":1,"symbols_score_info":{"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180537327,"gmtCreate":1623211471269,"gmtModify":1634035747798,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Please like and comment. Thanks.&nbsp;","listText":"Please like and comment. Thanks.&nbsp;","text":"Please like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/180537327","repostId":"1192761016","repostType":4,"repost":{"id":"1192761016","kind":"news","pubTimestamp":1623210192,"share":"https://www.laohunote.com/m/news/1192761016?lang=zh_CN&edition=full","pubTime":"2021-06-09 11:43","market":"us","language":"en","title":"Wall Street Is Lighting a Fire Under These 2 Stocks<blockquote>华尔街正在这两只股票下点燃一把火</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192761016","media":"fool","summary":"Wall Street still has a huge amount of influence over stocks. Especially when it comes to day-to-day","content":"<p>Wall Street still has a huge amount of influence over stocks. Especially when it comes to day-to-day fluctuations, you can often attribute big gains or losses to what analysts have to say about a company.</p><p><blockquote>华尔街对股票仍然有巨大的影响力。尤其是当涉及到日常波动时，你通常可以将巨大的收益或损失归因于分析师对一家公司的评价。</blockquote></p><p>On Tuesday, a couple of stocks stood out in getting attention from Wall Street pros. With the&nbsp;<b>Dow Jones Industrial Average</b>,<b>S&amp;P 500</b>, and&nbsp;<b>Nasdaq Composite</b>&nbsp;all seeing modest gains on the day, the moves for&nbsp;<b>Generac Holdings</b>(NYSE:GNRC)and&nbsp;<b>NextDecade</b>(NASDAQ:NEXT)were notable and raised some eyebrows among market participants.</p><p><blockquote>周二，几只股票脱颖而出，引起了华尔街专业人士的关注。与<b>道琼斯工业指数</b>,<b>标普500</b>，和<b>纳斯达克复合材料</b>当天所有人都出现了小幅上涨，<b>Generac控股</b>（纽约证券交易所代码：GNRC）和<b>下一个十年</b>（纳斯达克股票代码：NEXT）引人注目，引起了市场参与者的一些关注。</blockquote></p><p><b>This powerful stock is heating up</b></p><p><blockquote><b>这只强劲的股票正在升温</b></blockquote></p><p>Shares of Generac Holdings climbed more than 6% on Tuesday. The maker of backup generator equipment for residential and commercial customers earned some favorable comments from analysts looking for ways to play the summer storm season.</p><p><blockquote>Generac Holdings 股价周二上涨超过 6%。这家为住宅和商业客户生产备用发电机设备的制造商赢得了分析师的一些好评，他们正在寻找应对夏季风暴季节的方法。</blockquote></p><p>The positive views came from analysts at&nbsp;<b>KeyBanc</b>, who reaffirmed their price target of $400 per share on Generac. As they see it, the company trades at an attractive level compared to its past earnings and future prospects, especially given rising interest in its products to provide standby power for homes when grid power becomes unavailable. It's common at various points of the year for investors to start paying attention to Generac again, whether it's when winter storms hit or as hurricane and tornado season approaches in the late spring and summer months.</p><p><blockquote>积极的观点来自分析师<b>钥匙银行</b>重申了 Generac 每股 400 美元的目标价。在他们看来，与其过去的盈利和未来前景相比，该公司的交易价格处于有吸引力的水平，特别是考虑到人们对其产品越来越感兴趣，以便在电网停电时为家庭提供备用电力。在一年中的不同时间，投资者通常会再次开始关注 Generac，无论是在冬季风暴来袭时，还是在春末和夏季飓风和龙卷风季节临近时。</blockquote></p><p>Solar energy storage is also apotential growth area for Generac. As more homeowners have seen the value of keeping their property in shape and in optimal condition during the pandemic, the value of Generac systems has gone up in the eyes of many.</p><p><blockquote>太阳能存储也是Generac的潜在增长领域。随着越来越多的房主看到在疫情期间保持房产形状和最佳状态的价值，Generac系统的价值在许多人眼中有所上升。</blockquote></p><p>With today's rise, Generac is among the few huge performers from 2020 that have regained nearly all of their losses in the past few months. The stock is now challenging record highs, and continued success in driving demand could be what pushes Generac over the top.</p><p><blockquote>随着今天的上涨，Generac 是 2020 年以来少数几家收复了过去几个月几乎所有损失的巨头之一。该股目前正在挑战历史新高，而在推动需求方面的持续成功可能会推动 Generac 名列前茅。</blockquote></p><p><b>NextDecade gets another vote of confidence</b></p><p><blockquote><b>NextDecade 再次获得信任票</b></blockquote></p><p>Gains for small-cap NextDecadewere much larger. The stock rose almost 60% on Tuesday.</p><p><blockquote>小盘股未来十年的涨幅要大得多。该股周二上涨近60%。</blockquote></p><p>The catalyst for the little-known provider ofliquefied natural gaswas another upgrade from Wall Street analysts. The latest came from<b>Evercore ISI</b>, which boosted its rating on the stock from in-line to outperform. Evercore also tripled its price target on NextDecade's stock to $9 per share, leaving room for more upside even after today's big gains.</p><p><blockquote>这家鲜为人知的液化天然气供应商的催化剂是华尔街分析师的又一次升级。最新消息来自<b>Evercore 内容</b>这将该股评级从“一致”上调至“跑赢大盘”。Evercore 还将 NextDecade 股票的目标价提高了两倍，达到每股 9 美元，即使在今天大幅上涨之后，仍有更大的上涨空间。</blockquote></p><p>For years, U.S. natural gas prices have been low enough relative to their levels in other parts of the globe to encourage would-be importers of U.S. natural gas to consider LNG transport. Yet the huge disruptions in the energy market in 2020 due to the pandemic put at least a brief halt to most of those prospects. Now, though, investors increasingly see the prospects for NextDecade as becoming favorable enough for it to move forward with its Rio Grande project in Texas.</p><p><blockquote>多年来，相对于全球其他地区的水平，美国天然气价格一直很低，足以鼓励美国天然气的潜在进口商考虑液化天然气运输。然而，2020 年疫情对能源市场造成的巨大干扰至少短暂地阻碍了这些前景。不过现在，投资者越来越认为 NextDecade 的前景变得足够有利，可以推进其在德克萨斯州的里奥格兰德项目。</blockquote></p><p>The energy industry has rebounded sharply in 2021, and that's helping stocks throughout the sector. With LNG becoming economically viable again, it could spell a nice turnaround for NextDecade and its peers.</p><p><blockquote>能源行业在 2021 年大幅反弹，这有助于整个行业的股票。随着液化天然气在经济上再次变得可行，这可能意味着 NextDecade 及其同行将迎来良好的转机。</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>Wall Street Is Lighting a Fire Under These 2 Stocks<blockquote>华尔街正在这两只股票下点燃一把火</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\">\nWall Street Is Lighting a Fire Under These 2 Stocks<blockquote>华尔街正在这两只股票下点燃一把火</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-06-09 11:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wall Street still has a huge amount of influence over stocks. Especially when it comes to day-to-day fluctuations, you can often attribute big gains or losses to what analysts have to say about a company.</p><p><blockquote>华尔街对股票仍然有巨大的影响力。尤其是当涉及到日常波动时，你通常可以将巨大的收益或损失归因于分析师对一家公司的评价。</blockquote></p><p>On Tuesday, a couple of stocks stood out in getting attention from Wall Street pros. With the&nbsp;<b>Dow Jones Industrial Average</b>,<b>S&amp;P 500</b>, and&nbsp;<b>Nasdaq Composite</b>&nbsp;all seeing modest gains on the day, the moves for&nbsp;<b>Generac Holdings</b>(NYSE:GNRC)and&nbsp;<b>NextDecade</b>(NASDAQ:NEXT)were notable and raised some eyebrows among market participants.</p><p><blockquote>周二，几只股票脱颖而出，引起了华尔街专业人士的关注。与<b>道琼斯工业指数</b>,<b>标普500</b>，和<b>纳斯达克复合材料</b>当天所有人都出现了小幅上涨，<b>Generac控股</b>（纽约证券交易所代码：GNRC）和<b>下一个十年</b>（纳斯达克股票代码：NEXT）引人注目，引起了市场参与者的一些关注。</blockquote></p><p><b>This powerful stock is heating up</b></p><p><blockquote><b>这只强劲的股票正在升温</b></blockquote></p><p>Shares of Generac Holdings climbed more than 6% on Tuesday. The maker of backup generator equipment for residential and commercial customers earned some favorable comments from analysts looking for ways to play the summer storm season.</p><p><blockquote>Generac Holdings 股价周二上涨超过 6%。这家为住宅和商业客户生产备用发电机设备的制造商赢得了分析师的一些好评，他们正在寻找应对夏季风暴季节的方法。</blockquote></p><p>The positive views came from analysts at&nbsp;<b>KeyBanc</b>, who reaffirmed their price target of $400 per share on Generac. As they see it, the company trades at an attractive level compared to its past earnings and future prospects, especially given rising interest in its products to provide standby power for homes when grid power becomes unavailable. It's common at various points of the year for investors to start paying attention to Generac again, whether it's when winter storms hit or as hurricane and tornado season approaches in the late spring and summer months.</p><p><blockquote>积极的观点来自分析师<b>钥匙银行</b>重申了 Generac 每股 400 美元的目标价。在他们看来，与其过去的盈利和未来前景相比，该公司的交易价格处于有吸引力的水平，特别是考虑到人们对其产品越来越感兴趣，以便在电网停电时为家庭提供备用电力。在一年中的不同时间，投资者通常会再次开始关注 Generac，无论是在冬季风暴来袭时，还是在春末和夏季飓风和龙卷风季节临近时。</blockquote></p><p>Solar energy storage is also apotential growth area for Generac. As more homeowners have seen the value of keeping their property in shape and in optimal condition during the pandemic, the value of Generac systems has gone up in the eyes of many.</p><p><blockquote>太阳能存储也是Generac的潜在增长领域。随着越来越多的房主看到在疫情期间保持房产形状和最佳状态的价值，Generac系统的价值在许多人眼中有所上升。</blockquote></p><p>With today's rise, Generac is among the few huge performers from 2020 that have regained nearly all of their losses in the past few months. The stock is now challenging record highs, and continued success in driving demand could be what pushes Generac over the top.</p><p><blockquote>随着今天的上涨，Generac 是 2020 年以来少数几家收复了过去几个月几乎所有损失的巨头之一。该股目前正在挑战历史新高，而在推动需求方面的持续成功可能会推动 Generac 名列前茅。</blockquote></p><p><b>NextDecade gets another vote of confidence</b></p><p><blockquote><b>NextDecade 再次获得信任票</b></blockquote></p><p>Gains for small-cap NextDecadewere much larger. The stock rose almost 60% on Tuesday.</p><p><blockquote>小盘股未来十年的涨幅要大得多。该股周二上涨近60%。</blockquote></p><p>The catalyst for the little-known provider ofliquefied natural gaswas another upgrade from Wall Street analysts. The latest came from<b>Evercore ISI</b>, which boosted its rating on the stock from in-line to outperform. Evercore also tripled its price target on NextDecade's stock to $9 per share, leaving room for more upside even after today's big gains.</p><p><blockquote>这家鲜为人知的液化天然气供应商的催化剂是华尔街分析师的又一次升级。最新消息来自<b>Evercore 内容</b>这将该股评级从“一致”上调至“跑赢大盘”。Evercore 还将 NextDecade 股票的目标价提高了两倍，达到每股 9 美元，即使在今天大幅上涨之后，仍有更大的上涨空间。</blockquote></p><p>For years, U.S. natural gas prices have been low enough relative to their levels in other parts of the globe to encourage would-be importers of U.S. natural gas to consider LNG transport. Yet the huge disruptions in the energy market in 2020 due to the pandemic put at least a brief halt to most of those prospects. Now, though, investors increasingly see the prospects for NextDecade as becoming favorable enough for it to move forward with its Rio Grande project in Texas.</p><p><blockquote>多年来，相对于全球其他地区的水平，美国天然气价格一直很低，足以鼓励美国天然气的潜在进口商考虑液化天然气运输。然而，2020 年疫情对能源市场造成的巨大干扰至少短暂地阻碍了这些前景。不过现在，投资者越来越认为 NextDecade 的前景变得足够有利，可以推进其在德克萨斯州的里奥格兰德项目。</blockquote></p><p>The energy industry has rebounded sharply in 2021, and that's helping stocks throughout the sector. With LNG becoming economically viable again, it could spell a nice turnaround for NextDecade and its peers.</p><p><blockquote>能源行业在 2021 年大幅反弹，这有助于整个行业的股票。随着液化天然气在经济上再次变得可行，这可能意味着 NextDecade 及其同行将迎来良好的转机。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/06/08/wall-street-is-lighting-a-fire-under-these-2-stock/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GNRC":"Generac控股","NEXT":"NextDecade Corporation"},"source_url":"https://www.fool.com/investing/2021/06/08/wall-street-is-lighting-a-fire-under-these-2-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192761016","content_text":"Wall Street still has a huge amount of influence over stocks. Especially when it comes to day-to-day fluctuations, you can often attribute big gains or losses to what analysts have to say about a company.On Tuesday, a couple of stocks stood out in getting attention from Wall Street pros. With the Dow Jones Industrial Average,S&P 500, and Nasdaq Composite all seeing modest gains on the day, the moves for Generac Holdings(NYSE:GNRC)and NextDecade(NASDAQ:NEXT)were notable and raised some eyebrows among market participants.This powerful stock is heating upShares of Generac Holdings climbed more than 6% on Tuesday. The maker of backup generator equipment for residential and commercial customers earned some favorable comments from analysts looking for ways to play the summer storm season.The positive views came from analysts at KeyBanc, who reaffirmed their price target of $400 per share on Generac. As they see it, the company trades at an attractive level compared to its past earnings and future prospects, especially given rising interest in its products to provide standby power for homes when grid power becomes unavailable. It's common at various points of the year for investors to start paying attention to Generac again, whether it's when winter storms hit or as hurricane and tornado season approaches in the late spring and summer months.Solar energy storage is also apotential growth area for Generac. As more homeowners have seen the value of keeping their property in shape and in optimal condition during the pandemic, the value of Generac systems has gone up in the eyes of many.With today's rise, Generac is among the few huge performers from 2020 that have regained nearly all of their losses in the past few months. The stock is now challenging record highs, and continued success in driving demand could be what pushes Generac over the top.NextDecade gets another vote of confidenceGains for small-cap NextDecadewere much larger. The stock rose almost 60% on Tuesday.The catalyst for the little-known provider ofliquefied natural gaswas another upgrade from Wall Street analysts. The latest came fromEvercore ISI, which boosted its rating on the stock from in-line to outperform. Evercore also tripled its price target on NextDecade's stock to $9 per share, leaving room for more upside even after today's big gains.For years, U.S. natural gas prices have been low enough relative to their levels in other parts of the globe to encourage would-be importers of U.S. natural gas to consider LNG transport. Yet the huge disruptions in the energy market in 2020 due to the pandemic put at least a brief halt to most of those prospects. Now, though, investors increasingly see the prospects for NextDecade as becoming favorable enough for it to move forward with its Rio Grande project in Texas.The energy industry has rebounded sharply in 2021, and that's helping stocks throughout the sector. With LNG becoming economically viable again, it could spell a nice turnaround for NextDecade and its peers.","news_type":1,"symbols_score_info":{"NEXT":0.9,"GNRC":0.9}},"isVote":1,"tweetType":1,"viewCount":744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190906679,"gmtCreate":1620563743291,"gmtModify":1631884327798,"author":{"id":"3578111487107537","authorId":"3578111487107537","name":"Chimpsey","avatar":"https://static.tigerbbs.com/ab58cb989ba2205bb2646f1c4d97c579","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578111487107537","idStr":"3578111487107537"},"themes":[],"title":"","htmlText":"Hope other Chinese will not be de-listed. Please like and comment.&nbsp;","listText":"Hope other Chinese will not be de-listed. Please like and comment.&nbsp;","text":"Hope other Chinese will not be de-listed. Please like and comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/190906679","repostId":"2133837186","repostType":4,"isVote":1,"tweetType":1,"viewCount":790,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}