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2021-04-29

Wow

Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</blockquote>

2021-05-10

Wow

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2021-04-30

Great

Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</blockquote>

2021-05-09

Up

What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>

2021-05-12

Wow

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2021-05-01

Wow

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2021-04-22

Buy

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2021-04-26

Sell

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2021-04-25

Wow

Why Car Stocks Aren’t Getting Crushed by the Chip Shortage<blockquote>为什么汽车股没有被芯片短缺压垮</blockquote>

2021-05-15

Wow

What Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和 DoorDash 的业绩揭示了大流行后的经济</blockquote>

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22:54","market":"us","language":"en","title":"What Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和 DoorDash 的业绩揭示了大流行后的经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173244066","media":"CNN","summary":"London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver ","content":"<p>London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.</p><p><blockquote>伦敦（CNN Business）公司正在为一个时代做准备，在这个时代，Covid-19 不再是人们花钱的主要驱动力。</blockquote></p><p> The big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?</p><p><blockquote>最大的问题是：随着冠状病毒情况在美国等国家的改善，过去14个月的哪些趋势将具有持久力，哪些将屈服于疫情的过去？</blockquote></p><p> Airbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.</p><p><blockquote>爱彼迎、DoorDash 和迪士尼 (DIS) 在美国市场周四收盘后公布了业绩，提供了一些思路。</blockquote></p><p> Airbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.</p><p><blockquote>爱彼迎：该公司表示，随着疫苗变得更加广泛，人们对旅行的兴趣再次激增，这表明在英国首相鲍里斯·约翰逊 (Boris Johnson) 2 月份宣布逐步解除封锁的计划后，英国的预订量立即大幅增加。对于60岁及以上的美国客户来说，2月至3月期间，爱彼迎上夏季旅游的搜索量增长了60%以上。</blockquote></p><p> The company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.</p><p><blockquote>该公司还准备让更多的客户使用爱彼迎进行长期停留，因为他们利用了对远程工作的更大接受度。该公司表示，上季度近四分之一的住宿时间为 28 天或以上，比 2019 年增长了 14%。股价在盘前交易中小幅下跌。</blockquote></p><p> DoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.</p><p><blockquote>DoorDash：尽管餐馆重新开放传统餐饮，但人们仍然订购大量外卖。DoorDash 报告称，尽管面临工人短缺的问题，上季度收入仍增长了 198%，达到 11 亿美元，并上调了全年预期。</blockquote></p><p> \"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.</p><p><blockquote>该公司表示：“随着市场继续重新开放以及美国各地店内就餐的增加，对我们订单量的影响小于我们的预期，这促成了本季度的强劲业绩。”不过该公司警告称，这可能部分归因于刺激检查。股价在盘前交易中上涨近 9%。</blockquote></p><p> Disney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.</p><p><blockquote>迪士尼：流媒体带领迪士尼穿越了疫情，迪士尼+的订阅用户已超过1亿。然而，这位迪士尼媒体界最大的明星似乎没有那么耀眼，导致股价下跌 4%。</blockquote></p><p> The company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.</p><p><blockquote>该公司周四表示，Disney+ 目前拥有 1.036 亿用户，低于华尔街预期的 1.1 亿用户。这迫使投资者怀疑：这是因为人们正在接种疫苗并远离流媒体吗？Netflix 上季度还报告订阅增长缓慢。</blockquote></p><p> Down but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.</p><p><blockquote>下降但并未出局：迪士尼表示，尽管增长明显放缓，但仍有望实现其长期用户目标。它打赌，随着疫情的缓解，它将能够制作更多的电影和节目，帮助吸引新客户。</blockquote></p><p> Whether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.</p><p><blockquote>这是否正确将在未来几个月变得更加清晰，这将真正考验人们是否真的扔掉运动裤，走出家门，再次撼动经济。</blockquote></p><p> <b>It could get easier to get a credit card without a credit score</b></p><p><blockquote><b>无需信用评分即可获得信用卡可能会变得更容易</b></blockquote></p><p> For years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.</p><p><blockquote>多年来，如果你没有信用评分，就很难获得信用卡或某些类型的贷款。但美国一些最大银行的一项新计划可能会帮助没有传统信用记录的美国人获得批准。</blockquote></p><p> Ten banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.</p><p><blockquote>据《华尔街日报》报道，包括摩根大通 (JPM)、富国银行 (WFC) 和合众银行 (USB) 在内的十家银行已初步同意一项共享银行账户存款和账单支付活动等数据的计划，以帮助确定没有传统信用记录的借款人的资格。</blockquote></p><p> The push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.</p><p><blockquote>推动金融机构达成数据共享协议的动力来自货币监理署开展的一项计划。OCC已经确认有一个计划，但银行之间协议的细节仍需制定。</blockquote></p><p> Should the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.</p><p><blockquote>如果提议的安排获得通过，这将意味着，例如，如果您没有信用评分，但您在富国银行拥有银行账户，您可以使用该财务历史来帮助您获得另一家银行的信用卡，例如摩根大通。</blockquote></p><p> \"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.</p><p><blockquote>摩根大通发言人特里什·韦克斯勒 (Trish Wexler) 告诉 CNN 商业频道：“这将使数百万美国人有机会获得积累财富所必需的信贷——买房、创业或资助教育。”</blockquote></p><p> The backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.</p><p><blockquote>背景故事：根据 FICO 信用评分的创建者 Fair Isaac Corporation 的数据，目前有 5300 万人没有信用评分。这些低收入和有色人种的消费者面临着更高的借贷成本，因为他们被迫转向发薪日贷款等产品。</blockquote></p><p> Banks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.</p><p><blockquote>银行和贷方将那些没有信用记录的人称为“隐形信用”。这个群体可能包括年轻人或新移民，以及很长时间没有使用信贷或由于经济困难而失去使用信贷的人。</blockquote></p><p> The business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.</p><p><blockquote>商业角度：随着在线新贵根据需求抢购其产品，大银行可能也渴望修改其政策。</blockquote></p><p></p><p> \"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.</p><p><blockquote>LendingTree 首席行业分析师马特·舒尔茨 (Matt Schulz) 表示：“最大银行之间的一些合作可能是对小型银行和金融科技公司侵犯其领域的一种反应。”</blockquote></p><p> <b>Target will temporarily stop selling trading cards amid frenzy</b></p><p><blockquote><b>塔吉特将在狂热中暂时停止销售交易卡</b></blockquote></p><p> Target (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.</p><p><blockquote>塔吉特 (TGT) 宣布，在其一家门店发生暴力纠纷后，将停止在其商店销售交易卡——这表明收藏品市场已经变得多么过热。</blockquote></p><p> The details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.</p><p><blockquote>细节：上周，威斯康星州的一个目标在一名男子因体育交易卡被另外四人殴打后被锁定。</blockquote></p><p> \"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"</p><p><blockquote>塔吉特在一份声明中表示：“客人和团队的安全是我们的首要任务。”“出于谨慎，我们决定暂时停止在我们的商店内销售 MLB、NFL、NBA 和神奇宝贝交易卡，自 [周五] 起生效。”</blockquote></p><p> The cards will still be available online, the company said.</p><p><blockquote>该公司表示，这些卡仍将在网上提供。</blockquote></p><p> Remember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.</p><p><blockquote>请记住：在 Covid-19 大流行期间，最近几个月交易卡的价值飙升。这引起了业余和专业投资者的兴趣，他们希望从惊人的回报中获利。</blockquote></p><p> Target previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.</p><p><blockquote>据美国有线电视新闻网 (CNN) 附属机构 WISN 报道，塔吉特此前将卡购买限制为每天只能购买一件商品，称客人整夜排队购买热门商品。</blockquote></p><p> Walmart (WMT), for its part, said it will keep selling cards in stores for now.</p><p><blockquote>沃尔玛 (WMT) 则表示，目前将继续在商店销售贺卡。</blockquote></p><p> \"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.</p><p><blockquote>一位发言人在一份声明中表示：“我们正在确定需要做出哪些改变（如果有的话）来满足客户需求，同时确保安全愉快的购物体验。”</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> Data on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.</p><p><blockquote>美国零售销售、进出口价格和工业生产数据将于美国东部时间上午 8:30 公布。</blockquote></p><p> Coming next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.</p><p><blockquote>下周：随着房地产市场繁荣，家得宝 (HD) 和劳氏 (LOW) 公布收益。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和 DoorDash 的业绩揭示了大流行后的经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-05-14 22:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.</p><p><blockquote>伦敦（CNN Business）公司正在为一个时代做准备，在这个时代，Covid-19 不再是人们花钱的主要驱动力。</blockquote></p><p> The big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?</p><p><blockquote>最大的问题是：随着冠状病毒情况在美国等国家的改善，过去14个月的哪些趋势将具有持久力，哪些将屈服于疫情的过去？</blockquote></p><p> Airbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.</p><p><blockquote>爱彼迎、DoorDash 和迪士尼 (DIS) 在美国市场周四收盘后公布了业绩，提供了一些思路。</blockquote></p><p> Airbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.</p><p><blockquote>爱彼迎：该公司表示，随着疫苗变得更加广泛，人们对旅行的兴趣再次激增，这表明在英国首相鲍里斯·约翰逊 (Boris Johnson) 2 月份宣布逐步解除封锁的计划后，英国的预订量立即大幅增加。对于60岁及以上的美国客户来说，2月至3月期间，爱彼迎上夏季旅游的搜索量增长了60%以上。</blockquote></p><p> The company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.</p><p><blockquote>该公司还准备让更多的客户使用爱彼迎进行长期停留，因为他们利用了对远程工作的更大接受度。该公司表示，上季度近四分之一的住宿时间为 28 天或以上，比 2019 年增长了 14%。股价在盘前交易中小幅下跌。</blockquote></p><p> DoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.</p><p><blockquote>DoorDash：尽管餐馆重新开放传统餐饮，但人们仍然订购大量外卖。DoorDash 报告称，尽管面临工人短缺的问题，上季度收入仍增长了 198%，达到 11 亿美元，并上调了全年预期。</blockquote></p><p> \"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.</p><p><blockquote>该公司表示：“随着市场继续重新开放以及美国各地店内就餐的增加，对我们订单量的影响小于我们的预期，这促成了本季度的强劲业绩。”不过该公司警告称，这可能部分归因于刺激检查。股价在盘前交易中上涨近 9%。</blockquote></p><p> Disney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.</p><p><blockquote>迪士尼：流媒体带领迪士尼穿越了疫情，迪士尼+的订阅用户已超过1亿。然而，这位迪士尼媒体界最大的明星似乎没有那么耀眼，导致股价下跌 4%。</blockquote></p><p> The company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.</p><p><blockquote>该公司周四表示，Disney+ 目前拥有 1.036 亿用户，低于华尔街预期的 1.1 亿用户。这迫使投资者怀疑：这是因为人们正在接种疫苗并远离流媒体吗？Netflix 上季度还报告订阅增长缓慢。</blockquote></p><p> Down but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.</p><p><blockquote>下降但并未出局：迪士尼表示，尽管增长明显放缓，但仍有望实现其长期用户目标。它打赌，随着疫情的缓解，它将能够制作更多的电影和节目，帮助吸引新客户。</blockquote></p><p> Whether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.</p><p><blockquote>这是否正确将在未来几个月变得更加清晰，这将真正考验人们是否真的扔掉运动裤，走出家门，再次撼动经济。</blockquote></p><p> <b>It could get easier to get a credit card without a credit score</b></p><p><blockquote><b>无需信用评分即可获得信用卡可能会变得更容易</b></blockquote></p><p> For years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.</p><p><blockquote>多年来，如果你没有信用评分，就很难获得信用卡或某些类型的贷款。但美国一些最大银行的一项新计划可能会帮助没有传统信用记录的美国人获得批准。</blockquote></p><p> Ten banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.</p><p><blockquote>据《华尔街日报》报道，包括摩根大通 (JPM)、富国银行 (WFC) 和合众银行 (USB) 在内的十家银行已初步同意一项共享银行账户存款和账单支付活动等数据的计划，以帮助确定没有传统信用记录的借款人的资格。</blockquote></p><p> The push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.</p><p><blockquote>推动金融机构达成数据共享协议的动力来自货币监理署开展的一项计划。OCC已经确认有一个计划，但银行之间协议的细节仍需制定。</blockquote></p><p> Should the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.</p><p><blockquote>如果提议的安排获得通过，这将意味着，例如，如果您没有信用评分，但您在富国银行拥有银行账户，您可以使用该财务历史来帮助您获得另一家银行的信用卡，例如摩根大通。</blockquote></p><p> \"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.</p><p><blockquote>摩根大通发言人特里什·韦克斯勒 (Trish Wexler) 告诉 CNN 商业频道：“这将使数百万美国人有机会获得积累财富所必需的信贷——买房、创业或资助教育。”</blockquote></p><p> The backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.</p><p><blockquote>背景故事：根据 FICO 信用评分的创建者 Fair Isaac Corporation 的数据，目前有 5300 万人没有信用评分。这些低收入和有色人种的消费者面临着更高的借贷成本，因为他们被迫转向发薪日贷款等产品。</blockquote></p><p> Banks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.</p><p><blockquote>银行和贷方将那些没有信用记录的人称为“隐形信用”。这个群体可能包括年轻人或新移民，以及很长时间没有使用信贷或由于经济困难而失去使用信贷的人。</blockquote></p><p> The business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.</p><p><blockquote>商业角度：随着在线新贵根据需求抢购其产品，大银行可能也渴望修改其政策。</blockquote></p><p></p><p> \"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.</p><p><blockquote>LendingTree 首席行业分析师马特·舒尔茨 (Matt Schulz) 表示：“最大银行之间的一些合作可能是对小型银行和金融科技公司侵犯其领域的一种反应。”</blockquote></p><p> <b>Target will temporarily stop selling trading cards amid frenzy</b></p><p><blockquote><b>塔吉特将在狂热中暂时停止销售交易卡</b></blockquote></p><p> Target (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.</p><p><blockquote>塔吉特 (TGT) 宣布，在其一家门店发生暴力纠纷后，将停止在其商店销售交易卡——这表明收藏品市场已经变得多么过热。</blockquote></p><p> The details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.</p><p><blockquote>细节：上周，威斯康星州的一个目标在一名男子因体育交易卡被另外四人殴打后被锁定。</blockquote></p><p> \"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"</p><p><blockquote>塔吉特在一份声明中表示：“客人和团队的安全是我们的首要任务。”“出于谨慎，我们决定暂时停止在我们的商店内销售 MLB、NFL、NBA 和神奇宝贝交易卡，自 [周五] 起生效。”</blockquote></p><p> The cards will still be available online, the company said.</p><p><blockquote>该公司表示，这些卡仍将在网上提供。</blockquote></p><p> Remember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.</p><p><blockquote>请记住：在 Covid-19 大流行期间，最近几个月交易卡的价值飙升。这引起了业余和专业投资者的兴趣，他们希望从惊人的回报中获利。</blockquote></p><p> Target previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.</p><p><blockquote>据美国有线电视新闻网 (CNN) 附属机构 WISN 报道，塔吉特此前将卡购买限制为每天只能购买一件商品，称客人整夜排队购买热门商品。</blockquote></p><p> Walmart (WMT), for its part, said it will keep selling cards in stores for now.</p><p><blockquote>沃尔玛 (WMT) 则表示，目前将继续在商店销售贺卡。</blockquote></p><p> \"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.</p><p><blockquote>一位发言人在一份声明中表示：“我们正在确定需要做出哪些改变（如果有的话）来满足客户需求，同时确保安全愉快的购物体验。”</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> Data on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.</p><p><blockquote>美国零售销售、进出口价格和工业生产数据将于美国东部时间上午 8:30 公布。</blockquote></p><p> Coming next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.</p><p><blockquote>下周：随着房地产市场繁荣，家得宝 (HD) 和劳氏 (LOW) 公布收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/14/investing/premarket-stocks-trading/index.html\">CNN</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","DIS":"迪士尼","DASH":"DoorDash, Inc."},"source_url":"https://edition.cnn.com/2021/05/14/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173244066","content_text":"London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.\nThe big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?\nAirbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.\nAirbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.\nThe company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.\nDoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.\n\"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.\nDisney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.\nThe company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.\nDown but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.\nWhether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.\nIt could get easier to get a credit card without a credit score\nFor years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.\nTen banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.\nThe push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.\nShould the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.\n\"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.\nThe backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.\nBanks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.\nThe business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.\n\"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.\nTarget will temporarily stop selling trading cards amid frenzy\nTarget (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.\nThe details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.\n\"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"\nThe cards will still be available online, the company said.\nRemember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.\nTarget previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.\nWalmart (WMT), for its part, said it will keep selling cards in stores for now.\n\"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.\nUp next\nData on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.\nComing next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.","news_type":1,"symbols_score_info":{"DASH":0.9,"ABNB":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":2719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198600397,"gmtCreate":1620953580419,"gmtModify":1631887181578,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/198600397","repostId":"1100486329","repostType":4,"repost":{"id":"1100486329","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":1620952330,"share":"https://www.laohunote.com/m/news/1100486329?lang=zh_CN&edition=full","pubTime":"2021-05-14 08:32","market":"us","language":"en","title":"Luminar stock dips after mixed Q1 report with wider than exp<blockquote>Luminar 第一季度报告好坏参半，预期结果大于预期，股价下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100486329","media":"Tiger Newspress","summary":"Luminar Technologies, Inc. (\"Luminar\" or the \"Company\") (NASDAQ: LAZR), the global leader in automot","content":"<p><a href=\"https://laohu8.com/S/LAZR\">Luminar Technologies, Inc.</a> (\"Luminar\" or the \"Company\") (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, today announced a quarterly business update and financials for the first quarter ended March 31, 2021.</p><p><blockquote><a href=\"https://laohu8.com/S/LAZR\">卢米纳技术公司。</a>（“Luminar”或“公司”）（纳斯达克：LAZR），汽车激光雷达硬件和软件技术的全球领导者，今天宣布了截至2021年3月31日的第一季度的季度业务更新和财务状况。</blockquote></p><p>\"We’ve remained relentlessly focused on execution, hitting our key product, commercial, production and financial targets so far. This puts Luminar on track to meet or beat our 2021 company-level milestones from the beginning of the year, as we continue to extend our technology, product, and market leadership positions.\"</p><p><blockquote>“到目前为止，我们一直坚持不懈地专注于执行，实现了关键的产品、商业、生产和财务目标。随着我们继续扩大技术、产品和市场领先地位，Luminar 有望实现或超越 2021 年公司层面的里程碑”。</blockquote></p><p>— Austin Russell, Founder &amp; CEO</p><p><blockquote>— Austin Russell，创始人兼首席执行官</blockquote></p><p><b>Execution: Product, Industrialization, and Series Production</b></p><p><blockquote><b>执行：产品、产业化、批量生产</b></blockquote></p><p>Luminar continues to scale its series production capabilities. Today, Luminar officially announced its manufacturing partners Celestica and <a href=\"https://laohu8.com/S/FN\">Fabrinet</a>, while the first Iris units were produced on Luminar’s automated line in Celestica’s automotive-certified facility in Monterrey, Mexico.</p><p><blockquote>Luminar 继续扩大其系列生产能力。今天，Luminar 正式宣布其制造合作伙伴 Celestica 和<a href=\"https://laohu8.com/S/FN\">法布里内特</a>首批 Iris 装置是在 Celestica 位于墨西哥蒙特雷的汽车认证工厂的 Luminar 自动化生产线上生产的。</blockquote></p><p>Luminar also continues to advance validation of Iris and development of its Sentinel software as it moves up and beyond the foundation of lidar, reinforcing the Company’s transition to a system-level autonomous vehicle company. Following the introduction of Sentinel last quarter, Luminar kicked off the next phase of its software development through its partnership with Zenseact. Iris lidar data has been collected to train and optimize the performance of Luminar’s perception software, and Luminar received the green light from German authorities to proceed with Sentinel full-stack solution development and testing on public German roads.</p><p><blockquote>Luminar 还将继续推进 Iris 的验证和 Sentinel 软件的开发，不断提升并超越激光雷达的基础，巩固公司向系统级自动驾驶汽车公司的转型。继上个季度推出Sentinel之后，Luminar通过与Zenseact的合作启动了下一阶段的软件开发。已经收集了虹膜激光雷达数据，以训练和优化 Luminar 感知软件的性能，Luminar 已获得德国当局的批准，可以继续在德国公共道路上开发和测试 Sentinel 全栈解决方案。</blockquote></p><p><b>Customer Adoption: Commercial Wins from the Ground to the Sky</b></p><p><blockquote><b>客户采用：从地面到天空的商业胜利</b></blockquote></p><p>Since the 2020 year-end business update less than two months ago in March, where Luminar announced SAIC and detailed its new partnership with Zensact, Luminar achieved commercial wins with two new customers:</p><p><blockquote>自不到两个月前的 3 月份发布 2020 年终业务更新以来，Luminar 宣布了 SAIC 并详细介绍了与 Zensact 的新合作伙伴关系，Luminar 与两家新客户取得了商业胜利：</blockquote></p><p><ul><li><b>Airbus UpNext:</b> Airbus SE’s subsidiary UpNext – which was created to give future flight technologies a development fast-track by building, evaluating, maturing and validating new products and services that encompass radical technological breakthroughs – is integrating Luminar’s lidar technology into its Vertex platform to enable safe, autonomous flight. This partnership marks Luminar’s first foray into the nearly $1 trillion aviation industry and is aimed at increasing air safety and enabling autonomous operation with automatic obstacle detection.</li><li><b>Pony.ai:</b> Luminar’s Iris will be seamlessly integrated into Pony.ai’s next-generation autonomous driving platform, featuring a multi-sensor 360-degree configuration and enabling the vehicles to operate safely and reliably in complex urban environments. Pony.ai is set to start deployment of a 200-vehicle robo-taxi fleet in urban settings across five cities in China and the U.S. The partnership is developing a new integrated sensor design that signals a shift from vehicle testing to advanced development and production scale.</li></ul><b>Major 2021 Milestones: On Track of Ahead of Schedule for Each High-Level Milestone</b></p><p><blockquote><ul><li><b>空客UpNext：</b>空中客车公司（Airbus SE）的子公司 UpNext 的成立是为了通过构建、评估、成熟和验证包含根本性技术突破的新产品和服务，为未来的飞行技术提供发展快车道。此次合作标志着 Luminar 首次进军价值近 1 万亿美元的航空业，旨在提高航空安全，实现自动障碍物检测的自主运行。</li><li><b>小马爱：</b>Luminar 的 Iris 将无缝集成到 Pony.ai 的下一代自动驾驶平台中，采用多传感器 360 度配置，使车辆能够在复杂的城市环境中安全可靠地运行。Pony.ai 将开始在中国和美国五个城市的城市环境中部署 200 辆机器人出租车车队。该合作伙伴正在开发一种新的集成传感器设计，这标志着从车辆测试向高级开发和生产规模的转变。</li></ul><b>2021 年主要里程碑：有望提前实现每个高水平里程碑</b></blockquote></p><p>Luminar is on-track to meet or exceed each of its key 2021 milestones set forth at the beginning of the year and shared in its fourth quarter 2020 business update:</p><p><blockquote>Luminar 有望实现或超越年初制定的 2021 年每个关键里程碑，并在 2020 年第四季度业务更新中分享：</blockquote></p><p><ol><li><b>Iris Industrialization for Series Production:</b>Luminar successfully hit its major industrialization milestone with manufacturing partners and producing the first Iris lidars off the line, and remains on track to hit the C-sample phase before year end.</li><li><b>Software Development</b>: Luminar collected Iris data and trained its perception software, enabling perception with Iris. Luminar also received approval from Germany for Sentinel development and testing on public German roads, and remains on track for its Sentinel alpha release at year-end.</li><li><b>Commercial Programs:</b>So far this year, Luminar has won more commercial programs than expected, with the recent Airbus UpNext, Pony.ai, Zensact, and SAIC wins in the past few months. Luminar expects to increase its \"major commercial win\" guidance at its next quarterly business update call.</li><li><b>Forward-Looking Order Book</b>: Luminar has been targeting growth of 40% from its year-end 2020 forward-looking order book of $1.3 billion, driven by major commercial wins. Luminar expects to increase this growth guidance at its next quarterly business update call.</li><li><b>Maintain Strong Liquidity and Cash Position:</b>Luminar remains on track for its target of achieving a cash position at year end 2021 equal to or higher than its position at year end 2020. This is enabled in part by Luminar successfully raising $154 million from warrants in the first quarter. Luminar’s cash position currently stands at $610 million.</li></ol><b>First Quarter 2021 Financials: Strong Revenue Growth and Efficient Cash Management</b></p><p><blockquote><ol><li><b>用于批量生产的虹膜工业化：</b>Luminar 与制造合作伙伴成功实现了其重要的工业化里程碑，并生产出了首批下线的 Iris 激光雷达，并有望在年底前进入 C 样品阶段。</li><li><b>软件开发</b>：Luminar收集虹膜数据并训练其感知软件，实现虹膜感知。Luminar 还获得了德国的批准，可以在德国公共道路上开发和测试 Sentinel，并且仍有望在年底发布 Sentinel alpha。</li><li><b>商业节目：</b>今年到目前为止，Luminar 赢得的商业项目比预期要多，最近的空客 UpNext、Pony.ai、Zensact 和 SAIC 在过去几个月中获胜。Luminar 预计在下一个季度业务更新看涨期权中增加“重大商业胜利”指引。</li><li><b>前瞻性订单簿</b>: 在重大商业胜利的推动下，Luminar 的目标是在 2020 年底 13 亿美元的前瞻性订单中实现 40% 的增长。Luminar 预计将在下一个季度业务更新看涨期权中提高这一增长指引。</li><li><b>维持强劲的流动资金及现金状况：</b>Luminar 仍在实现其目标，即在 2021 年底实现等于或高于 2020 年底的现金状况。这在一定程度上得益于 Luminar 在第一季度成功从认股权证中筹集了 1.54 亿美元。Luminar 目前的现金头寸为 6.1 亿美元。</li></ol><b>2021 年第一季度财务数据：强劲的收入增长和高效的现金管理</b></blockquote></p><p></p><p><b>Revenue</b> for the first quarter was $5.3 million, a year-over-year increase of 37% compared to the first quarter of 2020 and a sequential 118% increase compared to the fourth quarter of 2020.</p><p><blockquote><b>收入</b>第一季度为530万美元，与2020年第一季度相比同比增长37%，与2020年第四季度相比环比增长118%。</blockquote></p><p><b>GAAP net loss</b> for the first quarter of 2021 was $(75.9) million, or $(0.23) per share, basic and diluted, compared to GAAP net loss of $(15.6) million, or $(0.12) per share, basic and diluted, for the first quarter of 2020.</p><p><blockquote><b>GAAP净亏损</b>2021 年第一季度基本和稀释后为 (7590) 万美元，或每股 (0.23) 美元，而 GAAP 净亏损为 (1560) 万美元，或每股 (0.12) 美元，基本和稀释后，2020 年第一季度。</blockquote></p><p><b>Non-GAAP net loss</b> for the first quarter of 2021 was $(27.0) million, or $(0.08) per share, basic and diluted, compared to non-GAAP net loss of $(14.1) million, or $(0.11) per share, basic and diluted, for the first quarter of 2020.</p><p><blockquote><b>非公认会计准则净亏损</b>2021 年第一季度基本和稀释后为 (270) 万美元，或每股 (0.08) 美元，而非 GAAP 净亏损为 (1410) 万美元，或每股 (0.11) 美元，基本和稀释后，2020 年第一季度。</blockquote></p><p><b>Cash and investments</b> were $610.3 million as of March 31, 2021, compared to $485.7 million as of December 31, 2020, and included $154 million raised from exercises of warrants and a cash spend (operating cash flow less capital expenditures) of $28.9 million during the quarter.</p><p><blockquote><b>现金及投资</b>截至 2021 年 3 月 31 日，为 6.103 亿美元，而截至 2020 年 12 月 31 日为 4.857 亿美元，其中包括行使认股权证筹集的 1.54 亿美元和本季度现金支出（运营现金流减去资本支出）2890 万美元。</blockquote></p><p><b>Financial Guidance:</b> Luminar remains on track to achieve its full-year 2021 guidance for revenue of $25 to $30 million and net cash spend of approximately $140 million.</p><p><blockquote><b>财务指导：</b>Luminar 仍有望实现 2021 年全年收入 25 至 3000 万美元和净现金支出约 1.4 亿美元的指导。</blockquote></p><p>Luminar stock dips after mixed Q1 report.</p><p><blockquote>Luminar 第一季度报告好坏参半后股价下跌。</blockquote></p><p><img src=\"https://static.tigerbbs.com/07e23634512ae92b7efff381e828ff18\" tg-width=\"1268\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLuminar stock dips after mixed Q1 report with wider than exp<blockquote>Luminar 第一季度报告好坏参半，预期结果大于预期，股价下跌</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\">2021-05-14 08:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/LAZR\">Luminar Technologies, Inc.</a> (\"Luminar\" or the \"Company\") (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, today announced a quarterly business update and financials for the first quarter ended March 31, 2021.</p><p><blockquote><a href=\"https://laohu8.com/S/LAZR\">卢米纳技术公司。</a>（“Luminar”或“公司”）（纳斯达克：LAZR），汽车激光雷达硬件和软件技术的全球领导者，今天宣布了截至2021年3月31日的第一季度的季度业务更新和财务状况。</blockquote></p><p>\"We’ve remained relentlessly focused on execution, hitting our key product, commercial, production and financial targets so far. This puts Luminar on track to meet or beat our 2021 company-level milestones from the beginning of the year, as we continue to extend our technology, product, and market leadership positions.\"</p><p><blockquote>“到目前为止，我们一直坚持不懈地专注于执行，实现了关键的产品、商业、生产和财务目标。随着我们继续扩大技术、产品和市场领先地位，Luminar 有望实现或超越 2021 年公司层面的里程碑”。</blockquote></p><p>— Austin Russell, Founder &amp; CEO</p><p><blockquote>— Austin Russell，创始人兼首席执行官</blockquote></p><p><b>Execution: Product, Industrialization, and Series Production</b></p><p><blockquote><b>执行：产品、产业化、批量生产</b></blockquote></p><p>Luminar continues to scale its series production capabilities. Today, Luminar officially announced its manufacturing partners Celestica and <a href=\"https://laohu8.com/S/FN\">Fabrinet</a>, while the first Iris units were produced on Luminar’s automated line in Celestica’s automotive-certified facility in Monterrey, Mexico.</p><p><blockquote>Luminar 继续扩大其系列生产能力。今天，Luminar 正式宣布其制造合作伙伴 Celestica 和<a href=\"https://laohu8.com/S/FN\">法布里内特</a>首批 Iris 装置是在 Celestica 位于墨西哥蒙特雷的汽车认证工厂的 Luminar 自动化生产线上生产的。</blockquote></p><p>Luminar also continues to advance validation of Iris and development of its Sentinel software as it moves up and beyond the foundation of lidar, reinforcing the Company’s transition to a system-level autonomous vehicle company. Following the introduction of Sentinel last quarter, Luminar kicked off the next phase of its software development through its partnership with Zenseact. Iris lidar data has been collected to train and optimize the performance of Luminar’s perception software, and Luminar received the green light from German authorities to proceed with Sentinel full-stack solution development and testing on public German roads.</p><p><blockquote>Luminar 还将继续推进 Iris 的验证和 Sentinel 软件的开发，不断提升并超越激光雷达的基础，巩固公司向系统级自动驾驶汽车公司的转型。继上个季度推出Sentinel之后，Luminar通过与Zenseact的合作启动了下一阶段的软件开发。已经收集了虹膜激光雷达数据，以训练和优化 Luminar 感知软件的性能，Luminar 已获得德国当局的批准，可以继续在德国公共道路上开发和测试 Sentinel 全栈解决方案。</blockquote></p><p><b>Customer Adoption: Commercial Wins from the Ground to the Sky</b></p><p><blockquote><b>客户采用：从地面到天空的商业胜利</b></blockquote></p><p>Since the 2020 year-end business update less than two months ago in March, where Luminar announced SAIC and detailed its new partnership with Zensact, Luminar achieved commercial wins with two new customers:</p><p><blockquote>自不到两个月前的 3 月份发布 2020 年终业务更新以来，Luminar 宣布了 SAIC 并详细介绍了与 Zensact 的新合作伙伴关系，Luminar 与两家新客户取得了商业胜利：</blockquote></p><p><ul><li><b>Airbus UpNext:</b> Airbus SE’s subsidiary UpNext – which was created to give future flight technologies a development fast-track by building, evaluating, maturing and validating new products and services that encompass radical technological breakthroughs – is integrating Luminar’s lidar technology into its Vertex platform to enable safe, autonomous flight. This partnership marks Luminar’s first foray into the nearly $1 trillion aviation industry and is aimed at increasing air safety and enabling autonomous operation with automatic obstacle detection.</li><li><b>Pony.ai:</b> Luminar’s Iris will be seamlessly integrated into Pony.ai’s next-generation autonomous driving platform, featuring a multi-sensor 360-degree configuration and enabling the vehicles to operate safely and reliably in complex urban environments. Pony.ai is set to start deployment of a 200-vehicle robo-taxi fleet in urban settings across five cities in China and the U.S. The partnership is developing a new integrated sensor design that signals a shift from vehicle testing to advanced development and production scale.</li></ul><b>Major 2021 Milestones: On Track of Ahead of Schedule for Each High-Level Milestone</b></p><p><blockquote><ul><li><b>空客UpNext：</b>空中客车公司（Airbus SE）的子公司 UpNext 的成立是为了通过构建、评估、成熟和验证包含根本性技术突破的新产品和服务，为未来的飞行技术提供发展快车道。此次合作标志着 Luminar 首次进军价值近 1 万亿美元的航空业，旨在提高航空安全，实现自动障碍物检测的自主运行。</li><li><b>小马爱：</b>Luminar 的 Iris 将无缝集成到 Pony.ai 的下一代自动驾驶平台中，采用多传感器 360 度配置，使车辆能够在复杂的城市环境中安全可靠地运行。Pony.ai 将开始在中国和美国五个城市的城市环境中部署 200 辆机器人出租车车队。该合作伙伴正在开发一种新的集成传感器设计，这标志着从车辆测试向高级开发和生产规模的转变。</li></ul><b>2021 年主要里程碑：有望提前实现每个高水平里程碑</b></blockquote></p><p>Luminar is on-track to meet or exceed each of its key 2021 milestones set forth at the beginning of the year and shared in its fourth quarter 2020 business update:</p><p><blockquote>Luminar 有望实现或超越年初制定的 2021 年每个关键里程碑，并在 2020 年第四季度业务更新中分享：</blockquote></p><p><ol><li><b>Iris Industrialization for Series Production:</b>Luminar successfully hit its major industrialization milestone with manufacturing partners and producing the first Iris lidars off the line, and remains on track to hit the C-sample phase before year end.</li><li><b>Software Development</b>: Luminar collected Iris data and trained its perception software, enabling perception with Iris. Luminar also received approval from Germany for Sentinel development and testing on public German roads, and remains on track for its Sentinel alpha release at year-end.</li><li><b>Commercial Programs:</b>So far this year, Luminar has won more commercial programs than expected, with the recent Airbus UpNext, Pony.ai, Zensact, and SAIC wins in the past few months. Luminar expects to increase its \"major commercial win\" guidance at its next quarterly business update call.</li><li><b>Forward-Looking Order Book</b>: Luminar has been targeting growth of 40% from its year-end 2020 forward-looking order book of $1.3 billion, driven by major commercial wins. Luminar expects to increase this growth guidance at its next quarterly business update call.</li><li><b>Maintain Strong Liquidity and Cash Position:</b>Luminar remains on track for its target of achieving a cash position at year end 2021 equal to or higher than its position at year end 2020. This is enabled in part by Luminar successfully raising $154 million from warrants in the first quarter. Luminar’s cash position currently stands at $610 million.</li></ol><b>First Quarter 2021 Financials: Strong Revenue Growth and Efficient Cash Management</b></p><p><blockquote><ol><li><b>用于批量生产的虹膜工业化：</b>Luminar 与制造合作伙伴成功实现了其重要的工业化里程碑，并生产出了首批下线的 Iris 激光雷达，并有望在年底前进入 C 样品阶段。</li><li><b>软件开发</b>：Luminar收集虹膜数据并训练其感知软件，实现虹膜感知。Luminar 还获得了德国的批准，可以在德国公共道路上开发和测试 Sentinel，并且仍有望在年底发布 Sentinel alpha。</li><li><b>商业节目：</b>今年到目前为止，Luminar 赢得的商业项目比预期要多，最近的空客 UpNext、Pony.ai、Zensact 和 SAIC 在过去几个月中获胜。Luminar 预计在下一个季度业务更新看涨期权中增加“重大商业胜利”指引。</li><li><b>前瞻性订单簿</b>: 在重大商业胜利的推动下，Luminar 的目标是在 2020 年底 13 亿美元的前瞻性订单中实现 40% 的增长。Luminar 预计将在下一个季度业务更新看涨期权中提高这一增长指引。</li><li><b>维持强劲的流动资金及现金状况：</b>Luminar 仍在实现其目标，即在 2021 年底实现等于或高于 2020 年底的现金状况。这在一定程度上得益于 Luminar 在第一季度成功从认股权证中筹集了 1.54 亿美元。Luminar 目前的现金头寸为 6.1 亿美元。</li></ol><b>2021 年第一季度财务数据：强劲的收入增长和高效的现金管理</b></blockquote></p><p></p><p><b>Revenue</b> for the first quarter was $5.3 million, a year-over-year increase of 37% compared to the first quarter of 2020 and a sequential 118% increase compared to the fourth quarter of 2020.</p><p><blockquote><b>收入</b>第一季度为530万美元，与2020年第一季度相比同比增长37%，与2020年第四季度相比环比增长118%。</blockquote></p><p><b>GAAP net loss</b> for the first quarter of 2021 was $(75.9) million, or $(0.23) per share, basic and diluted, compared to GAAP net loss of $(15.6) million, or $(0.12) per share, basic and diluted, for the first quarter of 2020.</p><p><blockquote><b>GAAP净亏损</b>2021 年第一季度基本和稀释后为 (7590) 万美元，或每股 (0.23) 美元，而 GAAP 净亏损为 (1560) 万美元，或每股 (0.12) 美元，基本和稀释后，2020 年第一季度。</blockquote></p><p><b>Non-GAAP net loss</b> for the first quarter of 2021 was $(27.0) million, or $(0.08) per share, basic and diluted, compared to non-GAAP net loss of $(14.1) million, or $(0.11) per share, basic and diluted, for the first quarter of 2020.</p><p><blockquote><b>非公认会计准则净亏损</b>2021 年第一季度基本和稀释后为 (270) 万美元，或每股 (0.08) 美元，而非 GAAP 净亏损为 (1410) 万美元，或每股 (0.11) 美元，基本和稀释后，2020 年第一季度。</blockquote></p><p><b>Cash and investments</b> were $610.3 million as of March 31, 2021, compared to $485.7 million as of December 31, 2020, and included $154 million raised from exercises of warrants and a cash spend (operating cash flow less capital expenditures) of $28.9 million during the quarter.</p><p><blockquote><b>现金及投资</b>截至 2021 年 3 月 31 日，为 6.103 亿美元，而截至 2020 年 12 月 31 日为 4.857 亿美元，其中包括行使认股权证筹集的 1.54 亿美元和本季度现金支出（运营现金流减去资本支出）2890 万美元。</blockquote></p><p><b>Financial Guidance:</b> Luminar remains on track to achieve its full-year 2021 guidance for revenue of $25 to $30 million and net cash spend of approximately $140 million.</p><p><blockquote><b>财务指导：</b>Luminar 仍有望实现 2021 年全年收入 25 至 3000 万美元和净现金支出约 1.4 亿美元的指导。</blockquote></p><p>Luminar stock dips after mixed Q1 report.</p><p><blockquote>Luminar 第一季度报告好坏参半后股价下跌。</blockquote></p><p><img src=\"https://static.tigerbbs.com/07e23634512ae92b7efff381e828ff18\" tg-width=\"1268\" tg-height=\"621\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LAZR":"Tema Photonics & Optical ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100486329","content_text":"Luminar Technologies, Inc. (\"Luminar\" or the \"Company\") (NASDAQ: LAZR), the global leader in automotive lidar hardware and software technology, today announced a quarterly business update and financials for the first quarter ended March 31, 2021.\"We’ve remained relentlessly focused on execution, hitting our key product, commercial, production and financial targets so far. This puts Luminar on track to meet or beat our 2021 company-level milestones from the beginning of the year, as we continue to extend our technology, product, and market leadership positions.\"— Austin Russell, Founder & CEOExecution: Product, Industrialization, and Series ProductionLuminar continues to scale its series production capabilities. Today, Luminar officially announced its manufacturing partners Celestica and Fabrinet, while the first Iris units were produced on Luminar’s automated line in Celestica’s automotive-certified facility in Monterrey, Mexico.Luminar also continues to advance validation of Iris and development of its Sentinel software as it moves up and beyond the foundation of lidar, reinforcing the Company’s transition to a system-level autonomous vehicle company. Following the introduction of Sentinel last quarter, Luminar kicked off the next phase of its software development through its partnership with Zenseact. Iris lidar data has been collected to train and optimize the performance of Luminar’s perception software, and Luminar received the green light from German authorities to proceed with Sentinel full-stack solution development and testing on public German roads.Customer Adoption: Commercial Wins from the Ground to the SkySince the 2020 year-end business update less than two months ago in March, where Luminar announced SAIC and detailed its new partnership with Zensact, Luminar achieved commercial wins with two new customers:Airbus UpNext: Airbus SE’s subsidiary UpNext – which was created to give future flight technologies a development fast-track by building, evaluating, maturing and validating new products and services that encompass radical technological breakthroughs – is integrating Luminar’s lidar technology into its Vertex platform to enable safe, autonomous flight. This partnership marks Luminar’s first foray into the nearly $1 trillion aviation industry and is aimed at increasing air safety and enabling autonomous operation with automatic obstacle detection.Pony.ai: Luminar’s Iris will be seamlessly integrated into Pony.ai’s next-generation autonomous driving platform, featuring a multi-sensor 360-degree configuration and enabling the vehicles to operate safely and reliably in complex urban environments. Pony.ai is set to start deployment of a 200-vehicle robo-taxi fleet in urban settings across five cities in China and the U.S. The partnership is developing a new integrated sensor design that signals a shift from vehicle testing to advanced development and production scale.Major 2021 Milestones: On Track of Ahead of Schedule for Each High-Level MilestoneLuminar is on-track to meet or exceed each of its key 2021 milestones set forth at the beginning of the year and shared in its fourth quarter 2020 business update:Iris Industrialization for Series Production:Luminar successfully hit its major industrialization milestone with manufacturing partners and producing the first Iris lidars off the line, and remains on track to hit the C-sample phase before year end.Software Development: Luminar collected Iris data and trained its perception software, enabling perception with Iris. Luminar also received approval from Germany for Sentinel development and testing on public German roads, and remains on track for its Sentinel alpha release at year-end.Commercial Programs:So far this year, Luminar has won more commercial programs than expected, with the recent Airbus UpNext, Pony.ai, Zensact, and SAIC wins in the past few months. Luminar expects to increase its \"major commercial win\" guidance at its next quarterly business update call.Forward-Looking Order Book: Luminar has been targeting growth of 40% from its year-end 2020 forward-looking order book of $1.3 billion, driven by major commercial wins. Luminar expects to increase this growth guidance at its next quarterly business update call.Maintain Strong Liquidity and Cash Position:Luminar remains on track for its target of achieving a cash position at year end 2021 equal to or higher than its position at year end 2020. This is enabled in part by Luminar successfully raising $154 million from warrants in the first quarter. Luminar’s cash position currently stands at $610 million.First Quarter 2021 Financials: Strong Revenue Growth and Efficient Cash ManagementRevenue for the first quarter was $5.3 million, a year-over-year increase of 37% compared to the first quarter of 2020 and a sequential 118% increase compared to the fourth quarter of 2020.GAAP net loss for the first quarter of 2021 was $(75.9) million, or $(0.23) per share, basic and diluted, compared to GAAP net loss of $(15.6) million, or $(0.12) per share, basic and diluted, for the first quarter of 2020.Non-GAAP net loss for the first quarter of 2021 was $(27.0) million, or $(0.08) per share, basic and diluted, compared to non-GAAP net loss of $(14.1) million, or $(0.11) per share, basic and diluted, for the first quarter of 2020.Cash and investments were $610.3 million as of March 31, 2021, compared to $485.7 million as of December 31, 2020, and included $154 million raised from exercises of warrants and a cash spend (operating cash flow less capital expenditures) of $28.9 million during the quarter.Financial Guidance: Luminar remains on track to achieve its full-year 2021 guidance for revenue of $25 to $30 million and net cash spend of approximately $140 million.Luminar stock dips after mixed Q1 report.","news_type":1,"symbols_score_info":{"LAZR":0.9}},"isVote":1,"tweetType":1,"viewCount":2809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193812132,"gmtCreate":1620779291326,"gmtModify":1631887181588,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/193812132","repostId":"2134269356","repostType":4,"isVote":1,"tweetType":1,"viewCount":2320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190360570,"gmtCreate":1620600456090,"gmtModify":1631887181602,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/190360570","repostId":"2133837186","repostType":4,"isVote":1,"tweetType":1,"viewCount":2999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107492745,"gmtCreate":1620527346387,"gmtModify":1631887181631,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/107492745","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohunote.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</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>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</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\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107035341,"gmtCreate":1620432659783,"gmtModify":1631887181639,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/107035341","repostId":"1106240370","repostType":4,"isVote":1,"tweetType":1,"viewCount":2862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104084563,"gmtCreate":1620345671052,"gmtModify":1631887181645,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Sell","listText":"Sell","text":"Sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/104084563","repostId":"1186778449","repostType":4,"repost":{"id":"1186778449","kind":"news","pubTimestamp":1620341777,"share":"https://www.laohunote.com/m/news/1186778449?lang=zh_CN&edition=full","pubTime":"2021-05-07 06:56","market":"hk","language":"en","title":"Dow closes at record high after upbeat jobless claims report<blockquote>乐观的失业救济金人数报告后道琼斯指数收盘创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186778449","media":"Reuters","summary":"The Dow Jones Industrial Averageclosed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while shares of vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots.Lifted by $Apple$ Inc, the S&P 500 rose after a Labor Department report showed initial claims for state unemployment benefits totaled a seasonally adjusted 498,000 for the week ended May 1, compared with 590,000 in the prior week.$Investors$ were awaiting a mor","content":"<p>The Dow Jones Industrial Average(.DJI)closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while shares of vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots.</p><p><blockquote>道琼斯工业平均指数 (.DJI) 周四收于历史新高，受到乐观的每周申请失业救济人数报告的支撑，而在美国总统乔·拜登支持放弃 COVID-19 疫苗专利的计划后，疫苗制造商的股价下跌。</blockquote></p><p>Lifted by <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc(AAPL.O), the S&amp;P 500 rose after a Labor Department report showed initial claims for state unemployment benefits totaled a seasonally adjusted 498,000 for the week ended May 1, compared with 590,000 in the prior week.</p><p><blockquote>举升者<a href=\"https://laohu8.com/S/AAPL\">苹果</a>劳工部报告显示，截至 5 月 1 日当周，经季节性调整后，首次申请州失业救济人数总计 49.8 万人，而前一周为 59 万人，标普500上涨。</blockquote></p><p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> were awaiting a more comprehensive non-farm payrolls report on Friday for clues on the strength of the labor market and potentially the U.S. Federal Reserve's stance on monetary policy.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>我们正在等待周五更全面的非农就业报告，以获取有关劳动力市场强劲程度以及美联储货币政策立场的线索。</blockquote></p><p>\"Investors are encouraged by the low-interest rates and the stimulus that the government is putting into the economy. We're also seeing substantial increases in economic projections and earnings forecasts,\" said Sam Stovall, chief investment strategist at CFRA Research.</p><p><blockquote>CFRA Research 首席投资策略师 Sam Stovall 表示：“低利率和政府对经济的刺激措施令投资者感到鼓舞。我们还看到经济预测和盈利预测大幅增加。”</blockquote></p><p>Pharmaceutical companies dropped after the White House said Biden made the decision to back a proposed waiver for COVID-19 vaccine intellectual property rights.</p><p><blockquote>白宫表示拜登决定支持放弃 COVID-19 疫苗知识产权的提议后，制药公司股价下跌。</blockquote></p><p>Shares in <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> Inc(PFE.N), Moderna Inc(MRNA.O)and <a href=\"https://laohu8.com/S/NVAX\">Novavax</a> Inc(NVAX.O), all involved in the making of COVID-19 vaccines, fell. <a href=\"https://laohu8.com/S/00179\">Johnson</a> &amp; Johnson(JNJ.N)was near unchanged.</p><p><blockquote>于<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>Inc(PFE.N)、Moderna Inc(MRNA.O)和<a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a>所有参与 COVID-19 疫苗生产的公司 Inc(NVAX.O) 股价下跌。<a href=\"https://laohu8.com/S/00179\">约翰逊</a>&amp; Johnson (JNJ.N) 几乎没有变化。</blockquote></p><p>The S&amp;P 500 healthcare sector index(.SPXHC)slipped, while the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> biotechnology index &lt;.NBI&gt; also dropped.</p><p><blockquote>标普500医疗保健行业指数（.SPXHC）下滑，而<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>生物技术指数&lt;.NBI&gt;也掉了。</blockquote></p><p>Moderna's shares cut some losses after it said countries around the globe would continue buying its COVID-19 vaccine for years even if patents on the shots are waived.</p><p><blockquote>Moderna 表示，即使疫苗专利被放弃，全球各国仍将在未来数年继续购买其 COVID-19 疫苗，该公司股价减少了一些损失。</blockquote></p><p>The S&amp;P 500 financials index(.SPSY)was among the top performers.</p><p><blockquote>标普500金融指数(.SPSY)是表现最好的指数之一。</blockquote></p><p>\"One sector we are seeing a lot of opportunities in is the financial sector. We see it as <a href=\"https://laohu8.com/S/AONE\">one</a> that should benefit from higher interest rates and a stronger economic recovery,\" said Ann Guntli, portfolio manager at Chicago-based RMB Capital.</p><p><blockquote>“我们看到了很多机会的一个领域是金融领域。我们认为它是<a href=\"https://laohu8.com/S/AONE\">一</a>这应该受益于更高的利率和更强劲的经济复苏，”总部位于芝加哥的人民币资本投资组合经理安·冈特利 (Ann Guntli) 表示。</blockquote></p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp(MSFT.O), Apple(AAPL.O)and <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Incwere up under 1% for most of the session.</p><p><blockquote><a href=\"https://laohu8.com/S/MSFT\">微软</a>Corp(MSFT.O)、苹果(AAPL.O)和<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>交易日大部分时间涨幅低于 1%。</blockquote></p><p>Unofficially, the Dow Jones Industrial Average(.DJI)rose 0.92% to end at 34,545.11 points, while the S&amp;P 500(.SPX)gained 0.82% to 4,201.58.</p><p><blockquote>非官方数据显示，道琼斯工业平均指数 (.DJI) 上涨 0.92%，收于 34,545.11 点，而标普500 (.SPX) 上涨 0.82%，至 4,201.58 点。</blockquote></p><p>The Nasdaq Composite(.IXIC)climbed 0.37% to 13,632.84.</p><p><blockquote>纳斯达克综合指数(.IXIC)上涨0.37%，至13,632.84点。</blockquote></p><p><a href=\"https://laohu8.com/S/COST\">Costco</a> Wholesale(COST.O)jumped after the retailer said late on Wednesday that its April sales surged 33.5%. That rally helped push the S&amp;P 500 consumers staple index higher.</p><p><blockquote><a href=\"https://laohu8.com/S/COST\">好市多</a>该零售商 Wholesale (COST.O) 周三晚间表示 4 月份销售额飙升 33.5%，随后该零售商 Wholesale (COST.O) 大幅上涨。这一反弹帮助推高了标普500消费者必需品指数。</blockquote></p><p><a href=\"https://laohu8.com/S/REGN\">Regeneron Pharmaceuticals</a> Inc(REGN.O)rose after the drugmaker reported a better-than-expected quarterly profit and said it expected demand for its COVID-19 antibody therapy to hold up.</p><p><blockquote><a href=\"https://laohu8.com/S/REGN\">再生元制药</a>Inc(REGN.O) 股价上涨，此前该制药商公布了好于预期的季度利润，并表示预计其 COVID-19 抗体疗法的需求将保持不变。</blockquote></p><p><a href=\"https://laohu8.com/S/UBER\">Uber</a> Technologies Inc(UBER.N)tumbled after it signaled it would pay drivers more to get cars back on the road as the pandemic recedes, and disclosed a $600 million charge to provide UK drivers with benefits.</p><p><blockquote><a href=\"https://laohu8.com/S/UBER\">优步</a>Technologies Inc. (UBER.N) 表示，随着疫情的消退，将向司机支付更多费用，让汽车重新上路，并披露了 6 亿美元的费用，为英国司机提供福利，该公司股价暴跌。</blockquote></p><p><a href=\"https://laohu8.com/NW/1123939866\" target=\"_blank\"><a href=\"https://laohu8.com/S/SQ\">Square</a> gets a bitcoin boost with revenue up 266%</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1123939866\" target=\"_blank\"><a href=\"https://laohu8.com/S/SQ\">平方</a>比特币增长，收入增长 266%</a></blockquote></p><p><a href=\"https://laohu8.com/NW/1159007289\" target=\"_blank\">Beyond Meat swings to a loss as grocery sales growth slows</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1159007289\" target=\"_blank\">杂货销售增长放缓，Beyond Meat陷入亏损</a></blockquote></p><p><a href=\"https://laohu8.com/NW/1170281328\" target=\"_blank\">Roku Q1 Active Account Growth Slows, Revenue Booms 79%</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1170281328\" target=\"_blank\">Roku第一季度活跃账户增长放缓，收入增长 79%</a></blockquote></p><p><a href=\"https://laohu8.com/NW/1131126697\" target=\"_blank\">Peloton Crushes Forecasts But Cuts <a href=\"https://laohu8.com/S/GUID\">Guidance</a> Amid Treadmill Recall</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1131126697\" target=\"_blank\">Peloton 超出预期但削减<a href=\"https://laohu8.com/S/GUID\">指导</a>跑步机召回期间</a></blockquote></p><p><a href=\"https://laohu8.com/NW/2133576548\" target=\"_blank\">AMC Chain Posts $567.2 Million Loss as Film Fans Trickle Back</a></p><p><blockquote><a href=\"https://laohu8.com/NW/2133576548\" target=\"_blank\">随着影迷的回归，AMC 连锁店亏损 5.672 亿美元</a></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>Dow closes at record high after upbeat jobless claims report<blockquote>乐观的失业救济金人数报告后道琼斯指数收盘创下历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow closes at record high after upbeat jobless claims report<blockquote>乐观的失业救济金人数报告后道琼斯指数收盘创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-05-07 06:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Dow Jones Industrial Average(.DJI)closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while shares of vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots.</p><p><blockquote>道琼斯工业平均指数 (.DJI) 周四收于历史新高，受到乐观的每周申请失业救济人数报告的支撑，而在美国总统乔·拜登支持放弃 COVID-19 疫苗专利的计划后，疫苗制造商的股价下跌。</blockquote></p><p>Lifted by <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc(AAPL.O), the S&amp;P 500 rose after a Labor Department report showed initial claims for state unemployment benefits totaled a seasonally adjusted 498,000 for the week ended May 1, compared with 590,000 in the prior week.</p><p><blockquote>举升者<a href=\"https://laohu8.com/S/AAPL\">苹果</a>劳工部报告显示，截至 5 月 1 日当周，经季节性调整后，首次申请州失业救济人数总计 49.8 万人，而前一周为 59 万人，标普500上涨。</blockquote></p><p><a href=\"https://laohu8.com/S/ISBC\">Investors</a> were awaiting a more comprehensive non-farm payrolls report on Friday for clues on the strength of the labor market and potentially the U.S. Federal Reserve's stance on monetary policy.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>我们正在等待周五更全面的非农就业报告，以获取有关劳动力市场强劲程度以及美联储货币政策立场的线索。</blockquote></p><p>\"Investors are encouraged by the low-interest rates and the stimulus that the government is putting into the economy. We're also seeing substantial increases in economic projections and earnings forecasts,\" said Sam Stovall, chief investment strategist at CFRA Research.</p><p><blockquote>CFRA Research 首席投资策略师 Sam Stovall 表示：“低利率和政府对经济的刺激措施令投资者感到鼓舞。我们还看到经济预测和盈利预测大幅增加。”</blockquote></p><p>Pharmaceutical companies dropped after the White House said Biden made the decision to back a proposed waiver for COVID-19 vaccine intellectual property rights.</p><p><blockquote>白宫表示拜登决定支持放弃 COVID-19 疫苗知识产权的提议后，制药公司股价下跌。</blockquote></p><p>Shares in <a href=\"https://laohu8.com/S/PFE\">Pfizer</a> Inc(PFE.N), Moderna Inc(MRNA.O)and <a href=\"https://laohu8.com/S/NVAX\">Novavax</a> Inc(NVAX.O), all involved in the making of COVID-19 vaccines, fell. <a href=\"https://laohu8.com/S/00179\">Johnson</a> &amp; Johnson(JNJ.N)was near unchanged.</p><p><blockquote>于<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>Inc(PFE.N)、Moderna Inc(MRNA.O)和<a href=\"https://laohu8.com/S/NVAX\">诺瓦瓦克斯</a>所有参与 COVID-19 疫苗生产的公司 Inc(NVAX.O) 股价下跌。<a href=\"https://laohu8.com/S/00179\">约翰逊</a>&amp; Johnson (JNJ.N) 几乎没有变化。</blockquote></p><p>The S&amp;P 500 healthcare sector index(.SPXHC)slipped, while the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> biotechnology index &lt;.NBI&gt; also dropped.</p><p><blockquote>标普500医疗保健行业指数（.SPXHC）下滑，而<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>生物技术指数&lt;.NBI&gt;也掉了。</blockquote></p><p>Moderna's shares cut some losses after it said countries around the globe would continue buying its COVID-19 vaccine for years even if patents on the shots are waived.</p><p><blockquote>Moderna 表示，即使疫苗专利被放弃，全球各国仍将在未来数年继续购买其 COVID-19 疫苗，该公司股价减少了一些损失。</blockquote></p><p>The S&amp;P 500 financials index(.SPSY)was among the top performers.</p><p><blockquote>标普500金融指数(.SPSY)是表现最好的指数之一。</blockquote></p><p>\"One sector we are seeing a lot of opportunities in is the financial sector. We see it as <a href=\"https://laohu8.com/S/AONE\">one</a> that should benefit from higher interest rates and a stronger economic recovery,\" said Ann Guntli, portfolio manager at Chicago-based RMB Capital.</p><p><blockquote>“我们看到了很多机会的一个领域是金融领域。我们认为它是<a href=\"https://laohu8.com/S/AONE\">一</a>这应该受益于更高的利率和更强劲的经济复苏，”总部位于芝加哥的人民币资本投资组合经理安·冈特利 (Ann Guntli) 表示。</blockquote></p><p><a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp(MSFT.O), Apple(AAPL.O)and <a href=\"https://laohu8.com/S/AMZN\">Amazon.com</a> Incwere up under 1% for most of the session.</p><p><blockquote><a href=\"https://laohu8.com/S/MSFT\">微软</a>Corp(MSFT.O)、苹果(AAPL.O)和<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>交易日大部分时间涨幅低于 1%。</blockquote></p><p>Unofficially, the Dow Jones Industrial Average(.DJI)rose 0.92% to end at 34,545.11 points, while the S&amp;P 500(.SPX)gained 0.82% to 4,201.58.</p><p><blockquote>非官方数据显示，道琼斯工业平均指数 (.DJI) 上涨 0.92%，收于 34,545.11 点，而标普500 (.SPX) 上涨 0.82%，至 4,201.58 点。</blockquote></p><p>The Nasdaq Composite(.IXIC)climbed 0.37% to 13,632.84.</p><p><blockquote>纳斯达克综合指数(.IXIC)上涨0.37%，至13,632.84点。</blockquote></p><p><a href=\"https://laohu8.com/S/COST\">Costco</a> Wholesale(COST.O)jumped after the retailer said late on Wednesday that its April sales surged 33.5%. That rally helped push the S&amp;P 500 consumers staple index higher.</p><p><blockquote><a href=\"https://laohu8.com/S/COST\">好市多</a>该零售商 Wholesale (COST.O) 周三晚间表示 4 月份销售额飙升 33.5%，随后该零售商 Wholesale (COST.O) 大幅上涨。这一反弹帮助推高了标普500消费者必需品指数。</blockquote></p><p><a href=\"https://laohu8.com/S/REGN\">Regeneron Pharmaceuticals</a> Inc(REGN.O)rose after the drugmaker reported a better-than-expected quarterly profit and said it expected demand for its COVID-19 antibody therapy to hold up.</p><p><blockquote><a href=\"https://laohu8.com/S/REGN\">再生元制药</a>Inc(REGN.O) 股价上涨，此前该制药商公布了好于预期的季度利润，并表示预计其 COVID-19 抗体疗法的需求将保持不变。</blockquote></p><p><a href=\"https://laohu8.com/S/UBER\">Uber</a> Technologies Inc(UBER.N)tumbled after it signaled it would pay drivers more to get cars back on the road as the pandemic recedes, and disclosed a $600 million charge to provide UK drivers with benefits.</p><p><blockquote><a href=\"https://laohu8.com/S/UBER\">优步</a>Technologies Inc. (UBER.N) 表示，随着疫情的消退，将向司机支付更多费用，让汽车重新上路，并披露了 6 亿美元的费用，为英国司机提供福利，该公司股价暴跌。</blockquote></p><p><a href=\"https://laohu8.com/NW/1123939866\" target=\"_blank\"><a href=\"https://laohu8.com/S/SQ\">Square</a> gets a bitcoin boost with revenue up 266%</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1123939866\" target=\"_blank\"><a href=\"https://laohu8.com/S/SQ\">平方</a>比特币增长，收入增长 266%</a></blockquote></p><p><a href=\"https://laohu8.com/NW/1159007289\" target=\"_blank\">Beyond Meat swings to a loss as grocery sales growth slows</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1159007289\" target=\"_blank\">杂货销售增长放缓，Beyond Meat陷入亏损</a></blockquote></p><p><a href=\"https://laohu8.com/NW/1170281328\" target=\"_blank\">Roku Q1 Active Account Growth Slows, Revenue Booms 79%</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1170281328\" target=\"_blank\">Roku第一季度活跃账户增长放缓，收入增长 79%</a></blockquote></p><p><a href=\"https://laohu8.com/NW/1131126697\" target=\"_blank\">Peloton Crushes Forecasts But Cuts <a href=\"https://laohu8.com/S/GUID\">Guidance</a> Amid Treadmill Recall</a></p><p><blockquote><a href=\"https://laohu8.com/NW/1131126697\" target=\"_blank\">Peloton 超出预期但削减<a href=\"https://laohu8.com/S/GUID\">指导</a>跑步机召回期间</a></blockquote></p><p><a href=\"https://laohu8.com/NW/2133576548\" target=\"_blank\">AMC Chain Posts $567.2 Million Loss as Film Fans Trickle Back</a></p><p><blockquote><a href=\"https://laohu8.com/NW/2133576548\" target=\"_blank\">随着影迷的回归，AMC 连锁店亏损 5.672 亿美元</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/dow-closes-record-high-after-upbeat-jobless-claims-report-2021-05-06/\">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":{"AAPL":"苹果","JNJ":"强生","UBER":"优步","PFE":"辉瑞","REGN":"再生元制药公司",".SPX":"S&P 500 Index","MSFT":"微软",".DJI":"道琼斯","NVAX":"诺瓦瓦克斯医药","ROKU":"Roku Inc","PTON":"Peloton Interactive, Inc.","MRNA":"Moderna, Inc.","BYND":"Beyond Meat, Inc.",".IXIC":"NASDAQ Composite","COST":"好市多"},"source_url":"https://www.reuters.com/business/dow-closes-record-high-after-upbeat-jobless-claims-report-2021-05-06/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186778449","content_text":"The Dow Jones Industrial Average(.DJI)closed at a record high on Thursday, bolstered by an upbeat weekly jobless claims report, while shares of vaccine makers dipped after U.S. President Joe Biden backed plans to waive patents on COVID-19 shots.Lifted by Apple Inc(AAPL.O), the S&P 500 rose after a Labor Department report showed initial claims for state unemployment benefits totaled a seasonally adjusted 498,000 for the week ended May 1, compared with 590,000 in the prior week.Investors were awaiting a more comprehensive non-farm payrolls report on Friday for clues on the strength of the labor market and potentially the U.S. Federal Reserve's stance on monetary policy.\"Investors are encouraged by the low-interest rates and the stimulus that the government is putting into the economy. We're also seeing substantial increases in economic projections and earnings forecasts,\" said Sam Stovall, chief investment strategist at CFRA Research.Pharmaceutical companies dropped after the White House said Biden made the decision to back a proposed waiver for COVID-19 vaccine intellectual property rights.Shares in Pfizer Inc(PFE.N), Moderna Inc(MRNA.O)and Novavax Inc(NVAX.O), all involved in the making of COVID-19 vaccines, fell. Johnson & Johnson(JNJ.N)was near unchanged.The S&P 500 healthcare sector index(.SPXHC)slipped, while the Nasdaq biotechnology index <.NBI> also dropped.Moderna's shares cut some losses after it said countries around the globe would continue buying its COVID-19 vaccine for years even if patents on the shots are waived.The S&P 500 financials index(.SPSY)was among the top performers.\"One sector we are seeing a lot of opportunities in is the financial sector. We see it as one that should benefit from higher interest rates and a stronger economic recovery,\" said Ann Guntli, portfolio manager at Chicago-based RMB Capital.Microsoft Corp(MSFT.O), Apple(AAPL.O)and Amazon.com Incwere up under 1% for most of the session.Unofficially, the Dow Jones Industrial Average(.DJI)rose 0.92% to end at 34,545.11 points, while the S&P 500(.SPX)gained 0.82% to 4,201.58.The Nasdaq Composite(.IXIC)climbed 0.37% to 13,632.84.Costco Wholesale(COST.O)jumped after the retailer said late on Wednesday that its April sales surged 33.5%. That rally helped push the S&P 500 consumers staple index higher.Regeneron Pharmaceuticals Inc(REGN.O)rose after the drugmaker reported a better-than-expected quarterly profit and said it expected demand for its COVID-19 antibody therapy to hold up.Uber Technologies Inc(UBER.N)tumbled after it signaled it would pay drivers more to get cars back on the road as the pandemic recedes, and disclosed a $600 million charge to provide UK drivers with benefits.Square gets a bitcoin boost with revenue up 266%Beyond Meat swings to a loss as grocery sales growth slowsRoku Q1 Active Account Growth Slows, Revenue Booms 79%Peloton Crushes Forecasts But Cuts Guidance Amid Treadmill RecallAMC Chain Posts $567.2 Million Loss as Film Fans Trickle Back","news_type":1,"symbols_score_info":{"NVAX":0.9,"ROKU":0.9,".DJI":0.9,"MSFT":0.9,"PTON":0.9,"MRNA":0.9,"REGN":0.9,"SPSY":0.9,"AAPL":0.9,"JNJ":0.9,"UBER":0.9,"PFE":0.9,"BYND":0.9,".SPX":0.9,"SQ":0.9,".IXIC":0.9,"COST":0.9}},"isVote":1,"tweetType":1,"viewCount":3057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102762515,"gmtCreate":1620255091637,"gmtModify":1631887181664,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/102762515","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","kind":"news","pubTimestamp":1620224535,"share":"https://www.laohunote.com/m/news/1148686352?lang=zh_CN&edition=full","pubTime":"2021-05-05 22:22","market":"us","language":"en","title":"This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893 年恐慌导致股市崩盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148686352","media":"benzinga","summary":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the ","content":"<p><div> What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time. Where The Market Was:The Dow finished the day at 30.02. What Else Was Going On In The World?In...</p><p><blockquote><div>发生什么事了？1893年的今天，美国股市遭受了当时历史上最严重的盘中跌幅。市场行情：道琼斯指数当天收于 30.02。世界上还发生了什么？在……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>This Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893 年恐慌导致股市崩盘</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\">\nThis Day In Market History: Panic Of 1893 Crashes Stock Market<blockquote>市场历史上的这一天：1893 年恐慌导致股市崩盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-05-05 22:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time. Where The Market Was:The Dow finished the day at 30.02. What Else Was Going On In The World?In...</p><p><blockquote><div>发生什么事了？1893年的今天，美国股市遭受了当时历史上最严重的盘中跌幅。市场行情：道琼斯指数当天收于 30.02。世界上还发生了什么？在……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market\">benzinga</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":{},"source_url":"https://www.benzinga.com/general/education/21/05/20964728/this-day-in-market-history-panic-of-1893-crashes-stock-market","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148686352","content_text":"What Happened?On this day in 1893, U.S. stocks suffered their worst intraday loss in history at the time.\nWhere The Market Was:The Dow finished the day at 30.02.\nWhat Else Was Going On In The World?In 1893, Thomas Edison completed the world’s first movie studio in West Orange, New Jersey. Lizzie Borden was acquitted of the ax murders of her father and stepmother. A fresh, one-pound beef steak cost 10 cents.\nPanic Of 1893:On May 5, 1893, the Dow Jones Index dropped more than 24% from 39.90 to 30.02. It would mark the worst intraday sell-off in U.S. history at the time, a record that would stand until 1929.\nThe Panic of 1893 was triggered in part by falling gold reserves in the U.S. Treasury. At the time, the U.S. was on the gold standard, meaning U.S. dollars could be redeemed for physical gold. When Treasury gold reserves dropped from $190 million in 1890 to $100 million by 1893, Americans grew concerned that the Treasury might run out of gold and began withdrawing bank notes and converting them to gold, placing extreme strain on the U.S. banking industry and credit markets.\nThe May 5 sell-off was triggered in part by the bankruptcy of Nation Cordage the day before.General Electric CompanyGE 0.34%shares dropped 28% on the day from $80 to $58.\nFortunately for investors, the Panic of 1893 didn’t last for long. By the end of the day, the market nearly completely recovered its losses. GE, for example, closed the session at $78.50.\nThe Panic of 1893 would ravage the U.S. economy, triggering a severe four-year depression. Roughly 14,000 U.S. businesses closed, and unemployment rose to 20%. The event would mark the worst economic downturn in U.S. history until the Great Depression began in 1929.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102967513,"gmtCreate":1620174051132,"gmtModify":1631887181677,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102967513","repostId":"1140575890","repostType":4,"repost":{"id":"1140575890","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":1620141444,"share":"https://www.laohunote.com/m/news/1140575890?lang=zh_CN&edition=full","pubTime":"2021-05-04 23:17","market":"us","language":"en","title":"Yellen says interest rates may have to rise somewhat to make sure economy doesn't overheat<blockquote>耶伦表示利率可能必须有所上升，以确保经济不会过热</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140575890","media":"Tiger Newspress","summary":"(May 4) Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to kee","content":"<p>(May 4)&nbsp;Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on by trillions in government stimulus spending.</p><p><blockquote>（5月4日）财政部长珍妮特·耶伦（Janet Yellen）周二承认，利率可能不得不上升，以遏制数万亿美元政府刺激支出带来的美国经济蓬勃发展。</blockquote></p><p>\"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat,\" Yellen said during a economic seminar presented by Th Atlantic. \"Even though additional spending is relatively small to the size of the economy, it could causae some very modest increases in interest rates.\"</p><p><blockquote>耶伦在《大西洋月刊》举办的经济研讨会上表示：“利率可能必须有所上升，以确保我们的经济不会过热。”“尽管额外支出相对于经济规模来说相对较小，但它可能会导致利率小幅上升。”</blockquote></p><p>\"But these are investments our economy needs to be competitive and productive,\" she added.</p><p><blockquote>“但这些都是我们的经济需要具有竞争力和生产力的投资，”她补充道。</blockquote></p><p>Nasdaq fell&nbsp;over 2%&nbsp;for&nbsp;now.</p><p><blockquote>纳斯达克目前下跌超过 2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de3525661b3a7db28a0797ab745db67b\" tg-width=\"629\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ec61efef423e545861c0ca0126af9332\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yellen says interest rates may have to rise somewhat to make sure economy doesn't overheat<blockquote>耶伦表示利率可能必须有所上升，以确保经济不会过热</blockquote></title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYellen says interest rates may have to rise somewhat to make sure economy doesn't overheat<blockquote>耶伦表示利率可能必须有所上升，以确保经济不会过热</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\">2021-05-04 23:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(May 4)&nbsp;Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on by trillions in government stimulus spending.</p><p><blockquote>（5月4日）财政部长珍妮特·耶伦（Janet Yellen）周二承认，利率可能不得不上升，以遏制数万亿美元政府刺激支出带来的美国经济蓬勃发展。</blockquote></p><p>\"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat,\" Yellen said during a economic seminar presented by Th Atlantic. \"Even though additional spending is relatively small to the size of the economy, it could causae some very modest increases in interest rates.\"</p><p><blockquote>耶伦在《大西洋月刊》举办的经济研讨会上表示：“利率可能必须有所上升，以确保我们的经济不会过热。”“尽管额外支出相对于经济规模来说相对较小，但它可能会导致利率小幅上升。”</blockquote></p><p>\"But these are investments our economy needs to be competitive and productive,\" she added.</p><p><blockquote>“但这些都是我们的经济需要具有竞争力和生产力的投资，”她补充道。</blockquote></p><p>Nasdaq fell&nbsp;over 2%&nbsp;for&nbsp;now.</p><p><blockquote>纳斯达克目前下跌超过 2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de3525661b3a7db28a0797ab745db67b\" tg-width=\"629\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ec61efef423e545861c0ca0126af9332\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140575890","content_text":"(May 4) Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on by trillions in government stimulus spending.\"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat,\" Yellen said during a economic seminar presented by Th Atlantic. \"Even though additional spending is relatively small to the size of the economy, it could causae some very modest increases in interest rates.\"\"But these are investments our economy needs to be competitive and productive,\" she added.Nasdaq fell over 2% for now.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108394725,"gmtCreate":1619999136767,"gmtModify":1631887181689,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/108394725","repostId":"1105099718","repostType":4,"repost":{"id":"1105099718","kind":"news","pubTimestamp":1619897946,"share":"https://www.laohunote.com/m/news/1105099718?lang=zh_CN&edition=full","pubTime":"2021-05-02 03:39","market":"us","language":"en","title":"Warren Buffett Faces Impatient Investors as Berkshire Hathaway Returns Decline<blockquote>伯克希尔哈撒韦公司回报下降，沃伦·巴菲特面临不耐烦的投资者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105099718","media":"WSJ","summary":"Institutional shareholders are pressing for change on climate and governance at the Omaha, Neb., conglomerate. Professional money managers are turning up the heat on Warren Buffett’sBerkshire Hathaway Inc.BRK.B-0.95%. California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executive. While many of the complaints aren’t new and none of the shareholder proposals are","content":"<p>Institutional shareholders are pressing for change on climate and governance at the Omaha, Neb., conglomerate</p><p><blockquote>内布拉斯加州奥马哈企业集团的机构股东正在敦促改变气候和治理</blockquote></p><p>Professional money managers are turning up the heat on Warren Buffett’s<u>Berkshire Hathaway</u>&nbsp;Inc.BRK.B -0.95%</p><p><blockquote>专业基金经理正在加大对沃伦-巴菲特的热度<u>伯克希尔哈撒韦公司</u>Inc.BRK.B -0.95%</blockquote></p><p>California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executive<img src=\"https://static.tigerbbs.com/1dd969e4b237144cd02112f41464d169\" tg-width=\"824\" tg-height=\"1396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>加州公共雇员退休系统（California Public Employees' Retirement System）和纽伯格-伯曼（Neuberger Berman）要求这家位于内布拉斯加州奥马哈的企业集团引入新董事，并就气候风险和高管提供更多信息。</blockquote></p><p>Leading up to Berkshire’s annual meeting on Saturday, proxy advisers Glass Lewis &amp; Co. and Institutional Shareholder Services Inc. have recommended that investors withhold their votes for board members.</p><p><blockquote>在伯克希尔周六召开年会之前，代理顾问格拉斯-刘易斯公司（Glass Lewis &amp; Co.）和机构股东服务公司（Institutional Shareholder Services Inc.</blockquote></p><p>While many of the complaints aren’t new and none of the shareholder proposals are likely to pass, Berkshire’s lackluster returns in recent years have made it more vulnerable to criticism amid a growing wave of investor interest in corporate sustainability issues.</p><p><blockquote>虽然许多投诉并不新鲜，股东提案也不太可能获得通过，但伯克希尔近年来惨淡的回报使其更容易受到批评，因为投资者对企业可持续发展问题的兴趣日益浓厚。</blockquote></p><p>The shareholder movement to press companies on climate change, social progress and governance continues to gain steam in the U.S., emerging as<u>a key selling point for money managers in their efforts to keep client money</u>.</p><p><blockquote>在美国，股东就气候变化、社会进步和治理向公司施压的运动继续势头强劲，出现了<u>资金经理努力保留客户资金的一个关键卖点</u>.</blockquote></p><p>Under Mr. Buffett’s leadership,<u>the firm boasts 20% compounded annualized gains from 1965 to 2020</u>, outperforming the S&amp;P 500’s 10.2% gains including dividends during the period. Berkshire’s total returns over the past three- and five-year periods were 12% and 14%, respectively, compared with the index’s 19% and 18%.</p><p><blockquote>在巴菲特先生的领导下，<u>该公司拥有 1965 年至 2020 年 20% 的复合年化收益</u>超过了标普500在此期间包括股息在内的 10.2% 的涨幅。伯克希尔过去三年和五年的总回报率分别为 12% 和 14%，而该指数的总回报率分别为 19% 和 18%。</blockquote></p><p>“Berkshire has gotten a pass in part because of its historically strong financial performance,” said Simiso Nzima, head of corporate governance at Calpers.</p><p><blockquote>“Calpers 公司治理主管 Simiso Nzima 说：”伯克希尔之所以能获得通行证，部分原因是其历来强劲的财务业绩。</blockquote></p><p>Berkshire has continued to stress its continued focus on the long game. Mr. Buffett, who is chief executive and chairman of the company, built up<u>a diverse portfolio of mostly U.S. businesses and investments meant to perform over decades</u>, not to compete with a volatile market buoyed by booming tech stocks.</p><p><blockquote>伯克希尔继续强调其将继续专注于长期游戏。本公司首席执行官兼主席巴菲特先生<u>主要由美国企业和投资组成的多元化投资组合，旨在持续数十年</u>，而不是与蓬勃发展的科技股提振的动荡市场竞争。</blockquote></p><p>Calpers, the nation’s largest public-pension fund with $444 billion in assets, co-sponsored a shareholder proposal imploring Berkshire to provide more disclosures on climate-related risks and opportunities.</p><p><blockquote>Calpers 是美国最大的公共养老基金，拥有 4440 亿美元的资产，它共同发起了一项股东提案，恳求伯克希尔提供更多有关气候相关风险和机遇的信息。</blockquote></p><p>The pension fund is also withholding its votes to re-elect members of the board’s audit and governance committees on grounds of failing to meet shareholder demands over climate-risk disclosures. It said it was concerned that the board lacks new members, doesn’t engage with shareholders and isn’t letting investors vote on executive pay plans.</p><p><blockquote>养老基金还以未能满足股东在气候风险披露方面的要求为由，对董事会审计和治理委员会成员的连任投了弃权票。该公司表示，它担心董事会缺乏新成员，不与股东互动，也不让投资者对高管薪酬计划进行投票。</blockquote></p><p>“If you don’t refresh the board, you don’t have a next generation of directors able to learn from the long-serving directors before they leave the board,” Mr. Nzima said.</p><p><blockquote>“恩齐马先生说：”如果不更新董事会，下一代董事就无法在长期任职的董事离开董事会之前向他们学习。</blockquote></p><p>Berkshire declined to comment ahead of the company’s Saturday meeting.</p><p><blockquote>伯克希尔拒绝在公司周六会议前发表评论。</blockquote></p><p>Neuberger, a privately held money manager with more than $429 billion in assets, also said it would vote for several shareholder-led proposals related to environmental, social and corporate-governance issues, often abbreviated as ESG.</p><p><blockquote>拥有超过 4,290 亿美元资产的私人基金管理公司 Neuberger 还表示，将投票支持几项由股东主导的与环境、社会和公司治理问题（通常缩写为 ESG）相关的提案。</blockquote></p><p>“One would think that if companies have a responsibility to look out for the environment or deliver good on social issues and governance, that Berkshire might be a leader in these areas,” said Michelle Giordano, a Neuberger analyst who follows the company. “But it doesn’t seem like they are.”</p><p><blockquote>“人们可能会认为，如果公司有责任关注环境或在社会问题和治理方面做好工作，那么伯克希尔可能会成为这些领域的领导者，”跟踪伯克希尔的纽伯格分析师米歇尔-乔尔达诺（Michelle Giordano）说。“但他们似乎不是。”</blockquote></p><p>Berkshire said in its annual proxy statement that while it agreed companies had a responsibility to manage&nbsp;climate risks, it preferred to let its various operating units commit to their own environmental policies. Mandates from a small corporate office, the company wrote, would infringe upon the autonomy that has helped those businesses thrive under Berkshire’s ownership. Berkshire Hathaway Energy, for instance, already produces<u>a sustainability report</u>.</p><p><blockquote>伯克希尔在其年度委托书中表示，虽然它同意公司有责任管理气候风险，但它更愿意让其各个运营单位致力于自己的环境政策。该公司写道，小型公司办公室的授权将侵犯伯克希尔旗下帮助这些企业蓬勃发展的自主权。例如，伯克希尔哈撒韦能源公司已经生产<u>可持续发展报告</u>.</blockquote></p><p>Calpers has also pledged to support a proposal requiring the company to report its efforts to diversify its staff.</p><p><blockquote>Calpers 还承诺支持一项提案，要求该公司报告其员工多元化的努力。</blockquote></p><p>Berkshire said the diversity-report proposal improperly suggests that “there is a standardized technique for each of Berkshire’s more than 60 operating businesses to address diversity, equity and inclusion.”</p><p><blockquote>伯克希尔表示，多元化报告提案不恰当地暗示 “伯克希尔 60 多家运营业务都有一种标准化技术来解决多元化、公平和包容性问题”。</blockquote></p><p>“It would be unreasonable to ask for uniform, quantitative reporting for the purposes of comparing such dissimilar operations in different geographic locations,” Berkshire wrote.</p><p><blockquote>“伯克希尔写道：”为了比较不同地理位置的此类不同业务，要求统一的定量报告是不合理的。</blockquote></p><p>Glass Lewis and ISS recommended shareholders vote for the ESG proposals and withhold votes for certain directors.</p><p><blockquote>Glass Lewis 和 ISS 建议股东投票支持 ESG 提案，并对某些董事弃权。</blockquote></p><p>“This year there’s a lot more attention given from mainstream investors on ESG issues,” said Courteney Keatinge, a senior director of ESG research at Glass Lewis.</p><p><blockquote>“Glass Lewis 公司 ESG 研究高级总监 Courteney Keatinge 说：”今年，主流投资者对 ESG 问题给予了更多关注。</blockquote></p><p>Another factor is at play: Berkshire shares are slowly changing hands.</p><p><blockquote>另一个因素在起作用：伯克希尔的股票正在慢慢易手。</blockquote></p><p></p><p>Mr. Buffett’s longstanding plan to shrink his stake in the company over time has shifted more Berkshire shares to big institutional investors, said Lawrence Cunningham, a law professor at George Washington University who has written extensively about the company.</p><p><blockquote>乔治-华盛顿大学（George Washington University）法学教授劳伦斯-坎宁安（Lawrence Cunningham）曾撰写过大量关于伯克希尔公司的文章，他说，巴菲特先生长期以来一直计划随着时间的推移减少他在伯克希尔公司的股份，这使得更多的伯克希尔公司股票流向了大型机构投资者。</blockquote></p><p>About 70% of Berkshire’s shares are owned by individuals, many of whom are longtime holders loyal to Mr. Buffett, Mr. Cunningham said. And many don’t care whether Berkshire lacks a corporate sustainability report or an investor-relations team at the ready to answer their questions.</p><p><blockquote>坎宁安先生说，伯克希尔约 70% 的股份由个人持有，其中许多人是巴菲特先生的长期忠实持有者。许多人并不关心伯克希尔是否缺乏企业可持续发展报告或随时回答他们问题的投资者关系团队。</blockquote></p><p>“Berkshire’s unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street analysts and institutional investors,” Mr. Buffett wrote in his most recent letter to shareholders. “We already have the investors we want and don’t think that they, on balance, would be upgraded by replacements.”</p><p><blockquote>“巴菲特先生在最近一封致股东的信中写道：”伯克希尔不同寻常且有价值的个人股东家族可能会让你们更加理解我们不愿讨好华尔街分析师和机构投资者的原因。“我们已经有了我们想要的投资者，我认为总的来说，他们不会通过替代者来升级。”</blockquote></p><p>The gradual uptick in institutional ownership, though, might already be empowering professional managers to press Berkshire on governance matters.&nbsp;When Mr. Buffett and his estate sell off his remaining shares, it is likely those money managers will hold an even bigger stake in the company, Mr. Cunningham said.</p><p><blockquote>不过，机构所有权的逐渐增加，可能已经让职业经理人有能力在治理问题上向伯克希尔施压。坎宁安说，当巴菲特和他的遗产出售他剩余的股份时，这些资金经理可能会持有该公司更大的股份。</blockquote></p><p>“There will be a dawning of significant leadership and structural change, and these holders are preparing for that battle,” Mr. Cunningham said.</p><p><blockquote>“坎宁安先生说：”重大领导层和结构性变革即将到来，这些持有者正在为这场战斗做准备。</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>Warren Buffett Faces Impatient Investors as Berkshire Hathaway Returns Decline<blockquote>伯克希尔哈撒韦公司回报下降，沃伦·巴菲特面临不耐烦的投资者</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\">\nWarren Buffett Faces Impatient Investors as Berkshire Hathaway Returns Decline<blockquote>伯克希尔哈撒韦公司回报下降，沃伦·巴菲特面临不耐烦的投资者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-05-02 03:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Institutional shareholders are pressing for change on climate and governance at the Omaha, Neb., conglomerate</p><p><blockquote>内布拉斯加州奥马哈企业集团的机构股东正在敦促改变气候和治理</blockquote></p><p>Professional money managers are turning up the heat on Warren Buffett’s<u>Berkshire Hathaway</u>&nbsp;Inc.BRK.B -0.95%</p><p><blockquote>专业基金经理正在加大对沃伦-巴菲特的热度<u>伯克希尔哈撒韦公司</u>Inc.BRK.B -0.95%</blockquote></p><p>California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executive<img src=\"https://static.tigerbbs.com/1dd969e4b237144cd02112f41464d169\" tg-width=\"824\" tg-height=\"1396\" referrerpolicy=\"no-referrer\"></p><p><blockquote>加州公共雇员退休系统（California Public Employees' Retirement System）和纽伯格-伯曼（Neuberger Berman）要求这家位于内布拉斯加州奥马哈的企业集团引入新董事，并就气候风险和高管提供更多信息。</blockquote></p><p>Leading up to Berkshire’s annual meeting on Saturday, proxy advisers Glass Lewis &amp; Co. and Institutional Shareholder Services Inc. have recommended that investors withhold their votes for board members.</p><p><blockquote>在伯克希尔周六召开年会之前，代理顾问格拉斯-刘易斯公司（Glass Lewis &amp; Co.）和机构股东服务公司（Institutional Shareholder Services Inc.</blockquote></p><p>While many of the complaints aren’t new and none of the shareholder proposals are likely to pass, Berkshire’s lackluster returns in recent years have made it more vulnerable to criticism amid a growing wave of investor interest in corporate sustainability issues.</p><p><blockquote>虽然许多投诉并不新鲜，股东提案也不太可能获得通过，但伯克希尔近年来惨淡的回报使其更容易受到批评，因为投资者对企业可持续发展问题的兴趣日益浓厚。</blockquote></p><p>The shareholder movement to press companies on climate change, social progress and governance continues to gain steam in the U.S., emerging as<u>a key selling point for money managers in their efforts to keep client money</u>.</p><p><blockquote>在美国，股东就气候变化、社会进步和治理向公司施压的运动继续势头强劲，出现了<u>资金经理努力保留客户资金的一个关键卖点</u>.</blockquote></p><p>Under Mr. Buffett’s leadership,<u>the firm boasts 20% compounded annualized gains from 1965 to 2020</u>, outperforming the S&amp;P 500’s 10.2% gains including dividends during the period. Berkshire’s total returns over the past three- and five-year periods were 12% and 14%, respectively, compared with the index’s 19% and 18%.</p><p><blockquote>在巴菲特先生的领导下，<u>该公司拥有 1965 年至 2020 年 20% 的复合年化收益</u>超过了标普500在此期间包括股息在内的 10.2% 的涨幅。伯克希尔过去三年和五年的总回报率分别为 12% 和 14%，而该指数的总回报率分别为 19% 和 18%。</blockquote></p><p>“Berkshire has gotten a pass in part because of its historically strong financial performance,” said Simiso Nzima, head of corporate governance at Calpers.</p><p><blockquote>“Calpers 公司治理主管 Simiso Nzima 说：”伯克希尔之所以能获得通行证，部分原因是其历来强劲的财务业绩。</blockquote></p><p>Berkshire has continued to stress its continued focus on the long game. Mr. Buffett, who is chief executive and chairman of the company, built up<u>a diverse portfolio of mostly U.S. businesses and investments meant to perform over decades</u>, not to compete with a volatile market buoyed by booming tech stocks.</p><p><blockquote>伯克希尔继续强调其将继续专注于长期游戏。本公司首席执行官兼主席巴菲特先生<u>主要由美国企业和投资组成的多元化投资组合，旨在持续数十年</u>，而不是与蓬勃发展的科技股提振的动荡市场竞争。</blockquote></p><p>Calpers, the nation’s largest public-pension fund with $444 billion in assets, co-sponsored a shareholder proposal imploring Berkshire to provide more disclosures on climate-related risks and opportunities.</p><p><blockquote>Calpers 是美国最大的公共养老基金，拥有 4440 亿美元的资产，它共同发起了一项股东提案，恳求伯克希尔提供更多有关气候相关风险和机遇的信息。</blockquote></p><p>The pension fund is also withholding its votes to re-elect members of the board’s audit and governance committees on grounds of failing to meet shareholder demands over climate-risk disclosures. It said it was concerned that the board lacks new members, doesn’t engage with shareholders and isn’t letting investors vote on executive pay plans.</p><p><blockquote>养老基金还以未能满足股东在气候风险披露方面的要求为由，对董事会审计和治理委员会成员的连任投了弃权票。该公司表示，它担心董事会缺乏新成员，不与股东互动，也不让投资者对高管薪酬计划进行投票。</blockquote></p><p>“If you don’t refresh the board, you don’t have a next generation of directors able to learn from the long-serving directors before they leave the board,” Mr. Nzima said.</p><p><blockquote>“恩齐马先生说：”如果不更新董事会，下一代董事就无法在长期任职的董事离开董事会之前向他们学习。</blockquote></p><p>Berkshire declined to comment ahead of the company’s Saturday meeting.</p><p><blockquote>伯克希尔拒绝在公司周六会议前发表评论。</blockquote></p><p>Neuberger, a privately held money manager with more than $429 billion in assets, also said it would vote for several shareholder-led proposals related to environmental, social and corporate-governance issues, often abbreviated as ESG.</p><p><blockquote>拥有超过 4,290 亿美元资产的私人基金管理公司 Neuberger 还表示，将投票支持几项由股东主导的与环境、社会和公司治理问题（通常缩写为 ESG）相关的提案。</blockquote></p><p>“One would think that if companies have a responsibility to look out for the environment or deliver good on social issues and governance, that Berkshire might be a leader in these areas,” said Michelle Giordano, a Neuberger analyst who follows the company. “But it doesn’t seem like they are.”</p><p><blockquote>“人们可能会认为，如果公司有责任关注环境或在社会问题和治理方面做好工作，那么伯克希尔可能会成为这些领域的领导者，”跟踪伯克希尔的纽伯格分析师米歇尔-乔尔达诺（Michelle Giordano）说。“但他们似乎不是。”</blockquote></p><p>Berkshire said in its annual proxy statement that while it agreed companies had a responsibility to manage&nbsp;climate risks, it preferred to let its various operating units commit to their own environmental policies. Mandates from a small corporate office, the company wrote, would infringe upon the autonomy that has helped those businesses thrive under Berkshire’s ownership. Berkshire Hathaway Energy, for instance, already produces<u>a sustainability report</u>.</p><p><blockquote>伯克希尔在其年度委托书中表示，虽然它同意公司有责任管理气候风险，但它更愿意让其各个运营单位致力于自己的环境政策。该公司写道，小型公司办公室的授权将侵犯伯克希尔旗下帮助这些企业蓬勃发展的自主权。例如，伯克希尔哈撒韦能源公司已经生产<u>可持续发展报告</u>.</blockquote></p><p>Calpers has also pledged to support a proposal requiring the company to report its efforts to diversify its staff.</p><p><blockquote>Calpers 还承诺支持一项提案，要求该公司报告其员工多元化的努力。</blockquote></p><p>Berkshire said the diversity-report proposal improperly suggests that “there is a standardized technique for each of Berkshire’s more than 60 operating businesses to address diversity, equity and inclusion.”</p><p><blockquote>伯克希尔表示，多元化报告提案不恰当地暗示 “伯克希尔 60 多家运营业务都有一种标准化技术来解决多元化、公平和包容性问题”。</blockquote></p><p>“It would be unreasonable to ask for uniform, quantitative reporting for the purposes of comparing such dissimilar operations in different geographic locations,” Berkshire wrote.</p><p><blockquote>“伯克希尔写道：”为了比较不同地理位置的此类不同业务，要求统一的定量报告是不合理的。</blockquote></p><p>Glass Lewis and ISS recommended shareholders vote for the ESG proposals and withhold votes for certain directors.</p><p><blockquote>Glass Lewis 和 ISS 建议股东投票支持 ESG 提案，并对某些董事弃权。</blockquote></p><p>“This year there’s a lot more attention given from mainstream investors on ESG issues,” said Courteney Keatinge, a senior director of ESG research at Glass Lewis.</p><p><blockquote>“Glass Lewis 公司 ESG 研究高级总监 Courteney Keatinge 说：”今年，主流投资者对 ESG 问题给予了更多关注。</blockquote></p><p>Another factor is at play: Berkshire shares are slowly changing hands.</p><p><blockquote>另一个因素在起作用：伯克希尔的股票正在慢慢易手。</blockquote></p><p></p><p>Mr. Buffett’s longstanding plan to shrink his stake in the company over time has shifted more Berkshire shares to big institutional investors, said Lawrence Cunningham, a law professor at George Washington University who has written extensively about the company.</p><p><blockquote>乔治-华盛顿大学（George Washington University）法学教授劳伦斯-坎宁安（Lawrence Cunningham）曾撰写过大量关于伯克希尔公司的文章，他说，巴菲特先生长期以来一直计划随着时间的推移减少他在伯克希尔公司的股份，这使得更多的伯克希尔公司股票流向了大型机构投资者。</blockquote></p><p>About 70% of Berkshire’s shares are owned by individuals, many of whom are longtime holders loyal to Mr. Buffett, Mr. Cunningham said. And many don’t care whether Berkshire lacks a corporate sustainability report or an investor-relations team at the ready to answer their questions.</p><p><blockquote>坎宁安先生说，伯克希尔约 70% 的股份由个人持有，其中许多人是巴菲特先生的长期忠实持有者。许多人并不关心伯克希尔是否缺乏企业可持续发展报告或随时回答他们问题的投资者关系团队。</blockquote></p><p>“Berkshire’s unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street analysts and institutional investors,” Mr. Buffett wrote in his most recent letter to shareholders. “We already have the investors we want and don’t think that they, on balance, would be upgraded by replacements.”</p><p><blockquote>“巴菲特先生在最近一封致股东的信中写道：”伯克希尔不同寻常且有价值的个人股东家族可能会让你们更加理解我们不愿讨好华尔街分析师和机构投资者的原因。“我们已经有了我们想要的投资者，我认为总的来说，他们不会通过替代者来升级。”</blockquote></p><p>The gradual uptick in institutional ownership, though, might already be empowering professional managers to press Berkshire on governance matters.&nbsp;When Mr. Buffett and his estate sell off his remaining shares, it is likely those money managers will hold an even bigger stake in the company, Mr. Cunningham said.</p><p><blockquote>不过，机构所有权的逐渐增加，可能已经让职业经理人有能力在治理问题上向伯克希尔施压。坎宁安说，当巴菲特和他的遗产出售他剩余的股份时，这些资金经理可能会持有该公司更大的股份。</blockquote></p><p>“There will be a dawning of significant leadership and structural change, and these holders are preparing for that battle,” Mr. Cunningham said.</p><p><blockquote>“坎宁安先生说：”重大领导层和结构性变革即将到来，这些持有者正在为这场战斗做准备。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/warren-buffett-faces-impatient-investors-as-berkshire-hathaway-returns-decline-11619794480\">WSJ</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":"https://static.tigerbbs.com/daaa666333c3b9bf0b940ffed4c1c369","relate_stocks":{"BRK.B":"伯克希尔B"},"source_url":"https://www.wsj.com/articles/warren-buffett-faces-impatient-investors-as-berkshire-hathaway-returns-decline-11619794480","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105099718","content_text":"Institutional shareholders are pressing for change on climate and governance at the Omaha, Neb., conglomerateProfessional money managers are turning up the heat on Warren Buffett’sBerkshire Hathaway Inc.BRK.B -0.95%California Public Employees’ Retirement System and Neuberger Berman have demanded that the Omaha, Neb., conglomerate bring in new directors and provide more disclosures on climate risks and executiveLeading up to Berkshire’s annual meeting on Saturday, proxy advisers Glass Lewis & Co. and Institutional Shareholder Services Inc. have recommended that investors withhold their votes for board members.While many of the complaints aren’t new and none of the shareholder proposals are likely to pass, Berkshire’s lackluster returns in recent years have made it more vulnerable to criticism amid a growing wave of investor interest in corporate sustainability issues.The shareholder movement to press companies on climate change, social progress and governance continues to gain steam in the U.S., emerging asa key selling point for money managers in their efforts to keep client money.Under Mr. Buffett’s leadership,the firm boasts 20% compounded annualized gains from 1965 to 2020, outperforming the S&P 500’s 10.2% gains including dividends during the period. Berkshire’s total returns over the past three- and five-year periods were 12% and 14%, respectively, compared with the index’s 19% and 18%.“Berkshire has gotten a pass in part because of its historically strong financial performance,” said Simiso Nzima, head of corporate governance at Calpers.Berkshire has continued to stress its continued focus on the long game. Mr. Buffett, who is chief executive and chairman of the company, built upa diverse portfolio of mostly U.S. businesses and investments meant to perform over decades, not to compete with a volatile market buoyed by booming tech stocks.Calpers, the nation’s largest public-pension fund with $444 billion in assets, co-sponsored a shareholder proposal imploring Berkshire to provide more disclosures on climate-related risks and opportunities.The pension fund is also withholding its votes to re-elect members of the board’s audit and governance committees on grounds of failing to meet shareholder demands over climate-risk disclosures. It said it was concerned that the board lacks new members, doesn’t engage with shareholders and isn’t letting investors vote on executive pay plans.“If you don’t refresh the board, you don’t have a next generation of directors able to learn from the long-serving directors before they leave the board,” Mr. Nzima said.Berkshire declined to comment ahead of the company’s Saturday meeting.Neuberger, a privately held money manager with more than $429 billion in assets, also said it would vote for several shareholder-led proposals related to environmental, social and corporate-governance issues, often abbreviated as ESG.“One would think that if companies have a responsibility to look out for the environment or deliver good on social issues and governance, that Berkshire might be a leader in these areas,” said Michelle Giordano, a Neuberger analyst who follows the company. “But it doesn’t seem like they are.”Berkshire said in its annual proxy statement that while it agreed companies had a responsibility to manage climate risks, it preferred to let its various operating units commit to their own environmental policies. Mandates from a small corporate office, the company wrote, would infringe upon the autonomy that has helped those businesses thrive under Berkshire’s ownership. Berkshire Hathaway Energy, for instance, already producesa sustainability report.Calpers has also pledged to support a proposal requiring the company to report its efforts to diversify its staff.Berkshire said the diversity-report proposal improperly suggests that “there is a standardized technique for each of Berkshire’s more than 60 operating businesses to address diversity, equity and inclusion.”“It would be unreasonable to ask for uniform, quantitative reporting for the purposes of comparing such dissimilar operations in different geographic locations,” Berkshire wrote.Glass Lewis and ISS recommended shareholders vote for the ESG proposals and withhold votes for certain directors.“This year there’s a lot more attention given from mainstream investors on ESG issues,” said Courteney Keatinge, a senior director of ESG research at Glass Lewis.Another factor is at play: Berkshire shares are slowly changing hands.Mr. Buffett’s longstanding plan to shrink his stake in the company over time has shifted more Berkshire shares to big institutional investors, said Lawrence Cunningham, a law professor at George Washington University who has written extensively about the company.About 70% of Berkshire’s shares are owned by individuals, many of whom are longtime holders loyal to Mr. Buffett, Mr. Cunningham said. And many don’t care whether Berkshire lacks a corporate sustainability report or an investor-relations team at the ready to answer their questions.“Berkshire’s unusual and valued family of individual shareholders may add to your understanding of our reluctance to court Wall Street analysts and institutional investors,” Mr. Buffett wrote in his most recent letter to shareholders. “We already have the investors we want and don’t think that they, on balance, would be upgraded by replacements.”The gradual uptick in institutional ownership, though, might already be empowering professional managers to press Berkshire on governance matters. When Mr. Buffett and his estate sell off his remaining shares, it is likely those money managers will hold an even bigger stake in the company, Mr. Cunningham said.“There will be a dawning of significant leadership and structural change, and these holders are preparing for that battle,” Mr. Cunningham said.","news_type":1,"symbols_score_info":{"BRK.B":0.9}},"isVote":1,"tweetType":1,"viewCount":833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101667622,"gmtCreate":1619909950766,"gmtModify":1631887181697,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/101667622","repostId":"1142070002","repostType":4,"repost":{"id":"1142070002","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":1619792975,"share":"https://www.laohunote.com/m/news/1142070002?lang=zh_CN&edition=full","pubTime":"2021-04-30 22:29","market":"us","language":"en","title":"NIO rose more than 5%, after falling nearly 4% before<blockquote>蔚来上涨超过 5%，此前下跌近 4%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142070002","media":"Tiger Newspress","summary":"NIO Earnings Looked a Lot Like Ford’s. What to Know.Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.NIO  is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.NIO lost 23 cents a share on an adjusted, non-GAAP basis, from $1.2 billion in sales.","content":"<p>NIO rose more than 5%, after falling nearly 4% before.</p><p><blockquote>蔚来上涨超过5%，此前下跌近4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/80881ae9e6de48ac5e3733583db3ba9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>NIO Earnings Looked a Lot Like Ford’s. What to Know.</b></p><p><blockquote><b>蔚来的盈利看起来很像福特。要知道什么。</b></blockquote></p><p>Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.</p><p><blockquote>中国电动汽车制造商蔚来公布的第一季度业绩好于预期。但全球汽车微芯片短缺将在未来几个月影响生产。</blockquote></p><p>NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.</p><p><blockquote>蔚来（股票代码：蔚来）是一只高估值、高增长的股票。现在，蔚来看涨者必须决定稳健的盈利是否会战胜增长问题，或者从长远来看，芯片短缺是否会损害该公司。</blockquote></p><p>NIO lost&nbsp;23 cents&nbsp;a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.</p><p><blockquote>根据调整后的非公认会计准则，蔚来的销售额为 12 亿美元，每股亏损 23 美分。华尔街希望从 11 亿美元的销售额中损失 84 美分。蔚来的企业毛利率为 19.5%，比分析师预期高出约 3 个百分点，高于一年前的负 12%。第一季度业绩看起来稳健。</blockquote></p><p>The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;rose about&nbsp; 0.7%.</p><p><blockquote>不过，该股并没有变动。蔚来于下午 5:30 公布数据。东部时间，盘后交易的股票并不多。蔚来股价周四收盘下跌 5.3%。标准普尔500指数和道琼斯工业平均指数上涨约0.7%。</blockquote></p><p>“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”</p><p><blockquote>“蔚来首席执行官 William Bin Li 在公司新闻稿中说：”2021 年伊始，第一季度交付了 20060 辆汽车，创下了新的季度交付记录。“对我们产品的整体需求仍然相当强劲，但由于半导体短缺，供应链仍面临重大挑战。”</blockquote></p><p>Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.</p><p><blockquote>管理层称其电话会议上的芯片形势 “非常严峻”，预计第二季度将交付 21,000 至 22,000 辆汽车，销售额约为 13 亿美元。华尔街预计销售额为 12 亿美元。但单位交付指引略低于德意志银行分析师Edison Yu的预期。</blockquote></p><p>For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.</p><p><blockquote>全年，Yu 的交付量为 95,000 辆。2021 年上半年可能交付约 42,000 颗芯片，解决全球芯片短缺问题将在很大程度上决定蔚来能否达到俞的数量。</blockquote></p><p>Yu rates NIO shares Buy and has a $60 price target for the stock.</p><p><blockquote>Yu 将蔚来股票评级为买入，并将该股目标价定为 60 美元。</blockquote></p><p>The overall quarter feels a little like&nbsp;Ford Motor‘s (F) quarter, which was&nbsp;reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.</p><p><blockquote>整个季度感觉有点像福特汽车周三公布的(F)季度。福特公布的销量和盈利远远好于华尔街的预期。销量低于公司的内部预测，但车辆组合的改善使销量超出了街头预测。面对有限的芯片供应，福特优先生产高端汽车。展望未来，福特表示，芯片短缺的影响将达到公司最初 10 亿至 25 亿美元成本指导的上限。</blockquote></p><p>Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.</p><p><blockquote>周三晚间报告发布后的第二天，福特股价周四收盘下跌 9.4%。蔚来第二季度的业绩指引并不像福特那样令人惊讶。蔚来没有全年指导。但很难预测蔚来的股价反应。</blockquote></p><p>Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.</p><p><blockquote>福特的交易价格不到 2022 年预期收益的 7 倍。蔚来预计将于 2022 年实现全年盈利。更重要的是，蔚来的市值比福特高出约 50%。</blockquote></p><p>NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place&nbsp;capacity to produce&nbsp;hundreds of thousands of vehicles in coming years.</p><p><blockquote>蔚来电话会议于东部时间晚上 10 点左右结束。芯片短缺后，分析师们将问题集中在中国电动汽车的竞争和蔚来的扩产上。蔚来正在建立未来几年生产数十万辆汽车的能力。</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>NIO rose more than 5%, after falling nearly 4% before<blockquote>蔚来上涨超过 5%，此前下跌近 4%</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\">\nNIO rose more than 5%, after falling nearly 4% before<blockquote>蔚来上涨超过 5%，此前下跌近 4%</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\">2021-04-30 22:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>NIO rose more than 5%, after falling nearly 4% before.</p><p><blockquote>蔚来上涨超过5%，此前下跌近4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/80881ae9e6de48ac5e3733583db3ba9e\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>NIO Earnings Looked a Lot Like Ford’s. What to Know.</b></p><p><blockquote><b>蔚来的盈利看起来很像福特。要知道什么。</b></blockquote></p><p>Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.</p><p><blockquote>中国电动汽车制造商蔚来公布的第一季度业绩好于预期。但全球汽车微芯片短缺将在未来几个月影响生产。</blockquote></p><p>NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.</p><p><blockquote>蔚来（股票代码：蔚来）是一只高估值、高增长的股票。现在，蔚来看涨者必须决定稳健的盈利是否会战胜增长问题，或者从长远来看，芯片短缺是否会损害该公司。</blockquote></p><p>NIO lost&nbsp;23 cents&nbsp;a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.</p><p><blockquote>根据调整后的非公认会计准则，蔚来的销售额为 12 亿美元，每股亏损 23 美分。华尔街希望从 11 亿美元的销售额中损失 84 美分。蔚来的企业毛利率为 19.5%，比分析师预期高出约 3 个百分点，高于一年前的负 12%。第一季度业绩看起来稳健。</blockquote></p><p>The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average&nbsp;rose about&nbsp; 0.7%.</p><p><blockquote>不过，该股并没有变动。蔚来于下午 5:30 公布数据。东部时间，盘后交易的股票并不多。蔚来股价周四收盘下跌 5.3%。标准普尔500指数和道琼斯工业平均指数上涨约0.7%。</blockquote></p><p>“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”</p><p><blockquote>“蔚来首席执行官 William Bin Li 在公司新闻稿中说：”2021 年伊始，第一季度交付了 20060 辆汽车，创下了新的季度交付记录。“对我们产品的整体需求仍然相当强劲，但由于半导体短缺，供应链仍面临重大挑战。”</blockquote></p><p>Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.</p><p><blockquote>管理层称其电话会议上的芯片形势 “非常严峻”，预计第二季度将交付 21,000 至 22,000 辆汽车，销售额约为 13 亿美元。华尔街预计销售额为 12 亿美元。但单位交付指引略低于德意志银行分析师Edison Yu的预期。</blockquote></p><p>For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.</p><p><blockquote>全年，Yu 的交付量为 95,000 辆。2021 年上半年可能交付约 42,000 颗芯片，解决全球芯片短缺问题将在很大程度上决定蔚来能否达到俞的数量。</blockquote></p><p>Yu rates NIO shares Buy and has a $60 price target for the stock.</p><p><blockquote>Yu 将蔚来股票评级为买入，并将该股目标价定为 60 美元。</blockquote></p><p>The overall quarter feels a little like&nbsp;Ford Motor‘s (F) quarter, which was&nbsp;reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.</p><p><blockquote>整个季度感觉有点像福特汽车周三公布的(F)季度。福特公布的销量和盈利远远好于华尔街的预期。销量低于公司的内部预测，但车辆组合的改善使销量超出了街头预测。面对有限的芯片供应，福特优先生产高端汽车。展望未来，福特表示，芯片短缺的影响将达到公司最初 10 亿至 25 亿美元成本指导的上限。</blockquote></p><p>Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.</p><p><blockquote>周三晚间报告发布后的第二天，福特股价周四收盘下跌 9.4%。蔚来第二季度的业绩指引并不像福特那样令人惊讶。蔚来没有全年指导。但很难预测蔚来的股价反应。</blockquote></p><p>Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.</p><p><blockquote>福特的交易价格不到 2022 年预期收益的 7 倍。蔚来预计将于 2022 年实现全年盈利。更重要的是，蔚来的市值比福特高出约 50%。</blockquote></p><p>NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place&nbsp;capacity to produce&nbsp;hundreds of thousands of vehicles in coming years.</p><p><blockquote>蔚来电话会议于东部时间晚上 10 点左右结束。芯片短缺后，分析师们将问题集中在中国电动汽车的竞争和蔚来的扩产上。蔚来正在建立未来几年生产数十万辆汽车的能力。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142070002","content_text":"NIO rose more than 5%, after falling nearly 4% before.NIO Earnings Looked a Lot Like Ford’s. What to Know.Chinese electric vehicle maker NIO posted better than expected first quarter results. But the global automotive microchip shortage will hit production in the coming months.NIO (ticker: NIO) is a highly valued, high-growth stock. Now NIO bulls have to decide whether solid earnings will trump the growth hiccup or whether the chip shortage can hurt the company in the long run.NIO lost 23 cents a share on an adjusted, non-GAAP basis, from $1.2 billion in sales. Wall Street was looking for a comparable 84 cent loss from $1.1 billion in sales. NIO’s corporate gross profit margin came in at 19.5%, about 3 percentage points better than analysts projected and up from negative 12% a year ago. First quarter results look solid.The stock isn’t moving though. NIO reported numbers at 5:30 p.m. eastern time and not a lot of stock is trading after hours. NIO shares closed down 5.3% in Thursday trading. TheS&P 500 and Dow Jones Industrial Average rose about  0.7%.“NIO started the year of 2021 with a new quarterly delivery record of 20,060 vehicles in the first quarter,” said CEO William Bin Li in the company’s news release. “The overall demand for our products continues to be quite strong, but the supply chain is still facing significant challenges due to the semiconductor shortage.”Management called the chip situation “very severe” on its conference call and projected 21,000 to 22,000 vehicle deliveries for the second quarter and sales of about $1.3 billion. The Street is projecting $1.2 billion in sales. But the unit delivery guidance is a little lower than Deutsche Bank analyst Edison Yu had expected.For the full year, Yu is modeling 95,000 deliveries. With about 42,000 deliveries likely for the first half of 2021, the resolution of the global chip shortage will go a long way to deciding whether or not NIO can reach Yu’s number.Yu rates NIO shares Buy and has a $60 price target for the stock.The overall quarter feels a little like Ford Motor‘s (F) quarter, which was reported Wednesday. Ford reported sales and earnings far better than Wall Street projected. Unit volumes were below the company’s internal projections, but improving vehicle mix boosted sales beyond Street projections. Ford prioritized making higher-end vehicles in the face of limited chip supply. Looking ahead, Ford said the impact of the chip shortage would be at the high end of the company’s initial $1 billion to $2.5 billion cost guidance.Ford stock close down 9.4% Thursday, the day after the Wednesday evening report. The NIO second-quarter guidance isn’t as surprising as Ford’s. And NIO doesn’t have full-year guidance. But calling NIO’s stock price reaction is difficult.Ford trades for less than 7 times estimated 2022 earnings. NIO is expected to become profitable on a full-year basis in 2022. What’s more, NIO is worth about 50% more than Ford.NIO’s conference call wrapped up about 10 p.m. eastern time. After the chip shortage, analysts focused questions on EV competition in China and NIO’s production expansion. NIO is putting in place capacity to produce hundreds of thousands of vehicles in coming years.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":755,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103760154,"gmtCreate":1619824449878,"gmtModify":1631887181711,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/103760154","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109745426,"gmtCreate":1619736069065,"gmtModify":1631887181719,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/109745426","repostId":"1188611661","repostType":4,"repost":{"id":"1188611661","kind":"news","pubTimestamp":1619734487,"share":"https://www.laohunote.com/m/news/1188611661?lang=zh_CN&edition=full","pubTime":"2021-04-30 06:14","market":"us","language":"en","title":"Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188611661","media":"CNBC","summary":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company ","content":"<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司证实，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。</li></ul>亚马逊公布第一季度财报后，该公司股价在周四盘后交易中攀升超过 3.5%，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于 Refinitiv 编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股 15.79 美元，预计每股 9.54 美元</li><li><b>收入：</b>1,085.2 亿美元，而预期为 1,044.7 亿美元</li></ul>很少有公司能像亚马逊那样从疫情推动的在线购物激增中受益。第一季度业绩显示，该公司的业务继续受到大流行病的提振，销售额同比飙升 44%，达到 1085 亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的业绩指引意味着，它预计这一势头将继续下去，这将有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在 1100 亿至 1160 亿美元之间，超过华尔街预测的 1086 亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在指引中确认，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。通常情况下，亚马逊一年一度的为期两天的折扣活动会在 7 月举行，但由于大流行病相关的不确定性，该公司将活动推迟到了去年 10 月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及 Prime Day 的时间安排时，首席财务官 Brian Olsavsky 在与投资者的看涨期权上说： “在许多地区，7 月是假期月，因此顾客、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能会更好，所以这就是我们今年正在测试的内容”。</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售业务，亚马逊的云计算和广告业务也在继续蓬勃发展。亚马逊网络服务本季度销售额为 135 亿美元，同比增长 32%。亚马逊没有披露广告销售额，但它被列入该公司的 “其他 ”类别，该类别的收入同比增长 77%，达到 69 亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯也罕见地透露了该公司流媒体业务在大流行病期间的表现，因为宅在家里的消费者依靠在线娱乐来保持忙碌。“他说：”随着 Prime Video 年满 10 岁，在过去的一年里，超过 1.75 亿 Prime 会员观看了流媒体节目和电影，流媒体时长同比增长了 70% 以上。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务 Prime Video 是该公司 Prime 订阅服务的主要产品，该服务每年收费 119 美元，还包括一系列其他优惠，如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有 2 亿 Prime 用户，比 2020 年初增加了 5000 万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>包括全食超市和亚马逊图书等其他实体店在内的实体店收入继续下降。销售额下降 16% 至 39 亿美元。奥尔萨夫斯基说，这一类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比增长 60%，超过任何其他细分市场，而北美收入增长 40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与 Covid-19 相关的成本为 15 亿美元，预计经营利润第二季度的营收将在 45 亿至 80 亿美元之间。这与亚马逊高管上个季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过 10 亿美元为超过 50 万美国运营工人提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，公司决定将加薪时间从秋季提前到今年春季，因为加薪量仍然像疫情开始时一样强劲。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度下台后生效。贝佐斯将把领导权移交给 AWS 首席执行官安迪-贾西（Andy Jassy），并担任亚马逊董事会执行主席。</blockquote></p><p></p>","source":"lsy1609915699154","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>Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</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\">\nAmazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNBC</strong><span class=\"h-time small\">2021-04-30 06:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司证实，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。</li></ul>亚马逊公布第一季度财报后，该公司股价在周四盘后交易中攀升超过 3.5%，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于 Refinitiv 编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股 15.79 美元，预计每股 9.54 美元</li><li><b>收入：</b>1,085.2 亿美元，而预期为 1,044.7 亿美元</li></ul>很少有公司能像亚马逊那样从疫情推动的在线购物激增中受益。第一季度业绩显示，该公司的业务继续受到大流行病的提振，销售额同比飙升 44%，达到 1085 亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的业绩指引意味着，它预计这一势头将继续下去，这将有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在 1100 亿至 1160 亿美元之间，超过华尔街预测的 1086 亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在指引中确认，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。通常情况下，亚马逊一年一度的为期两天的折扣活动会在 7 月举行，但由于大流行病相关的不确定性，该公司将活动推迟到了去年 10 月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及 Prime Day 的时间安排时，首席财务官 Brian Olsavsky 在与投资者的看涨期权上说： “在许多地区，7 月是假期月，因此顾客、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能会更好，所以这就是我们今年正在测试的内容”。</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售业务，亚马逊的云计算和广告业务也在继续蓬勃发展。亚马逊网络服务本季度销售额为 135 亿美元，同比增长 32%。亚马逊没有披露广告销售额，但它被列入该公司的 “其他 ”类别，该类别的收入同比增长 77%，达到 69 亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯也罕见地透露了该公司流媒体业务在大流行病期间的表现，因为宅在家里的消费者依靠在线娱乐来保持忙碌。“他说：”随着 Prime Video 年满 10 岁，在过去的一年里，超过 1.75 亿 Prime 会员观看了流媒体节目和电影，流媒体时长同比增长了 70% 以上。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务 Prime Video 是该公司 Prime 订阅服务的主要产品，该服务每年收费 119 美元，还包括一系列其他优惠，如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有 2 亿 Prime 用户，比 2020 年初增加了 5000 万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>包括全食超市和亚马逊图书等其他实体店在内的实体店收入继续下降。销售额下降 16% 至 39 亿美元。奥尔萨夫斯基说，这一类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比增长 60%，超过任何其他细分市场，而北美收入增长 40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与 Covid-19 相关的成本为 15 亿美元，预计经营利润第二季度的营收将在 45 亿至 80 亿美元之间。这与亚马逊高管上个季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过 10 亿美元为超过 50 万美国运营工人提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，公司决定将加薪时间从秋季提前到今年春季，因为加薪量仍然像疫情开始时一样强劲。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度下台后生效。贝佐斯将把领导权移交给 AWS 首席执行官安迪-贾西（Andy Jassy），并担任亚马逊董事会执行主席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html\">CNBC</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":{"AMZN":"亚马逊"},"source_url":"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188611661","content_text":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.\n\nAmazonshares climbed more than 3.5% in extended trading Thursday after the company released its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.\n\nHere’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:\n\nEarnings:$15.79 per share vs. $9.54 per share expected\nRevenue:$108.52 billion vs. $104.47 billion expected\n\nFew companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.\nAmazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.\nCrucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.\nWhen asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”\nOutside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.\nAmazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.\nAmazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.\nPhysical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.\nDuring the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.\nAs expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.\nAmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.\nOlsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100750031,"gmtCreate":1619652153723,"gmtModify":1631887181736,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/100750031","repostId":"1137964402","repostType":4,"repost":{"id":"1137964402","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":1619651546,"share":"https://www.laohunote.com/m/news/1137964402?lang=zh_CN&edition=full","pubTime":"2021-04-29 07:12","market":"us","language":"en","title":"Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137964402","media":"Tiger Newspress","summary":"Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</li><li>苹果没有就截至 6 月份的季度预期发布官方指引。</li><li>苹果授权900亿美元股票回购。</li></ul>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过 4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线 iPhone 比去年增长了 65.5%。其 Mac 和 iPad 销量表现更好，电脑销量同比增长 70.1%，iPad 销量同比增长近 79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高 7%，达到每股 0.22 美元，并授权回购 900 亿美元的股票，大大高于去年的 500 亿美元支出和 2019 年的 750 亿美元支出。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果的表现与路孚特的估计：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>每股收益</b>：1.40美元对比。估计 0.99 美元</li><li><b>收入</b>：895.8 亿美元 vs.预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元 vs.预计414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169.0 亿美元 vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收入</b>：78.3 亿美元 vs.预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元 vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78 亿美元 vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5% vs. 估计值39.8%</li></ul>苹果没有就截至 6 月份的季度预期发布官方指引。自大流行病开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度所有产品类别都实现两位数增长。苹果首席财务官卢卡-马埃斯特里（Luca Maestri）告诉分析师，该公司预计 6 月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果近几个月来表示，随着消费者和企业购买电脑在家工作和娱乐，疫情提振了其业务。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆-库克（Tim Cook）在一份声明中所说： “本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对我们所有人未来更美好的日子感到乐观”。</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac 销量增长了 70%，库克说，这一结果 “得益于 ”该公司推出的 Mac 笔记本电脑使用自己的 M1 芯片，而不是英特尔销售的处理器，从而延长了电池寿命。iPad 销量同比增长近 79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这些结果都不包括该公司 3 月份宣布的 iPad Pro 或 iMac 型号，预计这将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>“库克告诉 CNBC 的乔希-利普顿（Josh Lipton）：”我们看到 Mac 的首次购买者强劲.它的购买率继续徘徊在 50% 以下。“在中国，这一比例甚至更高.三分之二左右。这说明人们更喜欢在 Mac 上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的 iPhone 本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了采用全新外观设计和 5G 支持的 iPhone，许多投资者认为这可能会引发一次重大升级周期，本季度的业绩也表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括中国大陆、中国香港和台湾地区在内的大中华区，苹果的收入同比增长超过 87%，达到 177.3 亿美元，但与去年的一个季度相比，去年中国在大流行病初期基本上处于停摆状态。包括美洲和欧洲在内的所有其他地区的收入也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括 iCloud、App Store 和苹果音乐等订阅服务，也实现了 26.7% 的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果一号等自己的订阅，还包括通过其应用商店的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>“库克告诉 CNBC：”我们现在平台上所有服务的付费订阅量超过 6.6 亿，比上一季度增加了 4000 万，比上一季度的 3500 万有所加快。</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的 App Store 一直受到立法者和公司的质疑，他们认为它成本太高，权力太大。备受关注的堡垒之夜制造商Epic Games关于应用商店政策的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store 是一个经济奇迹。据估计，去年有超过 5 万亿美元的经济活动因为 App Store 而产生。因此，这不仅改变了美国的经济游戏规则，也改变了世界上几个国家的经济游戏规则。我们将走进去讲述我们的故事。我们拭目以待。但是，我们很有信心，”库克告诉 CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在 38% 至 39% 之间，但在截至 3 月份的季度，苹果报告的利润率为 42.5%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</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\">\nApple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</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\">2021-04-29 07:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</li><li>苹果没有就截至 6 月份的季度预期发布官方指引。</li><li>苹果授权900亿美元股票回购。</li></ul>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过 4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线 iPhone 比去年增长了 65.5%。其 Mac 和 iPad 销量表现更好，电脑销量同比增长 70.1%，iPad 销量同比增长近 79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高 7%，达到每股 0.22 美元，并授权回购 900 亿美元的股票，大大高于去年的 500 亿美元支出和 2019 年的 750 亿美元支出。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果的表现与路孚特的估计：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>每股收益</b>：1.40美元对比。估计 0.99 美元</li><li><b>收入</b>：895.8 亿美元 vs.预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元 vs.预计414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169.0 亿美元 vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收入</b>：78.3 亿美元 vs.预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元 vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78 亿美元 vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5% vs. 估计值39.8%</li></ul>苹果没有就截至 6 月份的季度预期发布官方指引。自大流行病开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度所有产品类别都实现两位数增长。苹果首席财务官卢卡-马埃斯特里（Luca Maestri）告诉分析师，该公司预计 6 月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果近几个月来表示，随着消费者和企业购买电脑在家工作和娱乐，疫情提振了其业务。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆-库克（Tim Cook）在一份声明中所说： “本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对我们所有人未来更美好的日子感到乐观”。</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac 销量增长了 70%，库克说，这一结果 “得益于 ”该公司推出的 Mac 笔记本电脑使用自己的 M1 芯片，而不是英特尔销售的处理器，从而延长了电池寿命。iPad 销量同比增长近 79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这些结果都不包括该公司 3 月份宣布的 iPad Pro 或 iMac 型号，预计这将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>“库克告诉 CNBC 的乔希-利普顿（Josh Lipton）：”我们看到 Mac 的首次购买者强劲.它的购买率继续徘徊在 50% 以下。“在中国，这一比例甚至更高.三分之二左右。这说明人们更喜欢在 Mac 上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的 iPhone 本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了采用全新外观设计和 5G 支持的 iPhone，许多投资者认为这可能会引发一次重大升级周期，本季度的业绩也表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括中国大陆、中国香港和台湾地区在内的大中华区，苹果的收入同比增长超过 87%，达到 177.3 亿美元，但与去年的一个季度相比，去年中国在大流行病初期基本上处于停摆状态。包括美洲和欧洲在内的所有其他地区的收入也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括 iCloud、App Store 和苹果音乐等订阅服务，也实现了 26.7% 的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果一号等自己的订阅，还包括通过其应用商店的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>“库克告诉 CNBC：”我们现在平台上所有服务的付费订阅量超过 6.6 亿，比上一季度增加了 4000 万，比上一季度的 3500 万有所加快。</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的 App Store 一直受到立法者和公司的质疑，他们认为它成本太高，权力太大。备受关注的堡垒之夜制造商Epic Games关于应用商店政策的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store 是一个经济奇迹。据估计，去年有超过 5 万亿美元的经济活动因为 App Store 而产生。因此，这不仅改变了美国的经济游戏规则，也改变了世界上几个国家的经济游戏规则。我们将走进去讲述我们的故事。我们拭目以待。但是，我们很有信心，”库克告诉 CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在 38% 至 39% 之间，但在截至 3 月份的季度，苹果报告的利润率为 42.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137964402","content_text":"KEY POINTSApple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis.Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019′s $75 billion.Here’s how Apple did versus Refinitiv estimates:EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-yeariPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearServices revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over yearOther Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-yearMac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-yeariPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-yearGross margin: 42.5% vs. 39.8% estimatedApple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year.Neither of those results include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.In greater China, which includes the mainland, Hong Kong, and Taiwan, Apple’s revenue increased over 87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic. Every other geographical category, including the Americas and Europe, were also up on an annual basis.Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374475735,"gmtCreate":1619479613027,"gmtModify":1631887181744,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374475735","repostId":"1126815616","repostType":4,"repost":{"id":"1126815616","kind":"news","pubTimestamp":1619451024,"share":"https://www.laohunote.com/m/news/1126815616?lang=zh_CN&edition=full","pubTime":"2021-04-26 23:30","market":"us","language":"en","title":"If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者看到了 “买入机会”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126815616","media":"MarketWatch","summary":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’","content":"<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说：'我认为这是一个买入并持有的机会。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的计划，将年收入至少 100 万美元的人的资本利得税税率有效地提高一倍，亚历克斯·扎戈尔斯基 (Alex Zagorski) 将密切关注股市的便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士适用 39.6% 的资本利得率。再加上与患者保护与平价医疗法案相关的现有3.8%的税，这将是43.4%的税率。目前，高收入者的投资证券利润资本收益率为 20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴--如果拜登能让国会通过这个想法--那么股市将会出现某种形式的抛售，因为一些富有的投资者会在利率上升之前利用较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一名来自密歇根州底特律的 27 岁机械工程师。凭借多年的投资经验，会在那里等待。“他告诉 MarketWatch：”我对投资的看法是非常长远的。“我认为这样的情况是买入并持有的机会”。</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯 (Martin Sanchez) 于 2018 年开始购买个股，他对此表示同意。“27 岁的北卡罗来纳州塞勒姆居民温斯顿-塞勒姆（Winston Salem）在科技行业工作，他说：”我认为，如果我们看到大幅抛售，千禧一代就有机会买入。</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这个机会，他可能会买入一些专注于网络安全的公司的股票，让他有机会分散自己的持股，其中迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票的重仓股。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得率上调，有很多悬而未决的问题。拜登是否会将这一想法纳入他预计将于周三公布的 “美国家庭计划 ”中？该计划还将包括多少针对富裕家庭的增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户投资者意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了 2020 年市场的跌宕起伏，并经受住了让 GameStopGME 等公司股价过山车上涨 3.18% 的备忘录股票交易狂潮。在加息之前，他们会从估计1780亿美元的销售额中获利吗？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>“乔治敦大学麦克唐纳商学院教授詹姆斯-安吉尔（James Angel）说：”有些人可能会认为，'哦，这是我加入的机会'。</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在很大的悬而未决的问题。“这会创造机会吗？也许吧，”安吉尔说。“但你必须逐股仔细查看。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>周五的一份投资者报告称， 事实上， 股价可能与税收环境关系不大。“瑞银全球财富管理首席投资官马克-海费勒（Mark Haefele）写道：”归根结底，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更有力驱动因素。</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>人们会期待人们开始抛售</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得率高达 28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会委员会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员说，在 2013 年的变更之前--将长期资本利得率从 15% 提高到 20%，并加征 3.8% 的净投资所得税--资本利得 “变现 ”增加了 40%，这意味着投资者正在出售他们持有的股票。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉 MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“税收政策中心高级研究员罗伯特-麦克莱兰（Robert McClelland）说：”当然，人们会期待人们开始抛售。“多少，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家都是外国投资者和退休账户，包括 401(k) 计划或养老金计划，而不是通过经纪账户操作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约 40% 的股票市场股票，退休账户拥有约 30%。应税账户，例如经纪账户，拥有另外 25% 的股票市场股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在抛售，这并不意味着他们要离开。“新泽西州富兰克林湖 Cereus Financial Advisors 的老板大卫-哈斯（David Haas）说：”我仍然会为我的客户购买。“换句话说，卖出并不意味着退出市场。我会卖掉客户的收益，然后买入类似的东西，继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，市场以下跌收盘。到周五，它们出现反弹，道琼斯工业平均指数 (Dow Jones Industrial AverageDJIA)，0.12%，收盘上涨 228 点，上涨 0.7%，标准普尔 500SPX 指数 (S&amp;P 500SPX)，0.28%，收盘上涨 1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基说，他也许能从未来的任何抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得率的提高，“你只是从那些将投资市场的人那里拿走了钱”。</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，买入机会可能并不清晰。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“他说：”当你看到高层做事时，你会本能地模仿他们，即使这不符合你的最佳利益。</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>If Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者看到了 “买入机会”</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\">\nIf Biden hikes capital gains taxes on millionaires, some new investors see a ‘buying opportunity’<blockquote>如果拜登提高百万富翁的资本利得税，一些新投资者看到了 “买入机会”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-26 23:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.</p><p><blockquote>一位千禧一代投资者说：'我认为这是一个买入并持有的机会。</blockquote></p><p> Alex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.</p><p><blockquote>如果乔·拜登总统实施据报道的计划，将年收入至少 100 万美元的人的资本利得税税率有效地提高一倍，亚历克斯·扎戈尔斯基 (Alex Zagorski) 将密切关注股市的便宜货。</blockquote></p><p> Biden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.</p><p><blockquote>据报道，拜登计划兑现竞选承诺，对百万富翁及以上人士适用 39.6% 的资本利得率。再加上与患者保护与平价医疗法案相关的现有3.8%的税，这将是43.4%的税率。目前，高收入者的投资证券利润资本收益率为 20%。</blockquote></p><p> If history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.</p><p><blockquote>如果以史为鉴--如果拜登能让国会通过这个想法--那么股市将会出现某种形式的抛售，因为一些富有的投资者会在利率上升之前利用较低的利率。</blockquote></p><p> And Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”</p><p><blockquote>扎戈尔斯基是一名来自密歇根州底特律的 27 岁机械工程师。凭借多年的投资经验，会在那里等待。“他告诉 MarketWatch：”我对投资的看法是非常长远的。“我认为这样的情况是买入并持有的机会”。</blockquote></p><p> Martin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.</p><p><blockquote>另一位相对较新的投资者马丁·桑切斯 (Martin Sanchez) 于 2018 年开始购买个股，他对此表示同意。“27 岁的北卡罗来纳州塞勒姆居民温斯顿-塞勒姆（Winston Salem）在科技行业工作，他说：”我认为，如果我们看到大幅抛售，千禧一代就有机会买入。</blockquote></p><p> If Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.</p><p><blockquote>如果桑切斯看到了这个机会，他可能会买入一些专注于网络安全的公司的股票，让他有机会分散自己的持股，其中迪士尼DIS（0.38%）和特斯拉DIS（0.38%）等股票的重仓股。</blockquote></p><p> There are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?</p><p><blockquote>关于可能的资本利得率上调，有很多悬而未决的问题。拜登是否会将这一想法纳入他预计将于周三公布的 “美国家庭计划 ”中？该计划还将包括多少针对富裕家庭的增税措施？它会通过国会吗？</blockquote></p><p> But another question is: What does this potential tax increase mean for a new generation of retail investors?</p><p><blockquote>但另一个问题是：这种潜在的增税对新一代散户投资者意味着什么？</blockquote></p><p> By now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?</p><p><blockquote>到目前为止，新投资者已经经历了 2020 年市场的跌宕起伏，并经受住了让 GameStopGME 等公司股价过山车上涨 3.18% 的备忘录股票交易狂潮。在加息之前，他们会从估计1780亿美元的销售额中获利吗？</blockquote></p><p> “There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.</p><p><blockquote>“乔治敦大学麦克唐纳商学院教授詹姆斯-安吉尔（James Angel）说：”有些人可能会认为，'哦，这是我加入的机会'。</blockquote></p><p> But like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”</p><p><blockquote>但就像许多基于潜在加息的事情一样，新投资者以及一般投资者将如何反应也存在很大的悬而未决的问题。“这会创造机会吗？也许吧，”安吉尔说。“但你必须逐股仔细查看。”</blockquote></p><p> Indeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.</p><p><blockquote>周五的一份投资者报告称， 事实上， 股价可能与税收环境关系不大。“瑞银全球财富管理首席投资官马克-海费勒（Mark Haefele）写道：”归根结底，经济增长前景、货币政策和利率等其他因素是股市回报和估值的更有力驱动因素。</blockquote></p><p> ‘One would expect people to start selling off’</p><p><blockquote>人们会期待人们开始抛售</blockquote></p><p> When President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.</p><p><blockquote>当罗纳德·里根总统签署1986年税收改革法案时，他将最高税率从50%降至28%。</blockquote></p><p> The Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.</p><p><blockquote>共和党总统还修改了税法，以便将长期资本利得视为普通收入，而不是给予资本利得优惠税率。这使得富裕家庭的资本利得率高达 28%。</blockquote></p><p> In the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.</p><p><blockquote>据无党派的美国研究人员称，在1986纳税年度发生变化之前，各种资本资产的销售额增长了60%。国会委员会税收联合委员会和智库税收政策中心。</blockquote></p><p> Ahead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.</p><p><blockquote>研究人员说，在 2013 年的变更之前--将长期资本利得率从 15% 提高到 20%，并加征 3.8% 的净投资所得税--资本利得 “变现 ”增加了 40%，这意味着投资者正在出售他们持有的股票。</blockquote></p><p> History could repeat itself, one of the authors told MarketWatch.</p><p><blockquote>一位作者告诉 MarketWatch，历史可能会重演。</blockquote></p><p> “Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”</p><p><blockquote>“税收政策中心高级研究员罗伯特-麦克莱兰（Robert McClelland）说：”当然，人们会期待人们开始抛售。“多少，我不知道。”</blockquote></p><p> But McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.</p><p><blockquote>但麦克莱兰指出，重要的是要记住，许多股市买家都是外国投资者和退休账户，包括 401(k) 计划或养老金计划，而不是通过经纪账户操作的个人投资者。</blockquote></p><p> Foreign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.</p><p><blockquote>根据麦克莱兰税收政策中心同事去年的估计，外国投资者拥有约 40% 的股票市场股票，退休账户拥有约 30%。应税账户，例如经纪账户，拥有另外 25% 的股票市场股本。</blockquote></p><p></p><p> Another thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”</p><p><blockquote>另一件要记住的事情是，如果富人在抛售，这并不意味着他们要离开。“新泽西州富兰克林湖 Cereus Financial Advisors 的老板大卫-哈斯（David Haas）说：”我仍然会为我的客户购买。“换句话说，卖出并不意味着退出市场。我会卖掉客户的收益，然后买入类似的东西，继续参与市场。重点是获取收益，而不是停止投资。”</blockquote></p><p> As markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&amp;P 500SPX,0.28%finishing up 1.1%higher.</p><p><blockquote>随着市场周四消化拜登可能提高资本利得税的消息，市场以下跌收盘。到周五，它们出现反弹，道琼斯工业平均指数 (Dow Jones Industrial AverageDJIA)，0.12%，收盘上涨 228 点，上涨 0.7%，标准普尔 500SPX 指数 (S&amp;P 500SPX)，0.28%，收盘上涨 1.1%。</blockquote></p><p> Zagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”</p><p><blockquote>扎戈尔斯基说，他也许能从未来的任何抛售中获利，但这仍然不能消除他个人对加息的担忧。在他看来，随着资本利得率的提高，“你只是从那些将投资市场的人那里拿走了钱”。</blockquote></p><p> But going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.</p><p><blockquote>但展望未来，买入机会可能并不清晰。他说，一些经验不足的散户投资者可能无法确定股票销售和潜在的价格下跌是否与税收策略有关，这也可能导致他们抛售。</blockquote></p><p> “When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.</p><p><blockquote>“他说：”当你看到高层做事时，你会本能地模仿他们，即使这不符合你的最佳利益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews\">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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/if-biden-hikes-capital-gains-taxes-on-millionaires-some-new-investors-see-a-buying-opportunity-11619450737?mod=mw_latestnews","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126815616","content_text":"‘I look at something like this as an opportunity to buy and hold,’ said one millennial investor who’s on the lookout for a stock market sell-off if capital gains tax rates increase.\nAlex Zagorski will be on the lookout for stock market bargains if President Joe Biden goes through with a reported plan to effectively double the capital gains tax rate on people who earn at least $1 million a year.\nBiden is reportedly planning tofollow through on a campaign pledgeto apply a 39.6% capital gains rate for millionaires and above. Coupled with a pre-existing 3.8% tax linked to the Affordable Care Act, that would be 43.4% rate. The capital gains rate on profits from investment securities is currently 20% for top earners.\nIf history is any guide — and if Biden can even get the idea through Congress — there’s going to be a stock market sell-off in some form as some rich investors take advantage of lower rates before they climb.\nAnd Zagorski, a 27-year-old mechanical engineer from Detroit, Mich. with years of investing experience, will be there waiting. “My opinion on investing is very long-term,” he told MarketWatch. “I look at something like this as an opportunity to buy and hold.”\nMartin Sanchez, another relatively new investor, who started buying individual stocks in 2018, agrees. “I think there’s a buying opportunity for millennials if we do see a huge sell-off,” said the 27-year-old Winston Salem, N.C. resident, who works in the tech sector.\nIf Sanchez sees the opening, he might buy up some shares in companies that focus on web security, giving him a chance to spread out his holdings, which are heavier in stocks like DisneyDIS,0.38%and TeslaDIS,0.38%.Sanchez is watching Biden’s tax proposals closely.\nThere are a lot of open questions about the possible capital gains rate hike. Will Biden include the idea in the “American Families Plan” that he’s expected to unveil on Wednesday? How many other tax hikes targeting rich household will that plan include? Will it pass Congress?\nBut another question is: What does this potential tax increase mean for a new generation of retail investors?\nBy now, newer investors have gone through the 2020 market’s fall and rise, and weathered the meme stock trading frenzy that put companies like GameStopGME,3.18%on a share price rollercoaster. Do they stand to gain from an estimated$178 billionin selling that could occur prior to the rate increase?\n“There are some who may view it as, ‘Oh, here’s my opportunity to get on board,’” said James Angel, a professor at Georgetown University’s McDonough School of Business.\nBut like so much else based on the potential rate hikes, there are big open questions on how new investors — and investors in general — will react. “Does it create opportunity? Well, maybe,” Angel said. “But you have to look carefully on stock-by-stock basis.”\nIndeed,a share price might have little to do with the tax environment,one investor note said Friday. “Ultimately, other factors such as the outlook for economic growth, monetary policy, and interest rates are much more powerful drivers of equity market returns and valuations,” wrote Mark Haefele, chief investment officer for global wealth management at UBS.\n‘One would expect people to start selling off’\nWhen President Ronald Reagan signed theTax Reform Act of 1986,he lowered the top income-tax rate from 50% to 28%.\nThe Republican president also changed the tax code in order to treat long-term capital gains as ordinary income, instead of giving capital gains a preferential rate. That bumped the capital gains rate up to 28% for rich households.\nIn the lead up to the changes during tax year 1986, there was a 60% rise in sales on all sorts of capital assets, according to researchers at the nonpartisan U.S. Congress committee Joint Committee on Taxation, and the Tax Policy Center, a think tank.\nAhead of a 2013 change — which brought the long-term capital gains rate from 15% to 20% and tacked on the 3.8% Net Investment Income Tax — there was a 40% rise in capital gains “realizations,”the researchers said, meaning investors were selling their holdings.\nHistory could repeat itself, one of the authors told MarketWatch.\n“Certainly, one would expect people to start selling off,” said Robert McClelland, a senior fellow at the Tax Policy Center. “How much, I don’t know.”\nBut McClelland noted it’s important to remember that many stock market buyers are foreign investors and retirement accounts, including 401(k) plans or pension plans, rather than individual investors operating through a brokerage account.\nForeign investors own about 40% of stock market equity and retirement accounts own about 30%, according toestimateslast year from McClelland’s Tax Policy Center colleagues. Taxable accounts, like a brokerage account, own another 25% in stock market equity.\nAnother thing to remember is if rich people are selling, it hardly means they are walking away. “I would still be buying for my clients,” said David Haas, owner of Cereus Financial Advisors in Franklin Lakes, N.J. “In other words, selling does not mean getting out of the market. I would sell a client’s gains and buy something similar to continue participation in the market. The point is to take gains, not stop investing.”\nAs markets digested news Thursday of Biden’s possible capital gains tax hike, they ended the day on a down note. By Friday, they rebounded, with the Dow Jones Industrial AverageDJIA,0.12%ending 228 points higher, up 0.7%, and the S&P 500SPX,0.28%finishing up 1.1%higher.\nZagorski says he might be able to profit from any future sell off, but that still doesn’t erase his personal concerns about a rate hike. With any capital gains rate increase, in his view, “you’re just taking away money from people who would be investing in the market.”\nBut going forward, the buying opportunities might not be crystal clear. Some less experienced retail investors might not be able to determine if stock sales and potentially dropping prices have to do with tax strategy — and that might cause them to sell too, he said.\n“When you see people at the top doing things, it’s instinctual to mimic them, even if it’s not in your best interest,” he said.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375793191,"gmtCreate":1619395739113,"gmtModify":1631887181756,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Sell","listText":"Sell","text":"Sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/375793191","repostId":"1184404050","repostType":4,"isVote":1,"tweetType":1,"viewCount":946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375195942,"gmtCreate":1619314070986,"gmtModify":1631887181769,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/375195942","repostId":"1150672819","repostType":4,"repost":{"id":"1150672819","kind":"news","pubTimestamp":1619190781,"share":"https://www.laohunote.com/m/news/1150672819?lang=zh_CN&edition=full","pubTime":"2021-04-23 23:13","market":"us","language":"en","title":"Why Car Stocks Aren’t Getting Crushed by the Chip Shortage<blockquote>为什么汽车股没有被芯片短缺压垮</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150672819","media":"Barrons","summary":"Dreamstime\nWith first quarter results coming in, car and semiconductor companies are commenting on t","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd5e5d8436e3b6476fe344f5ede80cd9\" tg-width=\"1260\" tg-height=\"840\"><span>Dreamstime</span></p><p><blockquote><p class=\"t-img-caption\"><span>梦想时间</span></p></blockquote></p><p> With first quarter results coming in, car and semiconductor companies are commenting on the microchip shortage which is hampering global auto production. The comments, however, don’t appear to be matching up. While chip makers’ comments are setting off alarms, car makers—whose stocks are mostly off to a great start in 2021—are downplaying the problem.</p><p><blockquote>随着第一季度业绩的公布，汽车和半导体公司正在对阻碍全球汽车生产的微芯片短缺发表评论。然而，这些评论似乎并不一致。虽然芯片制造商的言论敲响了警钟，但汽车制造商--其股票在 2021 年大多开局良好--却在淡化这个问题。</blockquote></p><p> A lack of microchips that make modern cars function has resulted in unplanned downtime for many auto makers. Ford Motor (ticker: F), for instance, said it was extending outages&nbsp;at three assembly plants Thursday.Terrence Curtin, CEO of electrical component supplier&nbsp;TE Connectivity&nbsp;(TEL) told<i>Barron’s</i> this week that roughly 1 million cars weren’t built in the first quarter because of the shortage. That is about 5% of global auto output. And General Motors (GM) called the shortage a billion dollar headwind to 2021 operating profits when the company reported fourth quarter numbers earlier this year.</p><p><blockquote>缺乏使现代汽车运行的微芯片导致许多汽车制造商计划外停机。例如，福特汽车公司（股票代码：F）表示，周四将延长三个装配厂的停电时间。电气元件供应商 TE Connectivity (TEL) 首席执行官 Terrence Curtin 表示<i>巴伦</i>本周，由于短缺，第一季度约有 100 万辆汽车没有生产出来。这约占全球汽车产量的 5%。通用汽车 (GM) 在今年早些时候公布第四季度数据时，称这一短缺对 2021 年营业利润造成了 10 亿美元的阻力。</blockquote></p><p> Auto stocks, however, have been largely unaffected by the issue. GM and Ford shares, for instance, are both up 36% year to date. Parts suppliers TE and BorgWarner (BWA) are up 9% and 28%, respectively. Car dealer Auto Nation (AN) stock is also on fire as well, up about 38% so far in 2021.</p><p><blockquote>然而，汽车股基本上没有受到该问题的影响。例如，通用汽车和福特的股价今年迄今已上涨 36%。零部件供应商 TE 和博格华纳 (BWA) 分别上涨 9% 和 28%。汽车经销商 Auto Nation (AN) 的股票也火爆，2021 年迄今已上涨约 38%。</blockquote></p><p> Demand is strong, rebounding from the 2020 pandemic-induced recession. The optimism for higher sales in 2021 and 2022 is trumping any concern about near term disruption. But the disruption might get worse before it gets better and auto investors will have to square that reality with their outlooks as more company report first quarter numbers.</p><p><blockquote>需求强劲，从 2020 年大流行引发的衰退中反弹。对 2021 年和 2022 年销售额增长的乐观情绪压倒了对近期中断的任何担忧。但这种中断可能会在好转之前变得更糟，随着越来越多的公司报告第一季度数据，汽车投资者将不得不权衡这一现实和他们的前景。</blockquote></p><p> Ford is set to report earnings April 28. GM follows on May 5. Daimler (DAI.Germany), for its part, reported&nbsp;first quarter numbers Friday. Things still look good. Car sales rose, product mix was favorable and profitability improved. Management doesn’t sound too worried about microchips. “The impact from semiconductor&nbsp;shortage&nbsp;was not very material in the first quarter,” said CFO Harald Wilhelm&nbsp;on an investor call. Second quarter impacts are possible, but “we anticipate to recover part of the lost volumes by the end of the year.”</p><p><blockquote>福特将于 4 月 28 日公布财报。通用汽车将于 5 月 5 日跟进。戴姆勒 (DAI.Germany) 周五公布了第一季度业绩。事情看起来还是不错的。汽车销量上升，产品组合有利，盈利能力有所提高。管理层听起来并不太担心微芯片。“首席财务官 Harald Wilhelm 在投资者看涨期权上说：”第一季度半导体短缺的影响并不大。第二季度可能会受到影响，但 “我们预计到今年年底将恢复部分损失的销量”。</blockquote></p><p> Daimler stock is down 1.1% in overseas trading. Year to date, share are up about 28%.</p><p><blockquote>戴姆勒股价在海外交易中下跌 1.1%。今年迄今为止，份额上涨了约 28%。</blockquote></p><p> Stellantis (STLA) CEO Carlos Tavares sounded a little more cautious in an April 15 conference noting that production impacts would extend into the second half of 2021 and that “visibility on the speed at which this is going to be fixed is reasonably low right now.”</p><p><blockquote>Stellantis (STLA) 首席执行官卡洛斯-塔瓦雷斯（Carlos Tavares）在 4 月 15 日的一次会议上发表了更为谨慎的言论，他指出生产影响将延续到 2021 年下半年，而且 “目前解决这一问题的速度还相当低”。</blockquote></p><p> Along with some auto makers,&nbsp;Intel&nbsp;(INTC) and&nbsp;Taiwan Semiconductor Manufacturing&nbsp;(TSM) have also reported first quarter results. Taiwan Semi went first, saying the automotive shortage should be “greatly reduced” by the third quarter of 2021.</p><p><blockquote>除了一些汽车制造商之外，英特尔 (INTC) 和台积电 (TSM) 也公布了第一季度业绩。台湾半导体公司率先表示，到 2021 年第三季度，汽车短缺问题应 “大大缓解”。</blockquote></p><p> Resolution is good news, but Q3 is a little later than auto companies expected at the beginning of the year. Intel management was a little more cautious on their&nbsp;earnings conference call. They said the shortage might stretch on for longer than investors currently expect. “The industry is now challenged by a&nbsp;shortage&nbsp;of foundry capacity, substrates and components,” commented CEO Patrick Gelsinger&nbsp;Thursday evening. “It will take a couple of years for the ecosystem to make the significant investments to address these&nbsp;shortages.”</p><p><blockquote>决议是个好消息，但第三季度比车企年初预期的要晚一些。英特尔管理层对盈利电话会议更加谨慎。他们表示，短缺的持续时间可能比投资者目前预期的要长。“首席执行官帕特里克-基辛格（Patrick Gelsinger）周四晚间评论说：”该行业目前面临着代工产能、基板和零部件短缺的挑战。“生态系统需要几年时间才能进行大量投资来解决这些短缺问题”。</blockquote></p><p> Investors should get ready to hear more about shortages extending deeper into 2021. The stocks won’t get a pass unless companies keep putting up good numbers like Diamler. Auto suppler Gentex (GNTX), for instance, missed&nbsp;first quarter sales estimates because of the shortage. The company reported $484 million in first quarter sales Friday. Wall Street was looking for $491 million. Gentex management estimated that $45 million in sales was lost due to the shortage.</p><p><blockquote>投资者应该准备好听到更多关于短缺将持续到2021年的消息。除非公司继续像 Diamler 那样创造良好的业绩，否则这些股票就不会获得通行证。例如，汽车供应商 Gentex (GNTX) 因短缺而未达到第一季度销售预期。该公司周五公布第一季度销售额为 4.84 亿美元。华尔街正在寻找 4.91 亿美元。Gentex管理层估计，由于短缺，销售额损失了4500万美元。</blockquote></p><p> Gentex shares are down about 1% in early trading. That isn’t a big move, but it is a wobble with the S&amp;P 500 and Dow Jones Industrial Average rising 0.5% and 0.2%, respectively.</p><p><blockquote>Gentex 股价早盘下跌约 1%。这算不上什么大动作，但随着标普500和道琼斯工业平均指数分别上涨 0.5% 和 0.2%，这却是一个波动。</blockquote></p><p> The chip issue isn’t going away. And it will remain a watch item for auto investors, who aren’t use to thinking about foundries and substrates, as Intel’s Gelsinger put it.</p><p><blockquote>芯片问题不会消失。正如英特尔的基辛格所说，对于不习惯考虑代工厂和基板的汽车投资者来说，它仍将是一个值得关注的项目。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Car Stocks Aren’t Getting Crushed by the Chip Shortage<blockquote>为什么汽车股没有被芯片短缺压垮</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\">\nWhy Car Stocks Aren’t Getting Crushed by the Chip Shortage<blockquote>为什么汽车股没有被芯片短缺压垮</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-23 23:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd5e5d8436e3b6476fe344f5ede80cd9\" tg-width=\"1260\" tg-height=\"840\"><span>Dreamstime</span></p><p><blockquote><p class=\"t-img-caption\"><span>梦想时间</span></p></blockquote></p><p> With first quarter results coming in, car and semiconductor companies are commenting on the microchip shortage which is hampering global auto production. The comments, however, don’t appear to be matching up. While chip makers’ comments are setting off alarms, car makers—whose stocks are mostly off to a great start in 2021—are downplaying the problem.</p><p><blockquote>随着第一季度业绩的公布，汽车和半导体公司正在对阻碍全球汽车生产的微芯片短缺发表评论。然而，这些评论似乎并不一致。虽然芯片制造商的言论敲响了警钟，但汽车制造商--其股票在 2021 年大多开局良好--却在淡化这个问题。</blockquote></p><p> A lack of microchips that make modern cars function has resulted in unplanned downtime for many auto makers. Ford Motor (ticker: F), for instance, said it was extending outages&nbsp;at three assembly plants Thursday.Terrence Curtin, CEO of electrical component supplier&nbsp;TE Connectivity&nbsp;(TEL) told<i>Barron’s</i> this week that roughly 1 million cars weren’t built in the first quarter because of the shortage. That is about 5% of global auto output. And General Motors (GM) called the shortage a billion dollar headwind to 2021 operating profits when the company reported fourth quarter numbers earlier this year.</p><p><blockquote>缺乏使现代汽车运行的微芯片导致许多汽车制造商计划外停机。例如，福特汽车公司（股票代码：F）表示，周四将延长三个装配厂的停电时间。电气元件供应商 TE Connectivity (TEL) 首席执行官 Terrence Curtin 表示<i>巴伦</i>本周，由于短缺，第一季度约有 100 万辆汽车没有生产出来。这约占全球汽车产量的 5%。通用汽车 (GM) 在今年早些时候公布第四季度数据时，称这一短缺对 2021 年营业利润造成了 10 亿美元的阻力。</blockquote></p><p> Auto stocks, however, have been largely unaffected by the issue. GM and Ford shares, for instance, are both up 36% year to date. Parts suppliers TE and BorgWarner (BWA) are up 9% and 28%, respectively. Car dealer Auto Nation (AN) stock is also on fire as well, up about 38% so far in 2021.</p><p><blockquote>然而，汽车股基本上没有受到该问题的影响。例如，通用汽车和福特的股价今年迄今已上涨 36%。零部件供应商 TE 和博格华纳 (BWA) 分别上涨 9% 和 28%。汽车经销商 Auto Nation (AN) 的股票也火爆，2021 年迄今已上涨约 38%。</blockquote></p><p> Demand is strong, rebounding from the 2020 pandemic-induced recession. The optimism for higher sales in 2021 and 2022 is trumping any concern about near term disruption. But the disruption might get worse before it gets better and auto investors will have to square that reality with their outlooks as more company report first quarter numbers.</p><p><blockquote>需求强劲，从 2020 年大流行引发的衰退中反弹。对 2021 年和 2022 年销售额增长的乐观情绪压倒了对近期中断的任何担忧。但这种中断可能会在好转之前变得更糟，随着越来越多的公司报告第一季度数据，汽车投资者将不得不权衡这一现实和他们的前景。</blockquote></p><p> Ford is set to report earnings April 28. GM follows on May 5. Daimler (DAI.Germany), for its part, reported&nbsp;first quarter numbers Friday. Things still look good. Car sales rose, product mix was favorable and profitability improved. Management doesn’t sound too worried about microchips. “The impact from semiconductor&nbsp;shortage&nbsp;was not very material in the first quarter,” said CFO Harald Wilhelm&nbsp;on an investor call. Second quarter impacts are possible, but “we anticipate to recover part of the lost volumes by the end of the year.”</p><p><blockquote>福特将于 4 月 28 日公布财报。通用汽车将于 5 月 5 日跟进。戴姆勒 (DAI.Germany) 周五公布了第一季度业绩。事情看起来还是不错的。汽车销量上升，产品组合有利，盈利能力有所提高。管理层听起来并不太担心微芯片。“首席财务官 Harald Wilhelm 在投资者看涨期权上说：”第一季度半导体短缺的影响并不大。第二季度可能会受到影响，但 “我们预计到今年年底将恢复部分损失的销量”。</blockquote></p><p> Daimler stock is down 1.1% in overseas trading. Year to date, share are up about 28%.</p><p><blockquote>戴姆勒股价在海外交易中下跌 1.1%。今年迄今为止，份额上涨了约 28%。</blockquote></p><p> Stellantis (STLA) CEO Carlos Tavares sounded a little more cautious in an April 15 conference noting that production impacts would extend into the second half of 2021 and that “visibility on the speed at which this is going to be fixed is reasonably low right now.”</p><p><blockquote>Stellantis (STLA) 首席执行官卡洛斯-塔瓦雷斯（Carlos Tavares）在 4 月 15 日的一次会议上发表了更为谨慎的言论，他指出生产影响将延续到 2021 年下半年，而且 “目前解决这一问题的速度还相当低”。</blockquote></p><p> Along with some auto makers,&nbsp;Intel&nbsp;(INTC) and&nbsp;Taiwan Semiconductor Manufacturing&nbsp;(TSM) have also reported first quarter results. Taiwan Semi went first, saying the automotive shortage should be “greatly reduced” by the third quarter of 2021.</p><p><blockquote>除了一些汽车制造商之外，英特尔 (INTC) 和台积电 (TSM) 也公布了第一季度业绩。台湾半导体公司率先表示，到 2021 年第三季度，汽车短缺问题应 “大大缓解”。</blockquote></p><p> Resolution is good news, but Q3 is a little later than auto companies expected at the beginning of the year. Intel management was a little more cautious on their&nbsp;earnings conference call. They said the shortage might stretch on for longer than investors currently expect. “The industry is now challenged by a&nbsp;shortage&nbsp;of foundry capacity, substrates and components,” commented CEO Patrick Gelsinger&nbsp;Thursday evening. “It will take a couple of years for the ecosystem to make the significant investments to address these&nbsp;shortages.”</p><p><blockquote>决议是个好消息，但第三季度比车企年初预期的要晚一些。英特尔管理层对盈利电话会议更加谨慎。他们表示，短缺的持续时间可能比投资者目前预期的要长。“首席执行官帕特里克-基辛格（Patrick Gelsinger）周四晚间评论说：”该行业目前面临着代工产能、基板和零部件短缺的挑战。“生态系统需要几年时间才能进行大量投资来解决这些短缺问题”。</blockquote></p><p> Investors should get ready to hear more about shortages extending deeper into 2021. The stocks won’t get a pass unless companies keep putting up good numbers like Diamler. Auto suppler Gentex (GNTX), for instance, missed&nbsp;first quarter sales estimates because of the shortage. The company reported $484 million in first quarter sales Friday. Wall Street was looking for $491 million. Gentex management estimated that $45 million in sales was lost due to the shortage.</p><p><blockquote>投资者应该准备好听到更多关于短缺将持续到2021年的消息。除非公司继续像 Diamler 那样创造良好的业绩，否则这些股票就不会获得通行证。例如，汽车供应商 Gentex (GNTX) 因短缺而未达到第一季度销售预期。该公司周五公布第一季度销售额为 4.84 亿美元。华尔街正在寻找 4.91 亿美元。Gentex管理层估计，由于短缺，销售额损失了4500万美元。</blockquote></p><p> Gentex shares are down about 1% in early trading. That isn’t a big move, but it is a wobble with the S&amp;P 500 and Dow Jones Industrial Average rising 0.5% and 0.2%, respectively.</p><p><blockquote>Gentex 股价早盘下跌约 1%。这算不上什么大动作，但随着标普500和道琼斯工业平均指数分别上涨 0.5% 和 0.2%，这却是一个波动。</blockquote></p><p> The chip issue isn’t going away. And it will remain a watch item for auto investors, who aren’t use to thinking about foundries and substrates, as Intel’s Gelsinger put it.</p><p><blockquote>芯片问题不会消失。正如英特尔的基辛格所说，对于不习惯考虑代工厂和基板的汽车投资者来说，它仍将是一个值得关注的项目。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-auto-stocks-arent-getting-crushed-by-the-chip-shortage-51619189064?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","TSLA":"特斯拉","F":"福特汽车",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/why-auto-stocks-arent-getting-crushed-by-the-chip-shortage-51619189064?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150672819","content_text":"Dreamstime\nWith first quarter results coming in, car and semiconductor companies are commenting on the microchip shortage which is hampering global auto production. The comments, however, don’t appear to be matching up. While chip makers’ comments are setting off alarms, car makers—whose stocks are mostly off to a great start in 2021—are downplaying the problem.\nA lack of microchips that make modern cars function has resulted in unplanned downtime for many auto makers. Ford Motor (ticker: F), for instance, said it was extending outages at three assembly plants Thursday.Terrence Curtin, CEO of electrical component supplier TE Connectivity (TEL) toldBarron’s this week that roughly 1 million cars weren’t built in the first quarter because of the shortage. That is about 5% of global auto output. And General Motors (GM) called the shortage a billion dollar headwind to 2021 operating profits when the company reported fourth quarter numbers earlier this year.\nAuto stocks, however, have been largely unaffected by the issue. GM and Ford shares, for instance, are both up 36% year to date. Parts suppliers TE and BorgWarner (BWA) are up 9% and 28%, respectively. Car dealer Auto Nation (AN) stock is also on fire as well, up about 38% so far in 2021.\nDemand is strong, rebounding from the 2020 pandemic-induced recession. The optimism for higher sales in 2021 and 2022 is trumping any concern about near term disruption. But the disruption might get worse before it gets better and auto investors will have to square that reality with their outlooks as more company report first quarter numbers.\nFord is set to report earnings April 28. GM follows on May 5. Daimler (DAI.Germany), for its part, reported first quarter numbers Friday. Things still look good. Car sales rose, product mix was favorable and profitability improved. Management doesn’t sound too worried about microchips. “The impact from semiconductor shortage was not very material in the first quarter,” said CFO Harald Wilhelm on an investor call. Second quarter impacts are possible, but “we anticipate to recover part of the lost volumes by the end of the year.”\nDaimler stock is down 1.1% in overseas trading. Year to date, share are up about 28%.\nStellantis (STLA) CEO Carlos Tavares sounded a little more cautious in an April 15 conference noting that production impacts would extend into the second half of 2021 and that “visibility on the speed at which this is going to be fixed is reasonably low right now.”\nAlong with some auto makers, Intel (INTC) and Taiwan Semiconductor Manufacturing (TSM) have also reported first quarter results. Taiwan Semi went first, saying the automotive shortage should be “greatly reduced” by the third quarter of 2021.\nResolution is good news, but Q3 is a little later than auto companies expected at the beginning of the year. Intel management was a little more cautious on their earnings conference call. They said the shortage might stretch on for longer than investors currently expect. “The industry is now challenged by a shortage of foundry capacity, substrates and components,” commented CEO Patrick Gelsinger Thursday evening. “It will take a couple of years for the ecosystem to make the significant investments to address these shortages.”\nInvestors should get ready to hear more about shortages extending deeper into 2021. The stocks won’t get a pass unless companies keep putting up good numbers like Diamler. Auto suppler Gentex (GNTX), for instance, missed first quarter sales estimates because of the shortage. The company reported $484 million in first quarter sales Friday. Wall Street was looking for $491 million. Gentex management estimated that $45 million in sales was lost due to the shortage.\nGentex shares are down about 1% in early trading. That isn’t a big move, but it is a wobble with the S&P 500 and Dow Jones Industrial Average rising 0.5% and 0.2%, respectively.\nThe chip issue isn’t going away. And it will remain a watch item for auto investors, who aren’t use to thinking about foundries and substrates, as Intel’s Gelsinger put it.","news_type":1,"symbols_score_info":{"GM":0.9,".SPX":0.9,".DJI":0.9,"TSLA":0.9,".IXIC":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378536748,"gmtCreate":1619049831984,"gmtModify":1631887181777,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581583021301915","idStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378536748","repostId":"1146491759","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":100750031,"gmtCreate":1619652153723,"gmtModify":1631887181736,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/100750031","repostId":"1137964402","repostType":4,"repost":{"id":"1137964402","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":1619651546,"share":"https://www.laohunote.com/m/news/1137964402?lang=zh_CN&edition=full","pubTime":"2021-04-29 07:12","market":"us","language":"en","title":"Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1137964402","media":"Tiger Newspress","summary":"Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</li><li>苹果没有就截至 6 月份的季度预期发布官方指引。</li><li>苹果授权900亿美元股票回购。</li></ul>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过 4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线 iPhone 比去年增长了 65.5%。其 Mac 和 iPad 销量表现更好，电脑销量同比增长 70.1%，iPad 销量同比增长近 79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高 7%，达到每股 0.22 美元，并授权回购 900 亿美元的股票，大大高于去年的 500 亿美元支出和 2019 年的 750 亿美元支出。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果的表现与路孚特的估计：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>每股收益</b>：1.40美元对比。估计 0.99 美元</li><li><b>收入</b>：895.8 亿美元 vs.预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元 vs.预计414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169.0 亿美元 vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收入</b>：78.3 亿美元 vs.预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元 vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78 亿美元 vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5% vs. 估计值39.8%</li></ul>苹果没有就截至 6 月份的季度预期发布官方指引。自大流行病开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度所有产品类别都实现两位数增长。苹果首席财务官卢卡-马埃斯特里（Luca Maestri）告诉分析师，该公司预计 6 月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果近几个月来表示，随着消费者和企业购买电脑在家工作和娱乐，疫情提振了其业务。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆-库克（Tim Cook）在一份声明中所说： “本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对我们所有人未来更美好的日子感到乐观”。</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac 销量增长了 70%，库克说，这一结果 “得益于 ”该公司推出的 Mac 笔记本电脑使用自己的 M1 芯片，而不是英特尔销售的处理器，从而延长了电池寿命。iPad 销量同比增长近 79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这些结果都不包括该公司 3 月份宣布的 iPad Pro 或 iMac 型号，预计这将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>“库克告诉 CNBC 的乔希-利普顿（Josh Lipton）：”我们看到 Mac 的首次购买者强劲.它的购买率继续徘徊在 50% 以下。“在中国，这一比例甚至更高.三分之二左右。这说明人们更喜欢在 Mac 上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的 iPhone 本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了采用全新外观设计和 5G 支持的 iPhone，许多投资者认为这可能会引发一次重大升级周期，本季度的业绩也表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括中国大陆、中国香港和台湾地区在内的大中华区，苹果的收入同比增长超过 87%，达到 177.3 亿美元，但与去年的一个季度相比，去年中国在大流行病初期基本上处于停摆状态。包括美洲和欧洲在内的所有其他地区的收入也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括 iCloud、App Store 和苹果音乐等订阅服务，也实现了 26.7% 的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果一号等自己的订阅，还包括通过其应用商店的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>“库克告诉 CNBC：”我们现在平台上所有服务的付费订阅量超过 6.6 亿，比上一季度增加了 4000 万，比上一季度的 3500 万有所加快。</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的 App Store 一直受到立法者和公司的质疑，他们认为它成本太高，权力太大。备受关注的堡垒之夜制造商Epic Games关于应用商店政策的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store 是一个经济奇迹。据估计，去年有超过 5 万亿美元的经济活动因为 App Store 而产生。因此，这不仅改变了美国的经济游戏规则，也改变了世界上几个国家的经济游戏规则。我们将走进去讲述我们的故事。我们拭目以待。但是，我们很有信心，”库克告诉 CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在 38% 至 39% 之间，但在截至 3 月份的季度，苹果报告的利润率为 42.5%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks<blockquote>苹果报告另一个井喷季度销售额增长 54%，授权回购 900 亿美元股票</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\">2021-04-29 07:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p><ul><li>Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</li><li>Apple did not issue official guidance for what it expects in the quarter ending in June.</li><li>Apple authorized $90 billion in share buybacks.</li></ul>Apple&nbsp;reported&nbsp;a blowout quarter&nbsp;on Wednesday, announcing companywide sales up 54% higher than last year, and&nbsp;significantly stronger profits than Wall Street expected.</p><p><blockquote><ul><li>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</li><li>苹果没有就截至 6 月份的季度预期发布官方指引。</li><li>苹果授权900亿美元股票回购。</li></ul>苹果周三公布了一个井喷的季度，宣布全公司销售额比去年增长 54%，利润明显强于华尔街预期。</blockquote></p><p>Apple stock rose over 4% at one point in extended trading.</p><p><blockquote>苹果股价在盘后交易中一度上涨超过 4%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4e791f63f460807906f1793c2d58933e\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p>Apple reported double-digit growth in every single one of its product categories, and its&nbsp;most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales&nbsp;did&nbsp;better, with its computers up 70.1% and iPad&nbsp;sales&nbsp;growing nearly 79% on an annual basis.</p><p><blockquote>苹果报告称，其每个产品类别都实现了两位数的增长，其最重要的产品线 iPhone 比去年增长了 65.5%。其 Mac 和 iPad 销量表现更好，电脑销量同比增长 70.1%，iPad 销量同比增长近 79%。</blockquote></p><p>Apple said it would increase its dividend by 7%&nbsp;to $0.22 per share&nbsp;and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay&nbsp;and 2019′s $75 billion.</p><p><blockquote>苹果表示，将把股息提高 7%，达到每股 0.22 美元，并授权回购 900 亿美元的股票，大大高于去年的 500 亿美元支出和 2019 年的 750 亿美元支出。</blockquote></p><p>Here’s how Apple did versus Refinitiv estimates:</p><p><blockquote>以下是苹果的表现与路孚特的估计：</blockquote></p><p><ul><li><b>EPS</b>:&nbsp;$1.40&nbsp;vs. $0.99 estimated</li><li><b>Revenue</b>:&nbsp;$89.58&nbsp;billion&nbsp;vs. $77.36&nbsp;billion&nbsp;estimated, up 53.7% year-over-year</li><li><b>iPhone revenue</b>:&nbsp;$47.94 billion&nbsp;vs. $41.43&nbsp;billion&nbsp;estimated, up&nbsp;65.5% year-over-year</li><li><b>Services revenue</b>:&nbsp;$16.90 billion&nbsp;vs. $15.57&nbsp;billion&nbsp;estimated, up 26.7% year over&nbsp;year</li><li><b>Other Products revenue</b>:&nbsp;$7.83&nbsp;billion&nbsp;vs. $7.79&nbsp;billion&nbsp;estimated,&nbsp;up 24%&nbsp;year-over-year</li><li><b>Mac revenue</b>:&nbsp;$9.10&nbsp;billion&nbsp;vs. $6.86&nbsp;billion&nbsp;estimated, up 70.1% year-over-year</li><li><b>iPad revenue</b>:&nbsp;$7.80 billion&nbsp;vs. $5.58&nbsp;billion&nbsp;estimated, up 78.9% year-over-year</li><li><b>Gross margin</b>:&nbsp;42.5% vs. 39.8%&nbsp;estimated</li></ul>Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue&nbsp;guidance since the start of the pandemic, citing uncertainty.&nbsp;This is Apple’s second quarter in a row with double-digit growth in all product categories.&nbsp;Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.</p><p><blockquote><ul><li><b>每股收益</b>：1.40美元对比。估计 0.99 美元</li><li><b>收入</b>：895.8 亿美元 vs.预计773.6亿美元，同比增长53.7%</li><li><b>iPhone收入</b>：479.4亿美元 vs.预计414.3亿美元，同比增长65.5%</li><li><b>服务收入</b>：169.0 亿美元 vs.预计155.7亿美元，同比增长26.7%</li><li><b>其他产品收入</b>：78.3 亿美元 vs.预计77.9亿美元，同比增长24%</li><li><b>Mac收入</b>：91亿美元 vs.预计68.6亿美元，同比增长70.1%</li><li><b>iPad收入</b>：78 亿美元 vs.预计55.8亿美元，同比增长78.9%</li><li><b>毛利率</b>：42.5% vs. 估计值39.8%</li></ul>苹果没有就截至 6 月份的季度预期发布官方指引。自大流行病开始以来，该公司一直没有提供收入指引，理由是存在不确定性。这是苹果连续第二个季度所有产品类别都实现两位数增长。苹果首席财务官卢卡-马埃斯特里（Luca Maestri）告诉分析师，该公司预计 6 月份季度的收入将同比增长两位数，尽管由于全球芯片短缺，该公司面临一些供应短缺。</blockquote></p><p>Apple has said in the past months that its business has been boosted by the pandemic as consumers&nbsp;and businesses&nbsp;bought&nbsp;computers&nbsp;to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies&nbsp;open up.</p><p><blockquote>苹果近几个月来表示，随着消费者和企业购买电脑在家工作和娱乐，疫情提振了其业务。但苹果本季度的强劲业绩表明，随着更多经济体的开放，这一趋势可能会持续下去。</blockquote></p><p>Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this&nbsp;moment in their own lives, as well as the optimism consumers seem to feel about better days&nbsp;ahead for all of us.”</p><p><blockquote>或者，正如苹果首席执行官蒂姆-库克（Tim Cook）在一份声明中所说： “本季度既反映了我们的产品帮助用户在自己的生活中迎接这一时刻的持久方式，也反映了消费者似乎对我们所有人未来更美好的日子感到乐观”。</blockquote></p><p>Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac&nbsp;laptops&nbsp;that used its own M1 chips&nbsp;for longer battery life, instead of processors sold by&nbsp;Intel.&nbsp;iPad sales were up&nbsp;nearly 79% year-over-year.</p><p><blockquote>Mac 销量增长了 70%，库克说，这一结果 “得益于 ”该公司推出的 Mac 笔记本电脑使用自己的 M1 芯片，而不是英特尔销售的处理器，从而延长了电池寿命。iPad 销量同比增长近 79%。</blockquote></p><p>Neither of those&nbsp;results&nbsp;include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.</p><p><blockquote>这些结果都不包括该公司 3 月份宣布的 iPad Pro 或 iMac 型号，预计这将推动额外需求。</blockquote></p><p>“We’re seeing strong first-time buyers on the Mac&nbsp;…&nbsp;it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that&nbsp;…&nbsp;it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”</p><p><blockquote>“库克告诉 CNBC 的乔希-利普顿（Josh Lipton）：”我们看到 Mac 的首次购买者强劲.它的购买率继续徘徊在 50% 以下。“在中国，这一比例甚至更高.三分之二左右。这说明人们更喜欢在 Mac 上工作。”</blockquote></p><p>Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.</p><p><blockquote>苹果的 iPhone 本季度也公布了强劲的业绩，平息了人们对当前年度周期可能放缓的担忧。去年，苹果发布了采用全新外观设计和 5G 支持的 iPhone，许多投资者认为这可能会引发一次重大升级周期，本季度的业绩也表明了这一点。</blockquote></p><p>In greater China, which includes the mainland, Hong Kong, and Taiwan,&nbsp;Apple’s revenue increased over&nbsp;87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic.&nbsp;Every other geographical category, including the Americas and Europe, were also up on an annual basis.</p><p><blockquote>在包括中国大陆、中国香港和台湾地区在内的大中华区，苹果的收入同比增长超过 87%，达到 177.3 亿美元，但与去年的一个季度相比，去年中国在大流行病初期基本上处于停摆状态。包括美洲和欧洲在内的所有其他地区的收入也同比增长。</blockquote></p><p><img src=\"https://static.tigerbbs.com/37a8b45c92174e3c9ab224d9a85f5e2d\" tg-width=\"1910\" tg-height=\"1114\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Apple’s&nbsp;high-margin&nbsp;services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.</p><p><blockquote>苹果的高利润服务业务，包括 iCloud、App Store 和苹果音乐等订阅服务，也实现了 26.7% 的增长。</blockquote></p><p></p><p>One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.</p><p><blockquote>苹果用来显示服务增长的一个指标是其订阅数量，其中不仅包括苹果一号等自己的订阅，还包括通过其应用商店的订阅。</blockquote></p><p>“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.</p><p><blockquote>“库克告诉 CNBC：”我们现在平台上所有服务的付费订阅量超过 6.6 亿，比上一季度增加了 4000 万，比上一季度的 3500 万有所加快。</blockquote></p><p>However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.</p><p><blockquote>然而，苹果的 App Store 一直受到立法者和公司的质疑，他们认为它成本太高，权力太大。备受关注的堡垒之夜制造商Epic Games关于应用商店政策的审判将于下周开始。</blockquote></p><p>“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.</p><p><blockquote>“App Store 是一个经济奇迹。据估计，去年有超过 5 万亿美元的经济活动因为 App Store 而产生。因此，这不仅改变了美国的经济游戏规则，也改变了世界上几个国家的经济游戏规则。我们将走进去讲述我们的故事。我们拭目以待。但是，我们很有信心，”库克告诉 CNBC。</blockquote></p><p>Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.</p><p><blockquote>苹果的毛利率也异常高。大多数季度，利润率往往在 38% 至 39% 之间，但在截至 3 月份的季度，苹果报告的利润率为 42.5%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137964402","content_text":"KEY POINTSApple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple did not issue official guidance for what it expects in the quarter ending in June.Apple authorized $90 billion in share buybacks.Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.Apple stock rose over 4% at one point in extended trading.Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis.Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019′s $75 billion.Here’s how Apple did versus Refinitiv estimates:EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-yeariPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearServices revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over yearOther Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-yearMac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-yeariPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-yearGross margin: 42.5% vs. 39.8% estimatedApple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year.Neither of those results include iPad Pro or iMac models the company announced in March, which are expected to drive additional demand.“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”Apple’s iPhone also reported strong results this quarter, quelling fears that the current annual cycle could slow down. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors believed could prompt a major upgrade cycle, which this quarter’s results indicate.In greater China, which includes the mainland, Hong Kong, and Taiwan, Apple’s revenue increased over 87% year-over-year to $17.73 billion, although the comparison is to a quarter last year in which China was largely shut down in the early days of the pandemic. Every other geographical category, including the Americas and Europe, were also up on an annual basis.Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed 26.7% growth.One metric that Apple uses to show the growth in services is the number of subscriptions it has, which not only include its own subscriptions like Apple One, but also subscriptions through its App Store.“We now have over 660 million paid subscriptions across the services on the platform, and that’s up 40 million from the previous quarter, which is an acceleration from 35 million,” Cook told CNBC.However, Apple’s App Store has been challenged by lawmakers and companies that say it costs too much and has too much power. A closely-watched trial with Fortnite maker Epic Games over App Store policies kicks off next week.“The App Store has been an economic miracle. Last year, the estimates are that there was over a half a trillion dollars of economic activity because of the store. And, so, this has been just an economic gamechanger for not only the United States, but several countries around the world. And, we’re going to go in and tell our story. And we’ll see where it goes. But, we’re confident,” Cook told CNBC.Apple’s gross margin was also unusually elevated for the company. Most quarters, it tends to be in the 38% to 39% range, but in the quarter ending in March, Apple reported 42.5% margins.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":848,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190360570,"gmtCreate":1620600456090,"gmtModify":1631887181602,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/190360570","repostId":"2133837186","repostType":4,"isVote":1,"tweetType":1,"viewCount":2999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109745426,"gmtCreate":1619736069065,"gmtModify":1631887181719,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/109745426","repostId":"1188611661","repostType":4,"repost":{"id":"1188611661","kind":"news","pubTimestamp":1619734487,"share":"https://www.laohunote.com/m/news/1188611661?lang=zh_CN&edition=full","pubTime":"2021-04-30 06:14","market":"us","language":"en","title":"Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188611661","media":"CNBC","summary":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company ","content":"<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司证实，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。</li></ul>亚马逊公布第一季度财报后，该公司股价在周四盘后交易中攀升超过 3.5%，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于 Refinitiv 编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股 15.79 美元，预计每股 9.54 美元</li><li><b>收入：</b>1,085.2 亿美元，而预期为 1,044.7 亿美元</li></ul>很少有公司能像亚马逊那样从疫情推动的在线购物激增中受益。第一季度业绩显示，该公司的业务继续受到大流行病的提振，销售额同比飙升 44%，达到 1085 亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的业绩指引意味着，它预计这一势头将继续下去，这将有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在 1100 亿至 1160 亿美元之间，超过华尔街预测的 1086 亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在指引中确认，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。通常情况下，亚马逊一年一度的为期两天的折扣活动会在 7 月举行，但由于大流行病相关的不确定性，该公司将活动推迟到了去年 10 月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及 Prime Day 的时间安排时，首席财务官 Brian Olsavsky 在与投资者的看涨期权上说： “在许多地区，7 月是假期月，因此顾客、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能会更好，所以这就是我们今年正在测试的内容”。</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售业务，亚马逊的云计算和广告业务也在继续蓬勃发展。亚马逊网络服务本季度销售额为 135 亿美元，同比增长 32%。亚马逊没有披露广告销售额，但它被列入该公司的 “其他 ”类别，该类别的收入同比增长 77%，达到 69 亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯也罕见地透露了该公司流媒体业务在大流行病期间的表现，因为宅在家里的消费者依靠在线娱乐来保持忙碌。“他说：”随着 Prime Video 年满 10 岁，在过去的一年里，超过 1.75 亿 Prime 会员观看了流媒体节目和电影，流媒体时长同比增长了 70% 以上。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务 Prime Video 是该公司 Prime 订阅服务的主要产品，该服务每年收费 119 美元，还包括一系列其他优惠，如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有 2 亿 Prime 用户，比 2020 年初增加了 5000 万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>包括全食超市和亚马逊图书等其他实体店在内的实体店收入继续下降。销售额下降 16% 至 39 亿美元。奥尔萨夫斯基说，这一类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比增长 60%，超过任何其他细分市场，而北美收入增长 40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与 Covid-19 相关的成本为 15 亿美元，预计经营利润第二季度的营收将在 45 亿至 80 亿美元之间。这与亚马逊高管上个季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过 10 亿美元为超过 50 万美国运营工人提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，公司决定将加薪时间从秋季提前到今年春季，因为加薪量仍然像疫情开始时一样强劲。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度下台后生效。贝佐斯将把领导权移交给 AWS 首席执行官安迪-贾西（Andy Jassy），并担任亚马逊董事会执行主席。</blockquote></p><p></p>","source":"lsy1609915699154","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>Amazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</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\">\nAmazon sales surge 44% as it smashes earnings expectations<blockquote>亚马逊销售额飙升 44%，超出盈利预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNBC</strong><span class=\"h-time small\">2021-04-30 06:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Amazon released first-quarter results on Thursday that trounced analysts’ expectations.</li>  <li>The company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.</li> </ul> Amazonshares climbed more than 3.5% in extended trading Thursday after the company&nbsp;released&nbsp;its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.</p><p><blockquote><ul><li>亚马逊周四发布的第一季度业绩超出了分析师的预期。</li><li>该公司证实，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。</li></ul>亚马逊公布第一季度财报后，该公司股价在周四盘后交易中攀升超过 3.5%，超出了华尔街对盈利和收入的预期。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/798d7f0536203d2ae33b543f4dabf204\" tg-width=\"1281\" tg-height=\"591\"></p><p><blockquote></blockquote></p><p> Here’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:</p><p><blockquote>以下是这家电子商务巨头相对于 Refinitiv 编制的分析师估计的表现：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$15.79 per share vs. $9.54 per share expected</li>  <li><b>Revenue:</b>$108.52 billion vs. $104.47 billion expected</li> </ul> Few companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.</p><p><blockquote><ul><li><b>收益：</b>每股 15.79 美元，预计每股 9.54 美元</li><li><b>收入：</b>1,085.2 亿美元，而预期为 1,044.7 亿美元</li></ul>很少有公司能像亚马逊那样从疫情推动的在线购物激增中受益。第一季度业绩显示，该公司的业务继续受到大流行病的提振，销售额同比飙升 44%，达到 1085 亿美元。</blockquote></p><p> Amazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.</p><p><blockquote>亚马逊对第二季度的业绩指引意味着，它预计这一势头将继续下去，这将有助于减轻投资者对大流行后环境下业务可能放缓的担忧。该公司预计营收将在 1100 亿至 1160 亿美元之间，超过华尔街预测的 1086 亿美元。</blockquote></p><p> Crucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.</p><p><blockquote>至关重要的是，亚马逊在指引中确认，今年的 Prime Day 将在 6 月举行，这可能有助于第二季度的收入同比比较。通常情况下，亚马逊一年一度的为期两天的折扣活动会在 7 月举行，但由于大流行病相关的不确定性，该公司将活动推迟到了去年 10 月。</blockquote></p><p> When asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”</p><p><blockquote>当被问及 Prime Day 的时间安排时，首席财务官 Brian Olsavsky 在与投资者的看涨期权上说： “在许多地区，7 月是假期月，因此顾客、卖家和供应商尝试不同的时间段可能会更好。我们相信，[第二季度]晚些时候可能会更好，所以这就是我们今年正在测试的内容”。</blockquote></p><p> Outside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.</p><p><blockquote>除了核心零售业务，亚马逊的云计算和广告业务也在继续蓬勃发展。亚马逊网络服务本季度销售额为 135 亿美元，同比增长 32%。亚马逊没有披露广告销售额，但它被列入该公司的 “其他 ”类别，该类别的收入同比增长 77%，达到 69 亿美元。</blockquote></p><p> Amazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.</p><p><blockquote>亚马逊首席执行官杰夫·贝索斯也罕见地透露了该公司流媒体业务在大流行病期间的表现，因为宅在家里的消费者依靠在线娱乐来保持忙碌。“他说：”随着 Prime Video 年满 10 岁，在过去的一年里，超过 1.75 亿 Prime 会员观看了流媒体节目和电影，流媒体时长同比增长了 70% 以上。</blockquote></p><p> Amazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.</p><p><blockquote>亚马逊的流媒体服务 Prime Video 是该公司 Prime 订阅服务的主要产品，该服务每年收费 119 美元，还包括一系列其他优惠，如免费两天送货。贝佐斯本月早些时候透露，该公司目前拥有 2 亿 Prime 用户，比 2020 年初增加了 5000 万。</blockquote></p><p> Physical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.</p><p><blockquote>包括全食超市和亚马逊图书等其他实体店在内的实体店收入继续下降。销售额下降 16% 至 39 亿美元。奥尔萨夫斯基说，这一类别不包括在线交付。</blockquote></p><p> During the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.</p><p><blockquote>本季度，亚马逊的国际销售额增长速度快于北美。国际收入同比增长 60%，超过任何其他细分市场，而北美收入增长 40%。</blockquote></p><p> As expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.</p><p><blockquote>正如预期的那样，亚马逊今年与冠状病毒安全措施相关的成本将会减少。假设与 Covid-19 相关的成本为 15 亿美元，预计经营利润第二季度的营收将在 45 亿至 80 亿美元之间。这与亚马逊高管上个季度的预测一致。</blockquote></p><p> AmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.</p><p><blockquote>亚马逊周三表示，将斥资超过 10 亿美元为超过 50 万美国运营工人提高工资。奥尔萨夫斯基在与记者的看涨期权上表示，公司决定将加薪时间从秋季提前到今年春季，因为加薪量仍然像疫情开始时一样强劲。</blockquote></p><p> Olsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.</p><p><blockquote>奥尔萨夫斯基拒绝就亚马逊首席执行官过渡计划发表评论，该计划将在贝佐斯第三季度下台后生效。贝佐斯将把领导权移交给 AWS 首席执行官安迪-贾西（Andy Jassy），并担任亚马逊董事会执行主席。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html\">CNBC</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":{"AMZN":"亚马逊"},"source_url":"https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188611661","content_text":"Amazon released first-quarter results on Thursday that trounced analysts’ expectations.\nThe company confirmed that this year’s Prime Day will take place in June, which will likely help year over year comparisons for revenue in the second quarter.\n\nAmazonshares climbed more than 3.5% in extended trading Thursday after the company released its first-quarter earnings, beating Wall Street’s expectations for earnings and revenue.\n\nHere’s how the e-commerce giant fared, relative to analyst estimates compiled by Refinitiv:\n\nEarnings:$15.79 per share vs. $9.54 per share expected\nRevenue:$108.52 billion vs. $104.47 billion expected\n\nFew companies have benefited from the pandemic-fueled surge of online shoppingas much as Amazon. Its first-quarter results showed the company’s business continues to be buoyed by the pandemic, with sales soaring 44% year-over-year to $108.5 billion.\nAmazon’s guidance for the second quarter implies that it expects the momentum to continue, which should help allay investor fears that business could slow in a post-pandemic environment. The company expects to post revenue between $110 billion and $116 billion, surpassing Wall Street’s projection $108.6 billion.\nCrucially, Amazon confirmed in its guidance that this year’s Prime Day will take place in June, which will likely help year-over-year comparisons for revenue in the second quarter. Typically, Amazon’s annual, two-day discount bonanza takes place in July, but the company postponed the event to October last year amid pandemic-related uncertainty.\nWhen asked about the Prime Day timing, CFO Brian Olsavsky said on a call with investors: “In many areas, July is vacation month, so it might be better for customers, sellers and vendors to experiment with a different time period. We believe that it might be better timing later in [the second quarter], so that’s what we’re testing this year.”\nOutside of its core retail segment, Amazon’s cloud-computing and advertising businesses continue to boom. Amazon Web Servicessawnet sales of $13.5 billion during the quarter, up 32% year over year. Amazon doesn’t disclose advertising sales, but it’s included in the company’s “Other” category, which saw its revenues grow 77% year over year to $6.9 billion.\nAmazon CEO Jeff Bezos also gave a rare glimpse into how the company’s streaming business has fared during the pandemic, as stuck-at-home consumers relied on online entertainment to keep busy. “As Prime Video turns 10, over 175 million Prime members have streamed shows and movies in the past year, and streaming hours are up more than 70% year over year,” he said.\nAmazon’s streaming service, Prime Video, is a key offering of the company’s Prime subscription service, which costs $119 a year and includes a range of other benefits like free, two-day shipping. Bezos disclosed earlier this month that the company now has 200 million Prime subscribers, 50 million more than it had at the start of 2020.\nPhysical stores revenue, which includes Whole Foods Market and other brick-and-mortar offerings like Amazon Books, continued to fall. Sales slumped 16% to $3.9 billion. The category excludes online delivery, Olsavsky said.\nDuring the quarter, Amazon’s sales grew faster internationally than they did in North America. International revenue surged 60% year over year, more than any other segment, while North America revenue climbed 40%.\nAs expected, Amazon will incur fewer costs this year related to coronavirus safety measures. Operating income is forecast to be between $4.5 billion and $8 billion in the second quarter, assuming $1.5 billion of costs related to Covid-19. That’s in line with what Amazon executives predicted last quarter.\nAmazonsaidWednesday it would spend more than $1 billion on raising wages for over half a million of its U.S. operations workers. On a call with reporters, Olsavsky said it decided to move up the pay increase from the fall to this spring as volumes remain just as strong as they were at the beginning of the pandemic.\nOlsavsky declined to comment on Amazon’s CEO transition plans, which will come into play once Bezossteps down in the third quarter. Bezos will turn the helm over to AWS CEO Andy Jassy and assume the role of executive chairman of Amazon’s board.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107492745,"gmtCreate":1620527346387,"gmtModify":1631887181631,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Up","listText":"Up","text":"Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/107492745","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohunote.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</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>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</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\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的事情。股票估值是自 2000 年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来最低的利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政润滑增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但有一个最重要的驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中一直将利率维持在接近于零的水平，并表示利率至少在未来两年内不会发生变化。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀率——也就是说，实际收益率严重为负——这只是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取了行动来应对疫情，这场疫情在最严重的时候造成的破坏甚至比 2007-09 年金融危机还要大。然而，在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会破坏如此低利率的原因，威胁到市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>“哈佛大学经济学家杰里米-斯坦（Jeremy Stein）说：”在假设利率将长期处于低位的情况下，股市在最低点的定价是完美的。他曾与现任主席杰罗姆-鲍威尔（Jerome Powell）一起担任美联储理事。“当然，你会感觉到美联储非常努力地说，'一切都很好，我们并不急于加息'。不过，虽然我不认为我们会走向持续的高通胀，但我们完全有可能在几个季度内看到通胀数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持在极低的情况下，股票的估值才是合理的，那么如果美联储不得不收紧货币政策以对抗通货膨胀，而债券收益率上升 1 到 1.5 个百分点，股票如何重新定价？“资产价格可能会出现严重调整”。</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前来过这里。上世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司（Long-Term Capital Management）濒临倒闭，它愿意降息，这被一些人视为一种隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策随后被指责推高了房价。两次美联储官员都为他们的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）将损害他们低失业率和低通胀的主要目标，并且比让泡沫自行破裂造成更大的危害。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告说，资产 “估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4 月 28 日，鲍威尔先生承认市场看起来 “有点泡沫”，美联储可能是原因之一： “我不会说这与货币政策无关，但它与疫苗接种和经济重新开放有很大关系”。但他没有暗示美联储即将缩减刺激计划： “经济距离我们的目标还有很长的路要走”。美国劳工部周五发布的一份报告显示，4 月份新增就业岗位远低于华尔街预期，这凸显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储将利率降至接近于零并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正在应对强大的阻力。这抑制了支出，并将通胀率推至美联储 2% 的目标以下。人口老龄化等根深蒂固的力量也抑制了经济增长和利率，这种组合被一些人称为 “长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机更严重。但两个月后，随着限制的放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的要早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币机会仍然敞开。去年 5 月，民主党人首次提出额外 3 万亿美元的刺激计划，当时预计去年产出将下降 6%。它实际上下降了不到一半，但民主党人在赢得白宫和国会后，推动了同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场运作正常，它延长了该计划，同时将基本原理转向保持较低的债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于 2% 之后，它的目标是将通胀率不仅推回 2%，而且推高，以便随着时间的推移，平均通胀率和预期通胀率都将稳定在 2%。为此，它承诺在恢复充分就业、通货膨胀率为 2% 并继续走高之前不会加息。官员们预测这种情况在 2024 年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然利润预测大幅上升，但股市涨幅更大。根据 FactSet 的数据，标普500股票指数目前的交易价格约为来年利润的 22 倍，这一水平只有在 2000 年互联网繁荣鼎盛时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。彭博巴克莱数据显示，投资者愿意以至少自 1995 年以来最低的收益率以及自 2007 年以来最窄的高于安全国债的利差购买垃圾级公司债券。经通货膨胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策正在按照预期发挥作用：改善经济前景，这对利润、住房需求和企业信誉都有好处；以及对风险的偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率已不足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司获得了更高的估值。这些估值并不是现金流或利润前景优越的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>传统估值对于不赚取利息、租金或股息的加密货币也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币，成为交易媒介和价值储存手段。加密货币交易所 Coinbase GlobalInc. 的首次公开募股招股说明书称：“加密货币有潜力像互联网一样具有革命性和广泛采用。”根据信息服务机构 CoinDesk 的数据，截至 4 月 29 日，加密货币价值超过 2 万亿美元，大致相当于所有流通中的美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在 1987 年股市崩盘期间放大了抛售。20 世纪 90 年代，互联网股票经纪人推动了科技股的上涨，21 世纪初，次级抵押贷款衍生品帮助为住房融资。如今，相当于零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行财团国际清算银行（Bank for International Settlements）最近的一份报告，这类投资者对整体市场的走向产生了越来越大的影响。例如，它发现，自2017年以来，追踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量已经攀升。报告指出，个人更有可能出于与其基本业务无关的原因购买一家公司的股票--例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测通常归咎于美联储，但很难划清界限。财政刺激并非如此。金融研究公司 Bianco Research 的负责人吉姆·比安科 (Jim Bianco) 表示，随着财政部发放 1,400 美元的刺激支票，3 月份流入交易所交易基金和共同基金的资金激增。“比安科先生说：”你用支票做的第一件事就是把它存入你的账户，到 2021 年，这就是你的经纪账户。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>我们无法预测这一切将如何结束，甚至是否会结束。事实并非如此： 高价股票最终可能会获得必要的利润，以证明今天的估值是合理的，尤其是在目前经济处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机活动可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在许多竞争对手都声称要做同样的事情。 TeslaInc 曾经是您可以购买的唯一一只押注电动汽车的股票；现在有中国的蔚来公司、尼古拉公司和菲斯克公司，更不用说大众汽车公司和通用汽车公司等老牌制造商了，它们正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是经济乃至金融体系的最大威胁。四月份的就业失望提醒人们，经济前景依然不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能。不能排除金融危机与某种隐藏的脆弱性有关。尽管如此，银行拥有如此多的资本，抵押贷款承销如此紧张，以至于类似于 2007-09 年金融危机（始于抵押贷款违约）的情况似乎不太可能发生。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，那么它们的价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management 最近因衍生品股票投资逆转而倒闭，给其贷款人造成了损失。但这并没有威胁到它们的生存，也没有引发对类似情况的公司的传染。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就留下了通货膨胀。由于半导体、木材和工人短缺，对通货膨胀的担忧现在很普遍，都给价格和成本带来了上行压力。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复正常，这些压力将会缓解。尽管如此，普通债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的平均通胀率约为 2.5%。这几乎不是 20 世纪 70 年代的重演，也符合美联储提出的长期平均通胀率 2% 的新目标。尽管如此，这将明显突破过去十年低于2%的范围。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略有上升将导致美联储将短期利率设定得也略有上升，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自 20 世纪 90 年代末以来，债券和股票价格往往走向相反的方向。这是因为，当通货膨胀不令人担忧时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了针对股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为问题，那么债券就会失去保险价值，收益率就会上升。现任对冲基金 D.E. 的前美联储经济学家布莱恩·萨克 (Brian Sack) 表示，近几个月来，过去几十年大部分时间里存在的股票与债券的相关性开始消失。肖有限公司。他将这部分归因于通货膨胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融格局，这导致投资者对资产定价，就好像通货膨胀永远不会再产生这种影响一样。他们可能是对的。但是，如果史无前例的货币和财政刺激组合成功地将经济从过去十年的模式中拉出来，那么这种自满情绪可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193812132,"gmtCreate":1620779291326,"gmtModify":1631887181588,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/193812132","repostId":"2134269356","repostType":4,"isVote":1,"tweetType":1,"viewCount":2320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103760154,"gmtCreate":1619824449878,"gmtModify":1631887181711,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/103760154","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378536748,"gmtCreate":1619049831984,"gmtModify":1631887181777,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378536748","repostId":"1146491759","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375793191,"gmtCreate":1619395739113,"gmtModify":1631887181756,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Sell","listText":"Sell","text":"Sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/375793191","repostId":"1184404050","repostType":4,"isVote":1,"tweetType":1,"viewCount":946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375195942,"gmtCreate":1619314070986,"gmtModify":1631887181769,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/375195942","repostId":"1150672819","repostType":4,"repost":{"id":"1150672819","kind":"news","pubTimestamp":1619190781,"share":"https://www.laohunote.com/m/news/1150672819?lang=zh_CN&edition=full","pubTime":"2021-04-23 23:13","market":"us","language":"en","title":"Why Car Stocks Aren’t Getting Crushed by the Chip Shortage<blockquote>为什么汽车股没有被芯片短缺压垮</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150672819","media":"Barrons","summary":"Dreamstime\nWith first quarter results coming in, car and semiconductor companies are commenting on t","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd5e5d8436e3b6476fe344f5ede80cd9\" tg-width=\"1260\" tg-height=\"840\"><span>Dreamstime</span></p><p><blockquote><p class=\"t-img-caption\"><span>梦想时间</span></p></blockquote></p><p> With first quarter results coming in, car and semiconductor companies are commenting on the microchip shortage which is hampering global auto production. The comments, however, don’t appear to be matching up. While chip makers’ comments are setting off alarms, car makers—whose stocks are mostly off to a great start in 2021—are downplaying the problem.</p><p><blockquote>随着第一季度业绩的公布，汽车和半导体公司正在对阻碍全球汽车生产的微芯片短缺发表评论。然而，这些评论似乎并不一致。虽然芯片制造商的言论敲响了警钟，但汽车制造商--其股票在 2021 年大多开局良好--却在淡化这个问题。</blockquote></p><p> A lack of microchips that make modern cars function has resulted in unplanned downtime for many auto makers. Ford Motor (ticker: F), for instance, said it was extending outages&nbsp;at three assembly plants Thursday.Terrence Curtin, CEO of electrical component supplier&nbsp;TE Connectivity&nbsp;(TEL) told<i>Barron’s</i> this week that roughly 1 million cars weren’t built in the first quarter because of the shortage. That is about 5% of global auto output. And General Motors (GM) called the shortage a billion dollar headwind to 2021 operating profits when the company reported fourth quarter numbers earlier this year.</p><p><blockquote>缺乏使现代汽车运行的微芯片导致许多汽车制造商计划外停机。例如，福特汽车公司（股票代码：F）表示，周四将延长三个装配厂的停电时间。电气元件供应商 TE Connectivity (TEL) 首席执行官 Terrence Curtin 表示<i>巴伦</i>本周，由于短缺，第一季度约有 100 万辆汽车没有生产出来。这约占全球汽车产量的 5%。通用汽车 (GM) 在今年早些时候公布第四季度数据时，称这一短缺对 2021 年营业利润造成了 10 亿美元的阻力。</blockquote></p><p> Auto stocks, however, have been largely unaffected by the issue. GM and Ford shares, for instance, are both up 36% year to date. Parts suppliers TE and BorgWarner (BWA) are up 9% and 28%, respectively. Car dealer Auto Nation (AN) stock is also on fire as well, up about 38% so far in 2021.</p><p><blockquote>然而，汽车股基本上没有受到该问题的影响。例如，通用汽车和福特的股价今年迄今已上涨 36%。零部件供应商 TE 和博格华纳 (BWA) 分别上涨 9% 和 28%。汽车经销商 Auto Nation (AN) 的股票也火爆，2021 年迄今已上涨约 38%。</blockquote></p><p> Demand is strong, rebounding from the 2020 pandemic-induced recession. The optimism for higher sales in 2021 and 2022 is trumping any concern about near term disruption. But the disruption might get worse before it gets better and auto investors will have to square that reality with their outlooks as more company report first quarter numbers.</p><p><blockquote>需求强劲，从 2020 年大流行引发的衰退中反弹。对 2021 年和 2022 年销售额增长的乐观情绪压倒了对近期中断的任何担忧。但这种中断可能会在好转之前变得更糟，随着越来越多的公司报告第一季度数据，汽车投资者将不得不权衡这一现实和他们的前景。</blockquote></p><p> Ford is set to report earnings April 28. GM follows on May 5. Daimler (DAI.Germany), for its part, reported&nbsp;first quarter numbers Friday. Things still look good. Car sales rose, product mix was favorable and profitability improved. Management doesn’t sound too worried about microchips. “The impact from semiconductor&nbsp;shortage&nbsp;was not very material in the first quarter,” said CFO Harald Wilhelm&nbsp;on an investor call. Second quarter impacts are possible, but “we anticipate to recover part of the lost volumes by the end of the year.”</p><p><blockquote>福特将于 4 月 28 日公布财报。通用汽车将于 5 月 5 日跟进。戴姆勒 (DAI.Germany) 周五公布了第一季度业绩。事情看起来还是不错的。汽车销量上升，产品组合有利，盈利能力有所提高。管理层听起来并不太担心微芯片。“首席财务官 Harald Wilhelm 在投资者看涨期权上说：”第一季度半导体短缺的影响并不大。第二季度可能会受到影响，但 “我们预计到今年年底将恢复部分损失的销量”。</blockquote></p><p> Daimler stock is down 1.1% in overseas trading. Year to date, share are up about 28%.</p><p><blockquote>戴姆勒股价在海外交易中下跌 1.1%。今年迄今为止，份额上涨了约 28%。</blockquote></p><p> Stellantis (STLA) CEO Carlos Tavares sounded a little more cautious in an April 15 conference noting that production impacts would extend into the second half of 2021 and that “visibility on the speed at which this is going to be fixed is reasonably low right now.”</p><p><blockquote>Stellantis (STLA) 首席执行官卡洛斯-塔瓦雷斯（Carlos Tavares）在 4 月 15 日的一次会议上发表了更为谨慎的言论，他指出生产影响将延续到 2021 年下半年，而且 “目前解决这一问题的速度还相当低”。</blockquote></p><p> Along with some auto makers,&nbsp;Intel&nbsp;(INTC) and&nbsp;Taiwan Semiconductor Manufacturing&nbsp;(TSM) have also reported first quarter results. Taiwan Semi went first, saying the automotive shortage should be “greatly reduced” by the third quarter of 2021.</p><p><blockquote>除了一些汽车制造商之外，英特尔 (INTC) 和台积电 (TSM) 也公布了第一季度业绩。台湾半导体公司率先表示，到 2021 年第三季度，汽车短缺问题应 “大大缓解”。</blockquote></p><p> Resolution is good news, but Q3 is a little later than auto companies expected at the beginning of the year. Intel management was a little more cautious on their&nbsp;earnings conference call. They said the shortage might stretch on for longer than investors currently expect. “The industry is now challenged by a&nbsp;shortage&nbsp;of foundry capacity, substrates and components,” commented CEO Patrick Gelsinger&nbsp;Thursday evening. “It will take a couple of years for the ecosystem to make the significant investments to address these&nbsp;shortages.”</p><p><blockquote>决议是个好消息，但第三季度比车企年初预期的要晚一些。英特尔管理层对盈利电话会议更加谨慎。他们表示，短缺的持续时间可能比投资者目前预期的要长。“首席执行官帕特里克-基辛格（Patrick Gelsinger）周四晚间评论说：”该行业目前面临着代工产能、基板和零部件短缺的挑战。“生态系统需要几年时间才能进行大量投资来解决这些短缺问题”。</blockquote></p><p> Investors should get ready to hear more about shortages extending deeper into 2021. The stocks won’t get a pass unless companies keep putting up good numbers like Diamler. Auto suppler Gentex (GNTX), for instance, missed&nbsp;first quarter sales estimates because of the shortage. The company reported $484 million in first quarter sales Friday. Wall Street was looking for $491 million. Gentex management estimated that $45 million in sales was lost due to the shortage.</p><p><blockquote>投资者应该准备好听到更多关于短缺将持续到2021年的消息。除非公司继续像 Diamler 那样创造良好的业绩，否则这些股票就不会获得通行证。例如，汽车供应商 Gentex (GNTX) 因短缺而未达到第一季度销售预期。该公司周五公布第一季度销售额为 4.84 亿美元。华尔街正在寻找 4.91 亿美元。Gentex管理层估计，由于短缺，销售额损失了4500万美元。</blockquote></p><p> Gentex shares are down about 1% in early trading. That isn’t a big move, but it is a wobble with the S&amp;P 500 and Dow Jones Industrial Average rising 0.5% and 0.2%, respectively.</p><p><blockquote>Gentex 股价早盘下跌约 1%。这算不上什么大动作，但随着标普500和道琼斯工业平均指数分别上涨 0.5% 和 0.2%，这却是一个波动。</blockquote></p><p> The chip issue isn’t going away. And it will remain a watch item for auto investors, who aren’t use to thinking about foundries and substrates, as Intel’s Gelsinger put it.</p><p><blockquote>芯片问题不会消失。正如英特尔的基辛格所说，对于不习惯考虑代工厂和基板的汽车投资者来说，它仍将是一个值得关注的项目。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Car Stocks Aren’t Getting Crushed by the Chip Shortage<blockquote>为什么汽车股没有被芯片短缺压垮</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\">\nWhy Car Stocks Aren’t Getting Crushed by the Chip Shortage<blockquote>为什么汽车股没有被芯片短缺压垮</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-23 23:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd5e5d8436e3b6476fe344f5ede80cd9\" tg-width=\"1260\" tg-height=\"840\"><span>Dreamstime</span></p><p><blockquote><p class=\"t-img-caption\"><span>梦想时间</span></p></blockquote></p><p> With first quarter results coming in, car and semiconductor companies are commenting on the microchip shortage which is hampering global auto production. The comments, however, don’t appear to be matching up. While chip makers’ comments are setting off alarms, car makers—whose stocks are mostly off to a great start in 2021—are downplaying the problem.</p><p><blockquote>随着第一季度业绩的公布，汽车和半导体公司正在对阻碍全球汽车生产的微芯片短缺发表评论。然而，这些评论似乎并不一致。虽然芯片制造商的言论敲响了警钟，但汽车制造商--其股票在 2021 年大多开局良好--却在淡化这个问题。</blockquote></p><p> A lack of microchips that make modern cars function has resulted in unplanned downtime for many auto makers. Ford Motor (ticker: F), for instance, said it was extending outages&nbsp;at three assembly plants Thursday.Terrence Curtin, CEO of electrical component supplier&nbsp;TE Connectivity&nbsp;(TEL) told<i>Barron’s</i> this week that roughly 1 million cars weren’t built in the first quarter because of the shortage. That is about 5% of global auto output. And General Motors (GM) called the shortage a billion dollar headwind to 2021 operating profits when the company reported fourth quarter numbers earlier this year.</p><p><blockquote>缺乏使现代汽车运行的微芯片导致许多汽车制造商计划外停机。例如，福特汽车公司（股票代码：F）表示，周四将延长三个装配厂的停电时间。电气元件供应商 TE Connectivity (TEL) 首席执行官 Terrence Curtin 表示<i>巴伦</i>本周，由于短缺，第一季度约有 100 万辆汽车没有生产出来。这约占全球汽车产量的 5%。通用汽车 (GM) 在今年早些时候公布第四季度数据时，称这一短缺对 2021 年营业利润造成了 10 亿美元的阻力。</blockquote></p><p> Auto stocks, however, have been largely unaffected by the issue. GM and Ford shares, for instance, are both up 36% year to date. Parts suppliers TE and BorgWarner (BWA) are up 9% and 28%, respectively. Car dealer Auto Nation (AN) stock is also on fire as well, up about 38% so far in 2021.</p><p><blockquote>然而，汽车股基本上没有受到该问题的影响。例如，通用汽车和福特的股价今年迄今已上涨 36%。零部件供应商 TE 和博格华纳 (BWA) 分别上涨 9% 和 28%。汽车经销商 Auto Nation (AN) 的股票也火爆，2021 年迄今已上涨约 38%。</blockquote></p><p> Demand is strong, rebounding from the 2020 pandemic-induced recession. The optimism for higher sales in 2021 and 2022 is trumping any concern about near term disruption. But the disruption might get worse before it gets better and auto investors will have to square that reality with their outlooks as more company report first quarter numbers.</p><p><blockquote>需求强劲，从 2020 年大流行引发的衰退中反弹。对 2021 年和 2022 年销售额增长的乐观情绪压倒了对近期中断的任何担忧。但这种中断可能会在好转之前变得更糟，随着越来越多的公司报告第一季度数据，汽车投资者将不得不权衡这一现实和他们的前景。</blockquote></p><p> Ford is set to report earnings April 28. GM follows on May 5. Daimler (DAI.Germany), for its part, reported&nbsp;first quarter numbers Friday. Things still look good. Car sales rose, product mix was favorable and profitability improved. Management doesn’t sound too worried about microchips. “The impact from semiconductor&nbsp;shortage&nbsp;was not very material in the first quarter,” said CFO Harald Wilhelm&nbsp;on an investor call. Second quarter impacts are possible, but “we anticipate to recover part of the lost volumes by the end of the year.”</p><p><blockquote>福特将于 4 月 28 日公布财报。通用汽车将于 5 月 5 日跟进。戴姆勒 (DAI.Germany) 周五公布了第一季度业绩。事情看起来还是不错的。汽车销量上升，产品组合有利，盈利能力有所提高。管理层听起来并不太担心微芯片。“首席财务官 Harald Wilhelm 在投资者看涨期权上说：”第一季度半导体短缺的影响并不大。第二季度可能会受到影响，但 “我们预计到今年年底将恢复部分损失的销量”。</blockquote></p><p> Daimler stock is down 1.1% in overseas trading. Year to date, share are up about 28%.</p><p><blockquote>戴姆勒股价在海外交易中下跌 1.1%。今年迄今为止，份额上涨了约 28%。</blockquote></p><p> Stellantis (STLA) CEO Carlos Tavares sounded a little more cautious in an April 15 conference noting that production impacts would extend into the second half of 2021 and that “visibility on the speed at which this is going to be fixed is reasonably low right now.”</p><p><blockquote>Stellantis (STLA) 首席执行官卡洛斯-塔瓦雷斯（Carlos Tavares）在 4 月 15 日的一次会议上发表了更为谨慎的言论，他指出生产影响将延续到 2021 年下半年，而且 “目前解决这一问题的速度还相当低”。</blockquote></p><p> Along with some auto makers,&nbsp;Intel&nbsp;(INTC) and&nbsp;Taiwan Semiconductor Manufacturing&nbsp;(TSM) have also reported first quarter results. Taiwan Semi went first, saying the automotive shortage should be “greatly reduced” by the third quarter of 2021.</p><p><blockquote>除了一些汽车制造商之外，英特尔 (INTC) 和台积电 (TSM) 也公布了第一季度业绩。台湾半导体公司率先表示，到 2021 年第三季度，汽车短缺问题应 “大大缓解”。</blockquote></p><p> Resolution is good news, but Q3 is a little later than auto companies expected at the beginning of the year. Intel management was a little more cautious on their&nbsp;earnings conference call. They said the shortage might stretch on for longer than investors currently expect. “The industry is now challenged by a&nbsp;shortage&nbsp;of foundry capacity, substrates and components,” commented CEO Patrick Gelsinger&nbsp;Thursday evening. “It will take a couple of years for the ecosystem to make the significant investments to address these&nbsp;shortages.”</p><p><blockquote>决议是个好消息，但第三季度比车企年初预期的要晚一些。英特尔管理层对盈利电话会议更加谨慎。他们表示，短缺的持续时间可能比投资者目前预期的要长。“首席执行官帕特里克-基辛格（Patrick Gelsinger）周四晚间评论说：”该行业目前面临着代工产能、基板和零部件短缺的挑战。“生态系统需要几年时间才能进行大量投资来解决这些短缺问题”。</blockquote></p><p> Investors should get ready to hear more about shortages extending deeper into 2021. The stocks won’t get a pass unless companies keep putting up good numbers like Diamler. Auto suppler Gentex (GNTX), for instance, missed&nbsp;first quarter sales estimates because of the shortage. The company reported $484 million in first quarter sales Friday. Wall Street was looking for $491 million. Gentex management estimated that $45 million in sales was lost due to the shortage.</p><p><blockquote>投资者应该准备好听到更多关于短缺将持续到2021年的消息。除非公司继续像 Diamler 那样创造良好的业绩，否则这些股票就不会获得通行证。例如，汽车供应商 Gentex (GNTX) 因短缺而未达到第一季度销售预期。该公司周五公布第一季度销售额为 4.84 亿美元。华尔街正在寻找 4.91 亿美元。Gentex管理层估计，由于短缺，销售额损失了4500万美元。</blockquote></p><p> Gentex shares are down about 1% in early trading. That isn’t a big move, but it is a wobble with the S&amp;P 500 and Dow Jones Industrial Average rising 0.5% and 0.2%, respectively.</p><p><blockquote>Gentex 股价早盘下跌约 1%。这算不上什么大动作，但随着标普500和道琼斯工业平均指数分别上涨 0.5% 和 0.2%，这却是一个波动。</blockquote></p><p> The chip issue isn’t going away. And it will remain a watch item for auto investors, who aren’t use to thinking about foundries and substrates, as Intel’s Gelsinger put it.</p><p><blockquote>芯片问题不会消失。正如英特尔的基辛格所说，对于不习惯考虑代工厂和基板的汽车投资者来说，它仍将是一个值得关注的项目。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-auto-stocks-arent-getting-crushed-by-the-chip-shortage-51619189064?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","TSLA":"特斯拉","F":"福特汽车",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/why-auto-stocks-arent-getting-crushed-by-the-chip-shortage-51619189064?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150672819","content_text":"Dreamstime\nWith first quarter results coming in, car and semiconductor companies are commenting on the microchip shortage which is hampering global auto production. The comments, however, don’t appear to be matching up. While chip makers’ comments are setting off alarms, car makers—whose stocks are mostly off to a great start in 2021—are downplaying the problem.\nA lack of microchips that make modern cars function has resulted in unplanned downtime for many auto makers. Ford Motor (ticker: F), for instance, said it was extending outages at three assembly plants Thursday.Terrence Curtin, CEO of electrical component supplier TE Connectivity (TEL) toldBarron’s this week that roughly 1 million cars weren’t built in the first quarter because of the shortage. That is about 5% of global auto output. And General Motors (GM) called the shortage a billion dollar headwind to 2021 operating profits when the company reported fourth quarter numbers earlier this year.\nAuto stocks, however, have been largely unaffected by the issue. GM and Ford shares, for instance, are both up 36% year to date. Parts suppliers TE and BorgWarner (BWA) are up 9% and 28%, respectively. Car dealer Auto Nation (AN) stock is also on fire as well, up about 38% so far in 2021.\nDemand is strong, rebounding from the 2020 pandemic-induced recession. The optimism for higher sales in 2021 and 2022 is trumping any concern about near term disruption. But the disruption might get worse before it gets better and auto investors will have to square that reality with their outlooks as more company report first quarter numbers.\nFord is set to report earnings April 28. GM follows on May 5. Daimler (DAI.Germany), for its part, reported first quarter numbers Friday. Things still look good. Car sales rose, product mix was favorable and profitability improved. Management doesn’t sound too worried about microchips. “The impact from semiconductor shortage was not very material in the first quarter,” said CFO Harald Wilhelm on an investor call. Second quarter impacts are possible, but “we anticipate to recover part of the lost volumes by the end of the year.”\nDaimler stock is down 1.1% in overseas trading. Year to date, share are up about 28%.\nStellantis (STLA) CEO Carlos Tavares sounded a little more cautious in an April 15 conference noting that production impacts would extend into the second half of 2021 and that “visibility on the speed at which this is going to be fixed is reasonably low right now.”\nAlong with some auto makers, Intel (INTC) and Taiwan Semiconductor Manufacturing (TSM) have also reported first quarter results. Taiwan Semi went first, saying the automotive shortage should be “greatly reduced” by the third quarter of 2021.\nResolution is good news, but Q3 is a little later than auto companies expected at the beginning of the year. Intel management was a little more cautious on their earnings conference call. They said the shortage might stretch on for longer than investors currently expect. “The industry is now challenged by a shortage of foundry capacity, substrates and components,” commented CEO Patrick Gelsinger Thursday evening. “It will take a couple of years for the ecosystem to make the significant investments to address these shortages.”\nInvestors should get ready to hear more about shortages extending deeper into 2021. The stocks won’t get a pass unless companies keep putting up good numbers like Diamler. Auto suppler Gentex (GNTX), for instance, missed first quarter sales estimates because of the shortage. The company reported $484 million in first quarter sales Friday. Wall Street was looking for $491 million. Gentex management estimated that $45 million in sales was lost due to the shortage.\nGentex shares are down about 1% in early trading. That isn’t a big move, but it is a wobble with the S&P 500 and Dow Jones Industrial Average rising 0.5% and 0.2%, respectively.\nThe chip issue isn’t going away. And it will remain a watch item for auto investors, who aren’t use to thinking about foundries and substrates, as Intel’s Gelsinger put it.","news_type":1,"symbols_score_info":{"GM":0.9,".SPX":0.9,".DJI":0.9,"TSLA":0.9,".IXIC":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196844445,"gmtCreate":1621044791087,"gmtModify":1631887181565,"author":{"id":"3581583021301915","authorId":"3581583021301915","name":"david1","avatar":"https://static.tigerbbs.com/e77918479b6e06c841251d51591c6148","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581583021301915","authorIdStr":"3581583021301915"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/196844445","repostId":"1173244066","repostType":4,"repost":{"id":"1173244066","kind":"news","pubTimestamp":1621004086,"share":"https://www.laohunote.com/m/news/1173244066?lang=zh_CN&edition=full","pubTime":"2021-05-14 22:54","market":"us","language":"en","title":"What Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和 DoorDash 的业绩揭示了大流行后的经济</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173244066","media":"CNN","summary":"London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver ","content":"<p>London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.</p><p><blockquote>伦敦（CNN Business）公司正在为一个时代做准备，在这个时代，Covid-19 不再是人们花钱的主要驱动力。</blockquote></p><p> The big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?</p><p><blockquote>最大的问题是：随着冠状病毒情况在美国等国家的改善，过去14个月的哪些趋势将具有持久力，哪些将屈服于疫情的过去？</blockquote></p><p> Airbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.</p><p><blockquote>爱彼迎、DoorDash 和迪士尼 (DIS) 在美国市场周四收盘后公布了业绩，提供了一些思路。</blockquote></p><p> Airbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.</p><p><blockquote>爱彼迎：该公司表示，随着疫苗变得更加广泛，人们对旅行的兴趣再次激增，这表明在英国首相鲍里斯·约翰逊 (Boris Johnson) 2 月份宣布逐步解除封锁的计划后，英国的预订量立即大幅增加。对于60岁及以上的美国客户来说，2月至3月期间，爱彼迎上夏季旅游的搜索量增长了60%以上。</blockquote></p><p> The company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.</p><p><blockquote>该公司还准备让更多的客户使用爱彼迎进行长期停留，因为他们利用了对远程工作的更大接受度。该公司表示，上季度近四分之一的住宿时间为 28 天或以上，比 2019 年增长了 14%。股价在盘前交易中小幅下跌。</blockquote></p><p> DoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.</p><p><blockquote>DoorDash：尽管餐馆重新开放传统餐饮，但人们仍然订购大量外卖。DoorDash 报告称，尽管面临工人短缺的问题，上季度收入仍增长了 198%，达到 11 亿美元，并上调了全年预期。</blockquote></p><p> \"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.</p><p><blockquote>该公司表示：“随着市场继续重新开放以及美国各地店内就餐的增加，对我们订单量的影响小于我们的预期，这促成了本季度的强劲业绩。”不过该公司警告称，这可能部分归因于刺激检查。股价在盘前交易中上涨近 9%。</blockquote></p><p> Disney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.</p><p><blockquote>迪士尼：流媒体带领迪士尼穿越了疫情，迪士尼+的订阅用户已超过1亿。然而，这位迪士尼媒体界最大的明星似乎没有那么耀眼，导致股价下跌 4%。</blockquote></p><p> The company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.</p><p><blockquote>该公司周四表示，Disney+ 目前拥有 1.036 亿用户，低于华尔街预期的 1.1 亿用户。这迫使投资者怀疑：这是因为人们正在接种疫苗并远离流媒体吗？Netflix 上季度还报告订阅增长缓慢。</blockquote></p><p> Down but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.</p><p><blockquote>下降但并未出局：迪士尼表示，尽管增长明显放缓，但仍有望实现其长期用户目标。它打赌，随着疫情的缓解，它将能够制作更多的电影和节目，帮助吸引新客户。</blockquote></p><p> Whether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.</p><p><blockquote>这是否正确将在未来几个月变得更加清晰，这将真正考验人们是否真的扔掉运动裤，走出家门，再次撼动经济。</blockquote></p><p> <b>It could get easier to get a credit card without a credit score</b></p><p><blockquote><b>无需信用评分即可获得信用卡可能会变得更容易</b></blockquote></p><p> For years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.</p><p><blockquote>多年来，如果你没有信用评分，就很难获得信用卡或某些类型的贷款。但美国一些最大银行的一项新计划可能会帮助没有传统信用记录的美国人获得批准。</blockquote></p><p> Ten banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.</p><p><blockquote>据《华尔街日报》报道，包括摩根大通 (JPM)、富国银行 (WFC) 和合众银行 (USB) 在内的十家银行已初步同意一项共享银行账户存款和账单支付活动等数据的计划，以帮助确定没有传统信用记录的借款人的资格。</blockquote></p><p> The push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.</p><p><blockquote>推动金融机构达成数据共享协议的动力来自货币监理署开展的一项计划。OCC已经确认有一个计划，但银行之间协议的细节仍需制定。</blockquote></p><p> Should the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.</p><p><blockquote>如果提议的安排获得通过，这将意味着，例如，如果您没有信用评分，但您在富国银行拥有银行账户，您可以使用该财务历史来帮助您获得另一家银行的信用卡，例如摩根大通。</blockquote></p><p> \"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.</p><p><blockquote>摩根大通发言人特里什·韦克斯勒 (Trish Wexler) 告诉 CNN 商业频道：“这将使数百万美国人有机会获得积累财富所必需的信贷——买房、创业或资助教育。”</blockquote></p><p> The backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.</p><p><blockquote>背景故事：根据 FICO 信用评分的创建者 Fair Isaac Corporation 的数据，目前有 5300 万人没有信用评分。这些低收入和有色人种的消费者面临着更高的借贷成本，因为他们被迫转向发薪日贷款等产品。</blockquote></p><p> Banks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.</p><p><blockquote>银行和贷方将那些没有信用记录的人称为“隐形信用”。这个群体可能包括年轻人或新移民，以及很长时间没有使用信贷或由于经济困难而失去使用信贷的人。</blockquote></p><p> The business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.</p><p><blockquote>商业角度：随着在线新贵根据需求抢购其产品，大银行可能也渴望修改其政策。</blockquote></p><p></p><p> \"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.</p><p><blockquote>LendingTree 首席行业分析师马特·舒尔茨 (Matt Schulz) 表示：“最大银行之间的一些合作可能是对小型银行和金融科技公司侵犯其领域的一种反应。”</blockquote></p><p> <b>Target will temporarily stop selling trading cards amid frenzy</b></p><p><blockquote><b>塔吉特将在狂热中暂时停止销售交易卡</b></blockquote></p><p> Target (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.</p><p><blockquote>塔吉特 (TGT) 宣布，在其一家门店发生暴力纠纷后，将停止在其商店销售交易卡——这表明收藏品市场已经变得多么过热。</blockquote></p><p> The details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.</p><p><blockquote>细节：上周，威斯康星州的一个目标在一名男子因体育交易卡被另外四人殴打后被锁定。</blockquote></p><p> \"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"</p><p><blockquote>塔吉特在一份声明中表示：“客人和团队的安全是我们的首要任务。”“出于谨慎，我们决定暂时停止在我们的商店内销售 MLB、NFL、NBA 和神奇宝贝交易卡，自 [周五] 起生效。”</blockquote></p><p> The cards will still be available online, the company said.</p><p><blockquote>该公司表示，这些卡仍将在网上提供。</blockquote></p><p> Remember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.</p><p><blockquote>请记住：在 Covid-19 大流行期间，最近几个月交易卡的价值飙升。这引起了业余和专业投资者的兴趣，他们希望从惊人的回报中获利。</blockquote></p><p> Target previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.</p><p><blockquote>据美国有线电视新闻网 (CNN) 附属机构 WISN 报道，塔吉特此前将卡购买限制为每天只能购买一件商品，称客人整夜排队购买热门商品。</blockquote></p><p> Walmart (WMT), for its part, said it will keep selling cards in stores for now.</p><p><blockquote>沃尔玛 (WMT) 则表示，目前将继续在商店销售贺卡。</blockquote></p><p> \"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.</p><p><blockquote>一位发言人在一份声明中表示：“我们正在确定需要做出哪些改变（如果有的话）来满足客户需求，同时确保安全愉快的购物体验。”</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> Data on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.</p><p><blockquote>美国零售销售、进出口价格和工业生产数据将于美国东部时间上午 8:30 公布。</blockquote></p><p> Coming next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.</p><p><blockquote>下周：随着房地产市场繁荣，家得宝 (HD) 和劳氏 (LOW) 公布收益。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Disney, Airbnb and DoorDash results reveal about the post-pandemic economy<blockquote>迪士尼、爱彼迎和 DoorDash 的业绩揭示了大流行后的经济</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN</strong><span class=\"h-time small\">2021-05-14 22:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.</p><p><blockquote>伦敦（CNN Business）公司正在为一个时代做准备，在这个时代，Covid-19 不再是人们花钱的主要驱动力。</blockquote></p><p> The big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?</p><p><blockquote>最大的问题是：随着冠状病毒情况在美国等国家的改善，过去14个月的哪些趋势将具有持久力，哪些将屈服于疫情的过去？</blockquote></p><p> Airbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.</p><p><blockquote>爱彼迎、DoorDash 和迪士尼 (DIS) 在美国市场周四收盘后公布了业绩，提供了一些思路。</blockquote></p><p> Airbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.</p><p><blockquote>爱彼迎：该公司表示，随着疫苗变得更加广泛，人们对旅行的兴趣再次激增，这表明在英国首相鲍里斯·约翰逊 (Boris Johnson) 2 月份宣布逐步解除封锁的计划后，英国的预订量立即大幅增加。对于60岁及以上的美国客户来说，2月至3月期间，爱彼迎上夏季旅游的搜索量增长了60%以上。</blockquote></p><p> The company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.</p><p><blockquote>该公司还准备让更多的客户使用爱彼迎进行长期停留，因为他们利用了对远程工作的更大接受度。该公司表示，上季度近四分之一的住宿时间为 28 天或以上，比 2019 年增长了 14%。股价在盘前交易中小幅下跌。</blockquote></p><p> DoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.</p><p><blockquote>DoorDash：尽管餐馆重新开放传统餐饮，但人们仍然订购大量外卖。DoorDash 报告称，尽管面临工人短缺的问题，上季度收入仍增长了 198%，达到 11 亿美元，并上调了全年预期。</blockquote></p><p> \"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.</p><p><blockquote>该公司表示：“随着市场继续重新开放以及美国各地店内就餐的增加，对我们订单量的影响小于我们的预期，这促成了本季度的强劲业绩。”不过该公司警告称，这可能部分归因于刺激检查。股价在盘前交易中上涨近 9%。</blockquote></p><p> Disney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.</p><p><blockquote>迪士尼：流媒体带领迪士尼穿越了疫情，迪士尼+的订阅用户已超过1亿。然而，这位迪士尼媒体界最大的明星似乎没有那么耀眼，导致股价下跌 4%。</blockquote></p><p> The company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.</p><p><blockquote>该公司周四表示，Disney+ 目前拥有 1.036 亿用户，低于华尔街预期的 1.1 亿用户。这迫使投资者怀疑：这是因为人们正在接种疫苗并远离流媒体吗？Netflix 上季度还报告订阅增长缓慢。</blockquote></p><p> Down but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.</p><p><blockquote>下降但并未出局：迪士尼表示，尽管增长明显放缓，但仍有望实现其长期用户目标。它打赌，随着疫情的缓解，它将能够制作更多的电影和节目，帮助吸引新客户。</blockquote></p><p> Whether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.</p><p><blockquote>这是否正确将在未来几个月变得更加清晰，这将真正考验人们是否真的扔掉运动裤，走出家门，再次撼动经济。</blockquote></p><p> <b>It could get easier to get a credit card without a credit score</b></p><p><blockquote><b>无需信用评分即可获得信用卡可能会变得更容易</b></blockquote></p><p> For years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.</p><p><blockquote>多年来，如果你没有信用评分，就很难获得信用卡或某些类型的贷款。但美国一些最大银行的一项新计划可能会帮助没有传统信用记录的美国人获得批准。</blockquote></p><p> Ten banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.</p><p><blockquote>据《华尔街日报》报道，包括摩根大通 (JPM)、富国银行 (WFC) 和合众银行 (USB) 在内的十家银行已初步同意一项共享银行账户存款和账单支付活动等数据的计划，以帮助确定没有传统信用记录的借款人的资格。</blockquote></p><p> The push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.</p><p><blockquote>推动金融机构达成数据共享协议的动力来自货币监理署开展的一项计划。OCC已经确认有一个计划，但银行之间协议的细节仍需制定。</blockquote></p><p> Should the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.</p><p><blockquote>如果提议的安排获得通过，这将意味着，例如，如果您没有信用评分，但您在富国银行拥有银行账户，您可以使用该财务历史来帮助您获得另一家银行的信用卡，例如摩根大通。</blockquote></p><p> \"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.</p><p><blockquote>摩根大通发言人特里什·韦克斯勒 (Trish Wexler) 告诉 CNN 商业频道：“这将使数百万美国人有机会获得积累财富所必需的信贷——买房、创业或资助教育。”</blockquote></p><p> The backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.</p><p><blockquote>背景故事：根据 FICO 信用评分的创建者 Fair Isaac Corporation 的数据，目前有 5300 万人没有信用评分。这些低收入和有色人种的消费者面临着更高的借贷成本，因为他们被迫转向发薪日贷款等产品。</blockquote></p><p> Banks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.</p><p><blockquote>银行和贷方将那些没有信用记录的人称为“隐形信用”。这个群体可能包括年轻人或新移民，以及很长时间没有使用信贷或由于经济困难而失去使用信贷的人。</blockquote></p><p> The business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.</p><p><blockquote>商业角度：随着在线新贵根据需求抢购其产品，大银行可能也渴望修改其政策。</blockquote></p><p></p><p> \"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.</p><p><blockquote>LendingTree 首席行业分析师马特·舒尔茨 (Matt Schulz) 表示：“最大银行之间的一些合作可能是对小型银行和金融科技公司侵犯其领域的一种反应。”</blockquote></p><p> <b>Target will temporarily stop selling trading cards amid frenzy</b></p><p><blockquote><b>塔吉特将在狂热中暂时停止销售交易卡</b></blockquote></p><p> Target (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.</p><p><blockquote>塔吉特 (TGT) 宣布，在其一家门店发生暴力纠纷后，将停止在其商店销售交易卡——这表明收藏品市场已经变得多么过热。</blockquote></p><p> The details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.</p><p><blockquote>细节：上周，威斯康星州的一个目标在一名男子因体育交易卡被另外四人殴打后被锁定。</blockquote></p><p> \"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"</p><p><blockquote>塔吉特在一份声明中表示：“客人和团队的安全是我们的首要任务。”“出于谨慎，我们决定暂时停止在我们的商店内销售 MLB、NFL、NBA 和神奇宝贝交易卡，自 [周五] 起生效。”</blockquote></p><p> The cards will still be available online, the company said.</p><p><blockquote>该公司表示，这些卡仍将在网上提供。</blockquote></p><p> Remember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.</p><p><blockquote>请记住：在 Covid-19 大流行期间，最近几个月交易卡的价值飙升。这引起了业余和专业投资者的兴趣，他们希望从惊人的回报中获利。</blockquote></p><p> Target previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.</p><p><blockquote>据美国有线电视新闻网 (CNN) 附属机构 WISN 报道，塔吉特此前将卡购买限制为每天只能购买一件商品，称客人整夜排队购买热门商品。</blockquote></p><p> Walmart (WMT), for its part, said it will keep selling cards in stores for now.</p><p><blockquote>沃尔玛 (WMT) 则表示，目前将继续在商店销售贺卡。</blockquote></p><p> \"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.</p><p><blockquote>一位发言人在一份声明中表示：“我们正在确定需要做出哪些改变（如果有的话）来满足客户需求，同时确保安全愉快的购物体验。”</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> Data on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.</p><p><blockquote>美国零售销售、进出口价格和工业生产数据将于美国东部时间上午 8:30 公布。</blockquote></p><p> Coming next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.</p><p><blockquote>下周：随着房地产市场繁荣，家得宝 (HD) 和劳氏 (LOW) 公布收益。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/05/14/investing/premarket-stocks-trading/index.html\">CNN</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","DIS":"迪士尼","DASH":"DoorDash, Inc."},"source_url":"https://edition.cnn.com/2021/05/14/investing/premarket-stocks-trading/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173244066","content_text":"London (CNN Business)Companies are gearing up for an era in which Covid-19 isn't the primary driver of how people spend their money.\nThe big question: As the coronavirus situation improves in countries like the United States, which trends from the past 14 months will have staying power, and which will be resigned to the pandemic past?\nAirbnb, DoorDash and Disney (DIS), which reported results after US markets closed on Thursday, provide some idea.\nAirbnb: The company said interest in travel is surging again as vaccines become more widely available, pointing to a sharp increase in bookings in the United Kingdom immediately after British Prime Minister Boris Johnson announced plans in February to gradually exit lockdown. For US customers aged 60 and above, searches on Airbnb for summer travel rose by more than 60% between February and March.\nThe company is also ready for more customers to use Airbnb for longer-term stays as they take advantage of greater acceptance of remote work. It said that nearly a quarter of stays last quarter were for 28 days or more, up 14% from 2019. Shares are down slightly in premarket trading.\nDoorDash: People are still ordering lots of food delivery even as restaurants open back up for traditional dining. DoorDash reported a 198% jump in revenue last quarter to $1.1 billion even as it dealt with a shortage of workers, and increased its full-year outlook.\n\"As markets continued reopening and in-store dining increased across the US, the impact to our order volume was smaller than we expected, which contributed to strong performance in the quarter,\" the company said, though it cautioned that may have been partially attributable to stimulus checks. Shares are up almost 9% in premarket trading.\nDisney: Streaming has carried Disney through the pandemic, with Disney+ growing to more than 100 million subscribers. Yet the biggest star in Disney's media universe appears to be shining a little less bright, sending shares down 4%.\nThe company said Thursday that Disney+ now has 103.6 million subscribers, below the 110 million Wall Street was expecting. That's forced investors to wonder: Is that because people are getting vaccinated and stepping away from streaming? Netflix also reported sluggish subscription growth last quarter.\nDown but not out: Disney said it remains on track to reach its long-term subscriber goals despite the apparent slowdown. It's betting that as the pandemic eases, it will be able to produce more movies and shows, helping to bring in new customers.\nWhether it's right will become clearer in the months ahead, which will pose the true test of whether people actually ditch their sweatpants, get out of the house and shake up the economy once again.\nIt could get easier to get a credit card without a credit score\nFor years, if you didn't have a credit score it was extremely difficult to get a credit card or certain types of loans. But a new plan among some of the nation's largest banks may help Americans without traditional credit histories get approved.\nTen banks — including JPMorgan Chase (JPM), Wells Fargo (WFC) and U.S. Bancorp (USB) — have tentatively agreed to a plan to share data like bank account deposits and bill payment activity to help qualify borrowers without traditional credit histories, according to the Wall Street Journal.\nThe push for financial institutions to come to a data sharing agreement came from a program run by the Office of the Comptroller of the Currency. The OCC has confirmed there is a plan, but the details of the agreement among the banks still need to be worked out.\nShould the proposed arrangement go through, it would mean that if you don't have a credit score but you have a bank account at Wells Fargo, for example, you can use that financial history to help you get a credit card with another bank, like JPMorgan Chase.\n\"This will give millions of Americans the opportunity to access credit that's essential to building wealth — buying a home, starting a business, or financing education,\" Trish Wexler, a spokesperson for JPMorgan Chase, told CNN Business.\nThe backstory: There are currently 53 million people without a credit score, according to the Fair Isaac Corporation, the creator of FICO credit scores. These consumers, who are disproportionately lower income and people of color, face higher borrowing costs because they're forced to turn to products like payday loans.\nBanks and lenders refer to those without credit history as \"credit invisible.\" This group can include young people or recent immigrants, as well as people who haven't used credit in a long time or who have lost their access due to financial difficulties.\nThe business angle: Big banks may also be eager to revise their policies as online upstarts chip away at demand for their products.\n\"Some of this cooperation among the biggest banks may be a bit of reaction to smaller banks and fintech companies infringing on their space,\" said Matt Schulz, chief industry analyst at LendingTree.\nTarget will temporarily stop selling trading cards amid frenzy\nTarget (TGT) has announced that it will stop selling trading cards in its stores following a violent dispute at one of its locations — a sign of just how overheated the market for collectibles has become.\nThe details: Last week, a Target in Wisconsin was locked down after a man was physically assaulted by four others over sports trading cards.\n\"The safety of our guests and our team is our top priority,\" Target said in a statement. \"Out of an abundance of caution, we've decided to temporarily suspend the sale of MLB, NFL, NBA and Pokémon trading cards within our stores, effective [Friday].\"\nThe cards will still be available online, the company said.\nRemember: The value of trading cards has skyrocketed in recent months during the Covid-19 pandemic. That's grabbed interest from both amateur and professional investors looking to cash in on spectacular returns.\nTarget previously was limiting card purchases to just one item a day, saying that guests were lining up overnight to get their hands on hot items, per CNN affiliate WISN.\nWalmart (WMT), for its part, said it will keep selling cards in stores for now.\n\"We are determining what, if any, changes are needed to meet customer demand while ensuring a safe and enjoyable shopping experience,\" a spokesperson said in a statement.\nUp next\nData on US retail sales, import and export prices and industrial production arrives at 8:30 a.m. ET.\nComing next week: Home Depot (HD) and Lowe's (LOW) report earnings as the housing market booms.","news_type":1,"symbols_score_info":{"DASH":0.9,"ABNB":0.9,"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":2719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}