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Jefflim

Jefflim

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2022-01-24

Test

The Stock Market Is on a Bumpy Ride. Try These 2 Stocks for Stability.<blockquote>股市正经历一段坎坷的旅程。尝试这两只股票以获得稳定性。</blockquote>

2022-01-24

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Tesla, Intel, Apple, Microsoft, Visa, and Other Stocks to Watch This Week<blockquote>特斯拉、英特尔、苹果、微软、Visa 和本周值得关注的其他股票</blockquote>

2022-01-22

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2022-01-22

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英特尔宣布1000亿美元芯片投资计划，目标建成“全球最大芯片制造基地”

2022-01-19

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天价收购动视暴雪，微软叫板腾讯、索尼？

2022-01-19

$Electrocore LLC(ECOR)$gogogo👍

2022-01-18

Omg.... When it gonna up again....

2022-01-18

$Bionano Genomics(BNGO)$ omg when it gonna up again....

2022-01-18

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昨夜今晨：大型科技公司面临新一轮监管潮！国际大行董事长辞职

2022-01-17

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2022-01-17

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2022-01-17

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2022-01-16

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2021-12-27

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Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>

2021-12-24

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抱歉，原内容已删除

2021-12-23

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2021-12-22

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2021-12-21

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U.S. current account deficit widens to biggest in 15 years in Q3<blockquote>美国第三季度经常账户赤字扩大至15年来最大</blockquote>

2021-12-20

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Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>

2021-12-18

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Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>

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14:46","market":"us","language":"en","title":"The Stock Market Is on a Bumpy Ride. Try These 2 Stocks for Stability.<blockquote>股市正经历一段坎坷的旅程。尝试这两只股票以获得稳定性。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122948042","media":"Barrons","summary":"Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something","content":"<p><html><head></head><body>Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something of a national obsession, but very few people are any good at it.</p><p><blockquote><html><head></head><body>不要再试图理解股市正在发生的事情了。这是一种有趣的消遣，也是一种全国性的痴迷，但很少有人擅长这种消遣。</body></html></blockquote></p><p>Instead, look for companies in a secular bull market—ones with products and strategies that seem so strong that their shares might be insulated from the broad market’s increasingly erratic behavior.</p><p><blockquote>相反，要寻找处于长期牛市中的公司--那些产品和策略看起来非常强大，以至于其股票可能会与大盘日益波动的行为隔绝开来的公司。</blockquote></p><p>Tesla (ticker: TSLA), the electric-vehicle giant, looks like an interesting, if controversial, play on the secular bull-market theme. The stock is down about 6% this year after rising 50% in 2021. The company reports fourth-quarter earnings on Jan. 26 after the market closes.</p><p><blockquote>电动汽车巨头特斯拉（股票代码：TSLA）看起来像是一个有趣的、尽管有争议的长期牛市主题游戏。该股在 2021 年上涨 50% 后，今年下跌约 6%。该公司将于 1 月 26 日收盘后公布第四季度收益。</blockquote></p><p>NOV (NOV), which makes equipment for oil and gas drilling and exploration, could benefit from rising energy prices. The stock is up about 20% this year after sharply lagging behind the S&amp;P 500 index in 2021. The company reports earnings Feb. 4 during market hours.</p><p><blockquote>生产石油和天然气钻探和勘探设备的 NOV (NOV) 可能会受益于能源价格上涨。该股在 2021 年大幅落后于标普500指数后，今年上涨了约 20%。该公司于 2 月 4 日市场时段公布收益。</blockquote></p><p>It’s ironic to highlight companies so at odds with each other. Tesla is leading the electric-vehicle revolution. NOV supplies drilling equipment and tools to the oil and gas industries—which many think are at the onset of a commodities supercycle.</p><p><blockquote>具有讽刺意味的是，要突出这些公司之间存在如此大的分歧。特斯拉正在引领电动汽车革命。NOV 为石油和天然气行业提供钻井设备和工具，许多人认为石油和天然气行业正处于大宗商品超级周期的开始。</blockquote></p><p>But both companies have qualities that might make them a world unto themselves. And both are intriguing plays as the stock market keeps tumbling.</p><p><blockquote>但这两家公司都有一些特质，可能会让它们成为自己的世界。随着股市持续暴跌，这两件事都很有趣。</blockquote></p><p>With Tesla stock at $995.65, aggressive investors could sell the January $925 put option that expires Jan. 28 for about $22.50 and buy the January $1,010 call option with the same expiration for about $45.</p><p><blockquote>由于特斯拉股价为 995.65 美元，激进的投资者可以以约 22.50 美元的价格出售 1 月 28 日到期的 1 月份 925 美元看跌期权，并以约 45 美元的价格购买相同到期的 1 月份 1,010 美元看涨期权期权。</blockquote></p><p>This risk-reversal strategy—that is, selling a put and buying a call with a higher strike price but the same expiration date—positions investors to buy Tesla stock at $925. Should the stock surge on earnings, and rally to, say, $1,200, the call would be worth $190.</p><p><blockquote>这种风险逆转策略——即卖出看跌期权并购买执行价格更高但到期日相同的看涨期权——使投资者能够以 925 美元的价格购买特斯拉股票。如果该股盈利飙升，并反弹至 1,200 美元，看涨期权将价值 190 美元。</blockquote></p><p>The strategy—admittedly a very aggressive one—expresses confidence that Tesla’s surprisingly strong fourth-quarter sales data foreshadow an impressive earnings report and constructive commentary about the future. If that proves wrong and the stock tumbles, investors will be on the hook to buy Tesla stock at the $925 put strike or to adjust the position in the options market to avoid assignment.</p><p><blockquote>这一战略--诚然是一个非常激进的战略--表达了对特斯拉令人惊讶的强劲第四季度销售数据预示着令人印象深刻的财报和对未来的建设性评论的信心。如果事实证明这是错误的并且股票暴跌，投资者将不得不以 925 美元的看跌期权行使价购买特斯拉股票，或者调整期权市场的头寸以避免转让。</blockquote></p><p>During the past 52 weeks, Tesla stock has ranged from $539.49 to $1,243.49.</p><p><blockquote>过去 52 周内，特斯拉股价在 539.49 美元至 1,243.49 美元之间波动。</blockquote></p><p>NOV, at under $20 a share, is a less daring play. The amount of money needed to trade options on the stock is negligible.</p><p><blockquote>11 月份的股价不到每股 20 美元，是一个不那么大胆的举动。交易股票期权所需的资金可以忽略不计。</blockquote></p><p>With NOV stock at $16.21, aggressive investors could sell the March $14 put that expires March 4 for about 35 cents and buy the March $19 call with the same expiration for about 35 cents.</p><p><blockquote>由于 11 月份股价为 16.21 美元，激进的投资者可以以约 35 美分的价格出售 3 月 4 日到期的 3 月 14 美元看跌期权，并以约 35 美分的价格购买 3 月 19 美元相同到期的看涨期权。</blockquote></p><p>The trade expresses confidence that rising oil and gas prices will drive even more investors into the energy sector. When they arrive, NOV might prove to be an intriguing way to position. If NOV’s earnings report is accompanied by a good business outlook, investors would likely take notice—and that would benefit the stock.</p><p><blockquote>该行业表示相信，石油和天然气价格上涨将推动更多投资者进入能源行业。当他们到达时，11月可能会被证明是一个有趣的定位方式。如果 11 月份的财报伴随着良好的商业前景，投资者很可能会注意到这一点，这将有利于该股。</blockquote></p><p>During the past 52 weeks, NOV stock has ranged from $11.46 to $18.02.</p><p><blockquote>在过去 52 周内，11 月份的股价在 11.46 美元至 18.02 美元之间波动。</blockquote></p><p>The risk-reversal strategy was chosen to take advantage of some of the fear and greed that has warped options premiums as the stock market has declined.</p><p><blockquote>选择风险逆转策略是为了利用随着股市下跌而扭曲期权溢价的一些恐惧和贪婪。</blockquote></p><p>The calls are just inexpensive upside proxies that could prove profitable if Tesla’s and NOV’s earnings reports confirm the stocks are in secular bull markets and thus not as vulnerable to the broad market’s current woes. Selling puts that are lower than the associated stock prices—even if just a little—seems prudent as the market wavers.</p><p><blockquote>评级只是廉价的上涨代理，如果特斯拉和诺夫的财报证实这些股票处于长期牛市，因此不那么容易受到大盘当前困境的影响，那么这些股票可能会有利可图。随着市场波动，出售低于相关股票价格的看跌期权（即使只是一点点）似乎是谨慎的。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Is on a Bumpy Ride. 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Try These 2 Stocks for Stability.<blockquote>股市正经历一段坎坷的旅程。尝试这两只股票以获得稳定性。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-01-24 14:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something of a national obsession, but very few people are any good at it.</p><p><blockquote><html><head></head><body>不要再试图理解股市正在发生的事情了。这是一种有趣的消遣，也是一种全国性的痴迷，但很少有人擅长这种消遣。</body></html></blockquote></p><p>Instead, look for companies in a secular bull market—ones with products and strategies that seem so strong that their shares might be insulated from the broad market’s increasingly erratic behavior.</p><p><blockquote>相反，要寻找处于长期牛市中的公司--那些产品和策略看起来非常强大，以至于其股票可能会与大盘日益波动的行为隔绝开来的公司。</blockquote></p><p>Tesla (ticker: TSLA), the electric-vehicle giant, looks like an interesting, if controversial, play on the secular bull-market theme. The stock is down about 6% this year after rising 50% in 2021. The company reports fourth-quarter earnings on Jan. 26 after the market closes.</p><p><blockquote>电动汽车巨头特斯拉（股票代码：TSLA）看起来像是一个有趣的、尽管有争议的长期牛市主题游戏。该股在 2021 年上涨 50% 后，今年下跌约 6%。该公司将于 1 月 26 日收盘后公布第四季度收益。</blockquote></p><p>NOV (NOV), which makes equipment for oil and gas drilling and exploration, could benefit from rising energy prices. The stock is up about 20% this year after sharply lagging behind the S&amp;P 500 index in 2021. The company reports earnings Feb. 4 during market hours.</p><p><blockquote>生产石油和天然气钻探和勘探设备的 NOV (NOV) 可能会受益于能源价格上涨。该股在 2021 年大幅落后于标普500指数后，今年上涨了约 20%。该公司于 2 月 4 日市场时段公布收益。</blockquote></p><p>It’s ironic to highlight companies so at odds with each other. Tesla is leading the electric-vehicle revolution. NOV supplies drilling equipment and tools to the oil and gas industries—which many think are at the onset of a commodities supercycle.</p><p><blockquote>具有讽刺意味的是，要突出这些公司之间存在如此大的分歧。特斯拉正在引领电动汽车革命。NOV 为石油和天然气行业提供钻井设备和工具，许多人认为石油和天然气行业正处于大宗商品超级周期的开始。</blockquote></p><p>But both companies have qualities that might make them a world unto themselves. And both are intriguing plays as the stock market keeps tumbling.</p><p><blockquote>但这两家公司都有一些特质，可能会让它们成为自己的世界。随着股市持续暴跌，这两件事都很有趣。</blockquote></p><p>With Tesla stock at $995.65, aggressive investors could sell the January $925 put option that expires Jan. 28 for about $22.50 and buy the January $1,010 call option with the same expiration for about $45.</p><p><blockquote>由于特斯拉股价为 995.65 美元，激进的投资者可以以约 22.50 美元的价格出售 1 月 28 日到期的 1 月份 925 美元看跌期权，并以约 45 美元的价格购买相同到期的 1 月份 1,010 美元看涨期权期权。</blockquote></p><p>This risk-reversal strategy—that is, selling a put and buying a call with a higher strike price but the same expiration date—positions investors to buy Tesla stock at $925. Should the stock surge on earnings, and rally to, say, $1,200, the call would be worth $190.</p><p><blockquote>这种风险逆转策略——即卖出看跌期权并购买执行价格更高但到期日相同的看涨期权——使投资者能够以 925 美元的价格购买特斯拉股票。如果该股盈利飙升，并反弹至 1,200 美元，看涨期权将价值 190 美元。</blockquote></p><p>The strategy—admittedly a very aggressive one—expresses confidence that Tesla’s surprisingly strong fourth-quarter sales data foreshadow an impressive earnings report and constructive commentary about the future. If that proves wrong and the stock tumbles, investors will be on the hook to buy Tesla stock at the $925 put strike or to adjust the position in the options market to avoid assignment.</p><p><blockquote>这一战略--诚然是一个非常激进的战略--表达了对特斯拉令人惊讶的强劲第四季度销售数据预示着令人印象深刻的财报和对未来的建设性评论的信心。如果事实证明这是错误的并且股票暴跌，投资者将不得不以 925 美元的看跌期权行使价购买特斯拉股票，或者调整期权市场的头寸以避免转让。</blockquote></p><p>During the past 52 weeks, Tesla stock has ranged from $539.49 to $1,243.49.</p><p><blockquote>过去 52 周内，特斯拉股价在 539.49 美元至 1,243.49 美元之间波动。</blockquote></p><p>NOV, at under $20 a share, is a less daring play. The amount of money needed to trade options on the stock is negligible.</p><p><blockquote>11 月份的股价不到每股 20 美元，是一个不那么大胆的举动。交易股票期权所需的资金可以忽略不计。</blockquote></p><p>With NOV stock at $16.21, aggressive investors could sell the March $14 put that expires March 4 for about 35 cents and buy the March $19 call with the same expiration for about 35 cents.</p><p><blockquote>由于 11 月份股价为 16.21 美元，激进的投资者可以以约 35 美分的价格出售 3 月 4 日到期的 3 月 14 美元看跌期权，并以约 35 美分的价格购买 3 月 19 美元相同到期的看涨期权。</blockquote></p><p>The trade expresses confidence that rising oil and gas prices will drive even more investors into the energy sector. When they arrive, NOV might prove to be an intriguing way to position. If NOV’s earnings report is accompanied by a good business outlook, investors would likely take notice—and that would benefit the stock.</p><p><blockquote>该行业表示相信，石油和天然气价格上涨将推动更多投资者进入能源行业。当他们到达时，11月可能会被证明是一个有趣的定位方式。如果 11 月份的财报伴随着良好的商业前景，投资者很可能会注意到这一点，这将有利于该股。</blockquote></p><p>During the past 52 weeks, NOV stock has ranged from $11.46 to $18.02.</p><p><blockquote>在过去 52 周内，11 月份的股价在 11.46 美元至 18.02 美元之间波动。</blockquote></p><p>The risk-reversal strategy was chosen to take advantage of some of the fear and greed that has warped options premiums as the stock market has declined.</p><p><blockquote>选择风险逆转策略是为了利用随着股市下跌而扭曲期权溢价的一些恐惧和贪婪。</blockquote></p><p>The calls are just inexpensive upside proxies that could prove profitable if Tesla’s and NOV’s earnings reports confirm the stocks are in secular bull markets and thus not as vulnerable to the broad market’s current woes. Selling puts that are lower than the associated stock prices—even if just a little—seems prudent as the market wavers.</p><p><blockquote>评级只是廉价的上涨代理，如果特斯拉和诺夫的财报证实这些股票处于长期牛市，因此不那么容易受到大盘当前困境的影响，那么这些股票可能会有利可图。随着市场波动，出售低于相关股票价格的看跌期权（即使只是一点点）似乎是谨慎的。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-volatility-tesla-nov-51642667402?mod=RTA\">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":{"TSLA":"特斯拉","NOV":"华高"},"source_url":"https://www.barrons.com/articles/stock-market-volatility-tesla-nov-51642667402?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122948042","content_text":"Stop trying to make sense of what’s happening in the stock market. It’s a fun pastime, and something of a national obsession, but very few people are any good at it.Instead, look for companies in a secular bull market—ones with products and strategies that seem so strong that their shares might be insulated from the broad market’s increasingly erratic behavior.Tesla (ticker: TSLA), the electric-vehicle giant, looks like an interesting, if controversial, play on the secular bull-market theme. The stock is down about 6% this year after rising 50% in 2021. The company reports fourth-quarter earnings on Jan. 26 after the market closes.NOV (NOV), which makes equipment for oil and gas drilling and exploration, could benefit from rising energy prices. The stock is up about 20% this year after sharply lagging behind the S&P 500 index in 2021. The company reports earnings Feb. 4 during market hours.It’s ironic to highlight companies so at odds with each other. Tesla is leading the electric-vehicle revolution. NOV supplies drilling equipment and tools to the oil and gas industries—which many think are at the onset of a commodities supercycle.But both companies have qualities that might make them a world unto themselves. And both are intriguing plays as the stock market keeps tumbling.With Tesla stock at $995.65, aggressive investors could sell the January $925 put option that expires Jan. 28 for about $22.50 and buy the January $1,010 call option with the same expiration for about $45.This risk-reversal strategy—that is, selling a put and buying a call with a higher strike price but the same expiration date—positions investors to buy Tesla stock at $925. Should the stock surge on earnings, and rally to, say, $1,200, the call would be worth $190.The strategy—admittedly a very aggressive one—expresses confidence that Tesla’s surprisingly strong fourth-quarter sales data foreshadow an impressive earnings report and constructive commentary about the future. If that proves wrong and the stock tumbles, investors will be on the hook to buy Tesla stock at the $925 put strike or to adjust the position in the options market to avoid assignment.During the past 52 weeks, Tesla stock has ranged from $539.49 to $1,243.49.NOV, at under $20 a share, is a less daring play. The amount of money needed to trade options on the stock is negligible.With NOV stock at $16.21, aggressive investors could sell the March $14 put that expires March 4 for about 35 cents and buy the March $19 call with the same expiration for about 35 cents.The trade expresses confidence that rising oil and gas prices will drive even more investors into the energy sector. When they arrive, NOV might prove to be an intriguing way to position. If NOV’s earnings report is accompanied by a good business outlook, investors would likely take notice—and that would benefit the stock.During the past 52 weeks, NOV stock has ranged from $11.46 to $18.02.The risk-reversal strategy was chosen to take advantage of some of the fear and greed that has warped options premiums as the stock market has declined.The calls are just inexpensive upside proxies that could prove profitable if Tesla’s and NOV’s earnings reports confirm the stocks are in secular bull markets and thus not as vulnerable to the broad market’s current woes. Selling puts that are lower than the associated stock prices—even if just a little—seems prudent as the market wavers.","news_type":1,"symbols_score_info":{"NOV":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4511,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630426034,"gmtCreate":1643026478146,"gmtModify":1643026567579,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630426034","repostId":"1106250133","repostType":4,"repost":{"id":"1106250133","kind":"news","pubTimestamp":1642977542,"share":"https://www.laohunote.com/m/news/1106250133?lang=zh_CN&edition=full","pubTime":"2022-01-24 06:39","market":"us","language":"en","title":"Tesla, Intel, Apple, Microsoft, Visa, and Other Stocks to Watch This Week<blockquote>特斯拉、英特尔、苹果、微软、Visa 和本周值得关注的其他股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106250133","media":"Barrons","summary":"It will be a packed week offourth-quarterearnings releases, with more than 100S&P 500companies scheduled to report.IBMandHalliburtonare Monday’s highlights, followed byMicrosoft,Verizon Communications","content":"<p><html><head></head><body>It will be a packed week of fourth-quarter earnings releases, with more than 100 S&amp;P 500 companies scheduled to report. IBM and Halliburton are Monday’s highlights, followed by Microsoft, Verizon Communications, American Express, General Electric, Johnson &amp; Johnson, and Lockheed Martin on Tuesday.</p><p><blockquote><html><head></head><body>本周将发布第四季度财报，超过 100 家标普500公司计划发布财报。IBM 和哈里伯顿公司是周一的亮点，其次是微软、Verizon Communications、美国运通、通用电气、强生公司和洛克希德-马丁公司。</body></html></blockquote></p><p>Tesla, AT&amp;T, Intel, and Boeing report on Wednesday. Then Apple, Visa, Comcast, McDonald’s, and Mastercard all go on Thursday before Chevron and Caterpillar close the week on Friday.</p><p><blockquote>特斯拉、美国电话电报公司、英特尔和波音公司周三发布报告。然后，苹果、Visa、Comcast、麦当劳和万事达卡都将在周四上班，雪佛龙和卡特彼勒将在周五收盘。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d814c4db504737da550137d499ea1fe\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>The highlight on the economic calendar will be Wednesday’s conclusion of the Federal Open Market Committee’s January meeting. The Federal Reserve’s monetary-policy making body publishes a decision that afternoon, followed by a press conference with chairman Jerome Powell. Both will be closely parsed for clues to the central bank’s next moves.</p><p><blockquote>经济日历上的重头戏将是周三结束的联邦公开市场委员会一月份会议。美联储的货币政策决策机构将于当天下午公布一项决定，随后将与主席杰罗姆-鲍威尔（Jerome Powell）举行新闻发布会。两者都将被仔细分析，以寻找央行下一步行动的线索。</blockquote></p><p>Data out this week include IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for January on Monday, the Census Bureau’s new residential home sales data on Wednesday, and the Bureau of Economic Analysis’ preliminary estimate for fourth-quarter 2021 gross domestic product on Thursday.</p><p><blockquote>本周公布的数据包括周一 IHS Markit 公布的 1 月份制造业和服务业采购经理人指数、周三人口普查局公布的新住宅销售数据以及周四经济分析局公布的 2021 年第四季度国内生产总值初步估算。</blockquote></p><p><b>Monday 1/24</b></p><p><blockquote><b>1/24星期一</b></blockquote></p><p>Brown &amp; Brown, Halliburton, IBM, Philips, and Zions Bancorp report quarterly results.</p><p><blockquote>Brown &amp; Brown、哈里伯顿、IBM、飞利浦和 Zions Bancorp 报告季度业绩。</blockquote></p><p><b>IHS Markit reports</b> its Manufacturing and Services Purchasing Managers’ indexes for January. Consensus estimate is for a 56 reading for the manufacturing PMI and a 54 for the Services PMI. Both figures are less than the December data. The PMIs are off their record peaks from the middle of last year but remain well above the expansionary level of 50.</p><p><blockquote><b>IHS Markit 报告</b>1月份制造业和服务业采购经理人指数。普遍估计制造业 PMI 为 56，服务业 PMI 为 54。这两个数字都低于12月份的数据。PMI 已脱离去年年中的历史最高水平，但仍远高于 50 的扩张水平。</blockquote></p><p><b>Tuesday 1/25</b></p><p><blockquote><b>星期二1/25</b></blockquote></p><p><b>The world’s two largest companies</b> release results this week as investors look to tech earnings to reverse the Nasdaq’s 9.5% drop this year. Microsoft reports after the close, followed by Apple on Thursday.</p><p><blockquote><b>世界上最大的两家公司</b>本周公布业绩，投资者期待科技股盈利扭转纳斯达克今年 9.5% 的跌幅。微软在收盘后进行报道，周四苹果紧随其后。</blockquote></p><p>3M, American Express, Archer-Daniels-Midland, Capital One Financial, General Electric, Invesco, Johnson &amp; Johnson, Lockheed Martin, NextEra Energy, Raytheon Technologies, Texas Instruments, and Verizon Communications release earnings.</p><p><blockquote>3M、美国运通、Archer-Daniels-Midland、第一资本金融公司、通用电气、景顺、强生公司、洛克希德·马丁公司、NextEra Energy、雷神技术公司、德州仪器公司和 Verizon Communications 发布收益。</blockquote></p><p><b>S&amp;P CoreLogic releases</b> its Case-Shiller National Home Price Index for November. Economists forecast a 18% year-over-year rise, marginally less than in October. If estimates prove correct, it would be the 12th consecutive month with double-digit gains for home prices.</p><p><blockquote><b>标准普尔 CoreLogic 发布</b>其 11 月份凯斯-席勒全国房价指数。经济学家预测同比增长 18%，略低于 10 月份。如果估计被证明是正确的，这将是房价连续第12个月出现两位数上涨。</blockquote></p><p><b>Wednesday 1/26</b></p><p><blockquote><b>星期三1/26</b></blockquote></p><p>Abbott Laboratories, Anthem, AT&amp;T, Automatic Data Processing, Boeing, Edwards Lifesciences, Freeport-McMoRan, General Dynamics, Intel, Kimberly-Clark, Nasdaq, Norfolk Southern, Seagate Technology Holdings, ServiceNow, and Tesla report quarterly results.</p><p><blockquote>Abbott Laboratories、Anthem、AT&amp;T、Automatic Data Processing、波音、Edwards Lifesciences、Freeport-McMoRan、通用动力、英特尔、金佰利、纳斯达克、Norfolk Southern、希捷科技控股公司、ServiceNow 和特斯拉报告季度业绩。</blockquote></p><p><b>The Federal Open Market</b> Committee announces its monetary-policy decision. The central bank is expected to keep the federal-funds rate unchanged near zero. The Fed has become increasingly hawkish in the past three months, and Wall Street has priced in one quarter-point rate hike at the FOMC’s March meeting and a total of four quarter-point hikes for the year.</p><p><blockquote><b>联邦公开市场</b>委员会宣布其货币政策决定。预计央行将维持联邦基金利率接近于零不变。在过去的三个月里，美联储变得越来越鹰派，华尔街已经消化了联邦公开市场委员会（FOMC）3 月份会议上加息一次四分之一个百分点，以及今年总共加息四次四分之一个百分点。</blockquote></p><p><b>The Census Bureau</b> reports new residential home sales data. Consensus estimate is for a seasonally adjusted annual rate of 762,500 new single-family homes sold in December, 2.5% more than in November.</p><p><blockquote><b>人口普查局</b>报告新住宅销售数据。普遍估计，12 月份经季节性调整后的新单户住宅年增长率为 762,500 套，比 11 月份增长 2.5%。</blockquote></p><p><b>Thursday 1/27</b></p><p><blockquote><b>星期四1/27</b></blockquote></p><p>Altria Group, Comcast, Crown Castle International, Danaher, Dow, International Paper, Mastercard, McDonald’s, Mondelez International,       MSCI, Northrop Grumman, Nucor, Southwest Airlines, and Visa hold conference calls to discuss earnings.</p><p><blockquote>奥驰亚集团、康卡斯特、皇冠城堡国际、丹纳赫、陶氏化学、国际纸业、万事达卡、麦当劳、亿滋国际、摩根士丹利资本国际、诺斯罗普-格鲁曼、纽柯、西南航空公司和维萨卡在评级召开会议讨论盈利。</blockquote></p><p><b>The Bureau of Economic</b>Analysis releases its preliminary estimate for fourth-quarter 2021 gross domestic product. Economists forecast a 5.6% rate of growth, after a 2.3% increase in the third quarter.</p><p><blockquote><b>经济局</b>Analysis发布了对2021年第四季度国内生产总值的初步估计。经济学家预测增长率为5.6%，第三季度增长2.3%。</blockquote></p><p><b>Friday 1/28</b></p><p><blockquote><b>星期五1/28</b></blockquote></p><p>Caterpillar, Charter Communications, Chevron, Colgate-Palmolive, Phillips 66, V.F.Corp., and Weyerhaeuser report quarterly results.</p><p><blockquote>卡特彼勒、Charter Communications、雪佛龙、高露洁棕榄、Phillips 66、V.F.Corp. 和惠好报告季度业绩。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla, Intel, Apple, Microsoft, Visa, and Other Stocks to Watch This Week<blockquote>特斯拉、英特尔、苹果、微软、Visa 和本周值得关注的其他股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, Intel, Apple, Microsoft, Visa, and Other Stocks to Watch This Week<blockquote>特斯拉、英特尔、苹果、微软、Visa 和本周值得关注的其他股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2022-01-24 06:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>It will be a packed week of fourth-quarter earnings releases, with more than 100 S&amp;P 500 companies scheduled to report. IBM and Halliburton are Monday’s highlights, followed by Microsoft, Verizon Communications, American Express, General Electric, Johnson &amp; Johnson, and Lockheed Martin on Tuesday.</p><p><blockquote><html><head></head><body>本周将发布第四季度财报，超过 100 家标普500公司计划发布财报。IBM 和哈里伯顿公司是周一的亮点，其次是微软、Verizon Communications、美国运通、通用电气、强生公司和洛克希德-马丁公司。</body></html></blockquote></p><p>Tesla, AT&amp;T, Intel, and Boeing report on Wednesday. Then Apple, Visa, Comcast, McDonald’s, and Mastercard all go on Thursday before Chevron and Caterpillar close the week on Friday.</p><p><blockquote>特斯拉、美国电话电报公司、英特尔和波音公司周三发布报告。然后，苹果、Visa、Comcast、麦当劳和万事达卡都将在周四上班，雪佛龙和卡特彼勒将在周五收盘。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3d814c4db504737da550137d499ea1fe\" tg-width=\"1878\" tg-height=\"2016\" width=\"100%\" height=\"auto\"/></p><p><blockquote></blockquote></p><p>The highlight on the economic calendar will be Wednesday’s conclusion of the Federal Open Market Committee’s January meeting. The Federal Reserve’s monetary-policy making body publishes a decision that afternoon, followed by a press conference with chairman Jerome Powell. Both will be closely parsed for clues to the central bank’s next moves.</p><p><blockquote>经济日历上的重头戏将是周三结束的联邦公开市场委员会一月份会议。美联储的货币政策决策机构将于当天下午公布一项决定，随后将与主席杰罗姆-鲍威尔（Jerome Powell）举行新闻发布会。两者都将被仔细分析，以寻找央行下一步行动的线索。</blockquote></p><p>Data out this week include IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for January on Monday, the Census Bureau’s new residential home sales data on Wednesday, and the Bureau of Economic Analysis’ preliminary estimate for fourth-quarter 2021 gross domestic product on Thursday.</p><p><blockquote>本周公布的数据包括周一 IHS Markit 公布的 1 月份制造业和服务业采购经理人指数、周三人口普查局公布的新住宅销售数据以及周四经济分析局公布的 2021 年第四季度国内生产总值初步估算。</blockquote></p><p><b>Monday 1/24</b></p><p><blockquote><b>1/24星期一</b></blockquote></p><p>Brown &amp; Brown, Halliburton, IBM, Philips, and Zions Bancorp report quarterly results.</p><p><blockquote>Brown &amp; Brown、哈里伯顿、IBM、飞利浦和 Zions Bancorp 报告季度业绩。</blockquote></p><p><b>IHS Markit reports</b> its Manufacturing and Services Purchasing Managers’ indexes for January. Consensus estimate is for a 56 reading for the manufacturing PMI and a 54 for the Services PMI. Both figures are less than the December data. The PMIs are off their record peaks from the middle of last year but remain well above the expansionary level of 50.</p><p><blockquote><b>IHS Markit 报告</b>1月份制造业和服务业采购经理人指数。普遍估计制造业 PMI 为 56，服务业 PMI 为 54。这两个数字都低于12月份的数据。PMI 已脱离去年年中的历史最高水平，但仍远高于 50 的扩张水平。</blockquote></p><p><b>Tuesday 1/25</b></p><p><blockquote><b>星期二1/25</b></blockquote></p><p><b>The world’s two largest companies</b> release results this week as investors look to tech earnings to reverse the Nasdaq’s 9.5% drop this year. Microsoft reports after the close, followed by Apple on Thursday.</p><p><blockquote><b>世界上最大的两家公司</b>本周公布业绩，投资者期待科技股盈利扭转纳斯达克今年 9.5% 的跌幅。微软在收盘后进行报道，周四苹果紧随其后。</blockquote></p><p>3M, American Express, Archer-Daniels-Midland, Capital One Financial, General Electric, Invesco, Johnson &amp; Johnson, Lockheed Martin, NextEra Energy, Raytheon Technologies, Texas Instruments, and Verizon Communications release earnings.</p><p><blockquote>3M、美国运通、Archer-Daniels-Midland、第一资本金融公司、通用电气、景顺、强生公司、洛克希德·马丁公司、NextEra Energy、雷神技术公司、德州仪器公司和 Verizon Communications 发布收益。</blockquote></p><p><b>S&amp;P CoreLogic releases</b> its Case-Shiller National Home Price Index for November. Economists forecast a 18% year-over-year rise, marginally less than in October. If estimates prove correct, it would be the 12th consecutive month with double-digit gains for home prices.</p><p><blockquote><b>标准普尔 CoreLogic 发布</b>其 11 月份凯斯-席勒全国房价指数。经济学家预测同比增长 18%，略低于 10 月份。如果估计被证明是正确的，这将是房价连续第12个月出现两位数上涨。</blockquote></p><p><b>Wednesday 1/26</b></p><p><blockquote><b>星期三1/26</b></blockquote></p><p>Abbott Laboratories, Anthem, AT&amp;T, Automatic Data Processing, Boeing, Edwards Lifesciences, Freeport-McMoRan, General Dynamics, Intel, Kimberly-Clark, Nasdaq, Norfolk Southern, Seagate Technology Holdings, ServiceNow, and Tesla report quarterly results.</p><p><blockquote>Abbott Laboratories、Anthem、AT&amp;T、Automatic Data Processing、波音、Edwards Lifesciences、Freeport-McMoRan、通用动力、英特尔、金佰利、纳斯达克、Norfolk Southern、希捷科技控股公司、ServiceNow 和特斯拉报告季度业绩。</blockquote></p><p><b>The Federal Open Market</b> Committee announces its monetary-policy decision. The central bank is expected to keep the federal-funds rate unchanged near zero. The Fed has become increasingly hawkish in the past three months, and Wall Street has priced in one quarter-point rate hike at the FOMC’s March meeting and a total of four quarter-point hikes for the year.</p><p><blockquote><b>联邦公开市场</b>委员会宣布其货币政策决定。预计央行将维持联邦基金利率接近于零不变。在过去的三个月里，美联储变得越来越鹰派，华尔街已经消化了联邦公开市场委员会（FOMC）3 月份会议上加息一次四分之一个百分点，以及今年总共加息四次四分之一个百分点。</blockquote></p><p><b>The Census Bureau</b> reports new residential home sales data. Consensus estimate is for a seasonally adjusted annual rate of 762,500 new single-family homes sold in December, 2.5% more than in November.</p><p><blockquote><b>人口普查局</b>报告新住宅销售数据。普遍估计，12 月份经季节性调整后的新单户住宅年增长率为 762,500 套，比 11 月份增长 2.5%。</blockquote></p><p><b>Thursday 1/27</b></p><p><blockquote><b>星期四1/27</b></blockquote></p><p>Altria Group, Comcast, Crown Castle International, Danaher, Dow, International Paper, Mastercard, McDonald’s, Mondelez International,       MSCI, Northrop Grumman, Nucor, Southwest Airlines, and Visa hold conference calls to discuss earnings.</p><p><blockquote>奥驰亚集团、康卡斯特、皇冠城堡国际、丹纳赫、陶氏化学、国际纸业、万事达卡、麦当劳、亿滋国际、摩根士丹利资本国际、诺斯罗普-格鲁曼、纽柯、西南航空公司和维萨卡在评级召开会议讨论盈利。</blockquote></p><p><b>The Bureau of Economic</b>Analysis releases its preliminary estimate for fourth-quarter 2021 gross domestic product. Economists forecast a 5.6% rate of growth, after a 2.3% increase in the third quarter.</p><p><blockquote><b>经济局</b>Analysis发布了对2021年第四季度国内生产总值的初步估计。经济学家预测增长率为5.6%，第三季度增长2.3%。</blockquote></p><p><b>Friday 1/28</b></p><p><blockquote><b>星期五1/28</b></blockquote></p><p>Caterpillar, Charter Communications, Chevron, Colgate-Palmolive, Phillips 66, V.F.Corp., and Weyerhaeuser report quarterly results.</p><p><blockquote>卡特彼勒、Charter Communications、雪佛龙、高露洁棕榄、Phillips 66、V.F.Corp. 和惠好报告季度业绩。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-to-watch-this-week-tesla-apple-microsoft-51642954621?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GE":"GE航空航天","JNJ":"强生","BA":"波音","HAL":"哈里伯顿","CMCSA":"康卡斯特","ADM":"Archer Daniels Midland Co","T":"At&T","IBM":"IBM","VZ":"Verizon Comms","NOW":"ServiceNow",".DJI":"道琼斯","MA":"万事达","AAPL":"苹果","MCD":"麦当劳","MMM":"3M",".IXIC":"NASDAQ Composite","CVX":"雪佛龙","AXP":"美国运通",".SPX":"S&P 500 Index","LMT":"洛克希德马丁","V":"Visa","PSX":"Phillips 66","MSFT":"微软","TSLA":"特斯拉","INTC":"英特尔","CAT":"卡特彼勒"},"source_url":"https://www.barrons.com/articles/stocks-to-watch-this-week-tesla-apple-microsoft-51642954621?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106250133","content_text":"It will be a packed week of fourth-quarter earnings releases, with more than 100 S&P 500 companies scheduled to report. IBM and Halliburton are Monday’s highlights, followed by Microsoft, Verizon Communications, American Express, General Electric, Johnson & Johnson, and Lockheed Martin on Tuesday.Tesla, AT&T, Intel, and Boeing report on Wednesday. Then Apple, Visa, Comcast, McDonald’s, and Mastercard all go on Thursday before Chevron and Caterpillar close the week on Friday.The highlight on the economic calendar will be Wednesday’s conclusion of the Federal Open Market Committee’s January meeting. The Federal Reserve’s monetary-policy making body publishes a decision that afternoon, followed by a press conference with chairman Jerome Powell. Both will be closely parsed for clues to the central bank’s next moves.Data out this week include IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for January on Monday, the Census Bureau’s new residential home sales data on Wednesday, and the Bureau of Economic Analysis’ preliminary estimate for fourth-quarter 2021 gross domestic product on Thursday.Monday 1/24Brown & Brown, Halliburton, IBM, Philips, and Zions Bancorp report quarterly results.IHS Markit reports its Manufacturing and Services Purchasing Managers’ indexes for January. Consensus estimate is for a 56 reading for the manufacturing PMI and a 54 for the Services PMI. Both figures are less than the December data. The PMIs are off their record peaks from the middle of last year but remain well above the expansionary level of 50.Tuesday 1/25The world’s two largest companies release results this week as investors look to tech earnings to reverse the Nasdaq’s 9.5% drop this year. Microsoft reports after the close, followed by Apple on Thursday.3M, American Express, Archer-Daniels-Midland, Capital One Financial, General Electric, Invesco, Johnson & Johnson, Lockheed Martin, NextEra Energy, Raytheon Technologies, Texas Instruments, and Verizon Communications release earnings.S&P CoreLogic releases its Case-Shiller National Home Price Index for November. Economists forecast a 18% year-over-year rise, marginally less than in October. If estimates prove correct, it would be the 12th consecutive month with double-digit gains for home prices.Wednesday 1/26Abbott Laboratories, Anthem, AT&T, Automatic Data Processing, Boeing, Edwards Lifesciences, Freeport-McMoRan, General Dynamics, Intel, Kimberly-Clark, Nasdaq, Norfolk Southern, Seagate Technology Holdings, ServiceNow, and Tesla report quarterly results.The Federal Open Market Committee announces its monetary-policy decision. The central bank is expected to keep the federal-funds rate unchanged near zero. The Fed has become increasingly hawkish in the past three months, and Wall Street has priced in one quarter-point rate hike at the FOMC’s March meeting and a total of four quarter-point hikes for the year.The Census Bureau reports new residential home sales data. Consensus estimate is for a seasonally adjusted annual rate of 762,500 new single-family homes sold in December, 2.5% more than in November.Thursday 1/27Altria Group, Comcast, Crown Castle International, Danaher, Dow, International Paper, Mastercard, McDonald’s, Mondelez International,       MSCI, Northrop Grumman, Nucor, Southwest Airlines, and Visa hold conference calls to discuss earnings.The Bureau of EconomicAnalysis releases its preliminary estimate for fourth-quarter 2021 gross domestic product. Economists forecast a 5.6% rate of growth, after a 2.3% increase in the third quarter.Friday 1/28Caterpillar, Charter Communications, Chevron, Colgate-Palmolive, Phillips 66, V.F.Corp., and Weyerhaeuser report quarterly results.","news_type":1,"symbols_score_info":{"AXP":0.9,"MMM":0.9,"T":0.9,"GE":0.9,"MA":0.9,"V":0.9,"INTC":0.9,"IBM":0.9,"AAPL":0.9,"VZ":0.9,"CMCSA":0.9,"PSX":0.9,"TSLA":0.9,"ADM":0.9,"JNJ":0.9,"CAT":0.9,".DJI":0.9,"NOW":0.9,".SPX":0.9,"LMT":0.9,"CVX":0.9,"BA":0.9,"MSFT":0.9,".IXIC":0.9,"MCD":0.9,"HAL":0.9}},"isVote":1,"tweetType":1,"viewCount":4905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630651356,"gmtCreate":1642833479486,"gmtModify":1642833479829,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630651356","repostId":"2205042328","repostType":4,"isVote":1,"tweetType":1,"viewCount":4552,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630653682,"gmtCreate":1642833326738,"gmtModify":1642833327086,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630653682","repostId":"2205029158","repostType":2,"repost":{"id":"2205029158","kind":"news","pubTimestamp":1642825560,"share":"https://www.laohunote.com/m/news/2205029158?lang=zh_CN&edition=full","pubTime":"2022-01-22 12:26","market":"us","language":"zh","title":"英特尔宣布1000亿美元芯片投资计划，目标建成“全球最大芯片制造基地”","url":"https://stock-news.laohu8.com/highlight/detail?id=2205029158","media":"界面新闻","summary":"路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。基辛格指出，半导体行业的年总销售额刚刚超过5000亿美元，预计到2029年将增长一倍。基辛格说，供应缺口可能会持续到明年，甚至可能持续到2024年，但出现了未来几个月有所缓解的迹象。","content":"<div>\n<p>路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。\n据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。他说，头两家工厂的规划将立即启动，预计将于2022年晚些时候开始建设，2025年投产。该公司还承诺出资1亿美元，与教育机构合作，建立人才管道，支持...</p>\n\n<a href=\"https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4\">网页链接</a>\n\n</div>\n","source":"sina_tech","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>英特尔宣布1000亿美元芯片投资计划，目标建成“全球最大芯片制造基地”</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n英特尔宣布1000亿美元芯片投资计划，目标建成“全球最大芯片制造基地”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-22 12:26 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4><strong>界面新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。\n据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。他说，头两家工厂的规划将立即启动，预计将于2022年晚些时候开始建设，2025年投产。该公司还承诺出资1亿美元，与教育机构合作，建立人才管道，支持...</p>\n\n<a href=\"https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/tech/transform/667/w400h267/20220122/366a-d12505d38281b0c64b2bafa7eb8660f4.jpg/w120h90l50t1bbb.jpg","relate_stocks":{"159813":"芯片","BK4535":"淡马锡持仓","INTC":"英特尔","BK4554":"元宇宙及AR概念","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4141":"半导体产品","BK4515":"5G概念","BK4527":"明星科技股","BK4529":"IDC概念","BK4512":"苹果概念","BK4550":"红杉资本持仓"},"source_url":"https://tech.sina.cn/it/2022-01-22/detail-ikyamrmz6757765.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2205029158","content_text":"路透社1月22日消息，英特尔周五表示，将初步投资200亿美元在美国俄亥俄州建设两家芯片制造工厂，并计划最终投资多达1000亿美元，在俄亥俄州建造全球最大的芯片制造基地。\n据《华尔街日报》报道，英特尔CEO基辛格表示，英特尔将在新址生产一些最先进的处理器。他说，头两家工厂的规划将立即启动，预计将于2022年晚些时候开始建设，2025年投产。该公司还承诺出资1亿美元，与教育机构合作，建立人才管道，支持该地区的研究项目。\n基辛格指出，半导体行业的年总销售额刚刚超过5000亿美元，预计到2029年将增长一倍。他说，作为CEO，他的目标是扩大英特尔在这个不断增长的市场上的份额，所以必须以一倍以上的速度进行投资和扩大产能。\n基辛格说，供应缺口可能会持续到明年，甚至可能持续到2024年，但出现了未来几个月有所缓解的迹象。","news_type":1,"symbols_score_info":{"159813":1,"INTC":1}},"isVote":1,"tweetType":1,"viewCount":4405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697732828,"gmtCreate":1642587946028,"gmtModify":1642588059334,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/697732828","repostId":"2204037305","repostType":2,"repost":{"id":"2204037305","kind":"news","pubTimestamp":1642587741,"share":"https://www.laohunote.com/m/news/2204037305?lang=zh_CN&edition=full","pubTime":"2022-01-19 18:22","market":"us","language":"zh","title":"天价收购动视暴雪，微软叫板腾讯、索尼？","url":"https://stock-news.laohu8.com/highlight/detail?id=2204037305","media":"《财经》杂志","summary":"美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权","content":"<div>\n<p>美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权估值约为740亿美元。微软称，收购将以全现金交易，经动视暴雪净现金调整后，交易价值为687亿美元。此次收购后，微软将成为游戏营收仅次于腾讯和索尼的第三大公司。这笔交易十分突然，事先没有任何征兆和传言。...</p>\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml\">网页链接</a>\n\n</div>\n","source":"sina_symbol","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>天价收购动视暴雪，微软叫板腾讯、索尼？</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n天价收购动视暴雪，微软叫板腾讯、索尼？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-19 18:22 北京时间&nbsp;&nbsp;&nbsp;<a href=https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml><strong>《财经》杂志</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权估值约为740亿美元。微软称，收购将以全现金交易，经动视暴雪净现金调整后，交易价值为687亿美元。此次收购后，微软将成为游戏营收仅次于腾讯和索尼的第三大公司。这笔交易十分突然，事先没有任何征兆和传言。...</p>\n\n<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/63bcdd40747dbacf61bd55b0f5f96a16","relate_stocks":{"BK4561":"索罗斯持仓","BK4097":"系统软件","BK1526":"科网股","BK4554":"元宇宙及AR概念","BK4524":"宅经济概念","BK1608":"元宇宙概念","BK1095":"互动媒体与服务","BK4532":"文艺复兴科技持仓","BK1517":"云办公","BK4077":"互动媒体与服务","BK4527":"明星科技股","TCEHY":"腾讯控股ADR","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","00700":"腾讯控股","BK1591":"就地过年概念","BK4503":"景林资产持仓","SONY":"索尼","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4566":"资本集团","BK4528":"SaaS概念","BK4516":"特朗普概念","BK1521":"挪威政府全球养老基金持仓","BK1586":"云计算","BK1502":"双十一","BK4535":"淡马锡持仓","BK4085":"互动家庭娱乐","BK4504":"桥水持仓","BK4078":"消费电子产品","BK1531":"手游股","BK4538":"云计算","BK1589":"北水核心资产","BK4550":"红杉资本持仓","BK4548":"巴美列捷福持仓","MSFT":"微软","BK4525":"远程办公概念"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/tech/2022-01-19/doc-ikyakumy1366601.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2204037305","content_text":"美国当地时间1月18日，微软公司宣布了有史以来最大手笔的收购，这也是游戏行业史上最大的一笔收购。微软将以95美元每股的价格收购游戏公司动视暴雪(Nasdaq: ATVI)。以此价格计算，动视暴雪的股权估值约为740亿美元。微软称，收购将以全现金交易，经动视暴雪净现金调整后，交易价值为687亿美元。此次收购后，微软将成为游戏营收仅次于腾讯和索尼的第三大公司。这笔交易十分突然，事先没有任何征兆和传言。有美国暴雪公司的员工对《财经》记者表示，即便到一定级别的员工事先也毫不知情。此前，微软最大的收购是2016年以262亿美元收购社交Linkedin。而在游戏界，这笔收购则大幅刷新了上周Take Two对社交网络游戏公司Zynga 127亿美元的收购记录。Take Two是著名的《侠盗猎车》（GTA）系列的发行商，Zynga则开发了著名的社交游戏FarmVille。95美元每股的价格较动视暴雪前一交易日的股价溢价45%。交易公布后，动视暴雪股价较前一交易日上涨25.88%，收于82.31亿美元每股。微软则在大盘影响下下跌2.43%，收于302.65美元每股。当天，微软在游戏业务上最直接的竞争对手索尼股价暴跌12.58%，收于12440日元每股，这某种程度上也反映了收购的价值。游戏业务主要在移动端的腾讯股价则影响不大，当日收于455.8港币美股，较前一交易日微涨0.66%。微软大手笔收购缘由微软CEO萨提亚·纳德拉在收购后的电话会上表示，游戏是娱乐业里增长最快的市场，过去两年，人们大多彼此分开，游戏在帮助人们保持社区和归属感上起到关键作用。现在全世界有30亿游戏玩家，预计到2030年将达到45亿。纳德拉也将这笔交易和“元宇宙”拉上关系，他表示，元宇宙的前景不应该是单一、中心化的，而是要支持多个元宇宙平台，以及强大的内容、商业和应用的生态系统。在游戏领域，元宇宙是以内容为基础的社区和个人身份的集合，可以在任何设备上访问。将优秀的娱乐内容和新技术、社区、商业模式结合到一起，正是这笔交易的目的。以营收计，此次收购将使微软的游戏业务壮大超过一半。根据微软2021财年（2020年7月至2021年6月）的数据，其游戏业务营收为153.7亿美元，而动视暴雪在2021年11月的展望中预计2021年净营收将达到86.6亿美元。这笔交易震动游戏圈。动视暴雪旗下拥有多个在全球有广泛影响力的游戏品牌，最新的2021年三季报披露的月活玩家高达3.9亿人。动视暴雪是原动视公司在2007年与法国娱乐公司维旺迪合并，成立动视暴雪，由维旺迪控股。其后在2013年从维旺迪收购大部分股份后独立，并在2015年以59亿美元收购游戏公司国王公司（King）。这一系列并购重组也构成了动视暴雪当前旗下包括三大子板块，动视（Activision），代表作是射击游戏《使命召唤》（Call of Duty）系列；暴雪（Blizzard），开发了《星际争霸》、《魔兽争霸》、《暗黑破坏神》、《魔兽世界》、《炉石传说》、《守望先锋》等多个游戏史上有广泛影响力的游戏；国王公司开发了风靡全球的《糖果传奇》（Candy Crush），国王公司也是动视暴雪旗下月活最高的板块，2021年三季度月活高达2.45亿人。对于微软而言，此次收购进一步扩大了其游戏版图。自从纳德拉2014年初上任CEO之后，微软持续在游戏领域布局，此前典型的收购包括2014年以25亿美元收购Minecraft的开发商Mojang；2019年以75亿美元收购游戏发行商Zenimax Medix旗下的游戏开发公司Bethesda Softworks，后者开发了著名的开放世界游戏《上古卷轴》和《辐射》。此前，微软的游戏版图以主机、PC端游戏为主，收购动视暴雪后，借助国王公司的《糖果传奇》，其游戏触角将延伸至移动端。游戏竞争核心依然是内容值得一提的是，微软近年来在游戏领域的重要战略是跨平台体验和订阅服务。玩家只要付费成为Xbox Game Pass（XGP）订阅会员，就不必再单独为纳入XGP会员上的游戏付费，主机、PC可以通用，且微软第一方的游戏都会第一时间登陆XGP会员平台。而传统的单机游戏商业模式则是付费购买单独的游戏，且许多游戏是某一平台主机“独占”，并不会跨平台登陆。这种新型的商业模式，为微软争取到了更多玩家，XGP会员的订阅数在2021年增长38%，目前有2500多万订阅用户。另一方面，玩家决定是否加入XGP会员，最核心的原因就是平台上是否有足够吸引人的游戏。因此，尽管有着“元宇宙”的宏大前景，游戏市场竞争的核心依然是优质内容——也就是好游戏，这也是微软近年来不断出手收购第三方工作室的原因。对于国内的80后、90初生人的玩家而言，动视暴雪是一家有特殊情怀的公司。合并之前的暴雪娱乐，在90年代末年到2010年间发行多个游戏，都因领先业界的游戏品质和广泛的影响力，在玩家心中有着“暴雪出品，必属精品”的口碑。但近年暴雪的光环不再。2016年发行《守望先锋》之后，暴雪再也没有发行过具备全球影响力的游戏作品。更糟糕的是，公司管理也陷入泥潭。2021年，动视暴雪陷入了严重的性骚扰和性别待遇不平等丑闻的指控中，公司管理层和员工频繁流动，开发中的《守望先锋2》也不断推迟上市时间。2021年7月，加州监管机构对此向动视暴雪提起诉讼，至此次收购消息前，动视暴雪的股价已经跌去约30%，虽然在此期间动视暴雪的营收依然保持增长。此次消息公布后，前述美国暴雪员工对《财经》记者表示，关于收购案对公司的影响，他持“保守乐观”态度。目前，这一收购已经经过微软和暴雪董事会的批准，下一步还需通过监管审查和两家公司股东批准，预计在微软2023财年内完成。","news_type":1,"symbols_score_info":{"SNE":1,"MSFT":1,"TCEHY":1,"ATVI":1,"00700":1,"SONY":1}},"isVote":1,"tweetType":1,"viewCount":4192,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697736679,"gmtCreate":1642587835210,"gmtModify":1642588057181,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"<a 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When it gonna up again....&nbsp;","listText":"Omg.... When it gonna up again....&nbsp;","text":"Omg.... 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gonna up again....&nbsp;","text":"$Bionano Genomics(BNGO)$ omg when it gonna up 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href=\"https://laohu8.com/S/.100.UK\">富时100指数</a>涨0.91%，西班牙IBEX35指数涨0.38%，意大利富时MIB指数涨0.5%，欧洲斯托克50指数涨0.74%。</p><p><b>国际原油期货结算价小幅收涨，布油涨0.49%</b></p><p>国际原油期货结算价小幅收涨，布伦特3月原油期货结算价收涨0.42美元，涨幅0.49%，报86.48美元/桶。</p><p><b>金价持稳，投资者在加息前景和Omicron威胁之间进行权衡</b></p><p>黄金价格在创下两个月来最佳单周涨幅后企稳，交易员在货币政策前景和美国新一轮冠状病毒疫情构成的威胁之间进行权衡。黄金价格保持在每盎司1800美元上方，此前金价2021年录得三年来首次下跌，因投资者开始反映货币政策收紧。</p><p><b>国际宏观</b></p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>福奇：尚且无法断言奥密克戎变异株标志着大流行病的结束</b></a></p><p>美国总统首席医学顾问安东尼·福奇博士表示，现在尚且无法断言奥密克戎变异株将标志着新冠疫情从大流行病演变为地方性流行病。“奥密克戎是否会是大家都希望的活病毒疫苗，这是一个悬而未决的问题，因为随着新的变异株的出现，有着很多的可变性，”福奇周一在世界经济论坛的达沃斯议程在线会议上表示。</p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>达利欧警告：通胀恐慌之际，脱离化石燃料不能操之过急</b></a></p><p>对冲基金桥水创始人瑞·达利欧警告称，脱离化石燃料的转型过程不能太快，并表示，通胀飙升之际，停止向该行业供应资金将会产生破坏稳定的效应。</p><p><b>国际劳工组织下调2022年全球劳动力市场复苏预测</b></p><p>总部位于瑞士日内瓦的国际劳工组织发布《世界就业和社会展望2022年趋势》报告。报告显示由于新冠肺炎疫情对全球劳动力市场产生重大影响，2022年全球复苏将缓慢且不确定。</p><p><b>欧元区国家财长会议同意对各国减债计划作出新安排</b></p><p>欧元区19国财政部长当地时间17日在欧盟总部布鲁塞尔举行会议，重点讨论了如何修改欧洲《稳定与增长公约》中关于政府债务上限的条款。欧盟委员会副主席东布罗斯基斯当天会后表示，各国基本同意修改原公约中比较严格的条款，而采取更符合实际也更可操作的办法。</p><p><b>17日美国东部超过5000万人收到冬季风暴警报</b></p><p>据美国有线电视新闻网（CNN）当地时间1月17日报道，冬季风暴持续侵袭美国东部，17日早间已经有超过5000万人收到风暴相关的极端天气警报。风暴带来的龙卷风、冻雨和大雪也席卷了从佛罗里达州到缅因州的部分地区。受风暴影响，航班取消和各地断电的问题也依旧严峻。</p><p><a href=\"https://laohu8.com/NW/1193920087\" target=\"_blank\"><b>汤加火山大爆发：对全球气候、经济有多大影响？</b></a></p><p>奥密克戎扰动全球之际，汤加火山爆发的消息再一次惊动人类社会的敏感神经。南太平洋岛国汤加海域发生大规模火山爆发。火山爆发令汤加互联网连接中断，美国、新西兰、日本、澳大利亚等国家也都发出不同程度的海啸警报。卫星探测结果表明，火山灰最高冲至约28千米高空，卫星云图上甚至可见爆发而上的蘑菇云。</p><p><b>公司新闻</b></p><p><a href=\"https://laohu8.com/NW/1126003111\" 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target=\"_blank\"><b>扩大新冠口服药全球生产版图，辉瑞签下法国CDMO提供原料药</b></a></p><p>法国医药CDMO（研发生产外包服务）公司Novasep宣布已经与辉瑞签订意向书，将加入该公司新冠蛋白酶抑制剂Paxlovid的全球供应链。据悉，这一项目也包含在辉瑞未来五年向法国投资5.2亿欧元的计划中。</p><p><a href=\"https://laohu8.com/NW/1172039194\" target=\"_blank\"><b>联合利华雄心勃勃搞收购，华尔街齐泼冷水</b></a></p><p>在500亿英镑（680亿美元）收购要约遭<a href=\"https://laohu8.com/S/GSK\">葛兰素史克</a>拒绝后，联合利华考虑提高报价。多位分析师对这笔交易持反对态度，称该交易没有意义，估值太高了。</p><p><a href=\"https://laohu8.com/NW/2204776320\" target=\"_blank\"><b>用工荒又来了！麦当劳在美国被迫缩短营业时间</b></a></p><p>麦当劳首席执行官Chris Kempczinski在接受Fox Businesses采访时表示，麦当劳正在限制个别商店的运营时间，以解决因新冠病毒感染人数增加而导致的劳动力短缺问题，一些商店可能会缩减多达10%的营业时间。</p><p><a href=\"https://laohu8.com/NW/2204577650\" target=\"_blank\"><b>美国感染病例激增之际，辉瑞和默沙东新冠口服药物供应正严重短缺</b></a></p><p>辉瑞和默沙东的新冠口服药物被认为是结束这场大流行的关键。然而，在美国Omicron感染病例激增之际，这些新冠口服药物正处于供应严重短缺、生产周期冗长的尴尬境地中。</p></body></html>","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>昨夜今晨：大型科技公司面临新一轮监管潮！国际大行董事长辞职</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; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n昨夜今晨：大型科技公司面临新一轮监管潮！国际大行董事长辞职\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2022-01-18 06:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><b>摘要：</b>因马丁路德金纪念日假期影响，美股周一休市一天；布油触及逾三年新高，美油升破84美元至两个月高位；黄金尝试上破1820美元；苹果被迫放宽支付规定，荷兰监管机构：将审查整改措施；瑞信风波不断！董事长因违反防疫规定下台&gt;&gt;&gt;</blockquote><p><b>国际市场</b></p><p><b>1月17日因马丁·路德·金纪念日，美股休市一天</b></p><p>1月17日（周一）为“马丁·路德·金纪念日”，美股休市一天，1月18日（周二）恢复正常交易。</p><p><b>欧股全线收涨，<a href=\"https://laohu8.com/S/VUKE.UK\">英国富时100</a>指数涨0.91%</b></p><p>德国DAX30指数涨0.34%，法国CAC40指数涨0.82%，英国<a href=\"https://laohu8.com/S/.100.UK\">富时100指数</a>涨0.91%，西班牙IBEX35指数涨0.38%，意大利富时MIB指数涨0.5%，欧洲斯托克50指数涨0.74%。</p><p><b>国际原油期货结算价小幅收涨，布油涨0.49%</b></p><p>国际原油期货结算价小幅收涨，布伦特3月原油期货结算价收涨0.42美元，涨幅0.49%，报86.48美元/桶。</p><p><b>金价持稳，投资者在加息前景和Omicron威胁之间进行权衡</b></p><p>黄金价格在创下两个月来最佳单周涨幅后企稳，交易员在货币政策前景和美国新一轮冠状病毒疫情构成的威胁之间进行权衡。黄金价格保持在每盎司1800美元上方，此前金价2021年录得三年来首次下跌，因投资者开始反映货币政策收紧。</p><p><b>国际宏观</b></p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>福奇：尚且无法断言奥密克戎变异株标志着大流行病的结束</b></a></p><p>美国总统首席医学顾问安东尼·福奇博士表示，现在尚且无法断言奥密克戎变异株将标志着新冠疫情从大流行病演变为地方性流行病。“奥密克戎是否会是大家都希望的活病毒疫苗，这是一个悬而未决的问题，因为随着新的变异株的出现，有着很多的可变性，”福奇周一在世界经济论坛的达沃斯议程在线会议上表示。</p><p><a href=\"https://laohu8.com/NW/2204774519\" target=\"_blank\"><b>达利欧警告：通胀恐慌之际，脱离化石燃料不能操之过急</b></a></p><p>对冲基金桥水创始人瑞·达利欧警告称，脱离化石燃料的转型过程不能太快，并表示，通胀飙升之际，停止向该行业供应资金将会产生破坏稳定的效应。</p><p><b>国际劳工组织下调2022年全球劳动力市场复苏预测</b></p><p>总部位于瑞士日内瓦的国际劳工组织发布《世界就业和社会展望2022年趋势》报告。报告显示由于新冠肺炎疫情对全球劳动力市场产生重大影响，2022年全球复苏将缓慢且不确定。</p><p><b>欧元区国家财长会议同意对各国减债计划作出新安排</b></p><p>欧元区19国财政部长当地时间17日在欧盟总部布鲁塞尔举行会议，重点讨论了如何修改欧洲《稳定与增长公约》中关于政府债务上限的条款。欧盟委员会副主席东布罗斯基斯当天会后表示，各国基本同意修改原公约中比较严格的条款，而采取更符合实际也更可操作的办法。</p><p><b>17日美国东部超过5000万人收到冬季风暴警报</b></p><p>据美国有线电视新闻网（CNN）当地时间1月17日报道，冬季风暴持续侵袭美国东部，17日早间已经有超过5000万人收到风暴相关的极端天气警报。风暴带来的龙卷风、冻雨和大雪也席卷了从佛罗里达州到缅因州的部分地区。受风暴影响，航班取消和各地断电的问题也依旧严峻。</p><p><a href=\"https://laohu8.com/NW/1193920087\" target=\"_blank\"><b>汤加火山大爆发：对全球气候、经济有多大影响？</b></a></p><p>奥密克戎扰动全球之际，汤加火山爆发的消息再一次惊动人类社会的敏感神经。南太平洋岛国汤加海域发生大规模火山爆发。火山爆发令汤加互联网连接中断，美国、新西兰、日本、澳大利亚等国家也都发出不同程度的海啸警报。卫星探测结果表明，火山灰最高冲至约28千米高空，卫星云图上甚至可见爆发而上的蘑菇云。</p><p><b>公司新闻</b></p><p><a href=\"https://laohu8.com/NW/1126003111\" 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target=\"_blank\"><b>扩大新冠口服药全球生产版图，辉瑞签下法国CDMO提供原料药</b></a></p><p>法国医药CDMO（研发生产外包服务）公司Novasep宣布已经与辉瑞签订意向书，将加入该公司新冠蛋白酶抑制剂Paxlovid的全球供应链。据悉，这一项目也包含在辉瑞未来五年向法国投资5.2亿欧元的计划中。</p><p><a href=\"https://laohu8.com/NW/1172039194\" target=\"_blank\"><b>联合利华雄心勃勃搞收购，华尔街齐泼冷水</b></a></p><p>在500亿英镑（680亿美元）收购要约遭<a href=\"https://laohu8.com/S/GSK\">葛兰素史克</a>拒绝后，联合利华考虑提高报价。多位分析师对这笔交易持反对态度，称该交易没有意义，估值太高了。</p><p><a href=\"https://laohu8.com/NW/2204776320\" target=\"_blank\"><b>用工荒又来了！麦当劳在美国被迫缩短营业时间</b></a></p><p>麦当劳首席执行官Chris Kempczinski在接受Fox Businesses采访时表示，麦当劳正在限制个别商店的运营时间，以解决因新冠病毒感染人数增加而导致的劳动力短缺问题，一些商店可能会缩减多达10%的营业时间。</p><p><a href=\"https://laohu8.com/NW/2204577650\" target=\"_blank\"><b>美国感染病例激增之际，辉瑞和默沙东新冠口服药物供应正严重短缺</b></a></p><p>辉瑞和默沙东的新冠口服药物被认为是结束这场大流行的关键。然而，在美国Omicron感染病例激增之际，这些新冠口服药物正处于供应严重短缺、生产周期冗长的尴尬境地中。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b23574aac95526c9e5c62ebc8dd25130","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133140064","content_text":"摘要：因马丁路德金纪念日假期影响，美股周一休市一天；布油触及逾三年新高，美油升破84美元至两个月高位；黄金尝试上破1820美元；苹果被迫放宽支付规定，荷兰监管机构：将审查整改措施；瑞信风波不断！董事长因违反防疫规定下台>>>国际市场1月17日因马丁·路德·金纪念日，美股休市一天1月17日（周一）为“马丁·路德·金纪念日”，美股休市一天，1月18日（周二）恢复正常交易。欧股全线收涨，英国富时100指数涨0.91%德国DAX30指数涨0.34%，法国CAC40指数涨0.82%，英国富时100指数涨0.91%，西班牙IBEX35指数涨0.38%，意大利富时MIB指数涨0.5%，欧洲斯托克50指数涨0.74%。国际原油期货结算价小幅收涨，布油涨0.49%国际原油期货结算价小幅收涨，布伦特3月原油期货结算价收涨0.42美元，涨幅0.49%，报86.48美元/桶。金价持稳，投资者在加息前景和Omicron威胁之间进行权衡黄金价格在创下两个月来最佳单周涨幅后企稳，交易员在货币政策前景和美国新一轮冠状病毒疫情构成的威胁之间进行权衡。黄金价格保持在每盎司1800美元上方，此前金价2021年录得三年来首次下跌，因投资者开始反映货币政策收紧。国际宏观福奇：尚且无法断言奥密克戎变异株标志着大流行病的结束美国总统首席医学顾问安东尼·福奇博士表示，现在尚且无法断言奥密克戎变异株将标志着新冠疫情从大流行病演变为地方性流行病。“奥密克戎是否会是大家都希望的活病毒疫苗，这是一个悬而未决的问题，因为随着新的变异株的出现，有着很多的可变性，”福奇周一在世界经济论坛的达沃斯议程在线会议上表示。达利欧警告：通胀恐慌之际，脱离化石燃料不能操之过急对冲基金桥水创始人瑞·达利欧警告称，脱离化石燃料的转型过程不能太快，并表示，通胀飙升之际，停止向该行业供应资金将会产生破坏稳定的效应。国际劳工组织下调2022年全球劳动力市场复苏预测总部位于瑞士日内瓦的国际劳工组织发布《世界就业和社会展望2022年趋势》报告。报告显示由于新冠肺炎疫情对全球劳动力市场产生重大影响，2022年全球复苏将缓慢且不确定。欧元区国家财长会议同意对各国减债计划作出新安排欧元区19国财政部长当地时间17日在欧盟总部布鲁塞尔举行会议，重点讨论了如何修改欧洲《稳定与增长公约》中关于政府债务上限的条款。欧盟委员会副主席东布罗斯基斯当天会后表示，各国基本同意修改原公约中比较严格的条款，而采取更符合实际也更可操作的办法。17日美国东部超过5000万人收到冬季风暴警报据美国有线电视新闻网（CNN）当地时间1月17日报道，冬季风暴持续侵袭美国东部，17日早间已经有超过5000万人收到风暴相关的极端天气警报。风暴带来的龙卷风、冻雨和大雪也席卷了从佛罗里达州到缅因州的部分地区。受风暴影响，航班取消和各地断电的问题也依旧严峻。汤加火山大爆发：对全球气候、经济有多大影响？奥密克戎扰动全球之际，汤加火山爆发的消息再一次惊动人类社会的敏感神经。南太平洋岛国汤加海域发生大规模火山爆发。火山爆发令汤加互联网连接中断，美国、新西兰、日本、澳大利亚等国家也都发出不同程度的海啸警报。卫星探测结果表明，火山灰最高冲至约28千米高空，卫星云图上甚至可见爆发而上的蘑菇云。公司新闻美国大型科技公司面临新一轮监管潮！这次影响有多大？欧洲、亚洲和美国正在考虑出台新的法律，以防止大型科技公司利用自身市场力量抑制竞争，此外，新法律可能会涉及限制人脸识别等人工智能技术的使用。“苹果税”又遭重创！苹果向荷兰\"妥协\"日前，苹果公司表示，将遵守荷兰消费者与市场监管局的裁决，允许用户在网上苹果商店下载约会软件时，可以使用除苹果系统外的另外两种支付方式。此外，当地时间1月11日，韩国通信委员会表示，苹果公司已经提交了其合规计划，将允许APP开发商在韩国提供第三方支付选项，并降低佣金费用。瑞士第二大银行瑞士信贷董事长辞职，曾两次违反新冠防疫规定瑞士信贷银行董事长安东尼奥·奥尔塔-奥索里奥17日辞职，原因是违反了新冠疫情隔离规定。据英国广播公司（BBC）17日报道，瑞信开展的内部调查确认，去年7月奥尔塔-奥索里奥在英国观看温布尔顿网球公开赛决赛，而根据当时英国的新冠疫情旅行限制，他本应处于隔离中。此外，他还违反了瑞士的防疫规定。2021年11月28日，他乘飞机抵达瑞士，并于12月1日离境；而根据瑞士防疫规定，他入境后本应隔离10天。OYO最快本周获上市许可，寻求90亿美元的IPO估值据报道，知情人士今日称，在与潜在投资者进行了初步的接触后，印度经济型连锁酒店OYO计划在IPO（首次公开招股）中寻求约90亿美元的估值。扩大新冠口服药全球生产版图，辉瑞签下法国CDMO提供原料药法国医药CDMO（研发生产外包服务）公司Novasep宣布已经与辉瑞签订意向书，将加入该公司新冠蛋白酶抑制剂Paxlovid的全球供应链。据悉，这一项目也包含在辉瑞未来五年向法国投资5.2亿欧元的计划中。联合利华雄心勃勃搞收购，华尔街齐泼冷水在500亿英镑（680亿美元）收购要约遭葛兰素史克拒绝后，联合利华考虑提高报价。多位分析师对这笔交易持反对态度，称该交易没有意义，估值太高了。用工荒又来了！麦当劳在美国被迫缩短营业时间麦当劳首席执行官Chris Kempczinski在接受Fox Businesses采访时表示，麦当劳正在限制个别商店的运营时间，以解决因新冠病毒感染人数增加而导致的劳动力短缺问题，一些商店可能会缩减多达10%的营业时间。美国感染病例激增之际，辉瑞和默沙东新冠口服药物供应正严重短缺辉瑞和默沙东的新冠口服药物被认为是结束这场大流行的关键。然而，在美国Omicron感染病例激增之际，这些新冠口服药物正处于供应严重短缺、生产周期冗长的尴尬境地中。","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":4649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697872814,"gmtCreate":1642422140151,"gmtModify":1642422140490,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697872814","repostId":"1178880424","repostType":4,"isVote":1,"tweetType":1,"viewCount":4278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697872100,"gmtCreate":1642422116362,"gmtModify":1642422116666,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697872100","repostId":"2204261607","repostType":4,"isVote":1,"tweetType":1,"viewCount":1471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697872924,"gmtCreate":1642422094530,"gmtModify":1642422094869,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697872924","repostId":"2204261607","repostType":4,"isVote":1,"tweetType":1,"viewCount":1630,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697343772,"gmtCreate":1642313142804,"gmtModify":1642313143093,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/697343772","repostId":"1126777532","repostType":4,"isVote":1,"tweetType":1,"viewCount":1406,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696961954,"gmtCreate":1640601372843,"gmtModify":1640601545423,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696961954","repostId":"2194177239","repostType":4,"repost":{"id":"2194177239","kind":"news","pubTimestamp":1640559609,"share":"https://www.laohunote.com/m/news/2194177239?lang=zh_CN&edition=full","pubTime":"2021-12-27 07:00","market":"us","language":"en","title":"Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2194177239","media":"Yahoo Finance","summary":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.The S&P 500  is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.According to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any ","content":"<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","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>Santa Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote></title>\n<style 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}\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\">\nSanta Claus Rally watch: What to know this week<blockquote>圣诞老人集会手表：本周须知</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Yahoo Finance</strong><span class=\"h-time small\">2021-12-27 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for ...</p><p><blockquote><div>随着交易员从假期缩短的一周归来，进入新的一年的价格走势将受到密切关注——特别是考虑到相对清淡的经济数据和收益日历……</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html\">Yahoo Finance</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":{"FCEL":"燃料电池能源","BK4096":"电气部件与设备","SPY.AU":"SPDR® S&P 500® ETF Trust","BK4541":"氢能源"},"source_url":"https://finance.yahoo.com/news/santa-claus-rally-watch-what-to-know-this-week-142909627.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2194177239","content_text":"As traders return from the holiday-shortened week, the price action heading into the new year will be closely monitored — especially given the relatively light economic data and earnings calendar for the coming days.\nThe S&P 500 (^GSPC) is entering the period known for ushering in the so-called Santa Claus Rally, or seasonally strong timeframe for stocks at the end of each year.\nThe term, coined by Stock Trader's Almanac in the 1970s, encompasses the final five trading days of the year and first two sessions of the new year. This year, that Santa Claus Rally window is set to start on Monday, Dec. 27 — or the latest a Santa Claus rally has started in 11 years, due to the timing of the holidays this year.\nAccording to data from LPL Financial, the Santa Claus Rally period encapsulates the seven days most likely to be higher in any given year. Since 1950, the Santa Claus Rally period has produced a positive return for the S&P 500 78.9% of the time, with an average return of 1.33%.\n“Why are these seven days so strong?” wrote Ryan Detrick, LPL Financial chief market strategist, in a note. “Whether optimism over a coming new year, holiday spending, traders on vacation, institutions squaring up their books — or the holiday spirit — the bottom line is that bulls tend to believe in Santa.”\nAnd if history is any indication, the absence of a Santa Claus Rally has also typically served as a harbinger of lower near-term returns.\n\"Going back to the mid-1990s, there have been only six times Santa failed to show in December. January was lower five of those six times, and the full year had a solid gain only once (in 2016, but a mini-bear market early in the year),\" Detrick added.\n“Considering the bear markets of 2000 and 2008 both took place after one of the rare instances that Santa failed to show makes believers out of us,\" he said. A bear market typically refers to when stocks drop at least 20% from recent record highs. \"Should this seasonally strong period miss the mark, it could be a warning sign.\"\nAnd this year, investors do have considerable additional concerns to mull heading into the new year. Though stocks closed out Thursday's session at fresh record highs before the long holiday weekend, December still marked a volatile month to start, with renewed concerns over the Omicron variant and the potential for tighter monetary policy from the Federal Reserve weighing on risk assets. Plus, prospects for more near-term fiscal support via the Biden administration's Build Back Better bill have dwindled, and inflation concerns spiked further. Last week, the Bureau of Economic Analysis reported core personal consumption expenditures (PCE) — the Fed's preferred inflation gauge — rose at a 4.7% year-over-year clip, or the fastest since 1983.\n\"If the U.S. was not battling the Omicron variant, U.S. stocks would be dancing higher as the Santa Claus Rally would have kept the climb going into uncharted territory,\" Edward Moya, chief market strategist at OANDA, wrote in a note last week. \"It is too early to say for sure if we will get a Santa Claus Rally, but given all the short-term risks of Fed tightening, Chinese weakness, fiscal support uncertainty and COVID, Wall Street is not complaining.\"\nA man in a Santa Claus costume gestures on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on December 5, 2019 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)BRYAN R. SMITH via Getty Images\nEconomic calendar\n\nMonday: Dallas Federal Reserve Manufacturing Activity Index, Dec. (13.0 expected, 11.8 in November)\nTuesday: FHFA House Price Index, month-over-month, October (0.9% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, month-over-month, October (0.9% expected, 0.96% in September); S&P CoreLogic Case-Shiller 20 City Composite Index, year-over-year, October (18.6%. expected, 19.05% in September); S&P CoreLogic Case-Shiller Home Price Index, year-over-year, November (19.51% in October); Richmond Fed Manufacturing Index, December (11 expected,11 in November)\nWednesday: Wholesale Inventories, month-over-month, November preliminary (1.7% expected, 2.3% in October); Advance Goods Trade Balance, November (-$89.0 billion expected, -$82.9 billion in October); Retail Inventories, month-over-month, November (0.5% expected, 0.1% in October); Pending Home Sales, month-over-month, November (0.5% expected, 7.5% in October)\nThursday: Initial jobless claims, week ended Dec. 25. (205,000 during prior week); Continuing claims, week ended Dec. 18 (1.859 million during prior week); MNI Chicago PMI, December (62.2 expected, 61.8 in November)\nFriday: No notable reports scheduled for release\n\nEarnings calendar\n\nMonday: No notable reports scheduled for release\nTuesday: No notable reports scheduled for release\nWednesday: FuelCell Energy Inc. (FCEL) before market open\nThursday: No notable reports scheduled for release\nFriday: No notable reports scheduled for release","news_type":1,"symbols_score_info":{"FCEL":0.9,"SPY.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":1425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698310824,"gmtCreate":1640303526780,"gmtModify":1640303527878,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698310824","repostId":"2193078140","repostType":4,"isVote":1,"tweetType":1,"viewCount":1221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698006426,"gmtCreate":1640254351872,"gmtModify":1640254352152,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698006426","repostId":"2193422197","repostType":4,"isVote":1,"tweetType":1,"viewCount":996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691821824,"gmtCreate":1640169769644,"gmtModify":1640169770812,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691821824","repostId":"1143400646","repostType":4,"isVote":1,"tweetType":1,"viewCount":1056,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691035278,"gmtCreate":1640096960926,"gmtModify":1640096961246,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/691035278","repostId":"1172622709","repostType":4,"repost":{"id":"1172622709","kind":"news","pubTimestamp":1640096106,"share":"https://www.laohunote.com/m/news/1172622709?lang=zh_CN&edition=full","pubTime":"2021-12-21 22:15","market":"us","language":"en","title":"U.S. current account deficit widens to biggest in 15 years in Q3<blockquote>美国第三季度经常账户赤字扩大至15年来最大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172622709","media":"Reuters","summary":"WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarte","content":"<p>WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarter amid a record increase in imports as businesses rushed to replenish depleted inventories.</p><p><blockquote>华盛顿（路透社） - 由于企业急于补充耗尽的库存，美国第三季度经常账户赤字飙升至 15 年来的最高水平，进口创下历史新高。</blockquote></p><p> The Commerce Department said on Tuesday that the current account deficit, which measures the flow of goods, services and investments into and out of the country, accelerated 8.3% to $214.8 billion last quarter. That was the biggest shortfall since the third quarter of 2006.</p><p><blockquote>美国商务部周二表示，衡量商品、服务和投资进出美国的经常账户赤字上个季度加速8.3%，达到2148亿美元。这是自 2006 年第三季度以来最大的缺口。</blockquote></p><p> Data for the second quarter was revised to show a $198.3 billion deficit, instead of $190.3 billion as previously reported. Economists polled by Reuters had forecast a $205.0 billion deficit last quarter.</p><p><blockquote>第二季度的数据被修正为赤字1983亿美元，而不是之前报告的1903亿美元。路透社调查的经济学家曾预测上季度赤字为 2,050 亿美元。</blockquote></p><p> The current account gap represented 3.7% of gross domestic product. That was the largest share since the fourth quarter of 2008 and was up from 3.5% in the April-June quarter.</p><p><blockquote>经常账户缺口占国内生产总值的3.7%。这是自 2008 年第四季度以来的最大份额，高于 4 月至 6 月季度的 3.5%。</blockquote></p><p> Still, the deficit remains below a peak of 6.3% of GDP in the fourth quarter of 2005 as the United States is now a net exporter of crude oil and fuel.</p><p><blockquote>尽管如此，由于美国现在是原油和燃料的净出口国，赤字仍低于2005年第四季度占国内生产总值6.3%的峰值。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. current account deficit widens to biggest in 15 years in Q3<blockquote>美国第三季度经常账户赤字扩大至15年来最大</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. current account deficit widens to biggest in 15 years in Q3<blockquote>美国第三季度经常账户赤字扩大至15年来最大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-21 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarter amid a record increase in imports as businesses rushed to replenish depleted inventories.</p><p><blockquote>华盛顿（路透社） - 由于企业急于补充耗尽的库存，美国第三季度经常账户赤字飙升至 15 年来的最高水平，进口创下历史新高。</blockquote></p><p> The Commerce Department said on Tuesday that the current account deficit, which measures the flow of goods, services and investments into and out of the country, accelerated 8.3% to $214.8 billion last quarter. That was the biggest shortfall since the third quarter of 2006.</p><p><blockquote>美国商务部周二表示，衡量商品、服务和投资进出美国的经常账户赤字上个季度加速8.3%，达到2148亿美元。这是自 2006 年第三季度以来最大的缺口。</blockquote></p><p> Data for the second quarter was revised to show a $198.3 billion deficit, instead of $190.3 billion as previously reported. Economists polled by Reuters had forecast a $205.0 billion deficit last quarter.</p><p><blockquote>第二季度的数据被修正为赤字1983亿美元，而不是之前报告的1903亿美元。路透社调查的经济学家曾预测上季度赤字为 2,050 亿美元。</blockquote></p><p> The current account gap represented 3.7% of gross domestic product. That was the largest share since the fourth quarter of 2008 and was up from 3.5% in the April-June quarter.</p><p><blockquote>经常账户缺口占国内生产总值的3.7%。这是自 2008 年第四季度以来的最大份额，高于 4 月至 6 月季度的 3.5%。</blockquote></p><p> Still, the deficit remains below a peak of 6.3% of GDP in the fourth quarter of 2005 as the United States is now a net exporter of crude oil and fuel.</p><p><blockquote>尽管如此，由于美国现在是原油和燃料的净出口国，赤字仍低于2005年第四季度占国内生产总值6.3%的峰值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/u-current-account-deficit-widens-135406392.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/u-current-account-deficit-widens-135406392.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172622709","content_text":"WASHINGTON (Reuters) - The U.S. current account deficit surged to a 15-year high in the third quarter amid a record increase in imports as businesses rushed to replenish depleted inventories.\nThe Commerce Department said on Tuesday that the current account deficit, which measures the flow of goods, services and investments into and out of the country, accelerated 8.3% to $214.8 billion last quarter. That was the biggest shortfall since the third quarter of 2006.\nData for the second quarter was revised to show a $198.3 billion deficit, instead of $190.3 billion as previously reported. Economists polled by Reuters had forecast a $205.0 billion deficit last quarter.\nThe current account gap represented 3.7% of gross domestic product. That was the largest share since the fourth quarter of 2008 and was up from 3.5% in the April-June quarter.\nStill, the deficit remains below a peak of 6.3% of GDP in the fourth quarter of 2005 as the United States is now a net exporter of crude oil and fuel.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693386204,"gmtCreate":1639971248282,"gmtModify":1639971274883,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693386204","repostId":"1183475424","repostType":4,"repost":{"id":"1183475424","kind":"news","pubTimestamp":1639967829,"share":"https://www.laohunote.com/m/news/1183475424?lang=zh_CN&edition=full","pubTime":"2021-12-20 10:37","market":"us","language":"en","title":"Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183475424","media":"Seeking Alpha","summary":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to a","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: The Strongest Shield Against Rate Hikes<blockquote>苹果股票：抵御加息的最强盾牌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-20 10:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>With inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.</li>  <li>While rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.</li>  <li>Apple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.</li>  <li>Its strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.</li>  <li>As such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fdf73ac36a98ce54b343c7e6b613f4d9\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>guvendemir/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>随着通胀处于40年来最热的阶段，美联储决定加快刺激缩减时间表，并准备最早在3月份加息。</li><li>尽管由于担心估值前景恶化，加息历来会阻止投资者购买成长型股票，但苹果股票在很大程度上仍然具有弹性。</li><li>在对其现有产品的强劲需求以及 AR/VR 和自动驾驶汽车等新兴技术带来的新机遇的支持下，苹果预计将在未来实现额外的上涨空间。</li><li>其强劲的净现金状况也提供了足够的干粉来为未来几年的额外增长提供资金，而不会在利率上升的情况下产生额外的资本成本。</li><li>因此，尽管未来存在更广泛的市场估值风险，但苹果的看涨论点在其估值接近 3 万亿美元时仍然完好无损。</li></ul><p class=\"t-img-caption\"><span>guvendemir/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> As one of the world’s best performing stocks, Apple(NASDAQ:AAPL)&nbsp;has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by&nbsp;more than 220x&nbsp;since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.</p><p><blockquote>作为全球表现最好的股票之一，苹果（纳斯达克股票代码：AAPL）今年上涨了近 40%。该股不久前曾触及 182.13 美元的最高点，目前距离成为第一家市值达到 3 万亿美元的美国上市公司还不到 7%，单枪匹马就占据了以科技股为主的纳斯达克 100 指数业绩的约 15%。自 20 世纪 90 年代末以来，苹果的市值增长了 220 多倍，这得益于该公司持续能够抓住对其创新产品和服务组合的强劲需求。</blockquote></p><p> And Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to&nbsp;$30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in&nbsp;July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.</p><p><blockquote>苹果强劲的基本面有望帮助该股抵御明年开始即将加息带来的不利影响。随着通胀达到近四十年来的最高点，美联储周三决定加快每月 1200 亿美元债券回购计划的步伐，从 11 月开始的每月 150 亿美元降至每月 300 亿美元。这将有效地结束疫情爆发时实施的刺激计划，即明年3月，而不是最初计划的7月。加息预计将很快开始，以应对不断上升的价格压力，美联储主席杰罗姆·鲍威尔确认，这一过程只有在缩减规模结束后才会开始，并且步伐渐进。最新的点阵图表明，联邦基金利率有可能从 2022 年初的接近于零的水平上升，并上调三个四分之一点，2023 年再上调三个四分之一点，2024 年再上调两个。如果实现，到 2024 年，这一过程将把基金利率提高到 2.1%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ef3ca2d04c1b55a465e12bfae79890e\" tg-width=\"640\" tg-height=\"315\" width=\"100%\" height=\"auto\"><span>Source: Bloomberg</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：彭博社</span></p></blockquote></p><p> While rate hikes typically cause investors to turn risk averse due to concerns over&nbsp;faster erosion of value on future gains&nbsp;and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.</p><p><blockquote>虽然加息通常会导致投资者规避风险，因为他们担心未来收益的价值会更快地受到侵蚀，而且由于资本成本上升（尤其是高增长股票）导致业务增长停滞，但在美联储发布紧缩政策的最新消息后，苹果股市上涨了近3%。该股12月15日收于179.30美元，接近周一182美元的峰值。在美联储发布最新消息后，苹果的反弹以及其他大型科技股的类似上升趋势相应地推动了纳斯达克 100 指数盘中上涨 2.4%，这表明投资者更倾向于将资金投入增长前景强劲的公司，以应对即将加息带来的风险。</blockquote></p><p> With the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.</p><p><blockquote>随着即将到来的假日季对苹果 12 月季度的销售额有利，该股估值预计将比预期更早进入 3 万亿美元大关。苹果整个产品线的持续强劲需求、慷慨的股票回购，以及预计在可预见的未来，新的尖端产品将带来额外的收入贡献，也将成为支撑公司持续强劲基本面的关键催化剂，并在即将加息的情况下将使股票估值保持在 3 万亿美元以上。考虑到大盘的近期发展和苹果的增长前景，我们将该股的 12 个月目标价上调至 209.43 美元。</blockquote></p><p> <b>FY 2021 Overview and Recap of Fundamental Prospects</b></p><p><blockquote><b>2021财年概述及基本前景回顾</b></blockquote></p><p></p><p> Fiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.</p><p><blockquote>2021财年对苹果来说是重要的一年。尽管冠状病毒反复爆发和供应链限制导致门店断断续续关闭，导致销售额损失超过 90 亿美元，但该公司全年的收入比 2020 财年增长了 33%，达到 3660 亿美元。每个产品和服务部门都实现了创纪录的收入，比上一年的业绩增长了20%以上。今年的成功很大程度上归功于一系列新产品的发布和功能的升级。其中最引人注目的包括支持5G的iPhone 12s和iPhone 13s系列，以及支持M1的MacBook Pro和iPad Pro。</blockquote></p><p> <b>Key Developments in Products</b></p><p><blockquote><b>产品的主要发展</b></blockquote></p><p> iPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by&nbsp;attracting switchers&nbsp;from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by&nbsp;strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like&nbsp;Verizon&nbsp;and&nbsp;AT&amp;T&nbsp;have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend&nbsp;more than $700 billion&nbsp;over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.</p><p><blockquote>iPhone 今年的销量增长了 39%，是其他细分市场中增长最快的，并贡献了苹果 2021 财年一半以上的收入。这一结果与去年移动设备需求的下滑形成了鲜明对比，当时消费者正在为大流行病带来的经济不确定性做好准备。随着全球5G设备升级步伐不断加快，iPhone销售预计将在未来几年保持强劲。2022 年可能会推出更实惠的支持 5G 的 iPhone SE，这也将吸引 “超过 10 亿非高端安卓用户 ”的转换用户，从而进一步扩大苹果的市场份额，并将活跃安装基数推向历史新高。在支持 5G 的 iPhone 12s 和 iPhone 13s 推出后，最近几个季度观察到的 iPhone 销售模式进一步证实了预期的势头，升级和切换用户的数量强劲增长了两位数。苹果与手机运营商的紧密联系预计也将在未来几年推动 iPhone 的销售贡献。威瑞森和美国电话电报公司等美国知名无线运营商已经热衷于促进iPhone 12和iPhone 13等支持5G的设备的销售，以鼓励向他们花费数十亿美元在全国范围内建设的5G网络迁移。预计全球电信公司将在未来五年内花费超过7000亿美元建设5G网络，这凸显了随着运营商推动十年来最强劲的多年升级周期以收回投资，iPhone领域未来的巨大增长机会。</blockquote></p><p> Mac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the&nbsp;all-new M1-powered iMac&nbsp;earlier this year, Apple also unveiled the&nbsp;reimagined M1-Pro / M1-Max powered MacBook Pro&nbsp;in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped&nbsp;over 3.2 million units&nbsp;of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a&nbsp;$224.3 billion&nbsp;and$600 billion&nbsp;market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.</p><p><blockquote>Mac 和 iPad 销量在 2021 财年也大幅增长，收入分别达到创纪录的 352 亿美元和 319 亿美元。继今年早些时候推出全新M1驱动的iMac后，苹果还在10月份推出了重新设计的M1-Pro/M1-Max驱动的MacBook Pro。定制的 M1 处理器使最新的 MacBook “在游戏以外的几乎所有生产力用例上都优于任何基于英特尔的设备”。这相应地推动了不同消费者群体对便携式工作站的巨大需求，从专业创作者和摄影师到企业用户和学生。据估计，该公司在 9 月份季度的 Mac 产品出货量超过 320 万台，推动了该部门创纪录的收入，同时将其在全球 PC 销量中的排名提升至其他供应商的第四位。在苹果的计算产品中引入 M1 处理器也巩固了其在利用全球对 PC 和多功能平板电脑需求激增的优势方面的地位，使该公司能够制造具有创新功能的设备，这些设备可以在其外围配件和服务生态系统中无缝集成，从而吸引相关收入。随着后大流行病时代混合工作和学习安排的加速采用，预计未来几年全球对个人电脑和多功能平板电脑等便携式工作站的需求将保持高位--到 2025 年，这两个行业的市场预计将分别增长到 2,243 亿美元和 6,000 亿美元，这将为苹果的 Mac 和 iPad 细分市场带来有利趋势。</blockquote></p><p> Recent speculations on Apple’s intentions to&nbsp;strengthen its in-house chip development capacity&nbsp;will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.</p><p><blockquote>最近有猜测称，苹果有意加强其内部芯片开发能力，这可能会在未来几年进一步推动其技术的进步，并吸引对其产品的更多需求。该公司目前正在寻找工程师，以增强其在 “无线收音机、射频集成电路和无线片上系统（“SoC”）”以及 “用于连接蓝牙和 Wi-Fi 的半导体”方面的开发能力。这些发展有望进一步增强苹果设备之间的无缝集成，并增加其产品和服务生态系统的粘性，使其芯片部门成为公司 “最宝贵的资产 ”之一。</blockquote></p><p> <b>Key Developments in Services</b></p><p><blockquote><b>服务的主要发展</b></blockquote></p><p></p><p> On the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include&nbsp;Spatial Audio and Lossless Audiofor Apple Music and the&nbsp;Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a&nbsp;projected value of $61 billion&nbsp;over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the&nbsp;Apple One bundle&nbsp;is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.</p><p><blockquote>在服务方面，强大的用户群使该部门在 2021 财年的收入创下了超过 684 亿美元的纪录，比上一年增长了 27%。迄今为止，苹果通过其高利润服务产品获得了超过 7.45 亿付费用户，比过去五年增长了五倍。苹果在其从苹果音乐到 iCloud 存储解决方案等各种服务平台上不断推行基于订阅的商业模式，再加上近年来针对主要消费趋势的有吸引力的新产品，一直是该公司利润率快速增长的关键驱动力。为现有服务平台引入的令人兴奋的新附加功能包括苹果音乐的空间音频和无损音频以及苹果音乐语音计划。新的基于订阅的产品有望进一步扩大苹果对智能手机、笔记本电脑和其他先进家用电子产品全球使用量不断增加所带来的邻近机遇的影响力--例如，全球音乐流媒体市场预计将在未来五年内以 16% 的复合年增长率扩大，预计价值将达到 610 亿美元，这凸显了苹果音乐的巨大增长空间。苹果最新推出的苹果 One 捆绑包预计将在未来几年吸引新用户为订阅服务付费，而如果不是捆绑包折扣，他们是不会购买这些服务的。</blockquote></p><p> Continued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of&nbsp;more than $400 billion&nbsp;over the next five years. With AAPL hosting&nbsp;one of the largest and most used app stores&nbsp;in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite&nbsp;mounting global regulatory scrutiny&nbsp;over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing&nbsp;legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in&nbsp;delaying App Store changes&nbsp;ordered by U.S. District Judge Yvonne Gonzalez Rogers in&nbsp;September&nbsp;as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.</p><p><blockquote>移动应用市场需求的持续增长也将有利于苹果快速增长的服务部门。全球移动应用市场预计将以18.4%的CAGR增长，未来五年市值将超过4000亿美元。由于 AAPL 拥有世界上最大、使用最广泛的应用商店之一，因此可以合理地假设相关收入将以类似的速度增长。尽管全球监管机构对苹果的 App Store 涉嫌违反反垄断规定的审查越来越多--其中最引人注目的是与 Epic Games 正在进行的法律诉讼--但该公司继续专注于确保用户隐私、安全和交易便利性可能已经挽救了局面。根据摩根士丹利在美国和中国大陆对 4000 名苹果产品用户进行的调查，大多数人对苹果的应用商店表示忠诚，因为该商店提供了 “安全、隐私和易于交易的价值”，尽管开发者正在推动在苹果生态系统之外进行交易。苹果最近成功推迟了美国地区法官伊冯娜-冈萨雷斯-罗杰斯（Yvonne Gonzalez Rogers）9 月份下令对 App Store 进行的更改，这是 Epic Games 对其提起长达一年的诉讼的一部分，这也是 App Store 持续强大的又一迹象。该公司辩称，法院下令允许 App Store 用户 “直接从网络上的开发者那里购买 ”，这将对他们的隐私安全构成威胁。</blockquote></p><p> Currently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by&nbsp;at most $4 billion per year&nbsp;which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.</p><p><blockquote>目前，开发者正在争取让应用程序用户在苹果生态系统之外进行交易的权利，该生态系统向开发者收取高达 30% 的高额佣金。随着苹果继续对该裁决提出上诉，法院关于是否需要实施 App Store 变更的最终裁决可能至少还需要一年时间。但即使做出不利的裁决，苹果将不得不允许开发者将用户重定向到其生态系统之外的支付和/或降低其应用内购买佣金率，App Store的收入预计每年最多也只会减少40亿美元，这不会对其估值前景产生重大影响。考虑到 App Store 用户对苹果通过该平台提供的安全性和便利性水平的重视，实际量化影响甚至可能低于市场预测。</blockquote></p><p> <b>Key Catalysts Ahead</b></p><p><blockquote><b>未来的关键催化剂</b></blockquote></p><p></p><p> Apple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a&nbsp;VR headset and AR glasses&nbsp;by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.</p><p><blockquote>由于其庞大的设备安装基数和相关服务平台用户，苹果无疑是将新兴技术带入主流的关键门户。正因为如此，未来几年备受期待的AR/VR耳机和自动驾驶汽车等尖端产品的推出可能会将该股推向新的高度。这家颠覆性消费电子产品和设备的先驱预计将于 2023 年初推出 VR 耳机和 AR 眼镜，这项新兴技术近几个月来随着有关元宇宙的讨论越来越多，势头强劲。与市场上已有的大多数 VR 头显类似，苹果的 VR 头显将采用 3D 显示屏，为从游戏到交流等各种活动提供身临其境的环境。该公司计划在设备中采用一流的图形芯片，以实现超高分辨率显示屏。即将推出的 VR 头显最终将为其 AR 眼镜奠定基础，苹果预计这将是 “更大的机会”。</blockquote></p><p> Over the next five years, opportunities pertaining to the metaverse are expected to blossom into an&nbsp;$800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.</p><p><blockquote>未来五年，与元宇宙相关的机会预计将发展成为一个价值 8000 亿美元的市场。相关软件和服务销售预计将推动预计潜在市场的 70% 以上，而其余部分可能由硬件销售推动。这为苹果带来了强劲的推动力，该公司不仅可以通过销售即将推出的 AR/VR 耳机来利用不断增长的元宇宙机会，还可以利用与使用相关应用程序、软件和服务平台相关的相关收入。</blockquote></p><p> Speculations on Apple’s ongoing development of&nbsp;a self-driving electric car&nbsp;is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of&nbsp;more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.</p><p><blockquote>在可预见的未来，关于苹果正在开发自动驾驶电动汽车的猜测也有望为该股带来有意义的上涨空间。该公司目前计划在2025年前推出新产品类别，届时全球自动驾驶汽车市场价值预计将超过2000亿美元。最终推出的汽车很可能会向其现有的产品组合致敬，比如 “类似 iPad 的触摸屏 ”信息娱乐系统。在技术方面，据信苹果已经完成了为汽车自动驾驶功能提供动力的定制硅的开发。据加州车管所称，最新芯片将很快应用于其现有的改装 SUV 车队，以便在加州进行测试，这表明即将推出的芯片即将到来。</blockquote></p><p> While Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by&nbsp;at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.</p><p><blockquote>虽然苹果目前的市值可能已经反映了 “随着时间的推移，新产品和服务对收入的持续贡献”，但上述新产品类别的推出仍未带来额外的好处。但随着苹果AR/VR设备即将推出，这种情况可能会在未来12个月内发生变化。对早期 AR/VR 设备销售的近期预测预计将使苹果的估值至少提高 1500 亿美元。随着时间的推移，随着元宇宙趋势继续获得主流牵引力，苹果预计将从 AR/VR 领域产生超过 2000 亿美元的年收入，这可能会在其当前市值的基础上再增加 15%。</blockquote></p><p> <b>Valuation Prospects and Potential Impacts from the Impending Rate Increases</b></p><p><blockquote><b>即将加息的估值前景和潜在影响</b></blockquote></p><p> Adjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our&nbsp;most recent analysis&nbsp;on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.</p><p><blockquote>调整我们对苹果 2021 财年年终业绩和 12 月份季度指引的最新预测后，我们的基本案例预测预计到 2022 财年末，净销售总额将达到 4393 亿美元，到 2026 财年将进一步增长至 6685 亿美元。在我们的预测中，各部门收入的增长假设与我们最近对该股的分析基本保持不变，但还额外考虑了管理层对供应紧张影响和即将加息的近期展望。具体来说，2021 财年下半年全行业芯片短缺和大流行导致的制造延误造成的 90 亿美元收入损失（即 6 月份季度约 30 亿美元，9 月份季度约 60 亿美元）预计将恶化到 2022 财年上半年。虽然供应链挑战有所改善，但对苹果产品的持续强劲需求将推动未来几个季度销售额的增加。尽管如此，苹果未来的基本面依然强劲，这将有助于缓解投资者因即将加息而对估值的一些担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b5aa95136cfca6f95b962ea36eadab74\" tg-width=\"640\" tg-height=\"257\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>i. Base Case Financial Projections:</i></p><p><blockquote><i>i. 基本情况财务预测：</i></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6585b165abd25fab7d171dd944d05156\" tg-width=\"640\" tg-height=\"316\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部财务预测（Apple_-_Forecasted_Financial_Information.pdf）。有关应用的重大增长假设的进一步详情，请参阅此处。</span></p></blockquote></p><p> Drawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.</p><p><blockquote>基于上述考虑，我们对苹果股票的 12 个月目标价已修正至 209.43 美元。根据 12 月 17 日最后交易价格 171.14 美元计算，这意味着超过 22% 的上涨潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e88e904b5b900fbcdf4541d856570e2d\" tg-width=\"640\" tg-height=\"230\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> The revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.</p><p><blockquote>修订后的价格目标是使用十年离散期间的贴现现金流（“DCF”）分析，结合前面章节分析的苹果近期发展的最新财务预测得出的。与我们最初的估值分析类似，我们采用了 8% 的 WACC 来贴现苹果的预计自由现金流。考虑到公司目前的资本结构和稳健的资产负债表，贴现函数反映了公司的风险状况。考虑到苹果现有债务中有很大一部分是固定利率票据，预计其增长的资本成本不会因即将加息而发生重大变化。该公司还拥有持续强劲的净现金状况，管理层打算在利率上升之前部署额外增长，而不必承担额外的资本成本。预计这将进一步增强水泥投资者对苹果股票的信心，因为他们在担心利率上升会带来更广泛的市场压力的情况下，继续 “向优质方向飞奔”。</blockquote></p><p> The valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.</p><p><blockquote>估值分析还假设退出倍数为 19.8 倍，这与当前市场对苹果在预测期内增长轨迹的预期一致。考虑到AR/VR设备和自动驾驶汽车等新产品细分市场即将推出，所应用的退出倍数假设甚至可能在未来12个月内进一步改善，并抵消即将到来的加息带来的任何潜在影响。</blockquote></p><p> <i>i. Base Case Valuation Analysis:</i></p><p><blockquote><i>一、基本案例估值分析：</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/81f992ef8b2b59ea879f69a7b1e7ad52\" tg-width=\"640\" tg-height=\"300\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <i>ii. Sensitivity Analysis:</i></p><p><blockquote><i>ii.敏感性分析：</i></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/da8b21dae04fd263929ab26bd8d83907\" tg-width=\"640\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Author, with data from our internal valuation analysis.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部估值分析。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Based on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.</p><p><blockquote>根据上述分析，从基本面和估值角度来看，预计未来两年在目前接近于零的联邦基金利率基础上增加 175 至 200 个基点，预计不会对苹果的业绩造成重大不利影响。全球对苹果产品和服务的强劲需求，加上新的创新，预计将进一步提振公司的基本增长前景。因此，这将进一步改善苹果的资产负债表，并进一步加强其抵御更广泛宏观逆风带来的估值下行压力的地位。事实上，为应对即将加息带来的风险，对优质成长型股票的需求不断增加，甚至可能推动苹果的估值增长势头。出于这些考虑，尽管即将加息，但苹果仍然是表现最好的科技股之一，因为其近期仍呈现强劲上升趋势，达到 3 万亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4475887-apple-stock-aapl-strongest-shield-against-rate-hikes","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183475424","content_text":"Summary\n\nWith inflation running its hottest course in 40 years, the Federal Reserve has decided to accelerate the stimulus tapering schedule and prepare for raising interest rates as early as March.\nWhile rate hikes have historically deterred investors from growth stocks due to concerns over eroding valuation prospects, the Apple stock has remained largely resilient.\nApple is expected to realize additional upsides ahead, sustained by robust demand for its existing offerings and new opportunities arising from nascent technologies like AR/VR and autonomous vehicles.\nIts strong net cash position also provides sufficient dry powder to fund additional growth in coming years without incurring additional costs of capital amidst rising interest rates.\nAs such, Apple's bullish thesis remains intact as it approaches a $3 trillion valuation, despite broader market valuation risks ahead.\n\nguvendemir/iStock Unreleased via Getty Images\nAs one of the world’s best performing stocks, Apple(NASDAQ:AAPL) has gained close to 40% this year. The stock, which last peaked at $182.13 not too long ago, is currently less than 7% from being the first U.S. publicly listed company to reach a $3 trillion market value and single-handedly accounts for about 15% of the tech-heavy Nasdaq 100’s performance. Apple’s market value has grown by more than 220x since the late 1990s, buoyed by the company’s continuous ability to capture robust demand for its innovative portfolio of products and services.\nAnd Apple’s strong fundamentals are expected to help the stock defy adverse impacts from the imminent rate hikes beginning next year. With inflation running at its hottest in almost four decades, the Federal Reserve decided Wednesday that it will increase the pace at which it is dialing back on the $120 billion monthly bond repurchasing program from $15 billion per month, which began in November, to $30 billion per month. This would effectively conclude the stimulus program, put in place at the onset of the pandemic, coming March, rather than in July as initially planned. Rate hikes are expected to begin soon after to counter rising price pressures, with Federal Reserve Chair Jerome Powell affirming that the process will only begin after tapering ends and at a gradual pace. The latest dot plot indicates potential for the Federal Fund Rate to lift-off from near-zero beginning early 2022 with three quarter-point increases, plus another three in 2023 and two more in 2024. If materialized, the process would up the funds rate to 2.1% by 2024.\nSource: Bloomberg\nWhile rate hikes typically cause investors to turn risk averse due to concerns over faster erosion of value on future gains and stalled business growth due to rising costs of capital, especially for high-growth stocks, Apple gained close to 3% upon release of the Fed’s update on policy tightening. The stock closed at $179.30 on December 15th, nearing its peak of $182 on Monday. Apple’s rally, along with similar uptrends observed across other mega-cap tech stocks, accordingly drove intra-day gains of 2.4% for the Nasdaq 100 following the Federal Reserve’s update, indicating investors’ preference to park their money in companies with robust growth prospects to counter risks from the impending rate increases.\nWith the coming holiday season a boon for Apple’s December-quarter sales, the stock’s valuation is expected to enter in the $3 trillion territory sooner than expected. Continued robust demand observed across Apple’s entire product line, generous share buy-backs, and additional revenue contributions expected within the foreseeable future resulting from new, cutting-edge products will also be key catalysts to support the company’s persistently strong fundamentals and keep the stock’s valuation above $3 trillion despite the impending rate hikes. Considering recent developments to the broader market and Apple’s growth prospects, we are raising our 12-month price target for the stock to $209.43.\nFY 2021 Overview and Recap of Fundamental Prospects\nFiscal 2021 was a big year for Apple. The company’s revenues for the year grew 33% from fiscal 2020 to $366 billion, despite on-and-off store closures resulting from recurring coronavirus outbreaks and supply chain constraints that have led to more than $9 billion in lost sales. Every product and service segment achieved record-setting revenues with more than 20% growth from previous year results. Much of the year’s success were attributable to a series of new product launches and feature upgrades. The most notable of which included the 5G-enabled family of iPhone 12s and iPhone 13s, as well as the M1-powered MacBook Pro and iPad Pro.\nKey Developments in Products\niPhone sales grew by 39% this year, the most amongst other segments, and drove more than half of Apple’s fiscal 2021 revenues. The results were a stark contrast to last year’s slump in demand for the mobile device when consumers braced for pandemic-driven economic uncertainties. iPhone sales are expected to remain robust in coming years as global 5G device upgrades continue to gather pace. The likely launch of a more affordable 5G-enabled iPhone SE in 2022 is also expected to further Apple’s market share gains by attracting switchers from “more than a billion non-premium Android users”, and drive the active installed base to another all-time high. The anticipated momentum is further corroborated by iPhone sales patterns observed in recent quarters following the launch of 5G-enabled iPhone 12s and iPhone 13s, where the number of upgraders and switchers grew by strong double digits. Apple’s strong ties with cell-phone carriers is also expected to drive meaningful iPhone sales contributions in coming years. Reputable wireless carriers in the U.S. like Verizon and AT&T have already been keen on promoting the sale of 5G-enabled devices like the iPhone 12 and iPhone 13 to encourage migration to the 5G network that they have spent billions of dollars on building across the nation. Telecom companies around the world are expected to spend more than $700 billion over the next five years on building-out the 5G network, underscoring significant additional growth opportunities ahead for the iPhone segment as carriers push for the strongest multiyear upgrade cycle in a decade to recoup their investments.\nMac and iPad sales also grew significantly in fiscal 2021, reaching record revenues of $35.2 billion and $31.9 billion, respectively. Following the introduction of the all-new M1-powered iMac earlier this year, Apple also unveiled the reimagined M1-Pro / M1-Max powered MacBook Pro in October. The custom M1 processors made the newest MacBook “better than any Intel-based device for nearly every productivity use case outside of gaming”. This accordingly drove incredible demand for the portable workstation from a diverse group of consumers, ranging from professional creators and photographers to corporate users and students. The company is estimated to have shipped over 3.2 million units of Mac products during the September quarter, which drove record-setting revenues for the segment, while boosting its rank in global PC sales to fourth place amongst other vendors. The introduction of M1-processors in Apple’s computing products also bolstered its position in capitalizing on the surge in global demand for PCs and multi-purpose tablets by allowing the company to build devices with innovative features that can be seamlessly integrated across its ecosystem of peripheral accessories and services to draw adjacent revenues. With accelerated adoption of hybrid work and study arrangements in the post-pandemic era, global demand for portable workstations like PCs and multi-purpose tablets are expected to remain elevated in coming years – the sectors are expected to grow into a $224.3 billion and$600 billion market, respectively, by 2025, which makes favorable trends for Apple’s Mac and iPad segments.\nRecent speculations on Apple’s intentions to strengthen its in-house chip development capacity will likely further the advancement of its technologies offered in coming years and draw additional demand to its products. The company is currently looking for engineers to build-out its capacity in the development of “wireless radios, radio-frequency integrated circuits, and a wireless system-on-chip (“SoC”)”, as well as “semiconductors for connecting Bluetooth and Wi-Fi”. These developments are expected to further enhance seamless integration across Apple’s devices and increase stickiness to its ecosystem of product and service offerings, making its chip unit one of the company’s “most prized assets”.\nKey Developments in Services\nOn the services front, a strong subscriber base had enabled the segment to hit record-setting revenues of more than $68.4 billion in fiscal 2021, up 27% from the prior year. To date, Apple has garnered more than 745 million paid subscribers across its high-margin service offerings, representing a five-fold increase over the last five years. Apple’s increasing push for a subscription-based business model across its wide variety of service platforms, ranging from Apple Music to iCloud storage solutions, paired with attractive new offerings that address key consumer trends in recent years have been a key driver to the company’s fast-expanding margins. New exciting add-on features introduced for existing service platforms include Spatial Audio and Lossless Audiofor Apple Music and the Apple Music Voice Plan. The new subscription-based offerings are expected to further Apple’s reach to adjacent opportunities stemming from increasing global usage of smartphones, laptops and other advanced home electronic products – for instance, the global music streaming market is expected to expand at a CAGR of 16% towards a projected value of $61 billion over the next five years, underscoring significant growth headroom for Apple Music. And Apple’s latest introduction of the Apple One bundle is expected to be a key contributor to furthering service segment sales in coming years by attracting new users to pay for subscription services that they otherwise would not have had it not been for the bundle discounts.\nContinued growth in market demand for mobile applications will also be a boon to Apple’s fast-growing services segment. The global market for mobile applications is expected to grow at a CAGR of 18.4% and reach a market value of more than $400 billion over the next five years. With AAPL hosting one of the largest and most used app stores in the world, it would be reasonable to assume that related revenues would grow at a similar pace. Despite mounting global regulatory scrutiny over Apple’s alleged antitrust violations with its App Store – the most notable of which stemming from an ongoing legal battle with Epic Games– the company’s continued focus on ensuring user privacy, security, and ease of transactions might have saved the day. According to a survey of 4,000 Apple product users performed by Morgan Stanley across the U.S. and China, most have indicated loyalty to Apple’s App store due to the “value of security, privacy and ease of transactions” provided, despite developers pushing for rights to transact outside of Apple’s ecosystem. Apple’s recent success in delaying App Store changes ordered by U.S. District Judge Yvonne Gonzalez Rogers in September as part of a year-long lawsuit brought against by Epic Games is another sign of the App Store’s continued strength. The company has argued that the court-mandated order to allow App Store users to “buy directly from developers on the web” would be a threat to the security of their privacy.\nCurrently, developers are fighting for their rights to have app users transact outside of Apple’s ecosystem, which charges developers a hefty commission fee of up to 30% on all purchases. As Apple continues with its appeal of the ruling, the ultimate court decision on whether App Store changes would need to be implemented could take at least another year. But even with an unfavorable ruling, where Apple would have to allow developers to redirect users to payments outside of its ecosystem and/or lower its in-app purchase commission rate, App Store revenues are only expected to decrease by at most $4 billion per year which will not place a material impact on its valuation prospects. The actual quantified impact might even be less than what the market has forecasted, considering the value that App Store users have ascribed to the level of security and convenience that Apple has offered through the platform.\nKey Catalysts Ahead\nApple is undoubtedly a key gateway to bringing emerging technologies to the mainstream due to its massive installed base of devices and related service platform users. And because of this, the highly anticipated launch of cutting-edge products like AR/VR headsets and autonomous vehicles in coming years will likely catapult the stock to new heights. The pioneer of disruptive consumer electronics and devices is expected to launch a VR headset and AR glasses by early 2023, a nascent technology that has been picking up steam in recent months with increasing talks of the metaverse. Similar to most VR headsets already available in the market, Apple’s will feature a 3D display to enable an immersive environment for a variety of activities from gaming to communicating. The differentiating factor will be the company’s plans to implement best-in-class graphics chips in the device to facilitate ultra-high-resolution displays. The impending VR headset will ultimately lay the foundation for its AR glasses, which Apple expects to be the “larger opportunity”.\nOver the next five years, opportunities pertaining to the metaverse are expected to blossom into an $800 billion market. Related software and service sales are expected to drive more than 70% of the projected addressable market, while the remainder will likely be driven by hardware sales. This makes strong tailwinds for Apple, which does not only stand to capitalize on growing metaverse opportunities through the sale of its impending AR/VR headset, but also adjacent revenues pertaining to the usage of related apps, software and service platforms.\nSpeculations on Apple’s ongoing development of a self-driving electric car is also expected to materialize into meaningful upsides for the stock within the foreseeable future. The company is now planning to launch the new product category by 2025, at which time the global autonomous vehicle market is expected to reach a value of more than $200 billion. The eventual car will likely feature homages to its existing product portfolio, like an “iPad-like touch screen” infotainment system. And on the technology front, Apple is believed to have completed the development of a custom silicon for powering the vehicle’s autonomous driving capabilities. The newest chips will soon be implemented into its existing fleet of retrofitted SUVs for testing in California according to the state’s DMV, a sign that the impending launch is near.\nWhile Apple’s current market value may already be reflective of “consistent material revenue contributions from new products and services over time”, additional upsides from the above-mentioned new product category launches are still missing. But this will likely change within the next 12 months as the impending launch of an Apple AR/VR device draws near. Near-term projections on early AR/VR device sales are expected to boost Apple’s valuation by at least $150 billion. And over time when metaverse trends continue to gain mainstream traction, Apple is expected to generate more than $200 billion in annual revenues from the AR/VR segment, which could add another 15% on top of its current market value.\nValuation Prospects and Potential Impacts from the Impending Rate Increases\nAdjusting our most recent forecast for Apple’s fiscal 2021 year-end results and December-quarter guidance, our base case projection estimates total net sales of $439.3 billion by the end of fiscal 2022, with further growth towards $668.5 billion by fiscal 2026. The growth assumptions applied across segment revenues in our forecast remains largely unchanged from our most recent analysis on the stock, with additional consideration for management’s near-term outlook on supply constraint impacts and the impending rate hikes. Specifically, lost revenues of $9 billion (i.e. approximately $3 billion during June-quarter and $6 billion during September-quarter) attributable to industry-wide chip shortages and pandemic-driven manufacturing delays during the second half of fiscal 2021 is expected to worsen into the first half of fiscal 2022. While there have been observed improvements to supply chain challenges, continuously robust demand for Apple products is what will drive a higher volume of lost sales in coming quarters. Nonetheless, Apple remains well-positioned for strong fundamentals ahead, which will help to alleviate some of investors’ concerns on valuation due to impending rate hikes.\n\ni. Base Case Financial Projections:\nSource: Author, with data from our internal financial forecast (Apple_-_Forecasted_Financial_Information.pdf). Please refer here for further detail on material growth assumptions applied.\nDrawing on the above considerations, our 12-month price target for the Apple stock has been revised to $209.43. This represents upside potential of more than 22% based on the last traded price of $171.14 on December 17th.\nSource: Author, with data from our internal valuation analysis.\nThe revised price target is derived using a discounted cash flow (“DCF”) analysis over a ten-year discrete period in conjunction with the financial projections updated for Apple’s recent developments as analyzed in earlier sections. Similar to our original valuation analysis, we have applied a WACC of 8% to discount Apple’s projected free cash flows. The discount function is reflective of the company’s risk profile, taking into consideration its current capital structure and strong balance sheet. Apple’s cost of capital for growth is not expected to change significantly as a result of the impending rate hikes, considering a large portion of its existing debt are fixed-rate notes. The company also boasts a consistently robust net cash position, in which management intends to deploy towards additional growth without having to incur incremental capital costs ahead of interest rate increases. This is expected to further cement investors’ confidence in the Apple stock, as they continue their “flight to quality” amidst fear of broader market pressure from rising interest rates.\nThe valuation analysis also assumes an exit multiple of 19.8x, which is consistent with current market expectations on Apple’s growth trajectory over the forecasted period. The applied exit multiple assumption could even improve further within the next 12 months, considering the impending launch of new product segments like AR/VR devices and autonomous vehicles, and offset any potential impacts from the upcoming increases to interest rates.\ni. Base Case Valuation Analysis:\n\nii. Sensitivity Analysis:\nSource: Author, with data from our internal valuation analysis.\nConclusion\nBased on the foregoing analysis, the anticipated addition of 175 to 200 basis points to the current near-zero Federal Fund Rate over the next two years is not expected to cause material adverse impacts to Apple’s performance from both a fundamental and valuation perspective. Robust global demand for Apple products and services, paired with new innovations are expected to further bolster the company’s fundamental growth prospects. This would accordingly bring additional improvements to Apple’s balance sheet, and further strengthen its position against downward valuation pressures from broader macro headwinds. In fact, increasing demand for quality growth stocks to counter risks resulting from the impending rate hikes might even fuel Apple’s valuation growth momentum. On these considerations, Apple remains one of the best-performing tech stocks to own given its robust uptrend to $3 trillion in the near-term despite impending rate hikes.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699531788,"gmtCreate":1639834899301,"gmtModify":1639834899621,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"H","listText":"H","text":"H","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/699531788","repostId":"1116106959","repostType":4,"repost":{"id":"1116106959","kind":"news","pubTimestamp":1639785552,"share":"https://www.laohunote.com/m/news/1116106959?lang=zh_CN&edition=full","pubTime":"2021-12-18 07:59","market":"us","language":"en","title":"Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116106959","media":"Reuters","summary":" - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.The S","content":"<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社） - 华尔街周五收低，受到大型科技公司的拖累，投资者担心奥密克戎冠状病毒变种，并消化了美联储更快结束大流行时代刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示到 2022 年底加息三个四分之一个百分点以应对通胀飙升后，美国三大股指本周全部下跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌 2.1%，Alphabet下跌 1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11个主要板块指数全部下跌，其中金融股领跌2.3%。能源损失2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞公司周五表示，疫情可能会持续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，快速传播的奥密克戎冠状病毒变种再次感染人们的可能性是其前身德尔塔的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期（被称为三重巫术）是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>“这是一个重要的期权到期日，”新泽西州查塔姆 Themis Trading 的交易联席经理 Joe Saluzzi 表示。“现在你再加上一些奥密克戎，你就会出现波动，我认为这会给投资者带来很多不确定性。你打算在年底前把仓位放在哪里？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>2021年，英伟达和微软等权重成长股的表现优于大盘，而费城东南半导体指数则飙升约35%。同期，基准标普500指数上涨约 23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>在周五的交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，而标普500指数下跌1.03%，至4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌 0.07%，至 15,169.68 点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>从积极的方面来看，小盘股罗素 2000 指数在从 11 月初的历史高点下跌超过 10% 后反弹 1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至 166 亿股，远高于过去 20 个交易日 119 亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500指数下跌1.9%，道琼斯指数下跌1.7%，纳斯达克指数下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>在周五的交易中，甲骨文暴跌 6.4%，此前《华尔街日报》报道了这家企业软件制造商正在洽谈收购电子病历公司 Cerner，交易价值可能为 300 亿美元。Cerner 股价飙升 12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>联邦快递公司 (FedEx Corp) 周四恢复了最初的 2022 财年预测，尽管持续的劳动力困境削弱了利润，但该公司股价上涨近 5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.50 比 1；在纳斯达克，1.16比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下 22 个 52 周新高和 7 个新低；纳斯达克综合指数创下28个新高和341个新低。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street ends down after mostly negative week<blockquote>华尔街在经历了大部分负面的一周后收盘下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-12-18 07:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.</p><p><blockquote>（路透社） - 华尔街周五收低，受到大型科技公司的拖累，投资者担心奥密克戎冠状病毒变种，并消化了美联储更快结束大流行时代刺激措施的决定。</blockquote></p><p> All three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.</p><p><blockquote>在美联储周三暗示到 2022 年底加息三个四分之一个百分点以应对通胀飙升后，美国三大股指本周全部下跌。</blockquote></p><p> Nvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&amp;P 500 and Nasdaq.</p><p><blockquote>英伟达下跌 2.1%，Alphabet下跌 1.9%，均令标普500和纳斯达克承压。</blockquote></p><p> The S&amp;P 500 growth index lost 0.7% and the value index declined 1.4%.</p><p><blockquote>标普500增长指数下跌0.7%，价值指数下跌1.4%。</blockquote></p><p> All of the 11 major S&amp;P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.</p><p><blockquote>标普500 11个主要板块指数全部下跌，其中金融股领跌2.3%。能源损失2.2%。</blockquote></p><p> Adding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.</p><p><blockquote>辉瑞公司周五表示，疫情可能会持续到明年，这增加了不确定性。欧洲国家为进一步的旅行和社会限制做好了准备，一项研究警告说，快速传播的奥密克戎冠状病毒变种再次感染人们的可能性是其前身德尔塔的五倍。</blockquote></p><p> Traders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.</p><p><blockquote>交易员还指出，年终税收抛售以及股票期权、股指期货和指数期权合约同时到期（被称为三重巫术）是波动的潜在原因。</blockquote></p><p> \"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"</p><p><blockquote>“这是一个重要的期权到期日，”新泽西州查塔姆 Themis Trading 的交易联席经理 Joe Saluzzi 表示。“现在你再加上一些奥密克戎，你就会出现波动，我认为这会给投资者带来很多不确定性。你打算在年底前把仓位放在哪里？”</blockquote></p><p> Heavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&amp;P 500 index gained around 23% in the same period.</p><p><blockquote>2021年，英伟达和微软等权重成长股的表现优于大盘，而费城东南半导体指数则飙升约35%。同期，基准标普500指数上涨约 23%。</blockquote></p><p> In Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&amp;P 500 lost 1.03% to 4,620.64.</p><p><blockquote>在周五的交易中，道琼斯工业平均指数下跌1.48%，收于35,365.44点，而标普500指数下跌1.03%，至4,620.64点。</blockquote></p><p> The Nasdaq Composite dropped 0.07% to 15,169.68.</p><p><blockquote>纳斯达克综合指数下跌 0.07%，至 15,169.68 点。</blockquote></p><p> On a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.</p><p><blockquote>从积极的方面来看，小盘股罗素 2000 指数在从 11 月初的历史高点下跌超过 10% 后反弹 1%。</blockquote></p><p> With options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.</p><p><blockquote>随着期权到期，美国交易所的成交量跃升至 166 亿股，远高于过去 20 个交易日 119 亿股的平均水平。</blockquote></p><p> For the week, the S&amp;P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.</p><p><blockquote>本周，标普500指数下跌1.9%，道琼斯指数下跌1.7%，纳斯达克指数下跌2.9%。</blockquote></p><p> In Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.</p><p><blockquote>在周五的交易中，甲骨文暴跌 6.4%，此前《华尔街日报》报道了这家企业软件制造商正在洽谈收购电子病历公司 Cerner，交易价值可能为 300 亿美元。Cerner 股价飙升 12.9%。</blockquote></p><p> FedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.</p><p><blockquote>联邦快递公司 (FedEx Corp) 周四恢复了最初的 2022 财年预测，尽管持续的劳动力困境削弱了利润，但该公司股价上涨近 5%。</blockquote></p><p> Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所下跌发行量与上涨发行量的比例为 1.50 比 1；在纳斯达克，1.16比1的比率有利于进步人士。</blockquote></p><p> The S&amp;P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new lows.</p><p><blockquote>标普500创下 22 个 52 周新高和 7 个新低；纳斯达克综合指数创下28个新高和341个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/us-stocks-wall-street-ends-212015460.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116106959","content_text":"(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster.\nAll three main U.S. stock indexes ended with a decline for the week after the Fed on Wednesday signaled three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation.\nNvidia dropped 2.1% and Alphabet lost 1.9%, both weighing on the S&P 500 and Nasdaq.\nThe S&P 500 growth index lost 0.7% and the value index declined 1.4%.\nAll of the 11 major S&P 500 sector indexes fell, with financials leading the way down with a 2.3% drop. Energy lost 2.2%.\nAdding to uncertainty, Pfizer said on Friday the pandemic could extend through next year. European countries geared up for further travel and social restrictions and a study warned that the rapidly spreading Omicron coronavirus variant was five times more likely to reinfect people than its predecessor, Delta.\nTraders also pointed to year-end tax selling and the simultaneous expiration of stock options, stock index futures and index options contracts - known as triple witching - as potential causes for volatility.\n\"It's a big options expiration day,\" said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. \"And now you draw on top of that some Omicron, and you've got volatility, and I think it creates a lot of uncertainty amongst investors. Where are you going to position for the end of the year?\"\nHeavyweight growth stocks including Nvidia and Microsoft have outperformed the broader market in 2021, while the Philadelphia SE Semiconductor index has surged about 35%. The benchmark S&P 500 index gained around 23% in the same period.\nIn Friday's session, the Dow Jones Industrial Average fell 1.48% to end at 35,365.44 points, while the S&P 500 lost 1.03% to 4,620.64.\nThe Nasdaq Composite dropped 0.07% to 15,169.68.\nOn a positive note, the small-cap Russell 2000 index rallied 1% after having fallen more than 10% from a record high in early November.\nWith options expiring, volume on U.S. exchanges jumped to 16.6 billion shares, far above the 11.9 billion average over the last 20 trading days.\nFor the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq declined 2.9%.\nIn Friday's session, Oracle tumbled 6.4% after the Wall Street Journal reported the enterprise software maker is in talks to buy electronic medical records company Cerner in a deal that could be valued at $30 billion. Shares of Cerner surged 12.9%.\nFedEx Corp rose almost 5% after the delivery firm reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits.\nDeclining issues outnumbered advancing ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.\nThe S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq Composite recorded 28 new highs and 341 new 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comment and like pls","listText":"Pls comment and like pls","text":"Pls comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/191293571","repostId":"2135584610","repostType":4,"isVote":1,"tweetType":1,"viewCount":730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193702692,"gmtCreate":1620816337916,"gmtModify":1631889285614,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/193702692","repostId":"1174599088","repostType":4,"repost":{"id":"1174599088","kind":"news","pubTimestamp":1620814183,"share":"https://www.laohunote.com/m/news/1174599088?lang=zh_CN&edition=full","pubTime":"2021-05-12 18:09","market":"us","language":"en","title":"Opinion: Wall Street’s ‘Big Lie’: Performance claims that are increasingly straining credulity<blockquote>观点： 华尔街的 “弥天大谎”： 业绩说法越来越令人难以置信</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1174599088","media":"MarketWatch","summary":"So you think it’s easy to multiply your money 10 times?I’m referring to a propaganda technique of ma","content":"<p><b>So you think it’s easy to multiply your money 10 times?</b>I’m referring to a propaganda technique of making claims so outrageous that people think there must be some grain of truth to them. Small lies are dismissed, but big lies are believed.</p><p><blockquote><b>所以你认为让你的钱乘以10倍很容易？</b>我指的是一种宣传技巧，它的说法如此离谱，以至于人们认为其中一定有一定的道理。小谎言被驳回，但大谎言被相信。</blockquote></p><p>Consider this bit of clickbait in my inbox that caught my eye over the weekend: <i>“</i>Easily 10x your Money with this Cryptocurrency.” One reason it got my attention is that it was written by an individual who three months ago wrote a similar attention-grabbing piece entitled “100x Your Money With This Cryptocurrency.”</p><p><blockquote>想想我收件箱里这个周末引起我注意的点击诱饵：<i>“</i>有了这种加密货币，你的钱就能轻松翻10倍。”这篇文章引起我注意的一个原因是，它的作者是一个人，他在三个月前写了一篇类似的引人注目的文章，题为 “用这种加密货币让你的钱翻 100 倍”。</blockquote></p><p>The particular cryptocurrency he was championing in February is 13% lower today.</p><p><blockquote>他在2月份支持的特定加密货币今天下跌了13%。</blockquote></p><p>For the record, I have no idea whether this individual was intentionally bending the truth. But the fact remains that no one produces long-term annualized returns in excess of percentages in the low double digits, whether for stocks or investments like bitcoin and other cryptocurrencies.</p><p><blockquote>郑重声明，我不知道这个人是否故意歪曲事实。但事实仍然是，无论是股票还是比特币和其他加密货币等投资，没有人产生超过两位数百分比的长期年化回报率。</blockquote></p><p>No one. To claim that producing a 10x or a 100x return is “easy” is the functional equivalent of lying—even if the claim’s perpetrators don’t intend it to be.</p><p><blockquote>没人。声称产生 10 倍或 100 倍的回报 “很容易 ”在功能上等同于撒谎--即使提出这种说法的人并不想这样做。</blockquote></p><p>That’s not to say that triple or even quadruple-digit returns aren’t occasionally—very occasionally—produced. But so are jackpots in Vegas. Because strategies that have even the potential of producing short-term gains that big are extraordinarily risky, regression to the mean will inevitably and quickly bring such returns back down to earth.</p><p><blockquote>这并不是说三位数甚至四位数的回报率不是偶尔--非常偶尔--产生的。但拉斯维加斯的头奖也是如此。因为即使有可能产生如此巨大的短期收益的策略也是极其危险的，回归均值将不可避免地迅速将这种回报带回现实。</blockquote></p><p>Consider the evidence from my four decades of tracking the performance of investment newsletters. The accompanying chart reports the portfolio returns among monitored newsletters that are the highest over various holding periods. Over the last 12 months, the scoreboard-topping return is 248%. Extend that holding period to the last five years, in contrast, and the return at the top of scoreboard is a lot lower, at 33% annualized.</p><p><blockquote>想想我四十年来跟踪投资时事通讯表现的证据。随附的图表报告了受监控时事通讯中在不同持有期内最高的投资组合回报。在过去的12个月里，记分牌上的最高回报率是248%。相比之下，将持有期延长至过去五年，记分牌顶部的回报率要低得多，年化收益率为 33%。</blockquote></p><p>This declining trend continues as holding period lengthens, as the chart shows. By the time we’re focusing on the last 40 years, the best return is now 14.0% annualized.</p><p><blockquote>如图所示，随着持有期的延长，这种下降趋势仍在继续。当我们关注过去 40 年时，最好的年化回报率是 14.0%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e72f13ee9de2c745913ad0debd3b6c0\" tg-width=\"620\" tg-height=\"418\"></p><p><blockquote></blockquote></p><p>Don’t think that this pattern is unique to the investment newsletter industry. Almost identical results emerge for mutual funds and hedge funds as well.</p><p><blockquote>不要认为这种模式是投资通讯行业独有的。共同基金和对冲基金也出现了几乎相同的结果。</blockquote></p><p>The best documented long-term return that I know of was produced by the private Medallion Fund, from Renaissance Technologies. Brad Cornell, a professor emeritus at UCLA, reports that this fund produced a 39.2% annualized return (after fees) between 1988 and 2018, in contrast to 10.0% annualized for the S&amp;P 500 index&nbsp;That fund’s return is so much better than that of anyone else on Wall Street that Cornell has confessed to have been “dumbfounded;” he said the return is the functional equivalent of the “sun rising in the west.”</p><p><blockquote>据我所知，记录最好的长期回报是由文艺复兴科技公司的私人奖章基金产生的。加州大学洛杉矶分校名誉教授 Brad Cornell 报告称，该基金在 1988 年至 2018 年间的年化回报率（扣除费用后）为 39.2%，而标普500指数的年化回报率为 10.0%，因此该基金的回报率远远好于华尔街上的任何其他基金，以至于康奈尔承认自己 “目瞪口呆”；他说，回归在功能上相当于 “太阳从西方升起”。</blockquote></p><p>And, yet, notice that the Medallion Fund’s return that so strained credulity was “just” 39% annualized. That’s a long way from an “easy” 100x return in a cryptocurrency.</p><p><blockquote>然而，请注意，Medallion 基金的年化回报率 “仅为 ”39%。这距离加密货币 “轻松 ”获得 100 倍回报还有很长的路要走。</blockquote></p><p>If you’re a baby boomer, you already know and accept these lessons. If you’re from Gen Z, in contrast, the school of hard knocks has yet to teach you those lessons too.</p><p><blockquote>如果你是婴儿潮一代，你已经知道并接受了这些教训。相比之下，如果你是 Z 世代，那么严厉的打击学校还没有教给你这些课程。</blockquote></p><p>I devoted a column a month ago to this correlation between age and risk-taking in the latter stages of a bull market. Until the youngest investors suffer through their first major bear market, they are fearless risk takers, convinced that making money is easy. Investors of a more advanced age, who have lived through one or more severe bear markets, are older and wiser.</p><p><blockquote>一个月前，我专门写了一篇专栏文章，探讨牛市后期年龄和冒险行为之间的相关性。在最年轻的投资者经历第一次大熊市之前，他们都是无所畏惧的冒险家，坚信赚钱很容易。经历过一次或多次严重熊市的老年投资者年纪更大、更聪明。</blockquote></p><p>This contrast was borne out yet again in a recent report from GamblersPick, a website that reviews online casinos. The website surveyed 872 investors about their risk tolerance; the respondents were almost equally divided between the four generations listed in the table below. (The balance of those not reflected in the table’s percentages indicated that they were “neutral,” neither risk tolerant nor risk averse.)</p><p><blockquote>评论在线赌场的网站GamblersPick最近的一份报告再次证实了这种对比。该网站调查了872名投资者的风险承受能力；受访者在下表中列出的四代人中几乎平均分配。(表格中百分比中未反映的人的余额表明他们是 “中立的”，既不容忍风险，也不厌恶风险）。</blockquote></p><p><table><tbody><tr><td>Generation</td><td>Risk-tolerant</td><td>Risk-averse</td></tr><tr><td>Gen Z</td><td>57%</td><td>25%</td></tr><tr><td>Millennials</td><td>49%</td><td>32%</td></tr><tr><td>Gen X</td><td>38%</td><td>44%</td></tr><tr><td>Baby boomers and older</td><td>36%</td><td>46%</td></tr></tbody></table>In my experience, no amount of academic education (“book learning”) can fully substitute for what gets learned from actually living through a bear market. And that means that today’s risk-tolerant younger investors will themselves someday become the old fuddy-duddies that the rest of us appear to be today.</p><p><blockquote><table><tbody><tr><td>代</td><td>风险承受能力</td><td>规避风险</td></tr><tr><td>Z世代</td><td>57%</td><td>25%</td></tr><tr><td>千禧一代</td><td>49%</td><td>32%</td></tr><tr><td>X世代</td><td>38%</td><td>44%</td></tr><tr><td>婴儿潮一代及以上</td><td>36%</td><td>46%</td></tr></tbody></table>根据我的经验，再多的学术教育（“书本知识”）也无法完全取代从熊市中实际生活中学到的东西。这意味着，如今敢于承受风险的年轻投资者有朝一日也会成为我们今天看来的老油条。</blockquote></p><p>In the meantime, they—and the market—are skating on thin ice. Though we don’t know how the bull market’s story will unfold over the next several months, we do know how it will eventually end.</p><p><blockquote>与此同时，他们和市场都如履薄冰。虽然我们不知道未来几个月牛市的故事将如何展开，但我们知道它最终将如何结束。</blockquote></p><p>It’s not a happy one.</p><p><blockquote>这不是一个快乐的人。</blockquote></p><p></p>","source":"lsy1603348471595","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>Opinion: Wall Street’s ‘Big Lie’: Performance claims that are increasingly straining credulity<blockquote>观点： 华尔街的 “弥天大谎”： 业绩说法越来越令人难以置信</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\">\nOpinion: Wall Street’s ‘Big Lie’: Performance claims that are increasingly straining credulity<blockquote>观点： 华尔街的 “弥天大谎”： 业绩说法越来越令人难以置信</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-12 18:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>So you think it’s easy to multiply your money 10 times?</b>I’m referring to a propaganda technique of making claims so outrageous that people think there must be some grain of truth to them. Small lies are dismissed, but big lies are believed.</p><p><blockquote><b>所以你认为让你的钱乘以10倍很容易？</b>我指的是一种宣传技巧，它的说法如此离谱，以至于人们认为其中一定有一定的道理。小谎言被驳回，但大谎言被相信。</blockquote></p><p>Consider this bit of clickbait in my inbox that caught my eye over the weekend: <i>“</i>Easily 10x your Money with this Cryptocurrency.” One reason it got my attention is that it was written by an individual who three months ago wrote a similar attention-grabbing piece entitled “100x Your Money With This Cryptocurrency.”</p><p><blockquote>想想我收件箱里这个周末引起我注意的点击诱饵：<i>“</i>有了这种加密货币，你的钱就能轻松翻10倍。”这篇文章引起我注意的一个原因是，它的作者是一个人，他在三个月前写了一篇类似的引人注目的文章，题为 “用这种加密货币让你的钱翻 100 倍”。</blockquote></p><p>The particular cryptocurrency he was championing in February is 13% lower today.</p><p><blockquote>他在2月份支持的特定加密货币今天下跌了13%。</blockquote></p><p>For the record, I have no idea whether this individual was intentionally bending the truth. But the fact remains that no one produces long-term annualized returns in excess of percentages in the low double digits, whether for stocks or investments like bitcoin and other cryptocurrencies.</p><p><blockquote>郑重声明，我不知道这个人是否故意歪曲事实。但事实仍然是，无论是股票还是比特币和其他加密货币等投资，没有人产生超过两位数百分比的长期年化回报率。</blockquote></p><p>No one. To claim that producing a 10x or a 100x return is “easy” is the functional equivalent of lying—even if the claim’s perpetrators don’t intend it to be.</p><p><blockquote>没人。声称产生 10 倍或 100 倍的回报 “很容易 ”在功能上等同于撒谎--即使提出这种说法的人并不想这样做。</blockquote></p><p>That’s not to say that triple or even quadruple-digit returns aren’t occasionally—very occasionally—produced. But so are jackpots in Vegas. Because strategies that have even the potential of producing short-term gains that big are extraordinarily risky, regression to the mean will inevitably and quickly bring such returns back down to earth.</p><p><blockquote>这并不是说三位数甚至四位数的回报率不是偶尔--非常偶尔--产生的。但拉斯维加斯的头奖也是如此。因为即使有可能产生如此巨大的短期收益的策略也是极其危险的，回归均值将不可避免地迅速将这种回报带回现实。</blockquote></p><p>Consider the evidence from my four decades of tracking the performance of investment newsletters. The accompanying chart reports the portfolio returns among monitored newsletters that are the highest over various holding periods. Over the last 12 months, the scoreboard-topping return is 248%. Extend that holding period to the last five years, in contrast, and the return at the top of scoreboard is a lot lower, at 33% annualized.</p><p><blockquote>想想我四十年来跟踪投资时事通讯表现的证据。随附的图表报告了受监控时事通讯中在不同持有期内最高的投资组合回报。在过去的12个月里，记分牌上的最高回报率是248%。相比之下，将持有期延长至过去五年，记分牌顶部的回报率要低得多，年化收益率为 33%。</blockquote></p><p>This declining trend continues as holding period lengthens, as the chart shows. By the time we’re focusing on the last 40 years, the best return is now 14.0% annualized.</p><p><blockquote>如图所示，随着持有期的延长，这种下降趋势仍在继续。当我们关注过去 40 年时，最好的年化回报率是 14.0%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1e72f13ee9de2c745913ad0debd3b6c0\" tg-width=\"620\" tg-height=\"418\"></p><p><blockquote></blockquote></p><p>Don’t think that this pattern is unique to the investment newsletter industry. Almost identical results emerge for mutual funds and hedge funds as well.</p><p><blockquote>不要认为这种模式是投资通讯行业独有的。共同基金和对冲基金也出现了几乎相同的结果。</blockquote></p><p>The best documented long-term return that I know of was produced by the private Medallion Fund, from Renaissance Technologies. Brad Cornell, a professor emeritus at UCLA, reports that this fund produced a 39.2% annualized return (after fees) between 1988 and 2018, in contrast to 10.0% annualized for the S&amp;P 500 index&nbsp;That fund’s return is so much better than that of anyone else on Wall Street that Cornell has confessed to have been “dumbfounded;” he said the return is the functional equivalent of the “sun rising in the west.”</p><p><blockquote>据我所知，记录最好的长期回报是由文艺复兴科技公司的私人奖章基金产生的。加州大学洛杉矶分校名誉教授 Brad Cornell 报告称，该基金在 1988 年至 2018 年间的年化回报率（扣除费用后）为 39.2%，而标普500指数的年化回报率为 10.0%，因此该基金的回报率远远好于华尔街上的任何其他基金，以至于康奈尔承认自己 “目瞪口呆”；他说，回归在功能上相当于 “太阳从西方升起”。</blockquote></p><p>And, yet, notice that the Medallion Fund’s return that so strained credulity was “just” 39% annualized. That’s a long way from an “easy” 100x return in a cryptocurrency.</p><p><blockquote>然而，请注意，Medallion 基金的年化回报率 “仅为 ”39%。这距离加密货币 “轻松 ”获得 100 倍回报还有很长的路要走。</blockquote></p><p>If you’re a baby boomer, you already know and accept these lessons. If you’re from Gen Z, in contrast, the school of hard knocks has yet to teach you those lessons too.</p><p><blockquote>如果你是婴儿潮一代，你已经知道并接受了这些教训。相比之下，如果你是 Z 世代，那么严厉的打击学校还没有教给你这些课程。</blockquote></p><p>I devoted a column a month ago to this correlation between age and risk-taking in the latter stages of a bull market. Until the youngest investors suffer through their first major bear market, they are fearless risk takers, convinced that making money is easy. Investors of a more advanced age, who have lived through one or more severe bear markets, are older and wiser.</p><p><blockquote>一个月前，我专门写了一篇专栏文章，探讨牛市后期年龄和冒险行为之间的相关性。在最年轻的投资者经历第一次大熊市之前，他们都是无所畏惧的冒险家，坚信赚钱很容易。经历过一次或多次严重熊市的老年投资者年纪更大、更聪明。</blockquote></p><p>This contrast was borne out yet again in a recent report from GamblersPick, a website that reviews online casinos. The website surveyed 872 investors about their risk tolerance; the respondents were almost equally divided between the four generations listed in the table below. (The balance of those not reflected in the table’s percentages indicated that they were “neutral,” neither risk tolerant nor risk averse.)</p><p><blockquote>评论在线赌场的网站GamblersPick最近的一份报告再次证实了这种对比。该网站调查了872名投资者的风险承受能力；受访者在下表中列出的四代人中几乎平均分配。(表格中百分比中未反映的人的余额表明他们是 “中立的”，既不容忍风险，也不厌恶风险）。</blockquote></p><p><table><tbody><tr><td>Generation</td><td>Risk-tolerant</td><td>Risk-averse</td></tr><tr><td>Gen Z</td><td>57%</td><td>25%</td></tr><tr><td>Millennials</td><td>49%</td><td>32%</td></tr><tr><td>Gen X</td><td>38%</td><td>44%</td></tr><tr><td>Baby boomers and older</td><td>36%</td><td>46%</td></tr></tbody></table>In my experience, no amount of academic education (“book learning”) can fully substitute for what gets learned from actually living through a bear market. And that means that today’s risk-tolerant younger investors will themselves someday become the old fuddy-duddies that the rest of us appear to be today.</p><p><blockquote><table><tbody><tr><td>代</td><td>风险承受能力</td><td>规避风险</td></tr><tr><td>Z世代</td><td>57%</td><td>25%</td></tr><tr><td>千禧一代</td><td>49%</td><td>32%</td></tr><tr><td>X世代</td><td>38%</td><td>44%</td></tr><tr><td>婴儿潮一代及以上</td><td>36%</td><td>46%</td></tr></tbody></table>根据我的经验，再多的学术教育（“书本知识”）也无法完全取代从熊市中实际生活中学到的东西。这意味着，如今敢于承受风险的年轻投资者有朝一日也会成为我们今天看来的老油条。</blockquote></p><p>In the meantime, they—and the market—are skating on thin ice. Though we don’t know how the bull market’s story will unfold over the next several months, we do know how it will eventually end.</p><p><blockquote>与此同时，他们和市场都如履薄冰。虽然我们不知道未来几个月牛市的故事将如何展开，但我们知道它最终将如何结束。</blockquote></p><p>It’s not a happy one.</p><p><blockquote>这不是一个快乐的人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/wall-streets-big-lie-performance-claims-that-are-increasingly-straining-credulity-11620680630?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/wall-streets-big-lie-performance-claims-that-are-increasingly-straining-credulity-11620680630?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174599088","content_text":"So you think it’s easy to multiply your money 10 times?I’m referring to a propaganda technique of making claims so outrageous that people think there must be some grain of truth to them. Small lies are dismissed, but big lies are believed.Consider this bit of clickbait in my inbox that caught my eye over the weekend: “Easily 10x your Money with this Cryptocurrency.” One reason it got my attention is that it was written by an individual who three months ago wrote a similar attention-grabbing piece entitled “100x Your Money With This Cryptocurrency.”The particular cryptocurrency he was championing in February is 13% lower today.For the record, I have no idea whether this individual was intentionally bending the truth. But the fact remains that no one produces long-term annualized returns in excess of percentages in the low double digits, whether for stocks or investments like bitcoin and other cryptocurrencies.No one. To claim that producing a 10x or a 100x return is “easy” is the functional equivalent of lying—even if the claim’s perpetrators don’t intend it to be.That’s not to say that triple or even quadruple-digit returns aren’t occasionally—very occasionally—produced. But so are jackpots in Vegas. Because strategies that have even the potential of producing short-term gains that big are extraordinarily risky, regression to the mean will inevitably and quickly bring such returns back down to earth.Consider the evidence from my four decades of tracking the performance of investment newsletters. The accompanying chart reports the portfolio returns among monitored newsletters that are the highest over various holding periods. Over the last 12 months, the scoreboard-topping return is 248%. Extend that holding period to the last five years, in contrast, and the return at the top of scoreboard is a lot lower, at 33% annualized.This declining trend continues as holding period lengthens, as the chart shows. By the time we’re focusing on the last 40 years, the best return is now 14.0% annualized.Don’t think that this pattern is unique to the investment newsletter industry. Almost identical results emerge for mutual funds and hedge funds as well.The best documented long-term return that I know of was produced by the private Medallion Fund, from Renaissance Technologies. Brad Cornell, a professor emeritus at UCLA, reports that this fund produced a 39.2% annualized return (after fees) between 1988 and 2018, in contrast to 10.0% annualized for the S&P 500 index That fund’s return is so much better than that of anyone else on Wall Street that Cornell has confessed to have been “dumbfounded;” he said the return is the functional equivalent of the “sun rising in the west.”And, yet, notice that the Medallion Fund’s return that so strained credulity was “just” 39% annualized. That’s a long way from an “easy” 100x return in a cryptocurrency.If you’re a baby boomer, you already know and accept these lessons. If you’re from Gen Z, in contrast, the school of hard knocks has yet to teach you those lessons too.I devoted a column a month ago to this correlation between age and risk-taking in the latter stages of a bull market. Until the youngest investors suffer through their first major bear market, they are fearless risk takers, convinced that making money is easy. Investors of a more advanced age, who have lived through one or more severe bear markets, are older and wiser.This contrast was borne out yet again in a recent report from GamblersPick, a website that reviews online casinos. The website surveyed 872 investors about their risk tolerance; the respondents were almost equally divided between the four generations listed in the table below. (The balance of those not reflected in the table’s percentages indicated that they were “neutral,” neither risk tolerant nor risk averse.)GenerationRisk-tolerantRisk-averseGen Z57%25%Millennials49%32%Gen X38%44%Baby boomers and older36%46%In my experience, no amount of academic education (“book learning”) can fully substitute for what gets learned from actually living through a bear market. And that means that today’s risk-tolerant younger investors will themselves someday become the old fuddy-duddies that the rest of us appear to be today.In the meantime, they—and the market—are skating on thin ice. Though we don’t know how the bull market’s story will unfold over the next several months, we do know how it will eventually end.It’s not a happy one.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373132964,"gmtCreate":1618829906258,"gmtModify":1631889285617,"author":{"id":"3578653033561627","authorId":"3578653033561627","name":"Jefflim","avatar":"https://static.tigerbbs.com/4eae5cd25af3e0b464ed1c1e891bf602","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578653033561627","idStr":"3578653033561627"},"themes":[],"title":"","htmlText":"Sad to see it keep dropping but a better day will come.&nbsp;","listText":"Sad to see it keep dropping but a better day will come.&nbsp;","text":"Sad to see it keep dropping but a better day will come.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/373132964","repostId":"2128315893","repostType":4,"isVote":1,"tweetType":1,"viewCount":843,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}