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2021-12-21

Roller coaster base on Elon tweat

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2021-11-20

Roblox engagement is no joke, if you can grab attention, you will grab a share of wallet..

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2021-06-17

Growth stock!

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2021-05-23

Cloud is the next big Thing. But the question Is which one will suceed

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2021-05-23

Time to sell and grab profit

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2021-05-20

This is the way

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2021-05-08

Unbelievable

Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote>

2021-05-08

Crash.. But it may happen tomorrow, next. Month or next year..is anybody guesses. Just be. Ready

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

2021-05-08

Don't worry bout trump, let's move forward.

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2021-05-07

Interest rate is going up. All this high growth stock base on future cash flow is not cheap at all.

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2021-05-06

Pfizer doing good though, record earning from Covid vaccine

BioNTech fell nearly 3% in premarket trading<blockquote>BioNTech盘前交易下跌近3%</blockquote>

2021-05-06

Why 40%? And timing is the key, Need to hold how long to realise that? Not a worth buy if only 40% in 10 years

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2021-05-04

That's why they say sell in May..

Yellen says interest rates may have to rise somewhat to make sure economy doesn't overheat<blockquote>耶伦表示，利率可能必须有所上升，以确保经济不会过热</blockquote>

2021-05-04

Sell in May?

Stocks decline after a solid start to May, tech shares lead losses<blockquote>股市在五月强劲开局后下跌，科技股领跌</blockquote>

2021-05-04

Why is this top news, is their family matter.

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2021-05-03

But Baidu is no Google, in term of search it is losing market share to the likes of tencent and Alibaba.. People don't 'google' as much in China, they will just open we Chat and search order the thing they need.

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2021-04-30

Wow.. World domination..

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2021-04-28

This is like the turnip mania! Interesting to see how this bubble progress..

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2021-04-28

Or not and came the long awaited correction

Apple Could Blow the Top Off Earnings—Again. What That Would Mean for the Stock.<blockquote>苹果的盈利可能会再次飙升。这对股票意味着什么。</blockquote>

2021-04-28

Growing strong! Margin in cloud didn't improvr as the cloud space is still heavily competitive with Amazon and Google.. Who will win the cloud space?

Microsoft sales grow on cloud strength, shares dip on heightened valuation<blockquote>微软销售额因云实力而增长，股价因估值上升而下跌</blockquote>

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The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p><blockquote>马斯克一直是狗狗币和加密货币最大的支持者之一。这位自封的特斯拉“技术之王”主要利用其庞大的社交媒体粉丝来抬高doge的价格，他于4月1日在推特上表示，他将使用SpaceX火箭将实体doge硬币放在真正的月球上，呼应了社交媒体将硬币价格“带到月球”的目标。</blockquote></p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p><blockquote>比塞蒂表示，她第一次涉足狗狗币是在马斯克去年夏天社交媒体信件的推动下，她还投资科技股和交易所交易基金。</blockquote></p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p><blockquote>她在狗狗币的交易价格为3/10美分时买入了它，尽管去年8月它达到了1美分左右，但她仍保持了她在2013年创建的数字资产中的美元成本平均头寸。</blockquote></p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p><blockquote>马斯克已成为Reddit等网站上狗狗币持有者的聚集点，他即将在“SNL”上亮相是加密货币市场内外备受期待的时刻，该市场主要集中在比特币和以太币这两个世界上最大的加密货币。</blockquote></p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p><blockquote>狗狗币长期以来在数字资产领域一直享有笑话货币的美誉，但很难否认其飙升的价值引起了大街和华尔街的关注——至少暂时如此。</blockquote></p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p><blockquote>前《SNL》演员兼喜剧演员大卫·斯派德(David Spade)周四在推特上表示，他想知道马斯克出现在小品节目中是否相当于为doge制作了一部90分钟的电视广告，并补充说，也许是开玩笑地说，他正在购买狗狗币。</blockquote></p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p><blockquote>博彩平台SportsBettingDime.com的赔率制定了许多关于马斯克出现在《周六夜现场》上的适当赌注，包括他在节目中首先提到的任何加密货币。</blockquote></p><p>Which cryptocurrency does Musk mention first:</p><p><blockquote>马斯克首先提到的是哪种加密货币：</blockquote></p><p>1. Bitcoin: -200</p><p><blockquote>1.比特币：-200</blockquote></p><p>2. Dogecoin: +600</p><p><blockquote>2.狗狗币：+600</blockquote></p><p>3. FIELD: +450</p><p><blockquote>3.字段：+450</blockquote></p><p>4. Does Not Mention Bitcoin: +400</p><p><blockquote>4.没有提到比特币：+400</blockquote></p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p><blockquote>Beesetti表示，她最近出售了价值约8,000美元的狗狗币，购买了一双Gucci鞋、一部iPhone，并根据以太币协议提高了她在以太thar的头寸，但在其他方面一直是doge的稳定持有者。</blockquote></p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p><blockquote>该投资者不愿提供具体数字，但表示她目前持有的狗狗币在50,000至100,000枚之间。</blockquote></p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p><blockquote>也许与doge的一些投资者不同，她并不对它具有实用性抱有幻想，而是接受了这样一种可能性：势头可能会在模仿资产中积累到一定程度，从而锻造自己的合法性。</blockquote></p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p><blockquote>“Doge没有内在价值，”比塞蒂说。“如果你和一群人相信它，价值就会变得真实。在这种情况下，相信它的群体和人比以前更多。”</blockquote></p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p><blockquote>尽管如此，至少一位分析师表示，现实可能会在周日早上对模因币持有者造成沉重打击。</blockquote></p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p><blockquote>Oanda高级市场分析师爱德华·莫亚(Edward Moya)在一份研究报告中写道：“SNL之后，一旦狗狗币明显不会飙升至月球或达到备受关注的1美元水平，一些加密货币交易员可能会放弃短期狗狗币押注。”笔记。</blockquote></p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p><blockquote>这位分析师还指出，狗狗币投资者（在加密货币界被称为霍德勒）的坚定信念可能会违背逻辑并保持价格上涨。</blockquote></p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p><blockquote>这位Oanda策略师表示：“一直致力于Doge的散户交易员可能仍然是顽固的霍德勒，因此如果没有发生卖出事件反应，我们不应该感到惊讶。”</blockquote></p><p>How it all plays out for dogecoin is anyone’s guess.</p><p><blockquote>狗狗币的结局如何，谁也说不准。</blockquote></p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p><blockquote>“这只是一种模因货币，但有时最有趣的结果会成为现实，”比塞蒂说。</blockquote></p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</p><p><blockquote>与大多数其他资产相比，这种模因货币经历了惊人的上涨。今年迄今为止，黄金期货下跌了3%，道琼斯工业平均指数和标普500指数在2021年上涨了近13%，而纳斯达克综合指数今年迄今为止的涨幅约超过6%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</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\">\nDogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-05-08 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.</p><p><blockquote>Nikki Beesetti早在2017年就开始投资加密货币，并用出售她心血来潮购买的一枚比特币的收益支付了她在普渡大学的最后一个学期的费用，该收益已飙升至近2万美元。</blockquote></p><p>Now, the product manager for a startup in New York is dabbling in dogecoin&nbsp;,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.</p><p><blockquote>现在，纽约一家初创公司的产品经理正在涉足狗狗币，并认为本周末可能是这种模仿硬币的成败时刻，这种模仿硬币在2021年上涨了近13,000%。</blockquote></p><p>“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.</p><p><blockquote>Beesetti在接受MarketWatch电话采访时表示：“本周六将是狗狗币成败的关键。”</blockquote></p><p>“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.</p><p><blockquote>“如果他真的能传达正确的信息，狗狗币就能真正起飞……否则它就会崩溃到任何它要崩溃的地方，”她说。</blockquote></p><p>The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.</p><p><blockquote>这位25岁的投资者是众多相对年轻的交易员之一，他们涌入狗狗币等投机性山寨币，因为这种所谓的笑话资产造就了百万富翁，并引起了一些人对新兴加密货币综合体中正在形成泡沫的担忧。</blockquote></p><p>Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn&nbsp;cheers and jeers.</p><p><blockquote>马斯克将于本周末主持NBC深夜直播电视喜剧小品节目“周六夜现场”，他即将到来的亮相已经引起了欢呼和嘲笑。</blockquote></p><p>Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p><blockquote>马斯克一直是狗狗币和加密货币最大的支持者之一。这位自封的特斯拉“技术之王”主要利用其庞大的社交媒体粉丝来抬高doge的价格，他于4月1日在推特上表示，他将使用SpaceX火箭将实体doge硬币放在真正的月球上，呼应了社交媒体将硬币价格“带到月球”的目标。</blockquote></p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p><blockquote>比塞蒂表示，她第一次涉足狗狗币是在马斯克去年夏天社交媒体信件的推动下，她还投资科技股和交易所交易基金。</blockquote></p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p><blockquote>她在狗狗币的交易价格为3/10美分时买入了它，尽管去年8月它达到了1美分左右，但她仍保持了她在2013年创建的数字资产中的美元成本平均头寸。</blockquote></p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p><blockquote>马斯克已成为Reddit等网站上狗狗币持有者的聚集点，他即将在“SNL”上亮相是加密货币市场内外备受期待的时刻，该市场主要集中在比特币和以太币这两个世界上最大的加密货币。</blockquote></p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p><blockquote>狗狗币长期以来在数字资产领域一直享有笑话货币的美誉，但很难否认其飙升的价值引起了大街和华尔街的关注——至少暂时如此。</blockquote></p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p><blockquote>前《SNL》演员兼喜剧演员大卫·斯派德(David Spade)周四在推特上表示，他想知道马斯克出现在小品节目中是否相当于为doge制作了一部90分钟的电视广告，并补充说，也许是开玩笑地说，他正在购买狗狗币。</blockquote></p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p><blockquote>博彩平台SportsBettingDime.com的赔率制定了许多关于马斯克出现在《周六夜现场》上的适当赌注，包括他在节目中首先提到的任何加密货币。</blockquote></p><p>Which cryptocurrency does Musk mention first:</p><p><blockquote>马斯克首先提到的是哪种加密货币：</blockquote></p><p>1. Bitcoin: -200</p><p><blockquote>1.比特币：-200</blockquote></p><p>2. Dogecoin: +600</p><p><blockquote>2.狗狗币：+600</blockquote></p><p>3. FIELD: +450</p><p><blockquote>3.字段：+450</blockquote></p><p>4. Does Not Mention Bitcoin: +400</p><p><blockquote>4.没有提到比特币：+400</blockquote></p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p><blockquote>Beesetti表示，她最近出售了价值约8,000美元的狗狗币，购买了一双Gucci鞋、一部iPhone，并根据以太币协议提高了她在以太thar的头寸，但在其他方面一直是doge的稳定持有者。</blockquote></p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p><blockquote>该投资者不愿提供具体数字，但表示她目前持有的狗狗币在50,000至100,000枚之间。</blockquote></p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p><blockquote>也许与doge的一些投资者不同，她并不对它具有实用性抱有幻想，而是接受了这样一种可能性：势头可能会在模仿资产中积累到一定程度，从而锻造自己的合法性。</blockquote></p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p><blockquote>“Doge没有内在价值，”比塞蒂说。“如果你和一群人相信它，价值就会变得真实。在这种情况下，相信它的群体和人比以前更多。”</blockquote></p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p><blockquote>尽管如此，至少一位分析师表示，现实可能会在周日早上对模因币持有者造成沉重打击。</blockquote></p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p><blockquote>Oanda高级市场分析师爱德华·莫亚(Edward Moya)在一份研究报告中写道：“SNL之后，一旦狗狗币明显不会飙升至月球或达到备受关注的1美元水平，一些加密货币交易员可能会放弃短期狗狗币押注。”笔记。</blockquote></p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p><blockquote>这位分析师还指出，狗狗币投资者（在加密货币界被称为霍德勒）的坚定信念可能会违背逻辑并保持价格上涨。</blockquote></p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p><blockquote>这位Oanda策略师表示：“一直致力于Doge的散户交易员可能仍然是顽固的霍德勒，因此如果没有发生卖出事件反应，我们不应该感到惊讶。”</blockquote></p><p>How it all plays out for dogecoin is anyone’s guess.</p><p><blockquote>狗狗币的结局如何，谁也说不准。</blockquote></p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p><blockquote>“这只是一种模因货币，但有时最有趣的结果会成为现实，”比塞蒂说。</blockquote></p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</p><p><blockquote>与大多数其他资产相比，这种模因货币经历了惊人的上涨。今年迄今为止，黄金期货下跌了3%，道琼斯工业平均指数和标普500指数在2021年上涨了近13%，而纳斯达克综合指数今年迄今为止的涨幅约超过6%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160802774","content_text":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.Now, the product manager for a startup in New York is dabbling in dogecoin ,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn cheers and jeers.Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla has been mostly using his massive social media following to pump up the price of doge, tweeting back on April 1 that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin and Ethereum ,the two largest cryptos in the world.Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.Oddsmakers at betting platformSportsBettingDime.com have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.Which cryptocurrency does Musk mention first:1. Bitcoin: -2002. Dogecoin: +6003. FIELD: +4504. Does Not Mention Bitcoin: +400Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.“Post-SNL, some crypto traders could abandon short-term Dogecoin bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.How it all plays out for dogecoin is anyone’s guess.“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures are down 3% so far this year, the Dow Jones Industrial Average and the S&P 500 index are up by nearly 13% in 2021, while the Nasdaq Composite Index has gained about over 6% so far this year.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107817027,"gmtCreate":1620463862369,"gmtModify":1631884222611,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Crash.. But it may happen tomorrow, next. Month or next year..is anybody guesses.&nbsp;Just be. Ready","listText":"Crash.. But it may happen tomorrow, next. Month or next year..is anybody guesses.&nbsp;Just be. Ready","text":"Crash.. But it may happen tomorrow, next. Month or next year..is anybody guesses. Just be. Ready","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107817027","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohu8.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107814232,"gmtCreate":1620463711426,"gmtModify":1631889695316,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Don't worry bout trump, let's move forward.","listText":"Don't worry bout trump, let's move forward.","text":"Don't worry bout trump, let's move forward.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107814232","repostId":"1170905579","repostType":4,"isVote":1,"tweetType":1,"viewCount":1571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104586521,"gmtCreate":1620398025863,"gmtModify":1631889695333,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Interest rate is going up. All this high growth stock base on future cash flow is not cheap at all.&nbsp;","listText":"Interest rate is going up. All this high growth stock base on future cash flow is not cheap at all.&nbsp;","text":"Interest rate is going up. All this high growth stock base on future cash flow is not cheap at all.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104586521","repostId":"2133750049","repostType":4,"isVote":1,"tweetType":1,"viewCount":1435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105611183,"gmtCreate":1620297314842,"gmtModify":1631889695343,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Pfizer doing good though, record earning from Covid vaccine","listText":"Pfizer doing good though, record earning from Covid vaccine","text":"Pfizer doing good though, record earning from Covid vaccine","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105611183","repostId":"1105364930","repostType":4,"repost":{"id":"1105364930","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":1620288793,"share":"https://www.laohu8.com/m/news/1105364930?lang=zh_CN&edition=full","pubTime":"2021-05-06 16:13","market":"us","language":"en","title":"BioNTech fell nearly 3% in premarket trading<blockquote>BioNTech盘前交易下跌近3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105364930","media":"Tiger Newspress","summary":"BioNTech fell nearly 3% in premarket trading,news show that the U.S. will support a proposal to waiv","content":"<p>BioNTech&nbsp;fell&nbsp;nearly&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading,news show&nbsp;that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.</p><p><blockquote>BioNTech在盘前交易中下跌近3%，消息显示美国将支持放弃Covid-19疫苗知识产权保护的提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cce5e306ec4e91befb83fbfa05ad2eea\" tg-width=\"1291\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BioNTech fell nearly 3% in premarket trading<blockquote>BioNTech盘前交易下跌近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; 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\">\nBioNTech fell nearly 3% in premarket trading<blockquote>BioNTech盘前交易下跌近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\">2021-05-06 16:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BioNTech&nbsp;fell&nbsp;nearly&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading,news show&nbsp;that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.</p><p><blockquote>BioNTech在盘前交易中下跌近3%，消息显示美国将支持放弃Covid-19疫苗知识产权保护的提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cce5e306ec4e91befb83fbfa05ad2eea\" tg-width=\"1291\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNTX":"BioNTech SE"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105364930","content_text":"BioNTech fell nearly 3% in premarket trading,news show that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.","news_type":1,"symbols_score_info":{"BNTX":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105637663,"gmtCreate":1620297004452,"gmtModify":1631889695356,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Why 40%? And timing is the key,&nbsp;Need to hold how long to realise that? Not a worth buy if only 40% in 10 years&nbsp;","listText":"Why 40%? And timing is the key,&nbsp;Need to hold how long to realise that? Not a worth buy if only 40% in 10 years&nbsp;","text":"Why 40%? And timing is the key, Need to hold how long to realise that? Not a worth buy if only 40% in 10 years","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/105637663","repostId":"2133542408","repostType":4,"isVote":1,"tweetType":1,"viewCount":841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106700329,"gmtCreate":1620142410861,"gmtModify":1631889695370,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"That's why they say sell in May..&nbsp;","listText":"That's why they say sell in May..&nbsp;","text":"That's why they say sell in May..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106700329","repostId":"1140575890","repostType":4,"repost":{"id":"1140575890","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620141444,"share":"https://www.laohu8.com/m/news/1140575890?lang=zh_CN&edition=full","pubTime":"2021-05-04 23:17","market":"us","language":"en","title":"Yellen says interest rates may have to rise somewhat to make sure economy doesn't overheat<blockquote>耶伦表示，利率可能必须有所上升，以确保经济不会过热</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140575890","media":"Tiger Newspress","summary":"(May 4) Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to kee","content":"<p>(May 4)&nbsp;Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on by trillions in government stimulus spending.</p><p><blockquote>（5月4日）美国财政部长珍妮特·耶伦（Janet Yellen）周二承认，利率可能必须上升，以抑制数万亿政府刺激支出带来的美国经济快速增长。</blockquote></p><p>\"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat,\" Yellen said during a economic seminar presented by Th Atlantic. \"Even though additional spending is relatively small to the size of the economy, it could causae some very modest increases in interest rates.\"</p><p><blockquote>耶伦在Th Atlantic举办的经济研讨会上表示：“利率可能必须有所上升，以确保我们的经济不会过热。”“尽管额外支出相对于经济规模来说相对较小，但它可能会导致利率出现一些非常温和的上涨。”</blockquote></p><p>\"But these are investments our economy needs to be competitive and productive,\" she added.</p><p><blockquote>“但这些都是我们的经济保持竞争力和生产力所需的投资，”她补充道。</blockquote></p><p>Nasdaq fell&nbsp;over 2%&nbsp;for&nbsp;now.</p><p><blockquote>纳斯达克目前跌幅超过2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de3525661b3a7db28a0797ab745db67b\" tg-width=\"629\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ec61efef423e545861c0ca0126af9332\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Yellen says interest rates may have to rise somewhat to make sure economy doesn't overheat<blockquote>耶伦表示，利率可能必须有所上升，以确保经济不会过热</blockquote></title>\n<style 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\">\nYellen says interest rates may have to rise somewhat to make sure economy doesn't overheat<blockquote>耶伦表示，利率可能必须有所上升，以确保经济不会过热</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-04 23:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(May 4)&nbsp;Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on by trillions in government stimulus spending.</p><p><blockquote>（5月4日）美国财政部长珍妮特·耶伦（Janet Yellen）周二承认，利率可能必须上升，以抑制数万亿政府刺激支出带来的美国经济快速增长。</blockquote></p><p>\"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat,\" Yellen said during a economic seminar presented by Th Atlantic. \"Even though additional spending is relatively small to the size of the economy, it could causae some very modest increases in interest rates.\"</p><p><blockquote>耶伦在Th Atlantic举办的经济研讨会上表示：“利率可能必须有所上升，以确保我们的经济不会过热。”“尽管额外支出相对于经济规模来说相对较小，但它可能会导致利率出现一些非常温和的上涨。”</blockquote></p><p>\"But these are investments our economy needs to be competitive and productive,\" she added.</p><p><blockquote>“但这些都是我们的经济保持竞争力和生产力所需的投资，”她补充道。</blockquote></p><p>Nasdaq fell&nbsp;over 2%&nbsp;for&nbsp;now.</p><p><blockquote>纳斯达克目前跌幅超过2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/de3525661b3a7db28a0797ab745db67b\" tg-width=\"629\" tg-height=\"479\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ec61efef423e545861c0ca0126af9332\" tg-width=\"1866\" tg-height=\"894\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140575890","content_text":"(May 4) Treasury Secretary Janet Yellen conceded Tuesday that interest rates may have to rise to keep a lid on the burgeoning growth of the U.S. economy brought on by trillions in government stimulus spending.\"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat,\" Yellen said during a economic seminar presented by Th Atlantic. \"Even though additional spending is relatively small to the size of the economy, it could causae some very modest increases in interest rates.\"\"But these are investments our economy needs to be competitive and productive,\" she added.Nasdaq fell over 2% for now.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106571213,"gmtCreate":1620136655832,"gmtModify":1631889695380,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Sell in May?&nbsp;","listText":"Sell in May?&nbsp;","text":"Sell in May?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/106571213","repostId":"1150215705","repostType":4,"repost":{"id":"1150215705","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":1620135133,"share":"https://www.laohu8.com/m/news/1150215705?lang=zh_CN&edition=full","pubTime":"2021-05-04 21:32","market":"us","language":"en","title":"Stocks decline after a solid start to May, tech shares lead losses<blockquote>股市在五月强劲开局后下跌，科技股领跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150215705","media":"Tiger Newspress","summary":"(May 4) The major averages fell on Tuesday, following a strong start to May, with technology stocks ","content":"<p>(May 4)&nbsp;The major averages fell on Tuesday, following a strong start to May, with technology stocks experiencing the biggest selling pressure.</p><p><blockquote>（5月4日）继5月强劲开局后，主要股指周二下跌，科技股遭遇最大抛售压力。</blockquote></p><p>The Dow Jones Industrial Average lost 90 points. The S&amp;P 500 fell 0.5%. The tech-heavy Nasdaq Composite was the hardest hit, dropping 0.9%.</p><p><blockquote>道琼斯工业平均指数下跌90点。标普500下跌0.5%。以科技股为主的纳斯达克综合指数受到的打击最为严重，下跌0.9%。</blockquote></p><p>Apple, Tesla and Alphabet were all down 1% shortly after the open.</p><p><blockquote>苹果、特斯拉和Alphabet开盘后不久均下跌1%。</blockquote></p><p>Bank stocks rally. </p><p><blockquote>银行股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b474d7c79644c649a1944236e72262f6\" tg-width=\"268\" tg-height=\"240\">Oil stocks rose.</p><p><blockquote>石油股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/deb5072ad8a43d76f9f7322e8c5525c6\" tg-width=\"266\" tg-height=\"241\"></p><p><blockquote></blockquote></p><p>Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in premarket tradingafter posting quarterly resultsthat beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance companyalso raised its guidance.</p><p><blockquote>与这一走势相反的是股市因强劲盈利而上涨。辉瑞公布季度业绩超出预期并上调2021年指引后，股价在盘前交易中上涨1%。在连锁药店和保险公司CVS Health也上调指引后，该公司股价上涨3%。</blockquote></p><p>United States Steelmoved 3% higher in premarket trading after Credit Suisseupgradedthe stock&nbsp;to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a “super cycle.”</p><p><blockquote>瑞士信贷将美国钢铁公司股票评级从跑输大盘上调至跑赢大盘，称钢铁价格飙升清楚地表明该行业正处于“超级周期”，该股在盘前交易中上涨3%。</blockquote></p><p>The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.</p><p><blockquote>在市场处于历史高点的情况下，投资者争先恐后地选择买入哪些股票以及抛售哪些股票。投资者在选择零售商等股票重新开放还是继续押注刚刚公布巨额收益的大型科技公司之间左右为难。</blockquote></p><p>“The whole thing to me is this amazing leadership problem,” Frank Gretz, a technical analyst at Wellington Shields, told CNBC. “There were 2,800 stocks up on the New York Stock Exchange yesterday, but it was hard to make money. That’s a very unusual pattern. It’s just the difference between these reopen stocks versus the tech stocks.”</p><p><blockquote>Wellington Shields的技术分析师Frank Gretz告诉CNBC：“对我来说，整个事情就是这个惊人的领导力问题。”“昨天纽约证券交易所有2800只股票上涨，但很难赚钱。这是一个非常不寻常的模式。这只是这些重新开放的股票与科技股之间的差异。”</blockquote></p><p>The move in futures followed solid gains for the Dow on Monday as piled into shares that would benefit the most from an economic reopening. The 30-stock benchmark rallied more than 200 points, while the S&amp;P 500 inched up 0.3%. Retail stocks led the market advance with Gap and Macy’s rallying more than 7%. Dillard’s rose nearly 10%, while Urban Outfitters and Kohl’s both gained more than 5%.</p><p><blockquote>期货走势是在道琼斯指数周一强劲上涨之后出现的，因为人们涌入了将从经济重新开放中受益最大的股票。30只股票基准上涨超过200点，而标普500小幅上涨0.3%。零售股领涨市场，Gap和梅西百货上涨超过7%。Dillard's涨近10%，Urban Outfitters和Kohl's均涨超5%。</blockquote></p><p>“Buying activity picked up within industrials, Boeing and Delta saw heavy trading activity as investors may be taking advantage of depressed pricing and banking on reopenings,” said Chris Larkin, managing director of trading and investing product at E-Trade Financial.</p><p><blockquote>E-Trade Financial交易和投资产品董事总经理克里斯·拉金(Chris Larkin)表示：“工业、波音和达美航空的购买活动有所回升，交易活动活跃，因为投资者可能会利用低迷的定价和重新开放的银行业务。”</blockquote></p><p>States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.</p><p><blockquote>在疫苗推出期间，各州继续放松大流行限制。纽约州州长安德鲁·科莫宣布，纽约、新泽西和康涅狄格将取消大部分运力限制，而纽约市将于本月晚些时候恢复24小时地铁服务。</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>Stocks decline after a solid start to May, tech shares lead losses<blockquote>股市在五月强劲开局后下跌，科技股领跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nStocks decline after a solid start to May, tech shares lead losses<blockquote>股市在五月强劲开局后下跌，科技股领跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-04 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(May 4)&nbsp;The major averages fell on Tuesday, following a strong start to May, with technology stocks experiencing the biggest selling pressure.</p><p><blockquote>（5月4日）继5月强劲开局后，主要股指周二下跌，科技股遭遇最大抛售压力。</blockquote></p><p>The Dow Jones Industrial Average lost 90 points. The S&amp;P 500 fell 0.5%. The tech-heavy Nasdaq Composite was the hardest hit, dropping 0.9%.</p><p><blockquote>道琼斯工业平均指数下跌90点。标普500下跌0.5%。以科技股为主的纳斯达克综合指数受到的打击最为严重，下跌0.9%。</blockquote></p><p>Apple, Tesla and Alphabet were all down 1% shortly after the open.</p><p><blockquote>苹果、特斯拉和Alphabet开盘后不久均下跌1%。</blockquote></p><p>Bank stocks rally. </p><p><blockquote>银行股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b474d7c79644c649a1944236e72262f6\" tg-width=\"268\" tg-height=\"240\">Oil stocks rose.</p><p><blockquote>石油股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/deb5072ad8a43d76f9f7322e8c5525c6\" tg-width=\"266\" tg-height=\"241\"></p><p><blockquote></blockquote></p><p>Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in premarket tradingafter posting quarterly resultsthat beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance companyalso raised its guidance.</p><p><blockquote>与这一走势相反的是股市因强劲盈利而上涨。辉瑞公布季度业绩超出预期并上调2021年指引后，股价在盘前交易中上涨1%。在连锁药店和保险公司CVS Health也上调指引后，该公司股价上涨3%。</blockquote></p><p>United States Steelmoved 3% higher in premarket trading after Credit Suisseupgradedthe stock&nbsp;to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a “super cycle.”</p><p><blockquote>瑞士信贷将美国钢铁公司股票评级从跑输大盘上调至跑赢大盘，称钢铁价格飙升清楚地表明该行业正处于“超级周期”，该股在盘前交易中上涨3%。</blockquote></p><p>The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.</p><p><blockquote>在市场处于历史高点的情况下，投资者争先恐后地选择买入哪些股票以及抛售哪些股票。投资者在选择零售商等股票重新开放还是继续押注刚刚公布巨额收益的大型科技公司之间左右为难。</blockquote></p><p>“The whole thing to me is this amazing leadership problem,” Frank Gretz, a technical analyst at Wellington Shields, told CNBC. “There were 2,800 stocks up on the New York Stock Exchange yesterday, but it was hard to make money. That’s a very unusual pattern. It’s just the difference between these reopen stocks versus the tech stocks.”</p><p><blockquote>Wellington Shields的技术分析师Frank Gretz告诉CNBC：“对我来说，整个事情就是这个惊人的领导力问题。”“昨天纽约证券交易所有2800只股票上涨，但很难赚钱。这是一个非常不寻常的模式。这只是这些重新开放的股票与科技股之间的差异。”</blockquote></p><p>The move in futures followed solid gains for the Dow on Monday as piled into shares that would benefit the most from an economic reopening. The 30-stock benchmark rallied more than 200 points, while the S&amp;P 500 inched up 0.3%. Retail stocks led the market advance with Gap and Macy’s rallying more than 7%. Dillard’s rose nearly 10%, while Urban Outfitters and Kohl’s both gained more than 5%.</p><p><blockquote>期货走势是在道琼斯指数周一强劲上涨之后出现的，因为人们涌入了将从经济重新开放中受益最大的股票。30只股票基准上涨超过200点，而标普500小幅上涨0.3%。零售股领涨市场，Gap和梅西百货上涨超过7%。Dillard's涨近10%，Urban Outfitters和Kohl's均涨超5%。</blockquote></p><p>“Buying activity picked up within industrials, Boeing and Delta saw heavy trading activity as investors may be taking advantage of depressed pricing and banking on reopenings,” said Chris Larkin, managing director of trading and investing product at E-Trade Financial.</p><p><blockquote>E-Trade Financial交易和投资产品董事总经理克里斯·拉金(Chris Larkin)表示：“工业、波音和达美航空的购买活动有所回升，交易活动活跃，因为投资者可能会利用低迷的定价和重新开放的银行业务。”</blockquote></p><p>States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.</p><p><blockquote>在疫苗推出期间，各州继续放松大流行限制。纽约州州长安德鲁·科莫宣布，纽约、新泽西和康涅狄格将取消大部分运力限制，而纽约市将于本月晚些时候恢复24小时地铁服务。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150215705","content_text":"(May 4) The major averages fell on Tuesday, following a strong start to May, with technology stocks experiencing the biggest selling pressure.The Dow Jones Industrial Average lost 90 points. The S&P 500 fell 0.5%. The tech-heavy Nasdaq Composite was the hardest hit, dropping 0.9%.Apple, Tesla and Alphabet were all down 1% shortly after the open.Bank stocks rally. Oil stocks rose.Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in premarket tradingafter posting quarterly resultsthat beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance companyalso raised its guidance.United States Steelmoved 3% higher in premarket trading after Credit Suisseupgradedthe stock to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a “super cycle.”The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.“The whole thing to me is this amazing leadership problem,” Frank Gretz, a technical analyst at Wellington Shields, told CNBC. “There were 2,800 stocks up on the New York Stock Exchange yesterday, but it was hard to make money. That’s a very unusual pattern. It’s just the difference between these reopen stocks versus the tech stocks.”The move in futures followed solid gains for the Dow on Monday as piled into shares that would benefit the most from an economic reopening. The 30-stock benchmark rallied more than 200 points, while the S&P 500 inched up 0.3%. Retail stocks led the market advance with Gap and Macy’s rallying more than 7%. Dillard’s rose nearly 10%, while Urban Outfitters and Kohl’s both gained more than 5%.“Buying activity picked up within industrials, Boeing and Delta saw heavy trading activity as investors may be taking advantage of depressed pricing and banking on reopenings,” said Chris Larkin, managing director of trading and investing product at E-Trade Financial.States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106118004,"gmtCreate":1620092788908,"gmtModify":1631889695392,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Why is this top news, is their family matter.&nbsp;","listText":"Why is this top news, is their family matter.&nbsp;","text":"Why is this top news, is their family matter.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106118004","repostId":"1147234999","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108872815,"gmtCreate":1620015137737,"gmtModify":1631892070084,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"But Baidu is no Google, in term of search it is losing market share to the likes of tencent and Alibaba.. People don't 'google' as much in China, they will just open we Chat and search order the thing they need.&nbsp;","listText":"But Baidu is no Google, in term of search it is losing market share to the likes of tencent and Alibaba.. People don't 'google' as much in China, they will just open we Chat and search order the thing they need.&nbsp;","text":"But Baidu is no Google, in term of search it is losing market share to the likes of tencent and Alibaba.. People don't 'google' as much in China, they will just open we Chat and search order the thing they need.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/108872815","repostId":"1121605010","repostType":4,"isVote":1,"tweetType":1,"viewCount":2222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103556479,"gmtCreate":1619795352791,"gmtModify":1631892070082,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Wow.. World domination..&nbsp;","listText":"Wow.. World domination..&nbsp;","text":"Wow.. World domination..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103556479","repostId":"1103818454","repostType":2,"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100580059,"gmtCreate":1619621236571,"gmtModify":1631892070085,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"This is like the turnip mania! Interesting to see how this bubble progress..&nbsp;","listText":"This is like the turnip mania! Interesting to see how this bubble progress..&nbsp;","text":"This is like the turnip mania! Interesting to see how this bubble progress..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100580059","repostId":"1128768163","repostType":4,"isVote":1,"tweetType":1,"viewCount":743,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100518383,"gmtCreate":1619620918242,"gmtModify":1631892070088,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Or not and came the long awaited correction&nbsp;","listText":"Or not and came the long awaited correction&nbsp;","text":"Or not and came the long awaited correction","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100518383","repostId":"1179396069","repostType":4,"repost":{"id":"1179396069","kind":"news","pubTimestamp":1619573853,"share":"https://www.laohu8.com/m/news/1179396069?lang=zh_CN&edition=full","pubTime":"2021-04-28 09:37","market":"us","language":"en","title":"Apple Could Blow the Top Off Earnings—Again. What That Would Mean for the Stock.<blockquote>苹果的盈利可能会再次飙升。这对股票意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179396069","media":"Barrons","summary":"Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech g","content":"<p>Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech giant just might be able to pull it off.</p><p><blockquote>苹果要想超越2020年的井喷业绩，还有很多工作要做。问题是，这家科技巨头也许能够成功。</blockquote></p><p> The buzz around Apple last year was off the charts, even for what is the buzziest of technology companies. Anticipation of the fall launch of the company’s first 5G phones, surging demand for both Macs and iPads as the pandemic rolled on, and strength in both wearables and services fed off each other. The pieces all came together in the December quarter, when Apple (ticker: AAPL) posted&nbsp;its biggest quarter ever. Sales soared 21% to $111.4 billion, more than $8 billion over the Street consensus. Every product category—iPhone, iPad, Macs, wearables, and services—notched double-digit growth. Apple stock finished the year up 81%, adding nearly $1 trillion to its market cap.</p><p><blockquote>去年围绕苹果的热度超出了图表，即使是对于最热门的科技公司来说也是如此。对该公司首款5G手机将于秋季推出的预期，随着疫情的发展，对Mac和iPad的需求激增，以及可穿戴设备和服务的实力相互促进。所有这些因素都在12月季度集中在一起，当时苹果（股票代码：AAPL）公布了有史以来最大的季度业绩。销售额飙升21%，达到1114亿美元，比华尔街普遍预期高出80亿美元。每个产品类别——iPhone、iPad、Mac、可穿戴设备和服务——都实现了两位数的增长。苹果股价全年上涨81%，市值增加近1万亿美元。</blockquote></p><p> That’s a tough act to follow, particularly with the March quarter, which always slows from the holiday-boosted December quarter. But Apple could pull off the quintuple double again when its results come out after the bell Wednesday. The Street certainly thinks so, even if the market, which has pushed Apple shares up less than 2% in 2021, has been more cautious. Consensus estimates call for double-digit increases from last year across the board: iPhones sales up 43%, to $41.4 billion; iPad sales up 29%, to $5.6 billion; Mac sales of $6.8 billion, up 27%; wearables sales (mostly Apple Watch and AirPods) of $7.4 billion, up 18%; and a 16% bump in services, to $15.5 billion.</p><p><blockquote>这是一个很难遵循的行为，尤其是在3月份季度，该季度总是比假期提振的12月份季度放缓。但当周三盘后公布结果时，苹果可能会再次实现五倍的增长。华尔街当然是这么认为的，尽管2021年推动苹果股价上涨不到2%的市场更加谨慎。市场普遍预计看涨期权将比去年全面实现两位数增长：iPhone销售额增长43%，达到414亿美元；iPad销售额增长29%，达到56亿美元；Mac销售额68亿美元，增长27%；可穿戴设备销售额（主要是苹果手表和AirPods）为74亿美元，增长18%；服务业增长16%，达到155亿美元。</blockquote></p><p> Overall, the Street consensus expects sales of $77 billion, up 32% from a year ago, with profits of 98 cents a share. That would be the fastest top-line growth rate for any Apple quarter since March 2012, when revenues were about half what they are now. And most bullish Apple analysts seem to think their own estimates are too low—a print at $77 billion would likely trigger a selloff in the stock.</p><p><blockquote>总体而言，华尔街普遍预计销售额为770亿美元，比去年同期增长32%，每股利润为98美分。这将是苹果自2012年3月以来最快的营收增长率，当时的收入约为现在的一半。大多数看涨的苹果分析师似乎认为他们自己的估计太低了——770亿美元的股价可能会引发该股的抛售。</blockquote></p><p> Apple is also&nbsp;expected to provide an update on its capital-allocation strategy. A year ago,the company announced a 6% dividend increase, and boosted its stock repurchase plan by $50 billion. Apple has said repeatedly that it is pushing to get to a cash neutral position, but its remarkably big cash flow has slowed progress toward that goal.</p><p><blockquote>预计苹果还将提供其资本配置策略的最新信息。一年前，该公司宣布将股息增加6%，并将股票回购计划增加500亿美元。苹果一再表示，它正在努力实现现金中性头寸，但其庞大的现金流减缓了实现这一目标的进展。</blockquote></p><p> As always, the quarter is about more than just earnings.</p><p><blockquote>与往常一样，本季度不仅仅是盈利。</blockquote></p><p> For one, the Street will be looking for signs that the sales surge for Macs and iPads is sustainable—and that the company is keeping up with demand despite widespread chip and display shortages. Some investors worry that the spike in PC demand could ebb as more people return to schools and offices. They’ll be looking for company guidance on that point.</p><p><blockquote>其一，华尔街将寻找Mac和iPad销量激增可持续的迹象，以及尽管芯片和显示屏普遍短缺，但该公司仍能满足需求的迹象。一些投资者担心，随着越来越多的人返回学校和办公室，个人电脑需求的激增可能会消退。他们将在这一点上寻求公司的指导。</blockquote></p><p> Another is the sustainability of the resurgence in iPhone growth. There were high hopes among bulls that the iPhone 12 would drive a “supercycle” with an accelerated replacement cycle. Several analysts have noted that a clear consumer preference for the high end of the iPhone 12 line is driving up average selling prices, which should support a strong revenue quarter for the segment.</p><p><blockquote>另一个是iPhone增长复苏的可持续性。多头曾寄予厚望，认为iPhone 12将推动换机周期加速的“超级周期”。几位分析师指出，消费者对iPhone 12系列高端产品的明显偏好正在推高平均售价，这应该会支持该细分市场强劲的收入季度。</blockquote></p><p> “Given the later-than-seasonal launch of new iPhones in the fall of 2020, we believe iPhone demand will experience more favorable year-over-year comparisons this March quarter compared to past years,” writes Monness Crespi Hardt’s Brian White, who sees 47% iPhone revenue growth during the quarter.</p><p><blockquote>Monness Crespi Hardt的布莱恩·怀特(Brian White)写道：“鉴于2020年秋季新款iPhone的发布时间晚于季节性，我们相信，与过去几年相比，今年3月季度的iPhone需求将经历更有利的同比比较。”预计本季度iPhone收入将增长47%。</blockquote></p><p> And if Apple pulls it all together? Apple could crush Street estimates, writes Morgan Stanley analyst Katy Huberty, who has an Overweight rating and a $158 price target on the stock, up 17% from Monday’s close of $134.72. She sees the top line above $80 billion, with all segments growing at least 19% year over year. She is especially bullish on Mac and iPad sales, with estimates far above consensus—53% for Macs and 52% for iPads. She also expects Apple to increase its dividend by 10% and expand its stock repurchase program by $60 billion.</p><p><blockquote>如果苹果把这一切都拼凑起来呢？摩根士丹利分析师凯蒂·休伯蒂(Katy Huberty)写道，苹果可能会超出华尔街的预期，她对该股给予跑赢大盘评级，目标价为158美元，较周一收盘价134.72美元上涨17%。她预计营收将超过800亿美元，所有细分市场同比至少增长19%。她尤其看好Mac和iPad的销量，预期远高于市场普遍预期——Mac销量为53%，iPad销量为52%。她还预计苹果将股息提高10%，并将股票回购计划扩大600亿美元。</blockquote></p><p> That would certainly qualify as a job well done.</p><p><blockquote>这当然是一项出色的工作。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Could Blow the Top Off Earnings—Again. What That Would Mean for the Stock.<blockquote>苹果的盈利可能会再次飙升。这对股票意味着什么。</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 Could Blow the Top Off Earnings—Again. What That Would Mean for the Stock.<blockquote>苹果的盈利可能会再次飙升。这对股票意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-04-28 09:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech giant just might be able to pull it off.</p><p><blockquote>苹果要想超越2020年的井喷业绩，还有很多工作要做。问题是，这家科技巨头也许能够成功。</blockquote></p><p> The buzz around Apple last year was off the charts, even for what is the buzziest of technology companies. Anticipation of the fall launch of the company’s first 5G phones, surging demand for both Macs and iPads as the pandemic rolled on, and strength in both wearables and services fed off each other. The pieces all came together in the December quarter, when Apple (ticker: AAPL) posted&nbsp;its biggest quarter ever. Sales soared 21% to $111.4 billion, more than $8 billion over the Street consensus. Every product category—iPhone, iPad, Macs, wearables, and services—notched double-digit growth. Apple stock finished the year up 81%, adding nearly $1 trillion to its market cap.</p><p><blockquote>去年围绕苹果的热度超出了图表，即使是对于最热门的科技公司来说也是如此。对该公司首款5G手机将于秋季推出的预期，随着疫情的发展，对Mac和iPad的需求激增，以及可穿戴设备和服务的实力相互促进。所有这些因素都在12月季度集中在一起，当时苹果（股票代码：AAPL）公布了有史以来最大的季度业绩。销售额飙升21%，达到1114亿美元，比华尔街普遍预期高出80亿美元。每个产品类别——iPhone、iPad、Mac、可穿戴设备和服务——都实现了两位数的增长。苹果股价全年上涨81%，市值增加近1万亿美元。</blockquote></p><p> That’s a tough act to follow, particularly with the March quarter, which always slows from the holiday-boosted December quarter. But Apple could pull off the quintuple double again when its results come out after the bell Wednesday. The Street certainly thinks so, even if the market, which has pushed Apple shares up less than 2% in 2021, has been more cautious. Consensus estimates call for double-digit increases from last year across the board: iPhones sales up 43%, to $41.4 billion; iPad sales up 29%, to $5.6 billion; Mac sales of $6.8 billion, up 27%; wearables sales (mostly Apple Watch and AirPods) of $7.4 billion, up 18%; and a 16% bump in services, to $15.5 billion.</p><p><blockquote>这是一个很难遵循的行为，尤其是在3月份季度，该季度总是比假期提振的12月份季度放缓。但当周三盘后公布结果时，苹果可能会再次实现五倍的增长。华尔街当然是这么认为的，尽管2021年推动苹果股价上涨不到2%的市场更加谨慎。市场普遍预计看涨期权将比去年全面实现两位数增长：iPhone销售额增长43%，达到414亿美元；iPad销售额增长29%，达到56亿美元；Mac销售额68亿美元，增长27%；可穿戴设备销售额（主要是苹果手表和AirPods）为74亿美元，增长18%；服务业增长16%，达到155亿美元。</blockquote></p><p> Overall, the Street consensus expects sales of $77 billion, up 32% from a year ago, with profits of 98 cents a share. That would be the fastest top-line growth rate for any Apple quarter since March 2012, when revenues were about half what they are now. And most bullish Apple analysts seem to think their own estimates are too low—a print at $77 billion would likely trigger a selloff in the stock.</p><p><blockquote>总体而言，华尔街普遍预计销售额为770亿美元，比去年同期增长32%，每股利润为98美分。这将是苹果自2012年3月以来最快的营收增长率，当时的收入约为现在的一半。大多数看涨的苹果分析师似乎认为他们自己的估计太低了——770亿美元的股价可能会引发该股的抛售。</blockquote></p><p> Apple is also&nbsp;expected to provide an update on its capital-allocation strategy. A year ago,the company announced a 6% dividend increase, and boosted its stock repurchase plan by $50 billion. Apple has said repeatedly that it is pushing to get to a cash neutral position, but its remarkably big cash flow has slowed progress toward that goal.</p><p><blockquote>预计苹果还将提供其资本配置策略的最新信息。一年前，该公司宣布将股息增加6%，并将股票回购计划增加500亿美元。苹果一再表示，它正在努力实现现金中性头寸，但其庞大的现金流减缓了实现这一目标的进展。</blockquote></p><p> As always, the quarter is about more than just earnings.</p><p><blockquote>与往常一样，本季度不仅仅是盈利。</blockquote></p><p> For one, the Street will be looking for signs that the sales surge for Macs and iPads is sustainable—and that the company is keeping up with demand despite widespread chip and display shortages. Some investors worry that the spike in PC demand could ebb as more people return to schools and offices. They’ll be looking for company guidance on that point.</p><p><blockquote>其一，华尔街将寻找Mac和iPad销量激增可持续的迹象，以及尽管芯片和显示屏普遍短缺，但该公司仍能满足需求的迹象。一些投资者担心，随着越来越多的人返回学校和办公室，个人电脑需求的激增可能会消退。他们将在这一点上寻求公司的指导。</blockquote></p><p> Another is the sustainability of the resurgence in iPhone growth. There were high hopes among bulls that the iPhone 12 would drive a “supercycle” with an accelerated replacement cycle. Several analysts have noted that a clear consumer preference for the high end of the iPhone 12 line is driving up average selling prices, which should support a strong revenue quarter for the segment.</p><p><blockquote>另一个是iPhone增长复苏的可持续性。多头曾寄予厚望，认为iPhone 12将推动换机周期加速的“超级周期”。几位分析师指出，消费者对iPhone 12系列高端产品的明显偏好正在推高平均售价，这应该会支持该细分市场强劲的收入季度。</blockquote></p><p> “Given the later-than-seasonal launch of new iPhones in the fall of 2020, we believe iPhone demand will experience more favorable year-over-year comparisons this March quarter compared to past years,” writes Monness Crespi Hardt’s Brian White, who sees 47% iPhone revenue growth during the quarter.</p><p><blockquote>Monness Crespi Hardt的布莱恩·怀特(Brian White)写道：“鉴于2020年秋季新款iPhone的发布时间晚于季节性，我们相信，与过去几年相比，今年3月季度的iPhone需求将经历更有利的同比比较。”预计本季度iPhone收入将增长47%。</blockquote></p><p> And if Apple pulls it all together? Apple could crush Street estimates, writes Morgan Stanley analyst Katy Huberty, who has an Overweight rating and a $158 price target on the stock, up 17% from Monday’s close of $134.72. She sees the top line above $80 billion, with all segments growing at least 19% year over year. She is especially bullish on Mac and iPad sales, with estimates far above consensus—53% for Macs and 52% for iPads. She also expects Apple to increase its dividend by 10% and expand its stock repurchase program by $60 billion.</p><p><blockquote>如果苹果把这一切都拼凑起来呢？摩根士丹利分析师凯蒂·休伯蒂(Katy Huberty)写道，苹果可能会超出华尔街的预期，她对该股给予跑赢大盘评级，目标价为158美元，较周一收盘价134.72美元上涨17%。她预计营收将超过800亿美元，所有细分市场同比至少增长19%。她尤其看好Mac和iPad的销量，预期远高于市场普遍预期——Mac销量为53%，iPad销量为52%。她还预计苹果将股息提高10%，并将股票回购计划扩大600亿美元。</blockquote></p><p> That would certainly qualify as a job well done.</p><p><blockquote>这当然是一项出色的工作。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/apple-could-blow-the-top-off-earningsagain-what-that-would-mean-for-the-stock-51619495288?mod=hp_DAY_Theme_1_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/apple-could-blow-the-top-off-earningsagain-what-that-would-mean-for-the-stock-51619495288?mod=hp_DAY_Theme_1_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179396069","content_text":"Apple has its work cut out for it trying to surpass 2020’s blowout results. The thing is, the tech giant just might be able to pull it off.\nThe buzz around Apple last year was off the charts, even for what is the buzziest of technology companies. Anticipation of the fall launch of the company’s first 5G phones, surging demand for both Macs and iPads as the pandemic rolled on, and strength in both wearables and services fed off each other. The pieces all came together in the December quarter, when Apple (ticker: AAPL) posted its biggest quarter ever. Sales soared 21% to $111.4 billion, more than $8 billion over the Street consensus. Every product category—iPhone, iPad, Macs, wearables, and services—notched double-digit growth. Apple stock finished the year up 81%, adding nearly $1 trillion to its market cap.\nThat’s a tough act to follow, particularly with the March quarter, which always slows from the holiday-boosted December quarter. But Apple could pull off the quintuple double again when its results come out after the bell Wednesday. The Street certainly thinks so, even if the market, which has pushed Apple shares up less than 2% in 2021, has been more cautious. Consensus estimates call for double-digit increases from last year across the board: iPhones sales up 43%, to $41.4 billion; iPad sales up 29%, to $5.6 billion; Mac sales of $6.8 billion, up 27%; wearables sales (mostly Apple Watch and AirPods) of $7.4 billion, up 18%; and a 16% bump in services, to $15.5 billion.\nOverall, the Street consensus expects sales of $77 billion, up 32% from a year ago, with profits of 98 cents a share. That would be the fastest top-line growth rate for any Apple quarter since March 2012, when revenues were about half what they are now. And most bullish Apple analysts seem to think their own estimates are too low—a print at $77 billion would likely trigger a selloff in the stock.\nApple is also expected to provide an update on its capital-allocation strategy. A year ago,the company announced a 6% dividend increase, and boosted its stock repurchase plan by $50 billion. Apple has said repeatedly that it is pushing to get to a cash neutral position, but its remarkably big cash flow has slowed progress toward that goal.\nAs always, the quarter is about more than just earnings.\nFor one, the Street will be looking for signs that the sales surge for Macs and iPads is sustainable—and that the company is keeping up with demand despite widespread chip and display shortages. Some investors worry that the spike in PC demand could ebb as more people return to schools and offices. They’ll be looking for company guidance on that point.\nAnother is the sustainability of the resurgence in iPhone growth. There were high hopes among bulls that the iPhone 12 would drive a “supercycle” with an accelerated replacement cycle. Several analysts have noted that a clear consumer preference for the high end of the iPhone 12 line is driving up average selling prices, which should support a strong revenue quarter for the segment.\n“Given the later-than-seasonal launch of new iPhones in the fall of 2020, we believe iPhone demand will experience more favorable year-over-year comparisons this March quarter compared to past years,” writes Monness Crespi Hardt’s Brian White, who sees 47% iPhone revenue growth during the quarter.\nAnd if Apple pulls it all together? Apple could crush Street estimates, writes Morgan Stanley analyst Katy Huberty, who has an Overweight rating and a $158 price target on the stock, up 17% from Monday’s close of $134.72. She sees the top line above $80 billion, with all segments growing at least 19% year over year. She is especially bullish on Mac and iPad sales, with estimates far above consensus—53% for Macs and 52% for iPads. She also expects Apple to increase its dividend by 10% and expand its stock repurchase program by $60 billion.\nThat would certainly qualify as a job well done.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100910015,"gmtCreate":1619573499237,"gmtModify":1631892070090,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581893461138204","idStr":"3581893461138204"},"themes":[],"htmlText":"Growing strong! Margin in cloud didn't improvr as the cloud space is still heavily competitive with Amazon and Google.. Who will win the cloud space?&nbsp;","listText":"Growing strong! Margin in cloud didn't improvr as the cloud space is still heavily competitive with Amazon and Google.. Who will win the cloud space?&nbsp;","text":"Growing strong! Margin in cloud didn't improvr as the cloud space is still heavily competitive with Amazon and Google.. Who will win the cloud space?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100910015","repostId":"1157918353","repostType":4,"repost":{"id":"1157918353","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":1619566409,"share":"https://www.laohu8.com/m/news/1157918353?lang=zh_CN&edition=full","pubTime":"2021-04-28 07:33","market":"us","language":"en","title":"Microsoft sales grow on cloud strength, shares dip on heightened valuation<blockquote>微软销售额因云实力而增长，股价因估值上升而下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157918353","media":"Tiger Newspress","summary":"Microsoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.Windows revenue growth from device makers was higher than the company had predicted.Azure cloud revenue growth was flat from the prior quarter.Microsoft shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as c","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Microsoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.</li>  <li>Windows revenue growth from device makers was higher than the company had predicted.</li>  <li>Azure cloud revenue growth was flat from the prior quarter.</li> </ul> Microsoft&nbsp;shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as cloud became a larger part of its business.</p><p><blockquote><ul><li>微软的营收和利润以及收入指引超出了分析师的预期。</li><li>来自设备制造商的Windows收入增长高于该公司的预期。</li><li>Azure云收入增长与上一季度持平。</li></ul>软件制造商微软公布了强于分析师预期的第三财季盈利和季度收入指引后，该公司股价周二在盘后交易中下跌2.6%。随着云计算成为其业务的重要组成部分，该公司的营业利润率有所收窄。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37e56904b785cd612b360cb4662adcab\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p> Here’s how the company did:</p><p><blockquote>该公司的做法如下：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$1.95 per share, adjusted, vs. $1.78 per share as expected by analysts, according to Refinitiv.</li>  <li><b>Revenue:</b>$41.71 billion, vs. $41.03 billion as expected by analysts, according to Refinitiv.</li> </ul> The software and hardware maker posted 19% annualized revenue growth for the quarter, which ended March 31, according to a&nbsp;statement. That’s the biggest quarterly increase the company has posted since 2018, thanks in part to&nbsp;gains in PC sales&nbsp;resulting from coronavirus-driven shortages last year.</p><p><blockquote><ul><li><b>收益：</b>根据Refinitiv的数据，调整后每股1.95美元，而分析师预期为每股1.78美元。</li><li><b>收入：</b>根据Refinitiv的数据，为417.1亿美元，而分析师预期为410.3亿美元。</li></ul>根据一份声明，这家软件和硬件制造商公布截至3月31日的季度年化收入增长19%。这是该公司自2018年以来最大的季度增幅，部分原因是去年冠状病毒导致的短缺导致PC销量增长。</blockquote></p><p> The company said its Azure public cloud, which competes with market leader&nbsp;Amazon&nbsp;Web Services, grew 50%, faster than the 46% growth analysts had expected, according to a CNBC review of 14 equity research notes. In&nbsp;the prior quarter&nbsp;Azure revenue grew 50%. Microsoft does not disclose Azure revenue in dollars.</p><p><blockquote>根据CNBC对14份股票研究报告的评论，该公司表示，与市场领导者亚马逊网络服务竞争的Azure公共云增长了50%，快于分析师预期的46%增长。上一季度，Azure收入增长了50%。微软没有披露Azure的美元收入。</blockquote></p><p> With respect to guidance, Microsoft is expecting $43.6 billion to $44.5 billion in revenue in the fiscal fourth quarter, said Amy Hood, Microsoft’s finance chief, on a conference call with analysts. At the middle of the range that would represent 16% growth, more than the $42.98 billion consensus estimate among analysts polled by Refinitiv.</p><p><blockquote>微软首席财务官Amy Hood在与分析师举行的电话会议上表示，关于指引，微软预计第四财季营收为436亿至445亿美元。处于16%增长区间的中间，高于Refinitiv调查的分析师普遍预期的429.8亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04deaac8d015743ca14f06c8b77bd26e\" tg-width=\"1910\" tg-height=\"1549\"></p><p><blockquote></blockquote></p><p> Microsoft’s Intelligent Cloud segment delivered $15.12 billion in revenue in the fiscal third quarter. That was up 23% year over year and above the FactSet consensus estimate of $14.92 billion. Intelligent Cloud contains Azure, Windows Server, SQL Server, Visual Studio, GitHub and Enterprise Services.</p><p><blockquote>微软智能云部门第三财季实现营收151.2亿美元。这一数字同比增长23%，高于FactSet 149.2亿美元的共识预期。智能云包含Azure、Windows Server、SQL Server、Visual Studio、GitHub和企业服务。</blockquote></p><p> The Productivity and Business Processes segment, containing Office, Dynamics and LinkedIn, contributed $13.55 billion in revenue, up 15% and more than the $13.49 billion FactSet consensus. The Teams chat and calling app reached 145 million daily active users, up from&nbsp;115 million&nbsp;in October, Microsoft CEO Satya Nadella said on the call.</p><p><blockquote>包括Office、Dynamics和LinkedIn在内的生产力和业务流程部门贡献了135.5亿美元的收入，增长了15%，超过了FactSet预期的134.9亿美元。微软首席执行官Satya Nadella在看涨期权上表示，Teams聊天和通话应用程序的日活跃用户达到1.45亿，高于10月份的1.15亿。</blockquote></p><p> The company’s More Personal Computing unit, which includes Windows, gaming, devices and search, came up with $13.04 billion in revenue. That was up almost 19% and higher than the $12.55 billion consensus. Technology research company Gartner&nbsp;estimated&nbsp;earlier this month that PC manufacturers shipped nearly 70 million units in the quarter, 32% more than in the year-ago quarter, the fastest growth since Gartner started tracking the PC market in 2000.</p><p><blockquote>该公司的更多个人计算部门，包括Windows、游戏、设备和搜索，收入为130.4亿美元。这一数字增长了近19%，高于125.5亿美元的共识。技术研究公司Gartner本月早些时候估计，PC制造商本季度出货量接近7000万台，比去年同期增长32%，这是Gartner自2000年开始跟踪PC市场以来的最快增长。</blockquote></p><p> That benefits Microsoft’s sales of Windows licenses to PC makers, which were up 10%. There are now over 1.3 billion monthly active devices running the Windows 10 operating system, Nadella said.</p><p><blockquote>这有利于微软向个人电脑制造商销售Windows许可证，增长了10%。纳德拉表示，现在每月有超过13亿台活跃设备运行Windows 10操作系统。</blockquote></p><p> The outcome was greater than Microsoft itself had forecast. In January, Hood called for Windows license revenue from device makers to be up in the low single digits.</p><p><blockquote>结果比微软自己预测的要好。一月份，胡德呼吁设备制造商的Windows许可收入保持在低个位数。</blockquote></p><p> The PC market endured “significant ongoing constraints in the supply chain,” Hood said on Tuesday.</p><p><blockquote>胡德周二表示，个人电脑市场经历了“供应链中持续的重大限制”。</blockquote></p><p> At the same time, the gross margin for Microsoft’s broad Commercial Cloud category of products — including Azure, commercial subscriptions to the Office 365 productivity bundle, cloud-based Dynamics 365 enterprise applications and commercial parts of LinkedIn — narrowed to 70% from 71%. The number is important to investors who want to see that Microsoft can continue to make Azure more profitable.</p><p><blockquote>与此同时，微软广泛的商业云类别产品（包括Azure、Office 365生产力捆绑包的商业订阅、基于云的Dynamics 365企业应用程序和LinkedIn的商业部分）的毛利率从71%收窄至70%。对于希望看到微软能够继续让Azure盈利更高的投资者来说，这个数字很重要。</blockquote></p><p> The operating margin for the Intelligent Cloud segment that includes Azure also narrowed to 42.5% from about 44.5%. Microsoft’s overall operating margin came in at 40.9%, down from 41.6%.</p><p><blockquote>包括Azure在内的智能云部门的营业利润率也从约44.5%收窄至42.5%。微软的整体营业利润率为40.9%，低于41.6%。</blockquote></p><p> Microsoft&nbsp;said&nbsp;in the quarter it had won a U.S. Army contract worth up to $21.9 billion over a decade for augmented reality headsets based on its latest HoloLens device. The company also&nbsp;issued patches&nbsp;to address vulnerabilities in its Exchange Server on-premises email and calendar software that Chinese hackers exploited. It also&nbsp;closed&nbsp;the $8.1 billion acquisition of video game maker ZeniMax Media.</p><p><blockquote>微软表示，本季度它赢得了美国。陆军合同在十年内价值高达219亿美元，用于基于其最新HoloLens设备的增强现实耳机。该公司还发布了补丁，以解决其Exchange Server内部电子邮件和日历软件中被中国黑客利用的漏洞。它还完成了对视频游戏制造商ZeniMax Media的81亿美元收购。</blockquote></p><p> Notwithstanding the after-hours move, Microsoft shares are up 18% year to date, compared with a gain of around 12% for the S&amp;P 500 over the same time period.</p><p><blockquote>尽管盘后出现波动，微软股价今年迄今仍上涨了18%，而标普500同期的涨幅约为12%。</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>Microsoft sales grow on cloud strength, shares dip on heightened valuation<blockquote>微软销售额因云实力而增长，股价因估值上升而下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nMicrosoft sales grow on cloud strength, shares dip on heightened valuation<blockquote>微软销售额因云实力而增长，股价因估值上升而下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-28 07:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Microsoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.</li>  <li>Windows revenue growth from device makers was higher than the company had predicted.</li>  <li>Azure cloud revenue growth was flat from the prior quarter.</li> </ul> Microsoft&nbsp;shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as cloud became a larger part of its business.</p><p><blockquote><ul><li>微软的营收和利润以及收入指引超出了分析师的预期。</li><li>来自设备制造商的Windows收入增长高于该公司的预期。</li><li>Azure云收入增长与上一季度持平。</li></ul>软件制造商微软公布了强于分析师预期的第三财季盈利和季度收入指引后，该公司股价周二在盘后交易中下跌2.6%。随着云计算成为其业务的重要组成部分，该公司的营业利润率有所收窄。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37e56904b785cd612b360cb4662adcab\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p> Here’s how the company did:</p><p><blockquote>该公司的做法如下：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$1.95 per share, adjusted, vs. $1.78 per share as expected by analysts, according to Refinitiv.</li>  <li><b>Revenue:</b>$41.71 billion, vs. $41.03 billion as expected by analysts, according to Refinitiv.</li> </ul> The software and hardware maker posted 19% annualized revenue growth for the quarter, which ended March 31, according to a&nbsp;statement. That’s the biggest quarterly increase the company has posted since 2018, thanks in part to&nbsp;gains in PC sales&nbsp;resulting from coronavirus-driven shortages last year.</p><p><blockquote><ul><li><b>收益：</b>根据Refinitiv的数据，调整后每股1.95美元，而分析师预期为每股1.78美元。</li><li><b>收入：</b>根据Refinitiv的数据，为417.1亿美元，而分析师预期为410.3亿美元。</li></ul>根据一份声明，这家软件和硬件制造商公布截至3月31日的季度年化收入增长19%。这是该公司自2018年以来最大的季度增幅，部分原因是去年冠状病毒导致的短缺导致PC销量增长。</blockquote></p><p> The company said its Azure public cloud, which competes with market leader&nbsp;Amazon&nbsp;Web Services, grew 50%, faster than the 46% growth analysts had expected, according to a CNBC review of 14 equity research notes. In&nbsp;the prior quarter&nbsp;Azure revenue grew 50%. Microsoft does not disclose Azure revenue in dollars.</p><p><blockquote>根据CNBC对14份股票研究报告的评论，该公司表示，与市场领导者亚马逊网络服务竞争的Azure公共云增长了50%，快于分析师预期的46%增长。上一季度，Azure收入增长了50%。微软没有披露Azure的美元收入。</blockquote></p><p> With respect to guidance, Microsoft is expecting $43.6 billion to $44.5 billion in revenue in the fiscal fourth quarter, said Amy Hood, Microsoft’s finance chief, on a conference call with analysts. At the middle of the range that would represent 16% growth, more than the $42.98 billion consensus estimate among analysts polled by Refinitiv.</p><p><blockquote>微软首席财务官Amy Hood在与分析师举行的电话会议上表示，关于指引，微软预计第四财季营收为436亿至445亿美元。处于16%增长区间的中间，高于Refinitiv调查的分析师普遍预期的429.8亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04deaac8d015743ca14f06c8b77bd26e\" tg-width=\"1910\" tg-height=\"1549\"></p><p><blockquote></blockquote></p><p> Microsoft’s Intelligent Cloud segment delivered $15.12 billion in revenue in the fiscal third quarter. That was up 23% year over year and above the FactSet consensus estimate of $14.92 billion. Intelligent Cloud contains Azure, Windows Server, SQL Server, Visual Studio, GitHub and Enterprise Services.</p><p><blockquote>微软智能云部门第三财季实现营收151.2亿美元。这一数字同比增长23%，高于FactSet 149.2亿美元的共识预期。智能云包含Azure、Windows Server、SQL Server、Visual Studio、GitHub和企业服务。</blockquote></p><p> The Productivity and Business Processes segment, containing Office, Dynamics and LinkedIn, contributed $13.55 billion in revenue, up 15% and more than the $13.49 billion FactSet consensus. The Teams chat and calling app reached 145 million daily active users, up from&nbsp;115 million&nbsp;in October, Microsoft CEO Satya Nadella said on the call.</p><p><blockquote>包括Office、Dynamics和LinkedIn在内的生产力和业务流程部门贡献了135.5亿美元的收入，增长了15%，超过了FactSet预期的134.9亿美元。微软首席执行官Satya Nadella在看涨期权上表示，Teams聊天和通话应用程序的日活跃用户达到1.45亿，高于10月份的1.15亿。</blockquote></p><p> The company’s More Personal Computing unit, which includes Windows, gaming, devices and search, came up with $13.04 billion in revenue. That was up almost 19% and higher than the $12.55 billion consensus. Technology research company Gartner&nbsp;estimated&nbsp;earlier this month that PC manufacturers shipped nearly 70 million units in the quarter, 32% more than in the year-ago quarter, the fastest growth since Gartner started tracking the PC market in 2000.</p><p><blockquote>该公司的更多个人计算部门，包括Windows、游戏、设备和搜索，收入为130.4亿美元。这一数字增长了近19%，高于125.5亿美元的共识。技术研究公司Gartner本月早些时候估计，PC制造商本季度出货量接近7000万台，比去年同期增长32%，这是Gartner自2000年开始跟踪PC市场以来的最快增长。</blockquote></p><p> That benefits Microsoft’s sales of Windows licenses to PC makers, which were up 10%. There are now over 1.3 billion monthly active devices running the Windows 10 operating system, Nadella said.</p><p><blockquote>这有利于微软向个人电脑制造商销售Windows许可证，增长了10%。纳德拉表示，现在每月有超过13亿台活跃设备运行Windows 10操作系统。</blockquote></p><p> The outcome was greater than Microsoft itself had forecast. In January, Hood called for Windows license revenue from device makers to be up in the low single digits.</p><p><blockquote>结果比微软自己预测的要好。一月份，胡德呼吁设备制造商的Windows许可收入保持在低个位数。</blockquote></p><p> The PC market endured “significant ongoing constraints in the supply chain,” Hood said on Tuesday.</p><p><blockquote>胡德周二表示，个人电脑市场经历了“供应链中持续的重大限制”。</blockquote></p><p> At the same time, the gross margin for Microsoft’s broad Commercial Cloud category of products — including Azure, commercial subscriptions to the Office 365 productivity bundle, cloud-based Dynamics 365 enterprise applications and commercial parts of LinkedIn — narrowed to 70% from 71%. The number is important to investors who want to see that Microsoft can continue to make Azure more profitable.</p><p><blockquote>与此同时，微软广泛的商业云类别产品（包括Azure、Office 365生产力捆绑包的商业订阅、基于云的Dynamics 365企业应用程序和LinkedIn的商业部分）的毛利率从71%收窄至70%。对于希望看到微软能够继续让Azure盈利更高的投资者来说，这个数字很重要。</blockquote></p><p> The operating margin for the Intelligent Cloud segment that includes Azure also narrowed to 42.5% from about 44.5%. Microsoft’s overall operating margin came in at 40.9%, down from 41.6%.</p><p><blockquote>包括Azure在内的智能云部门的营业利润率也从约44.5%收窄至42.5%。微软的整体营业利润率为40.9%，低于41.6%。</blockquote></p><p> Microsoft&nbsp;said&nbsp;in the quarter it had won a U.S. Army contract worth up to $21.9 billion over a decade for augmented reality headsets based on its latest HoloLens device. The company also&nbsp;issued patches&nbsp;to address vulnerabilities in its Exchange Server on-premises email and calendar software that Chinese hackers exploited. It also&nbsp;closed&nbsp;the $8.1 billion acquisition of video game maker ZeniMax Media.</p><p><blockquote>微软表示，本季度它赢得了美国。陆军合同在十年内价值高达219亿美元，用于基于其最新HoloLens设备的增强现实耳机。该公司还发布了补丁，以解决其Exchange Server内部电子邮件和日历软件中被中国黑客利用的漏洞。它还完成了对视频游戏制造商ZeniMax Media的81亿美元收购。</blockquote></p><p> Notwithstanding the after-hours move, Microsoft shares are up 18% year to date, compared with a gain of around 12% for the S&amp;P 500 over the same time period.</p><p><blockquote>尽管盘后出现波动，微软股价今年迄今仍上涨了18%，而标普500同期的涨幅约为12%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157918353","content_text":"KEY POINTS\n\nMicrosoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.\nWindows revenue growth from device makers was higher than the company had predicted.\nAzure cloud revenue growth was flat from the prior quarter.\n\nMicrosoft shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as cloud became a larger part of its business.\n\nHere’s how the company did:\n\nEarnings:$1.95 per share, adjusted, vs. $1.78 per share as expected by analysts, according to Refinitiv.\nRevenue:$41.71 billion, vs. $41.03 billion as expected by analysts, according to Refinitiv.\n\nThe software and hardware maker posted 19% annualized revenue growth for the quarter, which ended March 31, according to a statement. That’s the biggest quarterly increase the company has posted since 2018, thanks in part to gains in PC sales resulting from coronavirus-driven shortages last year.\nThe company said its Azure public cloud, which competes with market leader Amazon Web Services, grew 50%, faster than the 46% growth analysts had expected, according to a CNBC review of 14 equity research notes. In the prior quarter Azure revenue grew 50%. Microsoft does not disclose Azure revenue in dollars.\nWith respect to guidance, Microsoft is expecting $43.6 billion to $44.5 billion in revenue in the fiscal fourth quarter, said Amy Hood, Microsoft’s finance chief, on a conference call with analysts. At the middle of the range that would represent 16% growth, more than the $42.98 billion consensus estimate among analysts polled by Refinitiv.\n\nMicrosoft’s Intelligent Cloud segment delivered $15.12 billion in revenue in the fiscal third quarter. That was up 23% year over year and above the FactSet consensus estimate of $14.92 billion. Intelligent Cloud contains Azure, Windows Server, SQL Server, Visual Studio, GitHub and Enterprise Services.\nThe Productivity and Business Processes segment, containing Office, Dynamics and LinkedIn, contributed $13.55 billion in revenue, up 15% and more than the $13.49 billion FactSet consensus. The Teams chat and calling app reached 145 million daily active users, up from 115 million in October, Microsoft CEO Satya Nadella said on the call.\nThe company’s More Personal Computing unit, which includes Windows, gaming, devices and search, came up with $13.04 billion in revenue. That was up almost 19% and higher than the $12.55 billion consensus. Technology research company Gartner estimated earlier this month that PC manufacturers shipped nearly 70 million units in the quarter, 32% more than in the year-ago quarter, the fastest growth since Gartner started tracking the PC market in 2000.\nThat benefits Microsoft’s sales of Windows licenses to PC makers, which were up 10%. There are now over 1.3 billion monthly active devices running the Windows 10 operating system, Nadella said.\nThe outcome was greater than Microsoft itself had forecast. In January, Hood called for Windows license revenue from device makers to be up in the low single digits.\nThe PC market endured “significant ongoing constraints in the supply chain,” Hood said on Tuesday.\nAt the same time, the gross margin for Microsoft’s broad Commercial Cloud category of products — including Azure, commercial subscriptions to the Office 365 productivity bundle, cloud-based Dynamics 365 enterprise applications and commercial parts of LinkedIn — narrowed to 70% from 71%. The number is important to investors who want to see that Microsoft can continue to make Azure more profitable.\nThe operating margin for the Intelligent Cloud segment that includes Azure also narrowed to 42.5% from about 44.5%. Microsoft’s overall operating margin came in at 40.9%, down from 41.6%.\nMicrosoft said in the quarter it had won a U.S. Army contract worth up to $21.9 billion over a decade for augmented reality headsets based on its latest HoloLens device. The company also issued patches to address vulnerabilities in its Exchange Server on-premises email and calendar software that Chinese hackers exploited. It also closed the $8.1 billion acquisition of video game maker ZeniMax Media.\nNotwithstanding the after-hours move, Microsoft shares are up 18% year to date, compared with a gain of around 12% for the S&P 500 over the same time period.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":106571213,"gmtCreate":1620136655832,"gmtModify":1631889695380,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Sell in May?&nbsp;","listText":"Sell in May?&nbsp;","text":"Sell in May?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/106571213","repostId":"1150215705","repostType":4,"repost":{"id":"1150215705","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":1620135133,"share":"https://www.laohu8.com/m/news/1150215705?lang=zh_CN&edition=full","pubTime":"2021-05-04 21:32","market":"us","language":"en","title":"Stocks decline after a solid start to May, tech shares lead losses<blockquote>股市在五月强劲开局后下跌，科技股领跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150215705","media":"Tiger Newspress","summary":"(May 4) The major averages fell on Tuesday, following a strong start to May, with technology stocks ","content":"<p>(May 4)&nbsp;The major averages fell on Tuesday, following a strong start to May, with technology stocks experiencing the biggest selling pressure.</p><p><blockquote>（5月4日）继5月强劲开局后，主要股指周二下跌，科技股遭遇最大抛售压力。</blockquote></p><p>The Dow Jones Industrial Average lost 90 points. The S&amp;P 500 fell 0.5%. The tech-heavy Nasdaq Composite was the hardest hit, dropping 0.9%.</p><p><blockquote>道琼斯工业平均指数下跌90点。标普500下跌0.5%。以科技股为主的纳斯达克综合指数受到的打击最为严重，下跌0.9%。</blockquote></p><p>Apple, Tesla and Alphabet were all down 1% shortly after the open.</p><p><blockquote>苹果、特斯拉和Alphabet开盘后不久均下跌1%。</blockquote></p><p>Bank stocks rally. </p><p><blockquote>银行股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b474d7c79644c649a1944236e72262f6\" tg-width=\"268\" tg-height=\"240\">Oil stocks rose.</p><p><blockquote>石油股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/deb5072ad8a43d76f9f7322e8c5525c6\" tg-width=\"266\" tg-height=\"241\"></p><p><blockquote></blockquote></p><p>Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in premarket tradingafter posting quarterly resultsthat beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance companyalso raised its guidance.</p><p><blockquote>与这一走势相反的是股市因强劲盈利而上涨。辉瑞公布季度业绩超出预期并上调2021年指引后，股价在盘前交易中上涨1%。在连锁药店和保险公司CVS Health也上调指引后，该公司股价上涨3%。</blockquote></p><p>United States Steelmoved 3% higher in premarket trading after Credit Suisseupgradedthe stock&nbsp;to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a “super cycle.”</p><p><blockquote>瑞士信贷将美国钢铁公司股票评级从跑输大盘上调至跑赢大盘，称钢铁价格飙升清楚地表明该行业正处于“超级周期”，该股在盘前交易中上涨3%。</blockquote></p><p>The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.</p><p><blockquote>在市场处于历史高点的情况下，投资者争先恐后地选择买入哪些股票以及抛售哪些股票。投资者在选择零售商等股票重新开放还是继续押注刚刚公布巨额收益的大型科技公司之间左右为难。</blockquote></p><p>“The whole thing to me is this amazing leadership problem,” Frank Gretz, a technical analyst at Wellington Shields, told CNBC. “There were 2,800 stocks up on the New York Stock Exchange yesterday, but it was hard to make money. That’s a very unusual pattern. It’s just the difference between these reopen stocks versus the tech stocks.”</p><p><blockquote>Wellington Shields的技术分析师Frank Gretz告诉CNBC：“对我来说，整个事情就是这个惊人的领导力问题。”“昨天纽约证券交易所有2800只股票上涨，但很难赚钱。这是一个非常不寻常的模式。这只是这些重新开放的股票与科技股之间的差异。”</blockquote></p><p>The move in futures followed solid gains for the Dow on Monday as piled into shares that would benefit the most from an economic reopening. The 30-stock benchmark rallied more than 200 points, while the S&amp;P 500 inched up 0.3%. Retail stocks led the market advance with Gap and Macy’s rallying more than 7%. Dillard’s rose nearly 10%, while Urban Outfitters and Kohl’s both gained more than 5%.</p><p><blockquote>期货走势是在道琼斯指数周一强劲上涨之后出现的，因为人们涌入了将从经济重新开放中受益最大的股票。30只股票基准上涨超过200点，而标普500小幅上涨0.3%。零售股领涨市场，Gap和梅西百货上涨超过7%。Dillard's涨近10%，Urban Outfitters和Kohl's均涨超5%。</blockquote></p><p>“Buying activity picked up within industrials, Boeing and Delta saw heavy trading activity as investors may be taking advantage of depressed pricing and banking on reopenings,” said Chris Larkin, managing director of trading and investing product at E-Trade Financial.</p><p><blockquote>E-Trade Financial交易和投资产品董事总经理克里斯·拉金(Chris Larkin)表示：“工业、波音和达美航空的购买活动有所回升，交易活动活跃，因为投资者可能会利用低迷的定价和重新开放的银行业务。”</blockquote></p><p>States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.</p><p><blockquote>在疫苗推出期间，各州继续放松大流行限制。纽约州州长安德鲁·科莫宣布，纽约、新泽西和康涅狄格将取消大部分运力限制，而纽约市将于本月晚些时候恢复24小时地铁服务。</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>Stocks decline after a solid start to May, tech shares lead losses<blockquote>股市在五月强劲开局后下跌，科技股领跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nStocks decline after a solid start to May, tech shares lead losses<blockquote>股市在五月强劲开局后下跌，科技股领跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-04 21:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(May 4)&nbsp;The major averages fell on Tuesday, following a strong start to May, with technology stocks experiencing the biggest selling pressure.</p><p><blockquote>（5月4日）继5月强劲开局后，主要股指周二下跌，科技股遭遇最大抛售压力。</blockquote></p><p>The Dow Jones Industrial Average lost 90 points. The S&amp;P 500 fell 0.5%. The tech-heavy Nasdaq Composite was the hardest hit, dropping 0.9%.</p><p><blockquote>道琼斯工业平均指数下跌90点。标普500下跌0.5%。以科技股为主的纳斯达克综合指数受到的打击最为严重，下跌0.9%。</blockquote></p><p>Apple, Tesla and Alphabet were all down 1% shortly after the open.</p><p><blockquote>苹果、特斯拉和Alphabet开盘后不久均下跌1%。</blockquote></p><p>Bank stocks rally. </p><p><blockquote>银行股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b474d7c79644c649a1944236e72262f6\" tg-width=\"268\" tg-height=\"240\">Oil stocks rose.</p><p><blockquote>石油股上涨。</blockquote></p><p><img src=\"https://static.tigerbbs.com/deb5072ad8a43d76f9f7322e8c5525c6\" tg-width=\"266\" tg-height=\"241\"></p><p><blockquote></blockquote></p><p>Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in premarket tradingafter posting quarterly resultsthat beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance companyalso raised its guidance.</p><p><blockquote>与这一走势相反的是股市因强劲盈利而上涨。辉瑞公布季度业绩超出预期并上调2021年指引后，股价在盘前交易中上涨1%。在连锁药店和保险公司CVS Health也上调指引后，该公司股价上涨3%。</blockquote></p><p>United States Steelmoved 3% higher in premarket trading after Credit Suisseupgradedthe stock&nbsp;to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a “super cycle.”</p><p><blockquote>瑞士信贷将美国钢铁公司股票评级从跑输大盘上调至跑赢大盘，称钢铁价格飙升清楚地表明该行业正处于“超级周期”，该股在盘前交易中上涨3%。</blockquote></p><p>The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.</p><p><blockquote>在市场处于历史高点的情况下，投资者争先恐后地选择买入哪些股票以及抛售哪些股票。投资者在选择零售商等股票重新开放还是继续押注刚刚公布巨额收益的大型科技公司之间左右为难。</blockquote></p><p>“The whole thing to me is this amazing leadership problem,” Frank Gretz, a technical analyst at Wellington Shields, told CNBC. “There were 2,800 stocks up on the New York Stock Exchange yesterday, but it was hard to make money. That’s a very unusual pattern. It’s just the difference between these reopen stocks versus the tech stocks.”</p><p><blockquote>Wellington Shields的技术分析师Frank Gretz告诉CNBC：“对我来说，整个事情就是这个惊人的领导力问题。”“昨天纽约证券交易所有2800只股票上涨，但很难赚钱。这是一个非常不寻常的模式。这只是这些重新开放的股票与科技股之间的差异。”</blockquote></p><p>The move in futures followed solid gains for the Dow on Monday as piled into shares that would benefit the most from an economic reopening. The 30-stock benchmark rallied more than 200 points, while the S&amp;P 500 inched up 0.3%. Retail stocks led the market advance with Gap and Macy’s rallying more than 7%. Dillard’s rose nearly 10%, while Urban Outfitters and Kohl’s both gained more than 5%.</p><p><blockquote>期货走势是在道琼斯指数周一强劲上涨之后出现的，因为人们涌入了将从经济重新开放中受益最大的股票。30只股票基准上涨超过200点，而标普500小幅上涨0.3%。零售股领涨市场，Gap和梅西百货上涨超过7%。Dillard's涨近10%，Urban Outfitters和Kohl's均涨超5%。</blockquote></p><p>“Buying activity picked up within industrials, Boeing and Delta saw heavy trading activity as investors may be taking advantage of depressed pricing and banking on reopenings,” said Chris Larkin, managing director of trading and investing product at E-Trade Financial.</p><p><blockquote>E-Trade Financial交易和投资产品董事总经理克里斯·拉金(Chris Larkin)表示：“工业、波音和达美航空的购买活动有所回升，交易活动活跃，因为投资者可能会利用低迷的定价和重新开放的银行业务。”</blockquote></p><p>States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.</p><p><blockquote>在疫苗推出期间，各州继续放松大流行限制。纽约州州长安德鲁·科莫宣布，纽约、新泽西和康涅狄格将取消大部分运力限制，而纽约市将于本月晚些时候恢复24小时地铁服务。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150215705","content_text":"(May 4) The major averages fell on Tuesday, following a strong start to May, with technology stocks experiencing the biggest selling pressure.The Dow Jones Industrial Average lost 90 points. The S&P 500 fell 0.5%. The tech-heavy Nasdaq Composite was the hardest hit, dropping 0.9%.Apple, Tesla and Alphabet were all down 1% shortly after the open.Bank stocks rally. Oil stocks rose.Countering that move were stocks rising on strong earnings. Pfizer shares rose 1% in premarket tradingafter posting quarterly resultsthat beat expectations and raising its 2021 guidance. CVS Health shares jumped 3% after the pharmacy chain and insurance companyalso raised its guidance.United States Steelmoved 3% higher in premarket trading after Credit Suisseupgradedthe stock to outperform from underperform, saying that the surge in prices for steel made it clear that the industry was in a “super cycle.”The move in futures occurred as investors jockeyed to pick which shares to ride and which shares to dump from here with the market at all time highs. Investors are torn between playing the reopening with shares like retailers or continuing to bet on Big Tech, which just reported blockbuster earnings.“The whole thing to me is this amazing leadership problem,” Frank Gretz, a technical analyst at Wellington Shields, told CNBC. “There were 2,800 stocks up on the New York Stock Exchange yesterday, but it was hard to make money. That’s a very unusual pattern. It’s just the difference between these reopen stocks versus the tech stocks.”The move in futures followed solid gains for the Dow on Monday as piled into shares that would benefit the most from an economic reopening. The 30-stock benchmark rallied more than 200 points, while the S&P 500 inched up 0.3%. Retail stocks led the market advance with Gap and Macy’s rallying more than 7%. Dillard’s rose nearly 10%, while Urban Outfitters and Kohl’s both gained more than 5%.“Buying activity picked up within industrials, Boeing and Delta saw heavy trading activity as investors may be taking advantage of depressed pricing and banking on reopenings,” said Chris Larkin, managing director of trading and investing product at E-Trade Financial.States continued to relax pandemic restrictions amid the vaccine rollout. New York Gov. Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100901132,"gmtCreate":1619572089626,"gmtModify":1631884521066,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Google moat is too strong. Gogo google","listText":"Google moat is too strong. Gogo google","text":"Google moat is too strong. Gogo google","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/100901132","repostId":"2130373930","repostType":4,"repost":{"id":"2130373930","kind":"highlight","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":1619556617,"share":"https://www.laohu8.com/m/news/2130373930?lang=zh_CN&edition=full","pubTime":"2021-04-28 04:50","market":"us","language":"en","title":"Google Shares Rise On Revenue And Earnings Beat, $50B Buyback<blockquote>谷歌股价因收入和盈利超出预期以及500亿美元回购而上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2130373930","media":"Tiger Newspress","summary":"Google parent company Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL) reported first-quarter earnings Tuesday afternoon.","content":"<p>Google parent company <b>Alphabet Inc </b>(NASDAQ:GOOG)(NASDAQ:GOOGL) reported first-quarter earnings&nbsp;Tuesday afternoon.</p><p><blockquote>谷歌母公司<b>Alphabet公司</b>（纳斯达克：GOOG）（纳斯达克：GOOGL）周二下午公布了第一季度财报。</blockquote></p><p><b>First Quarter Earnings: </b>Alphabet reported revenue of $55.3 billion in the first quarter, beating&nbsp;estimates of $51.7 billion. The total was up 32% year-over-year.</p><p><blockquote><b>第一季度收益：</b>Alphabet公布第一季度营收为553亿美元，超出预期的517亿美元。总数同比增长32%。</blockquote></p><p>Earnings per share&nbsp;of $26.29 beat&nbsp;estimates of $15.88. The company reported net income of $17.9 billion, more than doubling last year’s first-quarter total of $6.8 billion.<img src=\"https://static.tigerbbs.com/04c18e5c94d3b6d4047c6f7b1f4540eb\" tg-width=\"1602\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Total advertising revenue was $44.7 billion in the first quarter, up from the comparable $33.8 billion in the last fiscal year. The company reported search revenue of $31.9 billion, YouTube revenue of $6&nbsp;billion and Google network revenue of $6.8 billion.</p><p><blockquote>每股收益为26.29美元，超出预期的15.88美元。该公司公布的净利润为179亿美元，是去年第一季度68亿美元总额的两倍多。第一季度广告总收入为447亿美元，高于上一财年的338亿美元。该公司公布的搜索收入为319亿美元，YouTube收入为60亿美元，谷歌网络收入为68亿美元。</blockquote></p><p>Google's Cloud revenue improved 46% to $4 billion, though the division lags behind rivals Amazon.com Inc.</p><p><blockquote>谷歌的云收入增长了46%，达到40亿美元，尽管该部门落后于竞争对手亚马逊公司。</blockquote></p><p>The company’s other segment revenue was $6.5 billion and Google Cloud revenue was $4&nbsp;billion in the first quarter.<img src=\"https://static.tigerbbs.com/9ed7cd2419e150521d3b20d080a0ba44\" tg-width=\"1614\" tg-height=\"742\" referrerpolicy=\"no-referrer\">Sundar Pichai, CEO of Google and Alphabet, said: “Over the last year, people have turned to Google Search andmany online services to stay informed, connected and entertained. We’ve continued our focus on delivering trustedservices to help people around the world. Our Cloud services are helping businesses, big and small, acceleratetheir digital transformations.\"</p><p><blockquote>该公司第一季度的其他部门收入为65亿美元，谷歌云收入为40亿美元。谷歌和Alphabet首席执行官桑达尔·皮查伊(Sundar Pichai)表示：“去年，人们转向谷歌搜索和许多在线服务来保持信息、联系和娱乐。我们继续专注于提供值得信赖的服务来帮助世界各地的人们。我们的云服务正在帮助大大小小的企业加速数字化转型。”</blockquote></p><p>Ruth Porat, CFO of Google and Alphabet, said: “Total revenues of $55.3 billion in the first quarter reflect elevatedconsumer activity online and broad based growth in advertiser revenue. We’re very pleased with the ongoing&nbsp;momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in bothGCP and Workspace.”&nbsp;<b>Share Buyback Announced:</b> Along with its first-quarter earnings, Alphabet reported a $50-billion share buyback was authorized by the company. The share repurchases will be executed “from time to time.\"</p><p><blockquote>谷歌和Alphabet首席财务官露丝·波拉特(Ruth Porat)表示：“第一季度总收入为553亿美元，反映了在线消费者活动的增加和广告商收入的广泛增长。我们对谷歌云的持续势头感到非常满意，收入为40亿美元本季度的收入反映了GCP和Workspace的实力和机遇。”<b>宣布回购股票：</b>除了第一季度财报外，Alphabet还报告称，该公司已授权进行500亿美元的股票回购。股份回购将“不时”执行。</blockquote></p><p><b>Price Action: </b>Shares of GOOG are up 4% to $2,410 in after-hours Tuesday.</p><p><blockquote><b>价格走势：</b>周二盘后，GOOG股价上涨4%，至2,410美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1cf14e52744d9520c6eea9cf5fd08aa1\" tg-width=\"1484\" tg-height=\"974\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Google Shares Rise On Revenue And Earnings Beat, $50B Buyback<blockquote>谷歌股价因收入和盈利超出预期以及500亿美元回购而上涨</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\">\nGoogle Shares Rise On Revenue And Earnings Beat, $50B Buyback<blockquote>谷歌股价因收入和盈利超出预期以及500亿美元回购而上涨</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\">2021-04-28 04:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Google parent company <b>Alphabet Inc </b>(NASDAQ:GOOG)(NASDAQ:GOOGL) reported first-quarter earnings&nbsp;Tuesday afternoon.</p><p><blockquote>谷歌母公司<b>Alphabet公司</b>（纳斯达克：GOOG）（纳斯达克：GOOGL）周二下午公布了第一季度财报。</blockquote></p><p><b>First Quarter Earnings: </b>Alphabet reported revenue of $55.3 billion in the first quarter, beating&nbsp;estimates of $51.7 billion. The total was up 32% year-over-year.</p><p><blockquote><b>第一季度收益：</b>Alphabet公布第一季度营收为553亿美元，超出预期的517亿美元。总数同比增长32%。</blockquote></p><p>Earnings per share&nbsp;of $26.29 beat&nbsp;estimates of $15.88. The company reported net income of $17.9 billion, more than doubling last year’s first-quarter total of $6.8 billion.<img src=\"https://static.tigerbbs.com/04c18e5c94d3b6d4047c6f7b1f4540eb\" tg-width=\"1602\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Total advertising revenue was $44.7 billion in the first quarter, up from the comparable $33.8 billion in the last fiscal year. The company reported search revenue of $31.9 billion, YouTube revenue of $6&nbsp;billion and Google network revenue of $6.8 billion.</p><p><blockquote>每股收益为26.29美元，超出预期的15.88美元。该公司公布的净利润为179亿美元，是去年第一季度68亿美元总额的两倍多。第一季度广告总收入为447亿美元，高于上一财年的338亿美元。该公司公布的搜索收入为319亿美元，YouTube收入为60亿美元，谷歌网络收入为68亿美元。</blockquote></p><p>Google's Cloud revenue improved 46% to $4 billion, though the division lags behind rivals Amazon.com Inc.</p><p><blockquote>谷歌的云收入增长了46%，达到40亿美元，尽管该部门落后于竞争对手亚马逊公司。</blockquote></p><p>The company’s other segment revenue was $6.5 billion and Google Cloud revenue was $4&nbsp;billion in the first quarter.<img src=\"https://static.tigerbbs.com/9ed7cd2419e150521d3b20d080a0ba44\" tg-width=\"1614\" tg-height=\"742\" referrerpolicy=\"no-referrer\">Sundar Pichai, CEO of Google and Alphabet, said: “Over the last year, people have turned to Google Search andmany online services to stay informed, connected and entertained. We’ve continued our focus on delivering trustedservices to help people around the world. Our Cloud services are helping businesses, big and small, acceleratetheir digital transformations.\"</p><p><blockquote>该公司第一季度的其他部门收入为65亿美元，谷歌云收入为40亿美元。谷歌和Alphabet首席执行官桑达尔·皮查伊(Sundar Pichai)表示：“去年，人们转向谷歌搜索和许多在线服务来保持信息、联系和娱乐。我们继续专注于提供值得信赖的服务来帮助世界各地的人们。我们的云服务正在帮助大大小小的企业加速数字化转型。”</blockquote></p><p>Ruth Porat, CFO of Google and Alphabet, said: “Total revenues of $55.3 billion in the first quarter reflect elevatedconsumer activity online and broad based growth in advertiser revenue. We’re very pleased with the ongoing&nbsp;momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in bothGCP and Workspace.”&nbsp;<b>Share Buyback Announced:</b> Along with its first-quarter earnings, Alphabet reported a $50-billion share buyback was authorized by the company. The share repurchases will be executed “from time to time.\"</p><p><blockquote>谷歌和Alphabet首席财务官露丝·波拉特(Ruth Porat)表示：“第一季度总收入为553亿美元，反映了在线消费者活动的增加和广告商收入的广泛增长。我们对谷歌云的持续势头感到非常满意，收入为40亿美元本季度的收入反映了GCP和Workspace的实力和机遇。”<b>宣布回购股票：</b>除了第一季度财报外，Alphabet还报告称，该公司已授权进行500亿美元的股票回购。股份回购将“不时”执行。</blockquote></p><p><b>Price Action: </b>Shares of GOOG are up 4% to $2,410 in after-hours Tuesday.</p><p><blockquote><b>价格走势：</b>周二盘后，GOOG股价上涨4%，至2,410美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/1cf14e52744d9520c6eea9cf5fd08aa1\" tg-width=\"1484\" tg-height=\"974\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130373930","content_text":"Google parent company Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) reported first-quarter earnings Tuesday afternoon.First Quarter Earnings: Alphabet reported revenue of $55.3 billion in the first quarter, beating estimates of $51.7 billion. The total was up 32% year-over-year.Earnings per share of $26.29 beat estimates of $15.88. The company reported net income of $17.9 billion, more than doubling last year’s first-quarter total of $6.8 billion.Total advertising revenue was $44.7 billion in the first quarter, up from the comparable $33.8 billion in the last fiscal year. The company reported search revenue of $31.9 billion, YouTube revenue of $6 billion and Google network revenue of $6.8 billion.Google's Cloud revenue improved 46% to $4 billion, though the division lags behind rivals Amazon.com Inc.The company’s other segment revenue was $6.5 billion and Google Cloud revenue was $4 billion in the first quarter.Sundar Pichai, CEO of Google and Alphabet, said: “Over the last year, people have turned to Google Search andmany online services to stay informed, connected and entertained. We’ve continued our focus on delivering trustedservices to help people around the world. Our Cloud services are helping businesses, big and small, acceleratetheir digital transformations.\"Ruth Porat, CFO of Google and Alphabet, said: “Total revenues of $55.3 billion in the first quarter reflect elevatedconsumer activity online and broad based growth in advertiser revenue. We’re very pleased with the ongoing momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in bothGCP and Workspace.” Share Buyback Announced: Along with its first-quarter earnings, Alphabet reported a $50-billion share buyback was authorized by the company. The share repurchases will be executed “from time to time.\"Price Action: Shares of GOOG are up 4% to $2,410 in after-hours Tuesday.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372094153,"gmtCreate":1619155584372,"gmtModify":1631883992019,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"This much is expected and maybe&nbsp;more to come, govt have pump in lots of money into the market, they will take back one way or another..&nbsp;","listText":"This much is expected and maybe&nbsp;more to come, govt have pump in lots of money into the market, they will take back one way or another..&nbsp;","text":"This much is expected and maybe more to come, govt have pump in lots of money into the market, they will take back one way or another..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372094153","repostId":"2129336573","repostType":4,"isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133491515,"gmtCreate":1621779075037,"gmtModify":1631885486447,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Time to sell and grab profit","listText":"Time to sell and grab profit","text":"Time to sell and grab profit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133491515","repostId":"2137906121","repostType":4,"isVote":1,"tweetType":1,"viewCount":2926,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105637663,"gmtCreate":1620297004452,"gmtModify":1631889695356,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Why 40%? And timing is the key,&nbsp;Need to hold how long to realise that? Not a worth buy if only 40% in 10 years&nbsp;","listText":"Why 40%? And timing is the key,&nbsp;Need to hold how long to realise that? Not a worth buy if only 40% in 10 years&nbsp;","text":"Why 40%? And timing is the key, Need to hold how long to realise that? Not a worth buy if only 40% in 10 years","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/105637663","repostId":"2133542408","repostType":4,"isVote":1,"tweetType":1,"viewCount":841,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372080928,"gmtCreate":1619157729064,"gmtModify":1634288106929,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Son is definitely a visionary, go read his story, he is foresee the power of Internet, Iphone&nbsp;etc.&nbsp;","listText":"Son is definitely a visionary, go read his story, he is foresee the power of Internet, Iphone&nbsp;etc.&nbsp;","text":"Son is definitely a visionary, go read his story, he is foresee the power of Internet, Iphone etc.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/372080928","repostId":"1111671429","repostType":4,"isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130860566,"gmtCreate":1621523919355,"gmtModify":1631889695290,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"This is the way","listText":"This is the way","text":"This is the way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/130860566","repostId":"1188975226","repostType":4,"isVote":1,"tweetType":1,"viewCount":2704,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":105611183,"gmtCreate":1620297314842,"gmtModify":1631889695343,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Pfizer doing good though, record earning from Covid vaccine","listText":"Pfizer doing good though, record earning from Covid vaccine","text":"Pfizer doing good though, record earning from Covid vaccine","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/105611183","repostId":"1105364930","repostType":4,"repost":{"id":"1105364930","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":1620288793,"share":"https://www.laohu8.com/m/news/1105364930?lang=zh_CN&edition=full","pubTime":"2021-05-06 16:13","market":"us","language":"en","title":"BioNTech fell nearly 3% in premarket trading<blockquote>BioNTech盘前交易下跌近3%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105364930","media":"Tiger Newspress","summary":"BioNTech fell nearly 3% in premarket trading,news show that the U.S. will support a proposal to waiv","content":"<p>BioNTech&nbsp;fell&nbsp;nearly&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading,news show&nbsp;that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.</p><p><blockquote>BioNTech在盘前交易中下跌近3%，消息显示美国将支持放弃Covid-19疫苗知识产权保护的提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cce5e306ec4e91befb83fbfa05ad2eea\" tg-width=\"1291\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BioNTech fell nearly 3% in premarket trading<blockquote>BioNTech盘前交易下跌近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\">\nBioNTech fell nearly 3% in premarket trading<blockquote>BioNTech盘前交易下跌近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\">2021-05-06 16:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BioNTech&nbsp;fell&nbsp;nearly&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading,news show&nbsp;that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.</p><p><blockquote>BioNTech在盘前交易中下跌近3%，消息显示美国将支持放弃Covid-19疫苗知识产权保护的提案。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cce5e306ec4e91befb83fbfa05ad2eea\" tg-width=\"1291\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNTX":"BioNTech SE"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105364930","content_text":"BioNTech fell nearly 3% in premarket trading,news show that the U.S. will support a proposal to waive intellectual-property protections for Covid-19 vaccines.","news_type":1,"symbols_score_info":{"BNTX":0.9}},"isVote":1,"tweetType":1,"viewCount":911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":376329265,"gmtCreate":1619091599457,"gmtModify":1634288647258,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"P/e all time high, risky to go in now","listText":"P/e all time high, risky to go in now","text":"P/e all time high, risky to go in now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/376329265","repostId":"2129938659","repostType":4,"isVote":1,"tweetType":1,"viewCount":492,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106118004,"gmtCreate":1620092788908,"gmtModify":1631889695392,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Why is this top news, is their family matter.&nbsp;","listText":"Why is this top news, is their family matter.&nbsp;","text":"Why is this top news, is their family matter.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106118004","repostId":"1147234999","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103556479,"gmtCreate":1619795352791,"gmtModify":1631892070082,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Wow.. World domination..&nbsp;","listText":"Wow.. World domination..&nbsp;","text":"Wow.. World domination..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/103556479","repostId":"1103818454","repostType":2,"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100910015,"gmtCreate":1619573499237,"gmtModify":1631892070090,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Growing strong! Margin in cloud didn't improvr as the cloud space is still heavily competitive with Amazon and Google.. Who will win the cloud space?&nbsp;","listText":"Growing strong! Margin in cloud didn't improvr as the cloud space is still heavily competitive with Amazon and Google.. Who will win the cloud space?&nbsp;","text":"Growing strong! Margin in cloud didn't improvr as the cloud space is still heavily competitive with Amazon and Google.. Who will win the cloud space?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/100910015","repostId":"1157918353","repostType":4,"repost":{"id":"1157918353","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":1619566409,"share":"https://www.laohu8.com/m/news/1157918353?lang=zh_CN&edition=full","pubTime":"2021-04-28 07:33","market":"us","language":"en","title":"Microsoft sales grow on cloud strength, shares dip on heightened valuation<blockquote>微软销售额因云实力而增长，股价因估值上升而下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157918353","media":"Tiger Newspress","summary":"Microsoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.Windows revenue growth from device makers was higher than the company had predicted.Azure cloud revenue growth was flat from the prior quarter.Microsoft shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as c","content":"<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Microsoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.</li>  <li>Windows revenue growth from device makers was higher than the company had predicted.</li>  <li>Azure cloud revenue growth was flat from the prior quarter.</li> </ul> Microsoft&nbsp;shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as cloud became a larger part of its business.</p><p><blockquote><ul><li>微软的营收和利润以及收入指引超出了分析师的预期。</li><li>来自设备制造商的Windows收入增长高于该公司的预期。</li><li>Azure云收入增长与上一季度持平。</li></ul>软件制造商微软公布了强于分析师预期的第三财季盈利和季度收入指引后，该公司股价周二在盘后交易中下跌2.6%。随着云计算成为其业务的重要组成部分，该公司的营业利润率有所收窄。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37e56904b785cd612b360cb4662adcab\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p> Here’s how the company did:</p><p><blockquote>该公司的做法如下：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$1.95 per share, adjusted, vs. $1.78 per share as expected by analysts, according to Refinitiv.</li>  <li><b>Revenue:</b>$41.71 billion, vs. $41.03 billion as expected by analysts, according to Refinitiv.</li> </ul> The software and hardware maker posted 19% annualized revenue growth for the quarter, which ended March 31, according to a&nbsp;statement. That’s the biggest quarterly increase the company has posted since 2018, thanks in part to&nbsp;gains in PC sales&nbsp;resulting from coronavirus-driven shortages last year.</p><p><blockquote><ul><li><b>收益：</b>根据Refinitiv的数据，调整后每股1.95美元，而分析师预期为每股1.78美元。</li><li><b>收入：</b>根据Refinitiv的数据，为417.1亿美元，而分析师预期为410.3亿美元。</li></ul>根据一份声明，这家软件和硬件制造商公布截至3月31日的季度年化收入增长19%。这是该公司自2018年以来最大的季度增幅，部分原因是去年冠状病毒导致的短缺导致PC销量增长。</blockquote></p><p> The company said its Azure public cloud, which competes with market leader&nbsp;Amazon&nbsp;Web Services, grew 50%, faster than the 46% growth analysts had expected, according to a CNBC review of 14 equity research notes. In&nbsp;the prior quarter&nbsp;Azure revenue grew 50%. Microsoft does not disclose Azure revenue in dollars.</p><p><blockquote>根据CNBC对14份股票研究报告的评论，该公司表示，与市场领导者亚马逊网络服务竞争的Azure公共云增长了50%，快于分析师预期的46%增长。上一季度，Azure收入增长了50%。微软没有披露Azure的美元收入。</blockquote></p><p> With respect to guidance, Microsoft is expecting $43.6 billion to $44.5 billion in revenue in the fiscal fourth quarter, said Amy Hood, Microsoft’s finance chief, on a conference call with analysts. At the middle of the range that would represent 16% growth, more than the $42.98 billion consensus estimate among analysts polled by Refinitiv.</p><p><blockquote>微软首席财务官Amy Hood在与分析师举行的电话会议上表示，关于指引，微软预计第四财季营收为436亿至445亿美元。处于16%增长区间的中间，高于Refinitiv调查的分析师普遍预期的429.8亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04deaac8d015743ca14f06c8b77bd26e\" tg-width=\"1910\" tg-height=\"1549\"></p><p><blockquote></blockquote></p><p> Microsoft’s Intelligent Cloud segment delivered $15.12 billion in revenue in the fiscal third quarter. That was up 23% year over year and above the FactSet consensus estimate of $14.92 billion. Intelligent Cloud contains Azure, Windows Server, SQL Server, Visual Studio, GitHub and Enterprise Services.</p><p><blockquote>微软智能云部门第三财季实现营收151.2亿美元。这一数字同比增长23%，高于FactSet 149.2亿美元的共识预期。智能云包含Azure、Windows Server、SQL Server、Visual Studio、GitHub和企业服务。</blockquote></p><p> The Productivity and Business Processes segment, containing Office, Dynamics and LinkedIn, contributed $13.55 billion in revenue, up 15% and more than the $13.49 billion FactSet consensus. The Teams chat and calling app reached 145 million daily active users, up from&nbsp;115 million&nbsp;in October, Microsoft CEO Satya Nadella said on the call.</p><p><blockquote>包括Office、Dynamics和LinkedIn在内的生产力和业务流程部门贡献了135.5亿美元的收入，增长了15%，超过了FactSet预期的134.9亿美元。微软首席执行官Satya Nadella在看涨期权上表示，Teams聊天和通话应用程序的日活跃用户达到1.45亿，高于10月份的1.15亿。</blockquote></p><p> The company’s More Personal Computing unit, which includes Windows, gaming, devices and search, came up with $13.04 billion in revenue. That was up almost 19% and higher than the $12.55 billion consensus. Technology research company Gartner&nbsp;estimated&nbsp;earlier this month that PC manufacturers shipped nearly 70 million units in the quarter, 32% more than in the year-ago quarter, the fastest growth since Gartner started tracking the PC market in 2000.</p><p><blockquote>该公司的更多个人计算部门，包括Windows、游戏、设备和搜索，收入为130.4亿美元。这一数字增长了近19%，高于125.5亿美元的共识。技术研究公司Gartner本月早些时候估计，PC制造商本季度出货量接近7000万台，比去年同期增长32%，这是Gartner自2000年开始跟踪PC市场以来的最快增长。</blockquote></p><p> That benefits Microsoft’s sales of Windows licenses to PC makers, which were up 10%. There are now over 1.3 billion monthly active devices running the Windows 10 operating system, Nadella said.</p><p><blockquote>这有利于微软向个人电脑制造商销售Windows许可证，增长了10%。纳德拉表示，现在每月有超过13亿台活跃设备运行Windows 10操作系统。</blockquote></p><p> The outcome was greater than Microsoft itself had forecast. In January, Hood called for Windows license revenue from device makers to be up in the low single digits.</p><p><blockquote>结果比微软自己预测的要好。一月份，胡德呼吁设备制造商的Windows许可收入保持在低个位数。</blockquote></p><p> The PC market endured “significant ongoing constraints in the supply chain,” Hood said on Tuesday.</p><p><blockquote>胡德周二表示，个人电脑市场经历了“供应链中持续的重大限制”。</blockquote></p><p> At the same time, the gross margin for Microsoft’s broad Commercial Cloud category of products — including Azure, commercial subscriptions to the Office 365 productivity bundle, cloud-based Dynamics 365 enterprise applications and commercial parts of LinkedIn — narrowed to 70% from 71%. The number is important to investors who want to see that Microsoft can continue to make Azure more profitable.</p><p><blockquote>与此同时，微软广泛的商业云类别产品（包括Azure、Office 365生产力捆绑包的商业订阅、基于云的Dynamics 365企业应用程序和LinkedIn的商业部分）的毛利率从71%收窄至70%。对于希望看到微软能够继续让Azure盈利更高的投资者来说，这个数字很重要。</blockquote></p><p> The operating margin for the Intelligent Cloud segment that includes Azure also narrowed to 42.5% from about 44.5%. Microsoft’s overall operating margin came in at 40.9%, down from 41.6%.</p><p><blockquote>包括Azure在内的智能云部门的营业利润率也从约44.5%收窄至42.5%。微软的整体营业利润率为40.9%，低于41.6%。</blockquote></p><p> Microsoft&nbsp;said&nbsp;in the quarter it had won a U.S. Army contract worth up to $21.9 billion over a decade for augmented reality headsets based on its latest HoloLens device. The company also&nbsp;issued patches&nbsp;to address vulnerabilities in its Exchange Server on-premises email and calendar software that Chinese hackers exploited. It also&nbsp;closed&nbsp;the $8.1 billion acquisition of video game maker ZeniMax Media.</p><p><blockquote>微软表示，本季度它赢得了美国。陆军合同在十年内价值高达219亿美元，用于基于其最新HoloLens设备的增强现实耳机。该公司还发布了补丁，以解决其Exchange Server内部电子邮件和日历软件中被中国黑客利用的漏洞。它还完成了对视频游戏制造商ZeniMax Media的81亿美元收购。</blockquote></p><p> Notwithstanding the after-hours move, Microsoft shares are up 18% year to date, compared with a gain of around 12% for the S&amp;P 500 over the same time period.</p><p><blockquote>尽管盘后出现波动，微软股价今年迄今仍上涨了18%，而标普500同期的涨幅约为12%。</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>Microsoft sales grow on cloud strength, shares dip on heightened valuation<blockquote>微软销售额因云实力而增长，股价因估值上升而下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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\">\nMicrosoft sales grow on cloud strength, shares dip on heightened valuation<blockquote>微软销售额因云实力而增长，股价因估值上升而下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-28 07:33</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>KEY POINTS</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Microsoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.</li>  <li>Windows revenue growth from device makers was higher than the company had predicted.</li>  <li>Azure cloud revenue growth was flat from the prior quarter.</li> </ul> Microsoft&nbsp;shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as cloud became a larger part of its business.</p><p><blockquote><ul><li>微软的营收和利润以及收入指引超出了分析师的预期。</li><li>来自设备制造商的Windows收入增长高于该公司的预期。</li><li>Azure云收入增长与上一季度持平。</li></ul>软件制造商微软公布了强于分析师预期的第三财季盈利和季度收入指引后，该公司股价周二在盘后交易中下跌2.6%。随着云计算成为其业务的重要组成部分，该公司的营业利润率有所收窄。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37e56904b785cd612b360cb4662adcab\" tg-width=\"1302\" tg-height=\"833\"></p><p><blockquote></blockquote></p><p> Here’s how the company did:</p><p><blockquote>该公司的做法如下：</blockquote></p><p> <ul>  <li><b>Earnings:</b>$1.95 per share, adjusted, vs. $1.78 per share as expected by analysts, according to Refinitiv.</li>  <li><b>Revenue:</b>$41.71 billion, vs. $41.03 billion as expected by analysts, according to Refinitiv.</li> </ul> The software and hardware maker posted 19% annualized revenue growth for the quarter, which ended March 31, according to a&nbsp;statement. That’s the biggest quarterly increase the company has posted since 2018, thanks in part to&nbsp;gains in PC sales&nbsp;resulting from coronavirus-driven shortages last year.</p><p><blockquote><ul><li><b>收益：</b>根据Refinitiv的数据，调整后每股1.95美元，而分析师预期为每股1.78美元。</li><li><b>收入：</b>根据Refinitiv的数据，为417.1亿美元，而分析师预期为410.3亿美元。</li></ul>根据一份声明，这家软件和硬件制造商公布截至3月31日的季度年化收入增长19%。这是该公司自2018年以来最大的季度增幅，部分原因是去年冠状病毒导致的短缺导致PC销量增长。</blockquote></p><p> The company said its Azure public cloud, which competes with market leader&nbsp;Amazon&nbsp;Web Services, grew 50%, faster than the 46% growth analysts had expected, according to a CNBC review of 14 equity research notes. In&nbsp;the prior quarter&nbsp;Azure revenue grew 50%. Microsoft does not disclose Azure revenue in dollars.</p><p><blockquote>根据CNBC对14份股票研究报告的评论，该公司表示，与市场领导者亚马逊网络服务竞争的Azure公共云增长了50%，快于分析师预期的46%增长。上一季度，Azure收入增长了50%。微软没有披露Azure的美元收入。</blockquote></p><p> With respect to guidance, Microsoft is expecting $43.6 billion to $44.5 billion in revenue in the fiscal fourth quarter, said Amy Hood, Microsoft’s finance chief, on a conference call with analysts. At the middle of the range that would represent 16% growth, more than the $42.98 billion consensus estimate among analysts polled by Refinitiv.</p><p><blockquote>微软首席财务官Amy Hood在与分析师举行的电话会议上表示，关于指引，微软预计第四财季营收为436亿至445亿美元。处于16%增长区间的中间，高于Refinitiv调查的分析师普遍预期的429.8亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04deaac8d015743ca14f06c8b77bd26e\" tg-width=\"1910\" tg-height=\"1549\"></p><p><blockquote></blockquote></p><p> Microsoft’s Intelligent Cloud segment delivered $15.12 billion in revenue in the fiscal third quarter. That was up 23% year over year and above the FactSet consensus estimate of $14.92 billion. Intelligent Cloud contains Azure, Windows Server, SQL Server, Visual Studio, GitHub and Enterprise Services.</p><p><blockquote>微软智能云部门第三财季实现营收151.2亿美元。这一数字同比增长23%，高于FactSet 149.2亿美元的共识预期。智能云包含Azure、Windows Server、SQL Server、Visual Studio、GitHub和企业服务。</blockquote></p><p> The Productivity and Business Processes segment, containing Office, Dynamics and LinkedIn, contributed $13.55 billion in revenue, up 15% and more than the $13.49 billion FactSet consensus. The Teams chat and calling app reached 145 million daily active users, up from&nbsp;115 million&nbsp;in October, Microsoft CEO Satya Nadella said on the call.</p><p><blockquote>包括Office、Dynamics和LinkedIn在内的生产力和业务流程部门贡献了135.5亿美元的收入，增长了15%，超过了FactSet预期的134.9亿美元。微软首席执行官Satya Nadella在看涨期权上表示，Teams聊天和通话应用程序的日活跃用户达到1.45亿，高于10月份的1.15亿。</blockquote></p><p> The company’s More Personal Computing unit, which includes Windows, gaming, devices and search, came up with $13.04 billion in revenue. That was up almost 19% and higher than the $12.55 billion consensus. Technology research company Gartner&nbsp;estimated&nbsp;earlier this month that PC manufacturers shipped nearly 70 million units in the quarter, 32% more than in the year-ago quarter, the fastest growth since Gartner started tracking the PC market in 2000.</p><p><blockquote>该公司的更多个人计算部门，包括Windows、游戏、设备和搜索，收入为130.4亿美元。这一数字增长了近19%，高于125.5亿美元的共识。技术研究公司Gartner本月早些时候估计，PC制造商本季度出货量接近7000万台，比去年同期增长32%，这是Gartner自2000年开始跟踪PC市场以来的最快增长。</blockquote></p><p> That benefits Microsoft’s sales of Windows licenses to PC makers, which were up 10%. There are now over 1.3 billion monthly active devices running the Windows 10 operating system, Nadella said.</p><p><blockquote>这有利于微软向个人电脑制造商销售Windows许可证，增长了10%。纳德拉表示，现在每月有超过13亿台活跃设备运行Windows 10操作系统。</blockquote></p><p> The outcome was greater than Microsoft itself had forecast. In January, Hood called for Windows license revenue from device makers to be up in the low single digits.</p><p><blockquote>结果比微软自己预测的要好。一月份，胡德呼吁设备制造商的Windows许可收入保持在低个位数。</blockquote></p><p> The PC market endured “significant ongoing constraints in the supply chain,” Hood said on Tuesday.</p><p><blockquote>胡德周二表示，个人电脑市场经历了“供应链中持续的重大限制”。</blockquote></p><p> At the same time, the gross margin for Microsoft’s broad Commercial Cloud category of products — including Azure, commercial subscriptions to the Office 365 productivity bundle, cloud-based Dynamics 365 enterprise applications and commercial parts of LinkedIn — narrowed to 70% from 71%. The number is important to investors who want to see that Microsoft can continue to make Azure more profitable.</p><p><blockquote>与此同时，微软广泛的商业云类别产品（包括Azure、Office 365生产力捆绑包的商业订阅、基于云的Dynamics 365企业应用程序和LinkedIn的商业部分）的毛利率从71%收窄至70%。对于希望看到微软能够继续让Azure盈利更高的投资者来说，这个数字很重要。</blockquote></p><p> The operating margin for the Intelligent Cloud segment that includes Azure also narrowed to 42.5% from about 44.5%. Microsoft’s overall operating margin came in at 40.9%, down from 41.6%.</p><p><blockquote>包括Azure在内的智能云部门的营业利润率也从约44.5%收窄至42.5%。微软的整体营业利润率为40.9%，低于41.6%。</blockquote></p><p> Microsoft&nbsp;said&nbsp;in the quarter it had won a U.S. Army contract worth up to $21.9 billion over a decade for augmented reality headsets based on its latest HoloLens device. The company also&nbsp;issued patches&nbsp;to address vulnerabilities in its Exchange Server on-premises email and calendar software that Chinese hackers exploited. It also&nbsp;closed&nbsp;the $8.1 billion acquisition of video game maker ZeniMax Media.</p><p><blockquote>微软表示，本季度它赢得了美国。陆军合同在十年内价值高达219亿美元，用于基于其最新HoloLens设备的增强现实耳机。该公司还发布了补丁，以解决其Exchange Server内部电子邮件和日历软件中被中国黑客利用的漏洞。它还完成了对视频游戏制造商ZeniMax Media的81亿美元收购。</blockquote></p><p> Notwithstanding the after-hours move, Microsoft shares are up 18% year to date, compared with a gain of around 12% for the S&amp;P 500 over the same time period.</p><p><blockquote>尽管盘后出现波动，微软股价今年迄今仍上涨了18%，而标普500同期的涨幅约为12%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157918353","content_text":"KEY POINTS\n\nMicrosoft exceeded analysts’ estimates on the top and bottom lines, as well as revenue guidance.\nWindows revenue growth from device makers was higher than the company had predicted.\nAzure cloud revenue growth was flat from the prior quarter.\n\nMicrosoft shares moved 2.6% lower in extended trading Tuesday after the software maker announced fiscal third-quarter earnings and quarterly revenue guidance that came in stronger than analysts had expected. The company’s operating margin narrowed somewhat as cloud became a larger part of its business.\n\nHere’s how the company did:\n\nEarnings:$1.95 per share, adjusted, vs. $1.78 per share as expected by analysts, according to Refinitiv.\nRevenue:$41.71 billion, vs. $41.03 billion as expected by analysts, according to Refinitiv.\n\nThe software and hardware maker posted 19% annualized revenue growth for the quarter, which ended March 31, according to a statement. That’s the biggest quarterly increase the company has posted since 2018, thanks in part to gains in PC sales resulting from coronavirus-driven shortages last year.\nThe company said its Azure public cloud, which competes with market leader Amazon Web Services, grew 50%, faster than the 46% growth analysts had expected, according to a CNBC review of 14 equity research notes. In the prior quarter Azure revenue grew 50%. Microsoft does not disclose Azure revenue in dollars.\nWith respect to guidance, Microsoft is expecting $43.6 billion to $44.5 billion in revenue in the fiscal fourth quarter, said Amy Hood, Microsoft’s finance chief, on a conference call with analysts. At the middle of the range that would represent 16% growth, more than the $42.98 billion consensus estimate among analysts polled by Refinitiv.\n\nMicrosoft’s Intelligent Cloud segment delivered $15.12 billion in revenue in the fiscal third quarter. That was up 23% year over year and above the FactSet consensus estimate of $14.92 billion. Intelligent Cloud contains Azure, Windows Server, SQL Server, Visual Studio, GitHub and Enterprise Services.\nThe Productivity and Business Processes segment, containing Office, Dynamics and LinkedIn, contributed $13.55 billion in revenue, up 15% and more than the $13.49 billion FactSet consensus. The Teams chat and calling app reached 145 million daily active users, up from 115 million in October, Microsoft CEO Satya Nadella said on the call.\nThe company’s More Personal Computing unit, which includes Windows, gaming, devices and search, came up with $13.04 billion in revenue. That was up almost 19% and higher than the $12.55 billion consensus. Technology research company Gartner estimated earlier this month that PC manufacturers shipped nearly 70 million units in the quarter, 32% more than in the year-ago quarter, the fastest growth since Gartner started tracking the PC market in 2000.\nThat benefits Microsoft’s sales of Windows licenses to PC makers, which were up 10%. There are now over 1.3 billion monthly active devices running the Windows 10 operating system, Nadella said.\nThe outcome was greater than Microsoft itself had forecast. In January, Hood called for Windows license revenue from device makers to be up in the low single digits.\nThe PC market endured “significant ongoing constraints in the supply chain,” Hood said on Tuesday.\nAt the same time, the gross margin for Microsoft’s broad Commercial Cloud category of products — including Azure, commercial subscriptions to the Office 365 productivity bundle, cloud-based Dynamics 365 enterprise applications and commercial parts of LinkedIn — narrowed to 70% from 71%. The number is important to investors who want to see that Microsoft can continue to make Azure more profitable.\nThe operating margin for the Intelligent Cloud segment that includes Azure also narrowed to 42.5% from about 44.5%. Microsoft’s overall operating margin came in at 40.9%, down from 41.6%.\nMicrosoft said in the quarter it had won a U.S. Army contract worth up to $21.9 billion over a decade for augmented reality headsets based on its latest HoloLens device. The company also issued patches to address vulnerabilities in its Exchange Server on-premises email and calendar software that Chinese hackers exploited. It also closed the $8.1 billion acquisition of video game maker ZeniMax Media.\nNotwithstanding the after-hours move, Microsoft shares are up 18% year to date, compared with a gain of around 12% for the S&P 500 over the same time period.","news_type":1,"symbols_score_info":{"MSFT":0.9}},"isVote":1,"tweetType":1,"viewCount":964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372772611,"gmtCreate":1619250431433,"gmtModify":1631892070105,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"TLDR - subscriber growth still positive, good margin, low churn, good to hold for long term","listText":"TLDR - subscriber growth still positive, good margin, low churn, good to hold for long 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wallet..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876459960","repostId":"2184984900","repostType":2,"isVote":1,"tweetType":1,"viewCount":2923,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":107880033,"gmtCreate":1620464109822,"gmtModify":1631889695305,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Unbelievable&nbsp;","listText":"Unbelievable&nbsp;","text":"Unbelievable","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107880033","repostId":"1160802774","repostType":4,"repost":{"id":"1160802774","kind":"news","pubTimestamp":1620442206,"share":"https://www.laohu8.com/m/news/1160802774?lang=zh_CN&edition=full","pubTime":"2021-05-08 10:50","market":"other","language":"en","title":"Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160802774","media":"Marketwatch","summary":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue Un","content":"<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.</p><p><blockquote>Nikki Beesetti早在2017年就开始投资加密货币，并用出售她心血来潮购买的一枚比特币的收益支付了她在普渡大学的最后一个学期的费用，该收益已飙升至近2万美元。</blockquote></p><p>Now, the product manager for a startup in New York is dabbling in dogecoin&nbsp;,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.</p><p><blockquote>现在，纽约一家初创公司的产品经理正在涉足狗狗币，并认为本周末可能是这种模仿硬币的成败时刻，这种模仿硬币在2021年上涨了近13,000%。</blockquote></p><p>“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.</p><p><blockquote>Beesetti在接受MarketWatch电话采访时表示：“本周六将是狗狗币成败的关键。”</blockquote></p><p>“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.</p><p><blockquote>“如果他真的能传达正确的信息，狗狗币就能真正起飞……否则它就会崩溃到任何它要崩溃的地方，”她说。</blockquote></p><p>The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.</p><p><blockquote>这位25岁的投资者是众多相对年轻的交易员之一，他们涌入狗狗币等投机性山寨币，因为这种所谓的笑话资产造就了百万富翁，并引起了一些人对新兴加密货币综合体中正在形成泡沫的担忧。</blockquote></p><p>Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn&nbsp;cheers and jeers.</p><p><blockquote>马斯克将于本周末主持NBC深夜直播电视喜剧小品节目“周六夜现场”，他即将到来的亮相已经引起了欢呼和嘲笑。</blockquote></p><p>Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p><blockquote>马斯克一直是狗狗币和加密货币最大的支持者之一。这位自封的特斯拉“技术之王”主要利用其庞大的社交媒体粉丝来抬高doge的价格，他于4月1日在推特上表示，他将使用SpaceX火箭将实体doge硬币放在真正的月球上，呼应了社交媒体将硬币价格“带到月球”的目标。</blockquote></p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p><blockquote>比塞蒂表示，她第一次涉足狗狗币是在马斯克去年夏天社交媒体信件的推动下，她还投资科技股和交易所交易基金。</blockquote></p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p><blockquote>她在狗狗币的交易价格为3/10美分时买入了它，尽管去年8月它达到了1美分左右，但她仍保持了她在2013年创建的数字资产中的美元成本平均头寸。</blockquote></p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p><blockquote>马斯克已成为Reddit等网站上狗狗币持有者的聚集点，他即将在“SNL”上亮相是加密货币市场内外备受期待的时刻，该市场主要集中在比特币和以太币这两个世界上最大的加密货币。</blockquote></p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p><blockquote>狗狗币长期以来在数字资产领域一直享有笑话货币的美誉，但很难否认其飙升的价值引起了大街和华尔街的关注——至少暂时如此。</blockquote></p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p><blockquote>前《SNL》演员兼喜剧演员大卫·斯派德(David Spade)周四在推特上表示，他想知道马斯克出现在小品节目中是否相当于为doge制作了一部90分钟的电视广告，并补充说，也许是开玩笑地说，他正在购买狗狗币。</blockquote></p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p><blockquote>博彩平台SportsBettingDime.com的赔率制定了许多关于马斯克出现在《周六夜现场》上的适当赌注，包括他在节目中首先提到的任何加密货币。</blockquote></p><p>Which cryptocurrency does Musk mention first:</p><p><blockquote>马斯克首先提到的是哪种加密货币：</blockquote></p><p>1. Bitcoin: -200</p><p><blockquote>1.比特币：-200</blockquote></p><p>2. Dogecoin: +600</p><p><blockquote>2.狗狗币：+600</blockquote></p><p>3. FIELD: +450</p><p><blockquote>3.字段：+450</blockquote></p><p>4. Does Not Mention Bitcoin: +400</p><p><blockquote>4.没有提到比特币：+400</blockquote></p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p><blockquote>Beesetti表示，她最近出售了价值约8,000美元的狗狗币，购买了一双Gucci鞋、一部iPhone，并根据以太币协议提高了她在以太thar的头寸，但在其他方面一直是doge的稳定持有者。</blockquote></p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p><blockquote>该投资者不愿提供具体数字，但表示她目前持有的狗狗币在50,000至100,000枚之间。</blockquote></p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p><blockquote>也许与doge的一些投资者不同，她并不对它具有实用性抱有幻想，而是接受了这样一种可能性：势头可能会在模仿资产中积累到一定程度，从而锻造自己的合法性。</blockquote></p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p><blockquote>“Doge没有内在价值，”比塞蒂说。“如果你和一群人相信它，价值就会变得真实。在这种情况下，相信它的群体和人比以前更多。”</blockquote></p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p><blockquote>尽管如此，至少一位分析师表示，现实可能会在周日早上对模因币持有者造成沉重打击。</blockquote></p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p><blockquote>Oanda高级市场分析师爱德华·莫亚(Edward Moya)在一份研究报告中写道：“SNL之后，一旦狗狗币明显不会飙升至月球或达到备受关注的1美元水平，一些加密货币交易员可能会放弃短期狗狗币押注。”笔记。</blockquote></p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p><blockquote>这位分析师还指出，狗狗币投资者（在加密货币界被称为霍德勒）的坚定信念可能会违背逻辑并保持价格上涨。</blockquote></p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p><blockquote>这位Oanda策略师表示：“一直致力于Doge的散户交易员可能仍然是顽固的霍德勒，因此如果没有发生卖出事件反应，我们不应该感到惊讶。”</blockquote></p><p>How it all plays out for dogecoin is anyone’s guess.</p><p><blockquote>狗狗币的结局如何，谁也说不准。</blockquote></p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p><blockquote>“这只是一种模因货币，但有时最有趣的结果会成为现实，”比塞蒂说。</blockquote></p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</p><p><blockquote>与大多数其他资产相比，这种模因货币经历了惊人的上涨。今年迄今为止，黄金期货下跌了3%，道琼斯工业平均指数和标普500指数在2021年上涨了近13%，而纳斯达克综合指数今年迄今为止的涨幅约超过6%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-05-08 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.</p><p><blockquote>Nikki Beesetti早在2017年就开始投资加密货币，并用出售她心血来潮购买的一枚比特币的收益支付了她在普渡大学的最后一个学期的费用，该收益已飙升至近2万美元。</blockquote></p><p>Now, the product manager for a startup in New York is dabbling in dogecoin&nbsp;,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.</p><p><blockquote>现在，纽约一家初创公司的产品经理正在涉足狗狗币，并认为本周末可能是这种模仿硬币的成败时刻，这种模仿硬币在2021年上涨了近13,000%。</blockquote></p><p>“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.</p><p><blockquote>Beesetti在接受MarketWatch电话采访时表示：“本周六将是狗狗币成败的关键。”</blockquote></p><p>“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.</p><p><blockquote>“如果他真的能传达正确的信息，狗狗币就能真正起飞……否则它就会崩溃到任何它要崩溃的地方，”她说。</blockquote></p><p>The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.</p><p><blockquote>这位25岁的投资者是众多相对年轻的交易员之一，他们涌入狗狗币等投机性山寨币，因为这种所谓的笑话资产造就了百万富翁，并引起了一些人对新兴加密货币综合体中正在形成泡沫的担忧。</blockquote></p><p>Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn&nbsp;cheers and jeers.</p><p><blockquote>马斯克将于本周末主持NBC深夜直播电视喜剧小品节目“周六夜现场”，他即将到来的亮相已经引起了欢呼和嘲笑。</blockquote></p><p>Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p><blockquote>马斯克一直是狗狗币和加密货币最大的支持者之一。这位自封的特斯拉“技术之王”主要利用其庞大的社交媒体粉丝来抬高doge的价格，他于4月1日在推特上表示，他将使用SpaceX火箭将实体doge硬币放在真正的月球上，呼应了社交媒体将硬币价格“带到月球”的目标。</blockquote></p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p><blockquote>比塞蒂表示，她第一次涉足狗狗币是在马斯克去年夏天社交媒体信件的推动下，她还投资科技股和交易所交易基金。</blockquote></p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p><blockquote>她在狗狗币的交易价格为3/10美分时买入了它，尽管去年8月它达到了1美分左右，但她仍保持了她在2013年创建的数字资产中的美元成本平均头寸。</blockquote></p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p><blockquote>马斯克已成为Reddit等网站上狗狗币持有者的聚集点，他即将在“SNL”上亮相是加密货币市场内外备受期待的时刻，该市场主要集中在比特币和以太币这两个世界上最大的加密货币。</blockquote></p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p><blockquote>狗狗币长期以来在数字资产领域一直享有笑话货币的美誉，但很难否认其飙升的价值引起了大街和华尔街的关注——至少暂时如此。</blockquote></p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p><blockquote>前《SNL》演员兼喜剧演员大卫·斯派德(David Spade)周四在推特上表示，他想知道马斯克出现在小品节目中是否相当于为doge制作了一部90分钟的电视广告，并补充说，也许是开玩笑地说，他正在购买狗狗币。</blockquote></p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p><blockquote>博彩平台SportsBettingDime.com的赔率制定了许多关于马斯克出现在《周六夜现场》上的适当赌注，包括他在节目中首先提到的任何加密货币。</blockquote></p><p>Which cryptocurrency does Musk mention first:</p><p><blockquote>马斯克首先提到的是哪种加密货币：</blockquote></p><p>1. Bitcoin: -200</p><p><blockquote>1.比特币：-200</blockquote></p><p>2. Dogecoin: +600</p><p><blockquote>2.狗狗币：+600</blockquote></p><p>3. FIELD: +450</p><p><blockquote>3.字段：+450</blockquote></p><p>4. Does Not Mention Bitcoin: +400</p><p><blockquote>4.没有提到比特币：+400</blockquote></p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p><blockquote>Beesetti表示，她最近出售了价值约8,000美元的狗狗币，购买了一双Gucci鞋、一部iPhone，并根据以太币协议提高了她在以太thar的头寸，但在其他方面一直是doge的稳定持有者。</blockquote></p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p><blockquote>该投资者不愿提供具体数字，但表示她目前持有的狗狗币在50,000至100,000枚之间。</blockquote></p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p><blockquote>也许与doge的一些投资者不同，她并不对它具有实用性抱有幻想，而是接受了这样一种可能性：势头可能会在模仿资产中积累到一定程度，从而锻造自己的合法性。</blockquote></p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p><blockquote>“Doge没有内在价值，”比塞蒂说。“如果你和一群人相信它，价值就会变得真实。在这种情况下，相信它的群体和人比以前更多。”</blockquote></p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p><blockquote>尽管如此，至少一位分析师表示，现实可能会在周日早上对模因币持有者造成沉重打击。</blockquote></p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p><blockquote>Oanda高级市场分析师爱德华·莫亚(Edward Moya)在一份研究报告中写道：“SNL之后，一旦狗狗币明显不会飙升至月球或达到备受关注的1美元水平，一些加密货币交易员可能会放弃短期狗狗币押注。”笔记。</blockquote></p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p><blockquote>这位分析师还指出，狗狗币投资者（在加密货币界被称为霍德勒）的坚定信念可能会违背逻辑并保持价格上涨。</blockquote></p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p><blockquote>这位Oanda策略师表示：“一直致力于Doge的散户交易员可能仍然是顽固的霍德勒，因此如果没有发生卖出事件反应，我们不应该感到惊讶。”</blockquote></p><p>How it all plays out for dogecoin is anyone’s guess.</p><p><blockquote>狗狗币的结局如何，谁也说不准。</blockquote></p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p><blockquote>“这只是一种模因货币，但有时最有趣的结果会成为现实，”比塞蒂说。</blockquote></p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</p><p><blockquote>与大多数其他资产相比，这种模因货币经历了惊人的上涨。今年迄今为止，黄金期货下跌了3%，道琼斯工业平均指数和标普500指数在2021年上涨了近13%，而纳斯达克综合指数今年迄今为止的涨幅约超过6%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160802774","content_text":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.Now, the product manager for a startup in New York is dabbling in dogecoin ,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn cheers and jeers.Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla has been mostly using his massive social media following to pump up the price of doge, tweeting back on April 1 that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin and Ethereum ,the two largest cryptos in the world.Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.Oddsmakers at betting platformSportsBettingDime.com have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.Which cryptocurrency does Musk mention first:1. Bitcoin: -2002. Dogecoin: +6003. FIELD: +4504. Does Not Mention Bitcoin: +400Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.“Post-SNL, some crypto traders could abandon short-term Dogecoin bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.How it all plays out for dogecoin is anyone’s guess.“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures are down 3% so far this year, the Dow Jones Industrial Average and the S&P 500 index are up by nearly 13% in 2021, while the Nasdaq Composite Index has gained about over 6% so far this year.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107817027,"gmtCreate":1620463862369,"gmtModify":1631884222611,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Crash.. But it may happen tomorrow, next. Month or next year..is anybody guesses.&nbsp;Just be. Ready","listText":"Crash.. But it may happen tomorrow, next. Month or next year..is anybody guesses.&nbsp;Just be. Ready","text":"Crash.. But it may happen tomorrow, next. Month or next year..is anybody guesses. Just be. Ready","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/107817027","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohu8.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1388,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":104586521,"gmtCreate":1620398025863,"gmtModify":1631889695333,"author":{"id":"3581893461138204","authorId":"3581893461138204","name":"Innovator","avatar":"https://static.tigerbbs.com/ce649485ad7a46d32719865b69f37d98","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581893461138204","authorIdStr":"3581893461138204"},"themes":[],"htmlText":"Interest rate is going up. All this high growth stock base on future cash flow is not cheap at all.&nbsp;","listText":"Interest rate is going up. All this high growth stock base on future cash flow is not cheap at all.&nbsp;","text":"Interest rate is going up. All this high growth stock base on future cash flow is not cheap at all.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/104586521","repostId":"2133750049","repostType":4,"isVote":1,"tweetType":1,"viewCount":1435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}