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2021-07-16

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Super Mario 64 Video Game Sells for $1.56 Million

2021-07-12

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Goldman Sachs survey shows Asian hedge funds really don't like bitcoin

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09:13","market":"us","language":"en","title":"Super Mario 64 Video Game Sells for $1.56 Million","url":"https://stock-news.laohu8.com/highlight/detail?id=1131092552","media":"newyork times","summary":"The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sol","content":"<blockquote>\n The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.\n</blockquote>\n<p>An anonymous buyer has paid $1.56 million for a 25-year-old copy of Super Mario 64 in its original packaging, a record price for a video game, according to the auction house that sold it.</p>\n<p>Heritage Auctions said that it received 16 bids leading up to and during the live auction on Sunday for the mainly pristine condition 3-D Super Mario game, which sold for about $60 when it was released in 1996 and was the best-selling game for the Nintendo 64 console.</p>\n<p>The top bid was $1.3 million, according to Heritage Auctions, which added a buyer’s premium of 20 percent to the gavel price to bring the total to $1.56 million.</p>\n<p>The price sent shock waves through gaming and collecting circles, even aftera recent uptick in five- and six-figure salesof rare video games to investment-minded buyers. The sale was announced just two days after Heritage Auctions said that an early production copy of The Legend of Zelda from 1987 had sold for $870,000.</p>\n<p>Valarie McLeckie, the consignment director for video games at Heritage Auctions, said in an interview on Monday that she was astounded by the outcome of the Mario 64 auction.</p>\n<p>“I was blindsided, to be quite honest with you,” she said. “Never in my wildest dreams did I expect the price that was realized would become a reality.”</p>\n<p><img src=\"https://static.tigerbbs.com/7d7105186c23b4b61192148846dc21ac\" tg-width=\"589\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p>\n<p>The game, which was part of a private collection, is sealed inside a clear plastic case resembling the anti-theft boxes used by retail stores. It includes a certification from Wata Games, an authentication company, attesting to its “like new” and factory-sealed condition, in its original shrink-wrapping.</p>\n<p>Ms. McLeckie said that video game characters often evoke a sense of nostalgia, particularly Mario, who, with his brother, Luigi, first appeared on the screens of Nintendo players in 1985 inSuper Mario Bros.</p>\n<p>In the original game, Mario must save the peace-loving Mushroom People from the Koopa, a tribe of turtles known for their black magic. The game spawned an enduring theme song and multiple variations, including Super Mario 64, in which Mario faces an array of obstacles and adversaries as he tries to rescue the kidnapped Princess Peach from the villain Bowser.</p>\n<p>“He’s like the Mickey Mouse of video games,” Ms. McLeckie said of Mario. “He’s just so recognizable and really resonates with a wide audience of people.”</p>\n<p>Chris Kohler, a video game historian and the editorial director of Digital Eclipse, a video game studio that makes collections of classic games, said in an interview on Monday that he would have expected an older video game to contend for the sales record. He said that collectors could find copies of Super Mario 64 — not in mint condition but with the original box — for much less.</p>\n<p>“That was what kind of blew me away about that sale,” he said.</p>\n<p>Mr. Kohler said he remembered spending part of his first paycheck on Super Mario 64 when it was released.</p>\n<p>“If you had told me at that point that somebody was going to buy a sealed one for $1.5 million in 25 years’ time, I don’t know what I would have done,” he said.</p>\n<p>Many buyers are new to collecting video games and have crossed over from comic books and coins, according to Mr. Kohler.</p>\n<p>Don’t expect an unboxing video from the buyer, whom the auction house declined to identify. Ms. McLeckie laughed when asked whether the collector would actually play the game.</p>\n<p>“I can say with certainty they’re going to leave it as is,” she said.</p>\n<p>In April, an unopened copy of Super Mario Bros. that had been bought in 1986 as a Christmas gift but sat forgotten in a desk drawerfetched $660,000, a record at the time, according to Heritage Auctions, which also brokered that sale.</p>\n<p>Then on Friday, a 1987 edition of The Legend of Zelda sold for $870,000. Heritage Auctions said it was one of two sealed copies from the game’s earliest production runs that had been authenticated.</p>\n<p>As the sales records keep toppling, the resulting frenzy has sent serious and casual gamers alike rummaging through their drawers and closets.</p>\n<p>“As you can imagine,” Ms. McLeckie said, “I’ve gotten a lot of inquiries this morning from hopefuls that maybe their video game is worth $1 million.”</p>","source":"lsy1605590967916","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>Super Mario 64 Video Game Sells for $1.56 Million</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: 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\">\nSuper Mario 64 Video Game Sells for $1.56 Million\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 09:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1><strong>newyork times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.\n\nAn anonymous buyer has paid $1.56 million for a 25-...</p>\n\n<a href=\"https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131092552","content_text":"The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.\n\nAn anonymous buyer has paid $1.56 million for a 25-year-old copy of Super Mario 64 in its original packaging, a record price for a video game, according to the auction house that sold it.\nHeritage Auctions said that it received 16 bids leading up to and during the live auction on Sunday for the mainly pristine condition 3-D Super Mario game, which sold for about $60 when it was released in 1996 and was the best-selling game for the Nintendo 64 console.\nThe top bid was $1.3 million, according to Heritage Auctions, which added a buyer’s premium of 20 percent to the gavel price to bring the total to $1.56 million.\nThe price sent shock waves through gaming and collecting circles, even aftera recent uptick in five- and six-figure salesof rare video games to investment-minded buyers. The sale was announced just two days after Heritage Auctions said that an early production copy of The Legend of Zelda from 1987 had sold for $870,000.\nValarie McLeckie, the consignment director for video games at Heritage Auctions, said in an interview on Monday that she was astounded by the outcome of the Mario 64 auction.\n“I was blindsided, to be quite honest with you,” she said. “Never in my wildest dreams did I expect the price that was realized would become a reality.”\n\nThe game, which was part of a private collection, is sealed inside a clear plastic case resembling the anti-theft boxes used by retail stores. It includes a certification from Wata Games, an authentication company, attesting to its “like new” and factory-sealed condition, in its original shrink-wrapping.\nMs. McLeckie said that video game characters often evoke a sense of nostalgia, particularly Mario, who, with his brother, Luigi, first appeared on the screens of Nintendo players in 1985 inSuper Mario Bros.\nIn the original game, Mario must save the peace-loving Mushroom People from the Koopa, a tribe of turtles known for their black magic. The game spawned an enduring theme song and multiple variations, including Super Mario 64, in which Mario faces an array of obstacles and adversaries as he tries to rescue the kidnapped Princess Peach from the villain Bowser.\n“He’s like the Mickey Mouse of video games,” Ms. McLeckie said of Mario. “He’s just so recognizable and really resonates with a wide audience of people.”\nChris Kohler, a video game historian and the editorial director of Digital Eclipse, a video game studio that makes collections of classic games, said in an interview on Monday that he would have expected an older video game to contend for the sales record. He said that collectors could find copies of Super Mario 64 — not in mint condition but with the original box — for much less.\n“That was what kind of blew me away about that sale,” he said.\nMr. Kohler said he remembered spending part of his first paycheck on Super Mario 64 when it was released.\n“If you had told me at that point that somebody was going to buy a sealed one for $1.5 million in 25 years’ time, I don’t know what I would have done,” he said.\nMany buyers are new to collecting video games and have crossed over from comic books and coins, according to Mr. Kohler.\nDon’t expect an unboxing video from the buyer, whom the auction house declined to identify. Ms. McLeckie laughed when asked whether the collector would actually play the game.\n“I can say with certainty they’re going to leave it as is,” she said.\nIn April, an unopened copy of Super Mario Bros. that had been bought in 1986 as a Christmas gift but sat forgotten in a desk drawerfetched $660,000, a record at the time, according to Heritage Auctions, which also brokered that sale.\nThen on Friday, a 1987 edition of The Legend of Zelda sold for $870,000. Heritage Auctions said it was one of two sealed copies from the game’s earliest production runs that had been authenticated.\nAs the sales records keep toppling, the resulting frenzy has sent serious and casual gamers alike rummaging through their drawers and closets.\n“As you can imagine,” Ms. McLeckie said, “I’ve gotten a lot of inquiries this morning from hopefuls that maybe their video game is worth $1 million.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2094,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146885902,"gmtCreate":1626066476106,"gmtModify":1631892579712,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"U","listText":"U","text":"U","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146885902","repostId":"1173902659","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149699031,"gmtCreate":1625719785523,"gmtModify":1631892579717,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149699031","repostId":"2149313257","repostType":4,"isVote":1,"tweetType":1,"viewCount":1533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140909753,"gmtCreate":1625621767872,"gmtModify":1631892579715,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140909753","repostId":"1106187901","repostType":4,"isVote":1,"tweetType":1,"viewCount":1679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154582626,"gmtCreate":1625534498865,"gmtModify":1631892579717,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154582626","repostId":"1116255026","repostType":4,"isVote":1,"tweetType":1,"viewCount":1285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184547372,"gmtCreate":1623720053696,"gmtModify":1631892579721,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/184547372","repostId":"1146208169","repostType":4,"isVote":1,"tweetType":1,"viewCount":2007,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180554559,"gmtCreate":1623214649971,"gmtModify":1631892579728,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/180554559","repostId":"2142291422","repostType":4,"isVote":1,"tweetType":1,"viewCount":1920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":117971734,"gmtCreate":1623115224828,"gmtModify":1631892579725,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/117971734","repostId":"1146975697","repostType":4,"repost":{"id":"1146975697","kind":"news","pubTimestamp":1623112516,"share":"https://www.laohu8.com/m/news/1146975697?lang=&edition=full","pubTime":"2021-06-08 08:35","market":"us","language":"en","title":"Goldman Sachs survey shows Asian hedge funds really don't like bitcoin","url":"https://stock-news.laohu8.com/highlight/detail?id=1146975697","media":"cnbc","summary":"Asian hedge funds may not be as bullish on bitcoin compared to their peers in the U.S., according to","content":"<div>\n<p>Asian hedge funds may not be as bullish on bitcoin compared to their peers in the U.S., according to a Goldman Sachs report issued over the weekend.Less than a percent of chief investment officers ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/goldman-sachs-survey-shows-asian-hedge-funds-really-dont-like-bitcoin.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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>Goldman Sachs survey shows Asian hedge funds really don't like bitcoin</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{ 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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\">\nGoldman Sachs survey shows Asian hedge funds really don't like bitcoin\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-08 08:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/07/goldman-sachs-survey-shows-asian-hedge-funds-really-dont-like-bitcoin.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Asian hedge funds may not be as bullish on bitcoin compared to their peers in the U.S., according to a Goldman Sachs report issued over the weekend.Less than a percent of chief investment officers ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/goldman-sachs-survey-shows-asian-hedge-funds-really-dont-like-bitcoin.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"source_url":"https://www.cnbc.com/2021/06/07/goldman-sachs-survey-shows-asian-hedge-funds-really-dont-like-bitcoin.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1146975697","content_text":"Asian hedge funds may not be as bullish on bitcoin compared to their peers in the U.S., according to a Goldman Sachs report issued over the weekend.Less than a percent of chief investment officers indicated bitcoin is their favorite investment asset class, while about 35% indicated the digital currency is their least favorite asset class, the bank found.About 55% of the participants indicated they favor growth assets and just 5% identified growth assets as their least favorite.The sample size is small – Goldman polled 25 chief investment officers from different long-only and hedge funds last week.Like in the U.S., the legal status around bitcoin and other cryptocurrenciesstill lacks clarity in the Asian markets, and institutional investors there may be hesitant to take a position in bitcoin until regulators introduce a framework for it.The chief investment officers indicated they’re most bullish on China A-shares — that is, the stock shares of mainland China-based companies that trade the Shanghai Stock Exchange and Shenzhen Stock Exchange. They are also bullish on the Nikkei 225, the index of Japan’s top blue-chip companies that trade on the on the Tokyo Stock Exchange.A growing appetiteCryptocurrency developments in the traditional finance world indicate that theappetite for bitcoin and other digital assets is growing, and institutions are just waiting for a green light from regulators to be able to serve them.For example, earlier this year BNY Mellon, the world’s largest custodian bank, saidit would offer bitcoin services, which would allow the asset managers it serves to store and move the digital asset through BNY Mellon.Institutional investors drove much of the recent bitcoin bull run, which pushed the price up to new all-time highs throughout the first quarter of this year before dipping again last month and hovering around $35,000 since.In the U.S., many see a bitcoin exchange-traded fund as the big catalyst for adoption among institutional investors. Last month, however, the Securities and Exchange Commission released comments implying it’s unlikely to approve a bitcoin ETF this year.In the meantime, major investment banks have sought torespond to wealthy clients’ demandsfor cryptocurrency. For instance, earlier this spring,Morgan Stanley told its advisorsit would offer wealth management clients access to three funds that enable ownership of bitcoin.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115154145,"gmtCreate":1622962257087,"gmtModify":1634096531847,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115154145","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","kind":"news","pubTimestamp":1622951745,"share":"https://www.laohu8.com/m/news/1120164826?lang=&edition=full","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>\n <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>\n <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>\n <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p>\n<p><b>Investment Rationale</b></p>\n<p>Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p>\n<p>Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p>\n<p>But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p>\n<p>When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p>\n<p>However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p>\n<p><b>Q1 Earnings</b></p>\n<p>Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p>\n<p>The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p>\n<p>However, as can be seen in the graphic below, the margins are - so far - quite puny:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p>\n<p>As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p>\n<p><b>Going Forward</b></p>\n<p>The chart below is the company's guidance for Q2:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p>\n<p>At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p>\n<p>In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p>\n<p><b>Valuation</b></p>\n<p>So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p>\n<p>Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p>\n<p>That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p>\n<p>Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p>\n<p><b>Risks</b></p>\n<p>The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p>\n<p>The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p>\n<p>That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p>\n<p><b>Summary &amp; Conclusion</b></p>\n<p>While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p>\n<p>I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></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>Zillow: Significant Downside Remains</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\">\nZillow: Significant Downside Remains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 11:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433217-zillow-significant-downside-remains><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData byYCharts","news_type":1,"symbols_score_info":{"Z":0.9}},"isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118938208,"gmtCreate":1622711738904,"gmtModify":1634098890281,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118938208","repostId":"1119460087","repostType":4,"isVote":1,"tweetType":1,"viewCount":344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119048479,"gmtCreate":1622510475191,"gmtModify":1634100978617,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"Pls like&nbsp;and comment tks","listText":"Pls like&nbsp;and comment tks","text":"Pls like and comment tks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/119048479","repostId":"1163643126","repostType":4,"isVote":1,"tweetType":1,"viewCount":545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119049274,"gmtCreate":1622510369198,"gmtModify":1634100981262,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/119049274","repostId":"1196805095","repostType":4,"isVote":1,"tweetType":1,"viewCount":547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110350592,"gmtCreate":1622426695216,"gmtModify":1634101581671,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/110350592","repostId":"2139438981","repostType":4,"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137857060,"gmtCreate":1622339105250,"gmtModify":1634102247450,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137857060","repostId":"2138488778","repostType":4,"isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135424448,"gmtCreate":1622178112884,"gmtModify":1634183085841,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/135424448","repostId":"1165703692","repostType":4,"repost":{"id":"1165703692","kind":"news","pubTimestamp":1622171138,"share":"https://www.laohu8.com/m/news/1165703692?lang=&edition=full","pubTime":"2021-05-28 11:05","market":"us","language":"en","title":"Airbnb Rated Outperform; RBC Says Valuation Premium Justified","url":"https://stock-news.laohu8.com/highlight/detail?id=1165703692","media":"The Street","summary":"Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Eric","content":"<blockquote>\n Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Erickson says, starting coverage at outperform.\n</blockquote>\n<p>Airbnb&nbsp;(<b>ABNB</b>) -Get Report&nbsp;shares rose Thursday after RBC Capital Markets began coverage of the travel-housing platform with an outperform rating and a price target of $170.</p>\n<p>“We like ABNB’s dominant customer engagement, view it as more than just a reopening trade with less appreciated secular tailwinds,” RBC analyst Brad Erickson wrote in a commentary cited by Bloomberg.</p>\n<p>“Our property-manager checks suggest share gains are on the horizon, and we think supply maturity is further away than investors realize.”</p>\n<p>The San Francisco company's stock recently traded at $141.21, up 4.8%. It has dropped 32% over the past three months as investors were concerned about the stock's valuation.</p>\n<p>Erickson maintains that Airbnb’s valuation premium over competitors is justified, “given the differentiated brand, clear category leadership, share-gain potential and increasing optionality over time.”</p>\n<p>The pandemic-sparked rise in household savings translates to “meaningful dry powder for booking trips,” he said.</p>\n<p>In other Airbnb news Thursday, it said it’s extending its global ban on parties, begun in August 2020, through at least the end of summer 2021.</p>\n<p>“This policy has proven to be popular with our host community – the vast majority of whom already prohibited parties in their own rules.”</p>\n<p>On May 17,Airbnb’s post-IPO lockup expired, permitting insiders to sell their shares for the first time since the company went public in December.</p>\n<p>Earlier this month,Airbnb’s first-quarter revenue beat expectations, but its loss for the period came in wider than analysts had forecast.</p>\n<p>Revenue totaled $886.9 million for the quarter, topping analysts’ forecast of $720.8 million.</p>\n<p>Airbnb posted a loss of $1.95 a share, worse than the $1.17 analysts predicted.</p>","source":"lsy1610613172068","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>Airbnb Rated Outperform; RBC Says Valuation Premium Justified</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; 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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\">\nAirbnb Rated Outperform; RBC Says Valuation Premium Justified\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 11:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/airbnb-initiated-outperform-rbc-valuation-premium-justified><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Erickson says, starting coverage at outperform.\n\nAirbnb (ABNB) -Get Report shares rose Thursday after ...</p>\n\n<a href=\"https://www.thestreet.com/investing/airbnb-initiated-outperform-rbc-valuation-premium-justified\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"source_url":"https://www.thestreet.com/investing/airbnb-initiated-outperform-rbc-valuation-premium-justified","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165703692","content_text":"Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Erickson says, starting coverage at outperform.\n\nAirbnb (ABNB) -Get Report shares rose Thursday after RBC Capital Markets began coverage of the travel-housing platform with an outperform rating and a price target of $170.\n“We like ABNB’s dominant customer engagement, view it as more than just a reopening trade with less appreciated secular tailwinds,” RBC analyst Brad Erickson wrote in a commentary cited by Bloomberg.\n“Our property-manager checks suggest share gains are on the horizon, and we think supply maturity is further away than investors realize.”\nThe San Francisco company's stock recently traded at $141.21, up 4.8%. It has dropped 32% over the past three months as investors were concerned about the stock's valuation.\nErickson maintains that Airbnb’s valuation premium over competitors is justified, “given the differentiated brand, clear category leadership, share-gain potential and increasing optionality over time.”\nThe pandemic-sparked rise in household savings translates to “meaningful dry powder for booking trips,” he said.\nIn other Airbnb news Thursday, it said it’s extending its global ban on parties, begun in August 2020, through at least the end of summer 2021.\n“This policy has proven to be popular with our host community – the vast majority of whom already prohibited parties in their own rules.”\nOn May 17,Airbnb’s post-IPO lockup expired, permitting insiders to sell their shares for the first time since the company went public in December.\nEarlier this month,Airbnb’s first-quarter revenue beat expectations, but its loss for the period came in wider than analysts had forecast.\nRevenue totaled $886.9 million for the quarter, topping analysts’ forecast of $720.8 million.\nAirbnb posted a loss of $1.95 a share, worse than the $1.17 analysts predicted.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136617145,"gmtCreate":1622013729887,"gmtModify":1634184660488,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579391689824866","idStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136617145","repostId":"1129186705","repostType":4,"repost":{"id":"1129186705","kind":"news","pubTimestamp":1622001447,"share":"https://www.laohu8.com/m/news/1129186705?lang=&edition=full","pubTime":"2021-05-26 11:57","market":"us","language":"en","title":"In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=1129186705","media":"cnn","summary":"New York The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not ","content":"<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p>\n<p>Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p>\n<p>WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p>\n<p>Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p>\n<p><b>The good news</b></p>\n<p>The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p>\n<p>The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p>\n<p>That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p>\n<p>\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p>\n<p>Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p>\n<p><b>Too big to fail 2.0?</b></p>\n<p>Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p>\n<p>\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p>\n<p>\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p>\n<p>Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p>\n<p>Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p>\n<p>\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p>\n<p><b>Large financial firms may be embracing too much risk again</b></p>\n<p>At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p>\n<p>Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p>\n<p>Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p>\n<p>For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p>\n<p>In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p>\n<p>But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p>\n<p>\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p>\n<p>\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p>\n<p>The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p>\n<p>JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</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>In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis</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\">\nIn 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html><strong>cnn</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and ...</p>\n\n<a href=\"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129186705","content_text":"New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\nWaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.\nKillinger spoke to CNN Business about the similarities and differences between now and 13 years ago.\nThe good news\nThe Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.\nThe good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.\nThat group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.\n\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"\nSubprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.\nToo big to fail 2.0?\nAlthough housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.\n\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"\n\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.\nKillinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"\nLinda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.\n\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.\nLarge financial firms may be embracing too much risk again\nAt least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.\nElizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"\nWall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)\nFor its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.\nIn the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"\nBut Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.\n\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"\n\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"\nThe heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.\nJPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James 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11:05","market":"us","language":"en","title":"Airbnb Rated Outperform; RBC Says Valuation Premium Justified","url":"https://stock-news.laohu8.com/highlight/detail?id=1165703692","media":"The Street","summary":"Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Eric","content":"<blockquote>\n Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Erickson says, starting coverage at outperform.\n</blockquote>\n<p>Airbnb&nbsp;(<b>ABNB</b>) -Get Report&nbsp;shares rose Thursday after RBC Capital Markets began coverage of the travel-housing platform with an outperform rating and a price target of $170.</p>\n<p>“We like ABNB’s dominant customer engagement, view it as more than just a reopening trade with less appreciated secular tailwinds,” RBC analyst Brad Erickson wrote in a commentary cited by Bloomberg.</p>\n<p>“Our property-manager checks suggest share gains are on the horizon, and we think supply maturity is further away than investors realize.”</p>\n<p>The San Francisco company's stock recently traded at $141.21, up 4.8%. It has dropped 32% over the past three months as investors were concerned about the stock's valuation.</p>\n<p>Erickson maintains that Airbnb’s valuation premium over competitors is justified, “given the differentiated brand, clear category leadership, share-gain potential and increasing optionality over time.”</p>\n<p>The pandemic-sparked rise in household savings translates to “meaningful dry powder for booking trips,” he said.</p>\n<p>In other Airbnb news Thursday, it said it’s extending its global ban on parties, begun in August 2020, through at least the end of summer 2021.</p>\n<p>“This policy has proven to be popular with our host community – the vast majority of whom already prohibited parties in their own rules.”</p>\n<p>On May 17,Airbnb’s post-IPO lockup expired, permitting insiders to sell their shares for the first time since the company went public in December.</p>\n<p>Earlier this month,Airbnb’s first-quarter revenue beat expectations, but its loss for the period came in wider than analysts had forecast.</p>\n<p>Revenue totaled $886.9 million for the quarter, topping analysts’ forecast of $720.8 million.</p>\n<p>Airbnb posted a loss of $1.95 a share, worse than the $1.17 analysts predicted.</p>","source":"lsy1610613172068","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>Airbnb Rated Outperform; RBC Says Valuation Premium Justified</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; 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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\">\nAirbnb Rated Outperform; RBC Says Valuation Premium Justified\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-28 11:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/airbnb-initiated-outperform-rbc-valuation-premium-justified><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Erickson says, starting coverage at outperform.\n\nAirbnb (ABNB) -Get Report shares rose Thursday after ...</p>\n\n<a href=\"https://www.thestreet.com/investing/airbnb-initiated-outperform-rbc-valuation-premium-justified\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎"},"source_url":"https://www.thestreet.com/investing/airbnb-initiated-outperform-rbc-valuation-premium-justified","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165703692","content_text":"Airbnb’s 'dominant customer engagement' is 'more than just a reopening trade,' RBC analyst Brad Erickson says, starting coverage at outperform.\n\nAirbnb (ABNB) -Get Report shares rose Thursday after RBC Capital Markets began coverage of the travel-housing platform with an outperform rating and a price target of $170.\n“We like ABNB’s dominant customer engagement, view it as more than just a reopening trade with less appreciated secular tailwinds,” RBC analyst Brad Erickson wrote in a commentary cited by Bloomberg.\n“Our property-manager checks suggest share gains are on the horizon, and we think supply maturity is further away than investors realize.”\nThe San Francisco company's stock recently traded at $141.21, up 4.8%. It has dropped 32% over the past three months as investors were concerned about the stock's valuation.\nErickson maintains that Airbnb’s valuation premium over competitors is justified, “given the differentiated brand, clear category leadership, share-gain potential and increasing optionality over time.”\nThe pandemic-sparked rise in household savings translates to “meaningful dry powder for booking trips,” he said.\nIn other Airbnb news Thursday, it said it’s extending its global ban on parties, begun in August 2020, through at least the end of summer 2021.\n“This policy has proven to be popular with our host community – the vast majority of whom already prohibited parties in their own rules.”\nOn May 17,Airbnb’s post-IPO lockup expired, permitting insiders to sell their shares for the first time since the company went public in December.\nEarlier this month,Airbnb’s first-quarter revenue beat expectations, but its loss for the period came in wider than analysts had forecast.\nRevenue totaled $886.9 million for the quarter, topping analysts’ forecast of $720.8 million.\nAirbnb posted a loss of $1.95 a share, worse than the $1.17 analysts predicted.","news_type":1,"symbols_score_info":{"ABNB":0.9}},"isVote":1,"tweetType":1,"viewCount":393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136617145,"gmtCreate":1622013729887,"gmtModify":1634184660488,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579391689824866","authorIdStr":"3579391689824866"},"themes":[],"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136617145","repostId":"1129186705","repostType":4,"repost":{"id":"1129186705","kind":"news","pubTimestamp":1622001447,"share":"https://www.laohu8.com/m/news/1129186705?lang=&edition=full","pubTime":"2021-05-26 11:57","market":"us","language":"en","title":"In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=1129186705","media":"cnn","summary":"New York The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not ","content":"<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.</p>\n<p>Kerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.</p>\n<p>WaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.</p>\n<p>Killinger spoke to CNN Business about the similarities and differences between now and 13 years ago.</p>\n<p><b>The good news</b></p>\n<p>The Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.</p>\n<p>The good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.</p>\n<p>That group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.</p>\n<p>\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"</p>\n<p>Subprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.</p>\n<p><b>Too big to fail 2.0?</b></p>\n<p>Although housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.</p>\n<p>\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"</p>\n<p>\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.</p>\n<p>Killinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"</p>\n<p>Linda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.</p>\n<p>\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.</p>\n<p><b>Large financial firms may be embracing too much risk again</b></p>\n<p>At least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.</p>\n<p>Elizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"</p>\n<p>Wall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&amp;T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)</p>\n<p>For its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.</p>\n<p>In the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"</p>\n<p>But Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.</p>\n<p>\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"</p>\n<p>\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"</p>\n<p>The heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.</p>\n<p>JPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.</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>In 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis</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\">\nIn 2008, he was CEO of the biggest bank to ever fail. He's worried about another crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-26 11:57 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html><strong>cnn</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and ...</p>\n\n<a href=\"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://edition.cnn.com/2021/05/25/investing/washington-mutual-kerry-killinger-banks/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129186705","content_text":"New York (CNN Business)The banking world nearly caved in 13 years ago. The former CEO of Washington Mutual is worried that another bubble is brewing.\nKerry Killinger was named CEO of WaMu in 1990 and was fired in September 2008 -- just weeks before the bank failed as a growing number of mortgage loans went bad.\nWaMu was one of several top financial firms to collapse during the financial crisis last decade, but the giant savings and loan with more than $300 billion in assets still ranks as the biggest-ever bank failure. WaMu was seized by regulators in September 2008 and sold to JPMorgan Chase (JPM) for a fire-sale price of $1.9 billion.\nKillinger spoke to CNN Business about the similarities and differences between now and 13 years ago.\nThe good news\nThe Global Financial Crisis led to a wave of new federal rules that were designed to strengthen the balance sheets of top banks and ensure that another catastrophe like 2008 could never happen again.\nThe good news is that Killinger thinks JPMorgan Chase and other \"too big to fail banks\" are in much better shape now after laws like Dodd-Frank and the Volcker Rule were put into place in the wake of the financial crisis to make big banks safer.\nThat group of institutions also includes Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS), as well as others that received government bailouts in 2008.\n\"Regulated banks do have more concentrated market share now so they have to be more careful,\" Killinger said. \"But the health of the industry is great, earnings are good and oversight is strong. I'm not too concerned there.\"\nSubprime lending, the practice of giving mortgages to people with less-than-worthy credit histories, isn't nearly as prevalent as it was during the last housing boom. But Killinger is worried about bubbles in many other parts of the economy that threaten the stability of the markets.\nToo big to fail 2.0?\nAlthough housing prices have surged again, Killinger is more nervous about the fact that 0% interest rates and big bond purchases by the Federal Reserve have sparked a broader mania in other assets, including cryptocurrencies and non-fungible tokens (NFTs), meme stocks, blank check SPAC mergers and exotic exchange-traded funds.\n\"The bubbles today are broader and deeper in a variety of categories, not just housing,\" Killinger said. \"The Fed's policy of low rates and massive asset purchases worked well to get out of the downturn, but when you keep extending it you can cause unintended consequences.\"\n\"The economy continues to improve. It's time for the Fed to pull in the reins on stimulus and allow interest rates to rise,\" he added.\nKillinger and his wife Linda, a former vice chair of the Federal Home Loan Bank of Des Moines, have written a book about the 2008 meltdown called \"Nothing Is Too Big to Fail: How the Last Financial Crisis Informs Today.\"\nLinda Killinger told CNN Business she's concerned about the rise of of financial tech companies, hedge funds. private equity firms and other so-called shadow banks that face little to no regulation in Washington.\n\"The non-bank system is a big part of the problem. And there are still a lot of loans being done by non-regulated banks such as online banks and many private companies,\" she said.\nLarge financial firms may be embracing too much risk again\nAt least one prominent senator is worried, like the Killingers are, that some financial firms are once again getting too unwieldy.\nElizabeth Warren questioned Treasury secretary Janet Yellen earlier this year about why BlackRock (BLK), the iShares ETF giant that manages more than $9 trillion in assets but is not a bank, is not considered \"too big to fail.\"\nWall Street has already gotten a brief taste of how risky some of these firms are when Archegos Capital Management, a family office with big positions in media giants ViacomCBS (VIACA) and Discovery (DISCA) and Chinese techs Baidu (BIDU) and Tencent Music (TME), imploded and caused billions of dollars in losses for banks. (AT&T (T) is planning to merge its WarnerMedia unit, CNN's parent company, with Discovery.)\nFor its part, the Fed has acknowledged some of the growing risks to the markets and economy from keeping rates lower for longer and continuing to provide crisis-level stimulus.\nIn the minutes of its latest policy meeting, the central bank acknowledged that \"if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.\"\nBut Kerry Killinger thinks the Fed has to do a better job of stress-testing big banks for their exposure to some of the types of assets that have been surging in the past year to make sure that they can withstand even more volatility.\n\"The Fed made the mistake of underestimating subprime in the last crisis,\" he said, referring to the now infamous comments from then Fed chair Ben Bernanke in May 2007 that \"the effect of the troubles in the subprime sector on the broader housing market will likely be limited.\"\n\"There are growing asset bubbles,\" Kerry Killinger said. \"The Fed needs to test more how firms would perform if these asset prices decline further. If there is a major correction, the impact could be dramatic.\"\nThe heads of big banks will also get their chance to talk about their views on the economy later this week. The Senate Banking Committee will hold a hearing on Wednesday and the House Financial Services Committee has one scheduled for Thursday.\nJPMorgan Chase CEO Jamie Dimon will appear at both hearings, as will new Citgroup CEO Jane Fraser, BofA's Brian Moynihan, Wells Fargo's Charles Scharf, Goldman Sachs CEO David Solomon and Morgan Stanley's James Gorman.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133836958,"gmtCreate":1621733797174,"gmtModify":1634186938198,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579391689824866","authorIdStr":"3579391689824866"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133836958","repostId":"1181267371","repostType":4,"isVote":1,"tweetType":1,"viewCount":780,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":195516275,"gmtCreate":1621301433797,"gmtModify":1634192645978,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579391689824866","authorIdStr":"3579391689824866"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/195516275","repostId":"1169510742","repostType":4,"repost":{"id":"1169510742","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621300990,"share":"https://www.laohu8.com/m/news/1169510742?lang=&edition=full","pubTime":"2021-05-18 09:23","market":"sh","language":"zh","title":"开盘：恒指高开0.87%，中国移动涨2.87%","url":"https://stock-news.laohu8.com/highlight/detail?id=1169510742","media":"老虎资讯综合","summary":"5月18日讯，港股三大指数高开，恒指涨0.87%报28438点，国指涨0.93%报10601点，恒生科技指数涨0.83%报7764点。盘面上，国际金价上涨，黄金股集体高开，山东黄金涨5%，中国黄金国际","content":"<p>5月18日讯，港股三大指数高开，恒指涨0.87%报28438点，国指涨0.93%报10601点，恒生科技指数涨0.83%报7764点。<img src=\"https://static.tigerbbs.com/3800506403a070fb27954dab0109ec66\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">盘面上，国际金价上涨，黄金股集体高开，<a href=\"https://laohu8.com/S/600547\">山东黄金</a>涨5%，<a href=\"https://laohu8.com/S/02099\">中国黄金国际</a>涨4.7%；医药类股、乳业股、电力股、海运股、石油股、钢铁、铝等有色金属股普遍上扬；大型科技股强势，<a href=\"https://laohu8.com/S/BIDU\">百度</a>高开近3%，<a href=\"https://laohu8.com/S/09618\">京东</a>、快手、<a href=\"https://laohu8.com/S/09999\">网易</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、小米均涨超1%；电信股<a href=\"https://laohu8.com/S/00941\">中国移动</a>高开近3%，光伏股、啤酒股、体育用品股下跌，<a href=\"https://laohu8.com/S/02331\">李宁</a>大幅低开5%。</p><p><a href=\"https://laohu8.com/S/08032\">非凡中国</a>涨近15%，李宁跌逾5%，非凡中国拟出售李宁2.41%股权，套现38.2亿港元。</p><p><a href=\"https://laohu8.com/S/00941\">中国移动</a>涨2.87%，此前公司公告称建议首次公开发行人民币股份并在上交所上市。</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>开盘：恒指高开0.87%，中国移动涨2.87%</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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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开盘：恒指高开0.87%，中国移动涨2.87%\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\">2021-05-18 09:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>5月18日讯，港股三大指数高开，恒指涨0.87%报28438点，国指涨0.93%报10601点，恒生科技指数涨0.83%报7764点。<img src=\"https://static.tigerbbs.com/3800506403a070fb27954dab0109ec66\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">盘面上，国际金价上涨，黄金股集体高开，<a href=\"https://laohu8.com/S/600547\">山东黄金</a>涨5%，<a href=\"https://laohu8.com/S/02099\">中国黄金国际</a>涨4.7%；医药类股、乳业股、电力股、海运股、石油股、钢铁、铝等有色金属股普遍上扬；大型科技股强势，<a href=\"https://laohu8.com/S/BIDU\">百度</a>高开近3%，<a href=\"https://laohu8.com/S/09618\">京东</a>、快手、<a href=\"https://laohu8.com/S/09999\">网易</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>、小米均涨超1%；电信股<a href=\"https://laohu8.com/S/00941\">中国移动</a>高开近3%，光伏股、啤酒股、体育用品股下跌，<a href=\"https://laohu8.com/S/02331\">李宁</a>大幅低开5%。</p><p><a href=\"https://laohu8.com/S/08032\">非凡中国</a>涨近15%，李宁跌逾5%，非凡中国拟出售李宁2.41%股权，套现38.2亿港元。</p><p><a href=\"https://laohu8.com/S/00941\">中国移动</a>涨2.87%，此前公司公告称建议首次公开发行人民币股份并在上交所上市。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5b3b5e72649367d0aafd9bcbbca9bcd1","relate_stocks":{"513600":"恒生指数ETF","02833":"恒指ETF","00941":"中国移动","HSI":"恒生指数","CHL":"中国移动"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169510742","content_text":"5月18日讯，港股三大指数高开，恒指涨0.87%报28438点，国指涨0.93%报10601点，恒生科技指数涨0.83%报7764点。盘面上，国际金价上涨，黄金股集体高开，山东黄金涨5%，中国黄金国际涨4.7%；医药类股、乳业股、电力股、海运股、石油股、钢铁、铝等有色金属股普遍上扬；大型科技股强势，百度高开近3%，京东、快手、网易、腾讯、小米均涨超1%；电信股中国移动高开近3%，光伏股、啤酒股、体育用品股下跌，李宁大幅低开5%。非凡中国涨近15%，李宁跌逾5%，非凡中国拟出售李宁2.41%股权，套现38.2亿港元。中国移动涨2.87%，此前公司公告称建议首次公开发行人民币股份并在上交所上市。","news_type":1,"symbols_score_info":{"513600":0.9,"00941":0.9,"02833":0.9,"CHL":0.9,"HHImain":0.9,"HSI":0.9,"HSImain":0.9,"MCHmain":0.9,"MHImain":0.9}},"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":115154145,"gmtCreate":1622962257087,"gmtModify":1634096531847,"author":{"id":"3579391689824866","authorId":"3579391689824866","name":"SeasonOo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579391689824866","authorIdStr":"3579391689824866"},"themes":[],"htmlText":"[Happy]&nbsp;","listText":"[Happy]&nbsp;","text":"[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115154145","repostId":"1120164826","repostType":4,"repost":{"id":"1120164826","kind":"news","pubTimestamp":1622951745,"share":"https://www.laohu8.com/m/news/1120164826?lang=&edition=full","pubTime":"2021-06-06 11:55","market":"us","language":"en","title":"Zillow: Significant Downside Remains","url":"https://stock-news.laohu8.com/highlight/detail?id=1120164826","media":"seekingalpha","summary":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was publishe","content":"<p><b>Summary</b></p>\n<ul>\n <li>Shares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.</li>\n <li>However, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.</li>\n <li>That is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.</li>\n <li>Yet, the stock still trades with a forward P/E of nearly 100x.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ba2b4c631e3e6b24aaf024fb49665ea3\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p>\n<p>The&nbsp;<b>Zillow Group</b>&nbsp;(ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.</p>\n<p><b>Investment Rationale</b></p>\n<p>Like many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.</p>\n<p>Indeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/929acb56fa1d566e5f6c3ac0d250c2c2\" tg-width=\"640\" tg-height=\"553\"><span>Source:Statista</span></p>\n<p>But of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/836f372f61ccb570286e9ac3e0f3143b\" tg-width=\"640\" tg-height=\"366\"><span>Source:SimilarWeb.com</span></p>\n<p>When it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.</p>\n<p>However, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.</p>\n<p><b>Q1 Earnings</b></p>\n<p>Zillow released its&nbsp;Q1 EPS report&nbsp;on May 4th. It was a strong report. GAAP net-income of $0.20/share&nbsp;beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).</p>\n<p>The most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.</p>\n<p>However, as can be seen in the graphic below, the margins are - so far - quite puny:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82e5264c5427eb9f8b1987c2182cb39a\" tg-width=\"640\" tg-height=\"311\"><span>Source: Zillow'sQ1 EPS report</span></p>\n<p>As can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?</p>\n<p><b>Going Forward</b></p>\n<p>The chart below is the company's guidance for Q2:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d976a71e1e72bb8f0c6ac3306aa4f100\" tg-width=\"628\" tg-height=\"337\"><span>Source: Zillow's Q1 EPS report</span></p>\n<p>At the midpoint of guidance total adjusted EBITDA ($128 million), note that&nbsp;<b>will be down considerably</b>&nbsp;from the $181 million in total adjusted EBITDA delivered in Q1.</p>\n<p>In addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the&nbsp;SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).</p>\n<p><b>Valuation</b></p>\n<p>So we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.</p>\n<p>Yet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March&nbsp;<i>Zillow: Take Profits</i>), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The&nbsp;Seeking Alpha forward P/E=97.7x.</p>\n<p>That is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering&nbsp;<b>Zillow plans to hire an additional 2,000 employees this year</b>, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.</p>\n<p>Meantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.</p>\n<p><b>Risks</b></p>\n<p>The risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.</p>\n<p>The goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.</p>\n<p>That compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.</p>\n<p><b>Summary &amp; Conclusion</b></p>\n<p>While Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.</p>\n<p>I will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8f243f9f555525da2dcb1589d18cd30f\" tg-width=\"635\" tg-height=\"403\"><span>Data byYCharts</span></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>Zillow: Significant Downside Remains</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\">\nZillow: Significant Downside Remains\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-06 11:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4433217-zillow-significant-downside-remains><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z":"Zillow"},"source_url":"https://seekingalpha.com/article/4433217-zillow-significant-downside-remains","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120164826","content_text":"Summary\n\nShares of Zillow Group have come down some 30% since my \"Take Profits\" article was published on Seeking Alpha.\nHowever, and despite a definite improvement in the latest Q1 EPS report, the stock looks to have a further downside to come.\nThat is because margins are dismal, forward adjusted EBITDA guidance for Q2 was weak (lower than Q1), and the outstanding share count continues to grow.\nYet, the stock still trades with a forward P/E of nearly 100x.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nThe Zillow Group (ZG) has, without a doubt, established itself as the #1 online real estate website and as one-stop shop for home-buying consumers. The company's recent pivot to what I'll call the iHome business (purchasing homes directly from consumers and then selling them on the open market) has been a positive catalyst of late in terms of revenue growth, and that business blends well with ZG's Mortgage Segment and Internet, Media, and Technology Segment. However, despite the recent and significant drop in the price of the shares, ZG still seem substantially overvalued in my opinion. That is because margins are - in a word - pathetic. In addition, Q2 guidance was weak and the company plans to hire an additional 2,000 employees this year. In my opinion, that will pressure margins even further through the remainder of the year.\nInvestment Rationale\nLike many Americans, Zillow has become one of my favorite websites. I am surely not alone when it comes to frequently checking Zillow.com to see what the current \"Zestimate\" is for my home as well as for the homes I have owned in the past, and those of my friends and family.\nIndeed, marketing share data from Statista shows that Zillow is #1 in unique monthly visits, and Trulia - which the Zillow Group bought in 2014 - is #2. In aggregate that gives the Zillow group a stranglehold on the real estate website market (at least by the unique visits metric) at more than 3x the share as compared to what was once a highly competitive race with Realtor.com for consumers' eye-balls:\nSource:Statista\nBut of course there are other metrics to judge the popularity and use of real estate websites. Here is more recent data (April 1, 2021) from SimilarWeb.com:\nSource:SimilarWeb.com\nWhen it comes to average visit duration, pages viewed per visit, and bounce rate (the % of consumers that only view one-page then leave the site), Zillow and Trulia again show impressive comps. That said, note there must be other metrics that figure into the SimilarWeb ratings shown above because - from these metrics alone - one could argue rightmove.co.uk has the best stats as shown. Regardless, this graphic is another indicator that the Zillow/Trulia brand is very strong and the market leader.\nHowever, eye-balls aren't enough ... the views and activity need to be converted into profits, and that is where the Zillow Group is struggling in comparison to its rather lofty valuation.\nQ1 Earnings\nZillow released its Q1 EPS report on May 4th. It was a strong report. GAAP net-income of $0.20/share beat estimates by a whopping $0.13. Revenue of $1.22 billion was a $120 million beat and was up 8% yoy. The company reported strong traffic on its website and mobile apps, with 221 million average monthly users (up 15% yoy) driving 2.5 billion visits during Q1 (up 19% yoy).\nThe most interesting segment in Q1 was the iHome (or what ZG calls \"Zillow Offers\") because it accounted for ~57% of revenue and is the segment Zillow is counting on to be is profitable growth engine.\nHowever, as can be seen in the graphic below, the margins are - so far - quite puny:\nSource: Zillow'sQ1 EPS report\nAs can be seen, the all-in return (after operating costs and interest expense) on the home buying/selling (flipping might be a better word) is a scant 4.94% of the average per-home revenue. That is despite what is generally considered to be a very hot-market real estate market across the nation. In addition, note the iHome business is a threat to the company's future growth aspirations because the pivot to iHome has pretty much cratered the company's Premier Agent business. The pivot also likely means more pressure on Zillow's advertising revenue which generally comes from the agents its iHome segment is now stealing away homes from. And all that for only 4.9% margins?\nGoing Forward\nThe chart below is the company's guidance for Q2:\nSource: Zillow's Q1 EPS report\nAt the midpoint of guidance total adjusted EBITDA ($128 million), note that will be down considerably from the $181 million in total adjusted EBITDA delivered in Q1.\nIn addition, note the weighted average share-count at the end of Q1 (it was not included in the Q1 EPS report, but can be found in the SEC 10-Q filing) was 259,346,000 shares (up a whopping 23% yoy). And that share-count is expected to continue growing to an estimated 265.5 million shares at the end of Q2 (based on the guidance shown above).\nValuation\nSo we have weak margins, falling adjusted EBITDA and a significantly rising number of fully diluted shares. Hmmmm.\nYet, despite the recent correction in the stock (note the stock is down ~30% since my Seeking Alpha article in March Zillow: Take Profits), the stock is still trading at a lofty valuation given the analysis of Q1 and Q2 guidance just presented. The Seeking Alpha forward P/E=97.7x.\nThat is obviously a rich comparison in terms of Zillow's growth prospects (or non-growth...) considering the weak Q2 guidance. In addition, it is not clear to me what the catalyst will be to improve the company's awfully small margins going forward. That is especially the case considering Zillow plans to hire an additional 2,000 employees this year, increasing its headcount by some 40%. In my opinion, this headcount growth will be a significant headwind when it comes to increasing margins. That is, Zillow is not able to demonstrate increasing margins as it tries to scale-up its operations.\nMeantime, the pivot to iHome also means that ZG now has significantly more macro-level risks as it will be increasingly dependent on the ups (now..) and downs (coming...) of the housing market.\nRisks\nThe risk of buying Zillow Group today is - in my opinion, a priced-to-near-perfection valuation level. I say \"near perfection\" because it was priced to perfection when I wrote my \"Take Profits\" article on ZG, and since it is down 30% since that piece was published, now I will simply call ZG a \"rich valuation\" proposition.\nThe goods news is that Zillow has a relatively strong balance sheet: it ended the quarter with $4.7 billion in cash (up from $3.9 billion at the end of 2020) after completing a $551 million stock offering during the quarter.\nThat compares to $2.259 billion in debt, which was down slightly from year-end. As a result, the company has an estimated $9.19/share in net cash based on the 265.5 million diluted shares outstanding at the end of Q1. And Zillow will likely need to keep a fair amount of cash in order to offset its higher risk profile due to direct exposure to the housing market. That is because history shows us the US housing market can change on-a-dime and could catch ZG holding a rather large inventory of homes.\nSummary & Conclusion\nWhile Zillow's Q1 report was certainly much improved on a sequential basis, the company's own Q2 guidance seems to be more indicative of the thesis I presented in my last article on the company. That is, the stock's valuation simply appears to be substantially out-of-whack in comparison to its demonstrated growth metrics. More shares, falling sequential adjusted EBITDA in Q2 despite a hot and highly appreciating housing market and ... well, I just cannot understand the current valuation level. As a result, I maintain the opinion from my previous article: I wouldn't be interested in ZG until it reached the ~$50/share level.\nI will end with a five-year price chart of ZG and note that my $50 target is roughly where the stock was prior to the pandemic. Certainly the EPS reports issues since that time do not justify the rapid and substantial increase in the shares to $200 ... or, even the current $110 level.\nData 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09:13","market":"us","language":"en","title":"Super Mario 64 Video Game Sells for $1.56 Million","url":"https://stock-news.laohu8.com/highlight/detail?id=1131092552","media":"newyork times","summary":"The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sol","content":"<blockquote>\n The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.\n</blockquote>\n<p>An anonymous buyer has paid $1.56 million for a 25-year-old copy of Super Mario 64 in its original packaging, a record price for a video game, according to the auction house that sold it.</p>\n<p>Heritage Auctions said that it received 16 bids leading up to and during the live auction on Sunday for the mainly pristine condition 3-D Super Mario game, which sold for about $60 when it was released in 1996 and was the best-selling game for the Nintendo 64 console.</p>\n<p>The top bid was $1.3 million, according to Heritage Auctions, which added a buyer’s premium of 20 percent to the gavel price to bring the total to $1.56 million.</p>\n<p>The price sent shock waves through gaming and collecting circles, even aftera recent uptick in five- and six-figure salesof rare video games to investment-minded buyers. The sale was announced just two days after Heritage Auctions said that an early production copy of The Legend of Zelda from 1987 had sold for $870,000.</p>\n<p>Valarie McLeckie, the consignment director for video games at Heritage Auctions, said in an interview on Monday that she was astounded by the outcome of the Mario 64 auction.</p>\n<p>“I was blindsided, to be quite honest with you,” she said. “Never in my wildest dreams did I expect the price that was realized would become a reality.”</p>\n<p><img src=\"https://static.tigerbbs.com/7d7105186c23b4b61192148846dc21ac\" tg-width=\"589\" tg-height=\"544\" referrerpolicy=\"no-referrer\"></p>\n<p>The game, which was part of a private collection, is sealed inside a clear plastic case resembling the anti-theft boxes used by retail stores. It includes a certification from Wata Games, an authentication company, attesting to its “like new” and factory-sealed condition, in its original shrink-wrapping.</p>\n<p>Ms. McLeckie said that video game characters often evoke a sense of nostalgia, particularly Mario, who, with his brother, Luigi, first appeared on the screens of Nintendo players in 1985 inSuper Mario Bros.</p>\n<p>In the original game, Mario must save the peace-loving Mushroom People from the Koopa, a tribe of turtles known for their black magic. The game spawned an enduring theme song and multiple variations, including Super Mario 64, in which Mario faces an array of obstacles and adversaries as he tries to rescue the kidnapped Princess Peach from the villain Bowser.</p>\n<p>“He’s like the Mickey Mouse of video games,” Ms. McLeckie said of Mario. “He’s just so recognizable and really resonates with a wide audience of people.”</p>\n<p>Chris Kohler, a video game historian and the editorial director of Digital Eclipse, a video game studio that makes collections of classic games, said in an interview on Monday that he would have expected an older video game to contend for the sales record. He said that collectors could find copies of Super Mario 64 — not in mint condition but with the original box — for much less.</p>\n<p>“That was what kind of blew me away about that sale,” he said.</p>\n<p>Mr. Kohler said he remembered spending part of his first paycheck on Super Mario 64 when it was released.</p>\n<p>“If you had told me at that point that somebody was going to buy a sealed one for $1.5 million in 25 years’ time, I don’t know what I would have done,” he said.</p>\n<p>Many buyers are new to collecting video games and have crossed over from comic books and coins, according to Mr. Kohler.</p>\n<p>Don’t expect an unboxing video from the buyer, whom the auction house declined to identify. Ms. McLeckie laughed when asked whether the collector would actually play the game.</p>\n<p>“I can say with certainty they’re going to leave it as is,” she said.</p>\n<p>In April, an unopened copy of Super Mario Bros. that had been bought in 1986 as a Christmas gift but sat forgotten in a desk drawerfetched $660,000, a record at the time, according to Heritage Auctions, which also brokered that sale.</p>\n<p>Then on Friday, a 1987 edition of The Legend of Zelda sold for $870,000. Heritage Auctions said it was one of two sealed copies from the game’s earliest production runs that had been authenticated.</p>\n<p>As the sales records keep toppling, the resulting frenzy has sent serious and casual gamers alike rummaging through their drawers and closets.</p>\n<p>“As you can imagine,” Ms. McLeckie said, “I’ve gotten a lot of inquiries this morning from hopefuls that maybe their video game is worth $1 million.”</p>","source":"lsy1605590967916","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>Super Mario 64 Video Game Sells for $1.56 Million</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: 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\">\nSuper Mario 64 Video Game Sells for $1.56 Million\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-13 09:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1><strong>newyork times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.\n\nAn anonymous buyer has paid $1.56 million for a 25-...</p>\n\n<a href=\"https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nytimes.com/2021/07/12/business/super-mario-64-auction.html?searchResultPosition=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131092552","content_text":"The sale, to an anonymous bidder, set a record just two days after a copy of The Legend of Zelda sold for $870,000, according to Heritage Auctions.\n\nAn anonymous buyer has paid $1.56 million for a 25-year-old copy of Super Mario 64 in its original packaging, a record price for a video game, according to the auction house that sold it.\nHeritage Auctions said that it received 16 bids leading up to and during the live auction on Sunday for the mainly pristine condition 3-D Super Mario game, which sold for about $60 when it was released in 1996 and was the best-selling game for the Nintendo 64 console.\nThe top bid was $1.3 million, according to Heritage Auctions, which added a buyer’s premium of 20 percent to the gavel price to bring the total to $1.56 million.\nThe price sent shock waves through gaming and collecting circles, even aftera recent uptick in five- and six-figure salesof rare video games to investment-minded buyers. The sale was announced just two days after Heritage Auctions said that an early production copy of The Legend of Zelda from 1987 had sold for $870,000.\nValarie McLeckie, the consignment director for video games at Heritage Auctions, said in an interview on Monday that she was astounded by the outcome of the Mario 64 auction.\n“I was blindsided, to be quite honest with you,” she said. “Never in my wildest dreams did I expect the price that was realized would become a reality.”\n\nThe game, which was part of a private collection, is sealed inside a clear plastic case resembling the anti-theft boxes used by retail stores. It includes a certification from Wata Games, an authentication company, attesting to its “like new” and factory-sealed condition, in its original shrink-wrapping.\nMs. McLeckie said that video game characters often evoke a sense of nostalgia, particularly Mario, who, with his brother, Luigi, first appeared on the screens of Nintendo players in 1985 inSuper Mario Bros.\nIn the original game, Mario must save the peace-loving Mushroom People from the Koopa, a tribe of turtles known for their black magic. The game spawned an enduring theme song and multiple variations, including Super Mario 64, in which Mario faces an array of obstacles and adversaries as he tries to rescue the kidnapped Princess Peach from the villain Bowser.\n“He’s like the Mickey Mouse of video games,” Ms. McLeckie said of Mario. “He’s just so recognizable and really resonates with a wide audience of people.”\nChris Kohler, a video game historian and the editorial director of Digital Eclipse, a video game studio that makes collections of classic games, said in an interview on Monday that he would have expected an older video game to contend for the sales record. He said that collectors could find copies of Super Mario 64 — not in mint condition but with the original box — for much less.\n“That was what kind of blew me away about that sale,” he said.\nMr. Kohler said he remembered spending part of his first paycheck on Super Mario 64 when it was released.\n“If you had told me at that point that somebody was going to buy a sealed one for $1.5 million in 25 years’ time, I don’t know what I would have done,” he said.\nMany buyers are new to collecting video games and have crossed over from comic books and coins, according to Mr. Kohler.\nDon’t expect an unboxing video from the buyer, whom the auction house declined to identify. Ms. McLeckie laughed when asked whether the collector would actually play the game.\n“I can say with certainty they’re going to leave it as is,” she said.\nIn April, an unopened copy of Super Mario Bros. that had been bought in 1986 as a Christmas gift but sat forgotten in a desk drawerfetched $660,000, a record at the time, according to Heritage Auctions, which also brokered that sale.\nThen on Friday, a 1987 edition of The Legend of Zelda sold for $870,000. Heritage Auctions said it was one of two sealed copies from the game’s earliest production runs that had been authenticated.\nAs the sales records keep toppling, the resulting frenzy has sent serious and casual gamers alike rummaging through their drawers and closets.\n“As you can imagine,” Ms. McLeckie said, “I’ve gotten a lot of inquiries this morning from hopefuls that maybe their video game is worth $1 million.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2094,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}