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Mystery746

Mystery746

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2021-06-13

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2021-07-18

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2021-11-25

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2021-11-20

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2021-11-07

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U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>

2021-09-08

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Bitcoin Endured a Rocky Day. What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>

2021-05-22

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2021-11-14

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2021-10-17

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2021-09-28

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AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote>

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Why a Longtime Analyst Isn’t Worried.<blockquote>奥密克戎是航空公司的最新挫折。为什么长期分析师不担心。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113082313","media":"Barrons","summary":"Flight cancellations have surged in recent days owing to the rapidly spreading Omicron variant and i","content":"<p><html><head></head><body>Flight cancellations have surged in recent days owing to the rapidly spreading Omicron variant and inclement weather.  While these disruptions are certainly another setback for the airline sector—which has already been hit especially hard by the Covid-19 pandemic—a longtime industry analyst says carriers will be able to bounce back once again.</p><p><blockquote><html><head></head><body>由于奥密克戎变种迅速传播和恶劣天气，最近几天航班取消激增。虽然这些中断无疑是航空业的又一次挫折——航空业已经受到了新冠肺炎疫情的特别严重——但一位长期行业分析师表示，航空公司将能够再次反弹。</body></html></blockquote></p><p>Airline stocks have come under some pressure as a result, though they have held up pretty well recently. As of Monday’s close,Delta Air Lines (ticker: DAL) was up 6.7% since Dec. 17, versus 3.7% for the S&amp;P 500.Southwest Airlines (LUV) had gained 5.3%, compared with 9.3% for United Airlines Holdings (UAL) and about 7% for American Airlines Group (AAL).</p><p><blockquote>航空股因此面临一些压力，尽管它们最近表现相当不错。截至周一收盘，达美航空（股票代码：DAL）自12月17日以来上涨了6.7%，而标普500上涨了3.7%。西南航空（LUV）上涨了5.3%，而联合航空控股（UAL）上涨了9.3%，美国航空集团（AAL）上涨了约7%。</blockquote></p><p>For some perspective on the sector, <i>Barron’s</i> reached out to Helane Becker, an airline analyst at Cowen. She has Southwest and United at Outperform ratings, and Delta and American at Market Perform. Becker responded by email.</p><p><blockquote>对于该行业的一些观点，<i>巴伦周刊</i>联系了Cowen的航空分析师Helane Becker。她认为西南航空和联合航空的评级为跑赢大盘，达美航空和美国航空的评级为市场表现。贝克尔通过电子邮件回复。</blockquote></p><p><b><i>Barron’s</i></b><b>: How should investors think about the latest wave of flight cancellations and what it means for the major U.S. airline companies?</b></p><p><blockquote><b><i>巴伦周刊</i></b><b>：投资者应该如何看待最新一波航班取消，以及这对美国主要航空公司意味着什么？</b></blockquote></p><p><b>Helane Becker:</b>It’s a pain to deal with, but as the virus is going through the general population, the same is true for airline crews. They don’t want to be stuck in hotels, either. We think the majors will recover from this latest setback, especially as people have to get home. Also, [the cancellations are] 9% or 10% of the total, and airlines are doing their best to consolidate flights to larger aircraft. In the West there’s winter weather, which isn’t helping either.</p><p><blockquote><b>海兰·贝克尔：</b>这是一件痛苦的事情，但随着病毒在普通人群中传播，机组人员也是如此。他们也不想被困在酒店里。我们认为大联盟将从最近的挫折中恢复过来，尤其是当人们必须回家的时候。此外，[取消]占总数的9%或10%，航空公司正在尽最大努力将航班整合到更大的飞机上。西方是冬天，这也于事无补。</blockquote></p><p><b>Is there any airline that you think is especially well positioned to get through this uncertain stretch?</b></p><p><blockquote><b>您认为有没有哪家航空公司特别有能力度过这段不确定的时期？</b></blockquote></p><p>They’ll all get through it; eventually it impacts everyone. It just depends where you are. Airlines in the southern tier might do better than the northern airlines because of winter weather.</p><p><blockquote>他们都会挺过去的；最终它会影响到每个人。这取决于你在哪里。由于冬季天气，南部航空公司的表现可能比北部航空公司更好。</blockquote></p><p><b>What is your longer-term view of the airline industry?</b></p><p><blockquote><b>您对航空业的长期看法是什么？</b></blockquote></p><p>No change. To have a robust economy there needs to be a robust airline industry. People are tired of being home and want to travel. They are tired of Covid and its variants and just want to move on, and that includes travel.</p><p><blockquote>没有变化。要有一个强劲的经济，就需要一个强劲的航空业。人们厌倦了呆在家里，想去旅行。他们厌倦了Covid及其变体，只想继续前进，这包括旅行。</blockquote></p><p><b>When can investors expect capital returns from these companies to begin?</b></p><p><blockquote><b>投资者何时可以期待这些公司的资本回报？</b></blockquote></p><p>2022 should be a transition year but better than 2021.</p><p><blockquote>2022年应该是过渡年，但比2021年要好。</blockquote></p><p></body></html></p><p><blockquote></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>Omicron Is Airlines’ Latest Setback. 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Why a Longtime Analyst Isn’t Worried.<blockquote>奥密克戎是航空公司的最新挫折。为什么长期分析师不担心。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-29 19:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Flight cancellations have surged in recent days owing to the rapidly spreading Omicron variant and inclement weather.  While these disruptions are certainly another setback for the airline sector—which has already been hit especially hard by the Covid-19 pandemic—a longtime industry analyst says carriers will be able to bounce back once again.</p><p><blockquote><html><head></head><body>由于奥密克戎变种迅速传播和恶劣天气，最近几天航班取消激增。虽然这些中断无疑是航空业的又一次挫折——航空业已经受到了新冠肺炎疫情的特别严重——但一位长期行业分析师表示，航空公司将能够再次反弹。</body></html></blockquote></p><p>Airline stocks have come under some pressure as a result, though they have held up pretty well recently. As of Monday’s close,Delta Air Lines (ticker: DAL) was up 6.7% since Dec. 17, versus 3.7% for the S&amp;P 500.Southwest Airlines (LUV) had gained 5.3%, compared with 9.3% for United Airlines Holdings (UAL) and about 7% for American Airlines Group (AAL).</p><p><blockquote>航空股因此面临一些压力，尽管它们最近表现相当不错。截至周一收盘，达美航空（股票代码：DAL）自12月17日以来上涨了6.7%，而标普500上涨了3.7%。西南航空（LUV）上涨了5.3%，而联合航空控股（UAL）上涨了9.3%，美国航空集团（AAL）上涨了约7%。</blockquote></p><p>For some perspective on the sector, <i>Barron’s</i> reached out to Helane Becker, an airline analyst at Cowen. She has Southwest and United at Outperform ratings, and Delta and American at Market Perform. Becker responded by email.</p><p><blockquote>对于该行业的一些观点，<i>巴伦周刊</i>联系了Cowen的航空分析师Helane Becker。她认为西南航空和联合航空的评级为跑赢大盘，达美航空和美国航空的评级为市场表现。贝克尔通过电子邮件回复。</blockquote></p><p><b><i>Barron’s</i></b><b>: How should investors think about the latest wave of flight cancellations and what it means for the major U.S. airline companies?</b></p><p><blockquote><b><i>巴伦周刊</i></b><b>：投资者应该如何看待最新一波航班取消，以及这对美国主要航空公司意味着什么？</b></blockquote></p><p><b>Helane Becker:</b>It’s a pain to deal with, but as the virus is going through the general population, the same is true for airline crews. They don’t want to be stuck in hotels, either. We think the majors will recover from this latest setback, especially as people have to get home. Also, [the cancellations are] 9% or 10% of the total, and airlines are doing their best to consolidate flights to larger aircraft. In the West there’s winter weather, which isn’t helping either.</p><p><blockquote><b>海兰·贝克尔：</b>这是一件痛苦的事情，但随着病毒在普通人群中传播，机组人员也是如此。他们也不想被困在酒店里。我们认为大联盟将从最近的挫折中恢复过来，尤其是当人们必须回家的时候。此外，[取消]占总数的9%或10%，航空公司正在尽最大努力将航班整合到更大的飞机上。西方是冬天，这也于事无补。</blockquote></p><p><b>Is there any airline that you think is especially well positioned to get through this uncertain stretch?</b></p><p><blockquote><b>您认为有没有哪家航空公司特别有能力度过这段不确定的时期？</b></blockquote></p><p>They’ll all get through it; eventually it impacts everyone. It just depends where you are. Airlines in the southern tier might do better than the northern airlines because of winter weather.</p><p><blockquote>他们都会挺过去的；最终它会影响到每个人。这取决于你在哪里。由于冬季天气，南部航空公司的表现可能比北部航空公司更好。</blockquote></p><p><b>What is your longer-term view of the airline industry?</b></p><p><blockquote><b>您对航空业的长期看法是什么？</b></blockquote></p><p>No change. To have a robust economy there needs to be a robust airline industry. People are tired of being home and want to travel. They are tired of Covid and its variants and just want to move on, and that includes travel.</p><p><blockquote>没有变化。要有一个强劲的经济，就需要一个强劲的航空业。人们厌倦了呆在家里，想去旅行。他们厌倦了Covid及其变体，只想继续前进，这包括旅行。</blockquote></p><p><b>When can investors expect capital returns from these companies to begin?</b></p><p><blockquote><b>投资者何时可以期待这些公司的资本回报？</b></blockquote></p><p>2022 should be a transition year but better than 2021.</p><p><blockquote>2022年应该是过渡年，但比2021年要好。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/omicron-airline-stocks-analyst-outlook-51640707314?mod=hp_DAY_Theme_1_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UAL":"联合大陆航空","LUV":"西南航空","DAL":"达美航空","AAL":"美国航空"},"source_url":"https://www.barrons.com/articles/omicron-airline-stocks-analyst-outlook-51640707314?mod=hp_DAY_Theme_1_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113082313","content_text":"Flight cancellations have surged in recent days owing to the rapidly spreading Omicron variant and inclement weather.  While these disruptions are certainly another setback for the airline sector—which has already been hit especially hard by the Covid-19 pandemic—a longtime industry analyst says carriers will be able to bounce back once again.Airline stocks have come under some pressure as a result, though they have held up pretty well recently. As of Monday’s close,Delta Air Lines (ticker: DAL) was up 6.7% since Dec. 17, versus 3.7% for the S&P 500.Southwest Airlines (LUV) had gained 5.3%, compared with 9.3% for United Airlines Holdings (UAL) and about 7% for American Airlines Group (AAL).For some perspective on the sector, Barron’s reached out to Helane Becker, an airline analyst at Cowen. She has Southwest and United at Outperform ratings, and Delta and American at Market Perform. Becker responded by email.Barron’s: How should investors think about the latest wave of flight cancellations and what it means for the major U.S. airline companies?Helane Becker:It’s a pain to deal with, but as the virus is going through the general population, the same is true for airline crews. They don’t want to be stuck in hotels, either. We think the majors will recover from this latest setback, especially as people have to get home. Also, [the cancellations are] 9% or 10% of the total, and airlines are doing their best to consolidate flights to larger aircraft. In the West there’s winter weather, which isn’t helping either.Is there any airline that you think is especially well positioned to get through this uncertain stretch?They’ll all get through it; eventually it impacts everyone. It just depends where you are. Airlines in the southern tier might do better than the northern airlines because of winter weather.What is your longer-term view of the airline industry?No change. To have a robust economy there needs to be a robust airline industry. People are tired of being home and want to travel. They are tired of Covid and its variants and just want to move on, and that includes travel.When can investors expect capital returns from these companies to begin?2022 should be a transition year but better than 2021.","news_type":1,"symbols_score_info":{"UAL":0.9,"AAL":0.9,"DAL":0.9,"LUV":0.9}},"isVote":1,"tweetType":1,"viewCount":3133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696291622,"gmtCreate":1640698527196,"gmtModify":1640698527483,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696291622","repostId":"1182153918","repostType":4,"repost":{"id":"1182153918","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":1640696271,"share":"https://www.laohu8.com/m/news/1182153918?lang=zh_CN&edition=full","pubTime":"2021-12-28 20:57","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182153918","media":"Tiger Newspress","summary":"The S&P 500 and Dow futures hit all-time highs on Tuesday, building on a record-setting rally amid t","content":"<p>The S&amp;P 500 and Dow futures hit all-time highs on Tuesday, building on a record-setting rally amid thin trading volumes, with investors trying to shrug off the impact from Omicron-driven travel disruptions and store closures.</p><p><blockquote>标普500和道指期货周二创下历史新高，在交易量清淡的情况下，投资者试图摆脱Omicron导致的旅行中断和商店关闭的影响。</blockquote></p><p> Apple Inc(AAPL.O) closed all of its 12 New York City stores to indoor shopping, the latest company to tighten protocols as cases surged across the United States and prompted thousands of flight cancellations for the fourth day on Monday.</p><p><blockquote>苹果公司(AAPL.O)关闭了纽约市所有12家商店，禁止室内购物，这是最新一家收紧协议的公司，因为美国各地病例激增，周一连续第四天导致数千架航班取消。</blockquote></p><p> However, strong consumer demand trends reinstated confidence about the underlying economic strength and helped Wall Street climb for a fourth straight day on Monday. The S&amp;P 500 and Nasdaq posted their best four-day rally since November 2020.</p><p><blockquote>然而，强劲的消费者需求趋势恢复了人们对潜在经济实力的信心，并帮助华尔街周一连续第四天上涨。标普500和纳斯达克录得自2020年11月以来最好的四天涨幅。</blockquote></p><p> Data last week showing the Omicron variant being less deadly than feared, and new pills and more vaccines to fight COVID-19 also spurred risk appetite, putting the three main indexes on pace for monthly gains.</p><p><blockquote>上周的数据显示，奥密克戎变种的致命性没有人们担心的那么低，对抗COVID-19的新药和更多疫苗也刺激了风险偏好，使三大主要指数有望实现月度上涨。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 91 points, or 0.25%, S&amp;P 500 e-minis were up 11.75 points, or 0.25%, and Nasdaq 100 e-minis were up 77.75 points, or 0.47%.&nbsp;Some megacap companies have roared in the recent rally, with Apple Inc (AAPL.O) — up marginally in premarket trading — within spitting distance of becoming the first U.S. company to hit $3 trillion in market capitalization.</p><p><blockquote>截至美国东部时间上午8:00，道琼斯电子迷你指数上涨91点，涨幅0.25%，标普500电子迷你指数上涨11.75点，涨幅0.25%，纳斯达克100电子迷你指数上涨77.75点，涨幅0.47%。一些大型股公司在最近的反弹中表现强劲，苹果公司(AAPL.O)在盘前交易中小幅上涨，距离成为第一家市值达到3万亿美元的美国公司仅一箭之遥。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2529d5fc75126a96cbbc5d6e8f3ec05a\" tg-width=\"667\" tg-height=\"211\" width=\"100%\" height=\"auto\"><span>*Source From Tiger Trade, EST 08:00</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:00</span></p></blockquote></p><p> <b>Stocks making the biggest moves premarket: Apple, Vipshop, Coinbase and others</b></p><p><blockquote><b>盘前涨幅最大的股票：苹果、唯品会、Coinbase等</b></blockquote></p><p> Apple (AAPL) – The company is once again approaching a $3 trillion market value, needing to reach $182.86 per share to achieve that milestone. Separately, Apple is closing its 12 New York City stores to indoor traffic due to the spread of the Covid-19 omicron variant. Apple edged higher by 0.3% in premarket action.</p><p><blockquote>苹果(AAPL)——该公司市值再次接近3万亿美元，需要达到每股182.86美元才能实现这一里程碑。另外，由于Covid-19 omicron变种的传播，苹果将关闭其纽约市的12家室内商店。苹果在盘前交易中小幅上涨0.3%。</blockquote></p><p> Tesla（TSLA）–&nbsp;Tesla has 30% upside in 2022 on China demand, Wedbush Says,&nbsp;and reiterates its outperform rating and $1,400 price target.&nbsp;Tesla&nbsp;stock&nbsp;added&nbsp;1.77%&nbsp;in&nbsp;premarket.</p><p><blockquote>特斯拉（TSLA）——韦德布什表示，由于中国需求，特斯拉在2022年有30%的上涨空间，并重申其跑赢大盘的评级和1400美元的目标价。特斯拉股价盘前上涨1.77%。</blockquote></p><p> Nvidia (NVDA) – The graphics chip maker’s shares added 1.2% in the premarket after rising for the past 4 days in a row and helping to lead the iShares Semiconductor ETF (SOXX) to a record high in Monday trading. Advanced Micro Devices (AMD) – also a big factor in driving the SOXX higher – added 1% in premarket trading. Chip stocks have been rising amid supply shortages and strong demand, leading to higher prices for chips.</p><p><blockquote>英伟达(NVDA)——这家图形芯片制造商的股价在过去连续4天上涨后，在盘前上涨1.2%，并帮助iShares半导体ETF(SOXX)在周一交易中创下历史新高。Advanced Micro Devices(AMD)也是推动SOXX走高的一个重要因素，在盘前交易中上涨了1%。在供应短缺和需求强劲的情况下，芯片股一直在上涨，导致芯片价格上涨。</blockquote></p><p> Coinbase (COIN) – The cryptocurrency exchange operator’s shares dropped 2.2% in the premarket as the price of bitcoin retreated, putting the stock in danger of breaking a four-day win streak that saw it gain 17.7% over that stretch.</p><p><blockquote>Coinbase(COIN)——随着比特币价格回落，这家加密货币交易所运营商的股价在盘前下跌2.2%，使该股面临打破连续四天上涨17.7%的危险。</blockquote></p><p> Vipshop Holdings (VIPS) – The China-based e-commerce company’s stock fell 2.4% in the premarket after cutting its current-quarter revenue guidance. Vipshop cited its “latest view on the market and operational conditions” without being specific, but a Jefferies report said warmer weather and an increase in Covid-19 cases likely dented consumer demand.</p><p><blockquote>唯品会控股(VIPS)——这家总部位于中国的电子商务公司在下调本季度收入指引后，股价盘前下跌2.4%。唯品会引用了其“对市场和运营状况的最新看法”，但没有具体说明，但杰富瑞的一份报告称，天气变暖和Covid-19病例增加可能会削弱消费者需求。</blockquote></p><p> R.R. Donnelley (RRD) – R.R. Donnelley slid 1.6% in premarket trading after the business communications and marketing services company disclosed an intrusion into its technical systems. Donnelley said it is investigating and is not aware of any client data being compromised.</p><p><blockquote>R.R.唐纳利（RRD）-R.R商业通信和营销服务公司Donnelley披露其技术系统遭到入侵后，盘前交易中股价下跌1.6%。唐纳利表示，它正在调查，不知道有任何客户数据被泄露。</blockquote></p><p> Extreme Networks (EXTR) – The cloud computing company’s stock jumped 3.6% in premarket action after Needham raised its price target on the stock to $18.50 per share from $16. The stock had closed Monday at $16.03.</p><p><blockquote>Extreme Networks(EXTR)——Needham将该股目标价从每股16美元上调至18.50美元后，这家云计算公司的股价在盘前上涨3.6%。该股周一收于16.03美元。</blockquote></p><p> Howard Hughes (HHC) – The real estate firm has reportedly agreed to sell a controlling interest in the Bank of America Tower in Chicago to private equity firm Oak Hill Advisors for more than $1 billion, according to a Dow Jones report quoting sources familiar with the deal.</p><p><blockquote>霍华德休斯（HHC）——据道琼斯报道，据报道，这家房地产公司已同意以超过10亿美元的价格将芝加哥美国银行大厦的控股权出售给私募股权公司橡树山顾问公司。</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>Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</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\">\nToplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</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\">2021-12-28 20:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500 and Dow futures hit all-time highs on Tuesday, building on a record-setting rally amid thin trading volumes, with investors trying to shrug off the impact from Omicron-driven travel disruptions and store closures.</p><p><blockquote>标普500和道指期货周二创下历史新高，在交易量清淡的情况下，投资者试图摆脱Omicron导致的旅行中断和商店关闭的影响。</blockquote></p><p> Apple Inc(AAPL.O) closed all of its 12 New York City stores to indoor shopping, the latest company to tighten protocols as cases surged across the United States and prompted thousands of flight cancellations for the fourth day on Monday.</p><p><blockquote>苹果公司(AAPL.O)关闭了纽约市所有12家商店，禁止室内购物，这是最新一家收紧协议的公司，因为美国各地病例激增，周一连续第四天导致数千架航班取消。</blockquote></p><p> However, strong consumer demand trends reinstated confidence about the underlying economic strength and helped Wall Street climb for a fourth straight day on Monday. The S&amp;P 500 and Nasdaq posted their best four-day rally since November 2020.</p><p><blockquote>然而，强劲的消费者需求趋势恢复了人们对潜在经济实力的信心，并帮助华尔街周一连续第四天上涨。标普500和纳斯达克录得自2020年11月以来最好的四天涨幅。</blockquote></p><p> Data last week showing the Omicron variant being less deadly than feared, and new pills and more vaccines to fight COVID-19 also spurred risk appetite, putting the three main indexes on pace for monthly gains.</p><p><blockquote>上周的数据显示，奥密克戎变种的致命性没有人们担心的那么低，对抗COVID-19的新药和更多疫苗也刺激了风险偏好，使三大主要指数有望实现月度上涨。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 91 points, or 0.25%, S&amp;P 500 e-minis were up 11.75 points, or 0.25%, and Nasdaq 100 e-minis were up 77.75 points, or 0.47%.&nbsp;Some megacap companies have roared in the recent rally, with Apple Inc (AAPL.O) — up marginally in premarket trading — within spitting distance of becoming the first U.S. company to hit $3 trillion in market capitalization.</p><p><blockquote>截至美国东部时间上午8:00，道琼斯电子迷你指数上涨91点，涨幅0.25%，标普500电子迷你指数上涨11.75点，涨幅0.25%，纳斯达克100电子迷你指数上涨77.75点，涨幅0.47%。一些大型股公司在最近的反弹中表现强劲，苹果公司(AAPL.O)在盘前交易中小幅上涨，距离成为第一家市值达到3万亿美元的美国公司仅一箭之遥。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2529d5fc75126a96cbbc5d6e8f3ec05a\" tg-width=\"667\" tg-height=\"211\" width=\"100%\" height=\"auto\"><span>*Source From Tiger Trade, EST 08:00</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:00</span></p></blockquote></p><p> <b>Stocks making the biggest moves premarket: Apple, Vipshop, Coinbase and others</b></p><p><blockquote><b>盘前涨幅最大的股票：苹果、唯品会、Coinbase等</b></blockquote></p><p> Apple (AAPL) – The company is once again approaching a $3 trillion market value, needing to reach $182.86 per share to achieve that milestone. Separately, Apple is closing its 12 New York City stores to indoor traffic due to the spread of the Covid-19 omicron variant. Apple edged higher by 0.3% in premarket action.</p><p><blockquote>苹果(AAPL)——该公司市值再次接近3万亿美元，需要达到每股182.86美元才能实现这一里程碑。另外，由于Covid-19 omicron变种的传播，苹果将关闭其纽约市的12家室内商店。苹果在盘前交易中小幅上涨0.3%。</blockquote></p><p> Tesla（TSLA）–&nbsp;Tesla has 30% upside in 2022 on China demand, Wedbush Says,&nbsp;and reiterates its outperform rating and $1,400 price target.&nbsp;Tesla&nbsp;stock&nbsp;added&nbsp;1.77%&nbsp;in&nbsp;premarket.</p><p><blockquote>特斯拉（TSLA）——韦德布什表示，由于中国需求，特斯拉在2022年有30%的上涨空间，并重申其跑赢大盘的评级和1400美元的目标价。特斯拉股价盘前上涨1.77%。</blockquote></p><p> Nvidia (NVDA) – The graphics chip maker’s shares added 1.2% in the premarket after rising for the past 4 days in a row and helping to lead the iShares Semiconductor ETF (SOXX) to a record high in Monday trading. Advanced Micro Devices (AMD) – also a big factor in driving the SOXX higher – added 1% in premarket trading. Chip stocks have been rising amid supply shortages and strong demand, leading to higher prices for chips.</p><p><blockquote>英伟达(NVDA)——这家图形芯片制造商的股价在过去连续4天上涨后，在盘前上涨1.2%，并帮助iShares半导体ETF(SOXX)在周一交易中创下历史新高。Advanced Micro Devices(AMD)也是推动SOXX走高的一个重要因素，在盘前交易中上涨了1%。在供应短缺和需求强劲的情况下，芯片股一直在上涨，导致芯片价格上涨。</blockquote></p><p> Coinbase (COIN) – The cryptocurrency exchange operator’s shares dropped 2.2% in the premarket as the price of bitcoin retreated, putting the stock in danger of breaking a four-day win streak that saw it gain 17.7% over that stretch.</p><p><blockquote>Coinbase(COIN)——随着比特币价格回落，这家加密货币交易所运营商的股价在盘前下跌2.2%，使该股面临打破连续四天上涨17.7%的危险。</blockquote></p><p> Vipshop Holdings (VIPS) – The China-based e-commerce company’s stock fell 2.4% in the premarket after cutting its current-quarter revenue guidance. Vipshop cited its “latest view on the market and operational conditions” without being specific, but a Jefferies report said warmer weather and an increase in Covid-19 cases likely dented consumer demand.</p><p><blockquote>唯品会控股(VIPS)——这家总部位于中国的电子商务公司在下调本季度收入指引后，股价盘前下跌2.4%。唯品会引用了其“对市场和运营状况的最新看法”，但没有具体说明，但杰富瑞的一份报告称，天气变暖和Covid-19病例增加可能会削弱消费者需求。</blockquote></p><p> R.R. Donnelley (RRD) – R.R. Donnelley slid 1.6% in premarket trading after the business communications and marketing services company disclosed an intrusion into its technical systems. Donnelley said it is investigating and is not aware of any client data being compromised.</p><p><blockquote>R.R.唐纳利（RRD）-R.R商业通信和营销服务公司Donnelley披露其技术系统遭到入侵后，盘前交易中股价下跌1.6%。唐纳利表示，它正在调查，不知道有任何客户数据被泄露。</blockquote></p><p> Extreme Networks (EXTR) – The cloud computing company’s stock jumped 3.6% in premarket action after Needham raised its price target on the stock to $18.50 per share from $16. The stock had closed Monday at $16.03.</p><p><blockquote>Extreme Networks(EXTR)——Needham将该股目标价从每股16美元上调至18.50美元后，这家云计算公司的股价在盘前上涨3.6%。该股周一收于16.03美元。</blockquote></p><p> Howard Hughes (HHC) – The real estate firm has reportedly agreed to sell a controlling interest in the Bank of America Tower in Chicago to private equity firm Oak Hill Advisors for more than $1 billion, according to a Dow Jones report quoting sources familiar with the deal.</p><p><blockquote>霍华德休斯（HHC）——据道琼斯报道，据报道，这家房地产公司已同意以超过10亿美元的价格将芝加哥美国银行大厦的控股权出售给私募股权公司橡树山顾问公司。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NVDA":"英伟达",".DJI":"道琼斯","COIN":"Coinbase Global, Inc.",".SPX":"S&P 500 Index","AMD":"美国超微公司","TSLA":"特斯拉","AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182153918","content_text":"The S&P 500 and Dow futures hit all-time highs on Tuesday, building on a record-setting rally amid thin trading volumes, with investors trying to shrug off the impact from Omicron-driven travel disruptions and store closures.\nApple Inc(AAPL.O) closed all of its 12 New York City stores to indoor shopping, the latest company to tighten protocols as cases surged across the United States and prompted thousands of flight cancellations for the fourth day on Monday.\nHowever, strong consumer demand trends reinstated confidence about the underlying economic strength and helped Wall Street climb for a fourth straight day on Monday. The S&P 500 and Nasdaq posted their best four-day rally since November 2020.\nData last week showing the Omicron variant being less deadly than feared, and new pills and more vaccines to fight COVID-19 also spurred risk appetite, putting the three main indexes on pace for monthly gains.\nAt 8:00 a.m. ET, Dow e-minis were up 91 points, or 0.25%, S&P 500 e-minis were up 11.75 points, or 0.25%, and Nasdaq 100 e-minis were up 77.75 points, or 0.47%. Some megacap companies have roared in the recent rally, with Apple Inc (AAPL.O) — up marginally in premarket trading — within spitting distance of becoming the first U.S. company to hit $3 trillion in market capitalization.\n*Source From Tiger Trade, EST 08:00\nStocks making the biggest moves premarket: Apple, Vipshop, Coinbase and others\nApple (AAPL) – The company is once again approaching a $3 trillion market value, needing to reach $182.86 per share to achieve that milestone. Separately, Apple is closing its 12 New York City stores to indoor traffic due to the spread of the Covid-19 omicron variant. Apple edged higher by 0.3% in premarket action.\nTesla（TSLA）– Tesla has 30% upside in 2022 on China demand, Wedbush Says, and reiterates its outperform rating and $1,400 price target. Tesla stock added 1.77% in premarket.\nNvidia (NVDA) – The graphics chip maker’s shares added 1.2% in the premarket after rising for the past 4 days in a row and helping to lead the iShares Semiconductor ETF (SOXX) to a record high in Monday trading. Advanced Micro Devices (AMD) – also a big factor in driving the SOXX higher – added 1% in premarket trading. Chip stocks have been rising amid supply shortages and strong demand, leading to higher prices for chips.\nCoinbase (COIN) – The cryptocurrency exchange operator’s shares dropped 2.2% in the premarket as the price of bitcoin retreated, putting the stock in danger of breaking a four-day win streak that saw it gain 17.7% over that stretch.\nVipshop Holdings (VIPS) – The China-based e-commerce company’s stock fell 2.4% in the premarket after cutting its current-quarter revenue guidance. Vipshop cited its “latest view on the market and operational conditions” without being specific, but a Jefferies report said warmer weather and an increase in Covid-19 cases likely dented consumer demand.\n\nR.R. Donnelley (RRD) – R.R. Donnelley slid 1.6% in premarket trading after the business communications and marketing services company disclosed an intrusion into its technical systems. Donnelley said it is investigating and is not aware of any client data being compromised.\n\nExtreme Networks (EXTR) – The cloud computing company’s stock jumped 3.6% in premarket action after Needham raised its price target on the stock to $18.50 per share from $16. The stock had closed Monday at $16.03.\n\nHoward Hughes (HHC) – The real estate firm has reportedly agreed to sell a controlling interest in the Bank of America Tower in Chicago to private equity firm Oak Hill Advisors for more than $1 billion, according to a Dow Jones report quoting sources familiar with the deal.","news_type":1,"symbols_score_info":{"AMD":0.9,"TSLA":0.9,".DJI":0.9,".SPX":0.9,"NVDA":0.9,"AAPL":0.9,".IXIC":0.9,"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698622524,"gmtCreate":1640390029864,"gmtModify":1640390030197,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698622524","repostId":"1156159690","repostType":4,"isVote":1,"tweetType":1,"viewCount":3077,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698172755,"gmtCreate":1640328679981,"gmtModify":1640329016428,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698172755","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":2489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698039551,"gmtCreate":1640257121477,"gmtModify":1640257121786,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698039551","repostId":"1188509070","repostType":4,"repost":{"id":"1188509070","kind":"news","pubTimestamp":1640255099,"share":"https://www.laohu8.com/m/news/1188509070?lang=zh_CN&edition=full","pubTime":"2021-12-23 18:24","market":"us","language":"en","title":"U.S. Stock Futures Edge Up Ahead of Inflation, Jobless Data<blockquote>美国股指期货在通胀和失业数据公布前小幅上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188509070","media":"Wall Street Journal","summary":"U.S. stock futures crept higher ahead of fresh inflation and consumer-spending data that are set to ","content":"<p>U.S. stock futures crept higher ahead of fresh inflation and consumer-spending data that are set to continue shaping monetary policy into next year.</p><p><blockquote>在新的通胀和消费者支出数据公布之前，美国股指期货小幅走高，这些数据将继续影响明年的货币政策。</blockquote></p><p> Futures for the S&amp;P 500 gained 0.2% Thursday. The index&nbsp;climbed for a second day Wednesday&nbsp;as strong economic data helped ease investors’ concerns about the risks posed by Covid-19 and inflation. Contracts for the tech-focused Nasdaq-100 were up 0.1% Thursday, and futures for the Dow Jones Industrial Average added 0.3%.</p><p><blockquote>标普500期货周四上涨0.2%。由于强劲的经济数据帮助缓解了投资者对Covid-19和通胀带来的风险的担忧，该指数周三连续第二天攀升。以科技股为主的纳斯达克100指数合约周四上涨0.1%，道琼斯工业平均指数期货上涨0.3%。</blockquote></p><p> In premarket trading, shares of&nbsp;Novavax&nbsp;gained 5.3% after it said its two-dose Covid-19 vaccine demonstrated “strong immune responses” against&nbsp;Omicron and other variants.</p><p><blockquote>在盘前交易中，Novavax表示其两剂Covid-19疫苗对奥密克戎病毒和其他变种表现出“强烈的免疫反应”，该公司股价上涨5.3%。</blockquote></p><p> The Commerce Department is slated to release fresh figures on consumer spending and a key measure of inflation at 8:30 a.m. ET. Economists estimate that core inflation, which excludes often volatile food and energy prices, rose at the fastest annual pace in almost four decades in November. U.S. consumer spending likely increased in November, boosted by job gains and rising wages, high levels of household saving and inflationary pressures.</p><p><blockquote>商务部定于美国东部时间上午8:30发布新的消费者支出数据和一项关键的通胀指标。经济学家估计，核心通胀（不包括经常波动的食品和能源价格）在11月份以近四十年来最快的年度速度上涨。受就业增长和工资上涨、高水平的家庭储蓄和通胀压力的提振，美国11月份消费者支出可能会增加。</blockquote></p><p> Strong inflation data earlier in December helped prompt the Federal Reserve to accelerate awinding down of its pandemic-era stimulus. Brisk demand for goods, disrupted supply chains, temporary shortages and a rebound in travel have pushed inflation higher. Investors and central bankers are worried that&nbsp;the Omicron variant&nbsp;could add additional pressure to inflation.</p><p><blockquote>12月初强劲的通胀数据促使美联储加速结束大流行时期的刺激措施。商品需求旺盛、供应链中断、暂时短缺和旅行反弹推高了通胀。投资者和央行行长担心奥密克戎变体可能会给通胀增加额外压力。</blockquote></p><p> “Inflation is center stage for a lot of people,” said Andrew Cole, head of multiasset in London at Pictet Asset Management. “Inflation is widely expected to peak, if not in the first quarter, the first half of next year. You might have to wait until the second half of next year for central banks to relax.”</p><p><blockquote>百达资产管理公司伦敦多元资产主管安德鲁·科尔表示：“对于很多人来说，通胀是中心舞台。”“人们普遍预计通胀将在明年上半年见顶，如果不是在第一季度。央行可能要等到明年下半年才会放松。”</blockquote></p><p> Higher inflation and low yields on government bonds have dissuaded some investors from holding them this year, due to diminished returns on keeping them to maturity. In bond markets, the yield on the benchmark 10-year Treasury note ticked up to 1.469% Thursday from 1.457% Wednesday. Yields rise when prices fall.</p><p><blockquote>较高的通胀和较低的政府债券收益率阻止了一些投资者今年持有这些债券，因为持有这些债券到期的回报会减少。在债券市场，基准10年期国债收益率从周三的1.457%升至周四的1.469%。当价格下跌时，收益率上升。</blockquote></p><p> Fresh U.S. jobless claims data are also due at 8:30 a.m. Economists expect first-time applications for unemployment benefits, a proxy for layoffs, to remain exceptionally low in the week ended Dec. 18, as employers try to hold on to workers.</p><p><blockquote>新的美国初请失业金数据也将于上午8:30公布。经济学家预计，截至12月18日当周，首次申请失业救济人数（代表裁员）将保持在异常低的水平，因为雇主试图留住工人。</blockquote></p><p> Overseas, the Stoxx Europe 600 rose 0.4%. Major stock indexes in Asia closed higher, with China’s Shanghai Composite gaining 0.6% and South Korea’s Kospi up 0.5%. Japan’s Nikkei 225 added 0.8%.</p><p><blockquote>海外方面，欧洲斯托克600指数涨0.4%。亚洲主要股指收高，中国上证综指上涨0.6%，韩国综合指数上涨0.5%。日本日经225指数上涨0.8%。</blockquote></p><p> Shares of&nbsp;JD.com&nbsp;fell 7% in Hong Kong trading after Chinese social-media giant&nbsp;Tencent Holdings&nbsp;said it was shedding&nbsp;most of its stake in the online retailer. Shares of Tencent rose 4.2%. Hong Kong’s broader Hang Seng Index gained 0.4%.</p><p><blockquote>在中国社交媒体巨头腾讯控股控股表示将出售其在在线零售商京东的大部分股份后，京东股价在香港交易中下跌7%。腾讯控股股价上涨4.2%。香港整体恒生指数上涨0.4%。</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 Futures Edge Up Ahead of Inflation, Jobless Data<blockquote>美国股指期货在通胀和失业数据公布前小幅上涨</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 Futures Edge Up Ahead of Inflation, Jobless Data<blockquote>美国股指期货在通胀和失业数据公布前小幅上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-12-23 18:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock futures crept higher ahead of fresh inflation and consumer-spending data that are set to continue shaping monetary policy into next year.</p><p><blockquote>在新的通胀和消费者支出数据公布之前，美国股指期货小幅走高，这些数据将继续影响明年的货币政策。</blockquote></p><p> Futures for the S&amp;P 500 gained 0.2% Thursday. The index&nbsp;climbed for a second day Wednesday&nbsp;as strong economic data helped ease investors’ concerns about the risks posed by Covid-19 and inflation. Contracts for the tech-focused Nasdaq-100 were up 0.1% Thursday, and futures for the Dow Jones Industrial Average added 0.3%.</p><p><blockquote>标普500期货周四上涨0.2%。由于强劲的经济数据帮助缓解了投资者对Covid-19和通胀带来的风险的担忧，该指数周三连续第二天攀升。以科技股为主的纳斯达克100指数合约周四上涨0.1%，道琼斯工业平均指数期货上涨0.3%。</blockquote></p><p> In premarket trading, shares of&nbsp;Novavax&nbsp;gained 5.3% after it said its two-dose Covid-19 vaccine demonstrated “strong immune responses” against&nbsp;Omicron and other variants.</p><p><blockquote>在盘前交易中，Novavax表示其两剂Covid-19疫苗对奥密克戎病毒和其他变种表现出“强烈的免疫反应”，该公司股价上涨5.3%。</blockquote></p><p> The Commerce Department is slated to release fresh figures on consumer spending and a key measure of inflation at 8:30 a.m. ET. Economists estimate that core inflation, which excludes often volatile food and energy prices, rose at the fastest annual pace in almost four decades in November. U.S. consumer spending likely increased in November, boosted by job gains and rising wages, high levels of household saving and inflationary pressures.</p><p><blockquote>商务部定于美国东部时间上午8:30发布新的消费者支出数据和一项关键的通胀指标。经济学家估计，核心通胀（不包括经常波动的食品和能源价格）在11月份以近四十年来最快的年度速度上涨。受就业增长和工资上涨、高水平的家庭储蓄和通胀压力的提振，美国11月份消费者支出可能会增加。</blockquote></p><p> Strong inflation data earlier in December helped prompt the Federal Reserve to accelerate awinding down of its pandemic-era stimulus. Brisk demand for goods, disrupted supply chains, temporary shortages and a rebound in travel have pushed inflation higher. Investors and central bankers are worried that&nbsp;the Omicron variant&nbsp;could add additional pressure to inflation.</p><p><blockquote>12月初强劲的通胀数据促使美联储加速结束大流行时期的刺激措施。商品需求旺盛、供应链中断、暂时短缺和旅行反弹推高了通胀。投资者和央行行长担心奥密克戎变体可能会给通胀增加额外压力。</blockquote></p><p> “Inflation is center stage for a lot of people,” said Andrew Cole, head of multiasset in London at Pictet Asset Management. “Inflation is widely expected to peak, if not in the first quarter, the first half of next year. You might have to wait until the second half of next year for central banks to relax.”</p><p><blockquote>百达资产管理公司伦敦多元资产主管安德鲁·科尔表示：“对于很多人来说，通胀是中心舞台。”“人们普遍预计通胀将在明年上半年见顶，如果不是在第一季度。央行可能要等到明年下半年才会放松。”</blockquote></p><p> Higher inflation and low yields on government bonds have dissuaded some investors from holding them this year, due to diminished returns on keeping them to maturity. In bond markets, the yield on the benchmark 10-year Treasury note ticked up to 1.469% Thursday from 1.457% Wednesday. Yields rise when prices fall.</p><p><blockquote>较高的通胀和较低的政府债券收益率阻止了一些投资者今年持有这些债券，因为持有这些债券到期的回报会减少。在债券市场，基准10年期国债收益率从周三的1.457%升至周四的1.469%。当价格下跌时，收益率上升。</blockquote></p><p> Fresh U.S. jobless claims data are also due at 8:30 a.m. Economists expect first-time applications for unemployment benefits, a proxy for layoffs, to remain exceptionally low in the week ended Dec. 18, as employers try to hold on to workers.</p><p><blockquote>新的美国初请失业金数据也将于上午8:30公布。经济学家预计，截至12月18日当周，首次申请失业救济人数（代表裁员）将保持在异常低的水平，因为雇主试图留住工人。</blockquote></p><p> Overseas, the Stoxx Europe 600 rose 0.4%. Major stock indexes in Asia closed higher, with China’s Shanghai Composite gaining 0.6% and South Korea’s Kospi up 0.5%. Japan’s Nikkei 225 added 0.8%.</p><p><blockquote>海外方面，欧洲斯托克600指数涨0.4%。亚洲主要股指收高，中国上证综指上涨0.6%，韩国综合指数上涨0.5%。日本日经225指数上涨0.8%。</blockquote></p><p> Shares of&nbsp;JD.com&nbsp;fell 7% in Hong Kong trading after Chinese social-media giant&nbsp;Tencent Holdings&nbsp;said it was shedding&nbsp;most of its stake in the online retailer. Shares of Tencent rose 4.2%. Hong Kong’s broader Hang Seng Index gained 0.4%.</p><p><blockquote>在中国社交媒体巨头腾讯控股控股表示将出售其在在线零售商京东的大部分股份后，京东股价在香港交易中下跌7%。腾讯控股股价上涨4.2%。香港整体恒生指数上涨0.4%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/global-stock-markets-dow-update-12-23-2021-11640248354?mod=markets_lead_pos2\">Wall Street Journal</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://www.wsj.com/articles/global-stock-markets-dow-update-12-23-2021-11640248354?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188509070","content_text":"U.S. stock futures crept higher ahead of fresh inflation and consumer-spending data that are set to continue shaping monetary policy into next year.\nFutures for the S&P 500 gained 0.2% Thursday. The index climbed for a second day Wednesday as strong economic data helped ease investors’ concerns about the risks posed by Covid-19 and inflation. Contracts for the tech-focused Nasdaq-100 were up 0.1% Thursday, and futures for the Dow Jones Industrial Average added 0.3%.\nIn premarket trading, shares of Novavax gained 5.3% after it said its two-dose Covid-19 vaccine demonstrated “strong immune responses” against Omicron and other variants.\nThe Commerce Department is slated to release fresh figures on consumer spending and a key measure of inflation at 8:30 a.m. ET. Economists estimate that core inflation, which excludes often volatile food and energy prices, rose at the fastest annual pace in almost four decades in November. U.S. consumer spending likely increased in November, boosted by job gains and rising wages, high levels of household saving and inflationary pressures.\nStrong inflation data earlier in December helped prompt the Federal Reserve to accelerate awinding down of its pandemic-era stimulus. Brisk demand for goods, disrupted supply chains, temporary shortages and a rebound in travel have pushed inflation higher. Investors and central bankers are worried that the Omicron variant could add additional pressure to inflation.\n“Inflation is center stage for a lot of people,” said Andrew Cole, head of multiasset in London at Pictet Asset Management. “Inflation is widely expected to peak, if not in the first quarter, the first half of next year. You might have to wait until the second half of next year for central banks to relax.”\nHigher inflation and low yields on government bonds have dissuaded some investors from holding them this year, due to diminished returns on keeping them to maturity. In bond markets, the yield on the benchmark 10-year Treasury note ticked up to 1.469% Thursday from 1.457% Wednesday. Yields rise when prices fall.\nFresh U.S. jobless claims data are also due at 8:30 a.m. Economists expect first-time applications for unemployment benefits, a proxy for layoffs, to remain exceptionally low in the week ended Dec. 18, as employers try to hold on to workers.\nOverseas, the Stoxx Europe 600 rose 0.4%. Major stock indexes in Asia closed higher, with China’s Shanghai Composite gaining 0.6% and South Korea’s Kospi up 0.5%. Japan’s Nikkei 225 added 0.8%.\nShares of JD.com fell 7% in Hong Kong trading after Chinese social-media giant Tencent Holdings said it was shedding most of its stake in the online retailer. Shares of Tencent rose 4.2%. Hong Kong’s broader Hang Seng Index gained 0.4%.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691619212,"gmtCreate":1640182378070,"gmtModify":1640182404766,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691619212","repostId":"1145487385","repostType":4,"isVote":1,"tweetType":1,"viewCount":2528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693407430,"gmtCreate":1640056466378,"gmtModify":1640057697413,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693407430","repostId":"2193761136","repostType":4,"isVote":1,"tweetType":1,"viewCount":2344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693882178,"gmtCreate":1640001213366,"gmtModify":1640001678907,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693882178","repostId":"1130704419","repostType":4,"repost":{"id":"1130704419","kind":"news","pubTimestamp":1639953553,"share":"https://www.laohu8.com/m/news/1130704419?lang=zh_CN&edition=full","pubTime":"2021-12-20 06:39","market":"us","language":"en","title":"Nike, Micron, BlackBerry, CarMax, and Other Stocks for Investors to Watch This Week<blockquote>Nike、Micron、黑莓、CarMax等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130704419","media":"Barrons","summary":"Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday break,Nike and Micron Technology report on Monday,BlackBerry and General Mills on Tuesday, and CarMax,Cintas,and Paychex on Wednesday.It will be a busy week of economic data releases. On Monday, the Conference Board publishes its Leading Economic Index for November, followed by its Consumer Confidence Index for December on Wednesday.On Thursday, the Bureau of Economic Analysis reports per","content":"<p>Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday&nbsp;break,Nike&nbsp;and&nbsp;Micron Technology&nbsp;report on Monday,BlackBerry&nbsp;and&nbsp;General Mills&nbsp;on Tuesday, and&nbsp;CarMax,Cintas,and&nbsp;Paychex&nbsp;on Wednesday.</p><p><blockquote>世界各地的股票和债券市场将于周五休市以庆祝圣诞节。假期前，Nike和Micron Technology将于周一发布报告，黑莓和通用磨坊将于周二发布报告，CarMax、Cintas和Paychex将于周三发布报告。</blockquote></p><p> It will be a busy week of economic data releases. On Monday, the&nbsp;Conference Board publishes its Leading Economic Index for November, followed&nbsp;by its Consumer Confidence Index for December on Wednesday.</p><p><blockquote>这将是经济数据发布繁忙的一周。周一，世界大型企业联合会将公布11月份领先经济指数，随后将于周三公布12月份消费者信心指数。</blockquote></p><p> On Thursday, the&nbsp;Bureau of Economic Analysis reports personal income and consumption expenditures for November. Consumer earnings are forecast to have risen 0.6% while spending is seen climbing 0.5%. The Federal Reserve’s preferred measure of inflation, the core&nbsp;PCE price index, is expected to have spiked 4.5% in November.</p><p><blockquote>周四，经济分析局将公布11月份个人收入和消费支出。消费者收入预计将增长0.6%，而支出预计将增长0.5%。美联储首选的通胀指标核心PCE物价指数预计11月份将飙升4.5%。</blockquote></p><p> Also Thursday, the Census Bureau releases the durable goods report for November, which will provide a window into investment spending in the economy. New orders are forecast to have risen 2.1%. Housing-market indicators out this week include existing-home sales for November on Wednesday and new-home sales for November on Thursday.</p><p><blockquote>同样在周四，人口普查局发布了11月份耐用品报告，这将为了解经济中的投资支出提供一个窗口。新订单预计将增长2.1%。本周公布的房地产市场指标包括周三公布的11月份成屋销售和周四公布的11月份新房销售。</blockquote></p><p> <b>Monday 12/20</b></p><p><blockquote><b>星期一12/20</b></blockquote></p><p> Micron Technology and Nike report quarterly results.</p><p><blockquote>美光科技和耐克公布季度业绩。</blockquote></p><p> <b>The Conference Board</b> releases its Leading Economic Index for November. Consensus estimate is for a 119 reading, which would be 0.6% more than October’s level. The Conference Board currently projects a 5% growth rate for fourth-quarter gross domestic product and a slower but still robust 2.6% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布11月份领先经济指数。普遍估计读数为119，比10月份的水平高出0.6%。世界大型企业联合会目前预计第四季度国内生产总值增长率为5%，2022年增长率较慢但仍强劲的2.6%。</blockquote></p><p> <b>Tuesday 12/21</b></p><p><blockquote><b>星期二12/21</b></blockquote></p><p> BlackBerry,FactSet Research Systems,and General Mills announce earnings.</p><p><blockquote>黑莓、FactSet Research Systems和通用磨坊公布财报。</blockquote></p><p> <b>Wednesday 12/22</b></p><p><blockquote><b>星期三12/22</b></blockquote></p><p> <b>The NAR reports</b> existing-home sales for November. Economists forecast a seasonally adjusted annual rate of 6.4 million homes sold, slightly more than in October and the highest since the beginning of the year.</p><p><blockquote><b>NAR报告</b>11月份现房销售。经济学家预测，经季节调整后的房屋销售量年率为640万套，略高于10月份，为年初以来的最高水平。</blockquote></p><p> CarMax, Cintas, and Paychex hold conference calls to discuss quarterly results.</p><p><blockquote>CarMax、Cintas和Paychex评级召开会议讨论季度业绩。</blockquote></p><p> <b>The Bureau of Economic</b> Analysis reports its third and final estimate for third-quarter GDP. Economists forecast a 2.1% seasonally adjusted annual growth rate, unchanged from November’s second estimate.</p><p><blockquote><b>经济局</b>分析报告了对第三季度GDP的第三次也是最终估计。经济学家预测，经季节调整后的年增长率为2.1%，与11月的第二次估计持平。</blockquote></p><p> <b>The Conference Board</b> releases its Consumer Confidence Index for December. Expectations are for a 110 reading, roughly even with the November data. The index is 15% lower than the postpandemic peak reached in June of this year, due to concerns about rising prices and, to a lesser degree, Covid-19 variants.</p><p><blockquote><b>世界大型企业联合会</b>发布12月份消费者信心指数。预期读数为110，与11月数据大致持平。该指数比今年6月达到的大流行后峰值低15%，原因是对价格上涨以及较小程度上对Covid-19变种的担忧。</blockquote></p><p> <b>Thursday 12/23</b></p><p><blockquote><b>星期四12/23</b></blockquote></p><p> <b>The Department of Labor</b> reports initial jobless claims for the week ending on Dec. 18. Jobless claims have averaged 225,667 a week in November and December, and have finally reached prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至12月18日当周首次申请失业救济人数。11月和12月平均每周申请失业救济人数为225,667人，最终达到了大流行前的水平。</blockquote></p><p> <b>The Census Bureau</b> reports new-home sales for November. Consensus estimate is for a seasonally adjusted annual rate of 770,000 new single-family houses sold, 25,000 more than in October. The median sales price of new houses sold in October was $407,700, while the average sales price was $477,800—both record highs.</p><p><blockquote><b>人口普查局</b>报告11月份新房销售。市场普遍估计，经季节调整后的新单户住宅年增长率为77万套，比10月份增加2.5万套。10月份售出的新房销售价格中位数为40.77万美元，而平均销售价格为47.78万美元——均创历史新高。</blockquote></p><p> <b>The BEA reports</b> personal income and consumption expenditures for November. Economists forecast a 0.6% monthly increase for income and 0.5% for consumption. This compares with gains for 0.5% and 1.3%, respectively, in October. The Federal Reserve’s preferred inflation gauge, the core PCE price index, jumped 4.1% year over year in October, the fastest rate since 1991. Predictions are for it to spike 4.6% in November.</p><p><blockquote><b>东亚银行报告</b>11月份个人收入和消费支出。经济学家预测收入每月增长0.6%，消费每月增长0.5%。相比之下，10月份的涨幅分别为0.5%和1.3%。美联储首选的通胀指标核心PCE价格指数10月份同比上涨4.1%，为1991年以来最快增速。预计11月份将飙升4.6%。</blockquote></p><p> <b>The Census Bureau</b> releases the durable goods report for November. New orders for durable manufactured goods are expected to increase 2.1%, to $265.6 billion. Excluding transportation, new orders are seen gaining 0.6%, compared with a 0.5% rise in October.</p><p><blockquote><b>人口普查局</b>发布11月份耐用品报告。耐用品新订单预计将增长2.1%，达到2656亿美元。不包括运输，新订单预计将增长0.6%，而10月份为增长0.5%。</blockquote></p><p> <b>Friday 12/24</b></p><p><blockquote><b>星期五12/24</b></blockquote></p><p> <b>U.S. equity</b>&nbsp;and fixed-income markets are closed in observance of Christmas.</p><p><blockquote><b>美国股票</b>固定收益市场因圣诞节而休市。</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>Nike, Micron, BlackBerry, CarMax, and Other Stocks for Investors to Watch This Week<blockquote>Nike、Micron、黑莓、CarMax等本周值得投资者关注的股票</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\">\nNike, Micron, BlackBerry, CarMax, and Other Stocks for Investors to Watch This Week<blockquote>Nike、Micron、黑莓、CarMax等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-12-20 06:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday&nbsp;break,Nike&nbsp;and&nbsp;Micron Technology&nbsp;report on Monday,BlackBerry&nbsp;and&nbsp;General Mills&nbsp;on Tuesday, and&nbsp;CarMax,Cintas,and&nbsp;Paychex&nbsp;on Wednesday.</p><p><blockquote>世界各地的股票和债券市场将于周五休市以庆祝圣诞节。假期前，Nike和Micron Technology将于周一发布报告，黑莓和通用磨坊将于周二发布报告，CarMax、Cintas和Paychex将于周三发布报告。</blockquote></p><p> It will be a busy week of economic data releases. On Monday, the&nbsp;Conference Board publishes its Leading Economic Index for November, followed&nbsp;by its Consumer Confidence Index for December on Wednesday.</p><p><blockquote>这将是经济数据发布繁忙的一周。周一，世界大型企业联合会将公布11月份领先经济指数，随后将于周三公布12月份消费者信心指数。</blockquote></p><p> On Thursday, the&nbsp;Bureau of Economic Analysis reports personal income and consumption expenditures for November. Consumer earnings are forecast to have risen 0.6% while spending is seen climbing 0.5%. The Federal Reserve’s preferred measure of inflation, the core&nbsp;PCE price index, is expected to have spiked 4.5% in November.</p><p><blockquote>周四，经济分析局将公布11月份个人收入和消费支出。消费者收入预计将增长0.6%，而支出预计将增长0.5%。美联储首选的通胀指标核心PCE物价指数预计11月份将飙升4.5%。</blockquote></p><p> Also Thursday, the Census Bureau releases the durable goods report for November, which will provide a window into investment spending in the economy. New orders are forecast to have risen 2.1%. Housing-market indicators out this week include existing-home sales for November on Wednesday and new-home sales for November on Thursday.</p><p><blockquote>同样在周四，人口普查局发布了11月份耐用品报告，这将为了解经济中的投资支出提供一个窗口。新订单预计将增长2.1%。本周公布的房地产市场指标包括周三公布的11月份成屋销售和周四公布的11月份新房销售。</blockquote></p><p> <b>Monday 12/20</b></p><p><blockquote><b>星期一12/20</b></blockquote></p><p> Micron Technology and Nike report quarterly results.</p><p><blockquote>美光科技和耐克公布季度业绩。</blockquote></p><p> <b>The Conference Board</b> releases its Leading Economic Index for November. Consensus estimate is for a 119 reading, which would be 0.6% more than October’s level. The Conference Board currently projects a 5% growth rate for fourth-quarter gross domestic product and a slower but still robust 2.6% for 2022.</p><p><blockquote><b>世界大型企业联合会</b>发布11月份领先经济指数。普遍估计读数为119，比10月份的水平高出0.6%。世界大型企业联合会目前预计第四季度国内生产总值增长率为5%，2022年增长率较慢但仍强劲的2.6%。</blockquote></p><p> <b>Tuesday 12/21</b></p><p><blockquote><b>星期二12/21</b></blockquote></p><p> BlackBerry,FactSet Research Systems,and General Mills announce earnings.</p><p><blockquote>黑莓、FactSet Research Systems和通用磨坊公布财报。</blockquote></p><p> <b>Wednesday 12/22</b></p><p><blockquote><b>星期三12/22</b></blockquote></p><p> <b>The NAR reports</b> existing-home sales for November. Economists forecast a seasonally adjusted annual rate of 6.4 million homes sold, slightly more than in October and the highest since the beginning of the year.</p><p><blockquote><b>NAR报告</b>11月份现房销售。经济学家预测，经季节调整后的房屋销售量年率为640万套，略高于10月份，为年初以来的最高水平。</blockquote></p><p> CarMax, Cintas, and Paychex hold conference calls to discuss quarterly results.</p><p><blockquote>CarMax、Cintas和Paychex评级召开会议讨论季度业绩。</blockquote></p><p> <b>The Bureau of Economic</b> Analysis reports its third and final estimate for third-quarter GDP. Economists forecast a 2.1% seasonally adjusted annual growth rate, unchanged from November’s second estimate.</p><p><blockquote><b>经济局</b>分析报告了对第三季度GDP的第三次也是最终估计。经济学家预测，经季节调整后的年增长率为2.1%，与11月的第二次估计持平。</blockquote></p><p> <b>The Conference Board</b> releases its Consumer Confidence Index for December. Expectations are for a 110 reading, roughly even with the November data. The index is 15% lower than the postpandemic peak reached in June of this year, due to concerns about rising prices and, to a lesser degree, Covid-19 variants.</p><p><blockquote><b>世界大型企业联合会</b>发布12月份消费者信心指数。预期读数为110，与11月数据大致持平。该指数比今年6月达到的大流行后峰值低15%，原因是对价格上涨以及较小程度上对Covid-19变种的担忧。</blockquote></p><p> <b>Thursday 12/23</b></p><p><blockquote><b>星期四12/23</b></blockquote></p><p> <b>The Department of Labor</b> reports initial jobless claims for the week ending on Dec. 18. Jobless claims have averaged 225,667 a week in November and December, and have finally reached prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至12月18日当周首次申请失业救济人数。11月和12月平均每周申请失业救济人数为225,667人，最终达到了大流行前的水平。</blockquote></p><p> <b>The Census Bureau</b> reports new-home sales for November. Consensus estimate is for a seasonally adjusted annual rate of 770,000 new single-family houses sold, 25,000 more than in October. The median sales price of new houses sold in October was $407,700, while the average sales price was $477,800—both record highs.</p><p><blockquote><b>人口普查局</b>报告11月份新房销售。市场普遍估计，经季节调整后的新单户住宅年增长率为77万套，比10月份增加2.5万套。10月份售出的新房销售价格中位数为40.77万美元，而平均销售价格为47.78万美元——均创历史新高。</blockquote></p><p> <b>The BEA reports</b> personal income and consumption expenditures for November. Economists forecast a 0.6% monthly increase for income and 0.5% for consumption. This compares with gains for 0.5% and 1.3%, respectively, in October. The Federal Reserve’s preferred inflation gauge, the core PCE price index, jumped 4.1% year over year in October, the fastest rate since 1991. Predictions are for it to spike 4.6% in November.</p><p><blockquote><b>东亚银行报告</b>11月份个人收入和消费支出。经济学家预测收入每月增长0.6%，消费每月增长0.5%。相比之下，10月份的涨幅分别为0.5%和1.3%。美联储首选的通胀指标核心PCE价格指数10月份同比上涨4.1%，为1991年以来最快增速。预计11月份将飙升4.6%。</blockquote></p><p> <b>The Census Bureau</b> releases the durable goods report for November. New orders for durable manufactured goods are expected to increase 2.1%, to $265.6 billion. Excluding transportation, new orders are seen gaining 0.6%, compared with a 0.5% rise in October.</p><p><blockquote><b>人口普查局</b>发布11月份耐用品报告。耐用品新订单预计将增长2.1%，达到2656亿美元。不包括运输，新订单预计将增长0.6%，而10月份为增长0.5%。</blockquote></p><p> <b>Friday 12/24</b></p><p><blockquote><b>星期五12/24</b></blockquote></p><p> <b>U.S. equity</b>&nbsp;and fixed-income markets are closed in observance of Christmas.</p><p><blockquote><b>美国股票</b>固定收益市场因圣诞节而休市。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/nike-micron-blackberry-carmax-and-other-stocks-for-investors-to-watch-this-week-51639944183?mod=hp_LEAD_5\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","CTAS":"信达思","KMX":"车美仕","MU":"美光科技","PAYX":"沛齐",".IXIC":"NASDAQ Composite","GIS":"通用磨坊"},"source_url":"https://www.barrons.com/articles/nike-micron-blackberry-carmax-and-other-stocks-for-investors-to-watch-this-week-51639944183?mod=hp_LEAD_5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130704419","content_text":"Stock and bond markets around the world will be closed Friday in observance of Christmas. Before the holiday break,Nike and Micron Technology report on Monday,BlackBerry and General Mills on Tuesday, and CarMax,Cintas,and Paychex on Wednesday.\nIt will be a busy week of economic data releases. On Monday, the Conference Board publishes its Leading Economic Index for November, followed by its Consumer Confidence Index for December on Wednesday.\nOn Thursday, the Bureau of Economic Analysis reports personal income and consumption expenditures for November. Consumer earnings are forecast to have risen 0.6% while spending is seen climbing 0.5%. The Federal Reserve’s preferred measure of inflation, the core PCE price index, is expected to have spiked 4.5% in November.\nAlso Thursday, the Census Bureau releases the durable goods report for November, which will provide a window into investment spending in the economy. New orders are forecast to have risen 2.1%. Housing-market indicators out this week include existing-home sales for November on Wednesday and new-home sales for November on Thursday.\nMonday 12/20\nMicron Technology and Nike report quarterly results.\nThe Conference Board releases its Leading Economic Index for November. Consensus estimate is for a 119 reading, which would be 0.6% more than October’s level. The Conference Board currently projects a 5% growth rate for fourth-quarter gross domestic product and a slower but still robust 2.6% for 2022.\nTuesday 12/21\nBlackBerry,FactSet Research Systems,and General Mills announce earnings.\nWednesday 12/22\nThe NAR reports existing-home sales for November. Economists forecast a seasonally adjusted annual rate of 6.4 million homes sold, slightly more than in October and the highest since the beginning of the year.\nCarMax, Cintas, and Paychex hold conference calls to discuss quarterly results.\nThe Bureau of Economic Analysis reports its third and final estimate for third-quarter GDP. Economists forecast a 2.1% seasonally adjusted annual growth rate, unchanged from November’s second estimate.\nThe Conference Board releases its Consumer Confidence Index for December. Expectations are for a 110 reading, roughly even with the November data. The index is 15% lower than the postpandemic peak reached in June of this year, due to concerns about rising prices and, to a lesser degree, Covid-19 variants.\nThursday 12/23\nThe Department of Labor reports initial jobless claims for the week ending on Dec. 18. Jobless claims have averaged 225,667 a week in November and December, and have finally reached prepandemic levels.\nThe Census Bureau reports new-home sales for November. Consensus estimate is for a seasonally adjusted annual rate of 770,000 new single-family houses sold, 25,000 more than in October. The median sales price of new houses sold in October was $407,700, while the average sales price was $477,800—both record highs.\nThe BEA reports personal income and consumption expenditures for November. Economists forecast a 0.6% monthly increase for income and 0.5% for consumption. This compares with gains for 0.5% and 1.3%, respectively, in October. The Federal Reserve’s preferred inflation gauge, the core PCE price index, jumped 4.1% year over year in October, the fastest rate since 1991. Predictions are for it to spike 4.6% in November.\nThe Census Bureau releases the durable goods report for November. New orders for durable manufactured goods are expected to increase 2.1%, to $265.6 billion. Excluding transportation, new orders are seen gaining 0.6%, compared with a 0.5% rise in October.\nFriday 12/24\nU.S. equity and fixed-income markets are closed in observance of Christmas.","news_type":1,"symbols_score_info":{".IXIC":0.9,"PAYX":0.9,".SPX":0.9,"GIS":0.9,"KMX":0.9,".DJI":0.9,"CTAS":0.9,"MU":0.9}},"isVote":1,"tweetType":1,"viewCount":3073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693097048,"gmtCreate":1639922783586,"gmtModify":1639922783884,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693097048","repostId":"2192903795","repostType":4,"isVote":1,"tweetType":1,"viewCount":4803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699589232,"gmtCreate":1639839085011,"gmtModify":1639839085284,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699589232","repostId":"1156618758","repostType":4,"repost":{"id":"1156618758","kind":"news","pubTimestamp":1639807675,"share":"https://www.laohu8.com/m/news/1156618758?lang=zh_CN&edition=full","pubTime":"2021-12-18 14:07","market":"us","language":"en","title":"Broadcom, Skyworks defended at BofA as Apple speculation heats up<blockquote>随着苹果猜测升温，博通和Skyworks在美国银行进行辩护</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156618758","media":"Seeking Alpha","summary":"Skyworks Solutions  and Broadcom  are being defended at Bank of America after it was reported that A","content":"<p><a href=\"https://laohu8.com/S/SWKS\">Skyworks Solutions </a> and <a href=\"https://laohu8.com/S/AVGO\">Broadcom </a> are being defended at Bank of America after it was reported that <a href=\"https://laohu8.com/S/AAPL\">Apple </a> is looking to build wireless chips in-house, news that sent shares of both semiconductor companies sharply lower.</p><p><blockquote><a href=\"https://laohu8.com/S/SWKS\">Skyworks解决方案</a>和<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>在有报道称美国银行正在为<a href=\"https://laohu8.com/S/AAPL\">苹果</a>正在寻求内部制造无线芯片，这一消息导致两家半导体公司的股价大幅下跌。</blockquote></p><p> Analyst Vivek Arya, who rates Broadcom (AVGO) buy with a $750 price target and Skyworks (SWKS) neutral with a $190 price target, notes that both companies have significant exposure to Apple (AAPL), with 20% for Broadcom and 59% for Skyworks, but industry checks suggest the impact is \"overblown in the near to medium term.\" Apple's hiring could be for its plans to develop its own 5G modem, which would hurt Qualcomm (NASDAQ:QCOM) and not Broadcom or Skyworks.</p><p><blockquote>分析师Vivek Arya将Broadcom(AVGO)评级为买入，目标价为750美元，将Skyworks(SWKS)评级为中性，目标价为190美元，他指出，两家公司对苹果(AAPL)都有很大的敞口，其中Broadcom持有20%，Skyworks持有59%，但行业检查表明，这种影响“在中短期内被夸大了”。苹果的招聘可能是为了其开发自己的5G调制解调器的计划，这将损害高通（纳斯达克股票代码：QCOM），而不是博通或Skyworks。</blockquote></p><p> Skyworks (SWKS) fell more than 8% to close at $146.39 on Thursday and are down another 1% on Friday. Broadcom declined 3% to close at $620.68 and are slightly lower on Friday.</p><p><blockquote>Skyworks(SWKS)周四下跌超过8%，收于146.39美元，周五又下跌1%。博通下跌3%，收于620.68美元，周五小幅走低。</blockquote></p><p> Arya notes that Broadcom (AVGO) has a $15 billion contract with Apple (AAPL) that runs through 2023 and all RF design is not \"created equal.\" He adds that RF design is a \"very broad capability,\" which requires experience for a wide variety of use cases in smartphones, including the transceiver, which Arya believes the report was talking about.</p><p><blockquote>Arya指出，博通(AVGO)与苹果(AAPL)签订了一份价值150亿美元的合同，该合同将持续到2023年，所有射频设计并非“生来平等”。他补充说，射频设计是一项“非常广泛的能力”，这需要智能手机各种用例的经验，包括Arya认为报告中谈到的收发器。</blockquote></p><p> Apple (AAPL) purchases RF-front parts from Broadcom (AVGO), Skyworks (SWKS), Qorvo (NASDAQ:QRVO) and Qualcomm (QCOM), including amplifiers, filters and switches and \"we have heard of no plans for Apple to insource these parts that require very specific recipes, intellectual property and specialty materials/fabs,\" the analyst added.</p><p><blockquote>苹果(AAPL)从Broadcom(AVGO)、Skyworks(SWKS)、Qorvo（纳斯达克股票代码：QRVO）和高通(QCOM)购买射频前端零件，包括放大器、滤波器和开关，“我们没有听说苹果有任何计划将这些需要非常具体配方、知识产权和特殊材料/晶圆厂的零件内化，”分析师补充道。</blockquote></p><p> Apple (AAPL) also gets the Wi-Fi and Bluetooth chips from Broadcom (AVGO) and the RF front-end from Skyworks and the analyst said to his knowledge, \"there are no plans for Apple to insource these currently,\" though he admitted that the low-end Apple Watch uses some of Apple's own silicon for this.</p><p><blockquote>苹果(AAPL)还从博通(AVGO)获得Wi-Fi和蓝牙芯片，从Skyworks获得射频前端，这位分析师表示，据他所知，“苹果目前没有计划外包这些芯片”，尽管他承认低端苹果手表为此使用了苹果自己的一些芯片。</blockquote></p><p> On Thursday, Goldman Sachs said Apple (AAPL) iPhone supply was getting better, becoming more in-line with demand.</p><p><blockquote>周四，高盛表示，苹果(AAPL)iPhone供应正在好转，与需求更加一致。</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>Broadcom, Skyworks defended at BofA as Apple speculation heats up<blockquote>随着苹果猜测升温，博通和Skyworks在美国银行进行辩护</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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBroadcom, Skyworks defended at BofA as Apple speculation heats up<blockquote>随着苹果猜测升温，博通和Skyworks在美国银行进行辩护</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\">2021-12-18 14:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/SWKS\">Skyworks Solutions </a> and <a href=\"https://laohu8.com/S/AVGO\">Broadcom </a> are being defended at Bank of America after it was reported that <a href=\"https://laohu8.com/S/AAPL\">Apple </a> is looking to build wireless chips in-house, news that sent shares of both semiconductor companies sharply lower.</p><p><blockquote><a href=\"https://laohu8.com/S/SWKS\">Skyworks解决方案</a>和<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>在有报道称美国银行正在为<a href=\"https://laohu8.com/S/AAPL\">苹果</a>正在寻求内部制造无线芯片，这一消息导致两家半导体公司的股价大幅下跌。</blockquote></p><p> Analyst Vivek Arya, who rates Broadcom (AVGO) buy with a $750 price target and Skyworks (SWKS) neutral with a $190 price target, notes that both companies have significant exposure to Apple (AAPL), with 20% for Broadcom and 59% for Skyworks, but industry checks suggest the impact is \"overblown in the near to medium term.\" Apple's hiring could be for its plans to develop its own 5G modem, which would hurt Qualcomm (NASDAQ:QCOM) and not Broadcom or Skyworks.</p><p><blockquote>分析师Vivek Arya将Broadcom(AVGO)评级为买入，目标价为750美元，将Skyworks(SWKS)评级为中性，目标价为190美元，他指出，两家公司对苹果(AAPL)都有很大的敞口，其中Broadcom持有20%，Skyworks持有59%，但行业检查表明，这种影响“在中短期内被夸大了”。苹果的招聘可能是为了其开发自己的5G调制解调器的计划，这将损害高通（纳斯达克股票代码：QCOM），而不是博通或Skyworks。</blockquote></p><p> Skyworks (SWKS) fell more than 8% to close at $146.39 on Thursday and are down another 1% on Friday. Broadcom declined 3% to close at $620.68 and are slightly lower on Friday.</p><p><blockquote>Skyworks(SWKS)周四下跌超过8%，收于146.39美元，周五又下跌1%。博通下跌3%，收于620.68美元，周五小幅走低。</blockquote></p><p> Arya notes that Broadcom (AVGO) has a $15 billion contract with Apple (AAPL) that runs through 2023 and all RF design is not \"created equal.\" He adds that RF design is a \"very broad capability,\" which requires experience for a wide variety of use cases in smartphones, including the transceiver, which Arya believes the report was talking about.</p><p><blockquote>Arya指出，博通(AVGO)与苹果(AAPL)签订了一份价值150亿美元的合同，该合同将持续到2023年，所有射频设计并非“生来平等”。他补充说，射频设计是一项“非常广泛的能力”，这需要智能手机各种用例的经验，包括Arya认为报告中谈到的收发器。</blockquote></p><p> Apple (AAPL) purchases RF-front parts from Broadcom (AVGO), Skyworks (SWKS), Qorvo (NASDAQ:QRVO) and Qualcomm (QCOM), including amplifiers, filters and switches and \"we have heard of no plans for Apple to insource these parts that require very specific recipes, intellectual property and specialty materials/fabs,\" the analyst added.</p><p><blockquote>苹果(AAPL)从Broadcom(AVGO)、Skyworks(SWKS)、Qorvo（纳斯达克股票代码：QRVO）和高通(QCOM)购买射频前端零件，包括放大器、滤波器和开关，“我们没有听说苹果有任何计划将这些需要非常具体配方、知识产权和特殊材料/晶圆厂的零件内化，”分析师补充道。</blockquote></p><p> Apple (AAPL) also gets the Wi-Fi and Bluetooth chips from Broadcom (AVGO) and the RF front-end from Skyworks and the analyst said to his knowledge, \"there are no plans for Apple to insource these currently,\" though he admitted that the low-end Apple Watch uses some of Apple's own silicon for this.</p><p><blockquote>苹果(AAPL)还从博通(AVGO)获得Wi-Fi和蓝牙芯片，从Skyworks获得射频前端，这位分析师表示，据他所知，“苹果目前没有计划外包这些芯片”，尽管他承认低端苹果手表为此使用了苹果自己的一些芯片。</blockquote></p><p> On Thursday, Goldman Sachs said Apple (AAPL) iPhone supply was getting better, becoming more in-line with demand.</p><p><blockquote>周四，高盛表示，苹果(AAPL)iPhone供应正在好转，与需求更加一致。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3781253-broadcom-skyworks-defended-at-bofa-as-apple-speculation-heats-up\">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":{"AAPL":"苹果","AVGO":"博通","SWKS":"思佳讯"},"source_url":"https://seekingalpha.com/news/3781253-broadcom-skyworks-defended-at-bofa-as-apple-speculation-heats-up","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156618758","content_text":"Skyworks Solutions  and Broadcom  are being defended at Bank of America after it was reported that Apple  is looking to build wireless chips in-house, news that sent shares of both semiconductor companies sharply lower.\nAnalyst Vivek Arya, who rates Broadcom (AVGO) buy with a $750 price target and Skyworks (SWKS) neutral with a $190 price target, notes that both companies have significant exposure to Apple (AAPL), with 20% for Broadcom and 59% for Skyworks, but industry checks suggest the impact is \"overblown in the near to medium term.\" Apple's hiring could be for its plans to develop its own 5G modem, which would hurt Qualcomm (NASDAQ:QCOM) and not Broadcom or Skyworks.\nSkyworks (SWKS) fell more than 8% to close at $146.39 on Thursday and are down another 1% on Friday. Broadcom declined 3% to close at $620.68 and are slightly lower on Friday.\nArya notes that Broadcom (AVGO) has a $15 billion contract with Apple (AAPL) that runs through 2023 and all RF design is not \"created equal.\" He adds that RF design is a \"very broad capability,\" which requires experience for a wide variety of use cases in smartphones, including the transceiver, which Arya believes the report was talking about.\nApple (AAPL) purchases RF-front parts from Broadcom (AVGO), Skyworks (SWKS), Qorvo (NASDAQ:QRVO) and Qualcomm (QCOM), including amplifiers, filters and switches and \"we have heard of no plans for Apple to insource these parts that require very specific recipes, intellectual property and specialty materials/fabs,\" the analyst added.\nApple (AAPL) also gets the Wi-Fi and Bluetooth chips from Broadcom (AVGO) and the RF front-end from Skyworks and the analyst said to his knowledge, \"there are no plans for Apple to insource these currently,\" though he admitted that the low-end Apple Watch uses some of Apple's own silicon for this.\nOn Thursday, Goldman Sachs said Apple (AAPL) iPhone supply was getting better, becoming more in-line with demand.","news_type":1,"symbols_score_info":{"AAPL":0.9,"SWKS":0.9,"AVGO":0.9}},"isVote":1,"tweetType":1,"viewCount":2267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699197555,"gmtCreate":1639754231679,"gmtModify":1639754272311,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/699197555","isVote":1,"tweetType":1,"viewCount":991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690432014,"gmtCreate":1639700180117,"gmtModify":1639700180401,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690432014","repostId":"2192942001","repostType":4,"isVote":1,"tweetType":1,"viewCount":1035,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690995704,"gmtCreate":1639619571073,"gmtModify":1639619571375,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690995704","repostId":"2191994940","repostType":4,"isVote":1,"tweetType":1,"viewCount":877,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607460333,"gmtCreate":1639579382770,"gmtModify":1639579383038,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607460333","repostId":"1117159322","repostType":4,"repost":{"id":"1117159322","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":1639578923,"share":"https://www.laohu8.com/m/news/1117159322?lang=zh_CN&edition=full","pubTime":"2021-12-15 22:35","market":"us","language":"en","title":"EV stocks fell in morning trading,with Lucid sliding over 3%,TuSimple and Xpeng sliding over 2%<blockquote>电动汽车股早盘下跌，Lucid跌超3%，图森未来和小鹏汽车跌超2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117159322","media":"Tiger Newspress","summary":"EV stocks fell in morning trading,with Lucid sliding over 3%,TuSimple and Xpeng sliding over 2%.","content":"<p>EV stocks fell in morning trading,with Lucid sliding over 3%,TuSimple and Xpeng sliding over 2%.<img src=\"https://static.tigerbbs.com/6b9606e6b3fe89a02e29dfd8239bd1ba\" tg-width=\"286\" tg-height=\"472\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股早盘下跌，Lucid下跌超过3%，图森未来和小鹏汽车下跌超过2%。</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>EV stocks fell in morning trading,with Lucid sliding over 3%,TuSimple and Xpeng sliding over 2%<blockquote>电动汽车股早盘下跌，Lucid跌超3%，图森未来和小鹏汽车跌超2%</blockquote></title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV stocks fell in morning trading,with Lucid sliding over 3%,TuSimple and Xpeng sliding over 2%<blockquote>电动汽车股早盘下跌，Lucid跌超3%，图森未来和小鹏汽车跌超2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-15 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV stocks fell in morning trading,with Lucid sliding over 3%,TuSimple and Xpeng sliding over 2%.<img src=\"https://static.tigerbbs.com/6b9606e6b3fe89a02e29dfd8239bd1ba\" tg-width=\"286\" tg-height=\"472\" width=\"100%\" height=\"auto\"></p><p><blockquote>电动汽车股早盘下跌，Lucid下跌超过3%，图森未来和小鹏汽车下跌超过2%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc","XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117159322","content_text":"EV stocks fell in morning trading,with Lucid sliding over 3%,TuSimple and Xpeng sliding over 2%.","news_type":1,"symbols_score_info":{"LCID":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607013675,"gmtCreate":1639456224199,"gmtModify":1639456224484,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/607013675","repostId":"1120286910","repostType":4,"repost":{"id":"1120286910","kind":"news","pubTimestamp":1639453388,"share":"https://www.laohu8.com/m/news/1120286910?lang=zh_CN&edition=full","pubTime":"2021-12-14 11:43","market":"us","language":"en","title":"PayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120286910","media":"Seeking Alpha","summary":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI wa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜测的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</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's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPayPal's Recent Price Decline Will Eventually Happen To Nearly All Overvalued Technology Stocks<blockquote>PayPal最近的价格下跌最终将发生在几乎所有被高估的科技股身上</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\">2021-12-14 11:43</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>PayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.</li>  <li>I warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.</li>  <li>That warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.</li>  <li>PayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/847095b0be294275f55f7e8f700d56b4\" tg-width=\"1536\" tg-height=\"1229\" width=\"100%\" height=\"auto\"><span>BsWei/iStock via Getty Images</span></p><p><blockquote><ul><li>PayPal股价较今年高点下跌超过-35%，而且该股仍然不便宜。</li><li>我早在2021年2月就警告投资者，PayPal的估值被严重高估，值得出售。</li><li>这一警告可能是针对数十只被高估的科技股发出的，这些股在未来3年内仍有超过-50%的下跌空间。</li><li>PayPal仍然是一家我想拥有的伟大公司，因此我分析该股票以确定我愿意购买它的价格。</li></ul><p class=\"t-img-caption\"><span>BsWei/iStock来自Getty Images</span></p></blockquote></p><p> <b>Introduction</b></p><p><blockquote><b>介绍</b></blockquote></p><p> Back on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&amp;P 500 (SPY).</p><p><blockquote>早在2021年2月6日，我就制作了一段视频，与投资者分享了为什么PayPal(PYPL)股票被高估到足以出售。我在我的Seeking Alpha bloghere上分享了该视频。自那时以来，PayPal的绝对表现和相对于标普500（SPDR标普500指数ETF）的表现都很差。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8252b7218af36cce8b5a591f56abaecd\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> The stock price is down about -30% since I warned investors and down about -38% off its high price of the year.</p><p><blockquote>自从我向投资者发出警告以来，该股股价已下跌约-30%，较今年的高点下跌约-38%。</blockquote></p><p> The truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.</p><p><blockquote>事实是，我本可以对许多其他被高估的科技股发出同样的警告，但如果价格跌至合理水平，我实际上想买入PayPal。这是一个公司绝对没有问题的案例。没有什么不好的故事可讲。这个价格被高估了。二月份围绕PayPal的故事有多好并不重要。从长远来看，数字几乎总是胜过叙事。当时的数字没有意义。</blockquote></p><p> This should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.</p><p><blockquote>这应该是中长线投资者的重要一课。如果数字不起作用，故事是什么并不重要。</blockquote></p><p> The difficultly for a stock writer like myself is that investors<i>love</i>narratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.</p><p><blockquote>对于像我这样的股票作家来说，困难的是投资者<i>爱</i>叙事和故事。这不是我们的错。我们人类的大脑天生就是这样。自从我分享了我看跌的2月份PayPal视频以来，Seeking Alpha上报道PayPal的62篇文章中，没有一篇“看跌”文章。主要原因是PayPal的叙述如此吸引人，以至于估值数字要么被忽视，要么围绕这些数字的假设不现实。</blockquote></p><p> In this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.</p><p><blockquote>在本文中，我将分享我目前基于盈利和盈利增长预测的PayPal估值。我还将分享我认为PayPal股票的公允价值范围，以及我希望在安全边际的情况下购买的价格。这与我在2021年2月用来确定PayPal股票被高估的基本过程相同。</blockquote></p><p> <b>Full-Cycle Earnings Analysis</b></p><p><blockquote><b>全周期盈利分析</b></blockquote></p><p> As part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.</p><p><blockquote>作为分析的一部分，我计算了我认为未来总回报的两个主要驱动因素：市场情绪回报和商业回报。然后，我将这些预期回报以10年复合年增长率预期的形式组合在一起，并用它来评估股票。</blockquote></p><p> Before I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.</p><p><blockquote>在我开始这种分析之前，我总是检查企业的长期盈利模式，以确保企业适合这种分析。如果历史收益1）没有足够长的历史2）本质上不稳定，或者3）周期性太强，那么我要么完全避免分析股票，要么使用更合适的不同类型的分析。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70078307e65a5a1d0e37f9e70b726b77\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> We can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.</p><p><blockquote>我们可以看到，自2015年以来，PayPal的每股收益每年都在增长。这是一个明显的长期增长模式，它使该股票作为长期投资非常有吸引力。自2015年以来，没有出现过任何盈利负增长的年份，因此该股票可能非常适合我将要进行的盈利分析类型。不过，要问的一个重要问题是，虽然我们在2020年确实经历了短暂的衰退，但这是一次非常不寻常的衰退。在更长、更持久的经济衰退期间，PayPal的业务可能会对经济更加敏感。所以，这是一个风险。然而，当我考察eBay(EBAY)在2008/9年经济衰退中的表现时，其盈利增长基本持平，从未出现过负增长。如果让我猜测的话，我认为PayPal的盈利增长率可能会在“正常”衰退期间下降，但仍然不会特别具有周期性。出于这些原因，尽管我们没有PayPal“正常”衰退的硬历史数据，但我仍将继续进行全周期盈利分析。</blockquote></p><p> <b>Market Sentiment Return Expectations</b></p><p><blockquote><b>市场情绪回归预期</b></blockquote></p><p></p><p> In order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.</p><p><blockquote>为了估计未来10年我们可能预期的回报，让我们首先研究一下，如果市盈率倍数恢复到上一个经济周期的平均值，我们从现在起10年后可以预期的回报。由于我们最近经历了一次衰退（尽管是一次不寻常的衰退），我将在2015财年开始这个周期，并通过2021年的估计运行它。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e36d2c3455962a02d96b8c88c32eadce\" tg-width=\"640\" tg-height=\"490\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of<b>-1.75%</b>. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.</p><p><blockquote>PayPal从2015年至今的平均市盈率为34.11（快速图上用金色圈出的蓝色条）。使用2021年4.60美元的预期盈利预测（也用金色圈出），PayPal目前的市盈率为40.73。如果40.73市盈率在未来10年恢复到34.11的平均市盈率，而其他条件保持不变，PayPal的股价将会下跌，10年复合年增长率将为<b>-1.75%</b>如果情绪回归需要十年时间，这就是我们可以从情绪均值回归中预期的年回报率。如果恢复所需的时间更短，价格可能会下跌得更快。</blockquote></p><p> <b>Business Earnings Expectations</b></p><p><blockquote><b>业务盈利预期</b></blockquote></p><p> We previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.</p><p><blockquote>我们之前研究了如果市场情绪恢复到均值会发生什么。这完全由市场情绪决定，并且通常与实际业务的表现脱节，或者只是松散地联系在一起。在本节中，我们将检查企业的实际收益。这里的目标很简单：我们想知道如果我们以今天的价格收购企业并将所有收益留给自己，我们在10年内会赚多少钱（以CAGR%的形式表示）。</blockquote></p><p> There are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.</p><p><blockquote>这有两个主要组成部分：第一个是收益收益率，第二个是收益的预期增长率。让我们从收益率（这是一个倒置的市盈率，因此，市盈率）开始。目前的收益率约为+2.46%。我喜欢思考这个问题的方式是，如果我现在以100美元购买公司的整个业务，如果未来10年收益保持不变，我每年的投资将获得2.46美元。</blockquote></p><p> The next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).</p><p><blockquote>下一步是估计公司在这段时间内的盈利增长。我通过计算上一个周期的收益增长率并将该增长率应用于未来10年来做到这一点。这涉及计算自2015年以来的每股收益增长率，考虑每年的每股收益增长或下降，然后退出该时期发生的任何股票回购（因为减持股票会因股票减少而增加每股收益）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f31b7d8ed5f59c82c2531cc686324d1a\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Due to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.</p><p><blockquote>由于图表的规模，回购看起来比实际要大得多，这里没有太多调整。此外，由于PayPal的盈利每年都在增长，因此无需调整盈利增长下降。这使得估计PayPal的盈利增长变得相对简单，我估计PayPal的盈利增长约为+23.65%。</blockquote></p><p> Now, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.</p><p><blockquote>现在，当我问自己“出于估值目的，未来10年的合理预期是什么？”对于企业来说，在整整十年的时间里，收入每年增长超过20%是非常非常困难的（特别是如果他们在过去十年里已经这样做了）。因此，在用于估值目的时，我将所有长期预期盈利增长预测限制在20%。当股票的市盈率可能会随着时间的推移而收缩时，这只是一种帮助我避免为股票支付过高价格的方法。因此，对于这次估值工作，我将盈利增长假设限制在20%。</blockquote></p><p> Next, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a<b>+5.85%</b>10-year CAGR estimate for the expected business earnings returns.</p><p><blockquote>接下来，我将将该增长率应用于当前收益，展望10年，以获得最终的10年复合年增长率估计。我的想法是，如果我以100美元收购PayPal的整个业务，它将在第一年偿还我2.46美元，外加+20.00%的增长，并且在那之后的10年里，这个数额将以每年+20.00%的速度增长。我想知道我的100美元投资在10年后总共会有多少钱，我计算出大约是176.50美元（包括最初的100美元）。当我将这种增长插入CAGR计算器时，就会转化为<b>+5.85%</b>预期业务盈利回报的10年复合年增长率估计。</blockquote></p><p> <b>10-Year, Full-Cycle CAGR Estimate</b></p><p><blockquote><b>10年全周期复合年增长率估计</b></blockquote></p><p></p><p> Potential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of<b>+4.10%</b>at today's price.</p><p><blockquote>潜在的未来回报可以来自两个主要地方：市场情绪回报或业务收益回报。如果我们假设PayPal未来10年的市场情绪恢复到上一个周期的平均值，则复合年增长率将为-1.75%。如果盈利收益率和增长与上一个周期相似，该公司的10年复合年增长率应该在+5.85%左右。如果我们将两者放在一起，我们会得到预期的10年全周期复合年增长率为<b>+4.10%</b>以今天的价格。</blockquote></p><p> My Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.</p><p><blockquote>我对此类股票的买入/卖出/持有范围是：复合年增长率高于12%为买入，预期复合年增长率低于4%为卖出，4%至12%之间为持有。这使得PayPal股票在今天的价格水平上勉强属于“持有”类别。</blockquote></p><p> <b>Additional Considerations</b></p><p><blockquote><b>其他注意事项</b></blockquote></p><p> I consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.</p><p><blockquote>我认为PayPal是目前市场上质量最高的成长型股票之一，这就是为什么我一直相对密切地关注其估值。在本节中，我将分享我对PayPal的公允价值范围，以及我愿意在基于收益的安全边际下购买该股票的价格，以及我考虑使用更激进和不太保守的估值方法购买的价格。因此，我将从各种不同的角度来看PayPal的估值，让我们更清楚地了解购买该股票的合适价格。</blockquote></p><p> First, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.</p><p><blockquote>首先，我将使用本文中使用的相同假设和输入从我的购买价格和公允价值范围开始。如果我们使用所有这些相同的输入，我目前对PayPal的公允价值范围约为每股126.50美元至164.00美元。我目前的买入价格（包括安全边际）是112.10美元。低于该价格买入的投资者在中期内很有可能获得丰厚的回报。</blockquote></p><p> Once we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.</p><p><blockquote>一旦我们进入新的一年和2022年，我将开始提前预测PayPal 2022年的盈利。目前，分析师预计2022年每股收益为5.25美元。如果PayPal的其他指标保持不变，这将大大提高其估值，并将其公允价值范围提高至每股145.00美元至187.50美元，安全买入价格为每股128.00美元。当然，这是假设分析师维持对2022年的预期不变，并且在未来几个月内不会降低预期。这也意味着，根据未来的收益，如果PayPal在一两个月内保持接近当前价格的交易，它已经处于“公允价值”价格范围的上限。这可能是当前所有者继续持有的另一个原因。</blockquote></p><p> The Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.</p><p><blockquote>我在本文中使用的全周期收益分析并不是我使用的唯一分析类型。对于某些利润快速增长的罕见企业，我最近开发了一种新的分析方法，以帮助识别仅根据收益可能永远不会变得足够便宜的快速增长企业。这种分析的方法是我的私人服务机构周期性投资者俱乐部独有的，但由于PayPal的利润增长非常强劲，它实际上也有资格进行这种类型的分析，我想我至少会分享这种分析产生的“购买价格”，因为它比基于收益的分析更激进一些。</blockquote></p><p> When I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.</p><p><blockquote>当我使用利润增长分析来检查PayPal时，它得出的买入价格为144.90美元。我觉得这很有趣，因为如果本季度利润继续增长，价格可能会上涨一点，并使用我的基于收益的方法，使用明年的收益，使其非常接近公允价值的中间值。这是假设PayPal的指标从现在到那时不会恶化，而且PayPal也必须满足一些技术要求，但我认为到2022年2月，我很有可能成为PayPal股票的买家，大约在我警告投资者其高估值一年后。看看结果会很有趣。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> I think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.</p><p><blockquote>我认为PayPal 2021年的衰落是一个有趣且有用的案例研究，超越了PayPal本身。我们今年看到的PayPal股价下跌是完全可以预见的，还有许多其他估值丰厚的科技股也将经历类似的下跌，其中大多数可能在2022年。对于跑赢大盘此类股票的投资者来说，现在可能是考虑多元化的时候了，以帮助保持过去几年的收益。虽然会有一些被高估的股票停滞不前几年，毫无进展，也有极少数股票设法继续上涨，但绝大多数股票将经历像PayPal那样的下跌。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks\">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":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4474960-paypal-share-price-decline-overvalued-technology-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120286910","content_text":"Summary\n\nPayPal stock is down over -35% off this year's highs, and the stock still isn't cheap.\nI warned investors back in February of 2021 that PayPal was extremely overvalued and worth selling.\nThat warning could have been issued for dozens and dozens of overvalued technology stocks that still have over -50% downside from here within the next 3 years.\nPayPal remains a great company that I would like to own, so I analyze the stock in order to establish I price at which I'd be willing to buy it.\n\nBsWei/iStock via Getty Images\nIntroduction\nBack on February 6th, 2021, I made a video where I shared with investors why PayPal (PYPL) stock was overvalued enough to sell. I shared that video on my Seeking Alpha bloghere. Since that time, PayPal has performed poorly both on an absolute basis and relative to the S&P 500 (SPY).\nData by YCharts\nThe stock price is down about -30% since I warned investors and down about -38% off its high price of the year.\nThe truth is that I could have issued the same warning about many other technology stocks that had become overvalued, but PayPal was one that I actually wanted to buy if the price ever fell to a reasonable level. It was a case where there was absolutely nothing wrong with the company. There was no bad story to tell. The price had simply gotten insanely overvalued. It didn't matter how good the story around PayPal was back in February. Numbers almost always trump narrative over the long-term. And the numbers back then didn't make sense.\nThis should be an important lesson for medium and long-term investors. If the numbers don't work, it doesn't matter what the story is.\nThe difficultly for a stock writer like myself is that investorslovenarratives and stories. It's not our fault. Our human brains are hardwired that way. Since I shared my bearish February PayPal video, out of 62 articles on Seeking Alpha covering PayPal, there hasn't been a single \"Bearish\" article written. The primary reason for that is because PayPal's narrative was so appealing that valuation numbers were either ignored, or the assumptions around the numbers were not realistic.\nIn this article, I'm going to share my current PayPal valuation based on earnings and earnings growth projections. I'll also share what I consider to be a fair value range for PayPal stock, and the price I would be looking to buy with a margin of safety. This is the same basic process I used to determine that PayPal stock was overvalued back in February of 2021.\nFull-Cycle Earnings Analysis\nAs part of the analysis, I calculate what I consider to be the two main drivers of future total returns: Market sentiment returns and business returns. I then combine those expected returns together in the form of a 10-year CAGR expectation and use that to value the stock.\nBefore I begin this analysis, I always check the business's long-term earnings patterns in order to ensure that the business is a proper fit for this sort of analysis. If the historical earnings 1) don't have a long enough history 2) are erratic in nature, or 3) are too cyclical, then I either avoid analyzing the stock altogether or I use a different type of analysis that is more appropriate.\n\nWe can see that since 2015 PayPal's earnings per share have increased every single year. This is a clear secular growth pattern and it makes the stock very attractive as a long-term investment. Since 2015 there haven't been any negative earnings growth years so the stock is likely a good fit for the type of earnings analysis I'm going to perform. One important question to ask, though, is that while we did have a brief recession in 2020, it was a very unusual one. It's possible that PayPal's business could be more economically sensitive during a longer, more drawn-out recession. So, that is a risk. However, when I examined how eBay (EBAY) performed in the 2008/9 recession, its earnings growth was basically flat, and never went negative. If I had to make a guess, I think PayPal's earnings growth rate would probably decline during a \"normal\" recession, but still wouldn't be especially cyclical. For those reasons, I'm going to go ahead with my Full-Cycle Earnings Analysis even though we don't have hard historical data from \"normal\" recession for PayPal.\nMarket Sentiment Return Expectations\nIn order to estimate what sort of returns we might expect over the next 10 years, let's begin by examining what return we could expect 10 years from now if the P/E multiple were to revert to its mean from the previous economic cycle. Since we have had a recent recession (albeit an unusual one) I'm starting this cycle in fiscal year 2015 and running it through 2021's estimates.\n\nPayPal's average P/E from 2015 to the present has been a healthy 34.11 (the blue bar circled in gold on the FAST Graph). Using 2021's forward earnings estimates of $4.60 (also circled in gold), PayPal has a current P/E of 40.73. If that 40.73 P/E were to revert to the average P/E of 34.11 over the course of the next 10 years and everything else was held the same, PayPal's price would fall and it would produce a 10-Year CAGR of-1.75%. That's the annual return we can expect from sentiment mean reversion if it takes ten years to revert. If it takes less time to revert, the price could fall faster.\nBusiness Earnings Expectations\nWe previously examined what would happen if market sentiment reverted to the mean. This is entirely determined by the mood of the market and is quite often disconnected, or only loosely connected, to the performance of the actual business. In this section, we will examine the actual earnings of the business. The goal here is simple: We want to know how much money we would earn (expressed in the form of a CAGR %) over the course of 10 years if we bought the business at today's prices and kept all of the earnings for ourselves.\nThere are two main components of this: the first is the earnings yield and the second is the rate at which the earnings can be expected to grow. Let's start with the earnings yield (which is an inverted P/E ratio, so, the Earnings/Price ratio). The current earnings yield is about +2.46%. The way I like to think about this is, if I bought the company's whole business right now for $100, I would earn $2.46 per year on my investment if earnings remained the same for the next 10 years.\nThe next step is to estimate the company's earnings growth during this time period. I do that by figuring out at what rate earnings grew during the last cycle and applying that rate to the next 10 years. This involves calculating the EPS growth rate since 2015, taking into account each year's EPS growth or decline, and then backing out any share buybacks that occurred over that time period (because reducing shares will increase the EPS due to fewer shares).\nData by YCharts\nDue to the scale of the graph, the buybacks look much bigger than they actually are, and there isn't much to adjust here. Additionally, since PayPal has grown earnings every year there are no earnings growth declines to adjust for either. This makes estimating PayPal's earnings growth a relatively straightforward affair, and I estimate PayPal's earnings growth at about +23.65%.\nNow, this is the point where my conservatism when it comes to asking myself \"What is a reasonable expectation, for valuation purposes, going forward 10 years?\" It is very, very difficult for businesses to grow earnings over 20% per year for a full decade (particularly if they have already been doing that the previous decade). For that reason, I cap all of my long-term forward earnings growth estimates when using them for valuation purposes at 20%. This is simply a way to help keep me from overpaying for a stock when their P/E multiple is likely to contract over time. So, for this valuation exercise, I am limiting my earnings growth assumption to 20%.\nNext, I'll apply that growth rate to current earnings, looking forward 10 years in order to get a final 10-year CAGR estimate. The way I think about this is, if I bought PayPal's whole business for $100, it would pay me back $2.46 plus +20.00% growth the first year, and that amount would grow at +20.00% per year for 10 years after that. I want to know how much money I would have in total at the end of 10 years on my $100 investment, which I calculate to be about $176.50 (including the original $100). When I plug that growth into a CAGR calculator, that translates to a+5.85%10-year CAGR estimate for the expected business earnings returns.\n10-Year, Full-Cycle CAGR Estimate\nPotential future returns can come from two main places: market sentiment returns or business earnings returns. If we assume that market sentiment reverts to the mean from the last cycle over the next 10 years for PayPal, it will produce a -1.75% CAGR. If the earnings yield and growth are similar to the last cycle, the company should produce somewhere around a +5.85% 10-year CAGR. If we put the two together, we get an expected 10-year, full-cycle CAGR of+4.10%at today's price.\nMy Buy/Sell/Hold range for this category of stocks is: above a 12% CAGR is a Buy, below a 4% expected CAGR is a Sell, and in between 4% and 12% is a Hold. This puts PayPal stock just barely into the \"Hold\" category at today's price level.\nAdditional Considerations\nI consider PayPal one of the highest quality growth stocks in the market right now, which is why I've been monitoring its valuation relatively closely. In this section I'm going to share my fair value range for PayPal along with the price I would be willing to buy the stock with a margin of safety based on earnings, and also the price I would consider buying using a more aggressive and less conservative valuation approach. So, I'm going to look at PayPal's valuation from a variety of different perspectives to give us a clearer view of what might be an appropriate price to pay for the stock.\nFirst, I'll start with my buy price and fair value range using the same assumptions and inputs I used in this article. If we use all of those same inputs my current fair value range for PayPal is about $126.50 to $164.00 per share. My current buy price that includes a margin of safety is $112.10. Investors who buy below that price have very good odds of great returns over the medium-term with the stock.\nOnce we get into the new year and 2022, I'll start pulling forward PayPal's 2022 earnings for my estimates. Right now, analysts expect $5.25 per share from earnings in 2022. That will improve PayPal's valuation a lot if the rest of their metrics remain the same, and it would raise their fair value range up to $145.00 to $187.50 dollars per share with a margin of safety buy price at $128.00 per share. This, of course, assumes analysts keep their estimates for 2022 in place and don't lower them over the next couple of months. It also means, based on future earnings, that in a month or two if PayPal keeps trading near its current price, it is already in the top end of a \"fair value\" price range. This might be a further reason for current owners to keep holding.\nThe Full-Cycle Earnings analysis I used in this article is not the only type of analysis I use. For certain rare businesses with fast profit growth dynamics, I recently developed a new analysis to help identify fast-growing businesses that might never become cheap enough to buy based on earnings alone. The methods of this analysis are exclusive to my private service, The Cyclical Investor's Club, but since PayPal's profit growth is very strong, it actually qualifies for this type of analysis, too, and I thought I would at least share the sort of \"buy price\" that analysis produces because it's a little more aggressive than the earnings-based analysis.\nWhen I examine PayPal using the profit growth analysis, it produces a buy price of $144.90. I find that interesting because if profits keep growing this quarter that price is likely to rise a little bit and put it pretty close to the middle of fair value using next year's earnings using my earnings-based method. This assumes that PayPal's metrics don't deteriorate between now and then, and there would be some technical requirements PayPal would have to meet as well, but I think the odds are good that by February of 2022 I could be a buyer of PayPal stock, approximately one year after I warned investors about its high valuation. It's going to be very interesting to see how it turns out.\nConclusion\nI think PayPal's 2021 decline is an interesting and useful case study that goes beyond PayPal itself. The sort of decline we've seen in PayPal's stock price this year was entirely predictable and there are many other richly valued technology stocks that will experience a similar decline, likely in 2022 for most of them. For investors who are overweight these types of stocks, now is probably a time to consider diversifying in order to help keep the gains they have experienced the past couple of years. While there will be some overvalued stocks that simply stagnate for several years and go nowhere, and a rare few that manage to keep rising, the vast majority will experience declines like PayPal has experienced.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604856203,"gmtCreate":1639374621319,"gmtModify":1639374731579,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/604856203","repostId":"1171271872","repostType":4,"repost":{"id":"1171271872","kind":"news","pubTimestamp":1639348466,"share":"https://www.laohu8.com/m/news/1171271872?lang=zh_CN&edition=full","pubTime":"2021-12-13 06:34","market":"us","language":"en","title":"Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171271872","media":"Barrons","summary":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.Earnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and","content":"<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工率。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</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>Rivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等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\">\nRivian,Adobe,FedEx,Lennar,Campbell Soup,and Other Stocks to Watch This Week<blockquote>Rivian、Adobe、联邦快递、Lennar、金宝汤等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\">2021-12-13 06:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The main event for investors this week will be the Federal Reserve’s rate-setting committee’s&nbsp;last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.</p><p><blockquote>本周投资者的主要事件将是美联储利率制定委员会2021年的最后一次会议。官员们最近的评论更加鹰派，可能会宣布加速每月资产购买缩减的计划。</blockquote></p><p> The Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.</p><p><blockquote>联邦公开市场委员会为期两天的会议将于周二和周三举行。</blockquote></p><p> Earnings reports this week are few, but will include&nbsp;Campbell Soup&nbsp;on Tuesday;Lennar,Accenture,FedEx,Rivian&nbsp;Automotive, and&nbsp;Adobe&nbsp;on Thursday; and&nbsp;Darden Restaurants&nbsp;on Friday.</p><p><blockquote>本周的财报很少，但周二将包括金宝汤；Lennar、Accenture、FedEx、Rivian汽车和Adobe周四；周五还有达顿餐厅。</blockquote></p><p> Economic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.</p><p><blockquote>本周公布的经济数据包括美国劳工统计局周二公布的11月份生产者价格指数。经济学家预计整体指数环比上涨0.55%，核心PPI上涨0.4%。这两者都与10月份的生产者通胀速度大致相当。</blockquote></p><p> Other data releases include the National Federation of Independent Businesses’ sentiment&nbsp;index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.</p><p><blockquote>其他发布的数据包括周二全国独立企业联合会的信心指数、周三人口普查局公布的11月零售支出以及周四公布的11月新屋开工率。</blockquote></p><p> <b>Monday 12/13</b></p><p><blockquote><b>星期一12/13</b></blockquote></p><p> J.Jill&nbsp;and&nbsp;PHX Minerals&nbsp;host earnings conference calls.</p><p><blockquote>J.Jill和PHX Minerals在评级举办收益会议。</blockquote></p><p> <b>Tuesday 12/14</b></p><p><blockquote><b>星期二12/14</b></blockquote></p><p> Campbell Soup, Barnes Group, and&nbsp;Avaya Holdings&nbsp;host investor days.</p><p><blockquote>金宝汤、巴恩斯集团和Avaya Holdings举办投资者日。</blockquote></p><p> <b>The Bureau of Labor</b>&nbsp;Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.</p><p><blockquote><b>劳工局</b>统计局发布11月份生产者价格指数。市场普遍预计环比上涨0.55%，不包括食品和能源的核心PPI将上涨0.4%。相比之下，10月份的增幅分别为0.6%和0.4%。</blockquote></p><p> <b>The National Federation</b>&nbsp;of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.</p><p><blockquote><b>全国联合会</b>独立企业报告了11月份的指数，该指数调查了全国约5,000名小企业主。预期看涨期权为98.3，而10月份为98.2。</blockquote></p><p> <b>Wednesday 12/15</b></p><p><blockquote><b>星期三12/15</b></blockquote></p><p> <b>The Federal Open Market Committee</b> concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.</p><p><blockquote><b>联邦公开市场委员会</b>结束了为期两天的会议，届时政策制定者将讨论加快缩减月度证券购买的时间表。</blockquote></p><p> <b>The BLS reports</b> export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.</p><p><blockquote><b>劳工统计局报告</b>11月进出口价格数据。预计出口价格环比上涨0.5%，而进口价格预计上涨0.5%。相比之下，10月份的涨幅分别为1.5%和1.2%。</blockquote></p><p> <b>The National Association</b> of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.</p><p><blockquote><b>全国协会</b>房屋建筑商协会发布了12月份NAHB/富国银行住房市场指数。普遍估计读数为84，而11月份的读数为83。该指数去年年底达到90的峰值，房屋建筑商仍然看好房地产市场。</blockquote></p><p> <b>The Census Bureau</b> reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.</p><p><blockquote><b>人口普查局</b>11月份零售支出报告。预计经季节调整后零售额环比增长0.7%，而10月份为增长1.7%。不包括汽车在内，支出预计将增长0.8%，而上一时期为1.7%。</blockquote></p><p> <b>Thursday 12/16</b></p><p><blockquote><b>星期四12/16</b></blockquote></p><p> Heico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.</p><p><blockquote>Heico、Lennar、Accenture、FedEx、Jabil、Adobe、Rivian汽车和Nordson等公司在评级举办财报会议。</blockquote></p><p> <b>The Census Bureau</b>releases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.</p><p><blockquote><b>人口普查局</b>发布11月份新的住宅建设报告。季调后成屋开工年率料为156.3万套，10月为152万套。当房屋开始挖掘时，房屋开工被计算在内。新房建设许可证预计为165.5万份，而10月份为165.3万份。</blockquote></p><p> <b>The Bank of England</b> announces its interest-rate decision and publishes the minutes of the meeting.</p><p><blockquote><b>英格兰银行</b>宣布利率决定并公布会议记录。</blockquote></p><p> <b>The Federal Reserve</b> releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.</p><p><blockquote><b>美联储</b>公布11月份工业生产数据。继10月份增长1.6%后，经济学家预计增长0.6%。产能利用率预计为76.8，与10月份的76.4%大致一致。</blockquote></p><p> <b>Friday 12/17</b></p><p><blockquote><b>星期五12/17</b></blockquote></p><p> Steelcase,Darden Restaurants, and&nbsp;Quanex Building Products&nbsp;host earnings conference calls.</p><p><blockquote>Steelcase、Darden Restaurants和Quanex Building Products在评级举办收益会议。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","ACN":"埃森哲","PHX":"潘汉德尔油气","HEI":"海科航空",".SPX":"S&P 500 Index","ADBE":"Adobe","JILL":"J.Jill Inc.","LEN":"莱纳建筑公司","SCS":"Steelcase Inc.","RIVN":"Rivian Automotive, Inc.",".DJI":"道琼斯","DRI":"达登饭店","FDX":"联邦快递","CPB":"金宝汤"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-fedex-rivian-lennar-campbell-adobe-51639330550?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171271872","content_text":"The main event for investors this week will be the Federal Reserve’s rate-setting committee’s last meeting of 2021. Recent commentary from officials has leaned more hawkish, setting up a potential announcement of plans to accelerate monthly asset purchase tapering.\nThe Federal Open Market Committee’s two-day meeting takes place on Tuesday and Wednesday.\nEarnings reports this week are few, but will include Campbell Soup on Tuesday;Lennar,Accenture,FedEx,Rivian Automotive, and Adobe on Thursday; and Darden Restaurants on Friday.\nEconomic data coming out this week includes the Bureau of Labor Statistics’ producer price index for November on Tuesday. Economists expect a 0.55% month-over-month rise for the headline index and a 0.4% gain for the core PPI. Those would both roughly match October’s pace of producer inflation.\nOther data releases include the National Federation of Independent Businesses’ sentiment index on Tuesday, November retail-sales spending from the Census Bureau on Wednesday, and the November housing starts on Thursday.\nMonday 12/13\nJ.Jill and PHX Minerals host earnings conference calls.\nTuesday 12/14\nCampbell Soup, Barnes Group, and Avaya Holdings host investor days.\nThe Bureau of Labor Statistics releases the producer price index for November. Consensus estimate is for a 0.55% month-over-month rise, and for the core PPI, which excludes food and energy, to gain 0.4%. This compares with increases of 0.6% and 0.4%, respectively, in October.\nThe National Federation of Independent Businesses reports its index, which surveys about 5,000 small-business owners across the country, for November. Expectations call for a reading of 98.3, compared with 98.2 in October.\nWednesday 12/15\nThe Federal Open Market Committee concludes its two-day meeting, when policy makers will discuss accelerating the timetable for tapering monthly securities purchases.\nThe BLS reports export and import price data for November. Expectations are for a 0.5% month-over-month rise in export prices, while import prices are seen increasing 0.5%. This compares with gains of 1.5% and 1.2%, respectively, in October.\nThe National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for December. Consensus estimate is for an 84 reading, compared with an 83 reading in November. The index peaked at 90 late last year, and home builders remain bullish on the housing market.\nThe Census Bureau reports on retail-sales spending for November. Expectations are for a seasonally adjusted 0.7% month-over-month increase in retail sales, compared with a 1.7% rise in October. Excluding autos, spending is seen rising 0.8%, compared with 1.7% in the previous period.\nThursday 12/16\nHeico,Lennar, Accenture, FedEx, Jabil, Adobe, Rivian Automotive, and Nordson are among companies hosting earnings conference calls.\nThe Census Bureaureleases its New Residential Construction report for November. The seasonally adjusted annual rate of housing starts is expected to be 1.563 million units, compared with 1.52 million in October. A housing start is counted when excavation begins on a home. Permits issued for new-home construction are expected to be 1.655 million, compared with 1.653 million in October.\nThe Bank of England announces its interest-rate decision and publishes the minutes of the meeting.\nThe Federal Reserve releases industrial production data for November. Economists are looking for a 0.6% rise, after a 1.6% increase in October. Capacity utilization is expected at 76.8, roughly in line with October’s 76.4%.\nFriday 12/17\nSteelcase,Darden Restaurants, and Quanex Building Products host earnings conference calls.","news_type":1,"symbols_score_info":{"JILL":0.9,"LEN":0.9,"HEI":0.9,"CPB":0.9,".IXIC":0.9,".SPX":0.9,"DRI":0.9,"SCS":0.9,"RIVN":0.9,".DJI":0.9,"AVYA":0.9,"ADBE":0.9,"ACN":0.9,"PHX":0.9,"FDX":0.9}},"isVote":1,"tweetType":1,"viewCount":940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604048840,"gmtCreate":1639289145725,"gmtModify":1639289146020,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/604048840","repostId":"1103250344","repostType":4,"repost":{"id":"1103250344","kind":"news","pubTimestamp":1639280672,"share":"https://www.laohu8.com/m/news/1103250344?lang=zh_CN&edition=full","pubTime":"2021-12-12 11:44","market":"sh","language":"en","title":"US IPO Week Ahead: IoT solutions, wine, and satellites in a 3 IPO week<blockquote>美国IPO周：三周IPO中的物联网解决方案、葡萄酒和卫星</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103250344","media":"renaissancecap...","summary":"The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to r","content":"<p>The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to raise $789 million.</p><p><blockquote>预计未来一周IPO市场将保持相对平静，三起IPO计划筹集7.89亿美元。</blockquote></p><p> IoT solutions developer<b>Samsara</b>(IOT) plans to raise $753 million at an $11.6 billion market cap. This \"internet-of-things\" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22.</p><p><blockquote>物联网解决方案开发人员<b>轮回</b>(IOT)计划以116亿美元的市值筹集7.53亿美元。这家“物联网”公司提供了一个基于云的平台，将企业的资产与物理运营连接起来，提高了运营效率以及资产和员工的生产力。Samsara增长迅速，但利润极低，在2022财年第9个月，ARR超过10万美元的客户实现了两位数增长。</blockquote></p><p> Wine brand<b>Fresh Vine Wine</b>(VINE) plans to raise $21 million at a $116 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico.</p><p><blockquote>葡萄酒品牌<b>鲜藤酒</b>(VINE)计划以1.16亿美元的市值筹集2100万美元。这家名人创立的公司生产低碳水化合物、低热量的优质葡萄酒。Fresh Vine通过批发、零售和DTC渠道销售其葡萄酒，并能够在所有50个州和波多黎各进行批发分销。</blockquote></p><p> Micro-cap satellite developer<b>Sidus Space</b>(SIDU) plans to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection. &nbsp;Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21.</p><p><blockquote>微型卫星开发商<b>Sidus空间</b>(SIDU)计划以8100万美元的市值筹集1500万美元。这家公司提供设计、制造、发射和数据收集等商业卫星服务。迄今为止，Sidus Space已产生与太空相关的制造收入，但2021年9月毛利率为负，严重无利可图。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ead80e54642569e2b7b368c8d50dc265\" tg-width=\"1409\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: IoT solutions, wine, and satellites in a 3 IPO week<blockquote>美国IPO周：三周IPO中的物联网解决方案、葡萄酒和卫星</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\">\nUS IPO Week Ahead: IoT solutions, wine, and satellites in a 3 IPO week<blockquote>美国IPO周：三周IPO中的物联网解决方案、葡萄酒和卫星</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-12-12 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to raise $789 million.</p><p><blockquote>预计未来一周IPO市场将保持相对平静，三起IPO计划筹集7.89亿美元。</blockquote></p><p> IoT solutions developer<b>Samsara</b>(IOT) plans to raise $753 million at an $11.6 billion market cap. This \"internet-of-things\" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22.</p><p><blockquote>物联网解决方案开发人员<b>轮回</b>(IOT)计划以116亿美元的市值筹集7.53亿美元。这家“物联网”公司提供了一个基于云的平台，将企业的资产与物理运营连接起来，提高了运营效率以及资产和员工的生产力。Samsara增长迅速，但利润极低，在2022财年第9个月，ARR超过10万美元的客户实现了两位数增长。</blockquote></p><p> Wine brand<b>Fresh Vine Wine</b>(VINE) plans to raise $21 million at a $116 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico.</p><p><blockquote>葡萄酒品牌<b>鲜藤酒</b>(VINE)计划以1.16亿美元的市值筹集2100万美元。这家名人创立的公司生产低碳水化合物、低热量的优质葡萄酒。Fresh Vine通过批发、零售和DTC渠道销售其葡萄酒，并能够在所有50个州和波多黎各进行批发分销。</blockquote></p><p> Micro-cap satellite developer<b>Sidus Space</b>(SIDU) plans to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection. &nbsp;Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21.</p><p><blockquote>微型卫星开发商<b>Sidus空间</b>(SIDU)计划以8100万美元的市值筹集1500万美元。这家公司提供设计、制造、发射和数据收集等商业卫星服务。迄今为止，Sidus Space已产生与太空相关的制造收入，但2021年9月毛利率为负，严重无利可图。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ead80e54642569e2b7b368c8d50dc265\" tg-width=\"1409\" tg-height=\"457\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/89474/US-IPO-Week-Ahead-IoT-solutions-wine-and-satellites-in-a-3-IPO-week\">renaissancecap...</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","IOT":"Samsara, Inc.",".SPX":"S&P 500 Index","SIDU":"Sidus Space Inc.",".DJI":"道琼斯"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/89474/US-IPO-Week-Ahead-IoT-solutions-wine-and-satellites-in-a-3-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103250344","content_text":"The IPO market is expected to stay relatively quiet in the week ahead with three IPOs scheduled to raise $789 million.\nIoT solutions developerSamsara(IOT) plans to raise $753 million at an $11.6 billion market cap. This \"internet-of-things\" company provides a cloud-based platform that connects the assets of businesses with physical operations, enhancing operational efficiency and asset and employee productivity. Fast growing but highly unprofitable, Samsara saw double-digit growth for customers with $100k+ ARR in the 9mo FY22.\nWine brandFresh Vine Wine(VINE) plans to raise $21 million at a $116 million market cap. This celebrity-founded company produces low carb, low calorie premium wines. Growing but highly unprofitable, Fresh Vine sells its wines through wholesale, retail, and DTC channels, and is able to conduct wholesale distribution in all 50 states and Puerto Rico.\nMicro-cap satellite developerSidus Space(SIDU) plans to raise $15 million at an $81 million market cap. This company provides commercial satellite services such as design, manufacture, launch, and data collection.  Sidus Space has generated space-related manufacturing revenues to date, but is highly unprofitable with negative gross margin in the 9mo21.","news_type":1,"symbols_score_info":{".IXIC":0,".SPX":0,"SIDU":0,"IOT":0,"VINE":0,".DJI":0}},"isVote":1,"tweetType":1,"viewCount":809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605471149,"gmtCreate":1639234369402,"gmtModify":1639234369659,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605471149","repostId":"2190675480","repostType":4,"isVote":1,"tweetType":1,"viewCount":1101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605669912,"gmtCreate":1639152811986,"gmtModify":1639152812250,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/605669912","repostId":"2190296066","repostType":4,"isVote":1,"tweetType":1,"viewCount":933,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602786446,"gmtCreate":1639068101924,"gmtModify":1639068102185,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/602786446","repostId":"1165217477","repostType":4,"repost":{"id":"1165217477","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":1639067136,"share":"https://www.laohu8.com/m/news/1165217477?lang=zh_CN&edition=full","pubTime":"2021-12-10 00:25","market":"us","language":"en","title":"Grab and Lucid stocks plunged more than 10%<blockquote>Grab和Lucid股价暴跌逾10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165217477","media":"Tiger Newspress","summary":"Grab and Lucid stocks plunged more than 10% in Thursday's trading.","content":"<p>Grab and Lucid stocks plunged more than 10% in Thursday's trading.</p><p><blockquote>Grab和Lucid股价在周四交易中暴跌超过10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff3dbe26b3f4c86357541ed2ff3d7bfe\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/c38542f4d2e6fa7aceb9fdf2aeb694ab\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Grab and Lucid stocks plunged more than 10%<blockquote>Grab和Lucid股价暴跌逾10%</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\">\nGrab and Lucid stocks plunged more than 10%<blockquote>Grab和Lucid股价暴跌逾10%</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\">2021-12-10 00:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Grab and Lucid stocks plunged more than 10% in Thursday's trading.</p><p><blockquote>Grab和Lucid股价在周四交易中暴跌超过10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ff3dbe26b3f4c86357541ed2ff3d7bfe\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/c38542f4d2e6fa7aceb9fdf2aeb694ab\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc","GRAB":"Grab Holdings"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165217477","content_text":"Grab and Lucid stocks plunged more than 10% in Thursday's trading.","news_type":1,"symbols_score_info":{"LCID":0.9,"GRAB":0.9}},"isVote":1,"tweetType":1,"viewCount":1170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":182001620,"gmtCreate":1623545427060,"gmtModify":1634032023167,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/182001620","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":179528690,"gmtCreate":1626566143710,"gmtModify":1633925906819,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179528690","repostId":"1198202103","repostType":4,"isVote":1,"tweetType":1,"viewCount":606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":874244841,"gmtCreate":1637797181946,"gmtModify":1637797182066,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/874244841","repostId":"2186363038","repostType":4,"isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":872935922,"gmtCreate":1637388315268,"gmtModify":1637388315812,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/872935922","repostId":"2184842262","repostType":4,"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842768731,"gmtCreate":1636245852014,"gmtModify":1636245852363,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;[微笑]&nbsp;","listText":"[微笑]&nbsp;[微笑]&nbsp;","text":"[微笑] [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/842768731","repostId":"1136116425","repostType":4,"repost":{"id":"1136116425","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":1636104081,"share":"https://www.laohu8.com/m/news/1136116425?lang=zh_CN&edition=full","pubTime":"2021-11-05 17:21","market":"us","language":"en","title":"U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136116425","media":"Tiger Newspress","summary":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regu","content":"<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</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. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</blockquote></title>\n<style 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Daylight Saving Time Ends on Sunday, Nov.7 2021<blockquote>美国夏令时将于2021年11月7日星期日结束</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\">2021-11-05 17:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00&nbsp;a.m.</p><p><blockquote>亲爱的老虎们，美国夏令时于2021年11月7日周日凌晨2点结束。</blockquote></p><p> At that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. </p><p><blockquote>届时，美股常规交易时段将提前一小时，即北京时间下午22:30至凌晨5:00。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e441a1a98d5230fc31d6f1652e577bde\" tg-width=\"674\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Trading Hours</b></p><p><blockquote><b>交易时间</b></blockquote></p><p> U.S.&nbsp;Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~&nbsp;5:00 the next day</p><p><blockquote>美国东部时间：9:30~16:00；北京时间/SGT：22:30~次日5:00</blockquote></p><p> <b>pre-trade</b></p><p><blockquote><b>交易前</b></blockquote></p><p> U.S.&nbsp;Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00&nbsp;~&nbsp;22:30</p><p><blockquote>美国东部时间：4:00~9:30；北京时间/SGT：17:00~22:30</blockquote></p><p> <b>post-trade</b></p><p><blockquote><b>交易后</b></blockquote></p><p> U.S.&nbsp;Eastern Time:16：00~20：00;Beijing time/SGT:5:00&nbsp;~&nbsp;9:00</p><p><blockquote>美国东部时间：16:00~20:00；北京时间/SGT：5:00~9:00</blockquote></p><p> (Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)</p><p><blockquote>（注：夏令时总是从三月的第二个星期日开始，到十一月的第一个星期日结束）</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136116425","content_text":"Dear Tigers, U.S. Daylight Saving Time Ends on Sunday, Nov.7 2021,at 2:00 a.m.\nAt that time,the regular trading period of the US stock market will move toward by one hour, which will become 22:30 p.m.to 5:00 a.m（Beijing Time/SGT）. \n\nTrading Hours\nU.S. Eastern Time:9:30 ~ 16:00; Beijing time /SGT :22:30 ~ 5:00 the next day\npre-trade\nU.S. Eastern Time:4:00 ~ 9:30;Beijing time/SGT :17:00 ~ 22:30\npost-trade\nU.S. Eastern Time:16：00~20：00;Beijing time/SGT:5:00 ~ 9:00\n(Note: Daylight saving time always begins on the second Sunday in March and ends on the first Sunday in November)","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":889367198,"gmtCreate":1631110277014,"gmtModify":1631890013243,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889367198","repostId":"1154837170","repostType":4,"repost":{"id":"1154837170","kind":"news","pubTimestamp":1631090918,"share":"https://www.laohu8.com/m/news/1154837170?lang=zh_CN&edition=full","pubTime":"2021-09-08 16:48","market":"us","language":"en","title":"Bitcoin Endured a Rocky Day. What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154837170","media":"Barron's","summary":"It should have been a happy day for Bitcoin, but it’s turned into a rout.Bitcoin  was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.Other cryptos were also ailing, including Ethereum , down 12% to $3,460.The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum ","content":"<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.</p><p><blockquote>对比特币来说，这应该是快乐的一天，但它变成了一场溃败。</blockquote></p><p> Bitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.</p><p><blockquote>比特币（股票代码：BTC）周二下午的交易价格约为47,000美元，在今天上午跌至42,900美元后，过去24小时内下跌9%。在抛售之前，比特币股价已高于52,800美元。</blockquote></p><p> Other cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.</p><p><blockquote>其他加密货币也表现不佳，包括以太币(ETH)，下跌12%至3,460美元。</blockquote></p><p> The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.</p><p><blockquote>抛售可能反映了7月下旬价格开始上涨后的获利了结。自7月底交易价格约为34,000美元以来，比特币已上涨超过50%。在对其底层区块链网络进行技术升级后，以太币也一直在飞行。</blockquote></p><p> The down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.</p><p><blockquote>下跌的一天也可能反映了萨尔瓦多成为第一个采用比特币作为法定货币以及该国另一种官方货币美元的国家后的“抛售新闻”动态。</blockquote></p><p> Merchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.</p><p><blockquote>萨尔瓦多的商人现在应该接受商品和服务的比特币。政府向公民承诺在他们的数字钱包中提供价值30美元的比特币。据路透社报道，麦当劳已经开始在萨尔瓦多接受比特币。在正式启动之前，纳伊布·布克莱总统的政府一直在购买比特币，其中包括价值至少2000万美元的资金。</blockquote></p><p> But El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.</p><p><blockquote>但萨尔瓦多的加密货币实验并没有得到国际货币基金组织和世界银行等组织的认可，这些组织警告萨尔瓦多，将其作为法定货币可能会危及金融稳定。其他国家正在打击加密货币交易、采矿和交易所，这表明萨尔瓦多目前可能是一个例外。</blockquote></p><p> Crypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).</p><p><blockquote>加密货币观察人士也将市场低迷归咎于技术因素。加密货币交易研究公司Fairlead Strategies的创始人兼管理合伙人Katie Stockton表示，假设价格不会突然飙升，比特币现在将迎来“外部下跌”的一天。这意味着比特币的交易范围更广，收盘价将低于昨天（假设下午5点截止，尽管它24小时交易）。</blockquote></p><p> “The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.</p><p><blockquote>“这意味着进一步整合，”她说。她补充道，到目前为止，抛售看起来像是一个小挫折，因为比特币尚未突破44,000美元左右的50日移动平均线，这是下一个支撑位。</blockquote></p><p> “A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”</p><p><blockquote>“违反44,000美元并不是崩溃，”她说。“这是对50日移动平均线的测试。“比特币和大多数加密货币都非常接近当前低点，”</blockquote></p><p> Other factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.</p><p><blockquote>其他可能导致抛售的因素包括领先的加密货币交易所Bitfinix的停电和“计划外维护”报告。据Downdetector称，Coinbase Global（股票代码：COIN）中午左右也经历了停电高峰。</blockquote></p><p> Even if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.</p><p><blockquote>即使价格从这里稳定下来，这也提醒人们比特币和其他加密货币仍然容易受到快速下跌的影响。虽然你可以在圣萨尔瓦多买到一个巨无霸和一片比特币，但你最好把它放在你的数字钱包里——或者不放在——这取决于一天中的不同时间。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Endured a Rocky Day. What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Endured a Rocky Day. What's Behind the Selloff<blockquote>比特币经历了艰难的一天。抛售背后是什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-08 16:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It should have been a happy day for Bitcoin, but it’s turned into a rout.</p><p><blockquote>对比特币来说，这应该是快乐的一天，但它变成了一场溃败。</blockquote></p><p> Bitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.</p><p><blockquote>比特币（股票代码：BTC）周二下午的交易价格约为47,000美元，在今天上午跌至42,900美元后，过去24小时内下跌9%。在抛售之前，比特币股价已高于52,800美元。</blockquote></p><p> Other cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.</p><p><blockquote>其他加密货币也表现不佳，包括以太币(ETH)，下跌12%至3,460美元。</blockquote></p><p> The selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.</p><p><blockquote>抛售可能反映了7月下旬价格开始上涨后的获利了结。自7月底交易价格约为34,000美元以来，比特币已上涨超过50%。在对其底层区块链网络进行技术升级后，以太币也一直在飞行。</blockquote></p><p> The down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.</p><p><blockquote>下跌的一天也可能反映了萨尔瓦多成为第一个采用比特币作为法定货币以及该国另一种官方货币美元的国家后的“抛售新闻”动态。</blockquote></p><p> Merchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.</p><p><blockquote>萨尔瓦多的商人现在应该接受商品和服务的比特币。政府向公民承诺在他们的数字钱包中提供价值30美元的比特币。据路透社报道，麦当劳已经开始在萨尔瓦多接受比特币。在正式启动之前，纳伊布·布克莱总统的政府一直在购买比特币，其中包括价值至少2000万美元的资金。</blockquote></p><p> But El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.</p><p><blockquote>但萨尔瓦多的加密货币实验并没有得到国际货币基金组织和世界银行等组织的认可，这些组织警告萨尔瓦多，将其作为法定货币可能会危及金融稳定。其他国家正在打击加密货币交易、采矿和交易所，这表明萨尔瓦多目前可能是一个例外。</blockquote></p><p> Crypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).</p><p><blockquote>加密货币观察人士也将市场低迷归咎于技术因素。加密货币交易研究公司Fairlead Strategies的创始人兼管理合伙人Katie Stockton表示，假设价格不会突然飙升，比特币现在将迎来“外部下跌”的一天。这意味着比特币的交易范围更广，收盘价将低于昨天（假设下午5点截止，尽管它24小时交易）。</blockquote></p><p> “The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.</p><p><blockquote>“这意味着进一步整合，”她说。她补充道，到目前为止，抛售看起来像是一个小挫折，因为比特币尚未突破44,000美元左右的50日移动平均线，这是下一个支撑位。</blockquote></p><p> “A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”</p><p><blockquote>“违反44,000美元并不是崩溃，”她说。“这是对50日移动平均线的测试。“比特币和大多数加密货币都非常接近当前低点，”</blockquote></p><p> Other factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.</p><p><blockquote>其他可能导致抛售的因素包括领先的加密货币交易所Bitfinix的停电和“计划外维护”报告。据Downdetector称，Coinbase Global（股票代码：COIN）中午左右也经历了停电高峰。</blockquote></p><p> Even if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.</p><p><blockquote>即使价格从这里稳定下来，这也提醒人们比特币和其他加密货币仍然容易受到快速下跌的影响。虽然你可以在圣萨尔瓦多买到一个巨无霸和一片比特币，但你最好把它放在你的数字钱包里——或者不放在——这取决于一天中的不同时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/bitcoin-crypto-prices-drop-today-51631048243?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154837170","content_text":"It should have been a happy day for Bitcoin, but it’s turned into a rout.\nBitcoin (ticker: BTC) was trading was around $47,000 on Tuesday afternoon, down 9% in the last 24 hours, after dipping down to $42,900 this morning. Bitcoin had been above $52,800 before the selloff.\nOther cryptos were also ailing, including Ethereum (ETH), down 12% to $3,460.\nThe selloff may reflect profit-taking after prices started rising in late July. Bitcoin had gained more than 50% since late July when it traded around $34,000. Ethereum has also been flying, following a technical upgrade in its underlying blockchain network.\nThe down day may also reflect a “sell the news” dynamic after El Salvador became the first country to adopt Bitcoin as legal tender, alongside the dollar– the country’s other official currency.\nMerchants in El Salvador are now supposed to accept Bitcoin for goods and services. Citizens have been promised $30 worth of Bitcoin in their digital wallets by the government. McDonald’s has started accepting Bitcoin in El Salvador, according to Reuters. And the government of president Nayib Bukele has been buying Bitcoin, including at least $20 million worth, ahead of the official launch.\nBut El Salvador’s crypto experiment isn’t sitting well with organizations like the International Monetary Fund and World Bank, which have warned El Salvador that its adoption as legal tender could imperil financial stability. Other countries are cracking down on crypto transactions, mining, and exchanges, indicating that El Salvador may be an outlier for now.\nCrypto watchers are also blaming technical factors for the market downturn. Assuming prices don’t suddenly surge, Bitcoin is now in for “outside-down” day, says Katie Stockton, founder and managing partner of Fairlead Strategies, a crypto-trading research firm. The means Bitcoin is trading in a wider range and headed for a lower close than yesterday (assuming a 5 p.m. cutoff, though it trades 24 hours).\n“The implications are for additional consolidation,” she says. So far, the selloff looks like a minor setback, she adds, since Bitcoin hasn’t breached its 50-day moving average around $44,000, which is its next support level.\n“A breach of $44,000 isn’t a breakdown,” she says. “It’s a test of the 50-day moving average. “There is strong support for Bitcoin and most crytpos pretty close to their current lows.”\nOther factors that may have contributed to the selloff include reports of outages and “unscheduled maintenance” at Bitfinix, a leading crypto exchange. Coinbase Global (ticker: COIN) also experienced a spike in outages around noon, according to Downdetector.\nEven if prices stabilize from here, it’s a reminder that Bitcoin and other cryptos remain vulnerable to rapid-fire declines. While you may be able to buy a Big Mac with a sliver of Bitcoin in San Salvador, you may be better off keeping it in your digital wallet–or not–depending on the time of day.","news_type":1,"symbols_score_info":{"COIN":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":139728306,"gmtCreate":1621659992505,"gmtModify":1634187294828,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/139728306","repostId":"2137906121","repostType":4,"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":873103002,"gmtCreate":1636869948801,"gmtModify":1636869948911,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[笑哭]&nbsp;","listText":"[笑哭]&nbsp;","text":"[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/873103002","repostId":"1103944030","repostType":4,"isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827651012,"gmtCreate":1634466351850,"gmtModify":1634466352231,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/827651012","repostId":"2175146556","repostType":4,"isVote":1,"tweetType":1,"viewCount":366,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862136087,"gmtCreate":1632842194703,"gmtModify":1632842197687,"author":{"id":"3578426177245991","authorId":"3578426177245991","name":"Mystery746","avatar":"https://static.tigerbbs.com/61c18bcc189aa2aabbaee265d94ce48b","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578426177245991","authorIdStr":"3578426177245991"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/862136087","repostId":"1171210263","repostType":4,"repost":{"id":"1171210263","kind":"news","pubTimestamp":1632841539,"share":"https://www.laohu8.com/m/news/1171210263?lang=zh_CN&edition=full","pubTime":"2021-09-28 23:05","market":"us","language":"en","title":"AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171210263","media":"Seeking Alpha","summary":"Summary\n\nSemiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Semiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.</li>  <li>INTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.</li>  <li>The two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef88f36e97fe83170b1cf0f19a56398f\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>HQuality Video/iStock via Getty Images</span></p><p><blockquote><ul><li>半导体股受益于长期顺风，但并不能保证获得丰厚的回报。</li><li>我相信，INTC和AMD将在未来几年实现高个位数回报，但原因不同。</li><li>这两家公司面临不同的风险，投资者可能需要决定他们愿意承担什么类型的风险。</li></ul><p class=\"t-img-caption\"><span>HQuality Video/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Despite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.</p><p><blockquote>尽管存在很大差异，但根据我的模型，Advanced Micro Devices（纳斯达克股票代码：AMD）和英特尔（纳斯达克股票代码：INTC）在未来几年确实提供了相对相似的高个位数回报前景。</blockquote></p><p> I do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.</p><p><blockquote>因此，我确实认为，在选择这些股票时，关注两家公司独特的风险可能更有意义。投资者必须考虑，面对英特尔的执行风险，他们是否确实感觉更好，或者他们是否想选择AMD，因为AMD的估值低迷和对代工厂的依赖是主要的风险因素。</blockquote></p><p> <b>Total Return Forecast</b></p><p><blockquote><b>总回报预测</b></blockquote></p><p> Investors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of&nbsp;$5.65.</p><p><blockquote>投资者自然对从投资中获得回报感兴趣，因此让我们尝试预测2025年的回报。AMD预计今年的每股收益为2.50美元，分析师预计这一数字将以有吸引力的两位数速度攀升，这使我们预计2025年每股收益为5.65美元。</blockquote></p><p> Right now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.</p><p><blockquote>目前，AMD的净利润是其净利润的40倍以上，但由于两个原因，这种情况可能会在未来几年发生变化。首先，AMD过去的估值较低，其次，规模增长的公司通常会看到增长率放缓，这证明了多年来多次压缩的合理性。如下图所示，去年该股的平均市盈率高达30多倍，而目前的预期市盈率为41倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93c478c5ffedc2fb5ca10ec75ae643ef\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Considering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.</p><p><blockquote>考虑到AMD成熟时的上述倍数压缩，我相信可以将2025年的公允价值倍数定为25——这仍然比英特尔等增长较低的同行有巨大溢价，但同时，似乎更适合更成熟的AMD。在这种情况下，2025年的目标价为141美元，上涨潜力接近40%，这使我们的年回报率约为8%——有吸引力，但并不出色。</blockquote></p><p> Intel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.</p><p><blockquote>与此同时，英特尔预计今年的每股收益为4.80美元。分析师预测未来几年每股收益表现相对不均衡，这很可能会成为现实。如果英特尔的每股收益每年仅增长2%，由于通货膨胀、全球芯片需求不断增长，以及英特尔的代工业务应该在2025年开始产生影响，这似乎是一个非常可以实现的目标，那么我们的每股收益目标约为5.20美元。如今，INTC的预期市盈率仅为11倍，但无论是绝对值还是相对于过去的股票估值，这都是一个相当低的估值。过去五年的市盈率中位数为13.3，这似乎是一个合适的目标估值，这反过来又使我们的目标价为69美元。相对于英特尔目前的股价，这将使年度股价上涨6.5%。加上2.5%的股息收益率，即使盈利增长率相当低，英特尔也可以产生9%的年回报率。因此，在这种情景分析中，英特尔看起来是稍微好一点的选择，但人们当然可以认为输入应该不同。</blockquote></p><p> <b>Balance Sheet And Shareholder Returns</b></p><p><blockquote><b>资产负债表和股东回报</b></blockquote></p><p> Intel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:</p><p><blockquote>按当前价格计算，英特尔提供的股息收益率为2.5%，大约是大盘收益率的两倍。另一方面，AMD目前不提供任何股息支付。然而，这并不令人意外，因为AMD在最近的过去并没有产生有意义的自由现金流，因此实际上无法提供任何慷慨的付款。与此同时，英特尔由于其更强的自由现金生成能力，不仅能够定期提高股息，而且最重要的是，英特尔还通过股票回购支付了数十亿美元的现金。仅在过去三年中，英特尔的股票数量就下降了11%，而AMD的股票数量在同一时间内上涨了20%以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f767d35c5cbdd7105dae1ecc4d14c539\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> This is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.</p><p><blockquote>这是AMD案例中股票发行的结果，例如为了留住人才和支付高管工资，而英特尔股票数量的下降可以用其有利于股东的回购计划来解释。AMD的股票数量稀释在过去并不是一个主要问题，因为股东仍然受益于非常可观的回报，但如果AMD未来继续迅速稀释股东，回报可能会受到打击。</blockquote></p><p> AMD has a pretty clean balance sheet, with&nbsp;$3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its&nbsp;10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.</p><p><blockquote>AMD的资产负债表相当干净，37亿美元的现金超过了其长期债务。然而，相对于其远高于1000亿美元的市值，其净现金头寸并不是特别有意义。与此同时，根据其10-Q报告，英特尔拥有80亿美元的现金头寸，但也持有360亿美元的债务头寸（短期和长期债务合计）。因此，AMD如今拥有更好的资产负债表，但这是以反复发行股票和避免股东回报计划为代价的。</blockquote></p><p> <b>What Risks Do You Want To Take On?</b></p><p><blockquote><b>你想冒什么风险？</b></blockquote></p><p> Intel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.</p><p><blockquote>在我的模型中，英特尔的回报略高于AMD，但由于预测总回报没有重大差异，投资者可能希望根据其他因素做出投资决策，例如投资这些股票的风险。</blockquote></p><p> Intel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration&nbsp;in favor of&nbsp;onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does&nbsp;have a very solid outlook&nbsp;and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.</p><p><blockquote>英特尔的战略包括扩大其在美国的足迹，这将有助于该公司在未来的贸易战中免受麻烦。由于政府支持芯片生产在岸，英特尔可能会通过这些努力从有利的政治和补贴中受益。英特尔寻求通过IFS成为代工厂的主要参与者——当我们审视TSM时，我们发现如果做得好，这可能是一种高利润的商业模式。如今从零增长的IFS确实具有非常稳健的前景，并且可能在未来几年显着加速英特尔的整体增长。如果台湾和美国之间的紧张局势加剧，其在美国的足迹可能会派上用场，因为这可能会导致客户比同行更青睐英特尔的生产，同时，英特尔可能会被投资者视为避风港，这可能会导致在这种情况下出现多重扩张顺风。</blockquote></p><p> Geopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip&nbsp;delay&nbsp;but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.</p><p><blockquote>因此，地缘政治不是投资英特尔的关键问题。相反，我认为执行是主要的风险。该公司拥有巨大的市场份额、强劲的现金流，并且交易成本非常低廉，但其主要问题是在引入新工艺类型时无法很好地执行，这使得AMD或英伟达等同行获得了市场份额。这不仅适用于其7纳米芯片延迟，而且该公司还不得不在今年夏天推迟其最新版本的至强服务器芯片。由于今年早些时候将其首席执行官换成了更注重技术/工程的首席执行官帕特·基辛格（Pat Gelsinger），英特尔似乎很可能会更好地及时将新产品推向市场。尽管如此，这仍然是英特尔的核心问题，并且可能仍然是未来的核心风险。</blockquote></p><p> AMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.</p><p><blockquote>另一方面，AMD在执行力方面非常出色，这似乎并不是该公司的主要风险。然而，投资者不应忽视另外两个风险因素。第一个是估值风险——AMD的估值相当高，超过净利润的40倍，而且这种情况可能会因一系列因素而发生变化。例如，如果利率攀升，AMD等高估值成长型公司将比英特尔等价值股更容易受到多重压缩。如果全球芯片需求增长放缓，AMD每股收益增长低于预期，其市盈率也可能大幅下降。英特尔则更不受此影响，因为无论如何都没有太多的增长被定价。如果AMD的股价跌至净利润的30倍，在其他条件相同的情况下，其股价将下跌25%以上，而且由于几个月前股价还在70美元左右，这似乎并非极不可能。</blockquote></p><p> Another important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.</p><p><blockquote>另一个重要风险是AMD对TSM等代工厂的依赖。这意味着，如果TSM决定要求更大的份额，它将处于谈判地位。在这种情况下，AMD的利润率可能会压缩，进而可能会给每股收益增长及其估值带来压力。</blockquote></p><p> In some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.</p><p><blockquote>从某种意义上说，投资者必须决定是否要选择一家执行风险较低但估值大幅下跌且更容易受到地缘政治风险的公司，或者是否要选择一家相当便宜且估值较低的股票。估值下行，但执行可能会成为未来回报的障碍。</blockquote></p><p> I do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish&nbsp;article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.</p><p><blockquote>在这两家公司中，我确实稍微倾向于英特尔，它是我买入并持有投资组合的一部分，但我根本不想暗示AMD是一家糟糕的公司。恰恰相反，我们在6月份发布了一篇关于AMD的看涨文章，此后股价上涨了30%。然而，由于此后估值扩张，现在购买似乎是一个不太有利的想法。</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>AMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMD And Intel Offer Similar Returns - Focus On The Risks<blockquote>AMD和英特尔提供类似的回报——关注风险</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\">2021-09-28 23:05</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>Semiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.</li>  <li>INTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.</li>  <li>The two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ef88f36e97fe83170b1cf0f19a56398f\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>HQuality Video/iStock via Getty Images</span></p><p><blockquote><ul><li>半导体股受益于长期顺风，但并不能保证获得丰厚的回报。</li><li>我相信，INTC和AMD将在未来几年实现高个位数回报，但原因不同。</li><li>这两家公司面临不同的风险，投资者可能需要决定他们愿意承担什么类型的风险。</li></ul><p class=\"t-img-caption\"><span>HQuality Video/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Despite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.</p><p><blockquote>尽管存在很大差异，但根据我的模型，Advanced Micro Devices（纳斯达克股票代码：AMD）和英特尔（纳斯达克股票代码：INTC）在未来几年确实提供了相对相似的高个位数回报前景。</blockquote></p><p> I do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.</p><p><blockquote>因此，我确实认为，在选择这些股票时，关注两家公司独特的风险可能更有意义。投资者必须考虑，面对英特尔的执行风险，他们是否确实感觉更好，或者他们是否想选择AMD，因为AMD的估值低迷和对代工厂的依赖是主要的风险因素。</blockquote></p><p> <b>Total Return Forecast</b></p><p><blockquote><b>总回报预测</b></blockquote></p><p> Investors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of&nbsp;$5.65.</p><p><blockquote>投资者自然对从投资中获得回报感兴趣，因此让我们尝试预测2025年的回报。AMD预计今年的每股收益为2.50美元，分析师预计这一数字将以有吸引力的两位数速度攀升，这使我们预计2025年每股收益为5.65美元。</blockquote></p><p> Right now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.</p><p><blockquote>目前，AMD的净利润是其净利润的40倍以上，但由于两个原因，这种情况可能会在未来几年发生变化。首先，AMD过去的估值较低，其次，规模增长的公司通常会看到增长率放缓，这证明了多年来多次压缩的合理性。如下图所示，去年该股的平均市盈率高达30多倍，而目前的预期市盈率为41倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/93c478c5ffedc2fb5ca10ec75ae643ef\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Considering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.</p><p><blockquote>考虑到AMD成熟时的上述倍数压缩，我相信可以将2025年的公允价值倍数定为25——这仍然比英特尔等增长较低的同行有巨大溢价，但同时，似乎更适合更成熟的AMD。在这种情况下，2025年的目标价为141美元，上涨潜力接近40%，这使我们的年回报率约为8%——有吸引力，但并不出色。</blockquote></p><p> Intel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.</p><p><blockquote>与此同时，英特尔预计今年的每股收益为4.80美元。分析师预测未来几年每股收益表现相对不均衡，这很可能会成为现实。如果英特尔的每股收益每年仅增长2%，由于通货膨胀、全球芯片需求不断增长，以及英特尔的代工业务应该在2025年开始产生影响，这似乎是一个非常可以实现的目标，那么我们的每股收益目标约为5.20美元。如今，INTC的预期市盈率仅为11倍，但无论是绝对值还是相对于过去的股票估值，这都是一个相当低的估值。过去五年的市盈率中位数为13.3，这似乎是一个合适的目标估值，这反过来又使我们的目标价为69美元。相对于英特尔目前的股价，这将使年度股价上涨6.5%。加上2.5%的股息收益率，即使盈利增长率相当低，英特尔也可以产生9%的年回报率。因此，在这种情景分析中，英特尔看起来是稍微好一点的选择，但人们当然可以认为输入应该不同。</blockquote></p><p> <b>Balance Sheet And Shareholder Returns</b></p><p><blockquote><b>资产负债表和股东回报</b></blockquote></p><p> Intel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:</p><p><blockquote>按当前价格计算，英特尔提供的股息收益率为2.5%，大约是大盘收益率的两倍。另一方面，AMD目前不提供任何股息支付。然而，这并不令人意外，因为AMD在最近的过去并没有产生有意义的自由现金流，因此实际上无法提供任何慷慨的付款。与此同时，英特尔由于其更强的自由现金生成能力，不仅能够定期提高股息，而且最重要的是，英特尔还通过股票回购支付了数十亿美元的现金。仅在过去三年中，英特尔的股票数量就下降了11%，而AMD的股票数量在同一时间内上涨了20%以上：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f767d35c5cbdd7105dae1ecc4d14c539\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> This is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.</p><p><blockquote>这是AMD案例中股票发行的结果，例如为了留住人才和支付高管工资，而英特尔股票数量的下降可以用其有利于股东的回购计划来解释。AMD的股票数量稀释在过去并不是一个主要问题，因为股东仍然受益于非常可观的回报，但如果AMD未来继续迅速稀释股东，回报可能会受到打击。</blockquote></p><p> AMD has a pretty clean balance sheet, with&nbsp;$3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its&nbsp;10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.</p><p><blockquote>AMD的资产负债表相当干净，37亿美元的现金超过了其长期债务。然而，相对于其远高于1000亿美元的市值，其净现金头寸并不是特别有意义。与此同时，根据其10-Q报告，英特尔拥有80亿美元的现金头寸，但也持有360亿美元的债务头寸（短期和长期债务合计）。因此，AMD如今拥有更好的资产负债表，但这是以反复发行股票和避免股东回报计划为代价的。</blockquote></p><p> <b>What Risks Do You Want To Take On?</b></p><p><blockquote><b>你想冒什么风险？</b></blockquote></p><p> Intel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.</p><p><blockquote>在我的模型中，英特尔的回报略高于AMD，但由于预测总回报没有重大差异，投资者可能希望根据其他因素做出投资决策，例如投资这些股票的风险。</blockquote></p><p> Intel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration&nbsp;in favor of&nbsp;onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does&nbsp;have a very solid outlook&nbsp;and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.</p><p><blockquote>英特尔的战略包括扩大其在美国的足迹，这将有助于该公司在未来的贸易战中免受麻烦。由于政府支持芯片生产在岸，英特尔可能会通过这些努力从有利的政治和补贴中受益。英特尔寻求通过IFS成为代工厂的主要参与者——当我们审视TSM时，我们发现如果做得好，这可能是一种高利润的商业模式。如今从零增长的IFS确实具有非常稳健的前景，并且可能在未来几年显着加速英特尔的整体增长。如果台湾和美国之间的紧张局势加剧，其在美国的足迹可能会派上用场，因为这可能会导致客户比同行更青睐英特尔的生产，同时，英特尔可能会被投资者视为避风港，这可能会导致在这种情况下出现多重扩张顺风。</blockquote></p><p> Geopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip&nbsp;delay&nbsp;but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.</p><p><blockquote>因此，地缘政治不是投资英特尔的关键问题。相反，我认为执行是主要的风险。该公司拥有巨大的市场份额、强劲的现金流，并且交易成本非常低廉，但其主要问题是在引入新工艺类型时无法很好地执行，这使得AMD或英伟达等同行获得了市场份额。这不仅适用于其7纳米芯片延迟，而且该公司还不得不在今年夏天推迟其最新版本的至强服务器芯片。由于今年早些时候将其首席执行官换成了更注重技术/工程的首席执行官帕特·基辛格（Pat Gelsinger），英特尔似乎很可能会更好地及时将新产品推向市场。尽管如此，这仍然是英特尔的核心问题，并且可能仍然是未来的核心风险。</blockquote></p><p> AMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.</p><p><blockquote>另一方面，AMD在执行力方面非常出色，这似乎并不是该公司的主要风险。然而，投资者不应忽视另外两个风险因素。第一个是估值风险——AMD的估值相当高，超过净利润的40倍，而且这种情况可能会因一系列因素而发生变化。例如，如果利率攀升，AMD等高估值成长型公司将比英特尔等价值股更容易受到多重压缩。如果全球芯片需求增长放缓，AMD每股收益增长低于预期，其市盈率也可能大幅下降。英特尔则更不受此影响，因为无论如何都没有太多的增长被定价。如果AMD的股价跌至净利润的30倍，在其他条件相同的情况下，其股价将下跌25%以上，而且由于几个月前股价还在70美元左右，这似乎并非极不可能。</blockquote></p><p> Another important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.</p><p><blockquote>另一个重要风险是AMD对TSM等代工厂的依赖。这意味着，如果TSM决定要求更大的份额，它将处于谈判地位。在这种情况下，AMD的利润率可能会压缩，进而可能会给每股收益增长及其估值带来压力。</blockquote></p><p> In some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.</p><p><blockquote>从某种意义上说，投资者必须决定是否要选择一家执行风险较低但估值大幅下跌且更容易受到地缘政治风险的公司，或者是否要选择一家相当便宜且估值较低的股票。估值下行，但执行可能会成为未来回报的障碍。</blockquote></p><p> I do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish&nbsp;article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.</p><p><blockquote>在这两家公司中，我确实稍微倾向于英特尔，它是我买入并持有投资组合的一部分，但我根本不想暗示AMD是一家糟糕的公司。恰恰相反，我们在6月份发布了一篇关于AMD的看涨文章，此后股价上涨了30%。然而，由于此后估值扩张，现在购买似乎是一个不太有利的想法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4457363-amd-intel-offer-similar-returns-focus-on-risks\">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":{"AMD":"美国超微公司","INTC":"英特尔"},"source_url":"https://seekingalpha.com/article/4457363-amd-intel-offer-similar-returns-focus-on-risks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171210263","content_text":"Summary\n\nSemiconductor stocks benefit from long-term tailwinds, but steep returns are not guaranteed.\nINTC and AMD will deliver high-single-digits returns in the coming years, I believe, but due to different reasons.\nThe two companies come with different risks, and investors may want to decide what type of risk they are willing to take on.\n\nHQuality Video/iStock via Getty Images\nArticle Thesis\nDespite big differences, Advanced Micro Devices(NASDAQ:AMD)and Intel(NASDAQ:INTC)do, according to my models, surprisingly offer a relatively similar return outlook, in the high-single-digits, over the coming years.\nI do hence believe that it may make more sense to focus on the two companies' unique sets of risks when deciding between these stocks. Investors have to consider whether they do feel better being exposed to Intel's execution risk, or whether they want to go with AMD, where valuation depression and its reliance on foundries are the key risks factors.\nTotal Return Forecast\nInvestors naturally are interested in generating returns from their investments, thus let's try to forecast what returns could look like through 2025. AMD is forecasted to generate EPS of $2.50 this year, and analysts expect that this amount will climb at an attractive double-digit rate, which gets us to a 2025 EPS estimate of $5.65.\nRight now, AMD trades for more than 40x its net profit, but this will likely change over the years, due to two reasons. First, AMD has traded at lower valuations in the past, and second, companies that grow in size do usually see their growth rate slowdown, which justifies multiple compression over the years. As we can see in the following chart, shares averaged a P/E multiple in the high 30s over the last year, versus a 41x forward earnings multiple today.\nData by YCharts\nConsidering the aforementioned multiple compression as AMD matures, I believe that one could assign a fair value multiple of 25 for 2025 -- this would still represent a huge premium over lower-growth peers such as Intel but would, at the same time, seem more reasonable for a more mature AMD. The target price for 2025, in this scenario, is $141, representing an upside potential of close to 40%, which gets us to an annual return of roughly 8% -- attractive, but not outstanding.\nIntel, meanwhile, is forecasted to generate EPS of $4.80 this year. Analysts are predicting relatively uneven EPS performance over the coming years, which may very well come true. If Intel grows its EPS by just 2% a year, which seems like a very much achievable goal thanks to inflation, growing global chip demand, and due to the fact that Intel's foundry business should start to have an impact by 2025, then we get to an EPS target of around $5.20. Today, INTC trades at just 11x forward earnings, but that is a rather low valuation both in absolute terms and relative to how shares were valued in the past. The median earnings multiple over the last five years is 13.3, which seems like an appropriate target valuation, which, in turn, gets us to a price target of $69. Relative to Intel's current share price, this would allow for annual share price gains of 6.5%. Add in a 2.5%-yielding dividend, and Intel could generate 9% annual returns, even with a pretty slim earnings growth rate. In this scenario analysis, Intel thus looks like the slightly better pick, but one can, of course, argue that inputs should be different.\nBalance Sheet And Shareholder Returns\nIntel offers a dividend yielding 2.5% at current prices, which is roughly twice the yield of the broad market. AMD, on the other hand, does not offer any dividend payments for now. This isn't a large surprise, however, as AMD has not been generating meaningful free cash flows over the more recent past, and was thus not really in a position to offer any generous payments. Intel, meanwhile, due to its way stronger free cash generation, was not only able to raise its dividend regularly, but on top of that, Intel has been paying out billions in cash via share repurchases. Over the last three years alone, Intel's share count dropped by 11%, while AMD's share count has risen by more than 20% in the same time frame:\nData by YCharts\nThis is the result of share issuance in AMD's case, e.g. to retain talent and pay executives, while Intel's declining share count can be explained by its buyback programs working in favor of shareholders. Share count dilution at AMD has not been a major issue in the past, as shareholders still benefited from very sizeable returns, but in case AMD continues to dilute shareholders rapidly in the future, returns may take a hit from that.\nAMD has a pretty clean balance sheet, with $3.7 billionin cash outstripping its long-term debt. Relative to its market cap of well above $100 billion, its net cash position isn't especially meaningful, however. Intel, meanwhile, has an $8 billion cash position, but also holds a $36 billion debt position (short- and long-term debt combined), according to its 10-Q. AMD thus has the better balance sheet today, but this came at the cost of issuing shares repeatedly and avoiding shareholder return programs.\nWhat Risks Do You Want To Take On?\nIntel slightly beats AMD's returns in my model, but since there are no major differences in forecasted total returns, investors may want to base their investment decisions on other things, such as the risks of investing in these stocks.\nIntel's strategy involves expanding its footprint in the US, which would help in shielding the company from trouble in future trade wars. With the administration in favor of onshoring chip production, Intel may benefit from favorable politics and subsidies with these endeavors. Intel seeks to become a major player in foundries through IFS -- when we look at TSM we see that this can be a highly profitable business model when done right. IFS, which is growing from zero today, does have a very solid outlook and could accelerate Intel's overall growth meaningfully in the coming years. Its US footprint could come in handy if tensions between Taiwan and the US rise, as this may lead to customers favoring Intel's production over peers, while at the same time, Intel could be seen as a safe haven by investors, which may lead to multiple expansion tailwinds in such a situation.\nGeopolitics is thus not a key issue when investing in Intel. Instead, I believe that execution is the main risk. The company has a huge market share, strong cash flows, and trades very inexpensively, but its main problem is its inability to execute well when it comes to the introduction of new process types, which allows peers such as AMD or NVIDIA to gain market share. This does not only hold true for its 7nm chip delay but the company also had to delay the newest version of its Xeon server chips this summer. Thanks to swapping its CEO to a more tech-focused/engineering-focused CEO, Pat Gelsinger, earlier this year, it seems likely that Intel will get better at bringing new products to the market in a timely manner. Still, this is Intel's core problem and will likely remain the core risk going forward.\nAMD, on the other hand, has been great at execution, and this doesn't seem to be a major risk for the company. There are, however, two other risk factors investors should not ignore. The first one is valuation risk -- AMD trades at a quite elevated valuation of more than 40x net profits, and this could change due to a range of factors. If, for example, interest rates climb, highly-valued growth companies such as AMD would be more exposed to multiple compression than value stocks such as Intel. If global chip demand growth slows down and AMD grows its EPS less than expected, its multiples could also decline considerably. Intel is more insulated from that, as not a lot of growth is priced in anyways. If AMD's shares were to trade down to 30x net profits, all else equal, its shares would drop by more than 25%, and since shares traded in the $70s just a couple of months ago, this does not seem extremely unlikely.\nAnother important risk is AMD's reliance on foundries such as TSM. It means that it is in a weak negotiating position should TSM ever decide to demand a bigger portion of the overall pie. In that case, AMD's margins could compress, which, in turn, could pressure EPS growth and its valuation.\nIn some sense, investors have to decide whether they want to go with a company that has low execution risk but significant valuation downside and that is more exposed to geopolitical risks, or whether they want to go with a stock that is pretty inexpensive and has low valuation downside, but where execution may turn out to be a hindrance for future returns.\nI do favor Intel slightly among these two, and it is part of my buy-and-hold portfolio, but I do not at all want to imply that AMD is a bad company. Quite the contrary, we released abullish article on AMD in June, with shares delivering 30% since then. Due to the valuation expansion since then, buying now seems like a less favorable idea, however.","news_type":1,"symbols_score_info":{"AMD":0.9,"INTC":0.9}},"isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}