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2021-06-12

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2021-06-11

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2021-08-09

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2021-07-31

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You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>

2021-06-17

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2021-08-09

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Disney, AMC, Coinbase, Airbnb, BioNTech, and Other Stocks for Investors to Watch This Week<blockquote>迪士尼、AMC、Coinbase、爱彼迎、BioNTech 和本周投资者关注的其他股票</blockquote>

2021-07-27

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Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>

2021-05-27

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2021-07-09

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2021-06-04

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17:32","market":"us","language":"en","title":"Strategists Say the Stock Market Could Struggle This Fall. 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And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊!在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔 500 指数上涨了 20%，连续七个月上涨，并一路创下 50 多个新高。此外，去年市场从 2020 年 3 月的低点反弹了 68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨速度。刺激支出已见顶，经济和企业盈利增长可能会在今年年底放缓。更重要的是，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。对于越来越昂贵的股票持有者来说，这些都不太可能满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，做好准备迎接波动性下跌，这相互矛盾地推动巴菲特股票、债券和投资者。“Nuveen 全球股票首席投资官赛拉-马利克（Saira Malik）说：”万物反弹已经过去。“这不会是一股急剧上涨的经济潮流，让所有船只都离开这里”。</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识。<i>巴伦</i>最近咨询过。所有人都看到标普500在周四收盘价 4536 点附近收盘。他们的平均目标：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>与最近的趋势相比，明年的涨幅也显得微不足道。该集团预计 2022 年标普500将再增长 6%，升至 4,800 左右。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的 21 倍，债券收益率很低，现金收益率在考虑通货膨胀因素后几乎为零，投资者面临着艰难的资产配置决策。我们的市场观察家建议关注 “优质 ”投资，而不是提振快速增长的科技股、停滞不前的备忘录股和数字世界的狗狗币。在股票中，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业股票。即使未来几个月平均指数表现不佳，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅反弹是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免 Covid 大流行病造成的经济损失。自2020年3月以来，美国央行每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并将投资者推向包括股票在内的风险更高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买规模，此举可能会动摇各种风险资产。“摩根士丹利（atMorgan Stanley）首席投资官兼首席美国股票策略师迈克-威尔逊（Mike Wilson）说：”对我们来说，这很简单：缩减规模就是收紧规模。“这是（美联储）远离最大限度宽松的第一步。他们这次对此非常精打细算，但底线是这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>战略家们指出，政府的刺激支出也达到了顶峰。每周 300 美元的补充联邦失业救济金将于 9 月 6 日到期。尽管国会似乎可能会在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激计划相比，近期经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约 5500 亿美元的新支出——只是之前法律授权的万亿美元的一小部分——并且将分摊多年。基础设施刺激措施将在短期内对占美国国内生产总值增长近 70% 的消费支出的提振作用，远不及去年数百万美国人收到政府支票后的经济状况。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>民主党批准的预算法案只应遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施的支出，以及其他政党优先事项。国会可能会投票提高对企业和高收入个人的税收，以抵消这笔支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他充满政治色彩的问题同样可能导致股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计支出法案，以避免<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>十月关闭。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对新冠肺炎德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要局限于旅游业和电影院。华尔街对市场的基本看法并不包括新一波会破坏经济增长的封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通货膨胀一直是美联储和投资者的热门话题，部分原因是最近通货膨胀一直非常火爆。美国消费者价格指数在 6 月和 7 月均以年化 5.4% 的速度上涨--美联储的评级是暂时的，尽管其他人并不确定。战略家们站在鲍威尔一边；他们预计明年通货膨胀率将大幅下降。他们的预测降幅在 2.5% 至 3.5% 之间，他们认为这对消费者和企业来说是可控的，也是经济快速增长的可接受的副作用。然而，高于 2.5% 的通胀率，加上美联储缩减规模，意味着现在超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>“贝莱德多资产策略集团（BlackRockMulti-Asset Strategies Group）收入投资主管迈克尔-弗雷德里克斯（Michael Fredericks）说：”我们认为通胀将继续高于金融危机以来的水平，但一旦许多与重新开放相关的压力开始消散，我们就很难看到通胀率远高于2.5%。“因此，债券收益率确实需要上升，但这将是逐步发生的。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比目前的水平高出约 35 个基点，即百分之一个百分点，但低于 2021 年 3 月高点时达到的 1.75%。该组织表示，到明年，10 年期国债收益率可能达到 2%。从绝对值来看，这些举措并不算大，但对债券市场来说意义重大，对股市来说意义更大。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会给股票估值带来压力，原因有二。收益率较高的债券会给股票带来竞争，如果按较高的利率贴现，公司未来的收益在目前就毫无价值。尽管如此，2% 左右的 10 年期国债收益率仍不足以将股票估值降至 Covid 之前的水平。即使收益率攀升，市场策略师也认为标普500持有的市盈率远高于其 30 年平均水平 16 倍远期市盈率。去年秋天，该指数的远期市盈率突破了 23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要 10 年期国债收益率保持在 2% 范围内，标普500的远期市盈率就应该能够保持在高位。在收益率大幅上升或其他导致股市下跌的因素带来更大压力之前，回到 16 倍的长期平均水平是不可能的。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>他表示，如果收益率飙升至 2% 或 2.25% 以上，投资者可能会开始更认真地质疑股票估值<a href=\"https://laohu8.com/S/STT\">状态</a>Street'schief 投资组合策略师 Gaurav Mallik： “我们已经有一段时间没有看到（10 年期国债收益率）超过 2%，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出股市的估值风险是不对称的： “他说：”考虑到增长放缓和我们在周期中的位置，市盈率不太可能上升，而且很有可能下降 10% 以上。</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充说，如果 16 到 23 倍的远期市盈率是这个范围，“你已经处于这个范围的高端了。潜在的风险大于回报”。</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>六位策略师的预测都包含了一些市盈率的压缩，这使得利润增长之路更加重要。在经历了去年的盈利低迷之后，策略师平均预计标普500今年的盈利将跃升 46%，达到约 204 美元。随后，2022 年可能会上涨 9%，达到约 222.50 美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是 2022 年联邦企业税率的提高。民主党支出和税收计划的细节将在未来几周内制定，投资者有望听到更多关于潜在增税的消息。几位策略师认为，25% 的联邦企业利润率可能是一个妥协数字，高于 2018 年以来的 21%，但低于拜登政府寻求的 28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约 5%。随着民主党和解法案的临近，该指数可能会下降类似的幅度，但影响应仅限于最初的修正。与 2017 年 12 月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>撇开这些担忧不谈，投资者不应忽视大局： 美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。“马利克说：”周期性上涨和高于趋势的增长至少将持续到 2022 年，我们希望偏向具有这种风险敞口的资产。</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将非常火爆。当国内生产总值增长高于平均水平时，价值就会战胜增长，周期性股票会战胜防御性股票。”- Lori Calvasina，加拿大皇家银行资本市场 道富银行策略师建议在投资组合中增持材料、金融和技术。这种方法既包括银行和矿业等经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）美国股票策略主管洛里-卡尔瓦西纳（Lori Calvasina）同样采取杠铃策略，同时投资周期性和成长性。她喜欢的行业是能源、金融和科技。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>“卡尔瓦西纳说：”金融和能源领域的估值仍然比成长型行业（如科技或非必需消费品）更具吸引力。“近期的催化剂是摆脱当前的 Covid 浪潮......今明两年我们将迎来火热的经济，传统上，当 GDP 增长高于平均水平时，价值战胜增长，周期性战胜防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是至关重要的，尤其是进入 2022 年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长率。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>“卡尔瓦西纳说：”历史的剧本是，从经济衰退中走出来，往往会看到持续一年左右的低质量超越业绩，然后领导层会回到高质量。“但从低质量到高质量的转变往往非常坎坷”。</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师倾向于经济敏感股票和稳定增长股票的组合，包括科技股。金融股应该表现良好，尤其是在债券收益率上升的情况下。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管具有质量属性的股票今年夏天的表现优于大盘，但根据<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析认为，自去年11月首次报道积极的疫苗消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>“贝莱德（BlackRock）的弗雷德里克斯（Fredericks）说：”我们正在进入一个周期中期环境，此时潜在的经济增长依然强劲，但势头开始放缓。“我们的研究表明，优质股票在这样的时期表现尤为出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融业，包括银行，以及具有这些质量特征的必需消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>该公司的股票策略主管克里斯托弗-哈维（Christopher Harvey）认为，大流行后的受益者和防御性敞口相结合才是最佳选择。他构建了一篮子波动性低于平均水平的股票--在今年秋季市场不确定或压力时期，这些股票的表现应该会优于平均水平--并且 “Covid贝塔值 ”较高，即对大流行病的好消息或坏消息敏感。一个要求；富国银行的股票分析师不得不将这些股票评级相当于买入。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>“哈维说：”近期存在经济不确定性、利率不确定性和 Covid 风险，一般来说，9 月前后我们正处于一年中季节性疲软的时期。“如果我们能在低体积和高 Covid beta 之间取得平衡，我们就能减轻即将到来的许多不确定性和波动性，这些催化剂的时间安排。不过，从长远来看，我们仍然希望有这种[重新开放的风险敞口]”。</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的高Covid贝塔值低波动性股票名单包括苹果公司（AAPL）、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">伊克维亚</a>控股公司 (IQV) 和马斯科 (MAS)。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。景顺 KBW 银行交易所交易基金 (KBWB) 为美国该行业提供广泛的投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“哈维说：”我们喜欢估值[和]信用质量；他们现在被允许回购股票并增加股息，而且 Covid 贝塔系数也更高。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>更便宜的估值意味着市场调整中潜在的下行空间较小。而且，与股票市场的其他大部分相反，更高的利率将成为银行的推动力，然后银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。“<a href=\"https://laohu8.com/S/HR\">医疗保健</a>威尔逊说。“如今，与其他行业相比，医疗保健行业每单位增长的成本要低得多。因此，我们认为，当我们担心估值时，医疗保健行业为这个市场提供了良好的平衡。”Health insurerHumana (HUM) 将威尔逊的 “新鲜资金买入清单”评级为买入<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen 的 Malik 也将目光投向了医疗保健行业，即制药和生物技术行业，以获得价格相对较低的增长机会。她指出，Seagen (SGEN) 专注于肿瘤药物，可能是制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维 (ABBV)，该公司的远期市盈率为 8 倍，股息收益率为 4.7%。其重磅抗炎药修美乐的专利即将到期，这让一些投资者望而却步，但马利克相信管理层可以限制损害，并看到这家价值 2000 亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都经历了艰难的时期。Seagen 上周下跌超过 8%，至 152 美元左右，原因是有消息称其联合创始人兼首席执行官最近出售了大量股票。周三，艾伯维股价下跌 7%，至 112.27 美元，此前美国食品和药物管理局要求 JAK 抑制剂贴上新的警告标签，JAK 抑制剂是一种抗类风湿药物，包括以下成分之一<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生公司 (JNJ) 和思科系统公司 (CSCO) 是其他通过<i>巴伦</i>质量属性屏幕。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳步上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点回落，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Strategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStrategists Say the Stock Market Could Struggle This Fall. What to Buy Now?<blockquote>策略师表示，今年秋天股市可能会陷入困境。现在买什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-07 17:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&amp;P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.</p><p><blockquote>对于市场来说，这是多么美好的一年啊!在货币和财政刺激、经济和盈利增长以及（直到最近）疫情基本消退的推动下，标准普尔 500 指数上涨了 20%，连续七个月上涨，并一路创下 50 多个新高。此外，去年市场从 2020 年 3 月的低点反弹了 68%。</blockquote></p><p> Tailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.</p><p><blockquote>顺风依然存在，但逆风现在迫在眉睫，可能会减缓股市的上涨速度。刺激支出已见顶，经济和企业盈利增长可能会在今年年底放缓。更重要的是，美联储几乎承诺在未来几个月开始缩减债券购买规模，拜登政府也提议提高企业和个人税率。对于越来越昂贵的股票持有者来说，这些都不太可能满意。</blockquote></p><p> In other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”</p><p><blockquote>换句话说，做好准备迎接波动性下跌，这相互矛盾地推动巴菲特股票、债券和投资者。“Nuveen 全球股票首席投资官赛拉-马利克（Saira Malik）说：”万物反弹已经过去。“这不会是一股急剧上涨的经济潮流，让所有船只都离开这里”。</blockquote></p><p> That’s the general consensus among the six market strategists and chief investment officers whom<i>Barron’s</i>recently consulted. All see the S&amp;P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.</p><p><blockquote>这是六位市场策略师和首席投资官的普遍共识。<i>巴伦</i>最近咨询过。所有人都看到标普500在周四收盘价 4536 点附近收盘。他们的平均目标：4585。</blockquote></p><p> Next year’s gains look muted, as well, relative to recent trends. The group expects the S&amp;P 500 to tack on another 6% in 2022, rising to about 4800.</p><p><blockquote>与最近的趋势相比，明年的涨幅也显得微不足道。该集团预计 2022 年标普500将再增长 6%，升至 4,800 左右。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb61c7b74b9b0f18a019afb4ac44ad59\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">With stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.</p><p><blockquote>由于股票交易价格约为来年预期收益的 21 倍，债券收益率很低，现金收益率在考虑通货膨胀因素后几乎为零，投资者面临着艰难的资产配置决策。我们的市场观察家建议关注 “优质 ”投资，而不是提振快速增长的科技股、停滞不前的备忘录股和数字世界的狗狗币。在股票中，这意味着拥有稳健的资产负债表、不断扩大的利润率以及充足且经常性的自由现金流的企业股票。即使未来几个月平均指数表现不佳，这些股票也可能会大放异彩。</blockquote></p><p> The stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.</p><p><blockquote>过去一年股市的大幅反弹是美联储的一份礼物，美联储向金融体系注入了大量资金，以避免 Covid 大流行病造成的经济损失。自2020年3月以来，美国央行每月购买总计1200亿美元的美国国债和抵押贷款支持证券，同时将基准联邦基金利率目标维持在0%至0.25%。这些举措压低了债券收益率，并将投资者推向包括股票在内的风险更高的资产。</blockquote></p><p> Fed Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”</p><p><blockquote>美联储主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>曾表示，央行可能会在未来几个季度的某个时候开始逐步减少或缩减紧急资产购买规模，此举可能会动摇各种风险资产。“摩根士丹利（atMorgan Stanley）首席投资官兼首席美国股票策略师迈克-威尔逊（Mike Wilson）说：”对我们来说，这很简单：缩减规模就是收紧规模。“这是（美联储）远离最大限度宽松的第一步。他们这次对此非常精打细算，但底线是这应该会对股票估值产生负面影响。”</blockquote></p><p> The government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.</p><p><blockquote>战略家们指出，政府的刺激支出也达到了顶峰。每周 300 美元的补充联邦失业救济金将于 9 月 6 日到期。尽管国会似乎可能会在今年秋天通过一项两党基础设施法案，但与2020年3月以来推出的多轮刺激计划相比，近期经济影响将相形见绌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c2cb76c498c1c4c980139e3d0514c261\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">The bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.</p><p><blockquote>该法案包括约 5500 亿美元的新支出——只是之前法律授权的万亿美元的一小部分——并且将分摊多年。基础设施刺激措施将在短期内对占美国国内生产总值增长近 70% 的消费支出的提振作用，远不及去年数百万美国人收到政府支票后的经济状况。</blockquote></p><p> A budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.</p><p><blockquote>民主党批准的预算法案只应遵循基础设施法案，并包括支持医疗保险扩张、儿童保育资金、免费社区大学学费、公共住房和气候相关措施的支出，以及其他政党优先事项。国会可能会投票提高对企业和高收入个人的税收，以抵消这笔支出——这是市场面临的另一个近期风险。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/6693da658db16059fc99e08a7531675f\" tg-width=\"300\" tg-height=\"645\" referrerpolicy=\"no-referrer\">Other politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a <a href=\"https://laohu8.com/S/WASH\">Washington</a> shutdown in October.</p><p><blockquote>今年秋天，其他充满政治色彩的问题同样可能导致股市脱轨。国会需要通过提高债务上限来为政府提供资金，并在本月晚些时候通过一项权宜之计支出法案，以避免<a href=\"https://laohu8.com/S/WASH\">华盛顿</a>十月关闭。</blockquote></p><p> For now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.</p><p><blockquote>目前，我们的市场专家对新冠肺炎德尔塔变异毒株的经济影响相对乐观。他们说，只要疫苗在最大限度地减少导致住院和死亡的严重感染方面仍然有效，当前Covid浪潮的负面影响将主要局限于旅游业和电影院。华尔街对市场的基本看法并不包括新一波会破坏经济增长的封锁。</blockquote></p><p> Inflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.</p><p><blockquote>通货膨胀一直是美联储和投资者的热门话题，部分原因是最近通货膨胀一直非常火爆。美国消费者价格指数在 6 月和 7 月均以年化 5.4% 的速度上涨--美联储的评级是暂时的，尽管其他人并不确定。战略家们站在鲍威尔一边；他们预计明年通货膨胀率将大幅下降。他们的预测降幅在 2.5% 至 3.5% 之间，他们认为这对消费者和企业来说是可控的，也是经济快速增长的可接受的副作用。然而，高于 2.5% 的通胀率，加上美联储缩减规模，意味着现在超低的债券收益率应该会上升。</blockquote></p><p> “We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”</p><p><blockquote>“贝莱德多资产策略集团（BlackRockMulti-Asset Strategies Group）收入投资主管迈克尔-弗雷德里克斯（Michael Fredericks）说：”我们认为通胀将继续高于金融危机以来的水平，但一旦许多与重新开放相关的压力开始消散，我们就很难看到通胀率远高于2.5%。“因此，债券收益率确实需要上升，但这将是逐步发生的。”</blockquote></p><p> The strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for&nbsp;the bond market—and could be even more so for stocks.</p><p><blockquote>策略师预计，到年底，10年期美国国债收益率将攀升至1.65%左右。这比目前的水平高出约 35 个基点，即百分之一个百分点，但低于 2021 年 3 月高点时达到的 1.75%。该组织表示，到明年，10 年期国债收益率可能达到 2%。从绝对值来看，这些举措并不算大，但对债券市场来说意义重大，对股市来说意义更大。</blockquote></p><p> Rising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&amp;P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.</p><p><blockquote>收益率上升往往会给股票估值带来压力，原因有二。收益率较高的债券会给股票带来竞争，如果按较高的利率贴现，公司未来的收益在目前就毫无价值。尽管如此，2% 左右的 10 年期国债收益率仍不足以将股票估值降至 Covid 之前的水平。即使收益率攀升，市场策略师也认为标普500持有的市盈率远高于其 30 年平均水平 16 倍远期市盈率。去年秋天，该指数的远期市盈率突破了 23。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e08d24cb421d7cc13debd76a9c6fea01\" tg-width=\"660\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> As long as 10-year Treasury yields stay in the 2% range, the S&amp;P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.</p><p><blockquote>策略师表示，只要 10 年期国债收益率保持在 2% 范围内，标普500的远期市盈率就应该能够保持在高位。在收益率大幅上升或其他导致股市下跌的因素带来更大压力之前，回到 16 倍的长期平均水平是不可能的。</blockquote></p><p> If yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says&nbsp;<a href=\"https://laohu8.com/S/STT\">State</a> Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”</p><p><blockquote>他表示，如果收益率飙升至 2% 或 2.25% 以上，投资者可能会开始更认真地质疑股票估值<a href=\"https://laohu8.com/S/STT\">状态</a>Street'schief 投资组合策略师 Gaurav Mallik： “我们已经有一段时间没有看到（10 年期国债收益率）超过 2%，因此这对投资者来说是一个重要的情绪水平。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/93ff6490069ab5dc1b4057f1ff7966f3\" tg-width=\"664\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Wilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says</p><p><blockquote>威尔逊更担心，他指出股市的估值风险是不对称的： “他说：”考虑到增长放缓和我们在周期中的位置，市盈率不太可能上升，而且很有可能下降 10% 以上。</blockquote></p><p> If 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”</p><p><blockquote>他补充说，如果 16 到 23 倍的远期市盈率是这个范围，“你已经处于这个范围的高端了。潜在的风险大于回报”。</blockquote></p><p> Some P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&amp;P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.</p><p><blockquote>六位策略师的预测都包含了一些市盈率的压缩，这使得利润增长之路更加重要。在经历了去年的盈利低迷之后，策略师平均预计标普500今年的盈利将跃升 46%，达到约 204 美元。随后，2022 年可能会上涨 9%，达到约 222.50 美元。</blockquote></p><p></p><p> A potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.</p><p><blockquote>一个潜在的阻力是 2022 年联邦企业税率的提高。民主党支出和税收计划的细节将在未来几周内制定，投资者有望听到更多关于潜在增税的消息。几位策略师认为，25% 的联邦企业利润率可能是一个妥协数字，高于 2018 年以来的 21%，但低于拜登政府寻求的 28%。</blockquote></p><p> An increase of that magnitude would shave about 5% off S&amp;P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-time event for the market, some strategists predict.</p><p><blockquote>如此幅度的增长将使标普500明年的盈利减少约 5%。随着民主党和解法案的临近，该指数可能会下降类似的幅度，但影响应仅限于最初的修正。与 2017 年 12 月的减税一样，这一变化应该是<a href=\"https://laohu8.com/S/AONE.U\">一</a>一些策略师预测，市场的时间事件。</blockquote></p><p> These concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.</p><p><blockquote>撇开这些担忧不谈，投资者不应忽视大局： 美国经济状况良好，增长强劲。策略师预计今年国内生产总值将增长6.3%，2022年将增长约4%。“马利克说：”周期性上涨和高于趋势的增长至少将持续到 2022 年，我们希望偏向具有这种风险敞口的资产。</blockquote></p><p>   “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets  The State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.</p><p><blockquote>“今明两年我们的经济将非常火爆。当国内生产总值增长高于平均水平时，价值就会战胜增长，周期性股票会战胜防御性股票。”- Lori Calvasina，加拿大皇家银行资本市场 道富银行策略师建议在投资组合中增持材料、金融和技术。这种方法既包括银行和矿业等经济敏感的公司，也包括科技行业的稳定增长者。</blockquote></p><p> RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.</p><p><blockquote>加拿大皇家银行资本市场（RBC Capital Markets）美国股票策略主管洛里-卡尔瓦西纳（Lori Calvasina）同样采取杠铃策略，同时投资周期性和成长性。她喜欢的行业是能源、金融和科技。</blockquote></p><p> “Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”</p><p><blockquote>“卡尔瓦西纳说：”金融和能源领域的估值仍然比成长型行业（如科技或非必需消费品）更具吸引力。“近期的催化剂是摆脱当前的 Covid 浪潮......今明两年我们将迎来火热的经济，传统上，当 GDP 增长高于平均水平时，价值战胜增长，周期性战胜防御性。”</blockquote></p><p> But the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.</p><p><blockquote>但对质量的关注将是至关重要的，尤其是进入 2022 年下半年。届时美联储可能会在本周期内首次加息。到2023年，经济可能会恢复到新冠疫情前2%左右的增长率。</blockquote></p><p> “The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”</p><p><blockquote>“卡尔瓦西纳说：”历史的剧本是，从经济衰退中走出来，往往会看到持续一年左右的低质量超越业绩，然后领导层会回到高质量。“但从低质量到高质量的转变往往非常坎坷”。</blockquote></p><p> <b>A Shopping List for Fall</b></p><p><blockquote><b>秋季购物清单</b></blockquote></p><p> Most strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.</p><p><blockquote>大多数策略师倾向于经济敏感股票和稳定增长股票的组合，包括科技股。金融股应该表现良好，尤其是在债券收益率上升的情况下。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a54c4bd114c1a5f7f700d1fc14d30d8e\" tg-width=\"970\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Although stocks with quality attributes have outperformed the market this summer, according to a <a href=\"https://laohu8.com/S/BLK\">BlackRock</a> analysis, the quality factor has lagged since positive vaccine news was first reported last November.</p><p><blockquote>尽管具有质量属性的股票今年夏天的表现优于大盘，但根据<a href=\"https://laohu8.com/S/BLK\">贝莱德</a>分析认为，自去年11月首次报道积极的疫苗消息以来，质量因素一直滞后。</blockquote></p><p> “We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”</p><p><blockquote>“贝莱德（BlackRock）的弗雷德里克斯（Fredericks）说：”我们正在进入一个周期中期环境，此时潜在的经济增长依然强劲，但势头开始放缓。“我们的研究表明，优质股票在这样的时期表现尤为出色。”</blockquote></p><p> He recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.</p><p><blockquote>他建议增持盈利的科技公司；金融业，包括银行，以及具有这些质量特征的必需消费品和工业。</blockquote></p><p> For <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.</p><p><blockquote>为了<a href=\"https://laohu8.com/S/WFC\">富国银行</a>该公司的股票策略主管克里斯托弗-哈维（Christopher Harvey）认为，大流行后的受益者和防御性敞口相结合才是最佳选择。他构建了一篮子波动性低于平均水平的股票--在今年秋季市场不确定或压力时期，这些股票的表现应该会优于平均水平--并且 “Covid贝塔值 ”较高，即对大流行病的好消息或坏消息敏感。一个要求；富国银行的股票分析师不得不将这些股票评级相当于买入。</blockquote></p><p> “There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”</p><p><blockquote>“哈维说：”近期存在经济不确定性、利率不确定性和 Covid 风险，一般来说，9 月前后我们正处于一年中季节性疲软的时期。“如果我们能在低体积和高 Covid beta 之间取得平衡，我们就能减轻即将到来的许多不确定性和波动性，这些催化剂的时间安排。不过，从长远来看，我们仍然希望有这种[重新开放的风险敞口]”。</blockquote></p><p></p><p> Harvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>(BAC),<a href=\"https://laohu8.com/S/NTRSP\">Northern</a> Trust(NTRS),Lowe’s(LOW),<a href=\"https://laohu8.com/S/IQV\">IQVIA</a> Holdings(IQV), andMasco(MAS).</p><p><blockquote>哈维列出的高Covid贝塔值低波动性股票名单包括苹果公司（AAPL）、<a href=\"https://laohu8.com/S/BAC\">美国银行</a>（BAC），<a href=\"https://laohu8.com/S/NTRSP\">北方的</a>信托(NTRS)、劳氏(LOW)、<a href=\"https://laohu8.com/S/IQV\">伊克维亚</a>控股公司 (IQV) 和马斯科 (MAS)。</blockquote></p><p> Overall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.</p><p><blockquote>总体而言，银行是未来几个月最常被推荐的群体。景顺 KBW 银行交易所交易基金 (KBWB) 为美国该行业提供广泛的投资。</blockquote></p><p> “We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.</p><p><blockquote>“哈维说：”我们喜欢估值[和]信用质量；他们现在被允许回购股票并增加股息，而且 Covid 贝塔系数也更高。</blockquote></p><p> Cheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.</p><p><blockquote>更便宜的估值意味着市场调整中潜在的下行空间较小。而且，与股票市场的其他大部分相反，更高的利率将成为银行的推动力，然后银行可能会收取更高的贷款费用。</blockquote></p><p> <a href=\"https://laohu8.com/S/HCSG\">Healthcare</a> stocks also have some fans. “<a href=\"https://laohu8.com/S/HR\">Healthcare</a> has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> analysts and fitting his macro views.</p><p><blockquote><a href=\"https://laohu8.com/S/HCSG\">医疗保健</a>股票也有一些粉丝。“<a href=\"https://laohu8.com/S/HR\">医疗保健</a>威尔逊说。“如今，与其他行业相比，医疗保健行业每单位增长的成本要低得多。因此，我们认为，当我们担心估值时，医疗保健行业为这个市场提供了良好的平衡。”Health insurerHumana (HUM) 将威尔逊的 “新鲜资金买入清单”评级为买入<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师并符合他的宏观观点。</blockquote></p><p> Nuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.</p><p><blockquote>Nuveen 的 Malik 也将目光投向了医疗保健行业，即制药和生物技术行业，以获得价格相对较低的增长机会。她指出，Seagen (SGEN) 专注于肿瘤药物，可能是制药巨头有吸引力的收购目标。</blockquote></p><p> Malik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.</p><p><blockquote>马利克还喜欢艾伯维 (ABBV)，该公司的远期市盈率为 8 倍，股息收益率为 4.7%。其重磅抗炎药修美乐的专利即将到期，这让一些投资者望而却步，但马利克相信管理层可以限制损害，并看到这家价值 2000 亿美元的公司正在开发有前途的药物。</blockquote></p><p> Both stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of <a href=\"https://laohu8.com/S/ABBV\">AbbVie</a>’s most promising post-Humira products.</p><p><blockquote>这两只股票最近几天都经历了艰难的时期。Seagen 上周下跌超过 8%，至 152 美元左右，原因是有消息称其联合创始人兼首席执行官最近出售了大量股票。周三，艾伯维股价下跌 7%，至 112.27 美元，此前美国食品和药物管理局要求 JAK 抑制剂贴上新的警告标签，JAK 抑制剂是一种抗类风湿药物，包括以下成分之一<a href=\"https://laohu8.com/S/ABBV\">艾伯维</a>最有前途的后修美乐产品。</blockquote></p><p> <a href=\"https://laohu8.com/S/PFE\">Pfizer</a>(PFE),<a href=\"https://laohu8.com/S/AXP\">American Express</a>(AXP),Johnson &amp; Johnson(JNJ), andCisco Systems(CSCO) are other S&amp;P 500 members that pass a<i>Barron’s</i>screen for quality attributes.</p><p><blockquote><a href=\"https://laohu8.com/S/PFE\">辉瑞</a>（PFE），<a href=\"https://laohu8.com/S/AXP\">美国运通</a>(AXP)、强生公司 (JNJ) 和思科系统公司 (CSCO) 是其他通过<i>巴伦</i>质量属性屏幕。</blockquote></p><p> After a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. <a href=\"https://laohu8.com/S/JE\">Just</a> be more selective. And go with quality.</p><p><blockquote>经过一年的稳步上涨后，今年秋天投资者可能会被提醒，随着增长势头和政策支持开始消退，股市也可能下跌。但如果市场从高点回落，潜在的经济实力支持逢低买入。<a href=\"https://laohu8.com/S/JE\">刚刚</a>更有选择性。追求质量。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stocks-could-struggle-this-fall-market-strategists-say-stick-with-quality-companies-51630699840?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130130857","content_text":"What a year this has been for the markets! Fueled by a torrent of monetary and fiscal stimulus, economic and earnings growth, and (until recently) a mostly receding pandemic, theS&P 500stock index has rallied 20%, notching seven straight months of gains and more than 50 highs along the way. And that’s on top of last year’s 68% rebound from the market’s March 2020 lows.\nTailwinds remain in place, but headwinds now loom that could slow stocks’ advance. Stimulus spending has peaked, and economic and corporate-earnings growth are likely to decelerate through the end of the year. What’s more, theFederal Reserve has all but promised to start tapering its bond buyingin coming months, and the Biden administration has proposed hiking corporate and personal tax rates. None of this is apt to sit well with holders of increasingly pricey shares.\nIn other words,brace for a volatile fallin which conflicting forces buffet stocks, bonds, and investors. “The everything rally is behind us,” says Saira Malik, chief investment officer of global equities at Nuveen. “It’s not going to be a sharply rising economic tide that lifts all boats from here.”\nThat’s the general consensus among the six market strategists and chief investment officers whomBarron’srecently consulted. All see the S&P 500 ending the year near Thursday’s close of 4536. Their average target: 4585.\nNext year’s gains look muted, as well, relative to recent trends. The group expects the S&P 500 to tack on another 6% in 2022, rising to about 4800.\nWith stocks trading for about 21 times the coming year’s expected earnings,bonds yielding little, and cash yielding less than nothing after accounting for inflation, investors face tough asset-allocation decisions. In place of the “everything rally,” which lifted fast-growing tech stocks, no-growth meme stocks, and the Dogecoins of the digital world, our market watchers recommend focusing on “quality” investments. In equities, that means shares of businesses with solid balance sheets, expanding profit margins, and ample and recurring free cash flow. Even if the averages do little in coming months, these stocks are likely to shine.\nThe stock market’s massive rally in the past year was a gift of sorts from the Federal Reserve, which flooded the financial system with money to stave off theeconomic damage wrought by the Covid pandemic. Since March 2020, the U.S. central bank has been buying a combined $120 billion a month of U.S. Treasuries and mortgage-backed securities, while keeping its benchmark federal-funds rate target at 0% to 0.25%. These moves have depressed bond yields and pushed investors into riskier assets, including stocks.\nFed Chairman Jerome Powell has said that the central bank might begin to wind down, or taper, its emergency asset purchases sometime in the coming quarters, a move that could roil risk assets of all sorts. “For us, it’s very simple: Tapering is tightening,” says Mike Wilson, chief investment officer and chief U.S. equity strategist atMorgan Stanley.“It’s the first step away from maximum accommodation [by the Fed]. They’re being very calculated about it this time, but the bottom line is that it should have a negative effect on equity valuations.”\nThe government’s stimulus spending, too, has peaked, the strategists note. Supplemental federal unemployment benefits of $300 a week expire as of Sept. 6. Although Congress seems likely to pass a bipartisan infrastructure bill this fall, the near-term economic impact will pale in comparison to the multiple rounds of stimulus introduced since March 2020.\nThe bill includes about $550 billion in new spending—a fraction of the trillions authorized by previous laws—and it will be spread out over many years. The short-term boost that infrastructure stimulus will give to consumer spending, which accounts for almost 70% of U.S. growth domestic product, won’t come close to what the economy saw after millions of Americans received checks from the government this past year.\nA budget bill approved by Democrats only should follow the infrastructure bill, and include spending to support Medicare expansion, child-care funding, free community-college tuition, public housing, and climate-related measures, among other party priorities. Congress could vote to lift taxes on corporations and high-earning individuals to offset that spending—another near-term risk to the market.\nOther politically charged issues likewise could derail equities this fall. Congress needs to pass a debt-ceiling increase to fund the government, and a stop-gap spending bill later this month to avoid a Washington shutdown in October.\nFor now, our market experts are relatively sanguine about the economic impact of the Delta variant of Covid-19. As long as vaccines remain effective in minimizing severe infections that lead to hospitalizations and deaths, the negative effects of the current Covid wave will be limited largely to the travel industry and movie theaters, they say. Wall Street’s base case for the market doesn’t include a renewed wave of lockdowns that would undermine economic growth.\nInflation has been a hot topic at the Fed and among investors, partly because it has been running so hot of late. The U.S. consumer price index rose at an annualized 5.4% in both June and July—a spike the Fed calls transitory, although others aren’t so sure. The strategists are taking Powell’s side of the argument; they expect inflation to fall significantly next year. Their forecasts fall between 2.5% and 3.5%, which they consider manageable for consumers and companies, and an acceptable side effect of rapid economic growth. An inflation rate above 2.5%, however, combined with Fed tapering, would mean that now ultralow bond yields should rise.\n“We think inflation will continue to run hotter than it has since the financial crisis, but it’s hard for us to see inflation much over 2.5% once many of the reopening-related pressures start to dissipate,” says Michael Fredericks, head of income investing for theBlackRockMulti-Asset Strategies Group. “So bond yields do need to move up, but that will happen gradually.”\nThe strategists see the yield on the 10-year U.S. Treasury note climbing to around 1.65% by year end. That’s about 35 basis points—or hundredths of a percentage point—above current levels, but below the 1.75% that the yield reached at its March 2021 highs. By next year, the 10-year Treasury could yield 2%, the group says. Those aren’t big moves in absolute terms, but they’re meaningful for the bond market—and could be even more so for stocks.\nRising yields tend to weigh on stock valuations for two reasons. Higher-yielding bonds offer competition to stocks, and companies’ future earnings are worthless in the present when discounting them at a higher rate. Still, a 10-year yield around 2% won’t be enough to knock stock valuations down to pre-Covid levels. Even if yields climb, market strategists see the price/earnings multiple of the S&P 500 holding well above its 30-year average of 16 times forward earnings. The index’s forward P/E topped 23 last fall.\n\nAs long as 10-year Treasury yields stay in the 2% range, the S&P 500 should be able to command a forward P/E in the high teens, strategists say. A return to the 16-times long-term average isn’t in the cards until there is more pressure from much higher yields—or something else that causes stocks to fall.\nIf yields surge past 2% or 2.25%, investors could start to question equity valuations more seriously, says State Street’schief portfolio strategist, Gaurav Mallik: “We haven’t seen [the 10-year yield] above 2% for some time now, so that’s an important sentiment level for investors.”\n\nWilson is more concerned, noting that the stock market’s valuation risk is asymmetric: “It’s very unlikely that multiples are going to go up, and there’s a good chance that they go down more than 10% given the deceleration in growth and where we are in the cycle,” he says\nIf 16 to 23 times forward earnings is the range, he adds, “you’re already at the very high end of that. There’s more potential risk than reward.”\nSome P/E-multiple compression is baked into all six strategists’ forecasts, heaping greater importance on the path of profit growth. On average, the strategists expect S&P 500 earnings to jump 46% this year, to about $204, after last year’s earnings depression. That could be followed by a more normalized gain of 9% in 2022, to about $222.50.\nA potential headwind would be a higher federal corporate-tax rate in 2022. The details of Democrats’ spending and taxation plans will be worked out in the coming weeks, and investors can expect to hear a lot more about potential tax increases. Several strategists see a 25% federal rate on corporate profits as a likely compromise figure, above the 21% in place since 2018, but below the 28% sought by the Biden administration.\nAn increase of that magnitude would shave about 5% off S&P 500 earnings next year. The index could drop by a similar amount as the passage of the Democrats’ reconciliation bill nears this fall, but the impact should be limited to that initial correction. As with the tax cuts in December 2017, the change should be a one-time event for the market, some strategists predict.\nThese concerns aside, investors shouldn’t miss the bigger picture: The U.S. economy is in good shape and growing robustly. The strategists expect gross domestic product to rise 6.3% this year and about 4% in 2022. “The cyclical uplift and above-trend growth will continue at least through 2022, and we want to be biased toward assets that have that exposure,” says Mallik.\n\n “We’re going to have a hot economy this year and next. When GDP growth is above average, value beats growth and cyclicals beat defensives.”— Lori Calvasina, RBC Capital Markets\n\nThe State Street strategist recommends overweighting materials, financials, and technology in investment portfolios. That approach includes both economically sensitive companies, such as banks and miners, and steady growers in the tech sector.\nRBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, likewise takes a barbell approach, with both cyclical and growth exposure. Her preferred sectors are energy, financials, and technology.\n“Valuations are still a lot more attractive in financials and energy than growth [sectors such as technology or consumer discretionary,]” Calvasina says. “The catalyst in the near term is getting out of the current Covid wave... We’re going to have a hot economy this year and next, and traditionally when GDP growth is above average, value beats growth and cyclicals beat defensives.”\nBut the focus on quality will be pivotal, especially moving into the second half of 2022. That’s when the Fed is likely to hike interest rates for the first time in this cycle. By 2023, the economy could return to pre-Covid growth on the order of 2%.\n“The historical playbook is that coming out of a recession, you tend to see low-quality outperformance that lasts about a year, then leadership flips back to high quality,” Calvasina says. “But that transition from low quality back to high quality tends to be very bumpy.”\nA Shopping List for Fall\nMost strategists favor a combination of economically sensitive stocks and steady growers, including tech shares. Financials should do well, particularly if bond yields rise.\n\nAlthough stocks with quality attributes have outperformed the market this summer, according to a BlackRock analysis, the quality factor has lagged since positive vaccine news was first reported last November.\n“We’re moving into a mid-cycle environment, when underlying economic growth remains strong but momentum begins to decelerate,” BlackRock’s Fredericks says. “Our research shows that quality stocks perform particularly well in such a period.”\nHe recommends overweighting profitable technology companies; financials, including banks, and consumer staples and industrials with those quality characteristics.\nFor Wells Fargo’s head of equity strategy, Christopher Harvey, a mix of post-pandemic beneficiaries and defensive exposure is the way to go. He constructed a basket of stocks with lower-than-average volatility—which should outperform during periods of market uncertainty or stress this fall—and high “Covid beta,” or sensitivity to good or bad news about the pandemic. One requirement; The stocks had to be rated the equivalent of Buy by Wells Fargo’s equity analysts.\n“There’s near-term economic uncertainty, interest-rate uncertainty, and Covid risk, and generally we’re in a seasonally weaker part of the year around September,” says Harvey. “If we can balance low vol and high Covid beta, we can mitigate a lot of the upcoming uncertainty and volatility around timing of several of those catalysts. Longer-term, though, we still want to have that [reopening exposure.]”\nHarvey’s list of low-volatility stocks with high Covid beta includesApple(AAPL),Bank of America(BAC),Northern Trust(NTRS),Lowe’s(LOW),IQVIA Holdings(IQV), andMasco(MAS).\nOverall, banks are the most frequently recommended group for the months ahead. TheInvesco KBW Bankexchange-traded fund (KBWB) provides broad exposure to the sector in the U.S.\n“We like the valuations [and] credit quality; they are now allowed to buy back shares and increase dividends, and there’s higher Covid beta,” says Harvey.\nCheaper valuations mean less potential downside in a market correction. And, contrary to much of the rest of the stock market, higher interest rates would be a tailwind for the banks, which could then charge more for loans.\nHealthcare stocks also have some fans. “Healthcare has both defensive and growth attributes to it,” Wilson says. “You’re paying a lot less per unit of growth in healthcare today than you are in other sectors. So we think it provides good balance in this market when we’re worried about valuation.” Health insurerHumana(HUM) makes Wilson’s “Fresh Money Buy List” of stocks Buy-rated by Morgan Stanley analysts and fitting his macro views.\nNuveen’s Malik is also looking toward health care for relatively underpriced growth exposure, namely in the pharmaceuticals and biotechnology groups. She points toSeagen(SGEN), which is focused on oncology drugs and could be an attractive acquisition target for a pharma giant.\nMalik also likesAbbVie(ABBV) which trades at an undemanding eight times forward earnings and sports a 4.7% dividend yield. The coming expiration of patents on its blockbuster anti-inflammatory drug Humira has kept some investors away, but Malik is confident that management can limit the damage and sees promising drugs in development at the $200 billion company.\nBoth stocks have had a tough time in recent days. Seagen fell more than 8% last week, to around $152, on news that its co-founder and CEO sold a large number of shares recently. AndAbbVietanked 7% Wednesday, to $112.27, after the Food and Drug Administration required new warning labels for JAK inhibitors, a type of anti-rheumatoid drug that includes one of AbbVie’s most promising post-Humira products.\nPfizer(PFE),American Express(AXP),Johnson & Johnson(JNJ), andCisco Systems(CSCO) are other S&P 500 members that pass aBarron’sscreen for quality attributes.\nAfter a year of steady gains, investors might be reminded this fall that stocks can also decline, as growth momentum and policy support begin to fade. But underlying economic strength supports buying the dip, should the market drop from its highs. Just be more selective. And go with quality.","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880321570,"gmtCreate":1631021723490,"gmtModify":1631883938839,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>[开心]&nbsp;","listText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>[开心]&nbsp;","text":"$Vanguard S&P 500 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ETF(VOO)$[财迷]","images":[{"img":"https://static.tigerbbs.com/958e96f871eb7ada15f8602870fe08f7","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894487319","isVote":1,"tweetType":1,"viewCount":2481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":895407732,"gmtCreate":1628762410726,"gmtModify":1633689709943,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Share","listText":"Share","text":"Share","images":[{"img":"https://static.tigerbbs.com/5743bdc4a16b9eb98e9789b6a581b3b8","width":"1080","height":"2528"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895407732","isVote":1,"tweetType":1,"viewCount":4793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":892445801,"gmtCreate":1628686931203,"gmtModify":1633745143546,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/892445801","repostId":"1119132601","repostType":4,"repost":{"id":"1119132601","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628683754,"share":"https://www.laohunote.com/m/news/1119132601?lang=zh_CN&edition=full","pubTime":"2021-08-11 20:09","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119132601","media":"Tiger Newspress","summary":"Nasdaq futures fell on Wednesday, while Dow indicators rose slightly as investors swapped heavyweigh","content":"<p>Nasdaq futures fell on Wednesday, while Dow indicators rose slightly as investors swapped heavyweight technology stocks with economically sensitive sectors following the approval of a U.S. infrastructure bill.</p><p><blockquote>纳斯达克期货周三下跌，而道琼斯指数小幅上涨，原因是美国基础设施法案获得批准后，投资者将重量级科技股换成了经济敏感行业。</blockquote></p><p> At 8:05 a.m. ET, Dow E-minis were up 9 points, or 0.03%, S&amp;P 500 E-minis were down 4.5 points, or 0.10% and Nasdaq 100 E-minis were down 28.75 points, or 0.19%.</p><p><blockquote>美国东部时间上午 8:05，道琼斯电子迷你指数上涨 9 点，即 0.03%，标普500电子迷你指数下跌 4.5 点，即 0.10%，纳斯达克 100 电子迷你指数下跌 28.75 点，即 0.19%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55850418289c5de7d0e064bf346ce1a0\" tg-width=\"834\" tg-height=\"291\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*资料来源：Tiger Trade，美国东部时间 08:05</span></p></blockquote></p><p> The blue-chip Dow and the benchmark S&amp;P 500 logged record closing highs on Tuesday, as economically sensitive stocks gained with the U.S. Senate’s passage of a $1 trillion bipartisan infrastructure package.</p><p><blockquote>蓝筹股道琼斯指数和基准标普500指数周二创下收盘新高，美国参议院通过了一项 1 万亿美元的两党基础设施一揽子计划，经济敏感股票上涨。</blockquote></p><p> An additional $3.5 trillion investment plan to fight climate change and poverty is now on the cards, but faces stiff resistance from Republicans.</p><p><blockquote>一项旨在应对气候变化和贫困的额外 3.5 万亿美元投资计划现已出台，但面临共和党人的强烈抵制。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/GOOS\">Canada Goose</a> – Canada Goose lost 45 cents per share (Canadian) for its fiscal first quarter, smaller than the 53 cent loss that analysts were anticipating, while the outerwear maker saw better-than-expected revenue as well. However, its loss widened compared to a year ago thanks to rising expenses, and its stock slid 2.1% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/GOOS\">加拿大鹅</a>– 加拿大鹅第一财季每股亏损 45 美分（加拿大），低于分析师预期的 53 美分亏损，而这家外套制造商的收入也好于预期。然而，由于费用增加，其亏损较一年前扩大，其股价在盘前交易中下跌 2.1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/WEN\">Wendy's</a> – Wendy’s rallied 3.3% in the premarket after beating top and bottom-line estimates for the second quarter. The restaurant chain earned an adjusted 27 cents per share, 9 cents above estimates, with same-store sales beating forecasts as more people returned to in-person dining.</p><p><blockquote><a href=\"https://laohu8.com/S/WEN\">温迪的</a>- Wendy's 在超出第二季度营收和利润预期后，盘前大涨 3.3%。该连锁餐厅调整后每股收益为 27 美分，比预期高出 9 美分，随着越来越多的人重返现场用餐，同店销售额超出预期。</blockquote></p><p> <a href=\"https://laohu8.com/S/PRGO\">Perrigo Co PLC</a> – The consumer health care products maker’s shares slumped 8.8% in premarket action, following a top and bottom-line miss for Perrigo’s latest quarter. Earnings came in 11 cents below estimates at an adjusted 50 cents per share, hurt by a weaker cold-and-cough season among other factors.</p><p><blockquote><a href=\"https://laohu8.com/S/PRGO\">佩里戈公司</a>- 这家消费者保健品制造商的股价在盘前下跌了 8.8%，此前 Perrigo 最近一个季度的营收和利润均有所下降。受感冒和咳嗽季节疲软等因素的影响，每股收益比预期低 11 美分，调整后为 50 美分。</blockquote></p><p> <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a> – The airline said it is seeing an increase in cancellations this month due to rising concerns over the Covid-19 Delta variant, making it difficult to be profitable for the current quarter. Southwest fell 1.9% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/LUV\">西南航空公司</a>– 该航空公司表示，由于对 Covid-19 德尔塔变异毒株的担忧加剧，本月航班取消数量有所增加，导致本季度难以盈利。西南航空盘前下跌 1.9%。</blockquote></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a> – Coinbase reported an adjusted quarterly profit of $3.45 per share, beating the consensus estimate of $2.33 in its first report as a public company. The cryptocurrency exchange operator also saw better-than-expected revenue of $2 billion, up from $178 million a year earlier. Trading volume during the June quarter jumped 21% from the prior 3 months, and its shares rose 2.3% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>– Coinbase 公布的调整后季度利润为每股 3.45 美元，超过了其作为上市公司的第一份报告中普遍预期的 2.33 美元。这家加密货币交易所运营商的收入也好于预期，达到 20 亿美元，高于去年同期的 1.78 亿美元。6 月份季度的交易量比前 3 个月增长了 21%，其股价在盘前交易中上涨了 2.3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/WW\">Weight Watchers International Inc</a> – WW tumbled 22.3% in premarket trading after quarterly profit and revenue fell short of analyst forecasts. The company, formerly known as Weight Watchers, earned an adjusted 48 cents per share for the quarter, 17 cents shy of estimates, with membership levels below WW’s own forecasts. CEO Mindy Grossman said the company did have a comprehensive plan to optimize performance during the second half of the year.</p><p><blockquote><a href=\"https://laohu8.com/S/WW\">慧俪轻体国际公司</a>– 季度利润和收入低于分析师预测后，WW 在盘前交易中暴跌 22.3%。该公司前身为 Weight Watchers，本季度调整后每股收益为 48 美分，比预期低 17 美分，会员水平低于 WW 自己的预测。首席执行官明迪·格罗斯曼表示，公司确实有一个全面的计划来优化下半年的业绩。</blockquote></p><p> <a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a> – FuboTV lost 68 cents per share for its latest quarter, wider than the 51-cent loss that analysts were anticipating. However, the sports-focused streaming service did report better-than-expected revenue and gave an upbeat forecast including a projected doubling of full-year revenue. FuboTV shares surged 13.4% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/FUBO\">富博电视公司。</a>– FuboTV 最新季度每股亏损 68 美分，高于分析师预期的 51 美分亏损。然而，这家专注于体育的流媒体服务确实报告了好于预期的收入，并给出了乐观的预测，包括预计全年收入将翻一番。FuboTV 股价在盘前交易中飙升 13.4%。</blockquote></p><p> <a href=\"https://laohu8.com/S/NLOK\">NortonLifeLock Inc.</a> – Norton LifeLock is buying rival cybersecurity firm Avast for up to $8.6 billion in cash and stock. The deal will expand Norton LifeLock’s portfolio of consumer cybersecurity software offerings. Shares jumped 4.6% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/NLOK\">诺顿生命锁公司。</a>– Norton LifeLock 将以高达 86 亿美元的现金和股票收购竞争对手网络安全公司 Avast。这笔交易将扩大诺顿LifeLock的消费者网络安全软件产品组合。盘前股价上涨 4.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/POSH\">Poshmark, Inc.</a> – Poshmark reported a quarterly loss of 4 cents per share, 2 cents less than Wall Street had forecast, while the online retailer of secondhand goods saw revenue top estimates. However, Poshmark did forecast current-quarter revenue below analyst forecasts and said it would see a hit from Apple’s new privacy controls. Poshmark slumped 8.2% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/POSH\">波什马克公司。</a>– Poshmark 公布季度每股亏损 4 美分，比华尔街预测少 2 美分，而这家二手货在线零售商的收入超出预期。不过，Poshmark 确实预测本季度收入低于分析师的预测，并表示苹果新的隐私控制措施将对其造成打击。Poshmark 在盘前交易中下跌 8.2%。</blockquote></p><p> <a href=\"https://laohu8.com/S/TDUP\">ThredUp Inc.</a> – ThredUp lost 15 cents per share for its latest quarter, a penny less than anticipated, while the online pre-owned fashion retailer reported better-than-expected revenue and gave an upbeat forecast. The upbeat results helped the stock rally by 7.3% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/TDUP\">ThredUp公司。</a>– ThredUp 最新季度每股亏损 15 美分，比预期少 1 美分，而这家在线二手时尚零售商公布的收入好于预期，并给出了乐观的预测。乐观的业绩帮助该股盘前上涨7.3%。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/ALIT\">Alight, Inc.</a> – Financial services companyVoya Financial(VOYA) is exploring a potential acquisition of the newly public employee benefits administrator, according to people with knowledge of the matter who spoke to Bloomberg. It isn’t clear whether active talks are underway and there is no guarantee a deal will be reached. Alight tacked on 2.6% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/ALIT\">阿莱特公司。</a>– 据接受彭博社采访的知情人士透露，金融服务公司 VOYA Financial (VOYA) 正在探索收购新成立的公共员工福利管理机构。目前尚不清楚是否正在积极谈判，也不能保证达成协议。Alight 在盘前交易中上涨 2.6%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-11 20:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nasdaq futures fell on Wednesday, while Dow indicators rose slightly as investors swapped heavyweight technology stocks with economically sensitive sectors following the approval of a U.S. infrastructure bill.</p><p><blockquote>纳斯达克期货周三下跌，而道琼斯指数小幅上涨，原因是美国基础设施法案获得批准后，投资者将重量级科技股换成了经济敏感行业。</blockquote></p><p> At 8:05 a.m. ET, Dow E-minis were up 9 points, or 0.03%, S&amp;P 500 E-minis were down 4.5 points, or 0.10% and Nasdaq 100 E-minis were down 28.75 points, or 0.19%.</p><p><blockquote>美国东部时间上午 8:05，道琼斯电子迷你指数上涨 9 点，即 0.03%，标普500电子迷你指数下跌 4.5 点，即 0.10%，纳斯达克 100 电子迷你指数下跌 28.75 点，即 0.19%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55850418289c5de7d0e064bf346ce1a0\" tg-width=\"834\" tg-height=\"291\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*资料来源：Tiger Trade，美国东部时间 08:05</span></p></blockquote></p><p> The blue-chip Dow and the benchmark S&amp;P 500 logged record closing highs on Tuesday, as economically sensitive stocks gained with the U.S. Senate’s passage of a $1 trillion bipartisan infrastructure package.</p><p><blockquote>蓝筹股道琼斯指数和基准标普500指数周二创下收盘新高，美国参议院通过了一项 1 万亿美元的两党基础设施一揽子计划，经济敏感股票上涨。</blockquote></p><p> An additional $3.5 trillion investment plan to fight climate change and poverty is now on the cards, but faces stiff resistance from Republicans.</p><p><blockquote>一项旨在应对气候变化和贫困的额外 3.5 万亿美元投资计划现已出台，但面临共和党人的强烈抵制。</blockquote></p><p> <b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <a href=\"https://laohu8.com/S/GOOS\">Canada Goose</a> – Canada Goose lost 45 cents per share (Canadian) for its fiscal first quarter, smaller than the 53 cent loss that analysts were anticipating, while the outerwear maker saw better-than-expected revenue as well. However, its loss widened compared to a year ago thanks to rising expenses, and its stock slid 2.1% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/GOOS\">加拿大鹅</a>– 加拿大鹅第一财季每股亏损 45 美分（加拿大），低于分析师预期的 53 美分亏损，而这家外套制造商的收入也好于预期。然而，由于费用增加，其亏损较一年前扩大，其股价在盘前交易中下跌 2.1%。</blockquote></p><p> <a href=\"https://laohu8.com/S/WEN\">Wendy's</a> – Wendy’s rallied 3.3% in the premarket after beating top and bottom-line estimates for the second quarter. The restaurant chain earned an adjusted 27 cents per share, 9 cents above estimates, with same-store sales beating forecasts as more people returned to in-person dining.</p><p><blockquote><a href=\"https://laohu8.com/S/WEN\">温迪的</a>- Wendy's 在超出第二季度营收和利润预期后，盘前大涨 3.3%。该连锁餐厅调整后每股收益为 27 美分，比预期高出 9 美分，随着越来越多的人重返现场用餐，同店销售额超出预期。</blockquote></p><p> <a href=\"https://laohu8.com/S/PRGO\">Perrigo Co PLC</a> – The consumer health care products maker’s shares slumped 8.8% in premarket action, following a top and bottom-line miss for Perrigo’s latest quarter. Earnings came in 11 cents below estimates at an adjusted 50 cents per share, hurt by a weaker cold-and-cough season among other factors.</p><p><blockquote><a href=\"https://laohu8.com/S/PRGO\">佩里戈公司</a>- 这家消费者保健品制造商的股价在盘前下跌了 8.8%，此前 Perrigo 最近一个季度的营收和利润均有所下降。受感冒和咳嗽季节疲软等因素的影响，每股收益比预期低 11 美分，调整后为 50 美分。</blockquote></p><p> <a href=\"https://laohu8.com/S/LUV\">Southwest Airlines</a> – The airline said it is seeing an increase in cancellations this month due to rising concerns over the Covid-19 Delta variant, making it difficult to be profitable for the current quarter. Southwest fell 1.9% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/LUV\">西南航空公司</a>– 该航空公司表示，由于对 Covid-19 德尔塔变异毒株的担忧加剧，本月航班取消数量有所增加，导致本季度难以盈利。西南航空盘前下跌 1.9%。</blockquote></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a> – Coinbase reported an adjusted quarterly profit of $3.45 per share, beating the consensus estimate of $2.33 in its first report as a public company. The cryptocurrency exchange operator also saw better-than-expected revenue of $2 billion, up from $178 million a year earlier. Trading volume during the June quarter jumped 21% from the prior 3 months, and its shares rose 2.3% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>– Coinbase 公布的调整后季度利润为每股 3.45 美元，超过了其作为上市公司的第一份报告中普遍预期的 2.33 美元。这家加密货币交易所运营商的收入也好于预期，达到 20 亿美元，高于去年同期的 1.78 亿美元。6 月份季度的交易量比前 3 个月增长了 21%，其股价在盘前交易中上涨了 2.3%。</blockquote></p><p> <a href=\"https://laohu8.com/S/WW\">Weight Watchers International Inc</a> – WW tumbled 22.3% in premarket trading after quarterly profit and revenue fell short of analyst forecasts. The company, formerly known as Weight Watchers, earned an adjusted 48 cents per share for the quarter, 17 cents shy of estimates, with membership levels below WW’s own forecasts. CEO Mindy Grossman said the company did have a comprehensive plan to optimize performance during the second half of the year.</p><p><blockquote><a href=\"https://laohu8.com/S/WW\">慧俪轻体国际公司</a>– 季度利润和收入低于分析师预测后，WW 在盘前交易中暴跌 22.3%。该公司前身为 Weight Watchers，本季度调整后每股收益为 48 美分，比预期低 17 美分，会员水平低于 WW 自己的预测。首席执行官明迪·格罗斯曼表示，公司确实有一个全面的计划来优化下半年的业绩。</blockquote></p><p> <a href=\"https://laohu8.com/S/FUBO\">fuboTV Inc.</a> – FuboTV lost 68 cents per share for its latest quarter, wider than the 51-cent loss that analysts were anticipating. However, the sports-focused streaming service did report better-than-expected revenue and gave an upbeat forecast including a projected doubling of full-year revenue. FuboTV shares surged 13.4% in premarket action.</p><p><blockquote><a href=\"https://laohu8.com/S/FUBO\">富博电视公司。</a>– FuboTV 最新季度每股亏损 68 美分，高于分析师预期的 51 美分亏损。然而，这家专注于体育的流媒体服务确实报告了好于预期的收入，并给出了乐观的预测，包括预计全年收入将翻一番。FuboTV 股价在盘前交易中飙升 13.4%。</blockquote></p><p> <a href=\"https://laohu8.com/S/NLOK\">NortonLifeLock Inc.</a> – Norton LifeLock is buying rival cybersecurity firm Avast for up to $8.6 billion in cash and stock. The deal will expand Norton LifeLock’s portfolio of consumer cybersecurity software offerings. Shares jumped 4.6% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/NLOK\">诺顿生命锁公司。</a>– Norton LifeLock 将以高达 86 亿美元的现金和股票收购竞争对手网络安全公司 Avast。这笔交易将扩大诺顿LifeLock的消费者网络安全软件产品组合。盘前股价上涨 4.6%。</blockquote></p><p> <a href=\"https://laohu8.com/S/POSH\">Poshmark, Inc.</a> – Poshmark reported a quarterly loss of 4 cents per share, 2 cents less than Wall Street had forecast, while the online retailer of secondhand goods saw revenue top estimates. However, Poshmark did forecast current-quarter revenue below analyst forecasts and said it would see a hit from Apple’s new privacy controls. Poshmark slumped 8.2% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/POSH\">波什马克公司。</a>– Poshmark 公布季度每股亏损 4 美分，比华尔街预测少 2 美分，而这家二手货在线零售商的收入超出预期。不过，Poshmark 确实预测本季度收入低于分析师的预测，并表示苹果新的隐私控制措施将对其造成打击。Poshmark 在盘前交易中下跌 8.2%。</blockquote></p><p> <a href=\"https://laohu8.com/S/TDUP\">ThredUp Inc.</a> – ThredUp lost 15 cents per share for its latest quarter, a penny less than anticipated, while the online pre-owned fashion retailer reported better-than-expected revenue and gave an upbeat forecast. The upbeat results helped the stock rally by 7.3% in the premarket.</p><p><blockquote><a href=\"https://laohu8.com/S/TDUP\">ThredUp公司。</a>– ThredUp 最新季度每股亏损 15 美分，比预期少 1 美分，而这家在线二手时尚零售商公布的收入好于预期，并给出了乐观的预测。乐观的业绩帮助该股盘前上涨7.3%。</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/ALIT\">Alight, Inc.</a> – Financial services companyVoya Financial(VOYA) is exploring a potential acquisition of the newly public employee benefits administrator, according to people with knowledge of the matter who spoke to Bloomberg. It isn’t clear whether active talks are underway and there is no guarantee a deal will be reached. Alight tacked on 2.6% in premarket trading.</p><p><blockquote><a href=\"https://laohu8.com/S/ALIT\">阿莱特公司。</a>– 据接受彭博社采访的知情人士透露，金融服务公司 VOYA Financial (VOYA) 正在探索收购新成立的公共员工福利管理机构。目前尚不清楚是否正在积极谈判，也不能保证达成协议。Alight 在盘前交易中上涨 2.6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119132601","content_text":"Nasdaq futures fell on Wednesday, while Dow indicators rose slightly as investors swapped heavyweight technology stocks with economically sensitive sectors following the approval of a U.S. infrastructure bill.\nAt 8:05 a.m. ET, Dow E-minis were up 9 points, or 0.03%, S&P 500 E-minis were down 4.5 points, or 0.10% and Nasdaq 100 E-minis were down 28.75 points, or 0.19%.\n*Source From Tiger Trade, EST 08:05\nThe blue-chip Dow and the benchmark S&P 500 logged record closing highs on Tuesday, as economically sensitive stocks gained with the U.S. Senate’s passage of a $1 trillion bipartisan infrastructure package.\nAn additional $3.5 trillion investment plan to fight climate change and poverty is now on the cards, but faces stiff resistance from Republicans.\nStocks making the biggest moves in the premarket:\nCanada Goose – Canada Goose lost 45 cents per share (Canadian) for its fiscal first quarter, smaller than the 53 cent loss that analysts were anticipating, while the outerwear maker saw better-than-expected revenue as well. However, its loss widened compared to a year ago thanks to rising expenses, and its stock slid 2.1% in premarket trading.\nWendy's – Wendy’s rallied 3.3% in the premarket after beating top and bottom-line estimates for the second quarter. The restaurant chain earned an adjusted 27 cents per share, 9 cents above estimates, with same-store sales beating forecasts as more people returned to in-person dining.\nPerrigo Co PLC – The consumer health care products maker’s shares slumped 8.8% in premarket action, following a top and bottom-line miss for Perrigo’s latest quarter. Earnings came in 11 cents below estimates at an adjusted 50 cents per share, hurt by a weaker cold-and-cough season among other factors.\nSouthwest Airlines – The airline said it is seeing an increase in cancellations this month due to rising concerns over the Covid-19 Delta variant, making it difficult to be profitable for the current quarter. Southwest fell 1.9% in the premarket.\nCoinbase Global, Inc. – Coinbase reported an adjusted quarterly profit of $3.45 per share, beating the consensus estimate of $2.33 in its first report as a public company. The cryptocurrency exchange operator also saw better-than-expected revenue of $2 billion, up from $178 million a year earlier. Trading volume during the June quarter jumped 21% from the prior 3 months, and its shares rose 2.3% in premarket trading.\nWeight Watchers International Inc – WW tumbled 22.3% in premarket trading after quarterly profit and revenue fell short of analyst forecasts. The company, formerly known as Weight Watchers, earned an adjusted 48 cents per share for the quarter, 17 cents shy of estimates, with membership levels below WW’s own forecasts. CEO Mindy Grossman said the company did have a comprehensive plan to optimize performance during the second half of the year.\nfuboTV Inc. – FuboTV lost 68 cents per share for its latest quarter, wider than the 51-cent loss that analysts were anticipating. However, the sports-focused streaming service did report better-than-expected revenue and gave an upbeat forecast including a projected doubling of full-year revenue. FuboTV shares surged 13.4% in premarket action.\nNortonLifeLock Inc. – Norton LifeLock is buying rival cybersecurity firm Avast for up to $8.6 billion in cash and stock. The deal will expand Norton LifeLock’s portfolio of consumer cybersecurity software offerings. Shares jumped 4.6% in the premarket.\nPoshmark, Inc. – Poshmark reported a quarterly loss of 4 cents per share, 2 cents less than Wall Street had forecast, while the online retailer of secondhand goods saw revenue top estimates. However, Poshmark did forecast current-quarter revenue below analyst forecasts and said it would see a hit from Apple’s new privacy controls. Poshmark slumped 8.2% in premarket trading.\nThredUp Inc. – ThredUp lost 15 cents per share for its latest quarter, a penny less than anticipated, while the online pre-owned fashion retailer reported better-than-expected revenue and gave an upbeat forecast. The upbeat results helped the stock rally by 7.3% in the premarket.\nAlight, Inc. – Financial services companyVoya Financial(VOYA) is exploring a potential acquisition of the newly public employee benefits administrator, according to people with knowledge of the matter who spoke to Bloomberg. It isn’t clear whether active talks are underway and there is no guarantee a deal will be reached. Alight tacked on 2.6% in premarket trading.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892442323,"gmtCreate":1628686856862,"gmtModify":1631883939441,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>[开心]&nbsp;","listText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>[开心]&nbsp;","text":"$Vanguard S&P 500 ETF(VOO)$[开心]","images":[{"img":"https://static.tigerbbs.com/3548be96f7d6a849a9c723ac2f0fd8b2","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/892442323","isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":896572263,"gmtCreate":1628598376352,"gmtModify":1633745869772,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896572263","repostId":"2158792304","repostType":4,"isVote":1,"tweetType":1,"viewCount":1108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896576469,"gmtCreate":1628598333151,"gmtModify":1633745870017,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896576469","repostId":"2156810549","repostType":4,"isVote":1,"tweetType":1,"viewCount":920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896576968,"gmtCreate":1628598281654,"gmtModify":1633745870854,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Share","listText":"Share","text":"Share","images":[{"img":"https://static.tigerbbs.com/0b2487a6c800b1f004547e2d1b202a44","width":"1080","height":"2429"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896576968","isVote":1,"tweetType":1,"viewCount":704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":896576088,"gmtCreate":1628598256544,"gmtModify":1633745870976,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896576088","repostId":"2158769224","repostType":4,"repost":{"id":"2158769224","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628595927,"share":"https://www.laohunote.com/m/news/2158769224?lang=zh_CN&edition=full","pubTime":"2021-08-10 19:45","market":"us","language":"en","title":"Summit Wireless Q2 Results Beat Street Expectations; Revenue Jumps 354%<blockquote>Summit Wireless 第二季度业绩超出华尔街预期；收入增长 354%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2158769224","media":"Benzinga Earnings","summary":"Summit Wireless (NASDAQ: WISA) reported a flat second-quarter profit while revenue jumped four-fold on the back of a lower base last year when sales were hit due to pandemic-induced retail shutdowns.","content":"<p><b>Summit Wireless</b> (NASDAQ:WISA)&nbsp;reported a flat second-quarter profit while revenue jumped four-fold on the back of a lower base last year when sales were hit due to pandemic-induced retail shutdowns.</p><p><blockquote><b>峰会无线</b>（纳斯达克股票代码：WISA）公布的第二季度利润持平，而去年由于疫情引发的零售关闭，销售受到打击，基数较低，收入增长了四倍。</blockquote></p><p> <b>What Happened: </b>The San Jose, California-based company that provides wireless sound technology for home entertainment systems reports&nbsp;a net loss of $3.4 million,&nbsp;about the&nbsp;same as&nbsp;a year ago.&nbsp;The latest quarter's net loss&nbsp;included $600,000<b>&nbsp;</b>for warrant inducement.</p><p><blockquote><b>发生了什么：</b>这家总部位于加利福尼亚州圣何塞的为家庭娱乐系统提供无线音响技术的公司报告净亏损340万美元，与一年前大致相同。最近一个季度的净亏损包括60万美元<b> </b>搜查令诱惑。</blockquote></p><p> Revenue came in at $1.6 million in the&nbsp;quarter, compared with $300,000 a year ago, a jump of about 354%.</p><p><blockquote>本季度收入为 160 万美元，而去年同期为 30 万美元，增长约 354%。</blockquote></p><p> The company reported $10.3 million in cash and cash equivalents at the end of the quarter,&nbsp;compared to $7.4 million on Dec. 31 last year.</p><p><blockquote>该公司报告本季度末现金和现金等价物为 1030 万美元，而去年 12 月 31 日为 740 万美元。</blockquote></p><p> The <b>results</b> <b>beat Wall Street&nbsp;estimates</b> as the&nbsp;analyst consensus was for&nbsp;Summit Wireless to report a loss of minus 28 cents per share on revenue of $1.21 million. Based on the 15.263 million outstanding shares, Summit Wireless' loss per share comes somewhere around 22 cents.</p><p><blockquote>这个<b>结果</b><b>超出华尔街预期</b>分析师一致认为 Summit Wireless 每股亏损 28 美分，营收为 121 万美元。根据 1526.3 万股流通股计算，Summit Wireless 的每股亏损约为 22 美分。</blockquote></p><p> Summit Wireless CEO Brett Moyer noted&nbsp;the company \"continued to drive momentum in WiSA technology adoption, the WiSA Wave marketing program, website visitors, and sales, all of which are fueling our long-term growth” in the quarter and particularly highlighted the new WiSA&nbsp;<b>Amazon.com Inc. </b>(NASDAQ:AMZN) storefront.</p><p><blockquote>Summit Wireless首席执行官Brett Moyer指出，该公司在本季度“继续推动WiSA技术采用、WiSA Wave营销计划、网站访问者和销售方面的势头，所有这些都推动了我们的长期增长”，并特别强调了新的WiSA<b>亚马逊公司。</b>（纳斯达克股票代码：AMZN）店面。</blockquote></p><p> <b>Full-Year Guidance:</b> The company, which counts <b>Bang &amp; Olufsen</b> and <b>Koninklijke Philips N.V. </b>(NYSE:PHG) as some of its clients, said it expects 2021 revenue to be in the range of $6.5 million and $7&nbsp;million, up over 180%, compared to $2.4 million last year.</p><p><blockquote><b>全年指导：</b>重要的公司<b>邦奥鲁夫森</b>和<b>飞利浦皇家有限公司</b>（纽约证券交易所股票代码：PHG）作为其一些客户表示，预计 2021 年收入将在 650 万美元至 700 万美元之间，比去年的 240 万美元增长超过 180%。</blockquote></p><p> Summit Wireless, which has a market valuation of $58.1 million as of Monday's close, also expects gross margins to soar between 28% and 30% this year, compared with an increase of 18% in 2020. It expects cash and cash equivalents at the end of the year to be between $13 million and $15 million.</p><p><blockquote>截至周一收盘，Summit Wireless 的市值为 5810 万美元，该公司也预计今年的毛利率将飙升 28% 至 30%，而 2020 年的增幅为 18%。预计年底现金和现金等价物将在 1300 万美元至 1500 万美元之间。</blockquote></p><p> <b>WISA Price Action: S</b>hares closed 5.81% higher at $3.81 on Monday.</p><p><blockquote><b>WISA 价格走势：S</b>hares 周一收盘上涨 5.81%，至 3.81 美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Summit Wireless Q2 Results Beat Street Expectations; Revenue Jumps 354%<blockquote>Summit Wireless 第二季度业绩超出华尔街预期；收入增长 354%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSummit Wireless Q2 Results Beat Street Expectations; Revenue Jumps 354%<blockquote>Summit Wireless 第二季度业绩超出华尔街预期；收入增长 354%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-10 19:45</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><b>Summit Wireless</b> (NASDAQ:WISA)&nbsp;reported a flat second-quarter profit while revenue jumped four-fold on the back of a lower base last year when sales were hit due to pandemic-induced retail shutdowns.</p><p><blockquote><b>峰会无线</b>（纳斯达克股票代码：WISA）公布的第二季度利润持平，而去年由于疫情引发的零售关闭，销售受到打击，基数较低，收入增长了四倍。</blockquote></p><p> <b>What Happened: </b>The San Jose, California-based company that provides wireless sound technology for home entertainment systems reports&nbsp;a net loss of $3.4 million,&nbsp;about the&nbsp;same as&nbsp;a year ago.&nbsp;The latest quarter's net loss&nbsp;included $600,000<b>&nbsp;</b>for warrant inducement.</p><p><blockquote><b>发生了什么：</b>这家总部位于加利福尼亚州圣何塞的为家庭娱乐系统提供无线音响技术的公司报告净亏损340万美元，与一年前大致相同。最近一个季度的净亏损包括60万美元<b> </b>搜查令诱惑。</blockquote></p><p> Revenue came in at $1.6 million in the&nbsp;quarter, compared with $300,000 a year ago, a jump of about 354%.</p><p><blockquote>本季度收入为 160 万美元，而去年同期为 30 万美元，增长约 354%。</blockquote></p><p> The company reported $10.3 million in cash and cash equivalents at the end of the quarter,&nbsp;compared to $7.4 million on Dec. 31 last year.</p><p><blockquote>该公司报告本季度末现金和现金等价物为 1030 万美元，而去年 12 月 31 日为 740 万美元。</blockquote></p><p> The <b>results</b> <b>beat Wall Street&nbsp;estimates</b> as the&nbsp;analyst consensus was for&nbsp;Summit Wireless to report a loss of minus 28 cents per share on revenue of $1.21 million. Based on the 15.263 million outstanding shares, Summit Wireless' loss per share comes somewhere around 22 cents.</p><p><blockquote>这个<b>结果</b><b>超出华尔街预期</b>分析师一致认为 Summit Wireless 每股亏损 28 美分，营收为 121 万美元。根据 1526.3 万股流通股计算，Summit Wireless 的每股亏损约为 22 美分。</blockquote></p><p> Summit Wireless CEO Brett Moyer noted&nbsp;the company \"continued to drive momentum in WiSA technology adoption, the WiSA Wave marketing program, website visitors, and sales, all of which are fueling our long-term growth” in the quarter and particularly highlighted the new WiSA&nbsp;<b>Amazon.com Inc. </b>(NASDAQ:AMZN) storefront.</p><p><blockquote>Summit Wireless首席执行官Brett Moyer指出，该公司在本季度“继续推动WiSA技术采用、WiSA Wave营销计划、网站访问者和销售方面的势头，所有这些都推动了我们的长期增长”，并特别强调了新的WiSA<b>亚马逊公司。</b>（纳斯达克股票代码：AMZN）店面。</blockquote></p><p> <b>Full-Year Guidance:</b> The company, which counts <b>Bang &amp; Olufsen</b> and <b>Koninklijke Philips N.V. </b>(NYSE:PHG) as some of its clients, said it expects 2021 revenue to be in the range of $6.5 million and $7&nbsp;million, up over 180%, compared to $2.4 million last year.</p><p><blockquote><b>全年指导：</b>重要的公司<b>邦奥鲁夫森</b>和<b>飞利浦皇家有限公司</b>（纽约证券交易所股票代码：PHG）作为其一些客户表示，预计 2021 年收入将在 650 万美元至 700 万美元之间，比去年的 240 万美元增长超过 180%。</blockquote></p><p> Summit Wireless, which has a market valuation of $58.1 million as of Monday's close, also expects gross margins to soar between 28% and 30% this year, compared with an increase of 18% in 2020. It expects cash and cash equivalents at the end of the year to be between $13 million and $15 million.</p><p><blockquote>截至周一收盘，Summit Wireless 的市值为 5810 万美元，该公司也预计今年的毛利率将飙升 28% 至 30%，而 2020 年的增幅为 18%。预计年底现金和现金等价物将在 1300 万美元至 1500 万美元之间。</blockquote></p><p> <b>WISA Price Action: S</b>hares closed 5.81% higher at $3.81 on Monday.</p><p><blockquote><b>WISA 价格走势：S</b>hares 周一收盘上涨 5.81%，至 3.81 美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158769224","content_text":"Summit Wireless (NASDAQ:WISA) reported a flat second-quarter profit while revenue jumped four-fold on the back of a lower base last year when sales were hit due to pandemic-induced retail shutdowns.\nWhat Happened: The San Jose, California-based company that provides wireless sound technology for home entertainment systems reports a net loss of $3.4 million, about the same as a year ago. The latest quarter's net loss included $600,000 for warrant inducement.\nRevenue came in at $1.6 million in the quarter, compared with $300,000 a year ago, a jump of about 354%.\nThe company reported $10.3 million in cash and cash equivalents at the end of the quarter, compared to $7.4 million on Dec. 31 last year.\nThe results beat Wall Street estimates as the analyst consensus was for Summit Wireless to report a loss of minus 28 cents per share on revenue of $1.21 million. Based on the 15.263 million outstanding shares, Summit Wireless' loss per share comes somewhere around 22 cents.\nSummit Wireless CEO Brett Moyer noted the company \"continued to drive momentum in WiSA technology adoption, the WiSA Wave marketing program, website visitors, and sales, all of which are fueling our long-term growth” in the quarter and particularly highlighted the new WiSA Amazon.com Inc. (NASDAQ:AMZN) storefront.\nFull-Year Guidance: The company, which counts Bang & Olufsen and Koninklijke Philips N.V. (NYSE:PHG) as some of its clients, said it expects 2021 revenue to be in the range of $6.5 million and $7 million, up over 180%, compared to $2.4 million last year.\nSummit Wireless, which has a market valuation of $58.1 million as of Monday's close, also expects gross margins to soar between 28% and 30% this year, compared with an increase of 18% in 2020. It expects cash and cash equivalents at the end of the year to be between $13 million and $15 million.\nWISA Price Action: Shares closed 5.81% higher at $3.81 on Monday.","news_type":1,"symbols_score_info":{"WISA":0.9}},"isVote":1,"tweetType":1,"viewCount":1012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896578380,"gmtCreate":1628598217740,"gmtModify":1631883939448,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>😀","listText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>😀","text":"$Vanguard S&P 500 ETF(VOO)$😀","images":[{"img":"https://static.tigerbbs.com/68dfbbf3c921b0b4eb211f30d9f76585","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896578380","isVote":1,"tweetType":1,"viewCount":919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":898368725,"gmtCreate":1628474288067,"gmtModify":1633746925686,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898368725","repostId":"1169505053","repostType":4,"isVote":1,"tweetType":1,"viewCount":1206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898368831,"gmtCreate":1628474266023,"gmtModify":1633746926054,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898368831","repostId":"1143883880","repostType":4,"isVote":1,"tweetType":1,"viewCount":962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898361632,"gmtCreate":1628474233726,"gmtModify":1633746926748,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"👍 👌 💛 😙&nbsp;","listText":"👍 👌 💛 😙&nbsp;","text":"👍 👌 💛 😙","images":[{"img":"https://static.tigerbbs.com/25661c6a0f433b956bab12c09a7c6c51","width":"1080","height":"2627"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898361632","isVote":1,"tweetType":1,"viewCount":1001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":898363134,"gmtCreate":1628474163928,"gmtModify":1633746927685,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898363134","repostId":"1162909436","repostType":4,"repost":{"id":"1162909436","kind":"news","pubTimestamp":1628463995,"share":"https://www.laohunote.com/m/news/1162909436?lang=zh_CN&edition=full","pubTime":"2021-08-09 07:06","market":"us","language":"en","title":"Disney, AMC, Coinbase, Airbnb, BioNTech, and Other Stocks for Investors to Watch This Week<blockquote>迪士尼、AMC、Coinbase、爱彼迎、BioNTech 和本周投资者关注的其他股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162909436","media":"Barron's","summary":"The bulk of second-quarter earnings season is in the rearview mirror, but several notable reports re","content":"<p>The bulk of second-quarter earnings season is in the rearview mirror,&nbsp;but several notable reports remain.&nbsp;AMC Entertainment Holdings,&nbsp;BioNTech, and&nbsp;Dish Network&nbsp;will be Monday’s highlights.&nbsp;Coinbase&nbsp;Global and&nbsp;Syscogo on Tuesday. On Wednesday,&nbsp;eBay&nbsp;will report, followed by Walt&nbsp;Disney,&nbsp;Airbnb,&nbsp;DoorDash,&nbsp;and&nbsp;Broadridge Financial Solutionson Thursday.</p><p><blockquote>第二季度财报季的大部分时间已经过去，但仍有几份值得关注的报告。AMC院线控股公司、BioNTech 和 Dish Network 将是周一的亮点。Coinbase Global 和 Syscogo 将于周二发布。周三，eBay 将发布报告，随后是华特迪士尼、爱彼迎、DoorDash 和 Broadridge Financial Solutions 将于周四发布报告。</blockquote></p><p> The week’s economic calendar will include a pair of updates each on consumer and business inflation and sentiment. On Wednesday, the Bureau of Labor Statistics will&nbsp;report&nbsp;the consumer price index for July, followed by the producer price index on Thursday. Those are expected to have increased by 5.3% and 7.3%, respectively, year over year.</p><p><blockquote>本周的经济日历将包括消费者和企业通胀及情绪的两份更新。周三，美国劳工统计局将公布7月份消费者价格指数，随后是周四的生产者价格指数。预计同比分别增长5.3%和7.3%。</blockquote></p><p> On Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for July. And on Friday, the University of Michigan reports its Consumer Sentiment index for August. Both are forecast to hold roughly even with the prior months’ figures.</p><p><blockquote>周二，全国独立企业联合会将发布7月份小企业乐观指数。周五，密歇根大学公布了 8 月份消费者信心指数。预计这两个数字将与前几个月的数字大致持平。</blockquote></p><p> <h3><b>Monday 8/9</b></h3> Air Products and Chemicals,&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>,&nbsp;Barrick Gold,&nbsp;<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>, <a href=\"https://laohu8.com/S/DISH\">DISH Network</a>, and&nbsp;<a href=\"https://laohu8.com/S/TSN\">Tyson</a>&nbsp;report quarterly results.</p><p><blockquote><h3><b>8/9星期一</b></h3>空气产品和化学品，<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>, 巴里克黄金,<a href=\"https://laohu8.com/S/BNTX\">生物科技公司</a>,<a href=\"https://laohu8.com/S/DISH\">碟形网</a>，和<a href=\"https://laohu8.com/S/TSN\">泰森</a>报告季度业绩。</blockquote></p><p> <b>The Bureau of Labor Statistics</b>&nbsp;reports the Job Openings and Labor Turnover Survey for June. Economists forecast 9.1 million openings on the last business day of June, slightly less than the May figure. Job openings stand at record levels as employers struggle to fill vacant positions.</p><p><blockquote><b>劳工统计局</b>报告六月份的职位空缺和劳动力流动调查。经济学家预测 6 月最后一个工作日将有 910 万个职位空缺，略低于 5 月份的数字。随着雇主努力填补空缺职位，职位空缺达到创纪录水平。</blockquote></p><p> <h3><b>Tuesday 8/10</b></h3> <b>The National Federation of Independent Business</b>&nbsp;reports its Small Business Optimism Index for July. Consensus estimate is for a 102.8 reading, roughly even with the June data, which was the highest since October.</p><p><blockquote><h3><b>星期二 8/10</b></h3><b>全国独立企业联合会</b>报告 7 月份小企业乐观指数。普遍估计读数为 102.8，与 6 月份的数据大致持平，这是自 10 月份以来的最高水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>, <a href=\"https://laohu8.com/S/SYY\">Sysco</a>, and&nbsp;<a href=\"https://laohu8.com/S/TDG\">TransDigm</a> announce earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>,<a href=\"https://laohu8.com/S/SYY\">西斯科</a>，和<a href=\"https://laohu8.com/S/TDG\">TransDigm</a>公布收益。</blockquote></p><p> <b>The BLS reports unit labor</b>&nbsp;costs and nonfarm productivity for the second quarter. Expectations are for a rise of 0.9% in labor costs and 3.4% for productivity. This compares with increases of 1.7% and 5.4%, respectively, in the first quarter.</p><p><blockquote><b>BLS 报告单位劳动力</b>第二季度的成本和非农生产率。预计劳动力成本上升0.9%，生产率上升3.4%。相比之下，第一季度的增幅分别为 1.7% 和 5.4%。</blockquote></p><p> <h3><b>Wednesday 8/11</b></h3> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> and&nbsp;<a href=\"https://laohu8.com/S/PRGO\">Perrigo Co PLC</a> release quarterly results.</p><p><blockquote><h3><b>星期三 8/11</b></h3><a href=\"https://laohu8.com/S/EBAY\">易趣</a>和<a href=\"https://laohu8.com/S/PRGO\">佩里戈公司</a>发布季度业绩。</blockquote></p><p> <b>The BLS reports the consumer</b>&nbsp;price index for July. Economists forecast a 5.3% increase year over year, after a gain of 5.4% in June. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.3%, compared with 4.5% previously. Inflation, and whether it is transitory, has generated much discussion on Wall Street this year, with the June CPI showing the fastest pace of growth since July 2008 and core CPI rising at the swiftest clip in nearly 30 years.</p><p><blockquote><b>BLS 向消费者报告</b>7月份价格指数。经济学家预测，继 6 月份增长 5.4% 后，同比增长 5.3%。剔除波动较大的食品和能源价格的核心CPI预计将上涨4.3%，而此前为4.5%。今年，通胀及其是否是短暂的，在华尔街引发了很多讨论，6月份CPI呈现自2008年7月以来最快的增长速度，核心CPI以近30年来最快的速度上涨。</blockquote></p><p> <b>The Treasury Department</b>&nbsp;releases the monthly budget statement for July. The estimated deficit is $267 billion for the month, and $3 trillion for fiscal 2021, which ends in September. The $3 trillion would be just shy of fiscal 2020’s $3.1 trillion deficit, a record.</p><p><blockquote><b>财政部</b>发布7月份月度预算报表。预计本月赤字为 2670 亿美元，2021 财年（将于 9 月结束）赤字为 3 万亿美元。3 万亿美元将略低于 2020 财年创纪录的 3.1 万亿美元赤字。</blockquote></p><p> <h3><b>Thursday 8/12</b></h3> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a>, <a href=\"https://laohu8.com/S/BR\">Broadridge Financial Solutions</a>,&nbsp;<a href=\"https://laohu8.com/S/BAM\">Brookfield Asset Management</a>,&nbsp;<a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a>, and <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> hold conference calls to discuss earnings.</p><p><blockquote><h3><b>星期四 8/12</b></h3><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>,<a href=\"https://laohu8.com/S/BR\">布罗德里奇金融解决方案</a>, <a href=\"https://laohu8.com/S/BAM\">布鲁克菲尔德资产管理公司</a>, <a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>，和<a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a>在评级召开会议讨论收益。</blockquote></p><p> Idexx Laboratorieshosts its 2021 virtual investor day.</p><p><blockquote>Idexx实验室举办2021年虚拟投资者日。</blockquote></p><p> <b>The BLS reports the</b>&nbsp;producer price index for July. Consensus estimate is for a 0.4% month-over-month rise. The core PPI, which excludes volatile food and energy prices, is projected to increase 0.5%. The PPI and core PPI, both jumped 1% in June.</p><p><blockquote><b>BLS 报告</b>7月份生产者价格指数。普遍估计环比上涨 0.4%。剔除波动较大的食品和能源价格的核心PPI预计将上涨0.5%。6月份PPI和核心PPI均上涨1%。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the weekend ending on Aug. 7. In July, claims averaged 392,000 a week, slightly less than the June data. Jobless claims have trended down since peaking in the spring of 2020 but remain elevated compared with prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至 8 月 7 日的周末首次申请失业救济人数。7 月份，平均每周申请人数为 392,000 人，略低于 6 月份的数据。自 2020 年春季达到峰值以来，申请失业救济人数呈下降趋势，但与大流行前的水平相比，仍处于较高水平。</blockquote></p><p> <h3><b>Friday 8/13</b></h3> <b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment index for August. Expectations are for an 81.1 reading, roughly even with the July figure.</p><p><blockquote><h3><b>8/13星期五</b></h3><b>密歇根大学</b>发布8月份消费者信心指数。预期读数为 81.1，与 7 月份的数据大致持平。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney, AMC, Coinbase, Airbnb, BioNTech, and Other Stocks for Investors to Watch This Week<blockquote>迪士尼、AMC、Coinbase、爱彼迎、BioNTech 和本周投资者关注的其他股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney, AMC, Coinbase, Airbnb, BioNTech, and Other Stocks for Investors to Watch This Week<blockquote>迪士尼、AMC、Coinbase、爱彼迎、BioNTech 和本周投资者关注的其他股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-09 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The bulk of second-quarter earnings season is in the rearview mirror,&nbsp;but several notable reports remain.&nbsp;AMC Entertainment Holdings,&nbsp;BioNTech, and&nbsp;Dish Network&nbsp;will be Monday’s highlights.&nbsp;Coinbase&nbsp;Global and&nbsp;Syscogo on Tuesday. On Wednesday,&nbsp;eBay&nbsp;will report, followed by Walt&nbsp;Disney,&nbsp;Airbnb,&nbsp;DoorDash,&nbsp;and&nbsp;Broadridge Financial Solutionson Thursday.</p><p><blockquote>第二季度财报季的大部分时间已经过去，但仍有几份值得关注的报告。AMC院线控股公司、BioNTech 和 Dish Network 将是周一的亮点。Coinbase Global 和 Syscogo 将于周二发布。周三，eBay 将发布报告，随后是华特迪士尼、爱彼迎、DoorDash 和 Broadridge Financial Solutions 将于周四发布报告。</blockquote></p><p> The week’s economic calendar will include a pair of updates each on consumer and business inflation and sentiment. On Wednesday, the Bureau of Labor Statistics will&nbsp;report&nbsp;the consumer price index for July, followed by the producer price index on Thursday. Those are expected to have increased by 5.3% and 7.3%, respectively, year over year.</p><p><blockquote>本周的经济日历将包括消费者和企业通胀及情绪的两份更新。周三，美国劳工统计局将公布7月份消费者价格指数，随后是周四的生产者价格指数。预计同比分别增长5.3%和7.3%。</blockquote></p><p> On Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for July. And on Friday, the University of Michigan reports its Consumer Sentiment index for August. Both are forecast to hold roughly even with the prior months’ figures.</p><p><blockquote>周二，全国独立企业联合会将发布7月份小企业乐观指数。周五，密歇根大学公布了 8 月份消费者信心指数。预计这两个数字将与前几个月的数字大致持平。</blockquote></p><p> <h3><b>Monday 8/9</b></h3> Air Products and Chemicals,&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>,&nbsp;Barrick Gold,&nbsp;<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>, <a href=\"https://laohu8.com/S/DISH\">DISH Network</a>, and&nbsp;<a href=\"https://laohu8.com/S/TSN\">Tyson</a>&nbsp;report quarterly results.</p><p><blockquote><h3><b>8/9星期一</b></h3>空气产品和化学品，<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>, 巴里克黄金,<a href=\"https://laohu8.com/S/BNTX\">生物科技公司</a>,<a href=\"https://laohu8.com/S/DISH\">碟形网</a>，和<a href=\"https://laohu8.com/S/TSN\">泰森</a>报告季度业绩。</blockquote></p><p> <b>The Bureau of Labor Statistics</b>&nbsp;reports the Job Openings and Labor Turnover Survey for June. Economists forecast 9.1 million openings on the last business day of June, slightly less than the May figure. Job openings stand at record levels as employers struggle to fill vacant positions.</p><p><blockquote><b>劳工统计局</b>报告六月份的职位空缺和劳动力流动调查。经济学家预测 6 月最后一个工作日将有 910 万个职位空缺，略低于 5 月份的数字。随着雇主努力填补空缺职位，职位空缺达到创纪录水平。</blockquote></p><p> <h3><b>Tuesday 8/10</b></h3> <b>The National Federation of Independent Business</b>&nbsp;reports its Small Business Optimism Index for July. Consensus estimate is for a 102.8 reading, roughly even with the June data, which was the highest since October.</p><p><blockquote><h3><b>星期二 8/10</b></h3><b>全国独立企业联合会</b>报告 7 月份小企业乐观指数。普遍估计读数为 102.8，与 6 月份的数据大致持平，这是自 10 月份以来的最高水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>, <a href=\"https://laohu8.com/S/SYY\">Sysco</a>, and&nbsp;<a href=\"https://laohu8.com/S/TDG\">TransDigm</a> announce earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>,<a href=\"https://laohu8.com/S/SYY\">西斯科</a>，和<a href=\"https://laohu8.com/S/TDG\">TransDigm</a>公布收益。</blockquote></p><p> <b>The BLS reports unit labor</b>&nbsp;costs and nonfarm productivity for the second quarter. Expectations are for a rise of 0.9% in labor costs and 3.4% for productivity. This compares with increases of 1.7% and 5.4%, respectively, in the first quarter.</p><p><blockquote><b>BLS 报告单位劳动力</b>第二季度的成本和非农生产率。预计劳动力成本上升0.9%，生产率上升3.4%。相比之下，第一季度的增幅分别为 1.7% 和 5.4%。</blockquote></p><p> <h3><b>Wednesday 8/11</b></h3> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> and&nbsp;<a href=\"https://laohu8.com/S/PRGO\">Perrigo Co PLC</a> release quarterly results.</p><p><blockquote><h3><b>星期三 8/11</b></h3><a href=\"https://laohu8.com/S/EBAY\">易趣</a>和<a href=\"https://laohu8.com/S/PRGO\">佩里戈公司</a>发布季度业绩。</blockquote></p><p> <b>The BLS reports the consumer</b>&nbsp;price index for July. Economists forecast a 5.3% increase year over year, after a gain of 5.4% in June. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.3%, compared with 4.5% previously. Inflation, and whether it is transitory, has generated much discussion on Wall Street this year, with the June CPI showing the fastest pace of growth since July 2008 and core CPI rising at the swiftest clip in nearly 30 years.</p><p><blockquote><b>BLS 向消费者报告</b>7月份价格指数。经济学家预测，继 6 月份增长 5.4% 后，同比增长 5.3%。剔除波动较大的食品和能源价格的核心CPI预计将上涨4.3%，而此前为4.5%。今年，通胀及其是否是短暂的，在华尔街引发了很多讨论，6月份CPI呈现自2008年7月以来最快的增长速度，核心CPI以近30年来最快的速度上涨。</blockquote></p><p> <b>The Treasury Department</b>&nbsp;releases the monthly budget statement for July. The estimated deficit is $267 billion for the month, and $3 trillion for fiscal 2021, which ends in September. The $3 trillion would be just shy of fiscal 2020’s $3.1 trillion deficit, a record.</p><p><blockquote><b>财政部</b>发布7月份月度预算报表。预计本月赤字为 2670 亿美元，2021 财年（将于 9 月结束）赤字为 3 万亿美元。3 万亿美元将略低于 2020 财年创纪录的 3.1 万亿美元赤字。</blockquote></p><p> <h3><b>Thursday 8/12</b></h3> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a>, <a href=\"https://laohu8.com/S/BR\">Broadridge Financial Solutions</a>,&nbsp;<a href=\"https://laohu8.com/S/BAM\">Brookfield Asset Management</a>,&nbsp;<a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a>, and <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> hold conference calls to discuss earnings.</p><p><blockquote><h3><b>星期四 8/12</b></h3><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>,<a href=\"https://laohu8.com/S/BR\">布罗德里奇金融解决方案</a>, <a href=\"https://laohu8.com/S/BAM\">布鲁克菲尔德资产管理公司</a>, <a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>，和<a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a>在评级召开会议讨论收益。</blockquote></p><p> Idexx Laboratorieshosts its 2021 virtual investor day.</p><p><blockquote>Idexx实验室举办2021年虚拟投资者日。</blockquote></p><p> <b>The BLS reports the</b>&nbsp;producer price index for July. Consensus estimate is for a 0.4% month-over-month rise. The core PPI, which excludes volatile food and energy prices, is projected to increase 0.5%. The PPI and core PPI, both jumped 1% in June.</p><p><blockquote><b>BLS 报告</b>7月份生产者价格指数。普遍估计环比上涨 0.4%。剔除波动较大的食品和能源价格的核心PPI预计将上涨0.5%。6月份PPI和核心PPI均上涨1%。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the weekend ending on Aug. 7. In July, claims averaged 392,000 a week, slightly less than the June data. Jobless claims have trended down since peaking in the spring of 2020 but remain elevated compared with prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至 8 月 7 日的周末首次申请失业救济人数。7 月份，平均每周申请人数为 392,000 人，略低于 6 月份的数据。自 2020 年春季达到峰值以来，申请失业救济人数呈下降趋势，但与大流行前的水平相比，仍处于较高水平。</blockquote></p><p> <h3><b>Friday 8/13</b></h3> <b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment index for August. Expectations are for an 81.1 reading, roughly even with the July figure.</p><p><blockquote><h3><b>8/13星期五</b></h3><b>密歇根大学</b>发布8月份消费者信心指数。预期读数为 81.1，与 7 月份的数据大致持平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/disney-amc-coinbase-airbnb-biontech-and-other-stocks-for-investors-to-watch-this-week-51628449233?mod=hp_LEAD_4?mod=article_signInButton\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎","TDG":"TransDigm",".IXIC":"NASDAQ Composite","AMC":"AMC院线","BR":"Broadridge金融解决方案","PRGO":"百利高","DIS":"迪士尼","COIN":"Coinbase Global, Inc.","EBAY":"eBay",".DJI":"道琼斯","BAM":"布鲁克菲尔德资产管理",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/disney-amc-coinbase-airbnb-biontech-and-other-stocks-for-investors-to-watch-this-week-51628449233?mod=hp_LEAD_4?mod=article_signInButton","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162909436","content_text":"The bulk of second-quarter earnings season is in the rearview mirror, but several notable reports remain. AMC Entertainment Holdings, BioNTech, and Dish Network will be Monday’s highlights. Coinbase Global and Syscogo on Tuesday. On Wednesday, eBay will report, followed by Walt Disney, Airbnb, DoorDash, and Broadridge Financial Solutionson Thursday.\nThe week’s economic calendar will include a pair of updates each on consumer and business inflation and sentiment. On Wednesday, the Bureau of Labor Statistics will report the consumer price index for July, followed by the producer price index on Thursday. Those are expected to have increased by 5.3% and 7.3%, respectively, year over year.\nOn Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for July. And on Friday, the University of Michigan reports its Consumer Sentiment index for August. Both are forecast to hold roughly even with the prior months’ figures.\nMonday 8/9\nAir Products and Chemicals, AMC Entertainment, Barrick Gold, BioNTech SE, DISH Network, and Tyson report quarterly results.\nThe Bureau of Labor Statistics reports the Job Openings and Labor Turnover Survey for June. Economists forecast 9.1 million openings on the last business day of June, slightly less than the May figure. Job openings stand at record levels as employers struggle to fill vacant positions.\nTuesday 8/10\nThe National Federation of Independent Business reports its Small Business Optimism Index for July. Consensus estimate is for a 102.8 reading, roughly even with the June data, which was the highest since October.\nCoinbase Global, Inc., Sysco, and TransDigm announce earnings.\nThe BLS reports unit labor costs and nonfarm productivity for the second quarter. Expectations are for a rise of 0.9% in labor costs and 3.4% for productivity. This compares with increases of 1.7% and 5.4%, respectively, in the first quarter.\nWednesday 8/11\neBay and Perrigo Co PLC release quarterly results.\nThe BLS reports the consumer price index for July. Economists forecast a 5.3% increase year over year, after a gain of 5.4% in June. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.3%, compared with 4.5% previously. Inflation, and whether it is transitory, has generated much discussion on Wall Street this year, with the June CPI showing the fastest pace of growth since July 2008 and core CPI rising at the swiftest clip in nearly 30 years.\nThe Treasury Department releases the monthly budget statement for July. The estimated deficit is $267 billion for the month, and $3 trillion for fiscal 2021, which ends in September. The $3 trillion would be just shy of fiscal 2020’s $3.1 trillion deficit, a record.\nThursday 8/12\nAirbnb, Inc., Broadridge Financial Solutions, Brookfield Asset Management, DoorDash, Inc., and Walt Disney hold conference calls to discuss earnings.\nIdexx Laboratorieshosts its 2021 virtual investor day.\nThe BLS reports the producer price index for July. Consensus estimate is for a 0.4% month-over-month rise. The core PPI, which excludes volatile food and energy prices, is projected to increase 0.5%. The PPI and core PPI, both jumped 1% in June.\nThe Department of Labor reports initial jobless claims for the weekend ending on Aug. 7. In July, claims averaged 392,000 a week, slightly less than the June data. Jobless claims have trended down since peaking in the spring of 2020 but remain elevated compared with prepandemic levels.\nFriday 8/13\nThe University of Michigan releases its Consumer Sentiment index for August. Expectations are for an 81.1 reading, roughly even with the July figure.","news_type":1,"symbols_score_info":{"AMC":0.9,"ABNB":0.9,"BR":0.9,"COIN":0.9,"EBAY":0.9,"TDG":0.9,"PRGO":0.9,".IXIC":0.9,".DJI":0.9,"BAM":0.9,".SPX":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":186972064,"gmtCreate":1623471369958,"gmtModify":1634032685020,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":5,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/186972064","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":733,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181919796,"gmtCreate":1623370139415,"gmtModify":1634034152083,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/181919796","repostId":"1184070773","repostType":4,"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898368831,"gmtCreate":1628474266023,"gmtModify":1633746926054,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898368831","repostId":"1143883880","repostType":4,"isVote":1,"tweetType":1,"viewCount":962,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802110496,"gmtCreate":1627730965415,"gmtModify":1633756755828,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/802110496","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohunote.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股票市场指数——这位基金经理做到了，这就是她和她的团队做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键教训。</b>投资是一场艰难的游戏。这就是为什么这么多共同基金落后于指数的原因。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你发现一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>美国世纪聚焦动态增长基金CFSX符合要求。据 toMorningstar 称，这只 28 亿美元的基金在过去三年和五年中的年化表现超过了罗素 1000 增长指数 6 个百分点以上。五年来，它的年化表现优于高增长类别 8.6 个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由 Prabha Ram 共同管理，我最近采访了他。拉姆在印度长大，后来来到美国，在缅因大学担任助教，并获得了计算机科学硕士学位。她随后在宾夕法尼亚大学沃顿商学院获得了工商管理硕士学位。拉姆和其他三位投资组合经理自 2016 年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的例子。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1. 拥有能够在大市场“落地并扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司的大部分业务仍然停留在纸面上。Bill.comBill想改变这一点。该公司由首席执行官 René Lacerte 创立，他于 20 世纪 90 年代末创办了在线薪资公司 PayCycle，后来被 Intuit 收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com 帮助小型企业在应付账款和应收账款方面实现数字化。但这仅仅是开始。一旦进入公司，Bill.com 就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com 在客户身上 “落地并扩张 ”，但它也利用客户的商业伙伴来建立潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“拉姆说：”每个供应商都是网络成员，即使它不是 Bill.com 的客户。这个网络有大约250万成员。Bill.com 还从其合作伙伴那里获得了潜在客户，包括美国银行 BAC、摩根大通 JPM 和美国运通 XP。第一季度销售额增长了 45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们通常跑赢大盘。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2. 寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包括明显的创新者，包括特斯拉斯拉、亚马逊、Amazon.comAMZNand 和 AlphabetGOOGL，她的前三名。让我们超越技术--啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在 20 世纪 80 年代，波士顿啤酒创始人吉姆-科赫（Jim Koch）就开始从啤酒巨头百威英博（Anheuser-Busch）和喜力喜力（Heinekenheiny）手中分一杯羹，推出了成功的 “手工 ”啤酒，从塞缪尔-亚当斯（Samuel Adams）开始。科赫帮助发明了精酿啤酒类别，本质上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味酿造更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在 2015 年至 2017 年期间由于啤酒销售总体持平而停滞不前。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们之所以被该公司吸引，是因为它的创新历史，”拉姆说，他指的是她的基金从 2016 年第二季度开始的早期仓位。“由于啤酒市场趋于平稳，股票表现不佳，但他们推出了真正的硬苏打水。Truly 比我们预期的要成功。它创造了一个新的品类”。</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒的这种创新倾向帮助拉姆的基金保持了名字。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去展示过创新技巧的人领导的公司。创新的管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们打赌他们会再次渡过难关。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。7 月 23 日，波士顿啤酒股价下跌 20%，因为太多竞争对手进入了烈性苹果酒市场。由于该公司提高广告成本以应对竞争，销售额增长了 33%，但净利润下降了 1.6%。由于预计销售增长放缓，该公司下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但先别排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>“波士顿啤酒公司的科赫说：”我们最近宣布了与 Beam Suntory 合作开发新型创新饮料的计划，并计划于 2022 年初推出。梁三得利出售吉姆梁威士忌和其他品牌的烈酒。“我们相信，随着饮酒者喜好的演变，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3. 寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不太在意当地的瑜伽教练是否可以接受信用卡付款。Squaresq认为这是一个机会。于是它在2009年推出了卡支付设备业务。从那时起，它通过接受更大的客户，并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而发展壮大。第一季度基于交易的收入增长了 27%，订阅和服务收入飙升了 88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一个很好的例子，说明一家公司创造了一个利基市场。但它也是一家 “土地和扩张 ”的公司，因为它通过为客户提供新服务而发展壮大。这两种品质都有助于公司保持 Ram 喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4、买入处于快速增长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一个方法是确定开发将改变整个行业的产品的公司。Ram 认为 Alnylam PharmaceuticalsALNY 就是这种情况。它正在开发一种名为 RNA 干扰（RNAi）的新疗法。在体内，信使RNA（mRNA）根据RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种治疗罕见遗传性疾病的基于RNAi的药物获得批准。该公司还有十几种其他疗法正在进行临床研究，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“拉姆说：”这是一个全新的治疗领域。“这是一个可以治疗多种疾病的产品平台”。</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>以上所有名字都是拉姆基金的重仓股，这告诉我拉姆和她的团队认为他们的上涨空间要大得多。不过，如果您购买其中任何一种，请记住您必须在多年的时间范围内购买。拉姆基金就是这么做的。它的年投资组合周转率很低，仅为 27%。重要的是要有长远的眼光，因为很难看涨期权股市或股票的短期走势，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161066762,"gmtCreate":1623896898156,"gmtModify":1634026190554,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/161066762","repostId":"1152604932","repostType":4,"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898363134,"gmtCreate":1628474163928,"gmtModify":1633746927685,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898363134","repostId":"1162909436","repostType":4,"repost":{"id":"1162909436","kind":"news","pubTimestamp":1628463995,"share":"https://www.laohunote.com/m/news/1162909436?lang=zh_CN&edition=full","pubTime":"2021-08-09 07:06","market":"us","language":"en","title":"Disney, AMC, Coinbase, Airbnb, BioNTech, and Other Stocks for Investors to Watch This Week<blockquote>迪士尼、AMC、Coinbase、爱彼迎、BioNTech 和本周投资者关注的其他股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162909436","media":"Barron's","summary":"The bulk of second-quarter earnings season is in the rearview mirror, but several notable reports re","content":"<p>The bulk of second-quarter earnings season is in the rearview mirror,&nbsp;but several notable reports remain.&nbsp;AMC Entertainment Holdings,&nbsp;BioNTech, and&nbsp;Dish Network&nbsp;will be Monday’s highlights.&nbsp;Coinbase&nbsp;Global and&nbsp;Syscogo on Tuesday. On Wednesday,&nbsp;eBay&nbsp;will report, followed by Walt&nbsp;Disney,&nbsp;Airbnb,&nbsp;DoorDash,&nbsp;and&nbsp;Broadridge Financial Solutionson Thursday.</p><p><blockquote>第二季度财报季的大部分时间已经过去，但仍有几份值得关注的报告。AMC院线控股公司、BioNTech 和 Dish Network 将是周一的亮点。Coinbase Global 和 Syscogo 将于周二发布。周三，eBay 将发布报告，随后是华特迪士尼、爱彼迎、DoorDash 和 Broadridge Financial Solutions 将于周四发布报告。</blockquote></p><p> The week’s economic calendar will include a pair of updates each on consumer and business inflation and sentiment. On Wednesday, the Bureau of Labor Statistics will&nbsp;report&nbsp;the consumer price index for July, followed by the producer price index on Thursday. Those are expected to have increased by 5.3% and 7.3%, respectively, year over year.</p><p><blockquote>本周的经济日历将包括消费者和企业通胀及情绪的两份更新。周三，美国劳工统计局将公布7月份消费者价格指数，随后是周四的生产者价格指数。预计同比分别增长5.3%和7.3%。</blockquote></p><p> On Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for July. And on Friday, the University of Michigan reports its Consumer Sentiment index for August. Both are forecast to hold roughly even with the prior months’ figures.</p><p><blockquote>周二，全国独立企业联合会将发布7月份小企业乐观指数。周五，密歇根大学公布了 8 月份消费者信心指数。预计这两个数字将与前几个月的数字大致持平。</blockquote></p><p> <h3><b>Monday 8/9</b></h3> Air Products and Chemicals,&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>,&nbsp;Barrick Gold,&nbsp;<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>, <a href=\"https://laohu8.com/S/DISH\">DISH Network</a>, and&nbsp;<a href=\"https://laohu8.com/S/TSN\">Tyson</a>&nbsp;report quarterly results.</p><p><blockquote><h3><b>8/9星期一</b></h3>空气产品和化学品，<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>, 巴里克黄金,<a href=\"https://laohu8.com/S/BNTX\">生物科技公司</a>,<a href=\"https://laohu8.com/S/DISH\">碟形网</a>，和<a href=\"https://laohu8.com/S/TSN\">泰森</a>报告季度业绩。</blockquote></p><p> <b>The Bureau of Labor Statistics</b>&nbsp;reports the Job Openings and Labor Turnover Survey for June. Economists forecast 9.1 million openings on the last business day of June, slightly less than the May figure. Job openings stand at record levels as employers struggle to fill vacant positions.</p><p><blockquote><b>劳工统计局</b>报告六月份的职位空缺和劳动力流动调查。经济学家预测 6 月最后一个工作日将有 910 万个职位空缺，略低于 5 月份的数字。随着雇主努力填补空缺职位，职位空缺达到创纪录水平。</blockquote></p><p> <h3><b>Tuesday 8/10</b></h3> <b>The National Federation of Independent Business</b>&nbsp;reports its Small Business Optimism Index for July. Consensus estimate is for a 102.8 reading, roughly even with the June data, which was the highest since October.</p><p><blockquote><h3><b>星期二 8/10</b></h3><b>全国独立企业联合会</b>报告 7 月份小企业乐观指数。普遍估计读数为 102.8，与 6 月份的数据大致持平，这是自 10 月份以来的最高水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>, <a href=\"https://laohu8.com/S/SYY\">Sysco</a>, and&nbsp;<a href=\"https://laohu8.com/S/TDG\">TransDigm</a> announce earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>,<a href=\"https://laohu8.com/S/SYY\">西斯科</a>，和<a href=\"https://laohu8.com/S/TDG\">TransDigm</a>公布收益。</blockquote></p><p> <b>The BLS reports unit labor</b>&nbsp;costs and nonfarm productivity for the second quarter. Expectations are for a rise of 0.9% in labor costs and 3.4% for productivity. This compares with increases of 1.7% and 5.4%, respectively, in the first quarter.</p><p><blockquote><b>BLS 报告单位劳动力</b>第二季度的成本和非农生产率。预计劳动力成本上升0.9%，生产率上升3.4%。相比之下，第一季度的增幅分别为 1.7% 和 5.4%。</blockquote></p><p> <h3><b>Wednesday 8/11</b></h3> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> and&nbsp;<a href=\"https://laohu8.com/S/PRGO\">Perrigo Co PLC</a> release quarterly results.</p><p><blockquote><h3><b>星期三 8/11</b></h3><a href=\"https://laohu8.com/S/EBAY\">易趣</a>和<a href=\"https://laohu8.com/S/PRGO\">佩里戈公司</a>发布季度业绩。</blockquote></p><p> <b>The BLS reports the consumer</b>&nbsp;price index for July. Economists forecast a 5.3% increase year over year, after a gain of 5.4% in June. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.3%, compared with 4.5% previously. Inflation, and whether it is transitory, has generated much discussion on Wall Street this year, with the June CPI showing the fastest pace of growth since July 2008 and core CPI rising at the swiftest clip in nearly 30 years.</p><p><blockquote><b>BLS 向消费者报告</b>7月份价格指数。经济学家预测，继 6 月份增长 5.4% 后，同比增长 5.3%。剔除波动较大的食品和能源价格的核心CPI预计将上涨4.3%，而此前为4.5%。今年，通胀及其是否是短暂的，在华尔街引发了很多讨论，6月份CPI呈现自2008年7月以来最快的增长速度，核心CPI以近30年来最快的速度上涨。</blockquote></p><p> <b>The Treasury Department</b>&nbsp;releases the monthly budget statement for July. The estimated deficit is $267 billion for the month, and $3 trillion for fiscal 2021, which ends in September. The $3 trillion would be just shy of fiscal 2020’s $3.1 trillion deficit, a record.</p><p><blockquote><b>财政部</b>发布7月份月度预算报表。预计本月赤字为 2670 亿美元，2021 财年（将于 9 月结束）赤字为 3 万亿美元。3 万亿美元将略低于 2020 财年创纪录的 3.1 万亿美元赤字。</blockquote></p><p> <h3><b>Thursday 8/12</b></h3> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a>, <a href=\"https://laohu8.com/S/BR\">Broadridge Financial Solutions</a>,&nbsp;<a href=\"https://laohu8.com/S/BAM\">Brookfield Asset Management</a>,&nbsp;<a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a>, and <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> hold conference calls to discuss earnings.</p><p><blockquote><h3><b>星期四 8/12</b></h3><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>,<a href=\"https://laohu8.com/S/BR\">布罗德里奇金融解决方案</a>, <a href=\"https://laohu8.com/S/BAM\">布鲁克菲尔德资产管理公司</a>, <a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>，和<a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a>在评级召开会议讨论收益。</blockquote></p><p> Idexx Laboratorieshosts its 2021 virtual investor day.</p><p><blockquote>Idexx实验室举办2021年虚拟投资者日。</blockquote></p><p> <b>The BLS reports the</b>&nbsp;producer price index for July. Consensus estimate is for a 0.4% month-over-month rise. The core PPI, which excludes volatile food and energy prices, is projected to increase 0.5%. The PPI and core PPI, both jumped 1% in June.</p><p><blockquote><b>BLS 报告</b>7月份生产者价格指数。普遍估计环比上涨 0.4%。剔除波动较大的食品和能源价格的核心PPI预计将上涨0.5%。6月份PPI和核心PPI均上涨1%。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the weekend ending on Aug. 7. In July, claims averaged 392,000 a week, slightly less than the June data. Jobless claims have trended down since peaking in the spring of 2020 but remain elevated compared with prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至 8 月 7 日的周末首次申请失业救济人数。7 月份，平均每周申请人数为 392,000 人，略低于 6 月份的数据。自 2020 年春季达到峰值以来，申请失业救济人数呈下降趋势，但与大流行前的水平相比，仍处于较高水平。</blockquote></p><p> <h3><b>Friday 8/13</b></h3> <b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment index for August. Expectations are for an 81.1 reading, roughly even with the July figure.</p><p><blockquote><h3><b>8/13星期五</b></h3><b>密歇根大学</b>发布8月份消费者信心指数。预期读数为 81.1，与 7 月份的数据大致持平。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney, AMC, Coinbase, Airbnb, BioNTech, and Other Stocks for Investors to Watch This Week<blockquote>迪士尼、AMC、Coinbase、爱彼迎、BioNTech 和本周投资者关注的其他股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney, AMC, Coinbase, Airbnb, BioNTech, and Other Stocks for Investors to Watch This Week<blockquote>迪士尼、AMC、Coinbase、爱彼迎、BioNTech 和本周投资者关注的其他股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-08-09 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The bulk of second-quarter earnings season is in the rearview mirror,&nbsp;but several notable reports remain.&nbsp;AMC Entertainment Holdings,&nbsp;BioNTech, and&nbsp;Dish Network&nbsp;will be Monday’s highlights.&nbsp;Coinbase&nbsp;Global and&nbsp;Syscogo on Tuesday. On Wednesday,&nbsp;eBay&nbsp;will report, followed by Walt&nbsp;Disney,&nbsp;Airbnb,&nbsp;DoorDash,&nbsp;and&nbsp;Broadridge Financial Solutionson Thursday.</p><p><blockquote>第二季度财报季的大部分时间已经过去，但仍有几份值得关注的报告。AMC院线控股公司、BioNTech 和 Dish Network 将是周一的亮点。Coinbase Global 和 Syscogo 将于周二发布。周三，eBay 将发布报告，随后是华特迪士尼、爱彼迎、DoorDash 和 Broadridge Financial Solutions 将于周四发布报告。</blockquote></p><p> The week’s economic calendar will include a pair of updates each on consumer and business inflation and sentiment. On Wednesday, the Bureau of Labor Statistics will&nbsp;report&nbsp;the consumer price index for July, followed by the producer price index on Thursday. Those are expected to have increased by 5.3% and 7.3%, respectively, year over year.</p><p><blockquote>本周的经济日历将包括消费者和企业通胀及情绪的两份更新。周三，美国劳工统计局将公布7月份消费者价格指数，随后是周四的生产者价格指数。预计同比分别增长5.3%和7.3%。</blockquote></p><p> On Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for July. And on Friday, the University of Michigan reports its Consumer Sentiment index for August. Both are forecast to hold roughly even with the prior months’ figures.</p><p><blockquote>周二，全国独立企业联合会将发布7月份小企业乐观指数。周五，密歇根大学公布了 8 月份消费者信心指数。预计这两个数字将与前几个月的数字大致持平。</blockquote></p><p> <h3><b>Monday 8/9</b></h3> Air Products and Chemicals,&nbsp;<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>,&nbsp;Barrick Gold,&nbsp;<a href=\"https://laohu8.com/S/BNTX\">BioNTech SE</a>, <a href=\"https://laohu8.com/S/DISH\">DISH Network</a>, and&nbsp;<a href=\"https://laohu8.com/S/TSN\">Tyson</a>&nbsp;report quarterly results.</p><p><blockquote><h3><b>8/9星期一</b></h3>空气产品和化学品，<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>, 巴里克黄金,<a href=\"https://laohu8.com/S/BNTX\">生物科技公司</a>,<a href=\"https://laohu8.com/S/DISH\">碟形网</a>，和<a href=\"https://laohu8.com/S/TSN\">泰森</a>报告季度业绩。</blockquote></p><p> <b>The Bureau of Labor Statistics</b>&nbsp;reports the Job Openings and Labor Turnover Survey for June. Economists forecast 9.1 million openings on the last business day of June, slightly less than the May figure. Job openings stand at record levels as employers struggle to fill vacant positions.</p><p><blockquote><b>劳工统计局</b>报告六月份的职位空缺和劳动力流动调查。经济学家预测 6 月最后一个工作日将有 910 万个职位空缺，略低于 5 月份的数字。随着雇主努力填补空缺职位，职位空缺达到创纪录水平。</blockquote></p><p> <h3><b>Tuesday 8/10</b></h3> <b>The National Federation of Independent Business</b>&nbsp;reports its Small Business Optimism Index for July. Consensus estimate is for a 102.8 reading, roughly even with the June data, which was the highest since October.</p><p><blockquote><h3><b>星期二 8/10</b></h3><b>全国独立企业联合会</b>报告 7 月份小企业乐观指数。普遍估计读数为 102.8，与 6 月份的数据大致持平，这是自 10 月份以来的最高水平。</blockquote></p><p> <a href=\"https://laohu8.com/S/COIN\">Coinbase Global, Inc.</a>, <a href=\"https://laohu8.com/S/SYY\">Sysco</a>, and&nbsp;<a href=\"https://laohu8.com/S/TDG\">TransDigm</a> announce earnings.</p><p><blockquote><a href=\"https://laohu8.com/S/COIN\">比特币基地全球公司。</a>,<a href=\"https://laohu8.com/S/SYY\">西斯科</a>，和<a href=\"https://laohu8.com/S/TDG\">TransDigm</a>公布收益。</blockquote></p><p> <b>The BLS reports unit labor</b>&nbsp;costs and nonfarm productivity for the second quarter. Expectations are for a rise of 0.9% in labor costs and 3.4% for productivity. This compares with increases of 1.7% and 5.4%, respectively, in the first quarter.</p><p><blockquote><b>BLS 报告单位劳动力</b>第二季度的成本和非农生产率。预计劳动力成本上升0.9%，生产率上升3.4%。相比之下，第一季度的增幅分别为 1.7% 和 5.4%。</blockquote></p><p> <h3><b>Wednesday 8/11</b></h3> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> and&nbsp;<a href=\"https://laohu8.com/S/PRGO\">Perrigo Co PLC</a> release quarterly results.</p><p><blockquote><h3><b>星期三 8/11</b></h3><a href=\"https://laohu8.com/S/EBAY\">易趣</a>和<a href=\"https://laohu8.com/S/PRGO\">佩里戈公司</a>发布季度业绩。</blockquote></p><p> <b>The BLS reports the consumer</b>&nbsp;price index for July. Economists forecast a 5.3% increase year over year, after a gain of 5.4% in June. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.3%, compared with 4.5% previously. Inflation, and whether it is transitory, has generated much discussion on Wall Street this year, with the June CPI showing the fastest pace of growth since July 2008 and core CPI rising at the swiftest clip in nearly 30 years.</p><p><blockquote><b>BLS 向消费者报告</b>7月份价格指数。经济学家预测，继 6 月份增长 5.4% 后，同比增长 5.3%。剔除波动较大的食品和能源价格的核心CPI预计将上涨4.3%，而此前为4.5%。今年，通胀及其是否是短暂的，在华尔街引发了很多讨论，6月份CPI呈现自2008年7月以来最快的增长速度，核心CPI以近30年来最快的速度上涨。</blockquote></p><p> <b>The Treasury Department</b>&nbsp;releases the monthly budget statement for July. The estimated deficit is $267 billion for the month, and $3 trillion for fiscal 2021, which ends in September. The $3 trillion would be just shy of fiscal 2020’s $3.1 trillion deficit, a record.</p><p><blockquote><b>财政部</b>发布7月份月度预算报表。预计本月赤字为 2670 亿美元，2021 财年（将于 9 月结束）赤字为 3 万亿美元。3 万亿美元将略低于 2020 财年创纪录的 3.1 万亿美元赤字。</blockquote></p><p> <h3><b>Thursday 8/12</b></h3> <a href=\"https://laohu8.com/S/ABNB\">Airbnb, Inc.</a>, <a href=\"https://laohu8.com/S/BR\">Broadridge Financial Solutions</a>,&nbsp;<a href=\"https://laohu8.com/S/BAM\">Brookfield Asset Management</a>,&nbsp;<a href=\"https://laohu8.com/S/DASH\">DoorDash, Inc.</a>, and <a href=\"https://laohu8.com/S/DIS\">Walt Disney</a> hold conference calls to discuss earnings.</p><p><blockquote><h3><b>星期四 8/12</b></h3><a href=\"https://laohu8.com/S/ABNB\">爱彼迎公司。</a>,<a href=\"https://laohu8.com/S/BR\">布罗德里奇金融解决方案</a>, <a href=\"https://laohu8.com/S/BAM\">布鲁克菲尔德资产管理公司</a>, <a href=\"https://laohu8.com/S/DASH\">DoorDash公司。</a>，和<a href=\"https://laohu8.com/S/DIS\">华特·迪士尼</a>在评级召开会议讨论收益。</blockquote></p><p> Idexx Laboratorieshosts its 2021 virtual investor day.</p><p><blockquote>Idexx实验室举办2021年虚拟投资者日。</blockquote></p><p> <b>The BLS reports the</b>&nbsp;producer price index for July. Consensus estimate is for a 0.4% month-over-month rise. The core PPI, which excludes volatile food and energy prices, is projected to increase 0.5%. The PPI and core PPI, both jumped 1% in June.</p><p><blockquote><b>BLS 报告</b>7月份生产者价格指数。普遍估计环比上涨 0.4%。剔除波动较大的食品和能源价格的核心PPI预计将上涨0.5%。6月份PPI和核心PPI均上涨1%。</blockquote></p><p> <b>The Department of Labor</b>&nbsp;reports initial jobless claims for the weekend ending on Aug. 7. In July, claims averaged 392,000 a week, slightly less than the June data. Jobless claims have trended down since peaking in the spring of 2020 but remain elevated compared with prepandemic levels.</p><p><blockquote><b>劳工部</b>报告截至 8 月 7 日的周末首次申请失业救济人数。7 月份，平均每周申请人数为 392,000 人，略低于 6 月份的数据。自 2020 年春季达到峰值以来，申请失业救济人数呈下降趋势，但与大流行前的水平相比，仍处于较高水平。</blockquote></p><p> <h3><b>Friday 8/13</b></h3> <b>The University of Michigan</b>&nbsp;releases its Consumer Sentiment index for August. Expectations are for an 81.1 reading, roughly even with the July figure.</p><p><blockquote><h3><b>8/13星期五</b></h3><b>密歇根大学</b>发布8月份消费者信心指数。预期读数为 81.1，与 7 月份的数据大致持平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/disney-amc-coinbase-airbnb-biontech-and-other-stocks-for-investors-to-watch-this-week-51628449233?mod=hp_LEAD_4?mod=article_signInButton\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABNB":"爱彼迎","TDG":"TransDigm",".IXIC":"NASDAQ Composite","AMC":"AMC院线","BR":"Broadridge金融解决方案","PRGO":"百利高","DIS":"迪士尼","COIN":"Coinbase Global, Inc.","EBAY":"eBay",".DJI":"道琼斯","BAM":"布鲁克菲尔德资产管理",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/disney-amc-coinbase-airbnb-biontech-and-other-stocks-for-investors-to-watch-this-week-51628449233?mod=hp_LEAD_4?mod=article_signInButton","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162909436","content_text":"The bulk of second-quarter earnings season is in the rearview mirror, but several notable reports remain. AMC Entertainment Holdings, BioNTech, and Dish Network will be Monday’s highlights. Coinbase Global and Syscogo on Tuesday. On Wednesday, eBay will report, followed by Walt Disney, Airbnb, DoorDash, and Broadridge Financial Solutionson Thursday.\nThe week’s economic calendar will include a pair of updates each on consumer and business inflation and sentiment. On Wednesday, the Bureau of Labor Statistics will report the consumer price index for July, followed by the producer price index on Thursday. Those are expected to have increased by 5.3% and 7.3%, respectively, year over year.\nOn Tuesday, the National Federation of Independent Business will release its Small Business Optimism Index for July. And on Friday, the University of Michigan reports its Consumer Sentiment index for August. Both are forecast to hold roughly even with the prior months’ figures.\nMonday 8/9\nAir Products and Chemicals, AMC Entertainment, Barrick Gold, BioNTech SE, DISH Network, and Tyson report quarterly results.\nThe Bureau of Labor Statistics reports the Job Openings and Labor Turnover Survey for June. Economists forecast 9.1 million openings on the last business day of June, slightly less than the May figure. Job openings stand at record levels as employers struggle to fill vacant positions.\nTuesday 8/10\nThe National Federation of Independent Business reports its Small Business Optimism Index for July. Consensus estimate is for a 102.8 reading, roughly even with the June data, which was the highest since October.\nCoinbase Global, Inc., Sysco, and TransDigm announce earnings.\nThe BLS reports unit labor costs and nonfarm productivity for the second quarter. Expectations are for a rise of 0.9% in labor costs and 3.4% for productivity. This compares with increases of 1.7% and 5.4%, respectively, in the first quarter.\nWednesday 8/11\neBay and Perrigo Co PLC release quarterly results.\nThe BLS reports the consumer price index for July. Economists forecast a 5.3% increase year over year, after a gain of 5.4% in June. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.3%, compared with 4.5% previously. Inflation, and whether it is transitory, has generated much discussion on Wall Street this year, with the June CPI showing the fastest pace of growth since July 2008 and core CPI rising at the swiftest clip in nearly 30 years.\nThe Treasury Department releases the monthly budget statement for July. The estimated deficit is $267 billion for the month, and $3 trillion for fiscal 2021, which ends in September. The $3 trillion would be just shy of fiscal 2020’s $3.1 trillion deficit, a record.\nThursday 8/12\nAirbnb, Inc., Broadridge Financial Solutions, Brookfield Asset Management, DoorDash, Inc., and Walt Disney hold conference calls to discuss earnings.\nIdexx Laboratorieshosts its 2021 virtual investor day.\nThe BLS reports the producer price index for July. Consensus estimate is for a 0.4% month-over-month rise. The core PPI, which excludes volatile food and energy prices, is projected to increase 0.5%. The PPI and core PPI, both jumped 1% in June.\nThe Department of Labor reports initial jobless claims for the weekend ending on Aug. 7. In July, claims averaged 392,000 a week, slightly less than the June data. Jobless claims have trended down since peaking in the spring of 2020 but remain elevated compared with prepandemic levels.\nFriday 8/13\nThe University of Michigan releases its Consumer Sentiment index for August. Expectations are for an 81.1 reading, roughly even with the July figure.","news_type":1,"symbols_score_info":{"AMC":0.9,"ABNB":0.9,"BR":0.9,"COIN":0.9,"EBAY":0.9,"TDG":0.9,"PRGO":0.9,".IXIC":0.9,".DJI":0.9,"BAM":0.9,".SPX":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809326846,"gmtCreate":1627349123785,"gmtModify":1633765870618,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/809326846","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohunote.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社） - 特斯拉公司周二公布的第二季度利润高于预期，得益于其价格较低的电动汽车销量大幅增加，同时提高了价格以提高利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自 2019 年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这是制造业务财务状况不断改善的迹象。特斯拉通过削减其认为未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值的汽车制造商的股价在盘后交易中上涨了 1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权上，特斯拉高管表示，批量生产增长将取决于零部件的可用性，马斯克警告说，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“马斯克说：”全球芯片短缺形势仍然相当严重。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，马斯克表示，特斯拉预计今年将在德克萨斯州和德国在建工厂开始生产 Model Y SUV。他表示，该公司预计电池供应商明年将产量增加一倍。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，特斯拉本季度的交付量仍创下历史新高，这要归功于包括 Model 3 轿车和 Model Ys 在内的廉价车型的销售。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克 (Elon Musk) 领导的汽车制造商表示，收入从去年同期的 60.4 亿美元跃升至 119.6 亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预计收入约为 113 亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>不包括项目，特斯拉公布的每股利润为 1.45 美元，轻松超过分析师预期的每股利润 98 美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，经营利润随着销量增长和成本降低而上涨，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失 2300 万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力往往依赖于向其他汽车制造商出售监管积分，但在第二季度，特斯拉自 2019 年底以来首次在没有这些积分的情况下实现盈利。其第二季度 GAAP 净利润为 11.4 亿美元。信贷收入总计仅3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>“Investing.com 高级分析师杰西-科恩（Jesse Cohen）说：”特斯拉的数据给人留下了深刻的印象，因为其大部分收入来自汽车销售。</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商 Stellantis 预计今年将在不从特斯拉购买环境信用额度的情况下实现欧洲二氧化碳 (CO2) 排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将半挂卡车计划的启动时间推迟到 2022 年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型 4680 电池尚未准备好批量生产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>马斯克在一旁表示，他 “很可能不会在财报评级上 ”与投资者和分析师讨论财务业绩。这些评级一直是马斯克用来谈论特斯拉技术或回击竞争对手或批评者的丰富多彩的季度仪式。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社） - 特斯拉公司周二公布的第二季度利润高于预期，得益于其价格较低的电动汽车销量大幅增加，同时提高了价格以提高利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自 2019 年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这是制造业务财务状况不断改善的迹象。特斯拉通过削减其认为未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值的汽车制造商的股价在盘后交易中上涨了 1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权上，特斯拉高管表示，批量生产增长将取决于零部件的可用性，马斯克警告说，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“马斯克说：”全球芯片短缺形势仍然相当严重。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，马斯克表示，特斯拉预计今年将在德克萨斯州和德国在建工厂开始生产 Model Y SUV。他表示，该公司预计电池供应商明年将产量增加一倍。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，特斯拉本季度的交付量仍创下历史新高，这要归功于包括 Model 3 轿车和 Model Ys 在内的廉价车型的销售。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克 (Elon Musk) 领导的汽车制造商表示，收入从去年同期的 60.4 亿美元跃升至 119.6 亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预计收入约为 113 亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>不包括项目，特斯拉公布的每股利润为 1.45 美元，轻松超过分析师预期的每股利润 98 美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，经营利润随着销量增长和成本降低而上涨，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失 2300 万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力往往依赖于向其他汽车制造商出售监管积分，但在第二季度，特斯拉自 2019 年底以来首次在没有这些积分的情况下实现盈利。其第二季度 GAAP 净利润为 11.4 亿美元。信贷收入总计仅3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>“Investing.com 高级分析师杰西-科恩（Jesse Cohen）说：”特斯拉的数据给人留下了深刻的印象，因为其大部分收入来自汽车销售。</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商 Stellantis 预计今年将在不从特斯拉购买环境信用额度的情况下实现欧洲二氧化碳 (CO2) 排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将半挂卡车计划的启动时间推迟到 2022 年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型 4680 电池尚未准备好批量生产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>马斯克在一旁表示，他 “很可能不会在财报评级上 ”与投资者和分析师讨论财务业绩。这些评级一直是马斯克用来谈论特斯拉技术或回击竞争对手或批评者的丰富多彩的季度仪式。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132591420,"gmtCreate":1622096900560,"gmtModify":1634183864766,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/132591420","repostId":"2138149518","repostType":4,"isVote":1,"tweetType":1,"viewCount":865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143588795,"gmtCreate":1625801918717,"gmtModify":1633937165381,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/143588795","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":843,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116575908,"gmtCreate":1622814110404,"gmtModify":1634097752952,"author":{"id":"3581581534662324","authorId":"3581581534662324","name":"jkooooo","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581581534662324","idStr":"3581581534662324"},"themes":[],"title":"","htmlText":"Comment and like","listText":"Comment and like","text":"Comment and like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/116575908","repostId":"1154487151","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}