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2021-08-05

How is it possible?

"They're In A Difficult Position" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</blockquote>

2021-08-05

Impressive!!

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2021-08-04

Awesome!

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2021-08-01

Interesting to know that!

EV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</blockquote>

2021-07-30

I wonder how long can this last before we even see the lights on the mist of gloomy weather.

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2021-07-29

Coool

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2021-07-29

What does this mean to the market?

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2021-07-29

What does this mean to the market?

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2021-07-28

Ahhhhhh

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2021-07-28

Coool

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2021-07-28

Ooooo

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2021-07-28

[Smile]

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2021-07-28

Hard to say at this moment

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2021-07-27

That’s explain why

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2021-07-20

I think so.

AMC Stock: Is CEO Adam Aron Doing The Right Thing?<blockquote>AMC 股票：首席执行官亚当·阿伦 (Adam Aron) 做得对吗？</blockquote>

2021-07-20

Ooooo

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2021-07-14

Oh dear

Tencent Music shares fell 1.5% in premarket trading.<blockquote>腾讯控股音乐股价在盘前交易中下跌 1.5%。</blockquote>

2021-07-09

A good news will always push the market up.

BioNTech shares rises 3.6% in premarket<blockquote>BioNTech 股价盘前上涨 3.6%</blockquote>

2021-07-02

Whoa

Big Tech stocks rose strongly in Friday morning trading<blockquote>大型科技股在周五早盘交易中强劲上涨</blockquote>

2021-07-02

Interesting!

Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>

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is it possible?","listText":"How is it possible?","text":"How is it possible?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899359266","repostId":"1194249066","repostType":4,"repost":{"id":"1194249066","kind":"news","pubTimestamp":1628162460,"share":"https://www.laohunote.com/m/news/1194249066?lang=zh_CN&edition=full","pubTime":"2021-08-05 19:21","market":"us","language":"en","title":"\"They're In A Difficult Position\" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194249066","media":"zerohedge","summary":"The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office","content":"<p>The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:<i><b>don't put all your eggs in one basket.</b></i></p><p><blockquote>已解散的 Archegos Capital Management（一家过度杠杆的家族理财室）的（现为前）员工刚刚吸取了一个非常重要的教训：<i><b>不要把所有的鸡蛋放在一个篮子里。</b></i></blockquote></p><p> Employees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,<b>exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.</b></p><p><blockquote>当公司设立的延期薪酬计划因公司遭遇巨额利润率看涨期权而崩溃时，员工们眼睁睁地看着他们的金色降落伞与比尔·黄 (Bill Hwang) 200 亿美元财富的其余部分一起蒸发，<b>其主要经纪商在恐慌的几个小时内抛售了数十亿美元的股票，加剧了这种情况。</b></blockquote></p><p> Instead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthat<b>the original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,</b>which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.</p><p><blockquote>该公司没有以现金支付员工的全部奖金，而是说服他们至少将部分奖金留在公司，将钱放在一个单独的罐子里，显然投资于公司押注的同一只股票。虽然内部人士告诉英国《金融时报》<b>该基金最初存入的金额“低于 5000 万美元”，该基金的价值显然与 Archegos 主基金的价值一起飙升，</b>由于其通过与主要经纪商签订的掉期协议所使用的杠杆，该公司获得了巨大的收益。</blockquote></p><p>   <b>\"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”</b>said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value.  Employees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.</p><p><blockquote><b>“公司将按照基金投入资本增值或减值的百分比增加或减少递延付款金额。”</b>英国《金融时报》看到的一份文件显示，Archegos 扣留了计划参与者 25% 的年终奖金，这些奖金将在员工离职时支付。它声明支出不会低于其原始价值。根据协议，员工离开公司时将获得工资。但事实证明，如果公司的员工拿着钱离开，情况会更好。现在，前雇员向英国《金融时报》抱怨说，他们没有收到任何延期支付的赔偿金。</blockquote></p><p>   Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that   <b>“the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.</b>A representative for Archegos declined to comment.  Unfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.</p><p><blockquote>然而，一些前雇员尚未收到任何递延工资，包括原始金额。一位接近该公司的人士告诉英国《金融时报》，<b>“钱没了”，“没有一罐金子来支付”。另一位人士说，Archegos 的员工 “处境艰难”，“值得同情”。</b>Archegos 的代表拒绝置评。不幸的是，如果他们想要回他们的钱，Bill Hwang的前员工将需要排长队等待。</blockquote></p><p>   Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment.  At this point, the DoJ<b>might take action against Hwang before creditors see any money</b>(this isn't the first time Hwang has been on the radar of authorities).</p><p><blockquote>一位接近 Archegos 的人士说，如果公司破产，Hwang 家族办公室的前员工将不得不与其他债权人一起排队。Archegos 已聘请重组顾问来评估银行可能提出的法律索赔，这些银行正试图收回在糟糕的赌注中损失的部分资金，并为可能的业务关闭做计划。根据 David Pauker 在社交网络 LinkedIn 上的个人资料，他已被聘为 Archegos 的首席重组官。Pauker拒绝置评。在这一点上，司法部<b>可能会在债权人看到任何钱之前对黄采取行动</b>（这不是黄第一次出现在当局的雷达上）。</blockquote></p><p> The DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.</p><p><blockquote>美国司法部已对 Archegos 展开调查，并要求其主要经纪人提供有关这些交易的信息，这些交易依赖于一种被称为“总回报掉期”的衍生品，该衍生品只要求 Archegos 支付保证金，而主要经纪人则代表公司进入头寸。</blockquote></p><p> With Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.</p><p><blockquote>据说黄的全部 200 亿美元财富在抛售期间蒸发了，收回他们的递延薪酬就像从石头上取血一样。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\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\">\n\"They're In A Difficult Position\" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-08-05 19:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:<i><b>don't put all your eggs in one basket.</b></i></p><p><blockquote>已解散的 Archegos Capital Management（一家过度杠杆的家族理财室）的（现为前）员工刚刚吸取了一个非常重要的教训：<i><b>不要把所有的鸡蛋放在一个篮子里。</b></i></blockquote></p><p> Employees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,<b>exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.</b></p><p><blockquote>当公司设立的延期薪酬计划因公司遭遇巨额利润率看涨期权而崩溃时，员工们眼睁睁地看着他们的金色降落伞与比尔·黄 (Bill Hwang) 200 亿美元财富的其余部分一起蒸发，<b>其主要经纪商在恐慌的几个小时内抛售了数十亿美元的股票，加剧了这种情况。</b></blockquote></p><p> Instead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthat<b>the original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,</b>which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.</p><p><blockquote>该公司没有以现金支付员工的全部奖金，而是说服他们至少将部分奖金留在公司，将钱放在一个单独的罐子里，显然投资于公司押注的同一只股票。虽然内部人士告诉英国《金融时报》<b>该基金最初存入的金额“低于 5000 万美元”，该基金的价值显然与 Archegos 主基金的价值一起飙升，</b>由于其通过与主要经纪商签订的掉期协议所使用的杠杆，该公司获得了巨大的收益。</blockquote></p><p>   <b>\"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”</b>said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value.  Employees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.</p><p><blockquote><b>“公司将按照基金投入资本增值或减值的百分比增加或减少递延付款金额。”</b>英国《金融时报》看到的一份文件显示，Archegos 扣留了计划参与者 25% 的年终奖金，这些奖金将在员工离职时支付。它声明支出不会低于其原始价值。根据协议，员工离开公司时将获得工资。但事实证明，如果公司的员工拿着钱离开，情况会更好。现在，前雇员向英国《金融时报》抱怨说，他们没有收到任何延期支付的赔偿金。</blockquote></p><p>   Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that   <b>“the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.</b>A representative for Archegos declined to comment.  Unfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.</p><p><blockquote>然而，一些前雇员尚未收到任何递延工资，包括原始金额。一位接近该公司的人士告诉英国《金融时报》，<b>“钱没了”，“没有一罐金子来支付”。另一位人士说，Archegos 的员工 “处境艰难”，“值得同情”。</b>Archegos 的代表拒绝置评。不幸的是，如果他们想要回他们的钱，Bill Hwang的前员工将需要排长队等待。</blockquote></p><p>   Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment.  At this point, the DoJ<b>might take action against Hwang before creditors see any money</b>(this isn't the first time Hwang has been on the radar of authorities).</p><p><blockquote>一位接近 Archegos 的人士说，如果公司破产，Hwang 家族办公室的前员工将不得不与其他债权人一起排队。Archegos 已聘请重组顾问来评估银行可能提出的法律索赔，这些银行正试图收回在糟糕的赌注中损失的部分资金，并为可能的业务关闭做计划。根据 David Pauker 在社交网络 LinkedIn 上的个人资料，他已被聘为 Archegos 的首席重组官。Pauker拒绝置评。在这一点上，司法部<b>可能会在债权人看到任何钱之前对黄采取行动</b>（这不是黄第一次出现在当局的雷达上）。</blockquote></p><p> The DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.</p><p><blockquote>美国司法部已对 Archegos 展开调查，并要求其主要经纪人提供有关这些交易的信息，这些交易依赖于一种被称为“总回报掉期”的衍生品，该衍生品只要求 Archegos 支付保证金，而主要经纪人则代表公司进入头寸。</blockquote></p><p> With Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.</p><p><blockquote>据说黄的全部 200 亿美元财富在抛售期间蒸发了，收回他们的递延薪酬就像从石头上取血一样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/theyre-difficult-position-archegos-employees-lose-500-million-bonus-fund-evaporates\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/theyre-difficult-position-archegos-employees-lose-500-million-bonus-fund-evaporates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194249066","content_text":"The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:don't put all your eggs in one basket.\nEmployees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.\nInstead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthatthe original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.\n\n\"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value.\n\nEmployees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.\n\n Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that \n “the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.A representative for Archegos declined to comment.\n\nUnfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.\n\n Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment.\n\nAt this point, the DoJmight take action against Hwang before creditors see any money(this isn't the first time Hwang has been on the radar of authorities).\nThe DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.\nWith Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899359191,"gmtCreate":1628162895313,"gmtModify":1631891530475,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Impressive!!","listText":"Impressive!!","text":"Impressive!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899359191","repostId":"2156810549","repostType":4,"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890394905,"gmtCreate":1628082138007,"gmtModify":1631891530468,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890394905","repostId":"2156103241","repostType":2,"isVote":1,"tweetType":1,"viewCount":2193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805056481,"gmtCreate":1627827279643,"gmtModify":1631891530468,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Interesting to know that!","listText":"Interesting to know that!","text":"Interesting to know that!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805056481","repostId":"1194710219","repostType":4,"repost":{"id":"1194710219","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":1627652868,"share":"https://www.laohunote.com/m/news/1194710219?lang=zh_CN&edition=full","pubTime":"2021-07-30 21:47","market":"us","language":"en","title":"EV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194710219","media":"Tiger Newspress","summary":"EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.","content":"<p>EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.</p><p><blockquote>电动汽车股在周五早盘交易中飙升。特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨 1% 至 6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c821968998f7b667eae78a4ed3ede421\" tg-width=\"352\" tg-height=\"594\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</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\">\nEV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</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\">2021-07-30 21:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.</p><p><blockquote>电动汽车股在周五早盘交易中飙升。特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨 1% 至 6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c821968998f7b667eae78a4ed3ede421\" tg-width=\"352\" tg-height=\"594\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏集团","NIU":"小牛电动","TSLA":"特斯拉","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194710219","content_text":"EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 6%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"TSLA":0.9,"LI":0.9,"NIU":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806608035,"gmtCreate":1627652194627,"gmtModify":1631891530472,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"I wonder how long can this last before we even see the lights on the mist of gloomy weather.","listText":"I wonder how long can this last before we even see the lights on the mist of gloomy weather.","text":"I wonder how long can this last before we even see the lights on the mist of gloomy weather.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/806608035","repostId":"2155840271","repostType":2,"isVote":1,"tweetType":1,"viewCount":2097,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808838533,"gmtCreate":1627568005922,"gmtModify":1631891530474,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Coool","listText":"Coool","text":"Coool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808838533","repostId":"2154578929","repostType":4,"isVote":1,"tweetType":1,"viewCount":2459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808839911,"gmtCreate":1627567874233,"gmtModify":1631891530477,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"What does this mean to the market?","listText":"What does this mean to the market?","text":"What does this mean to the market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808839911","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":2152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808830526,"gmtCreate":1627567858665,"gmtModify":1631891530480,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"What does this mean to the market?","listText":"What does this mean to the market?","text":"What does this mean to the market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808830526","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":3714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801360459,"gmtCreate":1627483131471,"gmtModify":1631891530484,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Ahhhhhh","listText":"Ahhhhhh","text":"Ahhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801360459","repostId":"1144405179","repostType":4,"isVote":1,"tweetType":1,"viewCount":3825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801397722,"gmtCreate":1627482068466,"gmtModify":1631891530489,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Coool","listText":"Coool","text":"Coool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801397722","repostId":"2154992336","repostType":4,"isVote":1,"tweetType":1,"viewCount":2199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801394918,"gmtCreate":1627482012934,"gmtModify":1631893828144,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Ooooo","listText":"Ooooo","text":"Ooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801394918","repostId":"2154360923","repostType":4,"isVote":1,"tweetType":1,"viewCount":666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803399549,"gmtCreate":1627408047381,"gmtModify":1631893828155,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803399549","repostId":"1170471593","repostType":4,"isVote":1,"tweetType":1,"viewCount":765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803399308,"gmtCreate":1627407987504,"gmtModify":1631893828170,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Hard to say at this moment","listText":"Hard to say at this moment","text":"Hard to say at this moment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803399308","repostId":"1174172916","repostType":4,"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809466972,"gmtCreate":1627387904696,"gmtModify":1631893828183,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"That’s explain why","listText":"That’s explain why","text":"That’s explain why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809466972","repostId":"1108884592","repostType":4,"isVote":1,"tweetType":1,"viewCount":826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178061809,"gmtCreate":1626773018101,"gmtModify":1631893828199,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"I think so.&nbsp;","listText":"I think so.&nbsp;","text":"I think so.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178061809","repostId":"1183522741","repostType":2,"repost":{"id":"1183522741","kind":"news","pubTimestamp":1626699777,"share":"https://www.laohunote.com/m/news/1183522741?lang=zh_CN&edition=full","pubTime":"2021-07-19 21:02","market":"us","language":"en","title":"AMC Stock: Is CEO Adam Aron Doing The Right Thing?<blockquote>AMC 股票：首席执行官亚当·阿伦 (Adam Aron) 做得对吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183522741","media":"The Street","summary":"AMC CEO Adam Aron has shown sympathy for the Ape cause. However, he still has a business to run. Sho","content":"<p>  AMC CEO Adam Aron has shown sympathy for the Ape cause. However, he still has a business to run. Should the chief executive be trying to raise more money for AMC?  <b>Some background first</b></p><p><blockquote>AMC 首席执行官亚当·阿伦 (Adam Aron) 对猿类事业表示同情。然而，他还有生意要做。首席执行官是否应该试图为 AMC 筹集更多资金？<b>先介绍一些背景</b></blockquote></p><p> AMC Entertainment’s&nbsp;(<b>AMC</b>) -&nbsp;CEO Adam Aron probably had no idea what was in store for him and his company in 2021. With the start of the COVID-19 crisis, AMC and much of the entertainment industry were in tatters, scrambling for resources to weather the storm and come out of it alive.</p><p><blockquote>AMC院线的（<b>AMC</b>) - 首席执行官亚当·阿伦 (Adam Aron) 可能不知道 2021 年他和他的公司将会面临什么。随着 COVID-19 危机的开始，AMC 和大部分娱乐业都处于崩溃状态，争先恐后地寻找资源来渡过难关并活着走出困境。</blockquote></p><p> Growing bearishness led hedge funds and other traders to pile up on AMC, as they looked to profit from its misfortunes. The bear thesis gained strength as some believed that the movie theater operator was heading towards bankruptcy.</p><p><blockquote>日益增长的看跌情绪导致对冲基金和其他交易员纷纷买入 AMC，希望从其不幸中获利。随着一些人认为电影院运营商正走向破产，熊的论点获得了力量。</blockquote></p><p> But no short seller could have imagined what would happen next. Driven by the “meme mania” that first struck GameStop&nbsp;(<b>GME</b>) , a community of retail investors poured their capital into other heavily shorted stocks, and AMC took center stage.</p><p><blockquote>但没有哪个卖空者能够想象接下来会发生什么。在最初席卷游戏驿站的“模因狂热”的推动下（<b>GME</b>），一群散户投资者将资金投入到其他严重做空的股票中，AMC 占据了中心舞台。</blockquote></p><p> After the ape army witnessed a short squeeze in January 2021, AMC saw its market cap jump from $250 million to almost $8 billion. Later in June, the valuation stretched even further to nearly $32 billion – surpassing the market cap of airline companies like Delta Airlines&nbsp;(<b>DAL</b>) and retailers like Best Buy&nbsp;(<b>BBY</b>) .</p><p><blockquote>在 2021 年 1 月 ape army 经历空头挤压后，AMC 的市值从 2.5 亿美元跃升至近 80 亿美元。6 月下旬，估值进一步扩大至近 320 亿美元，超过了达美航空公司等航空公司的市值（<b>从</b>）和百思买等零售商（<b>宝贝</b>).</blockquote></p><p> Not bad for a company that some had left for dead only a few months earlier.</p><p><blockquote>对于一家几个月前还有些人等死的公司来说，这还不错。</blockquote></p><p> <b>How apes could help AMC</b></p><p><blockquote><b>猿类如何帮助 AMC</b></blockquote></p><p> There are a few ways for a publicly traded company to benefit from an increase in its stock price: (1) more firepower for acquisitions and other deals, (2) less vulnerable to takeovers, and (3) new shares issued to generate capital and improve the company's balance sheet.</p><p><blockquote>上市公司有几种方式可以从股价上涨中受益：(1) 更多的收购和其他交易火力，(2) 更不容易被收购，以及 (3) 发行新股以产生资本并改善公司的资产负债表。</blockquote></p><p> CEO Adam Aron benefited from the stock's strength when the company issued new shares in early June. AMC raised $587 million in equity, just after the second short squeeze of the year. According to him, the capitalraisedwas invested in the company's balance sheet and saved for “a rainy day”.</p><p><blockquote>公司于 6 月初发行新股时，首席执行官亚当·阿伦 (Adam Aron) 受益于该股的强势。就在今年第二次做空之后，AMC 筹集了 5.87 亿美元的股本。据他介绍，筹集的资金被投资到公司的资产负债表上，并留着以备不时之需。</blockquote></p><p> <b>Stock tanks after share issuance</b></p><p><blockquote><b>股票发行后的股票罐</b></blockquote></p><p> With the issuance of the 11.5 million new shares, AMC price topped and dropped quickly. The dilution of the company’s equity may have helped to deflate June’s short squeeze, giving bears the opportunity to regroup and reload their positions.</p><p><blockquote>随着1150万股新股的发行，AMC价格见顶后迅速下跌。公司股权的稀释可能有助于缓解 6 月份的空头挤压，让空头有机会重整旗鼓并重新装仓。</blockquote></p><p> Recently, Adam Aron put to vote a plan to issue another 25 million shares, but shareholders rejected the idea. The CEO did not hide his opposition to the results of the vote, but made it clear that he listens and values the ape community.</p><p><blockquote>最近，亚当·阿伦 (Adam Aron) 将再发行 2500 万股股票的计划付诸表决，但股东拒绝了这一想法。这位首席执行官没有掩饰他对投票结果的反对，但明确表示他倾听并重视猿社区。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/76bd63fec28178d1036fa850a83f2f1a\" tg-width=\"565\" tg-height=\"623\" width=\"100%\" height=\"auto\">A brand-new year</p><p><blockquote>崭新的一年</blockquote></p><p> Staying liquid seemed like a top priority for AMC through 2020 and the early part of 2021. Therefore, the June share issuance was likely the best move. But recently, AMC locations started to reopen, and the movie theater company has alreadywitnessedrecord-breaking audiences.</p><p><blockquote>在 2020 年和 2021 年初，保持流动性似乎是 AMC 的首要任务。因此，六月份的股票发行可能是最好的举措。但最近，AMC影院开始重新开放，这家电影院公司已经见证了破纪录的观众人数。</blockquote></p><p> So, is CEO Adam Aron doing the right thing by following the ape community and refraining from raising more capital? Wall Street Memes believes so. The worst for AMC has probably been left behind, and the company currently holds $800 million in cash and equivalents (8% of total assets vs. only 3% at the start of the year, see chart below).</p><p><blockquote>那么，首席执行官亚当·阿伦追随猿类社区并避免筹集更多资金是正确的做法吗？华尔街迷因是这么认为的。AMC 最糟糕的时期可能已经过去，该公司目前持有 8 亿美元现金及等价物（占总资产的 8%，而年初仅为 3%，见下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e353aba3013818a96757402bb21b45dd\" tg-width=\"700\" tg-height=\"272\" width=\"100%\" height=\"auto\">So far, AMC’s CEO has been able to balance priorities: keeping the business fundamentals relatively strong while listening to the apes. The more the issuance of new shares is delayed, the highest short interest is likely to be, helping to keep hopes for a future short squeeze alive.</p><p><blockquote>到目前为止，AMC 的首席执行官已经能够平衡优先事项：在听取猿类意见的同时，保持业务基本面相对强劲。新股发行推迟的时间越长，空头兴趣就可能越高，这有助于保持未来空头挤压的希望。</blockquote></p><p></p>","source":"lsy1610613172068","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>AMC Stock: Is CEO Adam Aron Doing The Right Thing?<blockquote>AMC 股票：首席执行官亚当·阿伦 (Adam Aron) 做得对吗？</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\">\nAMC Stock: Is CEO Adam Aron Doing The Right Thing?<blockquote>AMC 股票：首席执行官亚当·阿伦 (Adam Aron) 做得对吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Street</strong><span class=\"h-time small\">2021-07-19 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  AMC CEO Adam Aron has shown sympathy for the Ape cause. However, he still has a business to run. Should the chief executive be trying to raise more money for AMC?  <b>Some background first</b></p><p><blockquote>AMC 首席执行官亚当·阿伦 (Adam Aron) 对猿类事业表示同情。然而，他还有生意要做。首席执行官是否应该试图为 AMC 筹集更多资金？<b>先介绍一些背景</b></blockquote></p><p> AMC Entertainment’s&nbsp;(<b>AMC</b>) -&nbsp;CEO Adam Aron probably had no idea what was in store for him and his company in 2021. With the start of the COVID-19 crisis, AMC and much of the entertainment industry were in tatters, scrambling for resources to weather the storm and come out of it alive.</p><p><blockquote>AMC院线的（<b>AMC</b>) - 首席执行官亚当·阿伦 (Adam Aron) 可能不知道 2021 年他和他的公司将会面临什么。随着 COVID-19 危机的开始，AMC 和大部分娱乐业都处于崩溃状态，争先恐后地寻找资源来渡过难关并活着走出困境。</blockquote></p><p> Growing bearishness led hedge funds and other traders to pile up on AMC, as they looked to profit from its misfortunes. The bear thesis gained strength as some believed that the movie theater operator was heading towards bankruptcy.</p><p><blockquote>日益增长的看跌情绪导致对冲基金和其他交易员纷纷买入 AMC，希望从其不幸中获利。随着一些人认为电影院运营商正走向破产，熊的论点获得了力量。</blockquote></p><p> But no short seller could have imagined what would happen next. Driven by the “meme mania” that first struck GameStop&nbsp;(<b>GME</b>) , a community of retail investors poured their capital into other heavily shorted stocks, and AMC took center stage.</p><p><blockquote>但没有哪个卖空者能够想象接下来会发生什么。在最初席卷游戏驿站的“模因狂热”的推动下（<b>GME</b>），一群散户投资者将资金投入到其他严重做空的股票中，AMC 占据了中心舞台。</blockquote></p><p> After the ape army witnessed a short squeeze in January 2021, AMC saw its market cap jump from $250 million to almost $8 billion. Later in June, the valuation stretched even further to nearly $32 billion – surpassing the market cap of airline companies like Delta Airlines&nbsp;(<b>DAL</b>) and retailers like Best Buy&nbsp;(<b>BBY</b>) .</p><p><blockquote>在 2021 年 1 月 ape army 经历空头挤压后，AMC 的市值从 2.5 亿美元跃升至近 80 亿美元。6 月下旬，估值进一步扩大至近 320 亿美元，超过了达美航空公司等航空公司的市值（<b>从</b>）和百思买等零售商（<b>宝贝</b>).</blockquote></p><p> Not bad for a company that some had left for dead only a few months earlier.</p><p><blockquote>对于一家几个月前还有些人等死的公司来说，这还不错。</blockquote></p><p> <b>How apes could help AMC</b></p><p><blockquote><b>猿类如何帮助 AMC</b></blockquote></p><p> There are a few ways for a publicly traded company to benefit from an increase in its stock price: (1) more firepower for acquisitions and other deals, (2) less vulnerable to takeovers, and (3) new shares issued to generate capital and improve the company's balance sheet.</p><p><blockquote>上市公司有几种方式可以从股价上涨中受益：(1) 更多的收购和其他交易火力，(2) 更不容易被收购，以及 (3) 发行新股以产生资本并改善公司的资产负债表。</blockquote></p><p> CEO Adam Aron benefited from the stock's strength when the company issued new shares in early June. AMC raised $587 million in equity, just after the second short squeeze of the year. According to him, the capitalraisedwas invested in the company's balance sheet and saved for “a rainy day”.</p><p><blockquote>公司于 6 月初发行新股时，首席执行官亚当·阿伦 (Adam Aron) 受益于该股的强势。就在今年第二次做空之后，AMC 筹集了 5.87 亿美元的股本。据他介绍，筹集的资金被投资到公司的资产负债表上，并留着以备不时之需。</blockquote></p><p> <b>Stock tanks after share issuance</b></p><p><blockquote><b>股票发行后的股票罐</b></blockquote></p><p> With the issuance of the 11.5 million new shares, AMC price topped and dropped quickly. The dilution of the company’s equity may have helped to deflate June’s short squeeze, giving bears the opportunity to regroup and reload their positions.</p><p><blockquote>随着1150万股新股的发行，AMC价格见顶后迅速下跌。公司股权的稀释可能有助于缓解 6 月份的空头挤压，让空头有机会重整旗鼓并重新装仓。</blockquote></p><p> Recently, Adam Aron put to vote a plan to issue another 25 million shares, but shareholders rejected the idea. The CEO did not hide his opposition to the results of the vote, but made it clear that he listens and values the ape community.</p><p><blockquote>最近，亚当·阿伦 (Adam Aron) 将再发行 2500 万股股票的计划付诸表决，但股东拒绝了这一想法。这位首席执行官没有掩饰他对投票结果的反对，但明确表示他倾听并重视猿社区。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/76bd63fec28178d1036fa850a83f2f1a\" tg-width=\"565\" tg-height=\"623\" width=\"100%\" height=\"auto\">A brand-new year</p><p><blockquote>崭新的一年</blockquote></p><p> Staying liquid seemed like a top priority for AMC through 2020 and the early part of 2021. Therefore, the June share issuance was likely the best move. But recently, AMC locations started to reopen, and the movie theater company has alreadywitnessedrecord-breaking audiences.</p><p><blockquote>在 2020 年和 2021 年初，保持流动性似乎是 AMC 的首要任务。因此，六月份的股票发行可能是最好的举措。但最近，AMC影院开始重新开放，这家电影院公司已经见证了破纪录的观众人数。</blockquote></p><p> So, is CEO Adam Aron doing the right thing by following the ape community and refraining from raising more capital? Wall Street Memes believes so. The worst for AMC has probably been left behind, and the company currently holds $800 million in cash and equivalents (8% of total assets vs. only 3% at the start of the year, see chart below).</p><p><blockquote>那么，首席执行官亚当·阿伦追随猿类社区并避免筹集更多资金是正确的做法吗？华尔街迷因是这么认为的。AMC 最糟糕的时期可能已经过去，该公司目前持有 8 亿美元现金及等价物（占总资产的 8%，而年初仅为 3%，见下图）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e353aba3013818a96757402bb21b45dd\" tg-width=\"700\" tg-height=\"272\" width=\"100%\" height=\"auto\">So far, AMC’s CEO has been able to balance priorities: keeping the business fundamentals relatively strong while listening to the apes. The more the issuance of new shares is delayed, the highest short interest is likely to be, helping to keep hopes for a future short squeeze alive.</p><p><blockquote>到目前为止，AMC 的首席执行官已经能够平衡优先事项：在听取猿类意见的同时，保持业务基本面相对强劲。新股发行推迟的时间越长，空头兴趣就可能越高，这有助于保持未来空头挤压的希望。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/memestocks/amc/amc-stock-is-ceo-adam-aron-doing-the-right-thing\">The Street</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":{"AMC":"AMC院线"},"source_url":"https://www.thestreet.com/memestocks/amc/amc-stock-is-ceo-adam-aron-doing-the-right-thing","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183522741","content_text":"AMC CEO Adam Aron has shown sympathy for the Ape cause. However, he still has a business to run. Should the chief executive be trying to raise more money for AMC?\n\nSome background first\nAMC Entertainment’s (AMC) - CEO Adam Aron probably had no idea what was in store for him and his company in 2021. With the start of the COVID-19 crisis, AMC and much of the entertainment industry were in tatters, scrambling for resources to weather the storm and come out of it alive.\nGrowing bearishness led hedge funds and other traders to pile up on AMC, as they looked to profit from its misfortunes. The bear thesis gained strength as some believed that the movie theater operator was heading towards bankruptcy.\nBut no short seller could have imagined what would happen next. Driven by the “meme mania” that first struck GameStop (GME) , a community of retail investors poured their capital into other heavily shorted stocks, and AMC took center stage.\nAfter the ape army witnessed a short squeeze in January 2021, AMC saw its market cap jump from $250 million to almost $8 billion. Later in June, the valuation stretched even further to nearly $32 billion – surpassing the market cap of airline companies like Delta Airlines (DAL) and retailers like Best Buy (BBY) .\nNot bad for a company that some had left for dead only a few months earlier.\nHow apes could help AMC\nThere are a few ways for a publicly traded company to benefit from an increase in its stock price: (1) more firepower for acquisitions and other deals, (2) less vulnerable to takeovers, and (3) new shares issued to generate capital and improve the company's balance sheet.\nCEO Adam Aron benefited from the stock's strength when the company issued new shares in early June. AMC raised $587 million in equity, just after the second short squeeze of the year. According to him, the capitalraisedwas invested in the company's balance sheet and saved for “a rainy day”.\nStock tanks after share issuance\nWith the issuance of the 11.5 million new shares, AMC price topped and dropped quickly. The dilution of the company’s equity may have helped to deflate June’s short squeeze, giving bears the opportunity to regroup and reload their positions.\nRecently, Adam Aron put to vote a plan to issue another 25 million shares, but shareholders rejected the idea. The CEO did not hide his opposition to the results of the vote, but made it clear that he listens and values the ape community.\nA brand-new year\nStaying liquid seemed like a top priority for AMC through 2020 and the early part of 2021. Therefore, the June share issuance was likely the best move. But recently, AMC locations started to reopen, and the movie theater company has alreadywitnessedrecord-breaking audiences.\nSo, is CEO Adam Aron doing the right thing by following the ape community and refraining from raising more capital? Wall Street Memes believes so. The worst for AMC has probably been left behind, and the company currently holds $800 million in cash and equivalents (8% of total assets vs. only 3% at the start of the year, see chart below).\nSo far, AMC’s CEO has been able to balance priorities: keeping the business fundamentals relatively strong while listening to the apes. The more the issuance of new shares is delayed, the highest short interest is likely to be, helping to keep hopes for a future short squeeze alive.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":738,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178032539,"gmtCreate":1626770988021,"gmtModify":1631893828207,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Ooooo","listText":"Ooooo","text":"Ooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178032539","repostId":"1199229497","repostType":4,"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144321502,"gmtCreate":1626269291406,"gmtModify":1631893828221,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Oh dear","listText":"Oh dear","text":"Oh dear","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144321502","repostId":"1159040436","repostType":4,"repost":{"id":"1159040436","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":1626077352,"share":"https://www.laohunote.com/m/news/1159040436?lang=zh_CN&edition=full","pubTime":"2021-07-12 16:09","market":"us","language":"en","title":"Tencent Music shares fell 1.5% in premarket trading.<blockquote>腾讯控股音乐股价在盘前交易中下跌 1.5%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159040436","media":"Tiger Newspress","summary":"Tencent Music shares fell 1.5% in premarket trading.\nChinese regulators are set to order Tencent Hol","content":"<p>Tencent&nbsp;Music&nbsp;shares&nbsp;fell 1.5% in premarket&nbsp;trading.</p><p><blockquote>腾讯控股音乐股价在盘前交易中下跌 1.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69773d4830374e647f91a75cc31cc6e\" tg-width=\"1296\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Chinese regulators are set to order Tencent Holdings Ltd. to give up exclusive rights to music labels, Reuters reported, citing people with knowledge of the matter.</p><p><blockquote>路透社援引知情人士的话报道称，中国监管机构将命令腾讯控股控股有限公司放弃音乐唱片公司的独家版权。</blockquote></p><p> Tencent Music has long held a commanding lead in Chinese music through exclusive rights to a major chunk of Universal Music Group, Sony Music Entertainment and Warner Music Group Corp.’s catalogs, which it then sublicenses to smaller platforms including those operated by NetEase, Alibaba and Xiaomi Corp. That dominance was weakened when NetEase struck deals to directly license songs from Universal and Sony.</p><p><blockquote>长期以来，腾讯控股音乐通过拥有环球音乐集团、索尼音乐娱乐公司和华纳音乐集团公司大部分唱片的独家版权，在中国音乐领域占据着绝对领先地位，然后将这些唱片转授权给网易、阿里巴巴-SW和小米公司等较小的平台。当网易达成协议直接授权环球和索尼的歌曲时，这种主导地位被削弱了。</blockquote></p><p> The regulator on Saturday blocked Huya Inc.’s proposal to acquire rival DouYu International Holdings Ltd., killing a deal that would have helped cement Tencent’s lead in video game-streaming.</p><p><blockquote>监管机构周六阻止了虎牙公司收购竞争对手斗鱼国际控股有限公司的提议，扼杀了这笔有助于巩固腾讯控股在视频游戏流媒体领域领先地位的交易。</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 shares fell 1.5% in premarket trading.<blockquote>腾讯控股音乐股价在盘前交易中下跌 1.5%。</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\">\nTencent Music shares fell 1.5% in premarket trading.<blockquote>腾讯控股音乐股价在盘前交易中下跌 1.5%。</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\">2021-07-12 16:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent&nbsp;Music&nbsp;shares&nbsp;fell 1.5% in premarket&nbsp;trading.</p><p><blockquote>腾讯控股音乐股价在盘前交易中下跌 1.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c69773d4830374e647f91a75cc31cc6e\" tg-width=\"1296\" tg-height=\"619\" referrerpolicy=\"no-referrer\">Chinese regulators are set to order Tencent Holdings Ltd. to give up exclusive rights to music labels, Reuters reported, citing people with knowledge of the matter.</p><p><blockquote>路透社援引知情人士的话报道称，中国监管机构将命令腾讯控股控股有限公司放弃音乐唱片公司的独家版权。</blockquote></p><p> Tencent Music has long held a commanding lead in Chinese music through exclusive rights to a major chunk of Universal Music Group, Sony Music Entertainment and Warner Music Group Corp.’s catalogs, which it then sublicenses to smaller platforms including those operated by NetEase, Alibaba and Xiaomi Corp. That dominance was weakened when NetEase struck deals to directly license songs from Universal and Sony.</p><p><blockquote>长期以来，腾讯控股音乐通过拥有环球音乐集团、索尼音乐娱乐公司和华纳音乐集团公司大部分唱片的独家版权，在中国音乐领域占据着绝对领先地位，然后将这些唱片转授权给网易、阿里巴巴-SW和小米公司等较小的平台。当网易达成协议直接授权环球和索尼的歌曲时，这种主导地位被削弱了。</blockquote></p><p> The regulator on Saturday blocked Huya Inc.’s proposal to acquire rival DouYu International Holdings Ltd., killing a deal that would have helped cement Tencent’s lead in video game-streaming.</p><p><blockquote>监管机构周六阻止了虎牙公司收购竞争对手斗鱼国际控股有限公司的提议，扼杀了这笔有助于巩固腾讯控股在视频游戏流媒体领域领先地位的交易。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HUYA":"虎牙","TME":"腾讯音乐","00700":"腾讯控股","DOYU":"斗鱼"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159040436","content_text":"Tencent Music shares fell 1.5% in premarket trading.\nChinese regulators are set to order Tencent Holdings Ltd. to give up exclusive rights to music labels, Reuters reported, citing people with knowledge of the matter.\nTencent Music has long held a commanding lead in Chinese music through exclusive rights to a major chunk of Universal Music Group, Sony Music Entertainment and Warner Music Group Corp.’s catalogs, which it then sublicenses to smaller platforms including those operated by NetEase, Alibaba and Xiaomi Corp. That dominance was weakened when NetEase struck deals to directly license songs from Universal and Sony.\nThe regulator on Saturday blocked Huya Inc.’s proposal to acquire rival DouYu International Holdings Ltd., killing a deal that would have helped cement Tencent’s lead in video game-streaming.","news_type":1,"symbols_score_info":{"HUYA":0.9,"00700":0.9,"TME":0.9,"DOYU":0.9}},"isVote":1,"tweetType":1,"viewCount":972,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141911897,"gmtCreate":1625832526719,"gmtModify":1631893828235,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"A good news will always push the market up.&nbsp;","listText":"A good news will always push the market up.&nbsp;","text":"A good news will always push the market up.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141911897","repostId":"1180424186","repostType":4,"repost":{"id":"1180424186","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":1625819933,"share":"https://www.laohunote.com/m/news/1180424186?lang=zh_CN&edition=full","pubTime":"2021-07-09 16:38","market":"us","language":"en","title":"BioNTech shares rises 3.6% in premarket<blockquote>BioNTech 股价盘前上涨 3.6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1180424186","media":"Tiger Newspress","summary":"BioNTech shares rises 3.6% in premarket trading,which is developing a booster shot specifically targ","content":"<p>BioNTech&nbsp;shares&nbsp;rises 3.6% in premarket&nbsp;trading,which&nbsp;is&nbsp;developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>BioNTech 股价在盘前交易中上涨 3.6%， 该公司正在开发一种专门针对导致该疾病的病毒所谓德尔塔变异毒株的加强注射。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41726c12e31bc4f3b7aaaf7cfbf1ac5\" tg-width=\"1281\" tg-height=\"605\">Pfizer Inc. and COVID-19 vaccine partner BioNTech said late Thursday they are developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>辉瑞公司和新冠肺炎疫苗合作伙伴BioNTech周四晚间表示，他们正在开发一种加强注射，专门针对导致该疾病的病毒的所谓德尔塔变异毒株。</blockquote></p><p> The Wall Street Journal reported saying fully vaccinated Americans \"do not need a booster shot at this time,\" but that they are prepared for booster doses \"if and when the science demonstrates they are needed.\"</p><p><blockquote>《华尔街日报》报道称，完全接种疫苗的美国人“目前不需要加强注射”，但“如果科学证明需要加强注射”，他们会做好接种加强剂量的准备。</blockquote></p><p> Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> said in a statement that there is encouraging data from the use of a third booster shot of their current BNT162b2 vaccine, which is widely administered in two doses given three weeks apart.</p><p><blockquote>辉瑞<a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>和生物技术<a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a>在一份声明中表示，使用他们当前 BNT162b2 疫苗的第三次加强注射有令人鼓舞的数据，该疫苗广泛分两剂，间隔三周注射。</blockquote></p><p> \"While we believe a third dose of BNT162b2 has the potential to preserve the highest levels protective efficacy against all currently known variants including delta, we are remaining vigilant and are developing an updated version of the Pfizer-COVID-19 vaccine that uses a new construct based on the B.1.617.2 lineage, first identified in India and also known as the delta variant,\" the companies said in a statement.</p><p><blockquote>“虽然我们相信第三剂 BNT162b2 有可能对包括 delta 在内的所有目前已知变种保持最高水平的保护效力，但我们仍保持警惕，并正在开发辉瑞 COVID-19 疫苗的更新版本，该疫苗使用基于 B.1.617.2 谱系的新结构，首次在印度发现，也称为德尔塔变异毒株，”两家公司在一份声明中表示。</blockquote></p><p> The companies also pointed to evidence from the Israeli Ministry of Health showing the effectiveness of the vaccine declined six months after the shots, just as the delta variant is taking hold in the country.</p><p><blockquote>这些公司还指出，以色列卫生部的证据显示，疫苗的有效性在注射六个月后下降，就在德尔塔变异毒株在该国蔓延之际。</blockquote></p><p> Pfizer and BioNTech expect to begin clinical trials to study a third dose in August.</p><p><blockquote>辉瑞和BioNTech预计将于8月开始临床试验，研究第三剂疫苗。</blockquote></p><p> \"That is why we have said, and we continue to believe, that it is likely, based on the totality of the data we have to date, that a third dose may be needed within 6 to 12 months after full vaccination,\" the companies said.</p><p><blockquote>“这就是为什么我们说，并且我们仍然相信，根据我们迄今为止掌握的全部数据，很可能在完全接种疫苗后 6 至 12 个月内需要接种第三剂疫苗，”两家公司表示。</blockquote></p><p> On Thursday, Japan barred spectators from the Tokyo Olympics because of an uptick in COVID cases likely caused by the delta variant. Previously, only foreign spectators had been banned from attending the games in person.</p><p><blockquote>周四，日本禁止观众参加东京奥运会，因为德尔塔变异毒株可能导致新冠病例上升。此前，只有外国观众被禁止亲自观看奥运会。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BioNTech shares rises 3.6% in premarket<blockquote>BioNTech 股价盘前上涨 3.6%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBioNTech shares rises 3.6% in premarket<blockquote>BioNTech 股价盘前上涨 3.6%</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\">2021-07-09 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BioNTech&nbsp;shares&nbsp;rises 3.6% in premarket&nbsp;trading,which&nbsp;is&nbsp;developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>BioNTech 股价在盘前交易中上涨 3.6%， 该公司正在开发一种专门针对导致该疾病的病毒所谓德尔塔变异毒株的加强注射。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f41726c12e31bc4f3b7aaaf7cfbf1ac5\" tg-width=\"1281\" tg-height=\"605\">Pfizer Inc. and COVID-19 vaccine partner BioNTech said late Thursday they are developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.</p><p><blockquote>辉瑞公司和新冠肺炎疫苗合作伙伴BioNTech周四晚间表示，他们正在开发一种加强注射，专门针对导致该疾病的病毒的所谓德尔塔变异毒株。</blockquote></p><p> The Wall Street Journal reported saying fully vaccinated Americans \"do not need a booster shot at this time,\" but that they are prepared for booster doses \"if and when the science demonstrates they are needed.\"</p><p><blockquote>《华尔街日报》报道称，完全接种疫苗的美国人“目前不需要加强注射”，但“如果科学证明需要加强注射”，他们会做好接种加强剂量的准备。</blockquote></p><p> Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> said in a statement that there is encouraging data from the use of a third booster shot of their current BNT162b2 vaccine, which is widely administered in two doses given three weeks apart.</p><p><blockquote>辉瑞<a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a>和生物技术<a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a>在一份声明中表示，使用他们当前 BNT162b2 疫苗的第三次加强注射有令人鼓舞的数据，该疫苗广泛分两剂，间隔三周注射。</blockquote></p><p> \"While we believe a third dose of BNT162b2 has the potential to preserve the highest levels protective efficacy against all currently known variants including delta, we are remaining vigilant and are developing an updated version of the Pfizer-COVID-19 vaccine that uses a new construct based on the B.1.617.2 lineage, first identified in India and also known as the delta variant,\" the companies said in a statement.</p><p><blockquote>“虽然我们相信第三剂 BNT162b2 有可能对包括 delta 在内的所有目前已知变种保持最高水平的保护效力，但我们仍保持警惕，并正在开发辉瑞 COVID-19 疫苗的更新版本，该疫苗使用基于 B.1.617.2 谱系的新结构，首次在印度发现，也称为德尔塔变异毒株，”两家公司在一份声明中表示。</blockquote></p><p> The companies also pointed to evidence from the Israeli Ministry of Health showing the effectiveness of the vaccine declined six months after the shots, just as the delta variant is taking hold in the country.</p><p><blockquote>这些公司还指出，以色列卫生部的证据显示，疫苗的有效性在注射六个月后下降，就在德尔塔变异毒株在该国蔓延之际。</blockquote></p><p> Pfizer and BioNTech expect to begin clinical trials to study a third dose in August.</p><p><blockquote>辉瑞和BioNTech预计将于8月开始临床试验，研究第三剂疫苗。</blockquote></p><p> \"That is why we have said, and we continue to believe, that it is likely, based on the totality of the data we have to date, that a third dose may be needed within 6 to 12 months after full vaccination,\" the companies said.</p><p><blockquote>“这就是为什么我们说，并且我们仍然相信，根据我们迄今为止掌握的全部数据，很可能在完全接种疫苗后 6 至 12 个月内需要接种第三剂疫苗，”两家公司表示。</blockquote></p><p> On Thursday, Japan barred spectators from the Tokyo Olympics because of an uptick in COVID cases likely caused by the delta variant. Previously, only foreign spectators had been banned from attending the games in person.</p><p><blockquote>周四，日本禁止观众参加东京奥运会，因为德尔塔变异毒株可能导致新冠病例上升。此前，只有外国观众被禁止亲自观看奥运会。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","BNTX":"BioNTech SE"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180424186","content_text":"BioNTech shares rises 3.6% in premarket trading,which is developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.\nPfizer Inc. and COVID-19 vaccine partner BioNTech said late Thursday they are developing a booster shot specifically targeting the so-called delta variant of the virus that causes the disease.\nThe Wall Street Journal reported saying fully vaccinated Americans \"do not need a booster shot at this time,\" but that they are prepared for booster doses \"if and when the science demonstrates they are needed.\"\nPfizer $(PFE)$ and BioNTech $(BNTX)$ said in a statement that there is encouraging data from the use of a third booster shot of their current BNT162b2 vaccine, which is widely administered in two doses given three weeks apart.\n\"While we believe a third dose of BNT162b2 has the potential to preserve the highest levels protective efficacy against all currently known variants including delta, we are remaining vigilant and are developing an updated version of the Pfizer-COVID-19 vaccine that uses a new construct based on the B.1.617.2 lineage, first identified in India and also known as the delta variant,\" the companies said in a statement.\nThe companies also pointed to evidence from the Israeli Ministry of Health showing the effectiveness of the vaccine declined six months after the shots, just as the delta variant is taking hold in the country.\nPfizer and BioNTech expect to begin clinical trials to study a third dose in August.\n\"That is why we have said, and we continue to believe, that it is likely, based on the totality of the data we have to date, that a third dose may be needed within 6 to 12 months after full vaccination,\" the companies said.\nOn Thursday, Japan barred spectators from the Tokyo Olympics because of an uptick in COVID cases likely caused by the delta variant. Previously, only foreign spectators had been banned from attending the games in person.","news_type":1,"symbols_score_info":{"BNTX":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156447310,"gmtCreate":1625235334230,"gmtModify":1631893828246,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Whoa","listText":"Whoa","text":"Whoa","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156447310","repostId":"1194221008","repostType":4,"repost":{"id":"1194221008","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":1625234351,"share":"https://www.laohunote.com/m/news/1194221008?lang=zh_CN&edition=full","pubTime":"2021-07-02 21:59","market":"us","language":"en","title":"Big Tech stocks rose strongly in Friday morning trading<blockquote>大型科技股在周五早盘交易中强劲上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194221008","media":"Tiger Newspress","summary":"Big Tech stocks rose strongly in Friday morning trading.Apple,Microsoft and Google surged more than ","content":"<p>Big&nbsp;Tech&nbsp;stocks&nbsp;rose&nbsp;strongly&nbsp;in&nbsp;Friday&nbsp;morning&nbsp;trading.Apple,Microsoft&nbsp;and&nbsp;Google&nbsp;surged&nbsp;more&nbsp;than&nbsp;1%.</p><p><blockquote>大型科技股在周五早盘交易中强劲上涨.苹果、微软和谷歌飙升超过1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/452d0af25db876ccc77520ef433998ab\" tg-width=\"364\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Tech stocks rose strongly in Friday morning trading<blockquote>大型科技股在周五早盘交易中强劲上涨</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Tech stocks rose strongly in Friday morning trading<blockquote>大型科技股在周五早盘交易中强劲上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-02 21:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Big&nbsp;Tech&nbsp;stocks&nbsp;rose&nbsp;strongly&nbsp;in&nbsp;Friday&nbsp;morning&nbsp;trading.Apple,Microsoft&nbsp;and&nbsp;Google&nbsp;surged&nbsp;more&nbsp;than&nbsp;1%.</p><p><blockquote>大型科技股在周五早盘交易中强劲上涨.苹果、微软和谷歌飙升超过1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/452d0af25db876ccc77520ef433998ab\" tg-width=\"364\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞","MSFT":"微软","FB":"ProShares S&P 500 Dynamic Buffer ETF","GOOG":"谷歌","GOOGL":"谷歌A","AMZN":"亚马逊","AAPL":"苹果"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194221008","content_text":"Big Tech stocks rose strongly in Friday morning trading.Apple,Microsoft and Google surged more than 1%.","news_type":1,"symbols_score_info":{"GOOG":0.9,"MSFT":0.9,"AMZN":0.9,"AAPL":0.9,"FB":0.9,"GOOGL":0.9,"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156445326,"gmtCreate":1625235299265,"gmtModify":1631893828262,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583369953182365","authorIdStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Interesting!","listText":"Interesting!","text":"Interesting!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156445326","repostId":"1113357649","repostType":2,"repost":{"id":"1113357649","kind":"news","pubTimestamp":1625133776,"share":"https://www.laohunote.com/m/news/1113357649?lang=zh_CN&edition=full","pubTime":"2021-07-01 18:02","market":"us","language":"en","title":"Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113357649","media":"seekingalpha","summary":"Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.I initiate Amazon with a bullish rating and a fair value of $3576/share .The company's improving top line and bottom line performance  suggests that the stock is currently undervalued by 3.9%.Amazon, a $1.74 trillion company. This is the current market capitalization  of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?I initiate","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。</li><li>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司不断改善的营收和利润表现（预计将持续）表明该股目前被低估 3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值 1.74 万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为一家2万亿美元的公司还有15.18%，不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所股票代码：WMT）、克罗格（纽约证券交易所股票代码：KR）、塔吉特（纽约证券交易所股票代码：TGT）的市值受到了不小的打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。FV 是算法调整后的公允价值（该算法考虑了基本面和技术因素，例如 DCF FV、动量等），这意味着该股票被低估了 3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算 DCF FV，我使用了过去 12 个月的数字，并且还重述了财务数据，因为我将 R&amp;D 费用资本化，摊销年限为 3 年。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是运营费用，因此我将其视为资本支出。考虑到研发，以下指标已重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用R&amp;D费用，我们现在对公司有了更清晰的了解（即重述的营业利润率现在为9.03% TTM，而非重述的营业利润率为6.63% TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的 DCF 模型中，我假设第一年的收入增长率为 21.2%，第二年至第五年的复合年增长率为 15%，我假设最终年增长率为 1.48%（或 10 年期国债的当前收益率）。使用当前收益率而不是预期收益率的决定是由于愿意保持市场中立（也许你可以使用高盛1.9%的预期）。目前的假设导致 Y10 的收入为 12.538.44 亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景会有所改善，目标营业利润率为 13.2%（而当前重述营业利润率为 9.03%）。如果该公司能够实现这一目标，Y10 年的营业利润率将达到 1,630.97 亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了 5.75% 的 WACC 和 2.95 的销售资本比率（或公司将再投资多少以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>把它放在一起，我得到了3328美元/股的DCF价值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向你展示我的点估计，这可能是对的，也可能是错的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些投入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1.收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的 DCF 分析中，我假设 Y2-Y5 的预期复合年增长率为 15%，未来利率将会下降。这一假设导致 Y10 的收入为 12.538.44 亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会带来远远超出我预期的营收增长。在后者中，我看到了一个可能的情况，CAGR Y2-Y5为24%，导致Y10收入为19.899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨型科技法案”获得通过，该公司可能被迫拆分为两家公司或剥离其自有品牌产品业务。这代表着一个巨大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7.647.23亿美元）。总而言之，我将假设均匀分布，最大为24%，最小为6%。结果显示在下面（这个模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>:</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为 9.03% TTM（未重述息税前利润率为 6.83%）。在我的 DCF 中，我假设目标营业利润率为 13.2%。虽然这代表了我对公司最有可能的情况，但我不能对这样一个事实视而不见：即使公司正在提高利润率，它的增长也非常缓慢。下面，我显示了过去 5 年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家具有颠覆性的公司，有能力做非凡的事情。例如，AWS目前的营业利润率为30%，2020年收入增长率为29.53%。在前景改善和新伙伴加入该党的推动下，这一趋势预计将继续下去。最后加入这一行列的是法拉利（纽约证券交易所股票代码：RACE）和瑞士电信（OTCPK：SWZCF），它们选择 AWS 作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据 Gartner 的数据，2020 年 AWS 的收入是微软（纳斯达克股票代码：MSFT）的两倍。正如Gartner所说：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>全球</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，总额从2019年的457亿美元增长到643亿美元。亚马逊在2020年保持了IaaS市场的第一位置，其次是微软、阿里巴巴-SW、谷歌和华为……亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个具有以下限制的三角形分布：最有可能的目标营业利润率为13.2%，最大为18.4%，最小为8%（接近当前公司的息税前利润率）。结果显示如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个投入是资本成本。在进行分析时，我估计资本成本为 5.8%（当前 10 年利率为 1.48，隐含 ERP 为 4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在路上犯了一些错误的可能性，我将依赖于最有可能的情况为5.8%的对数正态分布。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第 50 个百分位数或中位数等于 3274 美元，接近预期的 DCF FV 3328 美元。而算法调整后的 FV 为 3576 美元，是我模拟中的第 60 个百分位数（还要注意长长的右尾）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我相信一个有趣的止盈点可能在第 80 个百分位内，这意味着潜在的上涨空间为 24.89%。为什么在第80个百分位以内？我相信，在达到 2.0 万亿美元的公司地位后，我们将看到投资者开始获利了结之前的最后一次兴奋。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格上涨？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不会）。然而，不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</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>Amazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon: Undervalued With Potential Upside Of 25%<blockquote>亚马逊：被低估，潜在上涨空间为 25%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-01 18:02</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>Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.</li>  <li>I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).</li>  <li>The company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/51ce52baed5afae04a384059297465d3\" tg-width=\"1536\" tg-height=\"1024\"><span>Daria Nipot/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。</li><li>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。</li><li>该公司不断改善的营收和利润表现（预计将持续）表明该股目前被低估 3.9%。</li></ul><p class=\"t-img-caption\"><span>Daria Nipot/iStock 社论来自 Getty Images</span></p></blockquote></p><p> <b>Company Overview</b></p><p><blockquote><b>公司概况</b></blockquote></p><p> Amazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?</p><p><blockquote>亚马逊（纳斯达克股票代码：AMZN），一家市值 1.74 万亿美元的公司。这是该公司目前的市值（截至2021年6月29日），这意味着它目前距离成为一家2万亿美元的公司还有15.18%，不错吧？</blockquote></p><p> Amazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a&nbsp;nice hit&nbsp;in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.</p><p><blockquote>亚马逊是一家独特且不断发展的公司，它利用其颠覆性平台来颠覆它进入的任何新业务。例如，当亚马逊宣布收购全食超市时，沃尔玛（纽约证券交易所股票代码：WMT）、克罗格（纽约证券交易所股票代码：KR）、塔吉特（纽约证券交易所股票代码：TGT）的市值受到了不小的打击。我相信，公司将能够继续实现强劲的营收增长和利润率的持续增长，这不仅得益于公司当前的业务扩张，还得益于进入新市场和新业务。</blockquote></p><p> <b>Company Analysis</b></p><p><blockquote><b>公司分析</b></blockquote></p><p> I initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.</p><p><blockquote>我对亚马逊给予看涨评级，公允价值为3576美元/股（当前价格为3443美元/股）。FV 是算法调整后的公允价值（该算法考虑了基本面和技术因素，例如 DCF FV、动量等），这意味着该股票被低估了 3.9%。</blockquote></p><p> To compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&amp;D expenses with an amortizable life of 3 years. As&nbsp;with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&amp;D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&amp;D, the following metrics have been restated (all numbers in $mm).</p><p><blockquote>为了计算 DCF FV，我使用了过去 12 个月的数字，并且还重述了财务数据，因为我将 R&amp;D 费用资本化，摊销年限为 3 年。与苹果（纳斯达克股票代码：AAPL）一样，我不认为亚马逊的研发是运营费用，因此我将其视为资本支出。考虑到研发，以下指标已重述（所有数字均以百万美元为单位）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bb427d462596db1e1cb1ffc99acc90e4\" tg-width=\"571\" tg-height=\"240\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> Capitalizing on R&amp;D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).</p><p><blockquote>利用R&amp;D费用，我们现在对公司有了更清晰的了解（即重述的营业利润率现在为9.03% TTM，而非重述的营业利润率为6.63% TTM）。</blockquote></p><p> <b>Discounted Cash Flow Model</b></p><p><blockquote><b>贴现现金流量模型</b></blockquote></p><p> Now, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.</p><p><blockquote>现在，让我们转向贴现现金流估值部分。下面，你可以看到我所做的相对假设的结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e215b21ca0b3be5a5e0e7b62e36fb5f\" tg-width=\"640\" tg-height=\"268\"><span>Source:Author's estimates using data from the latest 10-K report</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者使用最新 10-K 报告数据进行的估计</span></p></blockquote></p><p> In my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use&nbsp;Goldman Sachs expectations&nbsp;of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.</p><p><blockquote>在我的 DCF 模型中，我假设第一年的收入增长率为 21.2%，第二年至第五年的复合年增长率为 15%，我假设最终年增长率为 1.48%（或 10 年期国债的当前收益率）。使用当前收益率而不是预期收益率的决定是由于愿意保持市场中立（也许你可以使用高盛1.9%的预期）。目前的假设导致 Y10 的收入为 12.538.44 亿美元。</blockquote></p><p> Along the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.</p><p><blockquote>在此过程中，我还假设营业利润率前景会有所改善，目标营业利润率为 13.2%（而当前重述营业利润率为 9.03%）。如果该公司能够实现这一目标，Y10 年的营业利润率将达到 1,630.97 亿美元。</blockquote></p><p> Finally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.</p><p><blockquote>最后，在进行估计时，我使用了 5.75% 的 WACC 和 2.95 的销售资本比率（或公司将再投资多少以保持业务增长）。</blockquote></p><p> By putting it together, I obtain a DCF value of $3328/share.</p><p><blockquote>把它放在一起，我得到了3328美元/股的DCF价值。</blockquote></p><p> <b>Monte Carlo Simulation</b></p><p><blockquote><b>蒙特卡罗模拟</b></blockquote></p><p> Rather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:</p><p><blockquote>与其只向你展示我的点估计，这可能是对的，也可能是错的，让我们使用概率分布作为输入。模拟使我们能够评估持续风险的影响（例如，营业利润率的变化）。特别是，我想重点关注我认为感兴趣的主要输入，以更好地了解公司的风险。这些投入是：</blockquote></p><p> <i>1. Revenue Growth:</i></p><p><blockquote><i>1.收入增长：</i></blockquote></p><p></p><p> In my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to&nbsp;WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).</p><p><blockquote>在我的 DCF 分析中，我假设 Y2-Y5 的预期复合年增长率为 15%，未来利率将会下降。这一假设导致 Y10 的收入为 12.538.44 亿美元。虽然这是一个合理的假设，但亚马逊充满了惊喜，它可能会带来远远超出我预期的营收增长。在后者中，我看到了一个可能的情况，CAGR Y2-Y5为24%，导致Y10收入为19.899.52亿美元。然而，我们都知道监管机构对公司来说是一个很大的风险。据《华尔街日报》消息人士透露，如果“巨型科技法案”获得通过，该公司可能被迫拆分为两家公司或剥离其自有品牌产品业务。这代表着一个巨大的风险，可能会减缓亚马逊的增长，这可能会转化为6%的增长率（导致Y10收入为7.647.23亿美元）。总而言之，我将假设均匀分布，最大为24%，最小为6%。结果显示在下面（这个模拟和下一个模拟已经执行了10,000次）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/893dff753c8ca210759feb31b3966a5c\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>2. Operating Margin</i>:</p><p><blockquote><i>2.营业利润率</i>:</blockquote></p><p> Currently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.</p><p><blockquote>目前，亚马逊的重述营业利润率为 9.03% TTM（未重述息税前利润率为 6.83%）。在我的 DCF 中，我假设目标营业利润率为 13.2%。虽然这代表了我对公司最有可能的情况，但我不能对这样一个事实视而不见：即使公司正在提高利润率，它的增长也非常缓慢。下面，我显示了过去 5 年未经重述的息税前利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6d66fcb05f4254b15de278f016121ffa\" tg-width=\"640\" tg-height=\"221\"><span>Source:SeekingAlpha.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：SeekingAlpha.com</span></p></blockquote></p><p> However, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their&nbsp;preferred cloud partner.</p><p><blockquote>然而，正如我在开头所说，亚马逊是一家具有颠覆性的公司，有能力做非凡的事情。例如，AWS目前的营业利润率为30%，2020年收入增长率为29.53%。在前景改善和新伙伴加入该党的推动下，这一趋势预计将继续下去。最后加入这一行列的是法拉利（纽约证券交易所股票代码：RACE）和瑞士电信（OTCPK：SWZCF），它们选择 AWS 作为首选云合作伙伴。</blockquote></p><p> In 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:</p><p><blockquote>根据 Gartner 的数据，2020 年 AWS 的收入是微软（纳斯达克股票代码：MSFT）的两倍。正如Gartner所说：</blockquote></p><p>   <i>The worldwide</i>&nbsp;  <i>infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.</i>  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac00a17cbbd930ad6464a63f6d4f98eb\" tg-width=\"640\" tg-height=\"388\"><span>Source:Gartner.com</span></p><p><blockquote><i>全球</i> <i>根据Gartner，Inc.的数据，基础设施即服务（IaaS）市场在2020年增长了40.7%，总额从2019年的457亿美元增长到643亿美元。亚马逊在2020年保持了IaaS市场的第一位置，其次是微软、阿里巴巴-SW、谷歌和华为……亚马逊在2020年以262亿美元的收入和41%的市场份额继续引领全球IaaS市场。</i><p class=\"t-img-caption\"><span>资料来源：Gartner.com</span></p></blockquote></p><p> Finally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.</p><p><blockquote>最后，为了说明我的担忧和信念，我将假设一个具有以下限制的三角形分布：最有可能的目标营业利润率为13.2%，最大为18.4%，最小为8%（接近当前公司的息税前利润率）。结果显示如下。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/054e2db392be500768de741516186013\" tg-width=\"640\" tg-height=\"237\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> <i>3. Cost of Capital:</i></p><p><blockquote><i>3.资金成本：</i></blockquote></p><p> The last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.</p><p><blockquote>利息的最后一个投入是资本成本。在进行分析时，我估计资本成本为 5.8%（当前 10 年利率为 1.48，隐含 ERP 为 4.54%）。然而，由于行业风险估计或业务组合的变化（或两者兼而有之），我可能是错误的。为了说明我在路上犯了一些错误的可能性，我将依赖于最有可能的情况为5.8%的对数正态分布。模拟结果如下所示。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d51740fa35eb9aedbc58c4c49d96eb\" tg-width=\"640\" tg-height=\"235\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By putting all of this together, the simulations return the following results.</p><p><blockquote>通过将所有这些放在一起，模拟返回以下结果。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/139c89300706eab1e37dd1c992286d31\" tg-width=\"640\" tg-height=\"222\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> For completeness, I also display below the relative and cumulative frequency of the simulation.</p><p><blockquote>为了完整起见，我还在下面显示了模拟的相对频率和累积频率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af7a908e21b8678a775a3e1742161a7d\" tg-width=\"573\" tg-height=\"644\"><span>Source:Author's estimates</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者的估计</span></p></blockquote></p><p> By looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).</p><p><blockquote>通过查看结果，我们可以看到第 50 个百分位数或中位数等于 3274 美元，接近预期的 DCF FV 3328 美元。而算法调整后的 FV 为 3576 美元，是我模拟中的第 60 个百分位数（还要注意长长的右尾）。</blockquote></p><p></p><p> Finally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.</p><p><blockquote>最后，模拟结果让我们对潜在的退出点有了有趣的了解。我相信一个有趣的止盈点可能在第 80 个百分位内，这意味着潜在的上涨空间为 24.89%。为什么在第80个百分位以内？我相信，在达到 2.0 万亿美元的公司地位后，我们将看到投资者开始获利了结之前的最后一次兴奋。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> Both the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.</p><p><blockquote>算法调整后的公允价值和蒙特卡罗模拟都建议并支持看涨评级。结果表明，该股目前被低估，该公司仍有更大的发展空间。什么可能会推动价格上涨？嗯，有不同的因素可能会驱动它。其中之一肯定是企业新闻。例如，公司可能会推出新产品或宣布股票分割（对于后者，我认为这不太可能，至少现在不会）。然而，不要忘记另一面，风险。投资该公司存在许多风险，其中之一就是反垄断和监管机构。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent\">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":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4437291-amazon-stock-amzn-undervalued-with-potential-upside-of-25-percent","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113357649","content_text":"Summary\n\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters.\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share).\nThe company's improving top line and bottom line performance (which is expected to continue) suggests that the stock is currently undervalued by 3.9%.\n\nDaria Nipot/iStock Editorial via Getty Images\nCompany Overview\nAmazon(NASDAQ:AMZN), a $1.74 trillion company. This is the current market capitalization (as of 06/29/2021) of the company and this implies that it is currently 15.18% away from being a $2 trillion company, not bad no?\nAmazon is a unique and growing company that uses its disruptive platform to disrupt any new business it enters. For example, when Amazon announced the acquisition of Whole Foods, Walmart(NYSE:WMT), Kroger(NYSE:KR), Target(NYSE:TGT)took a nice hit in market value. I believe that the company will be able to keep delivering strong top line growth and continued growth in margins, fueled not only by the company's current business expansion but also by entering into new markets and new businesses.\nCompany Analysis\nI initiate Amazon with a bullish rating and a fair value of $3576/share (vs. the current price of $3443/share). The FV is an algorithm-adjusted fair value (the algorithm takes into account fundamental and technical factors, such as DCF FV, momentum, etc.) and it implies that the stock is undervalued by 3.9%.\nTo compute the DCF FV, I used the trailing twelve-month numbers and I also restated the financials since I capitalized on R&D expenses with an amortizable life of 3 years. As with Apple(NASDAQ:AAPL), I don't believe that Amazon's R&D is an operating expense, and for this reason, I treat it as CapEx. By taking into account the R&D, the following metrics have been restated (all numbers in $mm).\nSource:Author's estimates using data from the latest 10-K report\nCapitalizing on R&D expenses, we have now a more clear picture of the company (i.e. the restated operating margin is now 9.03% TTM vs the non-restated operating margin is 6.63% TTM).\nDiscounted Cash Flow Model\nNow, let's turn to the discounted cash flow valuation part. Below, you can see the results with the relative assumptions I have made.\nSource:Author's estimates using data from the latest 10-K report\nIn my DCF model, I assume a revenue growth for the Y1 of 21.2%, a CAGR Y2-Y5 of 15% and I assume a terminal year growth rate of 1.48% (or the current yield on 10Y Treasury). The decision of using the current and not expected yield is due to the willingness to remain market neutral (perhaps you can use Goldman Sachs expectations of 1.9%). The current assumptions lead to revenues of $1,253,844 million in Y10.\nAlong the road, I also assume an improving outlook for operating margins with the target operating margin of 13.2% (vs current restated operating margin of 9.03%). If the company will be able to meet this target, it will result in operating margins in Y10 of $163,097 million.\nFinally, in doing my estimates, I used a WACC of 5.75% and a sales to capital ratio (or how much the company is going to reinvest to keep its business growing) of 2.95.\nBy putting it together, I obtain a DCF value of $3328/share.\nMonte Carlo Simulation\nRather than showing you only my point estimates, which may be right but also may be wrong, let's use probability distributions for inputs. Simulations allow us to assess the impact of continuous risk (e.g., changes in operating margins). In particular, I would like to focus on what I consider the main inputs of interest to get a bigger picture of the risk in the company. Those inputs are:\n1. Revenue Growth:\nIn my DCF analysis, I assumed an expected CAGR Y2-Y5 of 15% with lower rates going forward. This assumption lead to revenues in Y10 of $1,253,844 million. While it is a reasonable assumption, Amazon is full of surprises, and it may deliver a top line growth well above my expectations. In the latter, I see a possible scenario with a CAGR Y2-Y5 of 24%, resulting in Y10 revenues of $1,989,952 million. However, we all know that regulators represent a big risk for the company. According to WSJ sources, if the \"giant-tech bill\" will pass, the company may be forced to either split into two companies or spin off its private-label product businesses. This represents a big risk that may slow down Amazon's growth, which could translate into a growth rate of 6% (resulting in Y10 revenues of $764,723 million). To sum up, I will assume a uniform distribution with a maximum of 24% and a minimum of 6%. The results are displayed below (this simulation and the next one have been performed 10,000 times).\nSource:Author's estimates\n2. Operating Margin:\nCurrently, Amazon has a restated operating margin of 9.03% TTM (vs not restated EBIT margin of 6.83%). In my DCF, I assumed a target operating margin of 13.2%. While this represents my most likely scenario for the company, I cannot close my eyes to the fact that, even if the company is improving its margins, it is following a very slow climb. Below, I display the non-restated EBIT margin for the last 5 years.\nSource:SeekingAlpha.com\nHowever, as I stated at the beginning, Amazon is a disruptive company with the ability to do extraordinary things. For instance, AWS presents a current operating margin of 30% TTM and a revenue growth rate of 29.53% in 2020. A trend which is expected to continue, driven by improving outlook and with new partners joining the party. The last to join the party are Ferrari(NYSE:RACE)and Swisscom(OTCPK:SWZCF)who have chosen AWS as their preferred cloud partner.\nIn 2020,according to Gartner, AWS generated revenue 2 times bigger than Microsoft(NASDAQ:MSFT). As stated by Gartner:\n\nThe worldwide \n infrastructure as a service(IaaS) market grew 40.7% in 2020 to total $64.3 billion, up from $45.7 billion in 2019, according to Gartner, Inc. Amazon retained the No. 1 position in the IaaS market in 2020, followed by Microsoft, Alibaba, Google and Huawei... Amazon continued to lead the worldwide IaaS market with $26.2 billion of revenue in 2020 and 41% market share.\n\nSource:Gartner.com\nFinally, to account for my concerns and beliefs, I will assume a triangular distribution with the following limits: the likeliest target operating margin of 13.2%, a maximum of 18.4%, and a minimum of 8% (close to the current company's EBIT margin). The results are displayed below.\nSource:Author's estimates\n3. Cost of Capital:\nThe last input of interest is the cost of capital. In doing my analysis, I estimated a cost of capital of 5.8% (with the current 10Y rate of 1.48 and an implied ERP of 4.54%). However, I may be wrong due to sector risk estimates or changes in the business mix (or both). To account for the possibility that I made some mistakes along the road, I will rely on a lognormal distribution with the most likely scenario of 5.8%. The results of the simulation are displayed below.\nSource:Author's estimates\nBy putting all of this together, the simulations return the following results.\nSource:Author's estimates\nFor completeness, I also display below the relative and cumulative frequency of the simulation.\nSource:Author's estimates\nBy looking at the results, we can see that the 50th percentile or the median is equal to $3274, close to the expected DCF FV of $3328. While the algorithm-adjusted FV of $3576 is the 60th percentile in my simulations (note also the long right tail).\nFinally, simulation results give us an interesting insight into a potential exit point. I believe that an interesting take profit point may be within the 80th percentile, which implies a potential upside of 24.89%. Why within the 80th percentile? I believe that, after reaching the $2.0 trillion company status, we will see the last climb of euphoria before investors start to take profits.\nFinal Thoughts\nBoth the algorithm-adjusted fair value and the Monte Carlo simulation suggest and support the bullish rating. The results found suggest that the stock is currently undervalued and that the company has still more room to go. What may drive the price to go higher? Well, there are different factors that may drive it. One of those is for sure corporate news. For instance, the company may introduce new products or announce a stock split (For the latter, I think this is unlikely, at least not now). However, don't forget also the other side, the risks. There are many risks associated with being invested in the company, one of those is represented by antitrust and regulators.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":151133615,"gmtCreate":1625066658137,"gmtModify":1633945208336,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Gods know man!","listText":"Gods know man!","text":"Gods know man!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/151133615","repostId":"2147116208","repostType":4,"isVote":1,"tweetType":1,"viewCount":732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801394918,"gmtCreate":1627482012934,"gmtModify":1631893828144,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Ooooo","listText":"Ooooo","text":"Ooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801394918","repostId":"2154360923","repostType":4,"isVote":1,"tweetType":1,"viewCount":666,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899359266,"gmtCreate":1628162942955,"gmtModify":1631891530458,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"How is it possible?","listText":"How is it possible?","text":"How is it possible?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899359266","repostId":"1194249066","repostType":4,"repost":{"id":"1194249066","kind":"news","pubTimestamp":1628162460,"share":"https://www.laohunote.com/m/news/1194249066?lang=zh_CN&edition=full","pubTime":"2021-08-05 19:21","market":"us","language":"en","title":"\"They're In A Difficult Position\" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194249066","media":"zerohedge","summary":"The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office","content":"<p>The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:<i><b>don't put all your eggs in one basket.</b></i></p><p><blockquote>已解散的 Archegos Capital Management（一家过度杠杆的家族理财室）的（现为前）员工刚刚吸取了一个非常重要的教训：<i><b>不要把所有的鸡蛋放在一个篮子里。</b></i></blockquote></p><p> Employees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,<b>exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.</b></p><p><blockquote>当公司设立的延期薪酬计划因公司遭遇巨额利润率看涨期权而崩溃时，员工们眼睁睁地看着他们的金色降落伞与比尔·黄 (Bill Hwang) 200 亿美元财富的其余部分一起蒸发，<b>其主要经纪商在恐慌的几个小时内抛售了数十亿美元的股票，加剧了这种情况。</b></blockquote></p><p> Instead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthat<b>the original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,</b>which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.</p><p><blockquote>该公司没有以现金支付员工的全部奖金，而是说服他们至少将部分奖金留在公司，将钱放在一个单独的罐子里，显然投资于公司押注的同一只股票。虽然内部人士告诉英国《金融时报》<b>该基金最初存入的金额“低于 5000 万美元”，该基金的价值显然与 Archegos 主基金的价值一起飙升，</b>由于其通过与主要经纪商签订的掉期协议所使用的杠杆，该公司获得了巨大的收益。</blockquote></p><p>   <b>\"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”</b>said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value.  Employees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.</p><p><blockquote><b>“公司将按照基金投入资本增值或减值的百分比增加或减少递延付款金额。”</b>英国《金融时报》看到的一份文件显示，Archegos 扣留了计划参与者 25% 的年终奖金，这些奖金将在员工离职时支付。它声明支出不会低于其原始价值。根据协议，员工离开公司时将获得工资。但事实证明，如果公司的员工拿着钱离开，情况会更好。现在，前雇员向英国《金融时报》抱怨说，他们没有收到任何延期支付的赔偿金。</blockquote></p><p>   Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that   <b>“the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.</b>A representative for Archegos declined to comment.  Unfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.</p><p><blockquote>然而，一些前雇员尚未收到任何递延工资，包括原始金额。一位接近该公司的人士告诉英国《金融时报》，<b>“钱没了”，“没有一罐金子来支付”。另一位人士说，Archegos 的员工 “处境艰难”，“值得同情”。</b>Archegos 的代表拒绝置评。不幸的是，如果他们想要回他们的钱，Bill Hwang的前员工将需要排长队等待。</blockquote></p><p>   Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment.  At this point, the DoJ<b>might take action against Hwang before creditors see any money</b>(this isn't the first time Hwang has been on the radar of authorities).</p><p><blockquote>一位接近 Archegos 的人士说，如果公司破产，Hwang 家族办公室的前员工将不得不与其他债权人一起排队。Archegos 已聘请重组顾问来评估银行可能提出的法律索赔，这些银行正试图收回在糟糕的赌注中损失的部分资金，并为可能的业务关闭做计划。根据 David Pauker 在社交网络 LinkedIn 上的个人资料，他已被聘为 Archegos 的首席重组官。Pauker拒绝置评。在这一点上，司法部<b>可能会在债权人看到任何钱之前对黄采取行动</b>（这不是黄第一次出现在当局的雷达上）。</blockquote></p><p> The DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.</p><p><blockquote>美国司法部已对 Archegos 展开调查，并要求其主要经纪人提供有关这些交易的信息，这些交易依赖于一种被称为“总回报掉期”的衍生品，该衍生品只要求 Archegos 支付保证金，而主要经纪人则代表公司进入头寸。</blockquote></p><p> With Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.</p><p><blockquote>据说黄的全部 200 亿美元财富在抛售期间蒸发了，收回他们的递延薪酬就像从石头上取血一样。</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>\"They're In A Difficult Position\" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</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\">\n\"They're In A Difficult Position\" - Archegos Employees Lose $500 Million As Bonus Fund Evaporates<blockquote>“他们处境艰难”——由于奖金基金蒸发，Archegos 员工损失 5 亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-08-05 19:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:<i><b>don't put all your eggs in one basket.</b></i></p><p><blockquote>已解散的 Archegos Capital Management（一家过度杠杆的家族理财室）的（现为前）员工刚刚吸取了一个非常重要的教训：<i><b>不要把所有的鸡蛋放在一个篮子里。</b></i></blockquote></p><p> Employees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,<b>exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.</b></p><p><blockquote>当公司设立的延期薪酬计划因公司遭遇巨额利润率看涨期权而崩溃时，员工们眼睁睁地看着他们的金色降落伞与比尔·黄 (Bill Hwang) 200 亿美元财富的其余部分一起蒸发，<b>其主要经纪商在恐慌的几个小时内抛售了数十亿美元的股票，加剧了这种情况。</b></blockquote></p><p> Instead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthat<b>the original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,</b>which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.</p><p><blockquote>该公司没有以现金支付员工的全部奖金，而是说服他们至少将部分奖金留在公司，将钱放在一个单独的罐子里，显然投资于公司押注的同一只股票。虽然内部人士告诉英国《金融时报》<b>该基金最初存入的金额“低于 5000 万美元”，该基金的价值显然与 Archegos 主基金的价值一起飙升，</b>由于其通过与主要经纪商签订的掉期协议所使用的杠杆，该公司获得了巨大的收益。</blockquote></p><p>   <b>\"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”</b>said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value.  Employees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.</p><p><blockquote><b>“公司将按照基金投入资本增值或减值的百分比增加或减少递延付款金额。”</b>英国《金融时报》看到的一份文件显示，Archegos 扣留了计划参与者 25% 的年终奖金，这些奖金将在员工离职时支付。它声明支出不会低于其原始价值。根据协议，员工离开公司时将获得工资。但事实证明，如果公司的员工拿着钱离开，情况会更好。现在，前雇员向英国《金融时报》抱怨说，他们没有收到任何延期支付的赔偿金。</blockquote></p><p>   Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that   <b>“the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.</b>A representative for Archegos declined to comment.  Unfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.</p><p><blockquote>然而，一些前雇员尚未收到任何递延工资，包括原始金额。一位接近该公司的人士告诉英国《金融时报》，<b>“钱没了”，“没有一罐金子来支付”。另一位人士说，Archegos 的员工 “处境艰难”，“值得同情”。</b>Archegos 的代表拒绝置评。不幸的是，如果他们想要回他们的钱，Bill Hwang的前员工将需要排长队等待。</blockquote></p><p>   Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment.  At this point, the DoJ<b>might take action against Hwang before creditors see any money</b>(this isn't the first time Hwang has been on the radar of authorities).</p><p><blockquote>一位接近 Archegos 的人士说，如果公司破产，Hwang 家族办公室的前员工将不得不与其他债权人一起排队。Archegos 已聘请重组顾问来评估银行可能提出的法律索赔，这些银行正试图收回在糟糕的赌注中损失的部分资金，并为可能的业务关闭做计划。根据 David Pauker 在社交网络 LinkedIn 上的个人资料，他已被聘为 Archegos 的首席重组官。Pauker拒绝置评。在这一点上，司法部<b>可能会在债权人看到任何钱之前对黄采取行动</b>（这不是黄第一次出现在当局的雷达上）。</blockquote></p><p> The DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.</p><p><blockquote>美国司法部已对 Archegos 展开调查，并要求其主要经纪人提供有关这些交易的信息，这些交易依赖于一种被称为“总回报掉期”的衍生品，该衍生品只要求 Archegos 支付保证金，而主要经纪人则代表公司进入头寸。</blockquote></p><p> With Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.</p><p><blockquote>据说黄的全部 200 亿美元财富在抛售期间蒸发了，收回他们的递延薪酬就像从石头上取血一样。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/theyre-difficult-position-archegos-employees-lose-500-million-bonus-fund-evaporates\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/theyre-difficult-position-archegos-employees-lose-500-million-bonus-fund-evaporates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194249066","content_text":"The (now former) employees of defunct Archegos Capital Management - the over-leveraged family office that blew up back in March, saddling Credit Suisse and a handful of other brokers with billions of dollars in losses - have just learned a very important lesson:don't put all your eggs in one basket.\nEmployees saw their golden parachutes evaporate alongside the rest of Bill Hwang's $20 billion fortune when a deferred pay plan set up by the firm crashed as the firm was hit with a massive margin call,exacerbated by its prime brokers selling off billions of dollars' of stocks in the span of a few panicked hours.\nInstead of paying employees the entirety of their bonuses in cash, the firm convinced them to keep at least some of their bonus with the firm, placing the money in a separate pot that was apparently invested in the same stocks that the firm was betting on. While insiders toldthe FTthatthe original amount of money placed with the fund was \"under $50MM\", the value of the pot had apparently soared alongside the value of Archegos's main fund,which enjoyed massive gains thanks to the leverage it employed via swaps entered into with its prime brokers.\n\n\"The company will increase or decrease the amount of the deferred payment by the percentage that the fund’s invested capital has increased or decreased in value,”said a document seen by the Financial Times that sets out the plan’s terms for an employee.[...]The document showed that 25% of the plan participant’s end-of-year bonus was held back by Archegos, to be paid out when the employee departed. It states that the payout would not fall below its original value.\n\nEmployees would be paid out when they left the firm, according to the agreement. But as it turns out, the firm's employees would have been better off had they taken the money and walked. And now, former employees are now complaining to the FT that they haven't been paid for any of the compensation they deferred.\n\n Yet some former employees have not received any of their deferred pay, including the original sums. One person close to the firm told the FT that \n “the money is gone” with “no pot of gold to pay them from”. Another said Archegos employees “are in a difficult position” and “warrant sympathy”.A representative for Archegos declined to comment.\n\nUnfortunately, if they want their money back, Bill Hwang's former employees will need to wait in a pretty lengthy line.\n\n Former employees of Hwang’s family office would have to queue with other creditors if the firm enters insolvency, a person close to Archegos said. Archegos has hired restructuring advisers to assess potential legal claims from banks, which are attempting to recoup some of the money they lost on its soured bets and plan for a possible wind-down of the business.David Pauker, a financial adviser who has worked on large bankruptcies including Lehman Brothers, has been recruited as Archegos’s chief restructuring officer, according to his profile on the social network LinkedIn. Pauker declined to comment.\n\nAt this point, the DoJmight take action against Hwang before creditors see any money(this isn't the first time Hwang has been on the radar of authorities).\nThe DoJ has opened an investigation into into Archegos and has asked its prime brokers for information about the trades, which relied on a derivative known as a \"Total Return Swap\", which only required Archegos to post margin, while the prime brokers entered into the positions on behalf of the firm.\nWith Hwang's entire $20 billion fortunate said to have evaporated during the selloff, getting their deferred comp back will be like getting blood from a stone.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805056481,"gmtCreate":1627827279643,"gmtModify":1631891530468,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Interesting to know that!","listText":"Interesting to know that!","text":"Interesting to know that!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/805056481","repostId":"1194710219","repostType":4,"repost":{"id":"1194710219","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":1627652868,"share":"https://www.laohunote.com/m/news/1194710219?lang=zh_CN&edition=full","pubTime":"2021-07-30 21:47","market":"us","language":"en","title":"EV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194710219","media":"Tiger Newspress","summary":"EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.","content":"<p>EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.</p><p><blockquote>电动汽车股在周五早盘交易中飙升。特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨 1% 至 6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c821968998f7b667eae78a4ed3ede421\" tg-width=\"352\" tg-height=\"594\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</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\">\nEV Stocks surged in Friday morning trading<blockquote>电动汽车股在周五早盘交易中飙升</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\">2021-07-30 21:47</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 1% and 6%.</p><p><blockquote>电动汽车股在周五早盘交易中飙升。特斯拉、蔚来汽车、小鹏汽车和理想汽车上涨 1% 至 6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c821968998f7b667eae78a4ed3ede421\" tg-width=\"352\" tg-height=\"594\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏集团","NIU":"小牛电动","TSLA":"特斯拉","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194710219","content_text":"EV Stocks surged in Friday morning trading.Tesla,Nio,Xpeng Motors and Li Auto climbed between 1% and 6%.","news_type":1,"symbols_score_info":{"XPEV":0.9,"TSLA":0.9,"LI":0.9,"NIU":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899359191,"gmtCreate":1628162895313,"gmtModify":1631891530475,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Impressive!!","listText":"Impressive!!","text":"Impressive!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899359191","repostId":"2156810549","repostType":4,"isVote":1,"tweetType":1,"viewCount":2516,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890394905,"gmtCreate":1628082138007,"gmtModify":1631891530468,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Awesome!","listText":"Awesome!","text":"Awesome!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890394905","repostId":"2156103241","repostType":2,"isVote":1,"tweetType":1,"viewCount":2193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808839911,"gmtCreate":1627567874233,"gmtModify":1631891530477,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"What does this mean to the market?","listText":"What does this mean to the market?","text":"What does this mean to the market?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808839911","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":2152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156457554,"gmtCreate":1625235131078,"gmtModify":1633942226488,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"It will rebound for sure","listText":"It will rebound for sure","text":"It will rebound for sure","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156457554","repostId":"1199383023","repostType":4,"repost":{"id":"1199383023","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":1625234763,"share":"https://www.laohunote.com/m/news/1199383023?lang=zh_CN&edition=full","pubTime":"2021-07-02 22:06","market":"us","language":"en","title":"Iceberg Research: We're shorting AMC Entertainment<blockquote>冰山研究：我们正在做空AMC院线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1199383023","media":"Tiger Newspress","summary":"Iceberg Research, a short seller,said they're shorting AMC Entertainment.\nAMC stock tumbled 10% in F","content":"<p>Iceberg Research, a short seller,said&nbsp;they're shorting AMC Entertainment.</p><p><blockquote>卖空者冰山研究公司表示，他们正在做空AMC院线。</blockquote></p><p> AMC&nbsp;stock&nbsp;tumbled&nbsp;10%&nbsp;in Friday morning trading.</p><p><blockquote>AMC 股价在周五早盘交易中暴跌 10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8fcd7b7275c61489d2f5ef4c91a74765\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Iceberg Research: We're shorting AMC Entertainment<blockquote>冰山研究：我们正在做空AMC院线</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\">\nIceberg Research: We're shorting AMC Entertainment<blockquote>冰山研究：我们正在做空AMC院线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-02 22:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Iceberg Research, a short seller,said&nbsp;they're shorting AMC Entertainment.</p><p><blockquote>卖空者冰山研究公司表示，他们正在做空AMC院线。</blockquote></p><p> AMC&nbsp;stock&nbsp;tumbled&nbsp;10%&nbsp;in Friday morning trading.</p><p><blockquote>AMC 股价在周五早盘交易中暴跌 10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8fcd7b7275c61489d2f5ef4c91a74765\" tg-width=\"840\" tg-height=\"470\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199383023","content_text":"Iceberg Research, a short seller,said they're shorting AMC Entertainment.\nAMC stock tumbled 10% in Friday morning trading.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":362,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808838533,"gmtCreate":1627568005922,"gmtModify":1631891530474,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Coool","listText":"Coool","text":"Coool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808838533","repostId":"2154578929","repostType":4,"isVote":1,"tweetType":1,"viewCount":2459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178032539,"gmtCreate":1626770988021,"gmtModify":1631893828207,"author":{"id":"3583369953182365","authorId":"3583369953182365","name":"ZZX86","avatar":"https://static.tigerbbs.com/15d3e8593f7541d44903ad0cf41e2df2","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583369953182365","idStr":"3583369953182365"},"themes":[],"title":"","htmlText":"Ooooo","listText":"Ooooo","text":"Ooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178032539","repostId":"1199229497","repostType":4,"isVote":1,"tweetType":1,"viewCount":1235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}