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2021-11-04

Great ariticle, would you like to share it?

@小虎活动:[Halloween Game] Trade or Treat!

2021-07-30

Ok

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2021-07-30

Rise rise rise pls.

Apple Stock Is Cheap, Here Is Why<blockquote>苹果股票很便宜，原因如下</blockquote>

2021-07-30

Not unexpected

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2021-07-27

Cool

Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>

2021-07-27

Huat!!!

Apple Earnings Face High Expectations<blockquote>苹果盈利面临高预期</blockquote>

2021-07-26

Feel pissy

Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</blockquote>

2021-07-26

Pissy

Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</blockquote>

2021-07-13

Finally. Good news

抱歉，原内容已删除

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All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":806173982,"gmtCreate":1627644787646,"gmtModify":1633757500931,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806173982","repostId":"1151052614","repostType":4,"isVote":1,"tweetType":1,"viewCount":2554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806179599,"gmtCreate":1627644760511,"gmtModify":1633757501276,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Rise rise rise pls.","listText":"Rise rise rise pls.","text":"Rise rise rise pls.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/806179599","repostId":"1138453945","repostType":4,"repost":{"id":"1138453945","kind":"news","pubTimestamp":1627636895,"share":"https://www.laohu8.com/m/news/1138453945?lang=zh_CN&edition=full","pubTime":"2021-07-30 17:21","market":"us","language":"en","title":"Apple Stock Is Cheap, Here Is Why<blockquote>苹果股票很便宜，原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138453945","media":"TheStreet","summary":"Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is a","content":"<p>Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is attractively valued once again. Here is why.</p><p><blockquote>苹果第三季度业绩强劲，但该股却毫无进展。这位苹果专家认为，苹果公司的估值再次具有吸引力。原因如下。</blockquote></p><p> DespiteApple’s outstanding fiscal third quarter numbers, reported on July 27, Apple stock&nbsp;failed to find support. Shares were down -1.2% after the quarterly report, after having dipped another -1.5% on earnings day itself.</p><p><blockquote>尽管苹果7月27日公布了出色的第三财季数据，但苹果股价未能找到支撑。季度报告发布后，股价下跌-1.2%，此前财报当天又下跌了-1.5%。</blockquote></p><p> Some, including BMO Capital’s Tim Long, have argued that AAPL has reached fair valuation. I, on the other hand, believe that the stock has returned to being attractively priced. I present below the calculations that support my thesis.</p><p><blockquote>包括BMO Capital的蒂姆·朗(Tim Long)在内的一些人认为，苹果公司的估值已经达到了公平的水平。另一方面，我相信该股的价格已经恢复到有吸引力的水平。我在下面展示了支持我论文的计算结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3facec59ae76a6c28f4c5847600b4de\" tg-width=\"1240\" tg-height=\"886\" width=\"100%\" height=\"auto\"><span>Figure 1: New York Apple Store (Fifth Avenue).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：纽约苹果店（第五大道）。</span></p></blockquote></p><p> <b>Great business, good valuation</b></p><p><blockquote><b>伟大的业务，良好的估值</b></blockquote></p><p> I can not start a debate about Apple stock price and valuations without emphasizing what seems obvious to me. Apple has been executing flawlessly as of late, both during the COVID-19 crisis and through the messy post-pandemic environment of supply chain challenges, limited access to physical stores, etc.</p><p><blockquote>如果不强调对我来说显而易见的事情，我就无法开始关于苹果股价和估值的辩论。苹果最近一直完美地执行，无论是在COVID-19危机期间，还是在供应链挑战、实体店准入受限等混乱的大流行后环境中。</blockquote></p><p> That said, my main concern regarding Apple stock, if at all, tends to be valuations. Around mid-May, I presented the graph below as&nbsp;a key reason to “confidently buy Apple” on year-to-date weakness. Since the day of that article, AAPL has climbed 14% in just short of 12 weeks against the S&amp;P 500’s 5% rise.</p><p><blockquote>也就是说，我对苹果股票的主要担忧（如果有的话）往往是估值。大约在5月中旬，我将下图作为在今年迄今疲软的情况下“自信地购买苹果”的关键原因。自那篇文章发表以来，AAPL在不到12周的时间里上涨了14%，而标普500则上涨了5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aac0b08108dea875dd3255e8f75f0987\" tg-width=\"1240\" tg-height=\"518\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL - Historical valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL-历史估值倍数。</span></p></blockquote></p><p> Counterintuitively, despite the recent rally, I think that Apple shares have started to head towards undervaluation once again. Think of current year P/E of 28 times as a starting point, which seems rich at first glance. This multiple is based on pre-earnings EPS consensus of $5.18 for fiscal 2021.</p><p><blockquote>与直觉相反的是，尽管最近有所上涨，但我认为苹果股价已开始再次走向低估。以今年28倍的市盈率为起点，乍一看似乎很丰厚。该倍数基于2021财年盈利前每股收益5.18美元的共识。</blockquote></p><p> After July 27, Apple’s management team presented investors with two new pieces of information. First, fiscal Q3 consensus EPS of $1.01 proved to be understated by 29 cents. Mathematically, and adjusting only for the most recent earnings beat, full-year EPS estimates should have been closer to $5.47.</p><p><blockquote>7月27日之后，苹果的管理团队向投资者展示了两条新信息。首先，事实证明，第三财季每股收益1.01美元被低估了29美分。从数学上讲，仅根据最近的盈利预期进行调整，全年每股收益预期应该接近5.47美元。</blockquote></p><p> The other part was fiscal Q4 outlook. While Apple did not provide specific guidance on revenues, it offered directional commentary on sales and offered projections on other P&amp;L items (see below):</p><p><blockquote>另一部分是第四季度财政展望。虽然苹果没有提供具体的收入指导，但它对销售提供了方向性评论，并对其他损益项目提供了预测（见下文）：</blockquote></p><p> <ul>  <li><b>Revenue</b>: Double-digit growth, absent a COVID-19 comeback, but at a rate lower than the 36% seen in June quarter due to foreign exchange, normalization of services trend, and even worse supply constraints on iPhone and iPad.</li>  <li><b>Below revenue line</b>: GM between 41.5% and 42.5%, opex between $11.3 billion and $11.5 billion, other income zero, tax rate of 16%.</li> </ul> I went ahead and plugged in the numbers. Wall Street projects revenue growth of 30% in fiscal Q4, which is in line with Apple’s vague outlook. Assuming the mid-point of the guidance range on all other P&amp;L items, I estimate that next quarter’s EPS consensus should settle at $1.21 – about ten cents above where it currently stands.</p><p><blockquote><ul><li><b>收入</b>：在没有COVID-19卷土重来的情况下，实现了两位数的增长，但由于外汇、服务趋势正常化以及iPhone和iPad更严重的供应限制，增长率低于6月份季度的36%。</li><li><b>收入线以下</b>：GM在41.5%至42.5%之间，opex在113亿美元至115亿美元之间，其他收入为零，税率为16%。</li></ul>我继续输入数字。华尔街预计第四财季营收将增长30%，这与苹果模糊的前景一致。假设所有其他损益项目指导范围的中点，我估计下一季度的每股收益共识应稳定在1.21美元，比目前高出约10美分。</blockquote></p><p> Lastly, consider that Apple has topped EPS consensus by 14 cents each quarter for the past ten periods. Add ten plus fourteen cents to the $5.47 mentioned above, and we are looking at a reasonable estimate of $5.71 in EPS for the current fiscal year. This represents a current P/E of only 25 times on the stock.</p><p><blockquote>最后，考虑一下苹果在过去十个时期中每个季度的每股收益都比市场普遍预期高出14美分。在上面提到的5.47美元的基础上加上10加14美分，我们认为本财年每股收益的合理估计为5.71美元。这意味着该股目前的市盈率仅为25倍。</blockquote></p><p> This could be just an interesting coincidence, but a current-year P/E of 25 times was precisely the multiple that AAPL commanded in early May, before it leaped to nearly $150 per share last week. If I considered the stock a “confident buy” back then, I should have the same opinion now, at least for the sake of consistency.</p><p><blockquote>这可能只是一个有趣的巧合，但今年25倍的市盈率正是AAPL在5月初的市盈率，然后上周跃升至每股近150美元。如果我当时认为这只股票是“有信心买入”，那么我现在应该有同样的看法，至少为了一致性。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Is Cheap, Here Is Why<blockquote>苹果股票很便宜，原因如下</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 Stock Is Cheap, Here Is Why<blockquote>苹果股票很便宜，原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-07-30 17:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is attractively valued once again. Here is why.</p><p><blockquote>苹果第三季度业绩强劲，但该股却毫无进展。这位苹果专家认为，苹果公司的估值再次具有吸引力。原因如下。</blockquote></p><p> DespiteApple’s outstanding fiscal third quarter numbers, reported on July 27, Apple stock&nbsp;failed to find support. Shares were down -1.2% after the quarterly report, after having dipped another -1.5% on earnings day itself.</p><p><blockquote>尽管苹果7月27日公布了出色的第三财季数据，但苹果股价未能找到支撑。季度报告发布后，股价下跌-1.2%，此前财报当天又下跌了-1.5%。</blockquote></p><p> Some, including BMO Capital’s Tim Long, have argued that AAPL has reached fair valuation. I, on the other hand, believe that the stock has returned to being attractively priced. I present below the calculations that support my thesis.</p><p><blockquote>包括BMO Capital的蒂姆·朗(Tim Long)在内的一些人认为，苹果公司的估值已经达到了公平的水平。另一方面，我相信该股的价格已经恢复到有吸引力的水平。我在下面展示了支持我论文的计算结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3facec59ae76a6c28f4c5847600b4de\" tg-width=\"1240\" tg-height=\"886\" width=\"100%\" height=\"auto\"><span>Figure 1: New York Apple Store (Fifth Avenue).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：纽约苹果店（第五大道）。</span></p></blockquote></p><p> <b>Great business, good valuation</b></p><p><blockquote><b>伟大的业务，良好的估值</b></blockquote></p><p> I can not start a debate about Apple stock price and valuations without emphasizing what seems obvious to me. Apple has been executing flawlessly as of late, both during the COVID-19 crisis and through the messy post-pandemic environment of supply chain challenges, limited access to physical stores, etc.</p><p><blockquote>如果不强调对我来说显而易见的事情，我就无法开始关于苹果股价和估值的辩论。苹果最近一直完美地执行，无论是在COVID-19危机期间，还是在供应链挑战、实体店准入受限等混乱的大流行后环境中。</blockquote></p><p> That said, my main concern regarding Apple stock, if at all, tends to be valuations. Around mid-May, I presented the graph below as&nbsp;a key reason to “confidently buy Apple” on year-to-date weakness. Since the day of that article, AAPL has climbed 14% in just short of 12 weeks against the S&amp;P 500’s 5% rise.</p><p><blockquote>也就是说，我对苹果股票的主要担忧（如果有的话）往往是估值。大约在5月中旬，我将下图作为在今年迄今疲软的情况下“自信地购买苹果”的关键原因。自那篇文章发表以来，AAPL在不到12周的时间里上涨了14%，而标普500则上涨了5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aac0b08108dea875dd3255e8f75f0987\" tg-width=\"1240\" tg-height=\"518\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL - Historical valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL-历史估值倍数。</span></p></blockquote></p><p> Counterintuitively, despite the recent rally, I think that Apple shares have started to head towards undervaluation once again. Think of current year P/E of 28 times as a starting point, which seems rich at first glance. This multiple is based on pre-earnings EPS consensus of $5.18 for fiscal 2021.</p><p><blockquote>与直觉相反的是，尽管最近有所上涨，但我认为苹果股价已开始再次走向低估。以今年28倍的市盈率为起点，乍一看似乎很丰厚。该倍数基于2021财年盈利前每股收益5.18美元的共识。</blockquote></p><p> After July 27, Apple’s management team presented investors with two new pieces of information. First, fiscal Q3 consensus EPS of $1.01 proved to be understated by 29 cents. Mathematically, and adjusting only for the most recent earnings beat, full-year EPS estimates should have been closer to $5.47.</p><p><blockquote>7月27日之后，苹果的管理团队向投资者展示了两条新信息。首先，事实证明，第三财季每股收益1.01美元被低估了29美分。从数学上讲，仅根据最近的盈利预期进行调整，全年每股收益预期应该接近5.47美元。</blockquote></p><p> The other part was fiscal Q4 outlook. While Apple did not provide specific guidance on revenues, it offered directional commentary on sales and offered projections on other P&amp;L items (see below):</p><p><blockquote>另一部分是第四季度财政展望。虽然苹果没有提供具体的收入指导，但它对销售提供了方向性评论，并对其他损益项目提供了预测（见下文）：</blockquote></p><p> <ul>  <li><b>Revenue</b>: Double-digit growth, absent a COVID-19 comeback, but at a rate lower than the 36% seen in June quarter due to foreign exchange, normalization of services trend, and even worse supply constraints on iPhone and iPad.</li>  <li><b>Below revenue line</b>: GM between 41.5% and 42.5%, opex between $11.3 billion and $11.5 billion, other income zero, tax rate of 16%.</li> </ul> I went ahead and plugged in the numbers. Wall Street projects revenue growth of 30% in fiscal Q4, which is in line with Apple’s vague outlook. Assuming the mid-point of the guidance range on all other P&amp;L items, I estimate that next quarter’s EPS consensus should settle at $1.21 – about ten cents above where it currently stands.</p><p><blockquote><ul><li><b>收入</b>：在没有COVID-19卷土重来的情况下，实现了两位数的增长，但由于外汇、服务趋势正常化以及iPhone和iPad更严重的供应限制，增长率低于6月份季度的36%。</li><li><b>收入线以下</b>：GM在41.5%至42.5%之间，opex在113亿美元至115亿美元之间，其他收入为零，税率为16%。</li></ul>我继续输入数字。华尔街预计第四财季营收将增长30%，这与苹果模糊的前景一致。假设所有其他损益项目指导范围的中点，我估计下一季度的每股收益共识应稳定在1.21美元，比目前高出约10美分。</blockquote></p><p> Lastly, consider that Apple has topped EPS consensus by 14 cents each quarter for the past ten periods. Add ten plus fourteen cents to the $5.47 mentioned above, and we are looking at a reasonable estimate of $5.71 in EPS for the current fiscal year. This represents a current P/E of only 25 times on the stock.</p><p><blockquote>最后，考虑一下苹果在过去十个时期中每个季度的每股收益都比市场普遍预期高出14美分。在上面提到的5.47美元的基础上加上10加14美分，我们认为本财年每股收益的合理估计为5.71美元。这意味着该股目前的市盈率仅为25倍。</blockquote></p><p> This could be just an interesting coincidence, but a current-year P/E of 25 times was precisely the multiple that AAPL commanded in early May, before it leaped to nearly $150 per share last week. If I considered the stock a “confident buy” back then, I should have the same opinion now, at least for the sake of consistency.</p><p><blockquote>这可能只是一个有趣的巧合，但今年25倍的市盈率正是AAPL在5月初的市盈率，然后上周跃升至每股近150美元。如果我当时认为这只股票是“有信心买入”，那么我现在应该有同样的看法，至少为了一致性。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-is-cheap-here-is-why\">TheStreet</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.thestreet.com/apple/stock/apple-stock-is-cheap-here-is-why","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138453945","content_text":"Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is attractively valued once again. Here is why.\nDespiteApple’s outstanding fiscal third quarter numbers, reported on July 27, Apple stock failed to find support. Shares were down -1.2% after the quarterly report, after having dipped another -1.5% on earnings day itself.\nSome, including BMO Capital’s Tim Long, have argued that AAPL has reached fair valuation. I, on the other hand, believe that the stock has returned to being attractively priced. I present below the calculations that support my thesis.\nFigure 1: New York Apple Store (Fifth Avenue).\nGreat business, good valuation\nI can not start a debate about Apple stock price and valuations without emphasizing what seems obvious to me. Apple has been executing flawlessly as of late, both during the COVID-19 crisis and through the messy post-pandemic environment of supply chain challenges, limited access to physical stores, etc.\nThat said, my main concern regarding Apple stock, if at all, tends to be valuations. Around mid-May, I presented the graph below as a key reason to “confidently buy Apple” on year-to-date weakness. Since the day of that article, AAPL has climbed 14% in just short of 12 weeks against the S&P 500’s 5% rise.\nFigure 2: AAPL - Historical valuation multiples.\nCounterintuitively, despite the recent rally, I think that Apple shares have started to head towards undervaluation once again. Think of current year P/E of 28 times as a starting point, which seems rich at first glance. This multiple is based on pre-earnings EPS consensus of $5.18 for fiscal 2021.\nAfter July 27, Apple’s management team presented investors with two new pieces of information. First, fiscal Q3 consensus EPS of $1.01 proved to be understated by 29 cents. Mathematically, and adjusting only for the most recent earnings beat, full-year EPS estimates should have been closer to $5.47.\nThe other part was fiscal Q4 outlook. While Apple did not provide specific guidance on revenues, it offered directional commentary on sales and offered projections on other P&L items (see below):\n\nRevenue: Double-digit growth, absent a COVID-19 comeback, but at a rate lower than the 36% seen in June quarter due to foreign exchange, normalization of services trend, and even worse supply constraints on iPhone and iPad.\nBelow revenue line: GM between 41.5% and 42.5%, opex between $11.3 billion and $11.5 billion, other income zero, tax rate of 16%.\n\nI went ahead and plugged in the numbers. Wall Street projects revenue growth of 30% in fiscal Q4, which is in line with Apple’s vague outlook. Assuming the mid-point of the guidance range on all other P&L items, I estimate that next quarter’s EPS consensus should settle at $1.21 – about ten cents above where it currently stands.\nLastly, consider that Apple has topped EPS consensus by 14 cents each quarter for the past ten periods. Add ten plus fourteen cents to the $5.47 mentioned above, and we are looking at a reasonable estimate of $5.71 in EPS for the current fiscal year. This represents a current P/E of only 25 times on the stock.\nThis could be just an interesting coincidence, but a current-year P/E of 25 times was precisely the multiple that AAPL commanded in early May, before it leaped to nearly $150 per share last week. If I considered the stock a “confident buy” back then, I should have the same opinion now, at least for the sake of consistency.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806170193,"gmtCreate":1627644691312,"gmtModify":1633757502353,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Not unexpected","listText":"Not unexpected","text":"Not unexpected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806170193","repostId":"1168057115","repostType":4,"isVote":1,"tweetType":1,"viewCount":1526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800735085,"gmtCreate":1627317837947,"gmtModify":1633766162638,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800735085","repostId":"1151724613","repostType":4,"repost":{"id":"1151724613","kind":"news","pubTimestamp":1627292512,"share":"https://www.laohu8.com/m/news/1151724613?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:41","market":"us","language":"en","title":"Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151724613","media":"Barrons","summary":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe ","content":"<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</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>Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 17:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3\">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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151724613","content_text":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere will be a lot of moving parts, however, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk.\nFactors that will contribute to bottom-line earnings include the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nThose topics and more should be discussed on the earnings conference call scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the S&P 500 and Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800736168,"gmtCreate":1627317724754,"gmtModify":1633766163786,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Huat!!!","listText":"Huat!!!","text":"Huat!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800736168","repostId":"1100647798","repostType":4,"repost":{"id":"1100647798","kind":"news","pubTimestamp":1627313442,"share":"https://www.laohu8.com/m/news/1100647798?lang=zh_CN&edition=full","pubTime":"2021-07-26 23:30","market":"us","language":"en","title":"Apple Earnings Face High Expectations<blockquote>苹果盈利面临高预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100647798","media":"seekingalpha","summary":"After the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple  for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.I'm sure analysts will also be looking to see how Apple has navigated the chip shortage as we","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares go into report near all-time high.</li>  <li>Estimates surge after two massive beats.</li>  <li>Timing of product launches will shift revenue picture.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>股价接近历史新高。</li><li>两次大幅上涨后，预估值飙升。</li><li>产品发布的时间将改变收入状况。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock未通过Getty Images发布</span></p></blockquote></p><p> After the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple (AAPL) for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.</p><p><blockquote>周二盘后，我们将收到科技巨头苹果(AAPL)截至6月底的第三财季业绩。由于该公司前两个季度的收益报告超出了华尔街的预期，预期持续上升也就不足为奇了。随着最近几周股价上涨至历史新高，可能需要另一份强劲的报告来维持局面。</blockquote></p><p> For the first half of fiscal 2021, Apple's revenues have beaten street estimates by an average of $10.25 billion per quarter. The fiscal Q3&nbsp;current average estimate&nbsp;is $73.44 billion, which would represent growth of more than 23% from the year-ago period. It's quite impressive that the current average is up more than $13 billion over the past year. On the bottom line, the street is looking for $1.01, growth of more than 56%. In the table below, you can see some Q3 key financial items for the past two years, with the current estimates for this year's period in yellow. Dollar values are millions except per share amounts.</p><p><blockquote>2021财年上半年，苹果的收入平均每季度超出华尔街预期102.5亿美元。第三财季目前的平均预期为734.4亿美元，比去年同期增长23%以上。令人印象深刻的是，目前的平均水平在过去一年中增长了超过130亿美元。从底线来看，华尔街的目标是1.01美元，增长超过56%。在下表中，您可以看到过去两年第三季度的一些关键财务项目，今年同期的当前估计为黄色。除每股金额外，美元价值为数百万。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df8630a7ef0be70113aeac0d50265a57\" tg-width=\"476\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>(*Numbers estimated based on last year's split. Actual numbers to come from the company. Source: Fiscal Q3 2020 report)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（*根据去年的拆分估算的数字。实际数字来自公司。资料来源：2020财年第三季度报告）</span></p></blockquote></p><p> Apple is comingoff arguably&nbsp;its best quarter ever. Revenues for the iPhone were up more than 65.5% over the prior-year period, with the Mac up more than 70% and iPad up nearly 79%. Fiscal Q2 overall revenue growth was nearly 54%, so this time around we're looking for about 40% of that figure. Don't forget, on the&nbsp;Q2 conference call, management talked about a $3 billion to $4 billion revenue hit in the June period from supply constraints.</p><p><blockquote>苹果可以说是有史以来最好的季度。iPhone的收入同比增长超过65.5%，Mac增长超过70%，iPad增长近79%。第二财季整体收入增长近54%，因此这一次我们预计这一数字的40%左右。别忘了，在第二季度电话会议上，管理层谈到6月份期间供应限制导致收入损失30亿至40亿美元。</blockquote></p><p> I'm most curious to see how the iPhone does this time around, as it appears that the 5G supercycle seems to be going pretty well. This year, however, most expectations are that the smartphone will return to its usual September launch period, meaning new phone revenues would be generated in fiscal Q4 again. Last year's coronavirus delayed launch meant sales didn't start until well into October and even November for some models, completely changing the sales trajectory for Apple's current fiscal year. This year's launch isn't expected to see a major upgrade to the phone line itself, so demand trends will probably be more dependent on how many consumers are upgrading to 5G rather than switching to iPhones.</p><p><blockquote>我最好奇的是这一次iPhone的表现如何，因为5G超级周期似乎进展顺利。然而，今年，大多数人预计智能手机将回到通常的9月发布期，这意味着新手机收入将在第四财季再次产生。去年的冠状病毒推迟了上市，这意味着某些车型直到10月甚至11月才开始销售，这完全改变了苹果本财年的销售轨迹。今年的发布预计不会对电话线本身进行重大升级，因此需求趋势可能更多地取决于有多少消费者升级到5G，而不是转向iPhone。</blockquote></p><p> I'm sure analysts will also be looking to see how Apple has navigated the chip shortage as well as soaring commodity prices. I don't think we will see a repeat of the 575 basis point increase in product gross margins that Q2 saw this time around, but the iPhone 12 line should still provide a nice year-over-year boost. In the long run, investors will look at growing services margins helping the gross margin percentage overall, but don't forget that the services side of the business has a lot of its expenses on the operating line.</p><p><blockquote>我相信分析师也将关注苹果如何应对芯片短缺和大宗商品价格飙升的问题。我认为我们不会看到第二季度产品毛利率增长575个基点的重演，但iPhone 12系列仍然应该会带来不错的同比增长。从长远来看，投资者将关注不断增长的服务利润率，以帮助提高整体毛利率，但不要忘记，业务的服务方面在运营方面有大量费用。</blockquote></p><p> For the stock to stay elevated, management is going to need to show that work from home and stimulus money tailwinds are still ongoing. As I discussed in&nbsp;a previous article, estimates call for Apple to see quarterly revenues decline for its March 2022 fiscal period, as the company laps very high previous year bars. While that might bring out some of the bears again, the long-term trajectory still seems positive. Current estimates call for $355 billion in total revenue during this fiscal year with Apple adding another $50 billion to that total over the next three years.</p><p><blockquote>为了使股价保持高位，管理层需要证明在家工作和刺激资金的顺风仍在持续。正如我在上一篇文章中讨论的那样，看涨期权预计苹果2022年3月财年的季度收入将下降，因为该公司去年的收入水平非常高。虽然这可能会再次引发一些空头，但长期轨迹似乎仍然是积极的。目前估计看涨期权本财年的总收入为3550亿美元，苹果将在未来三年内再增加500亿美元。</blockquote></p><p> I hope that management took advantage of the weakness in Apple shares during the quarter for its buyback. Even though the company is spending $20 billion or so every three months, that money doesn't go as far as $145 as it does at $125, obviously. Less shares repurchased means less of an earnings per share benefit, and lower long-term dividend raises. The good news is that Apple is on its way towards $100 billion a year in free cash flow, so investors don't need to worry about capital returns slowing down anytime soon.</p><p><blockquote>我希望管理层利用本季度苹果股价疲软的机会进行回购。尽管该公司每三个月花费200亿美元左右，但这笔钱显然不会像125美元那样达到145美元。回购的股票越少意味着每股收益收益越少，长期股息提高也越低。好消息是，苹果的自由现金流即将达到每年1000亿美元，因此投资者无需担心资本回报会很快放缓。</blockquote></p><p></p><p> The major issue for Apple right now is valuation. Shares finished last week trading at 33.4 times their trailing twelve-month earnings. That's basically double the mid-teens numbers from a couple of years ago, helped a lot by easy-money policies around the globe. My current price target of $162 is based on a 30X multiple of $5.40 in EPS for the September 2022 period. That number, however, assumes that the Fed and other central banks will remain fairly accommodative through most of next year. If we start to get a lot of tapering and or rate hikes earlier than expected, the overall market is likely to feel some pain, and I don't see how Apple would be immune from that.</p><p><blockquote>苹果目前的主要问题是估值。上周股价是过去12个月市盈率的33.4倍。这基本上是几年前青少年人数的两倍，这在很大程度上得益于全球宽松货币政策。我目前162美元的目标价是基于2022年9月期间每股收益5.40美元的30倍。然而，这个数字是假设美联储和其他央行在明年大部分时间里将保持相当宽松的政策。如果我们比预期更早地开始大量缩减和/或加息，整个市场可能会感到一些痛苦，我看不出苹果会如何免受此影响。</blockquote></p><p> A strong report from Apple could easily help shares to rise to a new all-time high. But just to play devil's advocate for a minute, what if there is a disappointment or a \"buy the rumor, sell the news\" reaction? Well, shares are quite a bit above their key moving averages as seen in the chart below (50-day in purple, 200-day in orange). As long as Apple can hold the shorter-term trend line, that rising technical level should be one of support. The stock has been able to hold the long-term trend line for quite a while, so I don't see any more than about 14% downside in the near term unless we get a major market pullback.</p><p><blockquote>苹果的强劲报告很容易帮助股价升至历史新高。但只是为了唱反调一分钟，如果出现失望或“买入谣言，卖出新闻”的反应怎么办？嗯，股价远高于其关键移动平均线，如下图所示（紫色为50日，橙色为200日）。只要苹果能够守住短期趋势线，上涨的技术水平应该是支撑之一。该股已经能够在相当长一段时间内保持长期趋势线，因此我认为短期内的下跌幅度不会超过14%左右，除非市场出现重大回调。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc37ee144edb22fd36fcd15cf5fc3470\" tg-width=\"640\" tg-height=\"273\" width=\"100%\" height=\"auto\"><span>(Source: Yahoo! Finance)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：雅虎财经）</span></p></blockquote></p><p> In the end, expectations for Apple are very high as earnings approach this week. Two massive quarterly beats have sent estimates through the roof, and the stock has recently run to a new all-time high. The market will be looking for signs that the iPhone supercycle has continued while work from home tailwinds have not subsided just yet. Investors hoping that this rally can continue will need to see a strong report, with management hopefully painting a bright sales picture for upcoming fall product launches.</p><p><blockquote>最后，随着本周财报的临近，人们对苹果的期望非常高。两个巨大的季度业绩超出了预期，该股最近创下了历史新高。市场将寻找iPhone超级周期仍在继续的迹象，而在家工作的顺风尚未消退。希望这种涨势能够持续下去的投资者需要看到一份强劲的报告，管理层希望为即将到来的秋季产品发布描绘一幅光明的销售图景。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Earnings Face High Expectations<blockquote>苹果盈利面临高预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Earnings Face High Expectations<blockquote>苹果盈利面临高预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-26 23:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares go into report near all-time high.</li>  <li>Estimates surge after two massive beats.</li>  <li>Timing of product launches will shift revenue picture.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>股价接近历史新高。</li><li>两次大幅上涨后，预估值飙升。</li><li>产品发布的时间将改变收入状况。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock未通过Getty Images发布</span></p></blockquote></p><p> After the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple (AAPL) for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.</p><p><blockquote>周二盘后，我们将收到科技巨头苹果(AAPL)截至6月底的第三财季业绩。由于该公司前两个季度的收益报告超出了华尔街的预期，预期持续上升也就不足为奇了。随着最近几周股价上涨至历史新高，可能需要另一份强劲的报告来维持局面。</blockquote></p><p> For the first half of fiscal 2021, Apple's revenues have beaten street estimates by an average of $10.25 billion per quarter. The fiscal Q3&nbsp;current average estimate&nbsp;is $73.44 billion, which would represent growth of more than 23% from the year-ago period. It's quite impressive that the current average is up more than $13 billion over the past year. On the bottom line, the street is looking for $1.01, growth of more than 56%. In the table below, you can see some Q3 key financial items for the past two years, with the current estimates for this year's period in yellow. Dollar values are millions except per share amounts.</p><p><blockquote>2021财年上半年，苹果的收入平均每季度超出华尔街预期102.5亿美元。第三财季目前的平均预期为734.4亿美元，比去年同期增长23%以上。令人印象深刻的是，目前的平均水平在过去一年中增长了超过130亿美元。从底线来看，华尔街的目标是1.01美元，增长超过56%。在下表中，您可以看到过去两年第三季度的一些关键财务项目，今年同期的当前估计为黄色。除每股金额外，美元价值为数百万。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df8630a7ef0be70113aeac0d50265a57\" tg-width=\"476\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>(*Numbers estimated based on last year's split. Actual numbers to come from the company. Source: Fiscal Q3 2020 report)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（*根据去年的拆分估算的数字。实际数字来自公司。资料来源：2020财年第三季度报告）</span></p></blockquote></p><p> Apple is comingoff arguably&nbsp;its best quarter ever. Revenues for the iPhone were up more than 65.5% over the prior-year period, with the Mac up more than 70% and iPad up nearly 79%. Fiscal Q2 overall revenue growth was nearly 54%, so this time around we're looking for about 40% of that figure. Don't forget, on the&nbsp;Q2 conference call, management talked about a $3 billion to $4 billion revenue hit in the June period from supply constraints.</p><p><blockquote>苹果可以说是有史以来最好的季度。iPhone的收入同比增长超过65.5%，Mac增长超过70%，iPad增长近79%。第二财季整体收入增长近54%，因此这一次我们预计这一数字的40%左右。别忘了，在第二季度电话会议上，管理层谈到6月份期间供应限制导致收入损失30亿至40亿美元。</blockquote></p><p> I'm most curious to see how the iPhone does this time around, as it appears that the 5G supercycle seems to be going pretty well. This year, however, most expectations are that the smartphone will return to its usual September launch period, meaning new phone revenues would be generated in fiscal Q4 again. Last year's coronavirus delayed launch meant sales didn't start until well into October and even November for some models, completely changing the sales trajectory for Apple's current fiscal year. This year's launch isn't expected to see a major upgrade to the phone line itself, so demand trends will probably be more dependent on how many consumers are upgrading to 5G rather than switching to iPhones.</p><p><blockquote>我最好奇的是这一次iPhone的表现如何，因为5G超级周期似乎进展顺利。然而，今年，大多数人预计智能手机将回到通常的9月发布期，这意味着新手机收入将在第四财季再次产生。去年的冠状病毒推迟了上市，这意味着某些车型直到10月甚至11月才开始销售，这完全改变了苹果本财年的销售轨迹。今年的发布预计不会对电话线本身进行重大升级，因此需求趋势可能更多地取决于有多少消费者升级到5G，而不是转向iPhone。</blockquote></p><p> I'm sure analysts will also be looking to see how Apple has navigated the chip shortage as well as soaring commodity prices. I don't think we will see a repeat of the 575 basis point increase in product gross margins that Q2 saw this time around, but the iPhone 12 line should still provide a nice year-over-year boost. In the long run, investors will look at growing services margins helping the gross margin percentage overall, but don't forget that the services side of the business has a lot of its expenses on the operating line.</p><p><blockquote>我相信分析师也将关注苹果如何应对芯片短缺和大宗商品价格飙升的问题。我认为我们不会看到第二季度产品毛利率增长575个基点的重演，但iPhone 12系列仍然应该会带来不错的同比增长。从长远来看，投资者将关注不断增长的服务利润率，以帮助提高整体毛利率，但不要忘记，业务的服务方面在运营方面有大量费用。</blockquote></p><p> For the stock to stay elevated, management is going to need to show that work from home and stimulus money tailwinds are still ongoing. As I discussed in&nbsp;a previous article, estimates call for Apple to see quarterly revenues decline for its March 2022 fiscal period, as the company laps very high previous year bars. While that might bring out some of the bears again, the long-term trajectory still seems positive. Current estimates call for $355 billion in total revenue during this fiscal year with Apple adding another $50 billion to that total over the next three years.</p><p><blockquote>为了使股价保持高位，管理层需要证明在家工作和刺激资金的顺风仍在持续。正如我在上一篇文章中讨论的那样，看涨期权预计苹果2022年3月财年的季度收入将下降，因为该公司去年的收入水平非常高。虽然这可能会再次引发一些空头，但长期轨迹似乎仍然是积极的。目前估计看涨期权本财年的总收入为3550亿美元，苹果将在未来三年内再增加500亿美元。</blockquote></p><p> I hope that management took advantage of the weakness in Apple shares during the quarter for its buyback. Even though the company is spending $20 billion or so every three months, that money doesn't go as far as $145 as it does at $125, obviously. Less shares repurchased means less of an earnings per share benefit, and lower long-term dividend raises. The good news is that Apple is on its way towards $100 billion a year in free cash flow, so investors don't need to worry about capital returns slowing down anytime soon.</p><p><blockquote>我希望管理层利用本季度苹果股价疲软的机会进行回购。尽管该公司每三个月花费200亿美元左右，但这笔钱显然不会像125美元那样达到145美元。回购的股票越少意味着每股收益收益越少，长期股息提高也越低。好消息是，苹果的自由现金流即将达到每年1000亿美元，因此投资者无需担心资本回报会很快放缓。</blockquote></p><p></p><p> The major issue for Apple right now is valuation. Shares finished last week trading at 33.4 times their trailing twelve-month earnings. That's basically double the mid-teens numbers from a couple of years ago, helped a lot by easy-money policies around the globe. My current price target of $162 is based on a 30X multiple of $5.40 in EPS for the September 2022 period. That number, however, assumes that the Fed and other central banks will remain fairly accommodative through most of next year. If we start to get a lot of tapering and or rate hikes earlier than expected, the overall market is likely to feel some pain, and I don't see how Apple would be immune from that.</p><p><blockquote>苹果目前的主要问题是估值。上周股价是过去12个月市盈率的33.4倍。这基本上是几年前青少年人数的两倍，这在很大程度上得益于全球宽松货币政策。我目前162美元的目标价是基于2022年9月期间每股收益5.40美元的30倍。然而，这个数字是假设美联储和其他央行在明年大部分时间里将保持相当宽松的政策。如果我们比预期更早地开始大量缩减和/或加息，整个市场可能会感到一些痛苦，我看不出苹果会如何免受此影响。</blockquote></p><p> A strong report from Apple could easily help shares to rise to a new all-time high. But just to play devil's advocate for a minute, what if there is a disappointment or a \"buy the rumor, sell the news\" reaction? Well, shares are quite a bit above their key moving averages as seen in the chart below (50-day in purple, 200-day in orange). As long as Apple can hold the shorter-term trend line, that rising technical level should be one of support. The stock has been able to hold the long-term trend line for quite a while, so I don't see any more than about 14% downside in the near term unless we get a major market pullback.</p><p><blockquote>苹果的强劲报告很容易帮助股价升至历史新高。但只是为了唱反调一分钟，如果出现失望或“买入谣言，卖出新闻”的反应怎么办？嗯，股价远高于其关键移动平均线，如下图所示（紫色为50日，橙色为200日）。只要苹果能够守住短期趋势线，上涨的技术水平应该是支撑之一。该股已经能够在相当长一段时间内保持长期趋势线，因此我认为短期内的下跌幅度不会超过14%左右，除非市场出现重大回调。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc37ee144edb22fd36fcd15cf5fc3470\" tg-width=\"640\" tg-height=\"273\" width=\"100%\" height=\"auto\"><span>(Source: Yahoo! Finance)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：雅虎财经）</span></p></blockquote></p><p> In the end, expectations for Apple are very high as earnings approach this week. Two massive quarterly beats have sent estimates through the roof, and the stock has recently run to a new all-time high. The market will be looking for signs that the iPhone supercycle has continued while work from home tailwinds have not subsided just yet. Investors hoping that this rally can continue will need to see a strong report, with management hopefully painting a bright sales picture for upcoming fall product launches.</p><p><blockquote>最后，随着本周财报的临近，人们对苹果的期望非常高。两个巨大的季度业绩超出了预期，该股最近创下了历史新高。市场将寻找iPhone超级周期仍在继续的迹象，而在家工作的顺风尚未消退。希望这种涨势能够持续下去的投资者需要看到一份强劲的报告，管理层希望为即将到来的秋季产品发布描绘一幅光明的销售图景。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441375-apple-earnings-face-high-expectations\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4441375-apple-earnings-face-high-expectations","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100647798","content_text":"Summary\n\nShares go into report near all-time high.\nEstimates surge after two massive beats.\nTiming of product launches will shift revenue picture.\n\nNikada/iStock Unreleased via Getty Images\nAfter the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple (AAPL) for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.\nFor the first half of fiscal 2021, Apple's revenues have beaten street estimates by an average of $10.25 billion per quarter. The fiscal Q3 current average estimate is $73.44 billion, which would represent growth of more than 23% from the year-ago period. It's quite impressive that the current average is up more than $13 billion over the past year. On the bottom line, the street is looking for $1.01, growth of more than 56%. In the table below, you can see some Q3 key financial items for the past two years, with the current estimates for this year's period in yellow. Dollar values are millions except per share amounts.\n(*Numbers estimated based on last year's split. Actual numbers to come from the company. Source: Fiscal Q3 2020 report)\nApple is comingoff arguably its best quarter ever. Revenues for the iPhone were up more than 65.5% over the prior-year period, with the Mac up more than 70% and iPad up nearly 79%. Fiscal Q2 overall revenue growth was nearly 54%, so this time around we're looking for about 40% of that figure. Don't forget, on the Q2 conference call, management talked about a $3 billion to $4 billion revenue hit in the June period from supply constraints.\nI'm most curious to see how the iPhone does this time around, as it appears that the 5G supercycle seems to be going pretty well. This year, however, most expectations are that the smartphone will return to its usual September launch period, meaning new phone revenues would be generated in fiscal Q4 again. Last year's coronavirus delayed launch meant sales didn't start until well into October and even November for some models, completely changing the sales trajectory for Apple's current fiscal year. This year's launch isn't expected to see a major upgrade to the phone line itself, so demand trends will probably be more dependent on how many consumers are upgrading to 5G rather than switching to iPhones.\nI'm sure analysts will also be looking to see how Apple has navigated the chip shortage as well as soaring commodity prices. I don't think we will see a repeat of the 575 basis point increase in product gross margins that Q2 saw this time around, but the iPhone 12 line should still provide a nice year-over-year boost. In the long run, investors will look at growing services margins helping the gross margin percentage overall, but don't forget that the services side of the business has a lot of its expenses on the operating line.\nFor the stock to stay elevated, management is going to need to show that work from home and stimulus money tailwinds are still ongoing. As I discussed in a previous article, estimates call for Apple to see quarterly revenues decline for its March 2022 fiscal period, as the company laps very high previous year bars. While that might bring out some of the bears again, the long-term trajectory still seems positive. Current estimates call for $355 billion in total revenue during this fiscal year with Apple adding another $50 billion to that total over the next three years.\nI hope that management took advantage of the weakness in Apple shares during the quarter for its buyback. Even though the company is spending $20 billion or so every three months, that money doesn't go as far as $145 as it does at $125, obviously. Less shares repurchased means less of an earnings per share benefit, and lower long-term dividend raises. The good news is that Apple is on its way towards $100 billion a year in free cash flow, so investors don't need to worry about capital returns slowing down anytime soon.\nThe major issue for Apple right now is valuation. Shares finished last week trading at 33.4 times their trailing twelve-month earnings. That's basically double the mid-teens numbers from a couple of years ago, helped a lot by easy-money policies around the globe. My current price target of $162 is based on a 30X multiple of $5.40 in EPS for the September 2022 period. That number, however, assumes that the Fed and other central banks will remain fairly accommodative through most of next year. If we start to get a lot of tapering and or rate hikes earlier than expected, the overall market is likely to feel some pain, and I don't see how Apple would be immune from that.\nA strong report from Apple could easily help shares to rise to a new all-time high. But just to play devil's advocate for a minute, what if there is a disappointment or a \"buy the rumor, sell the news\" reaction? Well, shares are quite a bit above their key moving averages as seen in the chart below (50-day in purple, 200-day in orange). As long as Apple can hold the shorter-term trend line, that rising technical level should be one of support. The stock has been able to hold the long-term trend line for quite a while, so I don't see any more than about 14% downside in the near term unless we get a major market pullback.\n(Source: Yahoo! Finance)\nIn the end, expectations for Apple are very high as earnings approach this week. Two massive quarterly beats have sent estimates through the roof, and the stock has recently run to a new all-time high. The market will be looking for signs that the iPhone supercycle has continued while work from home tailwinds have not subsided just yet. Investors hoping that this rally can continue will need to see a strong report, with management hopefully painting a bright sales picture for upcoming fall product launches.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800172659,"gmtCreate":1627288570171,"gmtModify":1633766493429,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Feel pissy","listText":"Feel pissy","text":"Feel pissy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800172659","repostId":"1187196671","repostType":4,"repost":{"id":"1187196671","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":1627287743,"share":"https://www.laohu8.com/m/news/1187196671?lang=zh_CN&edition=full","pubTime":"2021-07-26 16:22","market":"us","language":"en","title":"Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187196671","media":"Tiger Newspress","summary":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusiv","content":"<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</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>Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</blockquote></title>\n<style 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#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\">\nTencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</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\">2021-07-26 16:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187196671","content_text":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusive rights in online music.\n\nChina's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.\nThe Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.\nTencent and Tencent Music Entertainment Group, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.\nThe State Administration Of Market Regulation $(SAMR.SI)$ said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.\nReuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.\nTencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.\nSAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.\nThe regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).\nEarlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":1475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800176514,"gmtCreate":1627288548738,"gmtModify":1633766493774,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Pissy","listText":"Pissy","text":"Pissy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800176514","repostId":"1187196671","repostType":4,"repost":{"id":"1187196671","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":1627287743,"share":"https://www.laohu8.com/m/news/1187196671?lang=zh_CN&edition=full","pubTime":"2021-07-26 16:22","market":"us","language":"en","title":"Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187196671","media":"Tiger Newspress","summary":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusiv","content":"<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</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>Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</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; 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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\">\nTencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</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\">2021-07-26 16:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187196671","content_text":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusive rights in online music.\n\nChina's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.\nThe Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.\nTencent and Tencent Music Entertainment Group, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.\nThe State Administration Of Market Regulation $(SAMR.SI)$ said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.\nReuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.\nTencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.\nSAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.\nThe regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).\nEarlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":1099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142461119,"gmtCreate":1626169003231,"gmtModify":1633929451351,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581901379062877","authorIdStr":"3581901379062877"},"themes":[],"htmlText":"Finally. Good news&nbsp;","listText":"Finally. Good news&nbsp;","text":"Finally. Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142461119","repostId":"1121575153","repostType":4,"isVote":1,"tweetType":1,"viewCount":1138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":806173982,"gmtCreate":1627644787646,"gmtModify":1633757500931,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806173982","repostId":"1151052614","repostType":4,"isVote":1,"tweetType":1,"viewCount":2554,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800735085,"gmtCreate":1627317837947,"gmtModify":1633766162638,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800735085","repostId":"1151724613","repostType":4,"repost":{"id":"1151724613","kind":"news","pubTimestamp":1627292512,"share":"https://www.laohu8.com/m/news/1151724613?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:41","market":"us","language":"en","title":"Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151724613","media":"Barrons","summary":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe ","content":"<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</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>Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 17:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3\">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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151724613","content_text":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere will be a lot of moving parts, however, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk.\nFactors that will contribute to bottom-line earnings include the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nThose topics and more should be discussed on the earnings conference call scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the S&P 500 and Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806170193,"gmtCreate":1627644691312,"gmtModify":1633757502353,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Not unexpected","listText":"Not unexpected","text":"Not unexpected","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806170193","repostId":"1168057115","repostType":4,"isVote":1,"tweetType":1,"viewCount":1526,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142461119,"gmtCreate":1626169003231,"gmtModify":1633929451351,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Finally. Good news&nbsp;","listText":"Finally. Good news&nbsp;","text":"Finally. Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142461119","repostId":"1121575153","repostType":4,"isVote":1,"tweetType":1,"viewCount":1138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806179599,"gmtCreate":1627644760511,"gmtModify":1633757501276,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Rise rise rise pls.","listText":"Rise rise rise pls.","text":"Rise rise rise pls.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/806179599","repostId":"1138453945","repostType":4,"repost":{"id":"1138453945","kind":"news","pubTimestamp":1627636895,"share":"https://www.laohu8.com/m/news/1138453945?lang=zh_CN&edition=full","pubTime":"2021-07-30 17:21","market":"us","language":"en","title":"Apple Stock Is Cheap, Here Is Why<blockquote>苹果股票很便宜，原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138453945","media":"TheStreet","summary":"Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is a","content":"<p>Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is attractively valued once again. Here is why.</p><p><blockquote>苹果第三季度业绩强劲，但该股却毫无进展。这位苹果专家认为，苹果公司的估值再次具有吸引力。原因如下。</blockquote></p><p> DespiteApple’s outstanding fiscal third quarter numbers, reported on July 27, Apple stock&nbsp;failed to find support. Shares were down -1.2% after the quarterly report, after having dipped another -1.5% on earnings day itself.</p><p><blockquote>尽管苹果7月27日公布了出色的第三财季数据，但苹果股价未能找到支撑。季度报告发布后，股价下跌-1.2%，此前财报当天又下跌了-1.5%。</blockquote></p><p> Some, including BMO Capital’s Tim Long, have argued that AAPL has reached fair valuation. I, on the other hand, believe that the stock has returned to being attractively priced. I present below the calculations that support my thesis.</p><p><blockquote>包括BMO Capital的蒂姆·朗(Tim Long)在内的一些人认为，苹果公司的估值已经达到了公平的水平。另一方面，我相信该股的价格已经恢复到有吸引力的水平。我在下面展示了支持我论文的计算结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3facec59ae76a6c28f4c5847600b4de\" tg-width=\"1240\" tg-height=\"886\" width=\"100%\" height=\"auto\"><span>Figure 1: New York Apple Store (Fifth Avenue).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：纽约苹果店（第五大道）。</span></p></blockquote></p><p> <b>Great business, good valuation</b></p><p><blockquote><b>伟大的业务，良好的估值</b></blockquote></p><p> I can not start a debate about Apple stock price and valuations without emphasizing what seems obvious to me. Apple has been executing flawlessly as of late, both during the COVID-19 crisis and through the messy post-pandemic environment of supply chain challenges, limited access to physical stores, etc.</p><p><blockquote>如果不强调对我来说显而易见的事情，我就无法开始关于苹果股价和估值的辩论。苹果最近一直完美地执行，无论是在COVID-19危机期间，还是在供应链挑战、实体店准入受限等混乱的大流行后环境中。</blockquote></p><p> That said, my main concern regarding Apple stock, if at all, tends to be valuations. Around mid-May, I presented the graph below as&nbsp;a key reason to “confidently buy Apple” on year-to-date weakness. Since the day of that article, AAPL has climbed 14% in just short of 12 weeks against the S&amp;P 500’s 5% rise.</p><p><blockquote>也就是说，我对苹果股票的主要担忧（如果有的话）往往是估值。大约在5月中旬，我将下图作为在今年迄今疲软的情况下“自信地购买苹果”的关键原因。自那篇文章发表以来，AAPL在不到12周的时间里上涨了14%，而标普500则上涨了5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aac0b08108dea875dd3255e8f75f0987\" tg-width=\"1240\" tg-height=\"518\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL - Historical valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL-历史估值倍数。</span></p></blockquote></p><p> Counterintuitively, despite the recent rally, I think that Apple shares have started to head towards undervaluation once again. Think of current year P/E of 28 times as a starting point, which seems rich at first glance. This multiple is based on pre-earnings EPS consensus of $5.18 for fiscal 2021.</p><p><blockquote>与直觉相反的是，尽管最近有所上涨，但我认为苹果股价已开始再次走向低估。以今年28倍的市盈率为起点，乍一看似乎很丰厚。该倍数基于2021财年盈利前每股收益5.18美元的共识。</blockquote></p><p> After July 27, Apple’s management team presented investors with two new pieces of information. First, fiscal Q3 consensus EPS of $1.01 proved to be understated by 29 cents. Mathematically, and adjusting only for the most recent earnings beat, full-year EPS estimates should have been closer to $5.47.</p><p><blockquote>7月27日之后，苹果的管理团队向投资者展示了两条新信息。首先，事实证明，第三财季每股收益1.01美元被低估了29美分。从数学上讲，仅根据最近的盈利预期进行调整，全年每股收益预期应该接近5.47美元。</blockquote></p><p> The other part was fiscal Q4 outlook. While Apple did not provide specific guidance on revenues, it offered directional commentary on sales and offered projections on other P&amp;L items (see below):</p><p><blockquote>另一部分是第四季度财政展望。虽然苹果没有提供具体的收入指导，但它对销售提供了方向性评论，并对其他损益项目提供了预测（见下文）：</blockquote></p><p> <ul>  <li><b>Revenue</b>: Double-digit growth, absent a COVID-19 comeback, but at a rate lower than the 36% seen in June quarter due to foreign exchange, normalization of services trend, and even worse supply constraints on iPhone and iPad.</li>  <li><b>Below revenue line</b>: GM between 41.5% and 42.5%, opex between $11.3 billion and $11.5 billion, other income zero, tax rate of 16%.</li> </ul> I went ahead and plugged in the numbers. Wall Street projects revenue growth of 30% in fiscal Q4, which is in line with Apple’s vague outlook. Assuming the mid-point of the guidance range on all other P&amp;L items, I estimate that next quarter’s EPS consensus should settle at $1.21 – about ten cents above where it currently stands.</p><p><blockquote><ul><li><b>收入</b>：在没有COVID-19卷土重来的情况下，实现了两位数的增长，但由于外汇、服务趋势正常化以及iPhone和iPad更严重的供应限制，增长率低于6月份季度的36%。</li><li><b>收入线以下</b>：GM在41.5%至42.5%之间，opex在113亿美元至115亿美元之间，其他收入为零，税率为16%。</li></ul>我继续输入数字。华尔街预计第四财季营收将增长30%，这与苹果模糊的前景一致。假设所有其他损益项目指导范围的中点，我估计下一季度的每股收益共识应稳定在1.21美元，比目前高出约10美分。</blockquote></p><p> Lastly, consider that Apple has topped EPS consensus by 14 cents each quarter for the past ten periods. Add ten plus fourteen cents to the $5.47 mentioned above, and we are looking at a reasonable estimate of $5.71 in EPS for the current fiscal year. This represents a current P/E of only 25 times on the stock.</p><p><blockquote>最后，考虑一下苹果在过去十个时期中每个季度的每股收益都比市场普遍预期高出14美分。在上面提到的5.47美元的基础上加上10加14美分，我们认为本财年每股收益的合理估计为5.71美元。这意味着该股目前的市盈率仅为25倍。</blockquote></p><p> This could be just an interesting coincidence, but a current-year P/E of 25 times was precisely the multiple that AAPL commanded in early May, before it leaped to nearly $150 per share last week. If I considered the stock a “confident buy” back then, I should have the same opinion now, at least for the sake of consistency.</p><p><blockquote>这可能只是一个有趣的巧合，但今年25倍的市盈率正是AAPL在5月初的市盈率，然后上周跃升至每股近150美元。如果我当时认为这只股票是“有信心买入”，那么我现在应该有同样的看法，至少为了一致性。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock Is Cheap, Here Is Why<blockquote>苹果股票很便宜，原因如下</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 Stock Is Cheap, Here Is Why<blockquote>苹果股票很便宜，原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-07-30 17:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is attractively valued once again. Here is why.</p><p><blockquote>苹果第三季度业绩强劲，但该股却毫无进展。这位苹果专家认为，苹果公司的估值再次具有吸引力。原因如下。</blockquote></p><p> DespiteApple’s outstanding fiscal third quarter numbers, reported on July 27, Apple stock&nbsp;failed to find support. Shares were down -1.2% after the quarterly report, after having dipped another -1.5% on earnings day itself.</p><p><blockquote>尽管苹果7月27日公布了出色的第三财季数据，但苹果股价未能找到支撑。季度报告发布后，股价下跌-1.2%，此前财报当天又下跌了-1.5%。</blockquote></p><p> Some, including BMO Capital’s Tim Long, have argued that AAPL has reached fair valuation. I, on the other hand, believe that the stock has returned to being attractively priced. I present below the calculations that support my thesis.</p><p><blockquote>包括BMO Capital的蒂姆·朗(Tim Long)在内的一些人认为，苹果公司的估值已经达到了公平的水平。另一方面，我相信该股的价格已经恢复到有吸引力的水平。我在下面展示了支持我论文的计算结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b3facec59ae76a6c28f4c5847600b4de\" tg-width=\"1240\" tg-height=\"886\" width=\"100%\" height=\"auto\"><span>Figure 1: New York Apple Store (Fifth Avenue).</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：纽约苹果店（第五大道）。</span></p></blockquote></p><p> <b>Great business, good valuation</b></p><p><blockquote><b>伟大的业务，良好的估值</b></blockquote></p><p> I can not start a debate about Apple stock price and valuations without emphasizing what seems obvious to me. Apple has been executing flawlessly as of late, both during the COVID-19 crisis and through the messy post-pandemic environment of supply chain challenges, limited access to physical stores, etc.</p><p><blockquote>如果不强调对我来说显而易见的事情，我就无法开始关于苹果股价和估值的辩论。苹果最近一直完美地执行，无论是在COVID-19危机期间，还是在供应链挑战、实体店准入受限等混乱的大流行后环境中。</blockquote></p><p> That said, my main concern regarding Apple stock, if at all, tends to be valuations. Around mid-May, I presented the graph below as&nbsp;a key reason to “confidently buy Apple” on year-to-date weakness. Since the day of that article, AAPL has climbed 14% in just short of 12 weeks against the S&amp;P 500’s 5% rise.</p><p><blockquote>也就是说，我对苹果股票的主要担忧（如果有的话）往往是估值。大约在5月中旬，我将下图作为在今年迄今疲软的情况下“自信地购买苹果”的关键原因。自那篇文章发表以来，AAPL在不到12周的时间里上涨了14%，而标普500则上涨了5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aac0b08108dea875dd3255e8f75f0987\" tg-width=\"1240\" tg-height=\"518\" width=\"100%\" height=\"auto\"><span>Figure 2: AAPL - Historical valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AAPL-历史估值倍数。</span></p></blockquote></p><p> Counterintuitively, despite the recent rally, I think that Apple shares have started to head towards undervaluation once again. Think of current year P/E of 28 times as a starting point, which seems rich at first glance. This multiple is based on pre-earnings EPS consensus of $5.18 for fiscal 2021.</p><p><blockquote>与直觉相反的是，尽管最近有所上涨，但我认为苹果股价已开始再次走向低估。以今年28倍的市盈率为起点，乍一看似乎很丰厚。该倍数基于2021财年盈利前每股收益5.18美元的共识。</blockquote></p><p> After July 27, Apple’s management team presented investors with two new pieces of information. First, fiscal Q3 consensus EPS of $1.01 proved to be understated by 29 cents. Mathematically, and adjusting only for the most recent earnings beat, full-year EPS estimates should have been closer to $5.47.</p><p><blockquote>7月27日之后，苹果的管理团队向投资者展示了两条新信息。首先，事实证明，第三财季每股收益1.01美元被低估了29美分。从数学上讲，仅根据最近的盈利预期进行调整，全年每股收益预期应该接近5.47美元。</blockquote></p><p> The other part was fiscal Q4 outlook. While Apple did not provide specific guidance on revenues, it offered directional commentary on sales and offered projections on other P&amp;L items (see below):</p><p><blockquote>另一部分是第四季度财政展望。虽然苹果没有提供具体的收入指导，但它对销售提供了方向性评论，并对其他损益项目提供了预测（见下文）：</blockquote></p><p> <ul>  <li><b>Revenue</b>: Double-digit growth, absent a COVID-19 comeback, but at a rate lower than the 36% seen in June quarter due to foreign exchange, normalization of services trend, and even worse supply constraints on iPhone and iPad.</li>  <li><b>Below revenue line</b>: GM between 41.5% and 42.5%, opex between $11.3 billion and $11.5 billion, other income zero, tax rate of 16%.</li> </ul> I went ahead and plugged in the numbers. Wall Street projects revenue growth of 30% in fiscal Q4, which is in line with Apple’s vague outlook. Assuming the mid-point of the guidance range on all other P&amp;L items, I estimate that next quarter’s EPS consensus should settle at $1.21 – about ten cents above where it currently stands.</p><p><blockquote><ul><li><b>收入</b>：在没有COVID-19卷土重来的情况下，实现了两位数的增长，但由于外汇、服务趋势正常化以及iPhone和iPad更严重的供应限制，增长率低于6月份季度的36%。</li><li><b>收入线以下</b>：GM在41.5%至42.5%之间，opex在113亿美元至115亿美元之间，其他收入为零，税率为16%。</li></ul>我继续输入数字。华尔街预计第四财季营收将增长30%，这与苹果模糊的前景一致。假设所有其他损益项目指导范围的中点，我估计下一季度的每股收益共识应稳定在1.21美元，比目前高出约10美分。</blockquote></p><p> Lastly, consider that Apple has topped EPS consensus by 14 cents each quarter for the past ten periods. Add ten plus fourteen cents to the $5.47 mentioned above, and we are looking at a reasonable estimate of $5.71 in EPS for the current fiscal year. This represents a current P/E of only 25 times on the stock.</p><p><blockquote>最后，考虑一下苹果在过去十个时期中每个季度的每股收益都比市场普遍预期高出14美分。在上面提到的5.47美元的基础上加上10加14美分，我们认为本财年每股收益的合理估计为5.71美元。这意味着该股目前的市盈率仅为25倍。</blockquote></p><p> This could be just an interesting coincidence, but a current-year P/E of 25 times was precisely the multiple that AAPL commanded in early May, before it leaped to nearly $150 per share last week. If I considered the stock a “confident buy” back then, I should have the same opinion now, at least for the sake of consistency.</p><p><blockquote>这可能只是一个有趣的巧合，但今年25倍的市盈率正是AAPL在5月初的市盈率，然后上周跃升至每股近150美元。如果我当时认为这只股票是“有信心买入”，那么我现在应该有同样的看法，至少为了一致性。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-is-cheap-here-is-why\">TheStreet</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.thestreet.com/apple/stock/apple-stock-is-cheap-here-is-why","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138453945","content_text":"Apple delivered strong Q3 results, but the stock went nowhere. The Apple Maven argues that AAPL is attractively valued once again. Here is why.\nDespiteApple’s outstanding fiscal third quarter numbers, reported on July 27, Apple stock failed to find support. Shares were down -1.2% after the quarterly report, after having dipped another -1.5% on earnings day itself.\nSome, including BMO Capital’s Tim Long, have argued that AAPL has reached fair valuation. I, on the other hand, believe that the stock has returned to being attractively priced. I present below the calculations that support my thesis.\nFigure 1: New York Apple Store (Fifth Avenue).\nGreat business, good valuation\nI can not start a debate about Apple stock price and valuations without emphasizing what seems obvious to me. Apple has been executing flawlessly as of late, both during the COVID-19 crisis and through the messy post-pandemic environment of supply chain challenges, limited access to physical stores, etc.\nThat said, my main concern regarding Apple stock, if at all, tends to be valuations. Around mid-May, I presented the graph below as a key reason to “confidently buy Apple” on year-to-date weakness. Since the day of that article, AAPL has climbed 14% in just short of 12 weeks against the S&P 500’s 5% rise.\nFigure 2: AAPL - Historical valuation multiples.\nCounterintuitively, despite the recent rally, I think that Apple shares have started to head towards undervaluation once again. Think of current year P/E of 28 times as a starting point, which seems rich at first glance. This multiple is based on pre-earnings EPS consensus of $5.18 for fiscal 2021.\nAfter July 27, Apple’s management team presented investors with two new pieces of information. First, fiscal Q3 consensus EPS of $1.01 proved to be understated by 29 cents. Mathematically, and adjusting only for the most recent earnings beat, full-year EPS estimates should have been closer to $5.47.\nThe other part was fiscal Q4 outlook. While Apple did not provide specific guidance on revenues, it offered directional commentary on sales and offered projections on other P&L items (see below):\n\nRevenue: Double-digit growth, absent a COVID-19 comeback, but at a rate lower than the 36% seen in June quarter due to foreign exchange, normalization of services trend, and even worse supply constraints on iPhone and iPad.\nBelow revenue line: GM between 41.5% and 42.5%, opex between $11.3 billion and $11.5 billion, other income zero, tax rate of 16%.\n\nI went ahead and plugged in the numbers. Wall Street projects revenue growth of 30% in fiscal Q4, which is in line with Apple’s vague outlook. Assuming the mid-point of the guidance range on all other P&L items, I estimate that next quarter’s EPS consensus should settle at $1.21 – about ten cents above where it currently stands.\nLastly, consider that Apple has topped EPS consensus by 14 cents each quarter for the past ten periods. Add ten plus fourteen cents to the $5.47 mentioned above, and we are looking at a reasonable estimate of $5.71 in EPS for the current fiscal year. This represents a current P/E of only 25 times on the stock.\nThis could be just an interesting coincidence, but a current-year P/E of 25 times was precisely the multiple that AAPL commanded in early May, before it leaped to nearly $150 per share last week. If I considered the stock a “confident buy” back then, I should have the same opinion now, at least for the sake of consistency.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800736168,"gmtCreate":1627317724754,"gmtModify":1633766163786,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Huat!!!","listText":"Huat!!!","text":"Huat!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800736168","repostId":"1100647798","repostType":4,"repost":{"id":"1100647798","kind":"news","pubTimestamp":1627313442,"share":"https://www.laohu8.com/m/news/1100647798?lang=zh_CN&edition=full","pubTime":"2021-07-26 23:30","market":"us","language":"en","title":"Apple Earnings Face High Expectations<blockquote>苹果盈利面临高预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100647798","media":"seekingalpha","summary":"After the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple  for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.I'm sure analysts will also be looking to see how Apple has navigated the chip shortage as we","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares go into report near all-time high.</li>  <li>Estimates surge after two massive beats.</li>  <li>Timing of product launches will shift revenue picture.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>股价接近历史新高。</li><li>两次大幅上涨后，预估值飙升。</li><li>产品发布的时间将改变收入状况。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock未通过Getty Images发布</span></p></blockquote></p><p> After the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple (AAPL) for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.</p><p><blockquote>周二盘后，我们将收到科技巨头苹果(AAPL)截至6月底的第三财季业绩。由于该公司前两个季度的收益报告超出了华尔街的预期，预期持续上升也就不足为奇了。随着最近几周股价上涨至历史新高，可能需要另一份强劲的报告来维持局面。</blockquote></p><p> For the first half of fiscal 2021, Apple's revenues have beaten street estimates by an average of $10.25 billion per quarter. The fiscal Q3&nbsp;current average estimate&nbsp;is $73.44 billion, which would represent growth of more than 23% from the year-ago period. It's quite impressive that the current average is up more than $13 billion over the past year. On the bottom line, the street is looking for $1.01, growth of more than 56%. In the table below, you can see some Q3 key financial items for the past two years, with the current estimates for this year's period in yellow. Dollar values are millions except per share amounts.</p><p><blockquote>2021财年上半年，苹果的收入平均每季度超出华尔街预期102.5亿美元。第三财季目前的平均预期为734.4亿美元，比去年同期增长23%以上。令人印象深刻的是，目前的平均水平在过去一年中增长了超过130亿美元。从底线来看，华尔街的目标是1.01美元，增长超过56%。在下表中，您可以看到过去两年第三季度的一些关键财务项目，今年同期的当前估计为黄色。除每股金额外，美元价值为数百万。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df8630a7ef0be70113aeac0d50265a57\" tg-width=\"476\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>(*Numbers estimated based on last year's split. Actual numbers to come from the company. Source: Fiscal Q3 2020 report)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（*根据去年的拆分估算的数字。实际数字来自公司。资料来源：2020财年第三季度报告）</span></p></blockquote></p><p> Apple is comingoff arguably&nbsp;its best quarter ever. Revenues for the iPhone were up more than 65.5% over the prior-year period, with the Mac up more than 70% and iPad up nearly 79%. Fiscal Q2 overall revenue growth was nearly 54%, so this time around we're looking for about 40% of that figure. Don't forget, on the&nbsp;Q2 conference call, management talked about a $3 billion to $4 billion revenue hit in the June period from supply constraints.</p><p><blockquote>苹果可以说是有史以来最好的季度。iPhone的收入同比增长超过65.5%，Mac增长超过70%，iPad增长近79%。第二财季整体收入增长近54%，因此这一次我们预计这一数字的40%左右。别忘了，在第二季度电话会议上，管理层谈到6月份期间供应限制导致收入损失30亿至40亿美元。</blockquote></p><p> I'm most curious to see how the iPhone does this time around, as it appears that the 5G supercycle seems to be going pretty well. This year, however, most expectations are that the smartphone will return to its usual September launch period, meaning new phone revenues would be generated in fiscal Q4 again. Last year's coronavirus delayed launch meant sales didn't start until well into October and even November for some models, completely changing the sales trajectory for Apple's current fiscal year. This year's launch isn't expected to see a major upgrade to the phone line itself, so demand trends will probably be more dependent on how many consumers are upgrading to 5G rather than switching to iPhones.</p><p><blockquote>我最好奇的是这一次iPhone的表现如何，因为5G超级周期似乎进展顺利。然而，今年，大多数人预计智能手机将回到通常的9月发布期，这意味着新手机收入将在第四财季再次产生。去年的冠状病毒推迟了上市，这意味着某些车型直到10月甚至11月才开始销售，这完全改变了苹果本财年的销售轨迹。今年的发布预计不会对电话线本身进行重大升级，因此需求趋势可能更多地取决于有多少消费者升级到5G，而不是转向iPhone。</blockquote></p><p> I'm sure analysts will also be looking to see how Apple has navigated the chip shortage as well as soaring commodity prices. I don't think we will see a repeat of the 575 basis point increase in product gross margins that Q2 saw this time around, but the iPhone 12 line should still provide a nice year-over-year boost. In the long run, investors will look at growing services margins helping the gross margin percentage overall, but don't forget that the services side of the business has a lot of its expenses on the operating line.</p><p><blockquote>我相信分析师也将关注苹果如何应对芯片短缺和大宗商品价格飙升的问题。我认为我们不会看到第二季度产品毛利率增长575个基点的重演，但iPhone 12系列仍然应该会带来不错的同比增长。从长远来看，投资者将关注不断增长的服务利润率，以帮助提高整体毛利率，但不要忘记，业务的服务方面在运营方面有大量费用。</blockquote></p><p> For the stock to stay elevated, management is going to need to show that work from home and stimulus money tailwinds are still ongoing. As I discussed in&nbsp;a previous article, estimates call for Apple to see quarterly revenues decline for its March 2022 fiscal period, as the company laps very high previous year bars. While that might bring out some of the bears again, the long-term trajectory still seems positive. Current estimates call for $355 billion in total revenue during this fiscal year with Apple adding another $50 billion to that total over the next three years.</p><p><blockquote>为了使股价保持高位，管理层需要证明在家工作和刺激资金的顺风仍在持续。正如我在上一篇文章中讨论的那样，看涨期权预计苹果2022年3月财年的季度收入将下降，因为该公司去年的收入水平非常高。虽然这可能会再次引发一些空头，但长期轨迹似乎仍然是积极的。目前估计看涨期权本财年的总收入为3550亿美元，苹果将在未来三年内再增加500亿美元。</blockquote></p><p> I hope that management took advantage of the weakness in Apple shares during the quarter for its buyback. Even though the company is spending $20 billion or so every three months, that money doesn't go as far as $145 as it does at $125, obviously. Less shares repurchased means less of an earnings per share benefit, and lower long-term dividend raises. The good news is that Apple is on its way towards $100 billion a year in free cash flow, so investors don't need to worry about capital returns slowing down anytime soon.</p><p><blockquote>我希望管理层利用本季度苹果股价疲软的机会进行回购。尽管该公司每三个月花费200亿美元左右，但这笔钱显然不会像125美元那样达到145美元。回购的股票越少意味着每股收益收益越少，长期股息提高也越低。好消息是，苹果的自由现金流即将达到每年1000亿美元，因此投资者无需担心资本回报会很快放缓。</blockquote></p><p></p><p> The major issue for Apple right now is valuation. Shares finished last week trading at 33.4 times their trailing twelve-month earnings. That's basically double the mid-teens numbers from a couple of years ago, helped a lot by easy-money policies around the globe. My current price target of $162 is based on a 30X multiple of $5.40 in EPS for the September 2022 period. That number, however, assumes that the Fed and other central banks will remain fairly accommodative through most of next year. If we start to get a lot of tapering and or rate hikes earlier than expected, the overall market is likely to feel some pain, and I don't see how Apple would be immune from that.</p><p><blockquote>苹果目前的主要问题是估值。上周股价是过去12个月市盈率的33.4倍。这基本上是几年前青少年人数的两倍，这在很大程度上得益于全球宽松货币政策。我目前162美元的目标价是基于2022年9月期间每股收益5.40美元的30倍。然而，这个数字是假设美联储和其他央行在明年大部分时间里将保持相当宽松的政策。如果我们比预期更早地开始大量缩减和/或加息，整个市场可能会感到一些痛苦，我看不出苹果会如何免受此影响。</blockquote></p><p> A strong report from Apple could easily help shares to rise to a new all-time high. But just to play devil's advocate for a minute, what if there is a disappointment or a \"buy the rumor, sell the news\" reaction? Well, shares are quite a bit above their key moving averages as seen in the chart below (50-day in purple, 200-day in orange). As long as Apple can hold the shorter-term trend line, that rising technical level should be one of support. The stock has been able to hold the long-term trend line for quite a while, so I don't see any more than about 14% downside in the near term unless we get a major market pullback.</p><p><blockquote>苹果的强劲报告很容易帮助股价升至历史新高。但只是为了唱反调一分钟，如果出现失望或“买入谣言，卖出新闻”的反应怎么办？嗯，股价远高于其关键移动平均线，如下图所示（紫色为50日，橙色为200日）。只要苹果能够守住短期趋势线，上涨的技术水平应该是支撑之一。该股已经能够在相当长一段时间内保持长期趋势线，因此我认为短期内的下跌幅度不会超过14%左右，除非市场出现重大回调。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc37ee144edb22fd36fcd15cf5fc3470\" tg-width=\"640\" tg-height=\"273\" width=\"100%\" height=\"auto\"><span>(Source: Yahoo! Finance)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：雅虎财经）</span></p></blockquote></p><p> In the end, expectations for Apple are very high as earnings approach this week. Two massive quarterly beats have sent estimates through the roof, and the stock has recently run to a new all-time high. The market will be looking for signs that the iPhone supercycle has continued while work from home tailwinds have not subsided just yet. Investors hoping that this rally can continue will need to see a strong report, with management hopefully painting a bright sales picture for upcoming fall product launches.</p><p><blockquote>最后，随着本周财报的临近，人们对苹果的期望非常高。两个巨大的季度业绩超出了预期，该股最近创下了历史新高。市场将寻找iPhone超级周期仍在继续的迹象，而在家工作的顺风尚未消退。希望这种涨势能够持续下去的投资者需要看到一份强劲的报告，管理层希望为即将到来的秋季产品发布描绘一幅光明的销售图景。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Earnings Face High Expectations<blockquote>苹果盈利面临高预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Earnings Face High Expectations<blockquote>苹果盈利面临高预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-26 23:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shares go into report near all-time high.</li>  <li>Estimates surge after two massive beats.</li>  <li>Timing of product launches will shift revenue picture.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>股价接近历史新高。</li><li>两次大幅上涨后，预估值飙升。</li><li>产品发布的时间将改变收入状况。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock未通过Getty Images发布</span></p></blockquote></p><p> After the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple (AAPL) for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.</p><p><blockquote>周二盘后，我们将收到科技巨头苹果(AAPL)截至6月底的第三财季业绩。由于该公司前两个季度的收益报告超出了华尔街的预期，预期持续上升也就不足为奇了。随着最近几周股价上涨至历史新高，可能需要另一份强劲的报告来维持局面。</blockquote></p><p> For the first half of fiscal 2021, Apple's revenues have beaten street estimates by an average of $10.25 billion per quarter. The fiscal Q3&nbsp;current average estimate&nbsp;is $73.44 billion, which would represent growth of more than 23% from the year-ago period. It's quite impressive that the current average is up more than $13 billion over the past year. On the bottom line, the street is looking for $1.01, growth of more than 56%. In the table below, you can see some Q3 key financial items for the past two years, with the current estimates for this year's period in yellow. Dollar values are millions except per share amounts.</p><p><blockquote>2021财年上半年，苹果的收入平均每季度超出华尔街预期102.5亿美元。第三财季目前的平均预期为734.4亿美元，比去年同期增长23%以上。令人印象深刻的是，目前的平均水平在过去一年中增长了超过130亿美元。从底线来看，华尔街的目标是1.01美元，增长超过56%。在下表中，您可以看到过去两年第三季度的一些关键财务项目，今年同期的当前估计为黄色。除每股金额外，美元价值为数百万。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df8630a7ef0be70113aeac0d50265a57\" tg-width=\"476\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>(*Numbers estimated based on last year's split. Actual numbers to come from the company. Source: Fiscal Q3 2020 report)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（*根据去年的拆分估算的数字。实际数字来自公司。资料来源：2020财年第三季度报告）</span></p></blockquote></p><p> Apple is comingoff arguably&nbsp;its best quarter ever. Revenues for the iPhone were up more than 65.5% over the prior-year period, with the Mac up more than 70% and iPad up nearly 79%. Fiscal Q2 overall revenue growth was nearly 54%, so this time around we're looking for about 40% of that figure. Don't forget, on the&nbsp;Q2 conference call, management talked about a $3 billion to $4 billion revenue hit in the June period from supply constraints.</p><p><blockquote>苹果可以说是有史以来最好的季度。iPhone的收入同比增长超过65.5%，Mac增长超过70%，iPad增长近79%。第二财季整体收入增长近54%，因此这一次我们预计这一数字的40%左右。别忘了，在第二季度电话会议上，管理层谈到6月份期间供应限制导致收入损失30亿至40亿美元。</blockquote></p><p> I'm most curious to see how the iPhone does this time around, as it appears that the 5G supercycle seems to be going pretty well. This year, however, most expectations are that the smartphone will return to its usual September launch period, meaning new phone revenues would be generated in fiscal Q4 again. Last year's coronavirus delayed launch meant sales didn't start until well into October and even November for some models, completely changing the sales trajectory for Apple's current fiscal year. This year's launch isn't expected to see a major upgrade to the phone line itself, so demand trends will probably be more dependent on how many consumers are upgrading to 5G rather than switching to iPhones.</p><p><blockquote>我最好奇的是这一次iPhone的表现如何，因为5G超级周期似乎进展顺利。然而，今年，大多数人预计智能手机将回到通常的9月发布期，这意味着新手机收入将在第四财季再次产生。去年的冠状病毒推迟了上市，这意味着某些车型直到10月甚至11月才开始销售，这完全改变了苹果本财年的销售轨迹。今年的发布预计不会对电话线本身进行重大升级，因此需求趋势可能更多地取决于有多少消费者升级到5G，而不是转向iPhone。</blockquote></p><p> I'm sure analysts will also be looking to see how Apple has navigated the chip shortage as well as soaring commodity prices. I don't think we will see a repeat of the 575 basis point increase in product gross margins that Q2 saw this time around, but the iPhone 12 line should still provide a nice year-over-year boost. In the long run, investors will look at growing services margins helping the gross margin percentage overall, but don't forget that the services side of the business has a lot of its expenses on the operating line.</p><p><blockquote>我相信分析师也将关注苹果如何应对芯片短缺和大宗商品价格飙升的问题。我认为我们不会看到第二季度产品毛利率增长575个基点的重演，但iPhone 12系列仍然应该会带来不错的同比增长。从长远来看，投资者将关注不断增长的服务利润率，以帮助提高整体毛利率，但不要忘记，业务的服务方面在运营方面有大量费用。</blockquote></p><p> For the stock to stay elevated, management is going to need to show that work from home and stimulus money tailwinds are still ongoing. As I discussed in&nbsp;a previous article, estimates call for Apple to see quarterly revenues decline for its March 2022 fiscal period, as the company laps very high previous year bars. While that might bring out some of the bears again, the long-term trajectory still seems positive. Current estimates call for $355 billion in total revenue during this fiscal year with Apple adding another $50 billion to that total over the next three years.</p><p><blockquote>为了使股价保持高位，管理层需要证明在家工作和刺激资金的顺风仍在持续。正如我在上一篇文章中讨论的那样，看涨期权预计苹果2022年3月财年的季度收入将下降，因为该公司去年的收入水平非常高。虽然这可能会再次引发一些空头，但长期轨迹似乎仍然是积极的。目前估计看涨期权本财年的总收入为3550亿美元，苹果将在未来三年内再增加500亿美元。</blockquote></p><p> I hope that management took advantage of the weakness in Apple shares during the quarter for its buyback. Even though the company is spending $20 billion or so every three months, that money doesn't go as far as $145 as it does at $125, obviously. Less shares repurchased means less of an earnings per share benefit, and lower long-term dividend raises. The good news is that Apple is on its way towards $100 billion a year in free cash flow, so investors don't need to worry about capital returns slowing down anytime soon.</p><p><blockquote>我希望管理层利用本季度苹果股价疲软的机会进行回购。尽管该公司每三个月花费200亿美元左右，但这笔钱显然不会像125美元那样达到145美元。回购的股票越少意味着每股收益收益越少，长期股息提高也越低。好消息是，苹果的自由现金流即将达到每年1000亿美元，因此投资者无需担心资本回报会很快放缓。</blockquote></p><p></p><p> The major issue for Apple right now is valuation. Shares finished last week trading at 33.4 times their trailing twelve-month earnings. That's basically double the mid-teens numbers from a couple of years ago, helped a lot by easy-money policies around the globe. My current price target of $162 is based on a 30X multiple of $5.40 in EPS for the September 2022 period. That number, however, assumes that the Fed and other central banks will remain fairly accommodative through most of next year. If we start to get a lot of tapering and or rate hikes earlier than expected, the overall market is likely to feel some pain, and I don't see how Apple would be immune from that.</p><p><blockquote>苹果目前的主要问题是估值。上周股价是过去12个月市盈率的33.4倍。这基本上是几年前青少年人数的两倍，这在很大程度上得益于全球宽松货币政策。我目前162美元的目标价是基于2022年9月期间每股收益5.40美元的30倍。然而，这个数字是假设美联储和其他央行在明年大部分时间里将保持相当宽松的政策。如果我们比预期更早地开始大量缩减和/或加息，整个市场可能会感到一些痛苦，我看不出苹果会如何免受此影响。</blockquote></p><p> A strong report from Apple could easily help shares to rise to a new all-time high. But just to play devil's advocate for a minute, what if there is a disappointment or a \"buy the rumor, sell the news\" reaction? Well, shares are quite a bit above their key moving averages as seen in the chart below (50-day in purple, 200-day in orange). As long as Apple can hold the shorter-term trend line, that rising technical level should be one of support. The stock has been able to hold the long-term trend line for quite a while, so I don't see any more than about 14% downside in the near term unless we get a major market pullback.</p><p><blockquote>苹果的强劲报告很容易帮助股价升至历史新高。但只是为了唱反调一分钟，如果出现失望或“买入谣言，卖出新闻”的反应怎么办？嗯，股价远高于其关键移动平均线，如下图所示（紫色为50日，橙色为200日）。只要苹果能够守住短期趋势线，上涨的技术水平应该是支撑之一。该股已经能够在相当长一段时间内保持长期趋势线，因此我认为短期内的下跌幅度不会超过14%左右，除非市场出现重大回调。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dc37ee144edb22fd36fcd15cf5fc3470\" tg-width=\"640\" tg-height=\"273\" width=\"100%\" height=\"auto\"><span>(Source: Yahoo! Finance)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：雅虎财经）</span></p></blockquote></p><p> In the end, expectations for Apple are very high as earnings approach this week. Two massive quarterly beats have sent estimates through the roof, and the stock has recently run to a new all-time high. The market will be looking for signs that the iPhone supercycle has continued while work from home tailwinds have not subsided just yet. Investors hoping that this rally can continue will need to see a strong report, with management hopefully painting a bright sales picture for upcoming fall product launches.</p><p><blockquote>最后，随着本周财报的临近，人们对苹果的期望非常高。两个巨大的季度业绩超出了预期，该股最近创下了历史新高。市场将寻找iPhone超级周期仍在继续的迹象，而在家工作的顺风尚未消退。希望这种涨势能够持续下去的投资者需要看到一份强劲的报告，管理层希望为即将到来的秋季产品发布描绘一幅光明的销售图景。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441375-apple-earnings-face-high-expectations\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4441375-apple-earnings-face-high-expectations","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100647798","content_text":"Summary\n\nShares go into report near all-time high.\nEstimates surge after two massive beats.\nTiming of product launches will shift revenue picture.\n\nNikada/iStock Unreleased via Getty Images\nAfter the bell on Tuesday, we'll receive fiscal third quarter results from technology giant Apple (AAPL) for its June ending period. With the company's previous two quarterly earnings reports smashing street estimates, it's not really a surprise that expectations have continued to rise. With shares rallying in recent weeks to new all-time highs, another strong report will likely be needed to keep things going.\nFor the first half of fiscal 2021, Apple's revenues have beaten street estimates by an average of $10.25 billion per quarter. The fiscal Q3 current average estimate is $73.44 billion, which would represent growth of more than 23% from the year-ago period. It's quite impressive that the current average is up more than $13 billion over the past year. On the bottom line, the street is looking for $1.01, growth of more than 56%. In the table below, you can see some Q3 key financial items for the past two years, with the current estimates for this year's period in yellow. Dollar values are millions except per share amounts.\n(*Numbers estimated based on last year's split. Actual numbers to come from the company. Source: Fiscal Q3 2020 report)\nApple is comingoff arguably its best quarter ever. Revenues for the iPhone were up more than 65.5% over the prior-year period, with the Mac up more than 70% and iPad up nearly 79%. Fiscal Q2 overall revenue growth was nearly 54%, so this time around we're looking for about 40% of that figure. Don't forget, on the Q2 conference call, management talked about a $3 billion to $4 billion revenue hit in the June period from supply constraints.\nI'm most curious to see how the iPhone does this time around, as it appears that the 5G supercycle seems to be going pretty well. This year, however, most expectations are that the smartphone will return to its usual September launch period, meaning new phone revenues would be generated in fiscal Q4 again. Last year's coronavirus delayed launch meant sales didn't start until well into October and even November for some models, completely changing the sales trajectory for Apple's current fiscal year. This year's launch isn't expected to see a major upgrade to the phone line itself, so demand trends will probably be more dependent on how many consumers are upgrading to 5G rather than switching to iPhones.\nI'm sure analysts will also be looking to see how Apple has navigated the chip shortage as well as soaring commodity prices. I don't think we will see a repeat of the 575 basis point increase in product gross margins that Q2 saw this time around, but the iPhone 12 line should still provide a nice year-over-year boost. In the long run, investors will look at growing services margins helping the gross margin percentage overall, but don't forget that the services side of the business has a lot of its expenses on the operating line.\nFor the stock to stay elevated, management is going to need to show that work from home and stimulus money tailwinds are still ongoing. As I discussed in a previous article, estimates call for Apple to see quarterly revenues decline for its March 2022 fiscal period, as the company laps very high previous year bars. While that might bring out some of the bears again, the long-term trajectory still seems positive. Current estimates call for $355 billion in total revenue during this fiscal year with Apple adding another $50 billion to that total over the next three years.\nI hope that management took advantage of the weakness in Apple shares during the quarter for its buyback. Even though the company is spending $20 billion or so every three months, that money doesn't go as far as $145 as it does at $125, obviously. Less shares repurchased means less of an earnings per share benefit, and lower long-term dividend raises. The good news is that Apple is on its way towards $100 billion a year in free cash flow, so investors don't need to worry about capital returns slowing down anytime soon.\nThe major issue for Apple right now is valuation. Shares finished last week trading at 33.4 times their trailing twelve-month earnings. That's basically double the mid-teens numbers from a couple of years ago, helped a lot by easy-money policies around the globe. My current price target of $162 is based on a 30X multiple of $5.40 in EPS for the September 2022 period. That number, however, assumes that the Fed and other central banks will remain fairly accommodative through most of next year. If we start to get a lot of tapering and or rate hikes earlier than expected, the overall market is likely to feel some pain, and I don't see how Apple would be immune from that.\nA strong report from Apple could easily help shares to rise to a new all-time high. But just to play devil's advocate for a minute, what if there is a disappointment or a \"buy the rumor, sell the news\" reaction? Well, shares are quite a bit above their key moving averages as seen in the chart below (50-day in purple, 200-day in orange). As long as Apple can hold the shorter-term trend line, that rising technical level should be one of support. The stock has been able to hold the long-term trend line for quite a while, so I don't see any more than about 14% downside in the near term unless we get a major market pullback.\n(Source: Yahoo! Finance)\nIn the end, expectations for Apple are very high as earnings approach this week. Two massive quarterly beats have sent estimates through the roof, and the stock has recently run to a new all-time high. The market will be looking for signs that the iPhone supercycle has continued while work from home tailwinds have not subsided just yet. Investors hoping that this rally can continue will need to see a strong report, with management hopefully painting a bright sales picture for upcoming fall product launches.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800172659,"gmtCreate":1627288570171,"gmtModify":1633766493429,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Feel pissy","listText":"Feel pissy","text":"Feel pissy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800172659","repostId":"1187196671","repostType":4,"repost":{"id":"1187196671","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":1627287743,"share":"https://www.laohu8.com/m/news/1187196671?lang=zh_CN&edition=full","pubTime":"2021-07-26 16:22","market":"us","language":"en","title":"Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187196671","media":"Tiger Newspress","summary":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusiv","content":"<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</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>Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</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; 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#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\">\nTencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</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\">2021-07-26 16:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187196671","content_text":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusive rights in online music.\n\nChina's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.\nThe Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.\nTencent and Tencent Music Entertainment Group, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.\nThe State Administration Of Market Regulation $(SAMR.SI)$ said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.\nReuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.\nTencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.\nSAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.\nThe regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).\nEarlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":1475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800176514,"gmtCreate":1627288548738,"gmtModify":1633766493774,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Pissy","listText":"Pissy","text":"Pissy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800176514","repostId":"1187196671","repostType":4,"repost":{"id":"1187196671","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":1627287743,"share":"https://www.laohu8.com/m/news/1187196671?lang=zh_CN&edition=full","pubTime":"2021-07-26 16:22","market":"us","language":"en","title":"Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187196671","media":"Tiger Newspress","summary":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusiv","content":"<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</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>Tencent Music stock plunged 15% in premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</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; 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premarket trading<blockquote>腾讯控股音乐股价在盘前交易中暴跌15%</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\">2021-07-26 16:22</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent Music stock plunged 15%&nbsp;in premarket trading&nbsp;on&nbsp;China regulator baring Tencent from exclusive rights in online music.</p><p><blockquote>由于中国监管机构剥夺腾讯控股在线音乐独家经营权，腾讯控股音乐股价在盘前交易中暴跌15%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/998fecbbe9d0d07cb76b464ef4b96338\" tg-width=\"885\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> China's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.</p><p><blockquote>中国市场监管机构周六表示，将禁止腾讯控股控股有限公司签订独家音乐版权协议，并对该公司在收购中国音乐集团公司后在在线音乐市场的不公平市场行为处以罚款。</blockquote></p><p> The Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.</p><p><blockquote>近几个月来，中国政府一直在加大对中国大型科技公司的反垄断行动，包括对电子商务巨头阿里巴巴-SW处以创纪录的27.5亿美元罚款，原因是其从事反竞争行为。</blockquote></p><p> Tencent and <a href=\"https://laohu8.com/S/TMEZY\">Tencent Music Entertainment Group</a>, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.</p><p><blockquote>腾讯控股和<a href=\"https://laohu8.com/S/TMEZY\">腾讯控股音乐娱乐集团</a>收购后创建的部门表示，他们将遵守该决定并遵守所有监管要求。</blockquote></p><p> The State Administration Of Market Regulation <a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a> said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.</p><p><blockquote>市场监督管理总局<a href=\"https://laohu8.com/S/SAMR.SI\">$(SAMR.SI)$</a>该公司在其官方网站上发布的一份通知中表示，已调查腾讯控股在中国在线音乐广播平台市场的活动，音乐版权是该市场的核心资产。</blockquote></p><p> Reuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.</p><p><blockquote>路透社7月中旬援引知情人士的话报道称，反垄断监管机构将命令腾讯控股的音乐流媒体部门放弃其用于与规模较小的竞争对手竞争的音乐厂牌的独家权利。</blockquote></p><p> Tencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.</p><p><blockquote>监管机构表示，腾讯控股收购后持有超过80%的独家音乐库资源，增加了其对上游版权方的影响力，并允许其限制新进入者。</blockquote></p><p> SAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.</p><p><blockquote>国家市场监管总局表示，腾讯控股及其关联公司不得与此类权利的上游所有者签订独家版权协议，而现有协议必须在监管通知后30天内终止。</blockquote></p><p> The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).</p><p><blockquote>监管机构还命令腾讯控股支付50万元人民币（77,150美元）的罚款。</blockquote></p><p> Earlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.</p><p><blockquote>本月早些时候，监管机构表示，将以反垄断为由阻止腾讯控股合并该国两大视频游戏流媒体网站虎牙和斗鱼的计划。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187196671","content_text":"Tencent Music stock plunged 15% in premarket trading on China regulator baring Tencent from exclusive rights in online music.\n\nChina's market regulator on Saturday said it would bar Tencent Holdings Ltd from exclusive music copyright agreements and fined the company for unfair market practices in the online music market after its acquisition of China Music Corporation.\nThe Chinese government has been stepping up antitrust actions in recent months against the country's large tech companies, including a record $2.75 billion fine on e-commerce giant Alibaba for engaging in anti-competitive behaviour.\nTencent and Tencent Music Entertainment Group, the unit created from the acquisition, said they would abide by the decision and comply with all regulatory requirements.\nThe State Administration Of Market Regulation $(SAMR.SI)$ said it had investigated Tencent's activities in the online music broadcasting platform market in China, in which music copyright is the core asset, in a notice posted on its official website.\nReuters reported in mid-July that the antitrust regulator would order Tencent's music streaming arm to give up exclusive rights to music labels that it has used to compete with smaller rivals, citing people with knowledge of the matter.\nTencent held more than 80% of exclusive music library resources after its acquisitions, the regulator said, increasing its leverage over upstream copyright parties and allowing it to restrict new entrants, the regulator said.\nSAMR said Tencent and its affiliated companies must not engage in exclusive copyright agreements with upstream owners of such rights, while existing agreements must be terminated within 30 days of the regulatory notice.\nThe regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).\nEarlier this month, the regulator said it would block Tencent's plan to merge the country's top two videogame streaming sites, Huya and DouYu , on antitrust grounds.","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":1099,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":848201834,"gmtCreate":1635998440276,"gmtModify":1635998440394,"author":{"id":"3581901379062877","authorId":"3581901379062877","name":"KWL","avatar":"https://static.tigerbbs.com/3be50002fb915b04c913122259bc0fd6","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581901379062877","idStr":"3581901379062877"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848201834","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers!&nbsp; Happy&nbsp;Halloween!&nbsp;🎃🎃🎃&nbsp;&nbsp; <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap&nbsp;here&nbsp;to&nbsp;play the Halloween game,&nbsp;and&nbsp;you&nbsp;stand&nbsp;a&nbsp;chance&nbsp;to win various rewards!&nbsp;</a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1.&nbsp;How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'.&nbsp; 2.&nbsp;How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1408,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}