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AllyLeong

AllyLeong

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2021-09-07

Keep going!!

抱歉，原内容已删除

2021-07-14

$Exela Technologies, Inc.(XELA)$Aiyo…don’t panic sell. Potential stock worth a hold!

2021-07-13

$Exela Technologies, Inc.(XELA)$Don’t sell! Don’t sell!! It can still go up!!

2021-07-04

No matter how, I’ll still support Apple where they do things very differently from others.

抱歉，原内容已删除

2021-06-16

Good

抱歉，原内容已删除

2021-06-16

Let’s see

Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上打造了价值 900 亿美元的华尔街</blockquote>

2021-06-16

$Alfi Inc.(ALF)$Will it go up or down today?

2021-06-16

I’m waiting

Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过 4%，首席执行官预计将投入更多资金用于云计算工作</blockquote>

2021-06-16

Another direction to follow

比亚迪股份：分拆所属子公司至创业板上市

2021-06-14

$Blue Hat Interactive Entertainment Technology(BHAT)$Have to hold this longer term

2021-06-14

$SuperCom(SPCB)$Performance not bad! Keep it up!

2021-06-13

$SuperCom(SPCB)$For long term investment

2021-06-11

Preparing bullets for stock in!

2021-06-07

$ChargePoint Holdings Inc.(CHPT)$Keep going!!

2021-06-07

$XPeng Inc.(XPEV)$加油！

2021-06-05

I have missed the opportunity 😟

AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>

2021-06-05

New opportunities

抱歉，原内容已删除

2021-06-05

$ChargePoint Holdings Inc.(CHPT)$More to go!!

2021-06-05

$XPeng Inc.(XPEV)$It’s coming up!

2021-06-05

$XPeng Inc.(XPEV)$Finally...

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going!!&nbsp;","listText":"Keep going!!&nbsp;","text":"Keep going!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880108913","repostId":"1148433063","repostType":4,"isVote":1,"tweetType":1,"viewCount":3368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144862298,"gmtCreate":1626275672514,"gmtModify":1631884022690,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Aiyo…don’t panic sell. Potential stock worth a hold!","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Aiyo…don’t panic sell. Potential stock worth a hold!","text":"$Exela Technologies, Inc.(XELA)$Aiyo…don’t panic sell. Potential stock worth a hold!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144862298","isVote":1,"tweetType":1,"viewCount":3287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145382902,"gmtCreate":1626190005906,"gmtModify":1631884023799,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","text":"$Exela Technologies, Inc.(XELA)$Don’t sell! Don’t sell!! It can still go up!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145382902","isVote":1,"tweetType":1,"viewCount":3139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155384084,"gmtCreate":1625376261348,"gmtModify":1633941096068,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","listText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","text":"No matter how, I’ll still support Apple where they do things very differently from others.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155384084","repostId":"1110936297","repostType":2,"isVote":1,"tweetType":1,"viewCount":2812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169460357,"gmtCreate":1623847660379,"gmtModify":1634027171506,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169460357","repostId":"2143198799","repostType":4,"isVote":1,"tweetType":1,"viewCount":3533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169487406,"gmtCreate":1623847642105,"gmtModify":1634027171975,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"Let’s see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169487406","repostId":"1160929405","repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohunote.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上打造了价值 900 亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基（Vladimir Vishnevskiy）持有欧洲政府债券可以赚取负利率。或者，他可以通过将资金锁定在加密货币市场更荒凉的角落之一（称为去中心化金融或 DeFi），获得相当于 20% 的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定拿那20%。“总部位于瑞士的圣哥达基金管理公司（St. Gotthard Fund Management）的联合创始人说：”你无法在传统领域获得这样的收益率。这一策略如此新颖，以至于即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说--它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在，让它变得更加令人费解，想象一下代码不仅仅是记录交易。它运营贷款平台、保险公司和金融市场，几乎没有人工中介。那就是sDeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易员可以通过以加密代币的形式承诺这些无形且基本上不受监管的金融机构运转所需的资金来收取收益。DeFi Pulse 数据显示，在上个月的高峰期，投资者向各种 DeFi 项目投入了多达 860 亿美元，而一年前这一数字略低于 10 亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。(最早的去中心化项目之一是一个名为 DAO 的基金，它成为了 5500 万美元被盗的受害者，有人利用其代码中的漏洞抽走了资金）。目前，它主要是一个为加密世界打造的加密世界。去中心化的贷方在很大程度上接受加密存款，向寻求加密赌注杠杆的人发放贷款；分散的交易所用于交易加密硬币；去中心化的保险公司负责加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常晦涩难懂的代币计价。DeFi 的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人堆积代币，而这些代币在现实世界中仍然具有有限的效用。如果说回报率很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于 DeFi 项目不需要位于任何物理地点，因此很难对其进行监管，这使得该领域很容易受到诈骗和洗钱计划的影响。尽管如此，DeFi 的倡导者认为这项技术有能力开拓市场，打造新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解 DeFi 程序是如何运作的，请查看 atSushiSwap，这是一家去年启动的去中心化加密货币交易所。它基于另一个名为 Duniswap 的 DeFi 交易所的代码。与任何交易所一样——从 Coinbase 等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap 依赖于流动性，或者确保买家能够找到他们想要的代币并且卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap 创建了流动性池，将交易者可能想要交换的两种硬币配对--例如，第二大最受欢迎的加密货币和 DeFi 的支柱以太币，以及交易所自己的代币 Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像维什涅夫斯基这样的投资者会购买这两种代币，然后将它们暂时锁定在资金池中，供交易者使用。一种算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还可以获得池中交易产生的一部分费用，以及免费的额外寿司代币。(新增的寿司代币可以在其他交易对上赚取，而不仅仅是涉及寿司的交易对）。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他 DeFi 协议可能会向那些将加密货币提供给其他人借用的人支付收益。例如，交易者可能希望借用稳定币--其价值与美元等传统货币挂钩的代币--在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，的确如此。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些本身就是看涨期权农民的投资者不断转移资金试图创收，但被称为 “汽油费 ”的加密货币交易成本会蚕食利润。此外，支付这些收益率的加密货币的价值可能会大幅波动。最近一天，比特币下跌了 10%，而 Uniswap 等热门 DeFi 币则下跌了近 20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并推高相关代币的价值。DeFi 项目的创始人囤积了为运行这些项目而创造的硬币，他们可能会突然套现，导致价格下跌。SushiSwap 的化名创始人、厨师 Nomi 在 9 月份出售了价值约 1300 万美元的代币，但在社区的愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“在传统领域，你无法获得这些收益”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次硬币发行为项目筹集了数十亿美元，其中大部分被证明是哑弹。DeFi converts表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap 实时公布其用户统计数据，在最近 24 小时内的交易量为 8.13 亿美元，为那些在其流动性池中押注代币的人产生了 180 万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>很多DeFi项目发放的代币价值呢？这些硬币并不完全是股权，也不总是能直接获得利润。他们通常赋予持有者对项目未来的投票权；投资者可能希望，随着与之相关的协议越来越受欢迎，硬币也会越来越受欢迎。但一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management 共同管理 DeFi 基金的亚历山大·克洛达 (Aleksander Kloda) 表示，参与的动力可能与其说是服务的价值，不如说是免费代币的承诺。“他说：”从短期来看，它们真的会让画面变得更加难以阅读。“如果音量的存在仅仅是因为协议给了你额外的参与动机，那么这种逻辑就不太正确”。作为一名投资者，他试图确定即使没有诱人的回报也能建立可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi 的支持者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，并扩展到更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷员，也不涉及投资高频基础设施以保持股票交易流动性的城堡证券。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但 Global Financial Access 的区块链工程师 Elaine Ou 认为，DeFi 仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门--它们之所以如此有价值，部分原因在于它们允许你做其他司法管辖区禁止的事情，”也是彭博观点的撰稿人的欧说。“围绕投机建立一个完整的产业是可能的”。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上打造了价值 900 亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上打造了价值 900 亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">.bloomberg</strong><span class=\"h-time small\">2021-06-16 19:49</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.</p><p><blockquote>基金经理弗拉基米尔·维什涅夫斯基（Vladimir Vishnevskiy）持有欧洲政府债券可以赚取负利率。或者，他可以通过将资金锁定在加密货币市场更荒凉的角落之一（称为去中心化金融或 DeFi），获得相当于 20% 的年收益率。</blockquote></p><p> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.</p><p><blockquote>他决定拿那20%。“总部位于瑞士的圣哥达基金管理公司（St. Gotthard Fund Management）的联合创始人说：”你无法在传统领域获得这样的收益率。这一策略如此新颖，以至于即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说--它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在，让它变得更加令人费解，想象一下代码不仅仅是记录交易。它运营贷款平台、保险公司和金融市场，几乎没有人工中介。那就是sDeFi。</blockquote></p><p> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.</p><p><blockquote>像维什涅夫斯基这样的交易员可以通过以加密代币的形式承诺这些无形且基本上不受监管的金融机构运转所需的资金来收取收益。DeFi Pulse 数据显示，在上个月的高峰期，投资者向各种 DeFi 项目投入了多达 860 亿美元，而一年前这一数字略低于 10 亿美元。</blockquote></p><p> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.</p><p><blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。(最早的去中心化项目之一是一个名为 DAO 的基金，它成为了 5500 万美元被盗的受害者，有人利用其代码中的漏洞抽走了资金）。目前，它主要是一个为加密世界打造的加密世界。去中心化的贷方在很大程度上接受加密存款，向寻求加密赌注杠杆的人发放贷款；分散的交易所用于交易加密硬币；去中心化的保险公司负责加密黑客。</blockquote></p><p> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.</p><p><blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常晦涩难懂的代币计价。DeFi 的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人堆积代币，而这些代币在现实世界中仍然具有有限的效用。如果说回报率很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于 DeFi 项目不需要位于任何物理地点，因此很难对其进行监管，这使得该领域很容易受到诈骗和洗钱计划的影响。尽管如此，DeFi 的倡导者认为这项技术有能力开拓市场，打造新型金融产品。</blockquote></p><p> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.</p><p><blockquote>要了解 DeFi 程序是如何运作的，请查看 atSushiSwap，这是一家去年启动的去中心化加密货币交易所。它基于另一个名为 Duniswap 的 DeFi 交易所的代码。与任何交易所一样——从 Coinbase 等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap 依赖于流动性，或者确保买家能够找到他们想要的代币并且卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap 创建了流动性池，将交易者可能想要交换的两种硬币配对--例如，第二大最受欢迎的加密货币和 DeFi 的支柱以太币，以及交易所自己的代币 Sushi。</blockquote></p><p> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.</p><p><blockquote>像维什涅夫斯基这样的投资者会购买这两种代币，然后将它们暂时锁定在资金池中，供交易者使用。一种算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还可以获得池中交易产生的一部分费用，以及免费的额外寿司代币。(新增的寿司代币可以在其他交易对上赚取，而不仅仅是涉及寿司的交易对）。</blockquote></p><p> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.</p><p><blockquote>其他 DeFi 协议可能会向那些将加密货币提供给其他人借用的人支付收益。例如，交易者可能希望借用稳定币--其价值与美元等传统货币挂钩的代币--在不接受传统货币的平台上购买更多比特币。</blockquote></p><p> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.</p><p><blockquote>如果这听起来很复杂，的确如此。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些本身就是看涨期权农民的投资者不断转移资金试图创收，但被称为 “汽油费 ”的加密货币交易成本会蚕食利润。此外，支付这些收益率的加密货币的价值可能会大幅波动。最近一天，比特币下跌了 10%，而 Uniswap 等热门 DeFi 币则下跌了近 20%。</blockquote></p><p></p><p> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.</p><p><blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并推高相关代币的价值。DeFi 项目的创始人囤积了为运行这些项目而创造的硬币，他们可能会突然套现，导致价格下跌。SushiSwap 的化名创始人、厨师 Nomi 在 9 月份出售了价值约 1300 万美元的代币，但在社区的愤怒中改变了方向。</blockquote></p><p> “You can’t get those yields in the traditional space”</p><p><blockquote>“在传统领域，你无法获得这些收益”</blockquote></p><p> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.</p><p><blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次硬币发行为项目筹集了数十亿美元，其中大部分被证明是哑弹。DeFi converts表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap 实时公布其用户统计数据，在最近 24 小时内的交易量为 8.13 亿美元，为那些在其流动性池中押注代币的人产生了 180 万美元的费用。</blockquote></p><p> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.</p><p><blockquote>很多DeFi项目发放的代币价值呢？这些硬币并不完全是股权，也不总是能直接获得利润。他们通常赋予持有者对项目未来的投票权；投资者可能希望，随着与之相关的协议越来越受欢迎，硬币也会越来越受欢迎。但一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management 共同管理 DeFi 基金的亚历山大·克洛达 (Aleksander Kloda) 表示，参与的动力可能与其说是服务的价值，不如说是免费代币的承诺。“他说：”从短期来看，它们真的会让画面变得更加难以阅读。“如果音量的存在仅仅是因为协议给了你额外的参与动机，那么这种逻辑就不太正确”。作为一名投资者，他试图确定即使没有诱人的回报也能建立可持续交易量的项目。</blockquote></p><p> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.</p><p><blockquote>DeFi 的支持者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，并扩展到更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷员，也不涉及投资高频基础设施以保持股票交易流动性的城堡证券。</blockquote></p><p> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”</p><p><blockquote>但 Global Financial Access 的区块链工程师 Elaine Ou 认为，DeFi 仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门--它们之所以如此有价值，部分原因在于它们允许你做其他司法管辖区禁止的事情，”也是彭博观点的撰稿人的欧说。“围绕投机建立一个完整的产业是可能的”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":3093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169482626,"gmtCreate":1623847514965,"gmtModify":1631888373114,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/ALF\">$Alfi Inc.(ALF)$</a>Will it go up or down today?","listText":"<a href=\"https://laohu8.com/S/ALF\">$Alfi Inc.(ALF)$</a>Will it go up or down today?","text":"$Alfi Inc.(ALF)$Will it go up or down today?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169482626","isVote":1,"tweetType":1,"viewCount":2977,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169488993,"gmtCreate":1623847442612,"gmtModify":1634027176369,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"I’m waiting","listText":"I’m waiting","text":"I’m waiting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169488993","repostId":"1184454883","repostType":4,"repost":{"id":"1184454883","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":1623830812,"share":"https://www.laohunote.com/m/news/1184454883?lang=zh_CN&edition=full","pubTime":"2021-06-16 16:06","market":"us","language":"en","title":"Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过 4%，首席执行官预计将投入更多资金用于云计算工作</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184454883","media":"Tiger Newspress","summary":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-q","content":"<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19% 周二公布第四季度收益为 40.3 亿美元，即每股收益 1.37 美元，销售额为 112.3 亿美元，高于去年同期的 104.4 亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为 1.54 美元，高于去年的每股 1.20 美元。分析师平均预期调整后每股收益为 1.31 美元，营收为 110.2 亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>整个财年，甲骨文的销售总额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四倍。2021财年的增长率是甲骨文自2012财年末以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增加，尽管每股收益的大部分收益是大规模股票回购的结果。随着 COVID-19 大流行在过去 12 个月中肆虐，甲骨文回购了 209 亿美元的股票，目前在过去三个财年中已花费超过 760 亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官 Safra Catz 预测收入将继续增长，但表示甲骨文将开始向其云业务注入更多现金。这家软件提供商预计将投入 40 亿美元的资本支出，以增加与亚马逊、微软等公司的竞争。</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>Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过 4%，首席执行官预计将投入更多资金用于云计算工作</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\">\nOracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过 4%，首席执行官预计将投入更多资金用于云计算工作</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\">2021-06-16 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19% 周二公布第四季度收益为 40.3 亿美元，即每股收益 1.37 美元，销售额为 112.3 亿美元，高于去年同期的 104.4 亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为 1.54 美元，高于去年的每股 1.20 美元。分析师平均预期调整后每股收益为 1.31 美元，营收为 110.2 亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>整个财年，甲骨文的销售总额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四倍。2021财年的增长率是甲骨文自2012财年末以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增加，尽管每股收益的大部分收益是大规模股票回购的结果。随着 COVID-19 大流行在过去 12 个月中肆虐，甲骨文回购了 209 亿美元的股票，目前在过去三个财年中已花费超过 760 亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官 Safra Catz 预测收入将继续增长，但表示甲骨文将开始向其云业务注入更多现金。这家软件提供商预计将投入 40 亿美元的资本支出，以增加与亚马逊、微软等公司的竞争。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184454883","content_text":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.\nFor the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.\nEarnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.\nFor the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc. ,Microsoft Corp. and others.","news_type":1,"symbols_score_info":{"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":2692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169481383,"gmtCreate":1623847418642,"gmtModify":1634027176712,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"Another direction to follow","listText":"Another direction to follow","text":"Another direction to follow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169481383","repostId":"1170999861","repostType":4,"repost":{"id":"1170999861","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623837638,"share":"https://www.laohunote.com/m/news/1170999861?lang=zh_CN&edition=full","pubTime":"2021-06-16 18:00","market":"sh","language":"zh","title":"比亚迪股份：分拆所属子公司至创业板上市","url":"https://stock-news.laohu8.com/highlight/detail?id=1170999861","media":"老虎资讯综合","summary":"6月16日，比亚迪股份：股东大会表决通过分拆所属子公司比亚迪半导体股份有限公司至创业板上市。\n比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手","content":"<p>6月16日，<a href=\"https://laohu8.com/S/01211\">比亚迪股份</a>：股东大会表决通过分拆所属子公司<a href=\"https://laohu8.com/S/002594\">比亚迪</a>半导体股份有限公司至创业板上市。</p>\n<p>比亚迪股份有限公司于近日收到公司持股5%以上的股东吕向阳先生函告，获悉其将所持有本公司的部分股份办理质押手续。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Keep it up!","listText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>Performance not bad! Keep it up!","text":"$SuperCom(SPCB)$Performance not bad! Keep it up!","images":[{"img":"https://static.tigerbbs.com/bcfd3f5556c609bbf4d875d9dcf0c226","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/184396986","isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":182643029,"gmtCreate":1623571647961,"gmtModify":1631890008478,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>For long term investment&nbsp;","listText":"<a href=\"https://laohu8.com/S/SPCB\">$SuperCom(SPCB)$</a>For long term investment&nbsp;","text":"$SuperCom(SPCB)$For long term investment","images":[{"img":"https://static.tigerbbs.com/8c1b955d6a5cc88107a55fd9d7e2f311","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/182643029","isVote":1,"tweetType":1,"viewCount":647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":188141255,"gmtCreate":1623425729577,"gmtModify":1634033311280,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"Preparing bullets for stock in!","listText":"Preparing bullets for stock in!","text":"Preparing bullets for stock in!","images":[{"img":"https://static.tigerbbs.com/e6b919a08daca5319001b3f2e30cf17d","width":"1125","height":"3425"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188141255","isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":114236896,"gmtCreate":1623074923415,"gmtModify":1631885748372,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>Keep&nbsp;going!!","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>Keep&nbsp;going!!","text":"$ChargePoint Holdings Inc.(CHPT)$Keep going!!","images":[{"img":"https://static.tigerbbs.com/929e529bb65210cc3e2ded72197015e5","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114236896","isVote":1,"tweetType":1,"viewCount":823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":114238051,"gmtCreate":1623074884273,"gmtModify":1634037233420,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>加油！","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>加油！","text":"$XPeng Inc.(XPEV)$加油！","images":[{"img":"https://static.tigerbbs.com/f31b03bf99025f5979bc04a61bf4cddd","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114238051","isVote":1,"tweetType":1,"viewCount":1127,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":112112193,"gmtCreate":1622855473912,"gmtModify":1634097375132,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"I have missed the opportunity 😟","listText":"I have missed the opportunity 😟","text":"I have missed the opportunity 😟","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/112112193","repostId":"1132937041","repostType":4,"repost":{"id":"1132937041","kind":"news","pubTimestamp":1622853341,"share":"https://www.laohunote.com/m/news/1132937041?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:35","market":"us","language":"en","title":"AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132937041","media":"Barrons","summary":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy s","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图：克里斯·米哈尔 / Dreamstime.com</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括一份免费的大爆米花，该公司的股价上涨了 95% 以上，达到 62.55 美元的历史新高。第二天，一项出售 1155 万股股票的计划（最终以 50.85 美元的平均价格出售）导致 AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>即使周四下跌，该股在过去九个交易日中仍飙升了 297%，今年上涨了 2,160%，令人瞠目。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站（GME）和黑莓（BB）之后，似乎没有什么能阻止最新的热门备忘录股票，甚至连 AMC 本身也没有发出警告： “在这种情况下，我们提醒您不要投资我们的 A 类普通股，除非您准备好承担全部或大部分投资损失的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC 向投资公司 Mudrick Capital Management 出售了 850 万股股票，后者在同一天出售了其股份并获利。AMC 称这是 “非常明智的现金筹集，这样我们就可以发展公司”。</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从 2022 年开始额外出售 2500 万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管发出了不同寻常的警告和稀释，但一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在 1 月份上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>“投资研究公司 New Constructs 的首席执行官大卫-特雷纳（David Trainer）最近写道：”AMC院线股价的飙升是我们今天所处的不计后果的迷因股票驱动的投资环境的又一个迹象。“华尔街内部人士正在利用零售迷因股票交易员的天真。没有基本的理由购买AMC院线的股票。</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，要找到一个能够证明 AMC 崛起合理性的基本说法是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，2018年底是美国票房创纪录的一年。当时，三大上市影院运营商的企业价值约为国内总票房的1.6倍。（连锁影院通常有大量债务，因此企业价值是一个更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC 目前的企业价值约为 2020 年受大流行病影响的国内票房 21 亿美元的 17 倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里和流媒体一年后，是否有足够多的电影观众回来并像以前一样消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合时期，就像本世纪早些时候一样，当时向体育场座位的转变迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成了一台赚钱机器——越来越少的电影院运营商提供帮助。现在，越来越少的人可以迎来另一个更高的投资回报和更好的现金生成时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望 AMC 能够在大流行后的世界中投机取巧，也许是通过收购。该股最近的上涨使这一希望得以实现，使该公司能够筹集新资本——仅本季度就通过股票销售筹集了 12.5 亿美元。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>“AMC 首席执行官亚当-阿伦（Adam Aron）在上周二表示：”随着我们流动性的增加、接种疫苗的人口越来越多，以及新大片的即将上映，是时候让 AMC 再次发起进攻了。</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果 AMC 能够提高市场份额，如果美国票房恢复到 2018 年的水平，该公司的总销售额可能会达到 90 亿美元--60 亿美元来自门票，30 亿美元来自特许经营权。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，如果 AMC 对新影院的投资可能会下降，因为并不真正需要新的产能，那么该公司每年可能会产生 6 亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借 6 亿美元的自由现金流，根据最近的价格计算，该股的自由现金流收益率约为 2.4%。这个收益率让股票看起来很昂贵，但并非完全不合理。标普500指数的自由现金流收益率约为 3.4%；标准普尔指数中的其他非必需消费品股票的自由现金流收益率约为 3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但 6 亿美元的自由现金流情景存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC 的市场份额可能会上升，但仍有竞争对手： 富豪影院（Regal Cinemas，现归 Cineworld Group（CINE.UK）所有）和 Cinemark Holdings（CNK）所有。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易都不像 AMC：Cineworld 股价较 52 周低点上涨 283%，但较历史高点下跌 78%，而 Cinemark 股价较 52 周低点上涨 183%，但较历史高点下跌 51%。相比之下，AMC 股价较 52 周低点上涨了 2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC 及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一进程。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。十名分析师关注该股，平均目标价为 5.25 美元。最高为每股18美元。在大流行之前，分析师的平均目标价为 15 美元。当时AMC的股票较少。旧的目标价意味着企业价值约为 70 亿美元，与 350 亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计 AMC 未来的自由现金流为正——2022 年约为 1300 万美元，2023 年约为 9000 万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，AMC 股票的基本面情况，说得委婉些，是一个拉伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，空头挤压的风险已经远远大于市场意识到一只股票太贵所带来的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>说到底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能理解这一点。“来自加利福尼亚州圣费尔南多谷的 27 岁作家娜塔莉-卡马乔（Natalie Camacho）说：”我认为，对于你看到的大多数散户投资者来说，这确实是为了证明一个观点。</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她说，随着模因股票浪潮开始兴起，她在 1 月份以 100 美元的价格购买了 11 股 AMC 股票。她预计该公司将受益于 Covid-19 的重新开放。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资的世界对她关闭了，因为她没有 1 万美元可以投资股票。在社交媒体上，AMC交易被描绘成小人物与华尔街大公司之间的斗争，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“她说：”吸引我的是这种集体感，我们都在一起。“有一种感觉，如果我们把钱集中在一起，我们可能不会变得富有，但我们会有足够的钱有所作为”。</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都是在用自己输得起的钱下注。截至周四上午，她100美元的投资已经增加到460美元。“她说：”从长远来看，这可能是个坏主意，但目前我们还是坚持下去。</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>AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</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\">\nAMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-05 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图：克里斯·米哈尔 / Dreamstime.com</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括一份免费的大爆米花，该公司的股价上涨了 95% 以上，达到 62.55 美元的历史新高。第二天，一项出售 1155 万股股票的计划（最终以 50.85 美元的平均价格出售）导致 AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>即使周四下跌，该股在过去九个交易日中仍飙升了 297%，今年上涨了 2,160%，令人瞠目。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站（GME）和黑莓（BB）之后，似乎没有什么能阻止最新的热门备忘录股票，甚至连 AMC 本身也没有发出警告： “在这种情况下，我们提醒您不要投资我们的 A 类普通股，除非您准备好承担全部或大部分投资损失的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC 向投资公司 Mudrick Capital Management 出售了 850 万股股票，后者在同一天出售了其股份并获利。AMC 称这是 “非常明智的现金筹集，这样我们就可以发展公司”。</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从 2022 年开始额外出售 2500 万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管发出了不同寻常的警告和稀释，但一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在 1 月份上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>“投资研究公司 New Constructs 的首席执行官大卫-特雷纳（David Trainer）最近写道：”AMC院线股价的飙升是我们今天所处的不计后果的迷因股票驱动的投资环境的又一个迹象。“华尔街内部人士正在利用零售迷因股票交易员的天真。没有基本的理由购买AMC院线的股票。</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，要找到一个能够证明 AMC 崛起合理性的基本说法是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，2018年底是美国票房创纪录的一年。当时，三大上市影院运营商的企业价值约为国内总票房的1.6倍。（连锁影院通常有大量债务，因此企业价值是一个更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC 目前的企业价值约为 2020 年受大流行病影响的国内票房 21 亿美元的 17 倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里和流媒体一年后，是否有足够多的电影观众回来并像以前一样消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合时期，就像本世纪早些时候一样，当时向体育场座位的转变迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成了一台赚钱机器——越来越少的电影院运营商提供帮助。现在，越来越少的人可以迎来另一个更高的投资回报和更好的现金生成时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望 AMC 能够在大流行后的世界中投机取巧，也许是通过收购。该股最近的上涨使这一希望得以实现，使该公司能够筹集新资本——仅本季度就通过股票销售筹集了 12.5 亿美元。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>“AMC 首席执行官亚当-阿伦（Adam Aron）在上周二表示：”随着我们流动性的增加、接种疫苗的人口越来越多，以及新大片的即将上映，是时候让 AMC 再次发起进攻了。</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果 AMC 能够提高市场份额，如果美国票房恢复到 2018 年的水平，该公司的总销售额可能会达到 90 亿美元--60 亿美元来自门票，30 亿美元来自特许经营权。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，如果 AMC 对新影院的投资可能会下降，因为并不真正需要新的产能，那么该公司每年可能会产生 6 亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借 6 亿美元的自由现金流，根据最近的价格计算，该股的自由现金流收益率约为 2.4%。这个收益率让股票看起来很昂贵，但并非完全不合理。标普500指数的自由现金流收益率约为 3.4%；标准普尔指数中的其他非必需消费品股票的自由现金流收益率约为 3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但 6 亿美元的自由现金流情景存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC 的市场份额可能会上升，但仍有竞争对手： 富豪影院（Regal Cinemas，现归 Cineworld Group（CINE.UK）所有）和 Cinemark Holdings（CNK）所有。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易都不像 AMC：Cineworld 股价较 52 周低点上涨 283%，但较历史高点下跌 78%，而 Cinemark 股价较 52 周低点上涨 183%，但较历史高点下跌 51%。相比之下，AMC 股价较 52 周低点上涨了 2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC 及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一进程。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。十名分析师关注该股，平均目标价为 5.25 美元。最高为每股18美元。在大流行之前，分析师的平均目标价为 15 美元。当时AMC的股票较少。旧的目标价意味着企业价值约为 70 亿美元，与 350 亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计 AMC 未来的自由现金流为正——2022 年约为 1300 万美元，2023 年约为 9000 万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，AMC 股票的基本面情况，说得委婉些，是一个拉伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，空头挤压的风险已经远远大于市场意识到一只股票太贵所带来的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>说到底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能理解这一点。“来自加利福尼亚州圣费尔南多谷的 27 岁作家娜塔莉-卡马乔（Natalie Camacho）说：”我认为，对于你看到的大多数散户投资者来说，这确实是为了证明一个观点。</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她说，随着模因股票浪潮开始兴起，她在 1 月份以 100 美元的价格购买了 11 股 AMC 股票。她预计该公司将受益于 Covid-19 的重新开放。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资的世界对她关闭了，因为她没有 1 万美元可以投资股票。在社交媒体上，AMC交易被描绘成小人物与华尔街大公司之间的斗争，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“她说：”吸引我的是这种集体感，我们都在一起。“有一种感觉，如果我们把钱集中在一起，我们可能不会变得富有，但我们会有足够的钱有所作为”。</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都是在用自己输得起的钱下注。截至周四上午，她100美元的投资已经增加到460美元。“她说：”从长远来看，这可能是个坏主意，但目前我们还是坚持下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132937041","content_text":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy signal.\nShares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.\nEven with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.\nAfter GameStop(GME) and BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.\nEarlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”\nMore dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.\nDespite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.\n“The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”\nTrying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.\n\nWith the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)\nAMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.\nRoughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.\nThe business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.\nIndeed, the hope is that AMC could be opportunistic in the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.\n“With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.\nIf AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.\nThen, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.\nWith $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The S&P 500 index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&P trade at a free-cash-flow yield of about 3.1%.\nWhile that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.\nConsolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by Cineworld Group(CINE.UK), and Cinemark Holdings(CNK).\nNeither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.\nAnd AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.\nWall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.\nAnalysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.\nAt these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of short squeezes has become far larger than the potential gain from the market realizing that a stock is too expensive.\nIn the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.\nAMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.\nShe says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.\nCamacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.\n“What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”\nRegardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112116271,"gmtCreate":1622855434193,"gmtModify":1631884478858,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"New opportunities&nbsp;","listText":"New opportunities&nbsp;","text":"New opportunities","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112116271","repostId":"2140816405","repostType":4,"isVote":1,"tweetType":1,"viewCount":873,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112113634,"gmtCreate":1622855343528,"gmtModify":1631885748422,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","text":"$ChargePoint Holdings Inc.(CHPT)$More to go!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112113634","isVote":1,"tweetType":1,"viewCount":762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112119681,"gmtCreate":1622855304543,"gmtModify":1634097379066,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","text":"$XPeng Inc.(XPEV)$It’s coming up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112119681","isVote":1,"tweetType":1,"viewCount":1096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112137508,"gmtCreate":1622855201004,"gmtModify":1634097380150,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>Finally...","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>Finally...","text":"$XPeng Inc.(XPEV)$Finally...","images":[{"img":"https://static.tigerbbs.com/ea8ff2386b6f3f0a90bbaf50e4b786fb","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112137508","isVote":1,"tweetType":1,"viewCount":864,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":144862298,"gmtCreate":1626275672514,"gmtModify":1631884022690,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Aiyo…don’t panic sell. Potential stock worth a hold!","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Aiyo…don’t panic sell. Potential stock worth a hold!","text":"$Exela Technologies, Inc.(XELA)$Aiyo…don’t panic sell. Potential stock worth a hold!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144862298","isVote":1,"tweetType":1,"viewCount":3287,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112112193,"gmtCreate":1622855473912,"gmtModify":1634097375132,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"I have missed the opportunity 😟","listText":"I have missed the opportunity 😟","text":"I have missed the opportunity 😟","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/112112193","repostId":"1132937041","repostType":4,"repost":{"id":"1132937041","kind":"news","pubTimestamp":1622853341,"share":"https://www.laohunote.com/m/news/1132937041?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:35","market":"us","language":"en","title":"AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132937041","media":"Barrons","summary":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy s","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图：克里斯·米哈尔 / Dreamstime.com</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括一份免费的大爆米花，该公司的股价上涨了 95% 以上，达到 62.55 美元的历史新高。第二天，一项出售 1155 万股股票的计划（最终以 50.85 美元的平均价格出售）导致 AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>即使周四下跌，该股在过去九个交易日中仍飙升了 297%，今年上涨了 2,160%，令人瞠目。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站（GME）和黑莓（BB）之后，似乎没有什么能阻止最新的热门备忘录股票，甚至连 AMC 本身也没有发出警告： “在这种情况下，我们提醒您不要投资我们的 A 类普通股，除非您准备好承担全部或大部分投资损失的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC 向投资公司 Mudrick Capital Management 出售了 850 万股股票，后者在同一天出售了其股份并获利。AMC 称这是 “非常明智的现金筹集，这样我们就可以发展公司”。</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从 2022 年开始额外出售 2500 万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管发出了不同寻常的警告和稀释，但一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在 1 月份上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>“投资研究公司 New Constructs 的首席执行官大卫-特雷纳（David Trainer）最近写道：”AMC院线股价的飙升是我们今天所处的不计后果的迷因股票驱动的投资环境的又一个迹象。“华尔街内部人士正在利用零售迷因股票交易员的天真。没有基本的理由购买AMC院线的股票。</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，要找到一个能够证明 AMC 崛起合理性的基本说法是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，2018年底是美国票房创纪录的一年。当时，三大上市影院运营商的企业价值约为国内总票房的1.6倍。（连锁影院通常有大量债务，因此企业价值是一个更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC 目前的企业价值约为 2020 年受大流行病影响的国内票房 21 亿美元的 17 倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里和流媒体一年后，是否有足够多的电影观众回来并像以前一样消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合时期，就像本世纪早些时候一样，当时向体育场座位的转变迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成了一台赚钱机器——越来越少的电影院运营商提供帮助。现在，越来越少的人可以迎来另一个更高的投资回报和更好的现金生成时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望 AMC 能够在大流行后的世界中投机取巧，也许是通过收购。该股最近的上涨使这一希望得以实现，使该公司能够筹集新资本——仅本季度就通过股票销售筹集了 12.5 亿美元。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>“AMC 首席执行官亚当-阿伦（Adam Aron）在上周二表示：”随着我们流动性的增加、接种疫苗的人口越来越多，以及新大片的即将上映，是时候让 AMC 再次发起进攻了。</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果 AMC 能够提高市场份额，如果美国票房恢复到 2018 年的水平，该公司的总销售额可能会达到 90 亿美元--60 亿美元来自门票，30 亿美元来自特许经营权。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，如果 AMC 对新影院的投资可能会下降，因为并不真正需要新的产能，那么该公司每年可能会产生 6 亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借 6 亿美元的自由现金流，根据最近的价格计算，该股的自由现金流收益率约为 2.4%。这个收益率让股票看起来很昂贵，但并非完全不合理。标普500指数的自由现金流收益率约为 3.4%；标准普尔指数中的其他非必需消费品股票的自由现金流收益率约为 3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但 6 亿美元的自由现金流情景存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC 的市场份额可能会上升，但仍有竞争对手： 富豪影院（Regal Cinemas，现归 Cineworld Group（CINE.UK）所有）和 Cinemark Holdings（CNK）所有。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易都不像 AMC：Cineworld 股价较 52 周低点上涨 283%，但较历史高点下跌 78%，而 Cinemark 股价较 52 周低点上涨 183%，但较历史高点下跌 51%。相比之下，AMC 股价较 52 周低点上涨了 2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC 及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一进程。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。十名分析师关注该股，平均目标价为 5.25 美元。最高为每股18美元。在大流行之前，分析师的平均目标价为 15 美元。当时AMC的股票较少。旧的目标价意味着企业价值约为 70 亿美元，与 350 亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计 AMC 未来的自由现金流为正——2022 年约为 1300 万美元，2023 年约为 9000 万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，AMC 股票的基本面情况，说得委婉些，是一个拉伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，空头挤压的风险已经远远大于市场意识到一只股票太贵所带来的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>说到底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能理解这一点。“来自加利福尼亚州圣费尔南多谷的 27 岁作家娜塔莉-卡马乔（Natalie Camacho）说：”我认为，对于你看到的大多数散户投资者来说，这确实是为了证明一个观点。</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她说，随着模因股票浪潮开始兴起，她在 1 月份以 100 美元的价格购买了 11 股 AMC 股票。她预计该公司将受益于 Covid-19 的重新开放。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资的世界对她关闭了，因为她没有 1 万美元可以投资股票。在社交媒体上，AMC交易被描绘成小人物与华尔街大公司之间的斗争，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“她说：”吸引我的是这种集体感，我们都在一起。“有一种感觉，如果我们把钱集中在一起，我们可能不会变得富有，但我们会有足够的钱有所作为”。</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都是在用自己输得起的钱下注。截至周四上午，她100美元的投资已经增加到460美元。“她说：”从长远来看，这可能是个坏主意，但目前我们还是坚持下去。</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>AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</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\">\nAMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-05 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图：克里斯·米哈尔 / Dreamstime.com</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括一份免费的大爆米花，该公司的股价上涨了 95% 以上，达到 62.55 美元的历史新高。第二天，一项出售 1155 万股股票的计划（最终以 50.85 美元的平均价格出售）导致 AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>即使周四下跌，该股在过去九个交易日中仍飙升了 297%，今年上涨了 2,160%，令人瞠目。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站（GME）和黑莓（BB）之后，似乎没有什么能阻止最新的热门备忘录股票，甚至连 AMC 本身也没有发出警告： “在这种情况下，我们提醒您不要投资我们的 A 类普通股，除非您准备好承担全部或大部分投资损失的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC 向投资公司 Mudrick Capital Management 出售了 850 万股股票，后者在同一天出售了其股份并获利。AMC 称这是 “非常明智的现金筹集，这样我们就可以发展公司”。</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从 2022 年开始额外出售 2500 万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管发出了不同寻常的警告和稀释，但一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在 1 月份上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>“投资研究公司 New Constructs 的首席执行官大卫-特雷纳（David Trainer）最近写道：”AMC院线股价的飙升是我们今天所处的不计后果的迷因股票驱动的投资环境的又一个迹象。“华尔街内部人士正在利用零售迷因股票交易员的天真。没有基本的理由购买AMC院线的股票。</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，要找到一个能够证明 AMC 崛起合理性的基本说法是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，2018年底是美国票房创纪录的一年。当时，三大上市影院运营商的企业价值约为国内总票房的1.6倍。（连锁影院通常有大量债务，因此企业价值是一个更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC 目前的企业价值约为 2020 年受大流行病影响的国内票房 21 亿美元的 17 倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里和流媒体一年后，是否有足够多的电影观众回来并像以前一样消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合时期，就像本世纪早些时候一样，当时向体育场座位的转变迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成了一台赚钱机器——越来越少的电影院运营商提供帮助。现在，越来越少的人可以迎来另一个更高的投资回报和更好的现金生成时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望 AMC 能够在大流行后的世界中投机取巧，也许是通过收购。该股最近的上涨使这一希望得以实现，使该公司能够筹集新资本——仅本季度就通过股票销售筹集了 12.5 亿美元。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>“AMC 首席执行官亚当-阿伦（Adam Aron）在上周二表示：”随着我们流动性的增加、接种疫苗的人口越来越多，以及新大片的即将上映，是时候让 AMC 再次发起进攻了。</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果 AMC 能够提高市场份额，如果美国票房恢复到 2018 年的水平，该公司的总销售额可能会达到 90 亿美元--60 亿美元来自门票，30 亿美元来自特许经营权。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，如果 AMC 对新影院的投资可能会下降，因为并不真正需要新的产能，那么该公司每年可能会产生 6 亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借 6 亿美元的自由现金流，根据最近的价格计算，该股的自由现金流收益率约为 2.4%。这个收益率让股票看起来很昂贵，但并非完全不合理。标普500指数的自由现金流收益率约为 3.4%；标准普尔指数中的其他非必需消费品股票的自由现金流收益率约为 3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但 6 亿美元的自由现金流情景存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC 的市场份额可能会上升，但仍有竞争对手： 富豪影院（Regal Cinemas，现归 Cineworld Group（CINE.UK）所有）和 Cinemark Holdings（CNK）所有。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易都不像 AMC：Cineworld 股价较 52 周低点上涨 283%，但较历史高点下跌 78%，而 Cinemark 股价较 52 周低点上涨 183%，但较历史高点下跌 51%。相比之下，AMC 股价较 52 周低点上涨了 2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC 及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一进程。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。十名分析师关注该股，平均目标价为 5.25 美元。最高为每股18美元。在大流行之前，分析师的平均目标价为 15 美元。当时AMC的股票较少。旧的目标价意味着企业价值约为 70 亿美元，与 350 亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计 AMC 未来的自由现金流为正——2022 年约为 1300 万美元，2023 年约为 9000 万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，AMC 股票的基本面情况，说得委婉些，是一个拉伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，空头挤压的风险已经远远大于市场意识到一只股票太贵所带来的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>说到底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能理解这一点。“来自加利福尼亚州圣费尔南多谷的 27 岁作家娜塔莉-卡马乔（Natalie Camacho）说：”我认为，对于你看到的大多数散户投资者来说，这确实是为了证明一个观点。</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她说，随着模因股票浪潮开始兴起，她在 1 月份以 100 美元的价格购买了 11 股 AMC 股票。她预计该公司将受益于 Covid-19 的重新开放。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资的世界对她关闭了，因为她没有 1 万美元可以投资股票。在社交媒体上，AMC交易被描绘成小人物与华尔街大公司之间的斗争，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“她说：”吸引我的是这种集体感，我们都在一起。“有一种感觉，如果我们把钱集中在一起，我们可能不会变得富有，但我们会有足够的钱有所作为”。</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都是在用自己输得起的钱下注。截至周四上午，她100美元的投资已经增加到460美元。“她说：”从长远来看，这可能是个坏主意，但目前我们还是坚持下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132937041","content_text":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy signal.\nShares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.\nEven with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.\nAfter GameStop(GME) and BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.\nEarlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”\nMore dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.\nDespite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.\n“The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”\nTrying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.\n\nWith the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)\nAMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.\nRoughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.\nThe business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.\nIndeed, the hope is that AMC could be opportunistic in the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.\n“With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.\nIf AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.\nThen, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.\nWith $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The S&P 500 index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&P trade at a free-cash-flow yield of about 3.1%.\nWhile that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.\nConsolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by Cineworld Group(CINE.UK), and Cinemark Holdings(CNK).\nNeither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.\nAnd AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.\nWall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.\nAnalysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.\nAt these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of short squeezes has become far larger than the potential gain from the market realizing that a stock is too expensive.\nIn the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.\nAMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.\nShe says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.\nCamacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.\n“What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”\nRegardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880108913,"gmtCreate":1631023323432,"gmtModify":1632904525559,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"Keep going!!&nbsp;","listText":"Keep going!!&nbsp;","text":"Keep going!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/880108913","repostId":"1148433063","repostType":4,"isVote":1,"tweetType":1,"viewCount":3368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145382902,"gmtCreate":1626190005906,"gmtModify":1631884023799,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","listText":"<a href=\"https://laohu8.com/S/XELA\">$Exela Technologies, Inc.(XELA)$</a>Don’t sell! Don’t sell!! It can still go up!!","text":"$Exela Technologies, Inc.(XELA)$Don’t sell! Don’t sell!! It can still go up!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145382902","isVote":1,"tweetType":1,"viewCount":3139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155384084,"gmtCreate":1625376261348,"gmtModify":1633941096068,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","listText":"No matter how, I’ll still support Apple where they do things very differently from others.&nbsp;","text":"No matter how, I’ll still support Apple where they do things very differently from others.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155384084","repostId":"1110936297","repostType":2,"isVote":1,"tweetType":1,"viewCount":2812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184395427,"gmtCreate":1623683385369,"gmtModify":1631883975208,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/BHAT\">$Blue Hat Interactive Entertainment Technology(BHAT)$</a>Have to hold this longer term","listText":"<a href=\"https://laohu8.com/S/BHAT\">$Blue Hat Interactive Entertainment Technology(BHAT)$</a>Have to hold this longer term","text":"$Blue Hat Interactive Entertainment Technology(BHAT)$Have to hold this longer term","images":[{"img":"https://static.tigerbbs.com/c0f0d7499fc26519ce5029d4b33e090a","width":"1170","height":"2026"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/184395427","isVote":1,"tweetType":1,"viewCount":3730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":169460357,"gmtCreate":1623847660379,"gmtModify":1634027171506,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169460357","repostId":"2143198799","repostType":4,"isVote":1,"tweetType":1,"viewCount":3533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112113634,"gmtCreate":1622855343528,"gmtModify":1631885748422,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","listText":"<a href=\"https://laohu8.com/S/CHPT\">$ChargePoint Holdings Inc.(CHPT)$</a>More to go!!","text":"$ChargePoint Holdings Inc.(CHPT)$More to go!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112113634","isVote":1,"tweetType":1,"viewCount":762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169488993,"gmtCreate":1623847442612,"gmtModify":1634027176369,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"I’m waiting","listText":"I’m waiting","text":"I’m waiting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169488993","repostId":"1184454883","repostType":4,"repost":{"id":"1184454883","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":1623830812,"share":"https://www.laohunote.com/m/news/1184454883?lang=zh_CN&edition=full","pubTime":"2021-06-16 16:06","market":"us","language":"en","title":"Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过 4%，首席执行官预计将投入更多资金用于云计算工作</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1184454883","media":"Tiger Newspress","summary":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-q","content":"<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19% 周二公布第四季度收益为 40.3 亿美元，即每股收益 1.37 美元，销售额为 112.3 亿美元，高于去年同期的 104.4 亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为 1.54 美元，高于去年的每股 1.20 美元。分析师平均预期调整后每股收益为 1.31 美元，营收为 110.2 亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>整个财年，甲骨文的销售总额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四倍。2021财年的增长率是甲骨文自2012财年末以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增加，尽管每股收益的大部分收益是大规模股票回购的结果。随着 COVID-19 大流行在过去 12 个月中肆虐，甲骨文回购了 209 亿美元的股票，目前在过去三个财年中已花费超过 760 亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官 Safra Catz 预测收入将继续增长，但表示甲骨文将开始向其云业务注入更多现金。这家软件提供商预计将投入 40 亿美元的资本支出，以增加与亚马逊、微软等公司的竞争。</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>Oracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过 4%，首席执行官预计将投入更多资金用于云计算工作</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\">\nOracle shares fell more than 4% in pre-market trading,as CEO expects to push more money to cloud efforts<blockquote>甲骨文股价在盘前交易中下跌超过 4%，首席执行官预计将投入更多资金用于云计算工作</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\">2021-06-16 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Oracle&nbsp;shares fell&nbsp;more&nbsp;than 4% in pre-market&nbsp;trading.</p><p><blockquote>甲骨文股价在盘前交易中下跌超过4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/24c21c95265199b1f8a92747158fca89\" tg-width=\"1289\" tg-height=\"625\" referrerpolicy=\"no-referrer\">OracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.</p><p><blockquote>OracleORCL,-1.19% 周二公布第四季度收益为 40.3 亿美元，即每股收益 1.37 美元，销售额为 112.3 亿美元，高于去年同期的 104.4 亿美元。在调整股票薪酬和其他影响后，甲骨文公布的每股收益为 1.54 美元，高于去年的每股 1.20 美元。分析师平均预期调整后每股收益为 1.31 美元，营收为 110.2 亿美元。</blockquote></p><p> For the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.</p><p><blockquote>整个财年，甲骨文的销售总额为404.8亿美元，比上一财年增长3.6%。甲骨文的收入在过去两年中分别下降了1.1%和0.8%，销售额在过去六年中总体下降了四倍。2021财年的增长率是甲骨文自2012财年末以来的第二好增长率。</blockquote></p><p> Earnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.</p><p><blockquote>全年收益也有所增加，尽管每股收益的大部分收益是大规模股票回购的结果。随着 COVID-19 大流行在过去 12 个月中肆虐，甲骨文回购了 209 亿美元的股票，目前在过去三个财年中已花费超过 760 亿美元购买自己的股票。</blockquote></p><p> For the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc.&nbsp;,Microsoft Corp.&nbsp;and others.</p><p><blockquote>对于新财年，首席执行官 Safra Catz 预测收入将继续增长，但表示甲骨文将开始向其云业务注入更多现金。这家软件提供商预计将投入 40 亿美元的资本支出，以增加与亚马逊、微软等公司的竞争。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ORCL":"甲骨文"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184454883","content_text":"Oracle shares fell more than 4% in pre-market trading.\nOracleORCL,-1.19%on Tuesday reported fourth-quarter earnings of $4.03 billion, or $1.37 a share, on sales of $11.23 billion, up from $10.44 billion a year ago. After adjusting for stock-based compensation and other effects, Oracle reported earnings of $1.54 a share, up from $1.20 a share last year. Analysts on average expected adjusted earnings of $1.31 a share on revenue of $11.02 billion.\nFor the full fiscal year, Oracle totaled $40.48 billion in sales, up 3.6% from its previous fiscal year. Oracle revenue had declined 1.1% and 0.8% in the past two years, respectively, and sales have declined four times in the past six years overall. The growth rate for the 2021 fiscal year is the second-best for Oracle since the end of the 2012 fiscal year.\nEarnings also increased for the full year, though much of the gains in earnings per share are a result of massive share repurchases. Oracle repurchased $20.9 billion in stock as the COVID-19 pandemic raged in the past 12 months and has now spent more than $76 billion in the past three fiscal years purchasing its own stock.\nFor the new fiscal year, Chief Executive Safra Catz predicted that revenue growth will continue but said Oracle will begin funneling more cash into its cloud business. The software provider expects to push $4 billion into capital expenditures to increase its competition with Amazon.com Inc. ,Microsoft Corp. and others.","news_type":1,"symbols_score_info":{"ORCL":0.9}},"isVote":1,"tweetType":1,"viewCount":2692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112119681,"gmtCreate":1622855304543,"gmtModify":1634097379066,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578565623520596","idStr":"3578565623520596"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","listText":"<a href=\"https://laohu8.com/S/XPEV\">$XPeng Inc.(XPEV)$</a>It’s coming up!","text":"$XPeng Inc.(XPEV)$It’s coming up!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112119681","isVote":1,"tweetType":1,"viewCount":1096,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}