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2021-08-06

k

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2021-08-05

k

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2021-08-03

1

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2021-08-02

k

Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</blockquote>

2021-08-01

k

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2021-07-30

1

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2021-07-29

gd

S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>

2021-07-28

gd

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2021-07-26

gd

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2021-07-25

nice

Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>

2021-07-24

gd

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2021-07-23

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2021-07-20

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2021-05-19

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2021-05-14

wow

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2021-05-14

nice

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2021-05-14

gd

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2021-05-14

wow

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2021-05-10

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2021-05-09

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Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</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>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</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\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴-SW、Uber、DraftKings、通用汽车、Roku、EA、ViacomCBS等本周值得投资者关注的股票</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\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩本周继续公布。除了数百家小盘股外，至少有143家标普500公司即将发布报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software和Simon Property Group将于周一开始行动。随后，Lyft、阿里巴巴-SW集团控股、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、Uber Technologies、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银都有报告。Beyond Meat、Yelp、Wayfair、Moderna和ViacomCBS将于周四上市，DraftKings、Canopy Growth和Tripadvisor将于周五结束本周。中国教育企业新东方教育科技集团有限公司和好未来教育集团取消原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局预计7月份非农就业人数将增加625,000人，而6月份为850,000人。失业率预计将保持在6%以下。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括供应管理协会周一公布的7月份制造业采购经理人指数，随后是周三公布的服务业采购经理人指数。这两项经济活动指标预计都在61左右，这意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett&amp;Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、喜力、Trex、法拉利、Ultra Clean Holdings和Simon Property Group预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股104美元，周五收盘价为12.95美元。该公司周五晚上完成了8股1股的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布7月份制造业采购经理人指数。普遍预期为60.8，高于6月份的60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份建筑支出。继5月份下降0.3%后，预计环比增长0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>Eaton、BP、Under Armour、Lyft、Clorox、Amgen、Akamai Technologies、Cummins、Eli Lilly、阿里巴巴-SW集团控股、Nikola、EnPro Industries、Warner Music Group、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、Dun&amp;Bradstreet Holdings、ConocoPhillips和Jacobs Engineering Group在评级召开会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告6月份的工厂订单。经济学家预测当月订单增长1.0%，而5月份为增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>Sony Group、CVS Health、卡夫亨氏、软银、General Motors、Progressive、Etsy、Electronic Arts、Western Digital、Uber Technologies、Roku、MGM Resorts International、Fox和Re/Max Holdings预计将举行财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告7月份轻型汽车销量。预计看涨期权经季节调整后的年产量为1530万辆，而6月份为1540万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业PMI。普遍预期为60.8，而6月份为60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>七月份全国就业报告。市场普遍估计非农私营部门就业人数将增加635,000人，6月份增加692,000人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman&amp;Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>美国劳工统计局发布就业报告</b>为了七月。经济学家预测，继6月份非农就业人数增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、猫途鹰、Spectrum Brands Holdings、E.WScripps、Cinemark Holdings和Manitowoc在评级主办会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","GE":"GE航空航天","BABA":"阿里巴巴",".DJI":"道琼斯","EA":"艺电","DKNG":"DraftKings Inc.","UBER":"优步","ROKU":"Roku Inc","GM":"通用汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"GM":0.9,"ROKU":0.9,"UBER":0.9,"VIAC":0.9,"BABA":0.9,".DJI":0.9,"DKNG":0.9,"EA":0.9,"GE":0.9}},"isVote":1,"tweetType":1,"viewCount":1018,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802624755,"gmtCreate":1627778370277,"gmtModify":1633756543867,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581654744609547","authorIdStr":"3581654744609547"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802624755","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":1726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808773757,"gmtCreate":1627613372279,"gmtModify":1633757758483,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581654744609547","authorIdStr":"3581654744609547"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808773757","repostId":"2155184148","repostType":4,"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801599662,"gmtCreate":1627521597056,"gmtModify":1633764181161,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581654744609547","authorIdStr":"3581654744609547"},"themes":[],"htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801599662","repostId":"1127264445","repostType":4,"repost":{"id":"1127264445","kind":"news","pubTimestamp":1627514621,"share":"https://www.laohu8.com/m/news/1127264445?lang=zh_CN&edition=full","pubTime":"2021-07-29 07:23","market":"us","language":"en","title":"S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127264445","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after th","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段路要走。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc预测收入增长放缓，股价下跌1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>总部位于俄亥俄州托莱多的投资咨询公司Alan B.Lancz&amp;Associates Inc总裁艾伦·兰茨(Alan Lancz)表示：“看起来对市场来说最积极的事情可能是他们远未加息。”</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和COVID-19病例激增可能会影响央行可能开始撤回刺激措施的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>The<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>F.L.投资组合经理Ellen Hazen表示：“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且仍然是可预测的。”普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>，马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为98.6亿股，而过去20个交易日的全交易日平均成交量相似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，无新低；纳斯达克综合指数录得44个新高和67个新低。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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\">\nS&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-29 07:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段路要走。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc预测收入增长放缓，股价下跌1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>总部位于俄亥俄州托莱多的投资咨询公司Alan B.Lancz&amp;Associates Inc总裁艾伦·兰茨(Alan Lancz)表示：“看起来对市场来说最积极的事情可能是他们远未加息。”</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和COVID-19病例激增可能会影响央行可能开始撤回刺激措施的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>The<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>F.L.投资组合经理Ellen Hazen表示：“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且仍然是可预测的。”普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>，马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为98.6亿股，而过去20个交易日的全交易日平均成交量相似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，无新低；纳斯达克综合指数录得44个新高和67个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H\">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":{"161125":"标普500","SPY":"标普500ETF","SPXU":"三倍做空标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","SSO":"2倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","OEX":"标普100",".DJI":"道琼斯",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127264445","content_text":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome Powell said the central bank was still a ways away from considering raising interest rates.\nKeeping the market in check, shares of tech giant Apple Inc fell 1.2% after it forecast slowing revenue growth.\nIn a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.\n“It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio.\nRight after the Fed statement, the S&P 500 index reversed slight declines though it still ended a hair lower on the day.\nInvestors have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.\nThe central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.\nThe Nasdaq ended higher and shares of Google parent Alphabet Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.\nThe Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.\nThe Fed’s statement came at the conclusion of its latest two-day policy meeting.\n“They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in Wellesley, Massachusetts.\nIn other earnings news, Microsoft Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.\nVolume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.\nThe S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.","news_type":1,"symbols_score_info":{"161125":0.9,".SPX":0.9,"IVV":0.9,"SDS":0.9,"SPY":0.9,".IXIC":0.9,"SPXU":0.9,"OEF":0.9,"SH":0.9,"UPRO":0.9,"OEX":0.9,"ESmain":0.9,"SSO":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803217010,"gmtCreate":1627441202530,"gmtModify":1633764946491,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581654744609547","authorIdStr":"3581654744609547"},"themes":[],"htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803217010","repostId":"2154991792","repostType":4,"isVote":1,"tweetType":1,"viewCount":1436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800954666,"gmtCreate":1627273995755,"gmtModify":1633766614080,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581654744609547","authorIdStr":"3581654744609547"},"themes":[],"htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800954666","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":1300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177871642,"gmtCreate":1627201964386,"gmtModify":1633767190262,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581654744609547","authorIdStr":"3581654744609547"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177871642","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</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>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</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\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</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":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust 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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":1620346875,"share":"https://www.laohu8.com/m/news/1160617696?lang=zh_CN&edition=full","pubTime":"2021-05-07 08:21","market":"us","language":"en","title":"Dropbox Q1 Earnings and Revenues Beat Estimates<blockquote>Dropbox第一季度盈利和收入超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160617696","media":"Tiger Newspress","summary":"Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estim","content":"<p>Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.</p><p><blockquote>Dropbox(DBX)公布的季度收益为每股0.35美元，超过Zacks每股0.30美元的普遍预期。相比之下，一年前每股收益为0.17美元。这些数字就非经常性项目进行了调整。</blockquote></p><p>This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this online file-sharing company would post earnings of $0.23 per share when it actually produced earnings of $0.28, delivering a surprise of 21.74%.</p><p><blockquote>本季报盈利惊喜16.67%。一个季度前，人们预计这家在线文件共享公司每股收益为0.23美元，而实际收益为0.28美元，令人惊讶的是21.74%。</blockquote></p><p>Over the last four quarters, the company has surpassed consensus EPS estimates four times.<img src=\"https://static.tigerbbs.com/68ff6254e338162714e082084eea6316\" tg-width=\"1215\" tg-height=\"819\" referrerpolicy=\"no-referrer\">Dropbox, which belongs to the Zacks Internet - Services industry, posted revenues of $511.6 million for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 1.31%. This compares to year-ago revenues of $455 million. The company has topped consensus revenue estimates four times over the last four quarters.</p><p><blockquote>在过去的四个季度中，该公司的每股收益四次超出了市场普遍预期。Dropbox属于Zacks互联网-服务行业，截至2021年3月的季度收入为5.116亿美元，超过Zacks共识预期1.31%。相比之下，去年同期的收入为4.55亿美元。过去四个季度，该公司的收入四次超出市场普遍预期。</blockquote></p><p>The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.</p><p><blockquote>基于最近发布的数据和未来盈利预期，该股近期价格变动的可持续性将主要取决于管理层对盈利看涨期权的评论。</blockquote></p><p>Dropbox shares have added about 12% since the beginning of the year versus the S&amp;P 500's gain of 11%.<img src=\"https://static.tigerbbs.com/885fe7a072fef98025bd635c35e92b22\" tg-width=\"706\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><b>What's Next for Dropbox?</b></p><p><blockquote>自今年年初以来，Dropbox股价上涨了约12%，而标普500的涨幅为11%。<b>Dropbox的下一步是什么？</b></blockquote></p><p>While Dropbox has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?</p><p><blockquote>尽管Dropbox今年迄今为止的表现优于市场，但投资者想到的问题是：该股的下一步走势是什么？</blockquote></p><p>There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.</p><p><blockquote>这个关键问题没有简单的答案，但可以帮助投资者解决这个问题的一个可靠指标是该公司的盈利前景。这不仅包括当前对未来几个季度的普遍盈利预期，还包括这些预期最近的变化。</blockquote></p><p>Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.</p><p><blockquote>实证研究表明，近期股票走势与盈利预测修正趋势之间存在很强的相关性。投资者可以自己跟踪此类修正，也可以依靠Zacks Rank等久经考验的评级工具，该工具在利用盈利预测修正的力量方面拥有令人印象深刻的记录。</blockquote></p><p>Ahead of this earnings release, the estimate revisions trend for Dropbox was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>在本次财报发布之前，Dropbox的预估修正趋势好坏参半。虽然在该公司刚刚发布的收益报告后，估计修正的幅度和方向可能会发生变化，但目前的状态意味着该股的咤克斯排名第三（持有）。因此，预计该股在不久的将来将表现与市场一致。你可以在这里看到今天咤克斯排名第一（强力买入）股票的完整列表。</blockquote></p><p>It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.31 on $518.51 million in revenues for the coming quarter and $1.27 on $2.1 billion in revenues for the current fiscal year.</p><p><blockquote>看看未来几天对未来几个季度和本财年的预测如何变化将会很有趣。目前普遍的每股收益预期为0.31美元，下一季度营收为5.1851亿美元，本财年营收为21亿美元，每股收益为1.27美元。</blockquote></p><p>Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Services is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.</p><p><blockquote>投资者应该注意这样一个事实，即该行业的前景也会对股票的表现产生重大影响。就Zacks行业排名而言，互联网服务目前在250多个Zacks行业中排名垫底21%。我们的研究表明，Zacks排名前50%的行业的表现优于后50%的行业2比1以上。</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>Dropbox Q1 Earnings and Revenues Beat Estimates<blockquote>Dropbox第一季度盈利和收入超出预期</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\">\nDropbox Q1 Earnings and Revenues Beat Estimates<blockquote>Dropbox第一季度盈利和收入超出预期</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\">2021-05-07 08:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.</p><p><blockquote>Dropbox(DBX)公布的季度收益为每股0.35美元，超过Zacks每股0.30美元的普遍预期。相比之下，一年前每股收益为0.17美元。这些数字就非经常性项目进行了调整。</blockquote></p><p>This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this online file-sharing company would post earnings of $0.23 per share when it actually produced earnings of $0.28, delivering a surprise of 21.74%.</p><p><blockquote>本季报盈利惊喜16.67%。一个季度前，人们预计这家在线文件共享公司每股收益为0.23美元，而实际收益为0.28美元，令人惊讶的是21.74%。</blockquote></p><p>Over the last four quarters, the company has surpassed consensus EPS estimates four times.<img src=\"https://static.tigerbbs.com/68ff6254e338162714e082084eea6316\" tg-width=\"1215\" tg-height=\"819\" referrerpolicy=\"no-referrer\">Dropbox, which belongs to the Zacks Internet - Services industry, posted revenues of $511.6 million for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 1.31%. This compares to year-ago revenues of $455 million. The company has topped consensus revenue estimates four times over the last four quarters.</p><p><blockquote>在过去的四个季度中，该公司的每股收益四次超出了市场普遍预期。Dropbox属于Zacks互联网-服务行业，截至2021年3月的季度收入为5.116亿美元，超过Zacks共识预期1.31%。相比之下，去年同期的收入为4.55亿美元。过去四个季度，该公司的收入四次超出市场普遍预期。</blockquote></p><p>The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.</p><p><blockquote>基于最近发布的数据和未来盈利预期，该股近期价格变动的可持续性将主要取决于管理层对盈利看涨期权的评论。</blockquote></p><p>Dropbox shares have added about 12% since the beginning of the year versus the S&amp;P 500's gain of 11%.<img src=\"https://static.tigerbbs.com/885fe7a072fef98025bd635c35e92b22\" tg-width=\"706\" tg-height=\"569\" referrerpolicy=\"no-referrer\"><b>What's Next for Dropbox?</b></p><p><blockquote>自今年年初以来，Dropbox股价上涨了约12%，而标普500的涨幅为11%。<b>Dropbox的下一步是什么？</b></blockquote></p><p>While Dropbox has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?</p><p><blockquote>尽管Dropbox今年迄今为止的表现优于市场，但投资者想到的问题是：该股的下一步走势是什么？</blockquote></p><p>There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.</p><p><blockquote>这个关键问题没有简单的答案，但可以帮助投资者解决这个问题的一个可靠指标是该公司的盈利前景。这不仅包括当前对未来几个季度的普遍盈利预期，还包括这些预期最近的变化。</blockquote></p><p>Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.</p><p><blockquote>实证研究表明，近期股票走势与盈利预测修正趋势之间存在很强的相关性。投资者可以自己跟踪此类修正，也可以依靠Zacks Rank等久经考验的评级工具，该工具在利用盈利预测修正的力量方面拥有令人印象深刻的记录。</blockquote></p><p>Ahead of this earnings release, the estimate revisions trend for Dropbox was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.</p><p><blockquote>在本次财报发布之前，Dropbox的预估修正趋势好坏参半。虽然在该公司刚刚发布的收益报告后，估计修正的幅度和方向可能会发生变化，但目前的状态意味着该股的咤克斯排名第三（持有）。因此，预计该股在不久的将来将表现与市场一致。你可以在这里看到今天咤克斯排名第一（强力买入）股票的完整列表。</blockquote></p><p>It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.31 on $518.51 million in revenues for the coming quarter and $1.27 on $2.1 billion in revenues for the current fiscal year.</p><p><blockquote>看看未来几天对未来几个季度和本财年的预测如何变化将会很有趣。目前普遍的每股收益预期为0.31美元，下一季度营收为5.1851亿美元，本财年营收为21亿美元，每股收益为1.27美元。</blockquote></p><p>Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Services is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.</p><p><blockquote>投资者应该注意这样一个事实，即该行业的前景也会对股票的表现产生重大影响。就Zacks行业排名而言，互联网服务目前在250多个Zacks行业中排名垫底21%。我们的研究表明，Zacks排名前50%的行业的表现优于后50%的行业2比1以上。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DBX":"Dropbox Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160617696","content_text":"Dropbox (DBX) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.67%. A quarter ago, it was expected that this online file-sharing company would post earnings of $0.23 per share when it actually produced earnings of $0.28, delivering a surprise of 21.74%.Over the last four quarters, the company has surpassed consensus EPS estimates four times.Dropbox, which belongs to the Zacks Internet - Services industry, posted revenues of $511.6 million for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 1.31%. This compares to year-ago revenues of $455 million. The company has topped consensus revenue estimates four times over the last four quarters.The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.Dropbox shares have added about 12% since the beginning of the year versus the S&P 500's gain of 11%.What's Next for Dropbox?While Dropbox has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.Ahead of this earnings release, the estimate revisions trend for Dropbox was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.31 on $518.51 million in revenues for the coming quarter and $1.27 on $2.1 billion in revenues for the current fiscal year.Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Services is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.","news_type":1,"symbols_score_info":{"DBX":0.9}},"isVote":1,"tweetType":1,"viewCount":513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105993591,"gmtCreate":1620262404813,"gmtModify":1634206577432,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"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/105993591","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","kind":"news","pubTimestamp":1620224535,"share":"https://www.laohu8.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年的恐慌导致股市崩盘</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>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。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年的恐慌导致股市崩盘</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年的恐慌导致股市崩盘</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>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。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":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101389708,"gmtCreate":1619845310304,"gmtModify":1634209501916,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/101389708","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800954666,"gmtCreate":1627273995755,"gmtModify":1633766614080,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800954666","repostId":"1100772026","repostType":4,"isVote":1,"tweetType":1,"viewCount":1300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899416235,"gmtCreate":1628210169427,"gmtModify":1633752619395,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899416235","repostId":"2157456017","repostType":4,"isVote":1,"tweetType":1,"viewCount":1423,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177871642,"gmtCreate":1627201964386,"gmtModify":1633767190262,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177871642","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</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>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</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\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</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":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":1581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105992220,"gmtCreate":1620262557160,"gmtModify":1634206573829,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"what does receive a response&nbsp;to my comment means? i also failed to get this","listText":"what does receive a response&nbsp;to my comment means? i also failed to get this","text":"what does receive a response to my comment means? i also failed to get this","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/105992220","repostId":"1148686352","repostType":4,"repost":{"id":"1148686352","kind":"news","pubTimestamp":1620224535,"share":"https://www.laohu8.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年的恐慌导致股市崩盘</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>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。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年的恐慌导致股市崩盘</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年的恐慌导致股市崩盘</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>怎么回事？1893年的这一天，美股遭遇了当时历史上最严重的盘中跌幅。市场位置：道琼斯指数当天收于30.02点。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":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102033226,"gmtCreate":1620166553665,"gmtModify":1634207399243,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"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/102033226","repostId":"1179044309","repostType":4,"repost":{"id":"1179044309","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1620140053,"share":"https://www.laohu8.com/m/news/1179044309?lang=zh_CN&edition=full","pubTime":"2021-05-04 22:54","market":"us","language":"en","title":"Sharing A Ride To The Reopening: Uber, Lyft Earnings Could Offer Hints To Life Beyond The Pandemic<blockquote>共享重新开放之旅：优步、Lyft的盈利可能为大流行后的生活提供线索</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179044309","media":"Benzinga","summary":"After racing into earnings season, stocks have basically treaded water the last two weeks. The S&P 5","content":"<p>After racing into earnings season, stocks have basically treaded water the last two weeks. The&nbsp;<b>S&amp;P 500 Index</b>&nbsp;(SPX) finished Monday less than 1% changed from mid-April when reporting season began.</p><p><blockquote>在进入财报季后，过去两周股市基本上停滞不前。The<b>标普500指数</b>(SPX)周一收盘较4月中旬财报季开始时变化不到1%。</blockquote></p><p> That’s despite an amazing Q1 earnings performance by S&amp;P 500 companies so far, with average earnings per share up more than 40%. With more than half of the reporting season done, 86% of companies have beaten earnings expectations, according to FactSet.</p><p><blockquote>尽管迄今为止标普500公司第一季度的盈利表现令人惊叹，平均每股收益增长了40%以上。FactSet的数据显示，财报季已过半，86%的公司盈利超出预期。</blockquote></p><p> When you accompany that with the lack of gains in major indices, you have to ask yourself how much of the good news was priced in. We were already at all-time highs ahead of the reporting period, so can the reality match the expectations?</p><p><blockquote>当你伴随着主要指数缺乏涨幅时，你必须问自己有多少好消息被定价了。我们在报告期之前就已经处于历史高点，那么现实能否与预期相匹配呢？</blockquote></p><p> Anyway, this stall in forward progress isn’t something to be overly concerned about. We’re heading into summer, which tends to be a time of lighter volumes, but lighter volumes can mean good things as well.</p><p><blockquote>无论如何，这种前进的停滞并不是什么值得过度担心的事情。我们即将进入夏季，这往往是一个成交量较少的时期，但成交量较少也可能意味着好事。</blockquote></p><p> For the next act, investors might have their eyes peeled on ride-sharing companies&nbsp;<b>Lyft Technologies Inc.</b>LYFT 4.39%and&nbsp;<b>Uber</b>UBER 3.03%today and tomorrow to see if they can provide insight into reopening progress.</p><p><blockquote>对于下一步行动，投资者可能会密切关注拼车公司<b>Lyft技术公司。</b>LYFT 4.39%和<b>优步</b>UBER今天和明天将上涨3.03%，看看他们是否可以提供有关重新开放进展的见解。</blockquote></p><p> <b>Solid Reporting Season Continues With CVS, Pfizer</b></p><p><blockquote><b>CVS和辉瑞继续稳健的报告季</b></blockquote></p><p> Before that, investors got another set of solid earnings news this morning as&nbsp;<b>CVS</b>CVS 3%and&nbsp;<b>Pfizer</b>PFE 0.45%outran consensus expectations and raised guidance. PFE raised revenue guidance by 18% for the year, which is pretty impressive. Some of that is related to their Covid vaccine, but not all of it.</p><p><blockquote>在此之前，投资者今天上午又收到了一组可靠的盈利消息，<b>CVS</b>CVS 3%和<b>辉瑞</b>PFE 0.45%超出普遍预期并上调指引。PFE将今年的收入指引上调了18%，这相当令人印象深刻。其中一些与他们的Covid疫苗有关，但不是全部。</blockquote></p><p> Technology—particularly the so-called “FAANG” sector of that group—appeared to be taking the worst of it early Tuesday. The Tech sector is by far the worst SPX performer over the last week even though earnings from most of the “mega-caps” in that sector looked solid. At the same time, cyclical sectors—think Financials and Energy—have led gains recently. It’s more along the lines of what we were seeing earlier this year before Tech made a move going into earnings season.</p><p><blockquote>周二早些时候，科技——尤其是该集团中所谓的“FAANG”部门——似乎受到了最严重的影响。科技板块是上周SPX表现最差的板块，尽管该板块大多数“大型股”的盈利看起来稳健。与此同时，周期性板块——比如金融和能源——最近领涨。这更符合我们今年早些时候在科技进入财报季之前所看到的情况。</blockquote></p><p> Call it what you want: “Consolidation” is a word some people are using to describe this lack of direction in the markets amid a slowing news flow. The directionless trading appears to be extending into Tuesday, with major indices losing ground ahead of the opening bell and the closely-watched 10-year Treasury yield back at 1.6%, right in the middle of its recent range.</p><p><blockquote>看涨期权它是你想要的：一些人用“整合”这个词来描述在新闻流放缓的情况下市场缺乏方向。无方向交易似乎将延续到周二，主要股指在开盘前下跌，备受关注的10年期国债收益率回到1.6%，处于近期区间的中间位置。</blockquote></p><p> Still, commodity prices—and not just&nbsp;the semiconductors we’ve talked about recently—are on the rise, with the&nbsp;<b>Bloomberg Commodity Index</b>&nbsp;($BCOM) among those commodity benchmarks sitting on multi-year highs. Even if long-dated Treasury yields remain muted and the Fed sticks to its narrative of “transitory inflation” (see more below), commodities seem to be factoring in higher prices.</p><p><blockquote>尽管如此，大宗商品价格——不仅仅是我们最近谈到的半导体——仍在上涨，随着<b>彭博商品指数</b>($BCOM)是处于多年高点的大宗商品基准之一。即使长期国债收益率保持低迷，美联储坚持其“暂时性通胀”的说法（见下文），大宗商品似乎也在考虑价格上涨。</blockquote></p><p> Volatility is up slightly, too, not surprising considering the pressure on stocks. Keep an eye on the 20 level for the&nbsp;<b>Cboe&nbsp;Volatility&nbsp;Index</b>&nbsp;(VIX). We’re only slightly below that benchmark figure, and looking at forward contracts, the message looks like we’ll continue to bounce around for a while.</p><p><blockquote>考虑到股市面临的压力，波动性也略有上升，这并不奇怪。密切关注20级<b>芝加哥期权交易所波动率指数</b>（波动率指数）。我们仅略低于该基准数字，从远期合约来看，我们似乎将继续反弹一段时间。</blockquote></p><p> <b>Earnings Season About To Catch A&nbsp;Ride</b></p><p><blockquote><b>财报季即将到来</b></blockquote></p><p> It’s kind of fitting that “reopening” stocks led the way Monday in a week that features&nbsp;earnings from<b>Uber Technologies Inc.</b>UBER 3.03%and<b>Lyft</b>LYFT 4.39%,&nbsp;two companies that would likely stand to benefit if people are getting out more. LYFT is expected to report today after the close and UBER is up to bat tomorrow after the close.</p><p><blockquote>周一，“重新开放”股票在一周的收益中领先，这是很合适的<b>优步技术公司。</b>优步3.03%和<b>Lyft</b>LYFT 4.39%，如果人们更多地外出，这两家公司可能会受益。LYFT预计将于今天收盘后发布报告，UBER将于明天收盘后发布报告。</blockquote></p><p> Both companies are apparently having some trouble finding drivers to meet all the new demand, kind of a good problem to have. However, it could be costly, with both having to spend more on driver incentives. There’s also a regulatory headwind after the U.S. Labor secretary told Reuters that many gig economy workers should be treated as employees.</p><p><blockquote>两家公司显然都很难找到满足所有新需求的司机，这是一个很好的问题。然而，这可能代价高昂，双方都必须在司机激励上花费更多。美国劳工部长告诉路透社，许多零工经济工人应该被视为雇员，这也带来了监管阻力。</blockquote></p><p> If that ends up happening nationwide and UBER and LYFT have to treat drivers as employees instead of independent contractors, it seems that would substantially increase costs for these companies. However, that’s far from settled yet.</p><p><blockquote>如果这种情况最终在全国范围内发生，优步和LYFT不得不将司机视为员工而不是独立承包商，这似乎将大幅增加这些公司的成本。然而，这还远未解决。</blockquote></p><p> In the meantime, what investors probably want to know is whether LYFT and UBER were able to continue cutting their losses in Q1 after shrinking their annual net losses last time out. They’re still going to likely face tough comparisons on revenue because a lot of the 2020 quarter they’re comparing to took place before the pandemic hit last March.</p><p><blockquote>与此同时，投资者可能想知道的是，LYFT和优步在上次缩小年度净亏损后，第一季度是否能够继续削减亏损。他们仍可能面临艰难的收入比较，因为他们所比较的2020年季度的大部分时间都发生在去年3月疫情爆发之前。</blockquote></p><p></p><p> In contrast, other big earnings reports over the coming days include some of the companies many investors embraced big time last year when the pandemic hit. We’re talking&nbsp;<b>Peloton</b>PTON 0.71%,&nbsp;<b>Paypal</b>PYPL 3.11%,&nbsp;<b>Moderna</b>MRNA 4.59%,&nbsp;<b>Square</b>SQ 2.71%, and<b>&nbsp;Roku Inc.</b>ROKU 3.81%.&nbsp; A lot of these companies had an amazing performance in 2020, but might have pulled forward years of demand. Now, as the economy reopens, they face pressure to explain how they’re going to drive toward profits and how they can keep the excitement going.</p><p><blockquote>相比之下，未来几天的其他大型收益报告包括去年疫情爆发时许多投资者大力支持的一些公司。我们在说话<b>佩洛顿</b>PTON 0.71%，<b>Paypal</b>PYPL 3.11%,<b>现代</b>MRNA 4.59%，<b>平方</b>平方2.71%，以及<b>Roku公司。</b>ROKU 3.81%。其中许多公司在2020年都取得了惊人的业绩，但可能会提前数年的需求。现在，随着经济重新开放，他们面临着解释如何实现利润以及如何保持兴奋的压力。</blockquote></p><p> It’s not like these are necessarily stocks you can consider flash in the pans. People who got used to exercising at home and invested in a PTON machine probably aren’t going to abandon it for the gym right away, or necessarily at all. And MRNA’s vaccine technology has possibilities beyond the success of their Covid vaccine, analysts recently told Barron’s. PYPL and SQ’s technology was already in demand before Covid, though the pandemic might have given them a boost.</p><p><blockquote>这些股票并不一定是你可以认为昙花一现的股票。习惯于在家锻炼并购买PTON机器的人可能不会马上放弃它去健身房，或者根本不会。分析师最近告诉《巴伦周刊》，MRNA的疫苗技术还有超越新冠疫苗成功的可能性。PYPL和SQ的技术在新冠疫情之前就已经很受欢迎了，尽管疫情可能会给它们带来推动。</blockquote></p><p> <b>Fresh Earnings Could Cast Light On Supply Shortages, Costs</b></p><p><blockquote><b>新的收益可能会揭示供应短缺和成本</b></blockquote></p><p> Getting back from the newest models to a veteran,<b>&nbsp;General Motors</b>GM 2.48%reports tomorrow. Like other car companies, GM’s earnings call could offer an interesting perspective on the semiconductor chip shortage.&nbsp;<b>Ford</b>F 1.98%said last week the problem is taking a greater toll on its business than previously expected and could put pressure on its operating results in the second half of the year. For more on how the chip shortage is affecting car makers, see below.</p><p><blockquote>从最新款回到老手，<b>通用汽车</b>通用汽车2.48%明天报告。与其他汽车公司一样，通用汽车的盈利看涨期权可以为半导体芯片短缺提供一个有趣的视角。<b>福特</b>F 1.98%上周表示，该问题对其业务造成的影响超出了此前的预期，并可能给其下半年的经营业绩带来压力。有关芯片短缺如何影响汽车制造商的更多信息，请参见下文。</blockquote></p><p> Some of the supply shortages in chips and beyond might be playing out in the economic data this week. ISM manufacturing for April released on Monday came in below Wall Street’s expectations at 60.7%, down from 64.7% a month earlier. Supply chain disruptions and higher raw material costs might have played into the lower number.</p><p><blockquote>芯片及其他领域的一些供应短缺可能会在本周的经济数据中显现出来。周一公布的4月份ISM制造业增长率为60.7%，低于华尔街预期，低于一个月前的64.7%。供应链中断和原材料成本上升可能是导致数字下降的原因。</blockquote></p><p> The Fed has been saying inflation will be transitory, but we’ll see if they end up being right. A couple of weeks ago&nbsp;<b>Intel</b>INTC 1.77%said the chip shortage could last two years. President Biden’s infrastructure plan envisions more domestic production of these products, but you can’t turn on the assembly lines overnight, and there’s still no guarantee the entire bill as it exists now will become reality.</p><p><blockquote>美联储一直表示通胀将是暂时的，但我们将看看他们最终是否正确。几周前<b>英特尔</b>INTC 1.77%表示，芯片短缺可能会持续两年。拜登总统的基础设施计划设想在国内生产更多这些产品，但你不能在一夜之间打开装配线，而且仍然不能保证现在存在的整个法案会成为现实。</blockquote></p><p> In other data to watch, the ISM non-manufacturing index for April is due Wednesday. Consensus on Wall Street is for a headline figure of 65.0%, up from 63.7% in March, according to research firm Briefing.com.</p><p><blockquote>在其他值得关注的数据中，4月份ISM非制造业指数将于周三公布。根据研究公司Briefing.com的数据，华尔街的共识是总体数字为65.0%，高于3月份的63.7%。</blockquote></p><p> Of course, the biggest report this week is Friday’s non-farm payrolls, where analysts expect a cool million new jobs created in April vs. 916,000 in March. We’ll dig into that a little more tomorrow, with some things worth watching in the report beyond that headline number. Stay tuned.</p><p><blockquote>当然，本周最大的报告是周五的非农就业数据，分析师预计4月份将新增100万个就业岗位，而3月份为91.6万个。明天我们将对此进行更深入的探讨，除了标题数字之外，报告中还有一些值得关注的内容。敬请期待。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/da99b665ba0fa3e07d7fc1e25ce3dd62\" tg-width=\"780\" tg-height=\"412\"></p><p><blockquote></blockquote></p><p> <b>CHART OF THE DAY:THE MORE THINGS CHANGE...</b>A few weeks ago we ran this same chart of the S&amp;P 500 Index (SPX—candlestick) vs. its 50-day moving average (blue line). Not much has changed since then. The index still holds a firm premium to the 50-day, and hasn’t come close to testing it in over a month. The 50-day is now just above 4000, and every time this year the index tested it, the result was a solid rebound. The question is, if the market sells off a bit and tests this important technical area, will it hold again? If not, more technical selling could break out, changing this long-running pattern. Data Source: S&amp;P Dow Jones Indices.Chart source: The&nbsp;thinkorswim® platform.&nbsp;<i>For illustrative purposes only. Past performance does not guarantee future results.</i></p><p><blockquote><b>每日图表：事情变化越多...</b>几周前，我们运行了标普500指数（SPX烛台）与其50天移动平均线（蓝线）的相同图表。从那以后没有太大变化。该指数仍较50日指数保持稳定溢价，并且已经一个多月没有接近测试该指数了。50日线现在略高于4000点，今年该指数每次测试它，结果都是强劲反弹。问题是，如果市场稍微抛售并测试这个重要的技术区域，它会再次站稳吗？否则，更多的技术性抛售可能会爆发，改变这种长期模式。数据来源：标准普尔道琼斯指数。图表来源：thinkorswim®平台。<i>仅用于说明目的。过去的表现并不能保证未来的结果。</i></blockquote></p><p> <b>Horse’s Mouth Time:</b>&nbsp;Something that might be worth paying attention to today is the Wall Street Journal’s CEO summit, which starts this morning and features interviews with&nbsp;<b>JP Morgan Chase</b>JPM 0.04%CEO Jamie Dimon,&nbsp;<b>Merck</b>MRK 0.03%Chairman and CEO Kenneth C. Frazier, and Treasury Secretary Janet Yellen.</p><p><blockquote><b>马嘴时间：</b>今天可能值得关注的是《华尔街日报》的首席执行官峰会，该峰会将于今天上午开始，其中包括对<b>摩根大通</b>摩根大通0.04%首席执行官杰米·戴蒙，<b>默克</b>MRK 0.03%董事长兼首席执行官肯尼思·弗雷泽(Kenneth C.Frazier)和财政部长珍妮特·耶伦(Janet Yellen)。</blockquote></p><p> Dimon’s going to be asked about the economic rebound and the markets, the WSJ said, but it might be interesting to see if they ask him any questions about the banking industry now that Q1 earnings are in the rearview mirror. Some analysts note that activity on Wall Street—especially on the&nbsp;Special Purpose Acquisition Company (SPAC)&nbsp;front—has slowed down slightly in Q2, and wonder if that means the sizzling investment banking revenues enjoyed by the industry in Q1 might not be as easy to scoop up this quarter. SPACs raised $82 billion last year, the WSJ reported.</p><p><blockquote>《华尔街日报》表示，戴蒙将被问及有关经济反弹和市场的问题，但既然第一季度收益已成为过去，看看他们是否会向他提出任何有关银行业的问题可能会很有趣。一些分析师指出，华尔街的活动——尤其是特殊目的收购公司(SPAC)方面——在第二季度略有放缓，并想知道这是否意味着该行业在第一季度享有的炙手可热的投资银行收入可能不会那么容易本季度上涨。据《华尔街日报》报道，SPAC去年筹集了820亿美元。</blockquote></p><p></p><p> <b>Earnings Come Down The Stretch With A&nbsp;Lead:</b>&nbsp;We’ve heard a lot of analysts say what a great earnings season it’s been, but it’s another thing to see the actual number plugged in. How does this sound? 45.8%. That’s the average S&amp;P 500 earnings growth with 60% of companies now reporting, according to research firm Factset. If it remains there or higher for the rest of the way, it will be the best earnings growth for a quarter since the economy was emerging from the financial crisis in early 2010. It also leaves analysts’ average estimate of 24% earnings growth going into the reporting period completely in the dust. In fact, 86% of companies are beating analyst estimates on earnings, and 78% on revenue, Factset says.</p><p><blockquote><b>盈利处于领先地位：</b>我们听到很多分析师说这是一个多么棒的财报季，但看到实际数字是另一回事。这听起来怎么样？45.8%.根据研究公司Factset的数据，这是标普500目前60%的公司报告的平均盈利增长。如果该指数在剩余时间内保持在该水平或更高，这将是自2010年初经济摆脱金融危机以来最好的季度盈利增长。这也让分析师对报告期内盈利增长24%的平均预期完全落空。Factset表示，事实上，86%的公司盈利超出了分析师预期，78%的公司收入超出了分析师预期。</blockquote></p><p> This all sounds good, but you’ll hear some naysayers tell you most of the strength in earnings was built into stock prices going in. Actually, that’s a bit of an exaggeration, and you can see that if you follow the 12-month forward price-to-earnings ratio for the S&amp;P 500. It’s now at 22, by Factset’s reckoning, and that’s down from nearly 24 at the start of 2021. Over the same year-to-date time frame, the S&amp;P Equal Weight 500 jumped 16.2%, research firm CFRA noted Monday (equal weight means each of the 500 companies in the index is given a fixed weight instead of the index being weighted by market cap). In other words, stocks have risen while valuations fell, which is a neat trick.</p><p><blockquote>这一切听起来都不错，但你会听到一些反对者告诉你，盈利的大部分优势都是由股价的上涨决定的。实际上，这有点夸张，如果你遵循标普500的12个月远期市盈率，你就可以看到这一点。根据Factset的计算，目前为22，低于2021年初的近24。研究公司CFRA周一指出，在今年迄今为止的同一时间范围内，标准普尔等权重500指数上涨了16.2%（等权重意味着指数中的500家公司中的每家都被赋予固定权重，而不是指数按市值加权）。换句话说，股票上涨，而估值下跌，这是一个巧妙的伎俩。</blockquote></p><p> <b>No Chips, No Ride:</b>&nbsp;Have you driven by a car dealership lately? If so, you may have noticed that everything seems more or less in place, except for the cars, that is—they’re missing. As we reported earlier this year, the semiconductor sector is undergoing a massive worldwide shortage. For car buyers, this may mean longer waits and higher prices. And by the way, new cars aren’t the only ones impacted by the shortage. The average price of used cars jumped 12.5% over the last year, according to the National Automobile Dealers Association.</p><p><blockquote><b>没有筹码，就没有游乐设施：</b>你最近开车经过汽车经销商吗？如果是这样，您可能已经注意到，除了汽车之外，一切似乎都或多或少就位了，也就是说，它们不见了。正如我们今年早些时候报道的那样，半导体行业正在经历全球范围内的大规模短缺。对于购车者来说，这可能意味着更长的等待时间和更高的价格。顺便说一句，新车并不是唯一受到短缺影响的汽车。根据全国汽车经销商协会的数据，二手车平均价格比去年上涨了12.5%。</blockquote></p><p> For automakers, however, this means wider sales, some even seeing record profits as vehicles are sold before they make it to the sales lot. Investors might want to keep an eye on companies like&nbsp;<b>General Motors</b>GM 2.48%,&nbsp;<b>Ford</b>F 1.98%, and other manufacturers to see how the chip shortage may be impacting their bottom lines. Might the shortage in rides be a ticket to ride the chip shortage to the upside?</p><p><blockquote>然而，对于汽车制造商来说，这意味着更广泛的销售，有些人甚至看到了创纪录的利润，因为车辆在进入销售现场之前就被售出。投资者可能需要关注以下公司<b>通用汽车</b>通用汽车2.48%，<b>福特</b>F 1.98%，以及其他制造商，了解芯片短缺可能如何影响他们的利润。游乐设施的短缺可能是利用芯片短缺的门票吗？</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>Sharing A Ride To The Reopening: Uber, Lyft Earnings Could Offer Hints To Life Beyond The Pandemic<blockquote>共享重新开放之旅：优步、Lyft的盈利可能为大流行后的生活提供线索</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\">\nSharing A Ride To The Reopening: Uber, Lyft Earnings Could Offer Hints To Life Beyond The Pandemic<blockquote>共享重新开放之旅：优步、Lyft的盈利可能为大流行后的生活提供线索</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-04 22:54</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>After racing into earnings season, stocks have basically treaded water the last two weeks. The&nbsp;<b>S&amp;P 500 Index</b>&nbsp;(SPX) finished Monday less than 1% changed from mid-April when reporting season began.</p><p><blockquote>在进入财报季后，过去两周股市基本上停滞不前。The<b>标普500指数</b>(SPX)周一收盘较4月中旬财报季开始时变化不到1%。</blockquote></p><p> That’s despite an amazing Q1 earnings performance by S&amp;P 500 companies so far, with average earnings per share up more than 40%. With more than half of the reporting season done, 86% of companies have beaten earnings expectations, according to FactSet.</p><p><blockquote>尽管迄今为止标普500公司第一季度的盈利表现令人惊叹，平均每股收益增长了40%以上。FactSet的数据显示，财报季已过半，86%的公司盈利超出预期。</blockquote></p><p> When you accompany that with the lack of gains in major indices, you have to ask yourself how much of the good news was priced in. We were already at all-time highs ahead of the reporting period, so can the reality match the expectations?</p><p><blockquote>当你伴随着主要指数缺乏涨幅时，你必须问自己有多少好消息被定价了。我们在报告期之前就已经处于历史高点，那么现实能否与预期相匹配呢？</blockquote></p><p> Anyway, this stall in forward progress isn’t something to be overly concerned about. We’re heading into summer, which tends to be a time of lighter volumes, but lighter volumes can mean good things as well.</p><p><blockquote>无论如何，这种前进的停滞并不是什么值得过度担心的事情。我们即将进入夏季，这往往是一个成交量较少的时期，但成交量较少也可能意味着好事。</blockquote></p><p> For the next act, investors might have their eyes peeled on ride-sharing companies&nbsp;<b>Lyft Technologies Inc.</b>LYFT 4.39%and&nbsp;<b>Uber</b>UBER 3.03%today and tomorrow to see if they can provide insight into reopening progress.</p><p><blockquote>对于下一步行动，投资者可能会密切关注拼车公司<b>Lyft技术公司。</b>LYFT 4.39%和<b>优步</b>UBER今天和明天将上涨3.03%，看看他们是否可以提供有关重新开放进展的见解。</blockquote></p><p> <b>Solid Reporting Season Continues With CVS, Pfizer</b></p><p><blockquote><b>CVS和辉瑞继续稳健的报告季</b></blockquote></p><p> Before that, investors got another set of solid earnings news this morning as&nbsp;<b>CVS</b>CVS 3%and&nbsp;<b>Pfizer</b>PFE 0.45%outran consensus expectations and raised guidance. PFE raised revenue guidance by 18% for the year, which is pretty impressive. Some of that is related to their Covid vaccine, but not all of it.</p><p><blockquote>在此之前，投资者今天上午又收到了一组可靠的盈利消息，<b>CVS</b>CVS 3%和<b>辉瑞</b>PFE 0.45%超出普遍预期并上调指引。PFE将今年的收入指引上调了18%，这相当令人印象深刻。其中一些与他们的Covid疫苗有关，但不是全部。</blockquote></p><p> Technology—particularly the so-called “FAANG” sector of that group—appeared to be taking the worst of it early Tuesday. The Tech sector is by far the worst SPX performer over the last week even though earnings from most of the “mega-caps” in that sector looked solid. At the same time, cyclical sectors—think Financials and Energy—have led gains recently. It’s more along the lines of what we were seeing earlier this year before Tech made a move going into earnings season.</p><p><blockquote>周二早些时候，科技——尤其是该集团中所谓的“FAANG”部门——似乎受到了最严重的影响。科技板块是上周SPX表现最差的板块，尽管该板块大多数“大型股”的盈利看起来稳健。与此同时，周期性板块——比如金融和能源——最近领涨。这更符合我们今年早些时候在科技进入财报季之前所看到的情况。</blockquote></p><p> Call it what you want: “Consolidation” is a word some people are using to describe this lack of direction in the markets amid a slowing news flow. The directionless trading appears to be extending into Tuesday, with major indices losing ground ahead of the opening bell and the closely-watched 10-year Treasury yield back at 1.6%, right in the middle of its recent range.</p><p><blockquote>看涨期权它是你想要的：一些人用“整合”这个词来描述在新闻流放缓的情况下市场缺乏方向。无方向交易似乎将延续到周二，主要股指在开盘前下跌，备受关注的10年期国债收益率回到1.6%，处于近期区间的中间位置。</blockquote></p><p> Still, commodity prices—and not just&nbsp;the semiconductors we’ve talked about recently—are on the rise, with the&nbsp;<b>Bloomberg Commodity Index</b>&nbsp;($BCOM) among those commodity benchmarks sitting on multi-year highs. Even if long-dated Treasury yields remain muted and the Fed sticks to its narrative of “transitory inflation” (see more below), commodities seem to be factoring in higher prices.</p><p><blockquote>尽管如此，大宗商品价格——不仅仅是我们最近谈到的半导体——仍在上涨，随着<b>彭博商品指数</b>($BCOM)是处于多年高点的大宗商品基准之一。即使长期国债收益率保持低迷，美联储坚持其“暂时性通胀”的说法（见下文），大宗商品似乎也在考虑价格上涨。</blockquote></p><p> Volatility is up slightly, too, not surprising considering the pressure on stocks. Keep an eye on the 20 level for the&nbsp;<b>Cboe&nbsp;Volatility&nbsp;Index</b>&nbsp;(VIX). We’re only slightly below that benchmark figure, and looking at forward contracts, the message looks like we’ll continue to bounce around for a while.</p><p><blockquote>考虑到股市面临的压力，波动性也略有上升，这并不奇怪。密切关注20级<b>芝加哥期权交易所波动率指数</b>（波动率指数）。我们仅略低于该基准数字，从远期合约来看，我们似乎将继续反弹一段时间。</blockquote></p><p> <b>Earnings Season About To Catch A&nbsp;Ride</b></p><p><blockquote><b>财报季即将到来</b></blockquote></p><p> It’s kind of fitting that “reopening” stocks led the way Monday in a week that features&nbsp;earnings from<b>Uber Technologies Inc.</b>UBER 3.03%and<b>Lyft</b>LYFT 4.39%,&nbsp;two companies that would likely stand to benefit if people are getting out more. LYFT is expected to report today after the close and UBER is up to bat tomorrow after the close.</p><p><blockquote>周一，“重新开放”股票在一周的收益中领先，这是很合适的<b>优步技术公司。</b>优步3.03%和<b>Lyft</b>LYFT 4.39%，如果人们更多地外出，这两家公司可能会受益。LYFT预计将于今天收盘后发布报告，UBER将于明天收盘后发布报告。</blockquote></p><p> Both companies are apparently having some trouble finding drivers to meet all the new demand, kind of a good problem to have. However, it could be costly, with both having to spend more on driver incentives. There’s also a regulatory headwind after the U.S. Labor secretary told Reuters that many gig economy workers should be treated as employees.</p><p><blockquote>两家公司显然都很难找到满足所有新需求的司机，这是一个很好的问题。然而，这可能代价高昂，双方都必须在司机激励上花费更多。美国劳工部长告诉路透社，许多零工经济工人应该被视为雇员，这也带来了监管阻力。</blockquote></p><p> If that ends up happening nationwide and UBER and LYFT have to treat drivers as employees instead of independent contractors, it seems that would substantially increase costs for these companies. However, that’s far from settled yet.</p><p><blockquote>如果这种情况最终在全国范围内发生，优步和LYFT不得不将司机视为员工而不是独立承包商，这似乎将大幅增加这些公司的成本。然而，这还远未解决。</blockquote></p><p> In the meantime, what investors probably want to know is whether LYFT and UBER were able to continue cutting their losses in Q1 after shrinking their annual net losses last time out. They’re still going to likely face tough comparisons on revenue because a lot of the 2020 quarter they’re comparing to took place before the pandemic hit last March.</p><p><blockquote>与此同时，投资者可能想知道的是，LYFT和优步在上次缩小年度净亏损后，第一季度是否能够继续削减亏损。他们仍可能面临艰难的收入比较，因为他们所比较的2020年季度的大部分时间都发生在去年3月疫情爆发之前。</blockquote></p><p></p><p> In contrast, other big earnings reports over the coming days include some of the companies many investors embraced big time last year when the pandemic hit. We’re talking&nbsp;<b>Peloton</b>PTON 0.71%,&nbsp;<b>Paypal</b>PYPL 3.11%,&nbsp;<b>Moderna</b>MRNA 4.59%,&nbsp;<b>Square</b>SQ 2.71%, and<b>&nbsp;Roku Inc.</b>ROKU 3.81%.&nbsp; A lot of these companies had an amazing performance in 2020, but might have pulled forward years of demand. Now, as the economy reopens, they face pressure to explain how they’re going to drive toward profits and how they can keep the excitement going.</p><p><blockquote>相比之下，未来几天的其他大型收益报告包括去年疫情爆发时许多投资者大力支持的一些公司。我们在说话<b>佩洛顿</b>PTON 0.71%，<b>Paypal</b>PYPL 3.11%,<b>现代</b>MRNA 4.59%，<b>平方</b>平方2.71%，以及<b>Roku公司。</b>ROKU 3.81%。其中许多公司在2020年都取得了惊人的业绩，但可能会提前数年的需求。现在，随着经济重新开放，他们面临着解释如何实现利润以及如何保持兴奋的压力。</blockquote></p><p> It’s not like these are necessarily stocks you can consider flash in the pans. People who got used to exercising at home and invested in a PTON machine probably aren’t going to abandon it for the gym right away, or necessarily at all. And MRNA’s vaccine technology has possibilities beyond the success of their Covid vaccine, analysts recently told Barron’s. PYPL and SQ’s technology was already in demand before Covid, though the pandemic might have given them a boost.</p><p><blockquote>这些股票并不一定是你可以认为昙花一现的股票。习惯于在家锻炼并购买PTON机器的人可能不会马上放弃它去健身房，或者根本不会。分析师最近告诉《巴伦周刊》，MRNA的疫苗技术还有超越新冠疫苗成功的可能性。PYPL和SQ的技术在新冠疫情之前就已经很受欢迎了，尽管疫情可能会给它们带来推动。</blockquote></p><p> <b>Fresh Earnings Could Cast Light On Supply Shortages, Costs</b></p><p><blockquote><b>新的收益可能会揭示供应短缺和成本</b></blockquote></p><p> Getting back from the newest models to a veteran,<b>&nbsp;General Motors</b>GM 2.48%reports tomorrow. Like other car companies, GM’s earnings call could offer an interesting perspective on the semiconductor chip shortage.&nbsp;<b>Ford</b>F 1.98%said last week the problem is taking a greater toll on its business than previously expected and could put pressure on its operating results in the second half of the year. For more on how the chip shortage is affecting car makers, see below.</p><p><blockquote>从最新款回到老手，<b>通用汽车</b>通用汽车2.48%明天报告。与其他汽车公司一样，通用汽车的盈利看涨期权可以为半导体芯片短缺提供一个有趣的视角。<b>福特</b>F 1.98%上周表示，该问题对其业务造成的影响超出了此前的预期，并可能给其下半年的经营业绩带来压力。有关芯片短缺如何影响汽车制造商的更多信息，请参见下文。</blockquote></p><p> Some of the supply shortages in chips and beyond might be playing out in the economic data this week. ISM manufacturing for April released on Monday came in below Wall Street’s expectations at 60.7%, down from 64.7% a month earlier. Supply chain disruptions and higher raw material costs might have played into the lower number.</p><p><blockquote>芯片及其他领域的一些供应短缺可能会在本周的经济数据中显现出来。周一公布的4月份ISM制造业增长率为60.7%，低于华尔街预期，低于一个月前的64.7%。供应链中断和原材料成本上升可能是导致数字下降的原因。</blockquote></p><p> The Fed has been saying inflation will be transitory, but we’ll see if they end up being right. A couple of weeks ago&nbsp;<b>Intel</b>INTC 1.77%said the chip shortage could last two years. President Biden’s infrastructure plan envisions more domestic production of these products, but you can’t turn on the assembly lines overnight, and there’s still no guarantee the entire bill as it exists now will become reality.</p><p><blockquote>美联储一直表示通胀将是暂时的，但我们将看看他们最终是否正确。几周前<b>英特尔</b>INTC 1.77%表示，芯片短缺可能会持续两年。拜登总统的基础设施计划设想在国内生产更多这些产品，但你不能在一夜之间打开装配线，而且仍然不能保证现在存在的整个法案会成为现实。</blockquote></p><p> In other data to watch, the ISM non-manufacturing index for April is due Wednesday. Consensus on Wall Street is for a headline figure of 65.0%, up from 63.7% in March, according to research firm Briefing.com.</p><p><blockquote>在其他值得关注的数据中，4月份ISM非制造业指数将于周三公布。根据研究公司Briefing.com的数据，华尔街的共识是总体数字为65.0%，高于3月份的63.7%。</blockquote></p><p> Of course, the biggest report this week is Friday’s non-farm payrolls, where analysts expect a cool million new jobs created in April vs. 916,000 in March. We’ll dig into that a little more tomorrow, with some things worth watching in the report beyond that headline number. Stay tuned.</p><p><blockquote>当然，本周最大的报告是周五的非农就业数据，分析师预计4月份将新增100万个就业岗位，而3月份为91.6万个。明天我们将对此进行更深入的探讨，除了标题数字之外，报告中还有一些值得关注的内容。敬请期待。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/da99b665ba0fa3e07d7fc1e25ce3dd62\" tg-width=\"780\" tg-height=\"412\"></p><p><blockquote></blockquote></p><p> <b>CHART OF THE DAY:THE MORE THINGS CHANGE...</b>A few weeks ago we ran this same chart of the S&amp;P 500 Index (SPX—candlestick) vs. its 50-day moving average (blue line). Not much has changed since then. The index still holds a firm premium to the 50-day, and hasn’t come close to testing it in over a month. The 50-day is now just above 4000, and every time this year the index tested it, the result was a solid rebound. The question is, if the market sells off a bit and tests this important technical area, will it hold again? If not, more technical selling could break out, changing this long-running pattern. Data Source: S&amp;P Dow Jones Indices.Chart source: The&nbsp;thinkorswim® platform.&nbsp;<i>For illustrative purposes only. Past performance does not guarantee future results.</i></p><p><blockquote><b>每日图表：事情变化越多...</b>几周前，我们运行了标普500指数（SPX烛台）与其50天移动平均线（蓝线）的相同图表。从那以后没有太大变化。该指数仍较50日指数保持稳定溢价，并且已经一个多月没有接近测试该指数了。50日线现在略高于4000点，今年该指数每次测试它，结果都是强劲反弹。问题是，如果市场稍微抛售并测试这个重要的技术区域，它会再次站稳吗？否则，更多的技术性抛售可能会爆发，改变这种长期模式。数据来源：标准普尔道琼斯指数。图表来源：thinkorswim®平台。<i>仅用于说明目的。过去的表现并不能保证未来的结果。</i></blockquote></p><p> <b>Horse’s Mouth Time:</b>&nbsp;Something that might be worth paying attention to today is the Wall Street Journal’s CEO summit, which starts this morning and features interviews with&nbsp;<b>JP Morgan Chase</b>JPM 0.04%CEO Jamie Dimon,&nbsp;<b>Merck</b>MRK 0.03%Chairman and CEO Kenneth C. Frazier, and Treasury Secretary Janet Yellen.</p><p><blockquote><b>马嘴时间：</b>今天可能值得关注的是《华尔街日报》的首席执行官峰会，该峰会将于今天上午开始，其中包括对<b>摩根大通</b>摩根大通0.04%首席执行官杰米·戴蒙，<b>默克</b>MRK 0.03%董事长兼首席执行官肯尼思·弗雷泽(Kenneth C.Frazier)和财政部长珍妮特·耶伦(Janet Yellen)。</blockquote></p><p> Dimon’s going to be asked about the economic rebound and the markets, the WSJ said, but it might be interesting to see if they ask him any questions about the banking industry now that Q1 earnings are in the rearview mirror. Some analysts note that activity on Wall Street—especially on the&nbsp;Special Purpose Acquisition Company (SPAC)&nbsp;front—has slowed down slightly in Q2, and wonder if that means the sizzling investment banking revenues enjoyed by the industry in Q1 might not be as easy to scoop up this quarter. SPACs raised $82 billion last year, the WSJ reported.</p><p><blockquote>《华尔街日报》表示，戴蒙将被问及有关经济反弹和市场的问题，但既然第一季度收益已成为过去，看看他们是否会向他提出任何有关银行业的问题可能会很有趣。一些分析师指出，华尔街的活动——尤其是特殊目的收购公司(SPAC)方面——在第二季度略有放缓，并想知道这是否意味着该行业在第一季度享有的炙手可热的投资银行收入可能不会那么容易本季度上涨。据《华尔街日报》报道，SPAC去年筹集了820亿美元。</blockquote></p><p></p><p> <b>Earnings Come Down The Stretch With A&nbsp;Lead:</b>&nbsp;We’ve heard a lot of analysts say what a great earnings season it’s been, but it’s another thing to see the actual number plugged in. How does this sound? 45.8%. That’s the average S&amp;P 500 earnings growth with 60% of companies now reporting, according to research firm Factset. If it remains there or higher for the rest of the way, it will be the best earnings growth for a quarter since the economy was emerging from the financial crisis in early 2010. It also leaves analysts’ average estimate of 24% earnings growth going into the reporting period completely in the dust. In fact, 86% of companies are beating analyst estimates on earnings, and 78% on revenue, Factset says.</p><p><blockquote><b>盈利处于领先地位：</b>我们听到很多分析师说这是一个多么棒的财报季，但看到实际数字是另一回事。这听起来怎么样？45.8%.根据研究公司Factset的数据，这是标普500目前60%的公司报告的平均盈利增长。如果该指数在剩余时间内保持在该水平或更高，这将是自2010年初经济摆脱金融危机以来最好的季度盈利增长。这也让分析师对报告期内盈利增长24%的平均预期完全落空。Factset表示，事实上，86%的公司盈利超出了分析师预期，78%的公司收入超出了分析师预期。</blockquote></p><p> This all sounds good, but you’ll hear some naysayers tell you most of the strength in earnings was built into stock prices going in. Actually, that’s a bit of an exaggeration, and you can see that if you follow the 12-month forward price-to-earnings ratio for the S&amp;P 500. It’s now at 22, by Factset’s reckoning, and that’s down from nearly 24 at the start of 2021. Over the same year-to-date time frame, the S&amp;P Equal Weight 500 jumped 16.2%, research firm CFRA noted Monday (equal weight means each of the 500 companies in the index is given a fixed weight instead of the index being weighted by market cap). In other words, stocks have risen while valuations fell, which is a neat trick.</p><p><blockquote>这一切听起来都不错，但你会听到一些反对者告诉你，盈利的大部分优势都是由股价的上涨决定的。实际上，这有点夸张，如果你遵循标普500的12个月远期市盈率，你就可以看到这一点。根据Factset的计算，目前为22，低于2021年初的近24。研究公司CFRA周一指出，在今年迄今为止的同一时间范围内，标准普尔等权重500指数上涨了16.2%（等权重意味着指数中的500家公司中的每家都被赋予固定权重，而不是指数按市值加权）。换句话说，股票上涨，而估值下跌，这是一个巧妙的伎俩。</blockquote></p><p> <b>No Chips, No Ride:</b>&nbsp;Have you driven by a car dealership lately? If so, you may have noticed that everything seems more or less in place, except for the cars, that is—they’re missing. As we reported earlier this year, the semiconductor sector is undergoing a massive worldwide shortage. For car buyers, this may mean longer waits and higher prices. And by the way, new cars aren’t the only ones impacted by the shortage. The average price of used cars jumped 12.5% over the last year, according to the National Automobile Dealers Association.</p><p><blockquote><b>没有筹码，就没有游乐设施：</b>你最近开车经过汽车经销商吗？如果是这样，您可能已经注意到，除了汽车之外，一切似乎都或多或少就位了，也就是说，它们不见了。正如我们今年早些时候报道的那样，半导体行业正在经历全球范围内的大规模短缺。对于购车者来说，这可能意味着更长的等待时间和更高的价格。顺便说一句，新车并不是唯一受到短缺影响的汽车。根据全国汽车经销商协会的数据，二手车平均价格比去年上涨了12.5%。</blockquote></p><p> For automakers, however, this means wider sales, some even seeing record profits as vehicles are sold before they make it to the sales lot. Investors might want to keep an eye on companies like&nbsp;<b>General Motors</b>GM 2.48%,&nbsp;<b>Ford</b>F 1.98%, and other manufacturers to see how the chip shortage may be impacting their bottom lines. Might the shortage in rides be a ticket to ride the chip shortage to the upside?</p><p><blockquote>然而，对于汽车制造商来说，这意味着更广泛的销售，有些人甚至看到了创纪录的利润，因为车辆在进入销售现场之前就被售出。投资者可能需要关注以下公司<b>通用汽车</b>通用汽车2.48%，<b>福特</b>F 1.98%，以及其他制造商，了解芯片短缺可能如何影响他们的利润。游乐设施的短缺可能是利用芯片短缺的门票吗？</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179044309","content_text":"After racing into earnings season, stocks have basically treaded water the last two weeks. The S&P 500 Index (SPX) finished Monday less than 1% changed from mid-April when reporting season began.\nThat’s despite an amazing Q1 earnings performance by S&P 500 companies so far, with average earnings per share up more than 40%. With more than half of the reporting season done, 86% of companies have beaten earnings expectations, according to FactSet.\nWhen you accompany that with the lack of gains in major indices, you have to ask yourself how much of the good news was priced in. We were already at all-time highs ahead of the reporting period, so can the reality match the expectations?\nAnyway, this stall in forward progress isn’t something to be overly concerned about. We’re heading into summer, which tends to be a time of lighter volumes, but lighter volumes can mean good things as well.\nFor the next act, investors might have their eyes peeled on ride-sharing companies Lyft Technologies Inc.LYFT 4.39%and UberUBER 3.03%today and tomorrow to see if they can provide insight into reopening progress.\nSolid Reporting Season Continues With CVS, Pfizer\nBefore that, investors got another set of solid earnings news this morning as CVSCVS 3%and PfizerPFE 0.45%outran consensus expectations and raised guidance. PFE raised revenue guidance by 18% for the year, which is pretty impressive. Some of that is related to their Covid vaccine, but not all of it.\nTechnology—particularly the so-called “FAANG” sector of that group—appeared to be taking the worst of it early Tuesday. The Tech sector is by far the worst SPX performer over the last week even though earnings from most of the “mega-caps” in that sector looked solid. At the same time, cyclical sectors—think Financials and Energy—have led gains recently. It’s more along the lines of what we were seeing earlier this year before Tech made a move going into earnings season.\nCall it what you want: “Consolidation” is a word some people are using to describe this lack of direction in the markets amid a slowing news flow. The directionless trading appears to be extending into Tuesday, with major indices losing ground ahead of the opening bell and the closely-watched 10-year Treasury yield back at 1.6%, right in the middle of its recent range.\nStill, commodity prices—and not just the semiconductors we’ve talked about recently—are on the rise, with the Bloomberg Commodity Index ($BCOM) among those commodity benchmarks sitting on multi-year highs. Even if long-dated Treasury yields remain muted and the Fed sticks to its narrative of “transitory inflation” (see more below), commodities seem to be factoring in higher prices.\nVolatility is up slightly, too, not surprising considering the pressure on stocks. Keep an eye on the 20 level for the Cboe Volatility Index (VIX). We’re only slightly below that benchmark figure, and looking at forward contracts, the message looks like we’ll continue to bounce around for a while.\nEarnings Season About To Catch A Ride\nIt’s kind of fitting that “reopening” stocks led the way Monday in a week that features earnings fromUber Technologies Inc.UBER 3.03%andLyftLYFT 4.39%, two companies that would likely stand to benefit if people are getting out more. LYFT is expected to report today after the close and UBER is up to bat tomorrow after the close.\nBoth companies are apparently having some trouble finding drivers to meet all the new demand, kind of a good problem to have. However, it could be costly, with both having to spend more on driver incentives. There’s also a regulatory headwind after the U.S. Labor secretary told Reuters that many gig economy workers should be treated as employees.\nIf that ends up happening nationwide and UBER and LYFT have to treat drivers as employees instead of independent contractors, it seems that would substantially increase costs for these companies. However, that’s far from settled yet.\nIn the meantime, what investors probably want to know is whether LYFT and UBER were able to continue cutting their losses in Q1 after shrinking their annual net losses last time out. They’re still going to likely face tough comparisons on revenue because a lot of the 2020 quarter they’re comparing to took place before the pandemic hit last March.\nIn contrast, other big earnings reports over the coming days include some of the companies many investors embraced big time last year when the pandemic hit. We’re talking PelotonPTON 0.71%, PaypalPYPL 3.11%, ModernaMRNA 4.59%, SquareSQ 2.71%, and Roku Inc.ROKU 3.81%.  A lot of these companies had an amazing performance in 2020, but might have pulled forward years of demand. Now, as the economy reopens, they face pressure to explain how they’re going to drive toward profits and how they can keep the excitement going.\nIt’s not like these are necessarily stocks you can consider flash in the pans. People who got used to exercising at home and invested in a PTON machine probably aren’t going to abandon it for the gym right away, or necessarily at all. And MRNA’s vaccine technology has possibilities beyond the success of their Covid vaccine, analysts recently told Barron’s. PYPL and SQ’s technology was already in demand before Covid, though the pandemic might have given them a boost.\nFresh Earnings Could Cast Light On Supply Shortages, Costs\nGetting back from the newest models to a veteran, General MotorsGM 2.48%reports tomorrow. Like other car companies, GM’s earnings call could offer an interesting perspective on the semiconductor chip shortage. FordF 1.98%said last week the problem is taking a greater toll on its business than previously expected and could put pressure on its operating results in the second half of the year. For more on how the chip shortage is affecting car makers, see below.\nSome of the supply shortages in chips and beyond might be playing out in the economic data this week. ISM manufacturing for April released on Monday came in below Wall Street’s expectations at 60.7%, down from 64.7% a month earlier. Supply chain disruptions and higher raw material costs might have played into the lower number.\nThe Fed has been saying inflation will be transitory, but we’ll see if they end up being right. A couple of weeks ago IntelINTC 1.77%said the chip shortage could last two years. President Biden’s infrastructure plan envisions more domestic production of these products, but you can’t turn on the assembly lines overnight, and there’s still no guarantee the entire bill as it exists now will become reality.\nIn other data to watch, the ISM non-manufacturing index for April is due Wednesday. Consensus on Wall Street is for a headline figure of 65.0%, up from 63.7% in March, according to research firm Briefing.com.\nOf course, the biggest report this week is Friday’s non-farm payrolls, where analysts expect a cool million new jobs created in April vs. 916,000 in March. We’ll dig into that a little more tomorrow, with some things worth watching in the report beyond that headline number. Stay tuned.\n\nCHART OF THE DAY:THE MORE THINGS CHANGE...A few weeks ago we ran this same chart of the S&P 500 Index (SPX—candlestick) vs. its 50-day moving average (blue line). Not much has changed since then. The index still holds a firm premium to the 50-day, and hasn’t come close to testing it in over a month. The 50-day is now just above 4000, and every time this year the index tested it, the result was a solid rebound. The question is, if the market sells off a bit and tests this important technical area, will it hold again? If not, more technical selling could break out, changing this long-running pattern. Data Source: S&P Dow Jones Indices.Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.\nHorse’s Mouth Time: Something that might be worth paying attention to today is the Wall Street Journal’s CEO summit, which starts this morning and features interviews with JP Morgan ChaseJPM 0.04%CEO Jamie Dimon, MerckMRK 0.03%Chairman and CEO Kenneth C. Frazier, and Treasury Secretary Janet Yellen.\nDimon’s going to be asked about the economic rebound and the markets, the WSJ said, but it might be interesting to see if they ask him any questions about the banking industry now that Q1 earnings are in the rearview mirror. Some analysts note that activity on Wall Street—especially on the Special Purpose Acquisition Company (SPAC) front—has slowed down slightly in Q2, and wonder if that means the sizzling investment banking revenues enjoyed by the industry in Q1 might not be as easy to scoop up this quarter. SPACs raised $82 billion last year, the WSJ reported.\nEarnings Come Down The Stretch With A Lead: We’ve heard a lot of analysts say what a great earnings season it’s been, but it’s another thing to see the actual number plugged in. How does this sound? 45.8%. That’s the average S&P 500 earnings growth with 60% of companies now reporting, according to research firm Factset. If it remains there or higher for the rest of the way, it will be the best earnings growth for a quarter since the economy was emerging from the financial crisis in early 2010. It also leaves analysts’ average estimate of 24% earnings growth going into the reporting period completely in the dust. In fact, 86% of companies are beating analyst estimates on earnings, and 78% on revenue, Factset says.\nThis all sounds good, but you’ll hear some naysayers tell you most of the strength in earnings was built into stock prices going in. Actually, that’s a bit of an exaggeration, and you can see that if you follow the 12-month forward price-to-earnings ratio for the S&P 500. It’s now at 22, by Factset’s reckoning, and that’s down from nearly 24 at the start of 2021. Over the same year-to-date time frame, the S&P Equal Weight 500 jumped 16.2%, research firm CFRA noted Monday (equal weight means each of the 500 companies in the index is given a fixed weight instead of the index being weighted by market cap). In other words, stocks have risen while valuations fell, which is a neat trick.\nNo Chips, No Ride: Have you driven by a car dealership lately? If so, you may have noticed that everything seems more or less in place, except for the cars, that is—they’re missing. As we reported earlier this year, the semiconductor sector is undergoing a massive worldwide shortage. For car buyers, this may mean longer waits and higher prices. And by the way, new cars aren’t the only ones impacted by the shortage. The average price of used cars jumped 12.5% over the last year, according to the National Automobile Dealers Association.\nFor automakers, however, this means wider sales, some even seeing record profits as vehicles are sold before they make it to the sales lot. Investors might want to keep an eye on companies like General MotorsGM 2.48%, FordF 1.98%, and other manufacturers to see how the chip shortage may be impacting their bottom lines. Might the shortage in rides be a ticket to ride the chip shortage to the upside?","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":419,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108022651,"gmtCreate":1619964682373,"gmtModify":1634208848382,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"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/108022651","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109853844,"gmtCreate":1619684869988,"gmtModify":1634210737586,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"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/109853844","repostId":"1162866378","repostType":4,"repost":{"id":"1162866378","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":1619683319,"share":"https://www.laohu8.com/m/news/1162866378?lang=zh_CN&edition=full","pubTime":"2021-04-29 16:01","market":"us","language":"en","title":"Apple rose nearly 3% in premarket trading<blockquote>苹果盘前交易涨近3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162866378","media":"Tiger Newspress","summary":"Apple rose nearly 3% in premarket trading, Q2 revenue increased by 54%, and announced a $90 billion ","content":"<p>Apple rose nearly 3% in premarket trading, Q2 revenue increased by 54%, and announced a $90 billion repurchase of stock.</p><p><blockquote>苹果盘前涨近3%，Q2营收增54%，宣布回购900亿美元股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/423f74f0188801e5c5f2e9c726de52f6\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Apple Delivers Blowout Q1, Lifts Buybacks by $90B</b></p><p><blockquote><b>苹果第一季度业绩井喷，回购量增加90B美元</b></blockquote></p><p>Apple reported Wednesday better-than-expected first-quarter results as revenue hit a record high following a surge in services and iPhones growth. Apple said it would increase its existing share buyback program by $90 billion.</p><p><blockquote>苹果周三公布了好于预期的第一季度业绩，在服务和iPhone增长激增后，收入创下历史新高。苹果表示，将把现有的股票回购计划增加900亿美元。</blockquote></p><p>Apple announced earnings per share of $1.40 on revenue of $89.58 billion. Analysts polled by Investing.com anticipated EPS of 98 cents on revenue of $76.71 billion.</p><p><blockquote>苹果公布每股收益1.40美元，营收895.8亿美元。Investing.com调查的分析师预计每股收益为98美分，营收为767.1亿美元。</blockquote></p><p>iPhone revenue, which makes up about half of total revenue, rose to $47.94. billion from $28.96 billion a year earlier, beating estimates of $40.8 billion, driven by strong demand from the latest slate of iPhones.</p><p><blockquote>约占总收入一半的iPhone收入升至47.94美元。由于最新一系列iPhone的强劲需求，销售额从去年同期的289.6亿美元增至10亿美元，超出了预期的408亿美元。</blockquote></p><p>Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $16.90 billion from $13.3 billion, beating estimates of $15.53 billion.</p><p><blockquote>苹果服务业务（包括苹果新闻、苹果TV+和iCloud）的收入从133亿美元增长至169亿美元，超出预期的155.3亿美元。</blockquote></p><p>Wearables, home and accessories generated $7.8 billion in revenue, up from $6.3 billion, beating consensus of&nbsp; $7.45 billion.</p><p><blockquote>可穿戴设备、家居和配件创造了78亿美元的收入，高于63亿美元，高于市场预期的74.5亿美元。</blockquote></p><p>Apple declared a cash dividend of 22 cents per share, an increase of 7%.</p><p><blockquote>苹果宣布每股派发现金股息22美分，增长7%。</blockquote></p><p>\"These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter,\" Apple said in a statement.</p><p><blockquote>苹果在一份声明中表示：“这些业绩使我们在本季度产生了240亿美元的运营现金流，并向股东返还了近230亿美元。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple rose nearly 3% in premarket trading<blockquote>苹果盘前交易涨近3%</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 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 rose nearly 3% in premarket trading<blockquote>苹果盘前交易涨近3%</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 16:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Apple rose nearly 3% in premarket trading, Q2 revenue increased by 54%, and announced a $90 billion repurchase of stock.</p><p><blockquote>苹果盘前涨近3%，Q2营收增54%，宣布回购900亿美元股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/423f74f0188801e5c5f2e9c726de52f6\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Apple Delivers Blowout Q1, Lifts Buybacks by $90B</b></p><p><blockquote><b>苹果第一季度业绩井喷，回购量增加90B美元</b></blockquote></p><p>Apple reported Wednesday better-than-expected first-quarter results as revenue hit a record high following a surge in services and iPhones growth. Apple said it would increase its existing share buyback program by $90 billion.</p><p><blockquote>苹果周三公布了好于预期的第一季度业绩，在服务和iPhone增长激增后，收入创下历史新高。苹果表示，将把现有的股票回购计划增加900亿美元。</blockquote></p><p>Apple announced earnings per share of $1.40 on revenue of $89.58 billion. Analysts polled by Investing.com anticipated EPS of 98 cents on revenue of $76.71 billion.</p><p><blockquote>苹果公布每股收益1.40美元，营收895.8亿美元。Investing.com调查的分析师预计每股收益为98美分，营收为767.1亿美元。</blockquote></p><p>iPhone revenue, which makes up about half of total revenue, rose to $47.94. billion from $28.96 billion a year earlier, beating estimates of $40.8 billion, driven by strong demand from the latest slate of iPhones.</p><p><blockquote>约占总收入一半的iPhone收入升至47.94美元。由于最新一系列iPhone的强劲需求，销售额从去年同期的289.6亿美元增至10亿美元，超出了预期的408亿美元。</blockquote></p><p>Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $16.90 billion from $13.3 billion, beating estimates of $15.53 billion.</p><p><blockquote>苹果服务业务（包括苹果新闻、苹果TV+和iCloud）的收入从133亿美元增长至169亿美元，超出预期的155.3亿美元。</blockquote></p><p>Wearables, home and accessories generated $7.8 billion in revenue, up from $6.3 billion, beating consensus of&nbsp; $7.45 billion.</p><p><blockquote>可穿戴设备、家居和配件创造了78亿美元的收入，高于63亿美元，高于市场预期的74.5亿美元。</blockquote></p><p>Apple declared a cash dividend of 22 cents per share, an increase of 7%.</p><p><blockquote>苹果宣布每股派发现金股息22美分，增长7%。</blockquote></p><p>\"These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter,\" Apple said in a statement.</p><p><blockquote>苹果在一份声明中表示：“这些业绩使我们在本季度产生了240亿美元的运营现金流，并向股东返还了近230亿美元。”</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":"1162866378","content_text":"Apple rose nearly 3% in premarket trading, Q2 revenue increased by 54%, and announced a $90 billion repurchase of stock.Apple Delivers Blowout Q1, Lifts Buybacks by $90BApple reported Wednesday better-than-expected first-quarter results as revenue hit a record high following a surge in services and iPhones growth. Apple said it would increase its existing share buyback program by $90 billion.Apple announced earnings per share of $1.40 on revenue of $89.58 billion. Analysts polled by Investing.com anticipated EPS of 98 cents on revenue of $76.71 billion.iPhone revenue, which makes up about half of total revenue, rose to $47.94. billion from $28.96 billion a year earlier, beating estimates of $40.8 billion, driven by strong demand from the latest slate of iPhones.Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $16.90 billion from $13.3 billion, beating estimates of $15.53 billion.Wearables, home and accessories generated $7.8 billion in revenue, up from $6.3 billion, beating consensus of  $7.45 billion.Apple declared a cash dividend of 22 cents per share, an increase of 7%.\"These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter,\" Apple said in a statement.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100311416,"gmtCreate":1619580077835,"gmtModify":1634211584152,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"comment","listText":"comment","text":"comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/100311416","repostId":"1145859140","repostType":2,"repost":{"id":"1145859140","kind":"news","pubTimestamp":1619578200,"share":"https://www.laohu8.com/m/news/1145859140?lang=zh_CN&edition=full","pubTime":"2021-04-28 10:50","market":"us","language":"en","title":"Apple Q2 2021 Earnings Preview: What to Look For<blockquote>苹果2021年第二季度收益预览：寻找什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145859140","media":"investopedia","summary":"KEY TAKEAWAYS\n\nAnalysts estimate EPS of $0.99 vs. $0.64 in Q2 FY 2020.\nServices revenue is expected ","content":"<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>关键要点</b></blockquote></p><p> <ul>  <li>Analysts estimate EPS of $0.99 vs. $0.64 in Q2 FY 2020.</li>  <li>Services revenue is expected to grow at a faster pace YOY, but decelerate from Q1 FY 2021.</li>  <li>Companywide revenue is expected to increase at the fastest pace in at least 16 quarters.</li> </ul> Apple Inc. (AAPL) is weathering the turbulence of the COVID-19 pandemic better than most companies as millions of users shelter and work at home, sharply boosting demand for Apple devices and services. While the company posted widely varying quarterly results in fiscal 2020, analysts now expect Apple in the coming fiscal 2021 to post the fastest revenue and earnings growth in at least five years. Growth like that is highly unusual for a company of its size.1</p><p><blockquote><ul><li>分析师预计2020财年第二季度每股收益为0.99美元，而2020财年第二季度每股收益为0.64美元。</li><li>服务收入预计将同比增长更快，但较2021财年第一季度有所放缓。</li><li>预计全公司收入将以至少16个季度以来最快的速度增长。</li></ul>苹果公司(AAPL)比大多数公司更好地抵御了COVID-19大流行的动荡，因为数百万用户在家避难和工作，大幅提振了对苹果设备和服务的需求。尽管该公司在2020财年公布的季度业绩差异很大，但分析师现在预计，苹果在即将到来的2021财年将实现至少五年来最快的收入和盈利增长。对于这种规模的公司来说，这样的增长是非常不寻常的。</blockquote></p><p> Investors will look closely to see if Apple has a chance of meeting those optimistic forecasts when the company reports earnings on April 28 after market close for Q2 FY 2021.2Analysts expect the company to post its strongest quarterly earnings per share (EPS) and revenue growth YOY in several years.1Note that Apple is reporting fiscal Q2 results at this time because the company's fiscal year ends in September.</p><p><blockquote>当苹果于4月28日收盘后公布2021财年第二季度收益时，投资者将密切关注该公司是否有机会实现这些乐观预测。2分析师预计该公司将公布最强劲的季度每股收益(EPS)和收入增长几年来同比增长。1请注意，苹果目前正在报告第二季度财报，因为该公司的财年于9月结束。</blockquote></p><p> Investors will also look at another key metric, Apple's services revenue, which is a crucial, high-margin business and a major part of Apple's strategy of diversifying its revenue mix. In Q2, analysts expect services revenue to grow faster than the same quarter a year ago, but at a slower rate than the latest reported quarter, which is Q1 FY 2021.1</p><p><blockquote>投资者还将关注另一个关键指标，即苹果的服务收入，这是一项至关重要的高利润业务，也是苹果收入结构多元化战略的重要组成部分。分析师预计第二季度服务收入增长速度将快于去年同期，但增速低于最新报告的季度（即2021财年第一季度）。1</blockquote></p><p> Apple's stock performance has mirrored its overall strong earnings reports in recent quarters. The company's stock broke away from the broader market following its Q2 FY 2020 earnings report, and since then has outperformed the S&amp;P 500, sometimes by a wide margin. The stock was further buoyed by the Q3 FY 2020 earnings release. Apple shares dipped in September 2020 before gradually reclaiming lost ground through late January 2021, at which point they dipped again. Most recently, in April 2021, Apple shares have risen, helping to provide a 1-year trailing total return of 91.7% versus 45.4% for the S&amp;P 500.</p><p><blockquote>苹果的股票表现反映了其最近几个季度整体强劲的盈利报告。该公司的股票在发布2020财年第二季度收益报告后脱离了大盘，此后表现优于标普500，有时甚至大幅领先。2020财年第三季度财报发布进一步提振了该股。苹果股价在2020年9月下跌，然后在2021年1月下旬逐渐收复失地，随后再次下跌。最近，在2021年4月，苹果股价上涨，帮助提供了91.7%的1年跟踪总回报率，而标普500的1年跟踪总回报率为45.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daba11cc652689f23d868ab370fe234c\" tg-width=\"880\" tg-height=\"454\"><span>Source: TradingView.Apple Earnings History</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView.Apple盈利历史</span></p></blockquote></p><p> Apple's quarterly EPS performance has fluctuated during COVID-19 while remaining generally positive, save for a decline of 3.0% for Q4 FY 2020. Otherwise, since Q2 FY 2020, the first quarter to reflect the pandemic, quarters with YOY earnings growth have ranged from 3.8% to 34.6%. Analysts now expect Apple to significantly exceed the upper end of that range, posting YOY EPS growth for Q2 FY 2021 of 54.8%. This would be the fastest quarterly EPS growth in at least 12 quarters.1</p><p><blockquote>苹果的季度每股收益表现在COVID-19期间有所波动，但总体保持正值，但2020财年第四季度下降了3.0%。除此之外，自2020财年第二季度（第一个反映疫情的季度）以来，盈利同比增长的季度在3.8%至34.6%之间。分析师目前预计苹果将大幅超过该区间的上限，2021财年第二季度每股收益同比增长54.8%。这将是至少12个季度以来最快的季度每股收益增长。1</blockquote></p><p> Apple's revenue also has been consistently improving in recent quarters. The company has posted YOY revenue gains in 9 of the past 11 quarters. Revenue growth nearly stalled at a 0.5% gain in Q2 FY 2020, but the pandemic period has also seen the strongest gains. Revenue grew by 21.4% YOY for Q1 FY 2021, the strongest pace in nearly three years. Analysts estimate that Q2 FY 2021 will far outpace even that torrid rate, with 32.7% revenue growth.1</p><p><blockquote>最近几个季度，苹果的收入也一直在持续改善。该公司在过去11个季度中有9个季度收入同比增长。2020财年第二季度，收入增长几乎停滞在0.5%，但疫情期间也出现了最强劲的增长。2021财年第一季度收入同比增长21.4%，为近三年来最强劲增速。分析师估计，2021财年第二季度收入增长32.7%，甚至将远远超过这一强劲增速。1</blockquote></p><p> <table>  <thead>   <tr>    <th>Apple Key Stats</th>   </tr>  </thead>  <tbody>   <tr>    <td>Estimate for Q2 FY 2021</td>    <td>Q2 FY 2020</td>    <td>Q2 FY 2019</td>   </tr>   <tr>    <td>Earnings Per Share ($)</td>    <td>0.99</td>    <td>0.64</td>    <td>0.61</td>   </tr>   <tr>    <td>Revenue ($B)</td>    <td>77.4</td>    <td>58.3</td>    <td>58.0</td>   </tr>   <tr>    <td>Services Revenue ($B)</td>    <td>15.7</td>    <td>13.3</td>    <td>11.5</td>   </tr>  </tbody> </table> Source:Visible Alpha</p><p><blockquote><table><thead><tr><th>苹果关键统计数据</th></tr></thead><tbody><tr><td>2021财年第二季度预估</td><td>2020财年第二季度</td><td>2019财年第二季度</td></tr><tr><td>每股收益（美元）</td><td>0.99</td><td>0.64</td><td>0.61</td></tr><tr><td>收入($B)</td><td>77.4</td><td>58.3</td><td>58.0</td></tr><tr><td>服务收入（B美元）</td><td>15.7</td><td>13.3</td><td>11.5</td></tr></tbody></table>来源：Visible Alpha</blockquote></p><p> <b>The Key Metric</b></p><p><blockquote><b>关键指标</b></blockquote></p><p> As mentioned, a major focus for investors this quarter may be on Apple's services revenue. The company is pivoting toward services because they have dramatically higher profit margins and have steadier sales relative to Apple's popular hardware products. Apple's services include streaming services such as movie and TV entertainment provider Apple TV+, video game seller Apple Arcade, news services, and digital content stores including the iTunes Store and the App Store, as well as Apple Pay, and AppleCare. It also includes a varietyof other services that support Apple's hardware devices. Apple's ability to shift growth toward its highly profitable services area shows how it can pivot and execute strategy despite its monumental size.</p><p><blockquote>如前所述，投资者本季度的主要关注点可能是苹果的服务收入。该公司正在转向服务，因为相对于苹果流行的硬件产品，它们的利润率高得多，销售也更稳定。苹果的服务包括流媒体服务，如电影和电视娱乐提供商苹果TV+、视频游戏销售商苹果街机、新闻服务和数字内容商店，包括iTunes Store和App Store，以及苹果Pay和AppleCare。它还包括支持苹果硬件设备的各种其他服务。苹果将增长转向高利润服务领域的能力表明，尽管其规模巨大，但它如何调整和执行战略。</blockquote></p><p></p><p> Analysts predict that Apple will grow its services revenue by 17.6% to $15.7 billion for Q2 FY 2021, the fastest growth in six quarters except for Q1, which saw nearly 24% growth. The company has achieved steady and significant growth in services revenue during the past four years, with quarterly YOY growth ranging from 12.6% to 40.0%. Analysts predict that Apple will generate services revenue growth of 18.8% for FY 2021, the fastest growth rate since FY 2018.</p><p><blockquote>分析师预测，苹果2021财年第二季度的服务收入将增长17.6%，达到157亿美元，这是除第一季度增长近24%之外的六个季度中最快的增长。过去四年，该公司服务收入实现了稳定且显着的增长，季度同比增长率在12.6%至40.0%之间。分析师预测，苹果2021财年的服务收入将增长18.8%，这是自2018财年以来的最快增长率。</blockquote></p><p></p>","source":"lsy1606203311635","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 Q2 2021 Earnings Preview: What to Look For<blockquote>苹果2021年第二季度收益预览：寻找什么</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\">\nApple Q2 2021 Earnings Preview: What to Look For<blockquote>苹果2021年第二季度收益预览：寻找什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investopedia</strong><span class=\"h-time small\">2021-04-28 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>KEY TAKEAWAYS</b></p><p><blockquote><b>关键要点</b></blockquote></p><p> <ul>  <li>Analysts estimate EPS of $0.99 vs. $0.64 in Q2 FY 2020.</li>  <li>Services revenue is expected to grow at a faster pace YOY, but decelerate from Q1 FY 2021.</li>  <li>Companywide revenue is expected to increase at the fastest pace in at least 16 quarters.</li> </ul> Apple Inc. (AAPL) is weathering the turbulence of the COVID-19 pandemic better than most companies as millions of users shelter and work at home, sharply boosting demand for Apple devices and services. While the company posted widely varying quarterly results in fiscal 2020, analysts now expect Apple in the coming fiscal 2021 to post the fastest revenue and earnings growth in at least five years. Growth like that is highly unusual for a company of its size.1</p><p><blockquote><ul><li>分析师预计2020财年第二季度每股收益为0.99美元，而2020财年第二季度每股收益为0.64美元。</li><li>服务收入预计将同比增长更快，但较2021财年第一季度有所放缓。</li><li>预计全公司收入将以至少16个季度以来最快的速度增长。</li></ul>苹果公司(AAPL)比大多数公司更好地抵御了COVID-19大流行的动荡，因为数百万用户在家避难和工作，大幅提振了对苹果设备和服务的需求。尽管该公司在2020财年公布的季度业绩差异很大，但分析师现在预计，苹果在即将到来的2021财年将实现至少五年来最快的收入和盈利增长。对于这种规模的公司来说，这样的增长是非常不寻常的。</blockquote></p><p> Investors will look closely to see if Apple has a chance of meeting those optimistic forecasts when the company reports earnings on April 28 after market close for Q2 FY 2021.2Analysts expect the company to post its strongest quarterly earnings per share (EPS) and revenue growth YOY in several years.1Note that Apple is reporting fiscal Q2 results at this time because the company's fiscal year ends in September.</p><p><blockquote>当苹果于4月28日收盘后公布2021财年第二季度收益时，投资者将密切关注该公司是否有机会实现这些乐观预测。2分析师预计该公司将公布最强劲的季度每股收益(EPS)和收入增长几年来同比增长。1请注意，苹果目前正在报告第二季度财报，因为该公司的财年于9月结束。</blockquote></p><p> Investors will also look at another key metric, Apple's services revenue, which is a crucial, high-margin business and a major part of Apple's strategy of diversifying its revenue mix. In Q2, analysts expect services revenue to grow faster than the same quarter a year ago, but at a slower rate than the latest reported quarter, which is Q1 FY 2021.1</p><p><blockquote>投资者还将关注另一个关键指标，即苹果的服务收入，这是一项至关重要的高利润业务，也是苹果收入结构多元化战略的重要组成部分。分析师预计第二季度服务收入增长速度将快于去年同期，但增速低于最新报告的季度（即2021财年第一季度）。1</blockquote></p><p> Apple's stock performance has mirrored its overall strong earnings reports in recent quarters. The company's stock broke away from the broader market following its Q2 FY 2020 earnings report, and since then has outperformed the S&amp;P 500, sometimes by a wide margin. The stock was further buoyed by the Q3 FY 2020 earnings release. Apple shares dipped in September 2020 before gradually reclaiming lost ground through late January 2021, at which point they dipped again. Most recently, in April 2021, Apple shares have risen, helping to provide a 1-year trailing total return of 91.7% versus 45.4% for the S&amp;P 500.</p><p><blockquote>苹果的股票表现反映了其最近几个季度整体强劲的盈利报告。该公司的股票在发布2020财年第二季度收益报告后脱离了大盘，此后表现优于标普500，有时甚至大幅领先。2020财年第三季度财报发布进一步提振了该股。苹果股价在2020年9月下跌，然后在2021年1月下旬逐渐收复失地，随后再次下跌。最近，在2021年4月，苹果股价上涨，帮助提供了91.7%的1年跟踪总回报率，而标普500的1年跟踪总回报率为45.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/daba11cc652689f23d868ab370fe234c\" tg-width=\"880\" tg-height=\"454\"><span>Source: TradingView.Apple Earnings History</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView.Apple盈利历史</span></p></blockquote></p><p> Apple's quarterly EPS performance has fluctuated during COVID-19 while remaining generally positive, save for a decline of 3.0% for Q4 FY 2020. Otherwise, since Q2 FY 2020, the first quarter to reflect the pandemic, quarters with YOY earnings growth have ranged from 3.8% to 34.6%. Analysts now expect Apple to significantly exceed the upper end of that range, posting YOY EPS growth for Q2 FY 2021 of 54.8%. This would be the fastest quarterly EPS growth in at least 12 quarters.1</p><p><blockquote>苹果的季度每股收益表现在COVID-19期间有所波动，但总体保持正值，但2020财年第四季度下降了3.0%。除此之外，自2020财年第二季度（第一个反映疫情的季度）以来，盈利同比增长的季度在3.8%至34.6%之间。分析师目前预计苹果将大幅超过该区间的上限，2021财年第二季度每股收益同比增长54.8%。这将是至少12个季度以来最快的季度每股收益增长。1</blockquote></p><p> Apple's revenue also has been consistently improving in recent quarters. The company has posted YOY revenue gains in 9 of the past 11 quarters. Revenue growth nearly stalled at a 0.5% gain in Q2 FY 2020, but the pandemic period has also seen the strongest gains. Revenue grew by 21.4% YOY for Q1 FY 2021, the strongest pace in nearly three years. Analysts estimate that Q2 FY 2021 will far outpace even that torrid rate, with 32.7% revenue growth.1</p><p><blockquote>最近几个季度，苹果的收入也一直在持续改善。该公司在过去11个季度中有9个季度收入同比增长。2020财年第二季度，收入增长几乎停滞在0.5%，但疫情期间也出现了最强劲的增长。2021财年第一季度收入同比增长21.4%，为近三年来最强劲增速。分析师估计，2021财年第二季度收入增长32.7%，甚至将远远超过这一强劲增速。1</blockquote></p><p> <table>  <thead>   <tr>    <th>Apple Key Stats</th>   </tr>  </thead>  <tbody>   <tr>    <td>Estimate for Q2 FY 2021</td>    <td>Q2 FY 2020</td>    <td>Q2 FY 2019</td>   </tr>   <tr>    <td>Earnings Per Share ($)</td>    <td>0.99</td>    <td>0.64</td>    <td>0.61</td>   </tr>   <tr>    <td>Revenue ($B)</td>    <td>77.4</td>    <td>58.3</td>    <td>58.0</td>   </tr>   <tr>    <td>Services Revenue ($B)</td>    <td>15.7</td>    <td>13.3</td>    <td>11.5</td>   </tr>  </tbody> </table> Source:Visible Alpha</p><p><blockquote><table><thead><tr><th>苹果关键统计数据</th></tr></thead><tbody><tr><td>2021财年第二季度预估</td><td>2020财年第二季度</td><td>2019财年第二季度</td></tr><tr><td>每股收益（美元）</td><td>0.99</td><td>0.64</td><td>0.61</td></tr><tr><td>收入($B)</td><td>77.4</td><td>58.3</td><td>58.0</td></tr><tr><td>服务收入（B美元）</td><td>15.7</td><td>13.3</td><td>11.5</td></tr></tbody></table>来源：Visible Alpha</blockquote></p><p> <b>The Key Metric</b></p><p><blockquote><b>关键指标</b></blockquote></p><p> As mentioned, a major focus for investors this quarter may be on Apple's services revenue. The company is pivoting toward services because they have dramatically higher profit margins and have steadier sales relative to Apple's popular hardware products. Apple's services include streaming services such as movie and TV entertainment provider Apple TV+, video game seller Apple Arcade, news services, and digital content stores including the iTunes Store and the App Store, as well as Apple Pay, and AppleCare. It also includes a varietyof other services that support Apple's hardware devices. Apple's ability to shift growth toward its highly profitable services area shows how it can pivot and execute strategy despite its monumental size.</p><p><blockquote>如前所述，投资者本季度的主要关注点可能是苹果的服务收入。该公司正在转向服务，因为相对于苹果流行的硬件产品，它们的利润率高得多，销售也更稳定。苹果的服务包括流媒体服务，如电影和电视娱乐提供商苹果TV+、视频游戏销售商苹果街机、新闻服务和数字内容商店，包括iTunes Store和App Store，以及苹果Pay和AppleCare。它还包括支持苹果硬件设备的各种其他服务。苹果将增长转向高利润服务领域的能力表明，尽管其规模巨大，但它如何调整和执行战略。</blockquote></p><p></p><p> Analysts predict that Apple will grow its services revenue by 17.6% to $15.7 billion for Q2 FY 2021, the fastest growth in six quarters except for Q1, which saw nearly 24% growth. The company has achieved steady and significant growth in services revenue during the past four years, with quarterly YOY growth ranging from 12.6% to 40.0%. Analysts predict that Apple will generate services revenue growth of 18.8% for FY 2021, the fastest growth rate since FY 2018.</p><p><blockquote>分析师预测，苹果2021财年第二季度的服务收入将增长17.6%，达到157亿美元，这是除第一季度增长近24%之外的六个季度中最快的增长。过去四年，该公司服务收入实现了稳定且显着的增长，季度同比增长率在12.6%至40.0%之间。分析师预测，苹果2021财年的服务收入将增长18.8%，这是自2018财年以来的最快增长率。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investopedia.com/apple-q2-2021-earnings-report-preview-5180676\">investopedia</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.investopedia.com/apple-q2-2021-earnings-report-preview-5180676","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145859140","content_text":"KEY TAKEAWAYS\n\nAnalysts estimate EPS of $0.99 vs. $0.64 in Q2 FY 2020.\nServices revenue is expected to grow at a faster pace YOY, but decelerate from Q1 FY 2021.\nCompanywide revenue is expected to increase at the fastest pace in at least 16 quarters.\n\nApple Inc. (AAPL) is weathering the turbulence of the COVID-19 pandemic better than most companies as millions of users shelter and work at home, sharply boosting demand for Apple devices and services. While the company posted widely varying quarterly results in fiscal 2020, analysts now expect Apple in the coming fiscal 2021 to post the fastest revenue and earnings growth in at least five years. Growth like that is highly unusual for a company of its size.1\nInvestors will look closely to see if Apple has a chance of meeting those optimistic forecasts when the company reports earnings on April 28 after market close for Q2 FY 2021.2Analysts expect the company to post its strongest quarterly earnings per share (EPS) and revenue growth YOY in several years.1Note that Apple is reporting fiscal Q2 results at this time because the company's fiscal year ends in September.\nInvestors will also look at another key metric, Apple's services revenue, which is a crucial, high-margin business and a major part of Apple's strategy of diversifying its revenue mix. In Q2, analysts expect services revenue to grow faster than the same quarter a year ago, but at a slower rate than the latest reported quarter, which is Q1 FY 2021.1\nApple's stock performance has mirrored its overall strong earnings reports in recent quarters. The company's stock broke away from the broader market following its Q2 FY 2020 earnings report, and since then has outperformed the S&P 500, sometimes by a wide margin. The stock was further buoyed by the Q3 FY 2020 earnings release. Apple shares dipped in September 2020 before gradually reclaiming lost ground through late January 2021, at which point they dipped again. Most recently, in April 2021, Apple shares have risen, helping to provide a 1-year trailing total return of 91.7% versus 45.4% for the S&P 500.\nSource: TradingView.Apple Earnings History\nApple's quarterly EPS performance has fluctuated during COVID-19 while remaining generally positive, save for a decline of 3.0% for Q4 FY 2020. Otherwise, since Q2 FY 2020, the first quarter to reflect the pandemic, quarters with YOY earnings growth have ranged from 3.8% to 34.6%. Analysts now expect Apple to significantly exceed the upper end of that range, posting YOY EPS growth for Q2 FY 2021 of 54.8%. This would be the fastest quarterly EPS growth in at least 12 quarters.1\nApple's revenue also has been consistently improving in recent quarters. The company has posted YOY revenue gains in 9 of the past 11 quarters. Revenue growth nearly stalled at a 0.5% gain in Q2 FY 2020, but the pandemic period has also seen the strongest gains. Revenue grew by 21.4% YOY for Q1 FY 2021, the strongest pace in nearly three years. Analysts estimate that Q2 FY 2021 will far outpace even that torrid rate, with 32.7% revenue growth.1\n\n\n\nApple Key Stats\n\n\n\n\nEstimate for Q2 FY 2021\nQ2 FY 2020\nQ2 FY 2019\n\n\nEarnings Per Share ($)\n0.99\n0.64\n0.61\n\n\nRevenue ($B)\n77.4\n58.3\n58.0\n\n\nServices Revenue ($B)\n15.7\n13.3\n11.5\n\n\n\nSource:Visible Alpha\nThe Key Metric\nAs mentioned, a major focus for investors this quarter may be on Apple's services revenue. The company is pivoting toward services because they have dramatically higher profit margins and have steadier sales relative to Apple's popular hardware products. Apple's services include streaming services such as movie and TV entertainment provider Apple TV+, video game seller Apple Arcade, news services, and digital content stores including the iTunes Store and the App Store, as well as Apple Pay, and AppleCare. It also includes a varietyof other services that support Apple's hardware devices. Apple's ability to shift growth toward its highly profitable services area shows how it can pivot and execute strategy despite its monumental size.\nAnalysts predict that Apple will grow its services revenue by 17.6% to $15.7 billion for Q2 FY 2021, the fastest growth in six quarters except for Q1, which saw nearly 24% growth. The company has achieved steady and significant growth in services revenue during the past four years, with quarterly YOY growth ranging from 12.6% to 40.0%. Analysts predict that Apple will generate services revenue growth of 18.8% for FY 2021, the fastest growth rate since FY 2018.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804855327,"gmtCreate":1627950944369,"gmtModify":1633755004851,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804855327","repostId":"2156114224","repostType":4,"isVote":1,"tweetType":1,"viewCount":1650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801599662,"gmtCreate":1627521597056,"gmtModify":1633764181161,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801599662","repostId":"1127264445","repostType":4,"repost":{"id":"1127264445","kind":"news","pubTimestamp":1627514621,"share":"https://www.laohu8.com/m/news/1127264445?lang=zh_CN&edition=full","pubTime":"2021-07-29 07:23","market":"us","language":"en","title":"S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127264445","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after th","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段路要走。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc预测收入增长放缓，股价下跌1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>总部位于俄亥俄州托莱多的投资咨询公司Alan B.Lancz&amp;Associates Inc总裁艾伦·兰茨(Alan Lancz)表示：“看起来对市场来说最积极的事情可能是他们远未加息。”</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和COVID-19病例激增可能会影响央行可能开始撤回刺激措施的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>The<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>F.L.投资组合经理Ellen Hazen表示：“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且仍然是可预测的。”普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>，马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为98.6亿股，而过去20个交易日的全交易日平均成交量相似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，无新低；纳斯达克综合指数录得44个新高和67个新低。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</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\">\nS&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes<blockquote>标普500收于当日低点；鲍威尔称美联储距离加息还有很长的路要走</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-29 07:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> said the central bank was still a ways away from considering raising interest rates.</p><p><blockquote>路透纽约3月19日-标普500周三收盘变化不大，但脱离盘中低点，此前美联储表示美国经济复苏仍在正轨上，主席杰罗姆<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>表示央行距离考虑加息还有一段路要走。</blockquote></p><p> Keeping the market in check, shares of tech giant <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc fell 1.2% after it forecast slowing revenue growth.</p><p><blockquote>控制市场，科技巨头的股票<a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc预测收入增长放缓，股价下跌1.2%。</blockquote></p><p> In a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.</p><p><blockquote>在美联储发布新政策声明后的新闻发布会上，鲍威尔还表示，在退出美联储提供的经济支持之前，美国就业市场仍有“一些地方需要覆盖”。2020年春季，以应对冠状病毒大流行的经济冲击。</blockquote></p><p> “It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc, an investment advisory firm based in Toledo, Ohio.</p><p><blockquote>总部位于俄亥俄州托莱多的投资咨询公司Alan B.Lancz&amp;Associates Inc总裁艾伦·兰茨(Alan Lancz)表示：“看起来对市场来说最积极的事情可能是他们远未加息。”</blockquote></p><p> Right after the Fed statement, the S&amp;P 500 index reversed slight declines though it still ended a hair lower on the day.</p><p><blockquote>美联储声明发布后，标普500指数扭转了小幅跌势，但当天收盘仍小幅下跌。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>一直担心通胀上升和COVID-19病例激增可能会影响央行可能开始撤回刺激措施的计划。</blockquote></p><p> The central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.</p><p><blockquote>央行还表示，通胀上升仍然是“暂时性因素”的结果。美联储将隔夜基准利率维持在零附近，并维持债券购买计划不变。</blockquote></p><p> The <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> ended higher and shares of Google parent <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.</p><p><blockquote>The<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>谷歌母公司股价收高<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>由于广告支出激增帮助其公布了创纪录的季度业绩，Inc创下历史新高。该股收盘上涨3.2%。</blockquote></p><p> The Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&amp;P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.</p><p><blockquote>道琼斯工业平均指数下跌127.59点，跌幅0.36%，至34,930.93点；标普500下跌0.82点，跌幅0.02%，至4,400.64点；纳斯达克综合指数上涨102.01点，跌幅0.7%，至14,762.58点。</blockquote></p><p> The Fed’s statement came at the conclusion of its latest two-day policy meeting.</p><p><blockquote>美联储的声明是在最近一次为期两天的政策会议结束时发表的。</blockquote></p><p> “They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in <a href=\"https://laohu8.com/S/WEBK\">Wellesley</a>, Massachusetts.</p><p><blockquote>F.L.投资组合经理Ellen Hazen表示：“他们有机会发出信号，表明他们将变得更加鹰派，但他们选择不接受。最重要的是，他们是可预测的，而且仍然是可预测的。”普特南投资管理公司<a href=\"https://laohu8.com/S/WEBK\">韦尔斯利</a>，马萨诸塞州。</blockquote></p><p> In other earnings news, <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.</p><p><blockquote>在其他财报消息中，<a href=\"https://laohu8.com/S/MSFT\">微软</a>尽管云服务的繁荣帮助其收入和盈利超出了华尔街的预期，但该公司收盘下跌0.1%。</blockquote></p><p> Volume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为98.6亿股，而过去20个交易日的全交易日平均成交量相似。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为1.85比1；在纳斯达克，2.61比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.</p><p><blockquote>标普500创下42个52周新高，无新低；纳斯达克综合指数录得44个新高和67个新低。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H\">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":{"161125":"标普500","SPY":"标普500ETF","SPXU":"三倍做空标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","SSO":"2倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","OEX":"标普100",".DJI":"道琼斯",".SPX":"S&P 500 Index","UPRO":"三倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-ends-off-days-lows-powell-says-fed-still-a-ways-away-from-rate-hikes-idUSL1N2P435H","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127264445","content_text":"NEW YORK (Reuters) - The S&P 500 ended little changed on Wednesday but off its session lows after the Federal Reserve said the U.S. economic recovery remains on track and Chair Jerome Powell said the central bank was still a ways away from considering raising interest rates.\nKeeping the market in check, shares of tech giant Apple Inc fell 1.2% after it forecast slowing revenue growth.\nIn a news conference following the release of a new policy statement from the Fed, Powell also said the U.S. job market still had “some ground to cover” before it would be time to pull back from the economic support the U.S. central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks.\n“It looks like probably the most positive thing for the market was that they are nowhere near increasing interest rates,” said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio.\nRight after the Fed statement, the S&P 500 index reversed slight declines though it still ended a hair lower on the day.\nInvestors have been worried about how rising inflation and a spike in COVID-19 cases might impact the central bank’s plan to potentially start withdrawing its stimulus.\nThe central bank also said that higher inflation remained the result of “transitory factors.” The Fed kept its overnight benchmark interest rate near zero and left unchanged its bond-buying program.\nThe Nasdaq ended higher and shares of Google parent Alphabet Inc hit an all-time high as a surge in advertising spending helped it post record quarterly results. The stock ended up 3.2%.\nThe Dow Jones Industrial Average fell 127.59 points, or 0.36%, to 34,930.93, the S&P 500 lost 0.82 point, or 0.02%, to 4,400.64 and the Nasdaq Composite added 102.01 points, or 0.7%, to 14,762.58.\nThe Fed’s statement came at the conclusion of its latest two-day policy meeting.\n“They had a chance to signal they were going to become more hawkish and they chose not to take it. The most important thing is they are predictable and they are remaining predictable,” said Ellen Hazen, portfolio manager at F.L. Putnam Investment Management in Wellesley, Massachusetts.\nIn other earnings news, Microsoft Corp ended down 0.1% even as a boom in cloud services helped it beat Wall Street expectations for revenue and earnings.\nVolume on U.S. exchanges was 9.86 billion shares, compared with a similar average for the full session over the last 20 trading days.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.85-to-1 ratio; on Nasdaq, a 2.61-to-1 ratio favored advancers.\nThe S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 44 new highs and 67 new lows.","news_type":1,"symbols_score_info":{"161125":0.9,".SPX":0.9,"IVV":0.9,"SDS":0.9,"SPY":0.9,".IXIC":0.9,"SPXU":0.9,"OEF":0.9,"SH":0.9,"UPRO":0.9,"OEX":0.9,"ESmain":0.9,"SSO":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803217010,"gmtCreate":1627441202530,"gmtModify":1633764946491,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"gd","listText":"gd","text":"gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803217010","repostId":"2154991792","repostType":4,"isVote":1,"tweetType":1,"viewCount":1436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175974291,"gmtCreate":1627005003513,"gmtModify":1633768864616,"author":{"id":"3581654744609547","authorId":"3581654744609547","name":"goodjo","avatar":"https://static.tigerbbs.com/db66661be83984b904c52def7dee4dc2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581654744609547","idStr":"3581654744609547"},"themes":[],"htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175974291","repostId":"1164478982","repostType":4,"isVote":1,"tweetType":1,"viewCount":593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}