ChaBL的个人主页 - 老虎社区

ChaBL

ChaBL

hen r y cha

IP属地：未知

29关注

2粉丝

1主题

0勋章

2021-08-23

$Apple(AAPL)$go go go

2021-06-27

Up up up

2021-06-14

Good to buy? Comment and like pls?

2021-06-13

Good counter

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2021-06-13

Good counter

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2021-06-13

Go go go

2021-06-01

Nice

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2021-06-01

Buying

Tech stocks are out of favor — 5 reasons to buy alongside the contrarians<blockquote>科技股失宠——与逆向投资者一起买入的5个理由</blockquote>

2021-06-01

Nice

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2021-05-31

Like and comment pls

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2021-05-31

Like and share

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2021-05-31

Good news

2021-05-30

Leave comments pls..

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2021-05-30

Good time to buy this price

2021-05-30

Thanks

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2021-05-30

New technology

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2021-05-29

Post and comment

Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>

2021-05-29

Apple

2021-05-23

Good buy

去老虎APP查看更多动态

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But not for die-hard tech stock fans.\nTheir stocks ","content":"<p>Life may be returning to normal for most people. But not for die-hard tech stock fans.</p><p><blockquote>对大多数人来说，生活可能正在恢复正常。但对于铁杆科技股迷来说则不然。</blockquote></p><p> Their stocks are among the least liked by other investors, according to a&nbsp;recent Bank of America fund manager survey. It found that fund managers have the lowest level allocation toward tech since 2003.</p><p><blockquote>根据美国银行基金经理最近的一项调查，他们的股票是其他投资者最不喜欢的股票之一。研究发现，自2003年以来，基金经理对科技股的配置水平最低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cfe97072b200641cb5a47b353d9fcdbb\" tg-width=\"1260\" tg-height=\"753\"></p><p><blockquote></blockquote></p><p> How can this be?</p><p><blockquote>这怎么可能呢？</blockquote></p><p> Tech has a growth issue. That seems odd, but it makes sense if you think it through. Cyclical companies in areas like energy, industry and basic materials caught in the doldrums during the pandemic are now seeing a Phoenix-like reversal of fortune.</p><p><blockquote>科技存在增长问题。这似乎很奇怪，但如果你仔细想想，这是有道理的。在疫情期间陷入低迷的能源、工业和基础材料等领域的周期性公司现在正在经历凤凰般的命运逆转。</blockquote></p><p> In contrast, sales and earnings at a lot of tech held up OK during the pandemic. So the updraft they get from a rebounding economy looks sort of ho-hum, relatively speaking.</p><p><blockquote>相比之下，许多科技公司的销售额和盈利在疫情期间表现良好。因此，相对而言，他们从经济反弹中获得的上升气流看起来有点乏味。</blockquote></p><p> “Because of COVID, a lot of tech companies saw a lot of growth,” says Vlad Rom, a senior investment analyst at Thrivent, a Minnesota-based money manager. He noted that the pandemic pulled forward tech spending as companies looked for new ways to reach consumers and run meetings.</p><p><blockquote>明尼苏达州基金管理公司Thrivent的高级投资分析师弗拉德·罗姆(Vlad Rom)表示：“由于新冠疫情，许多科技公司都实现了大幅增长。”他指出，随着公司寻找接触消费者和召开会议的新方式，疫情推动了科技支出的增长。</blockquote></p><p> “This was not the case for non-tech companies,” he says. Now, as the economy picks up, those non-tech companies are seeing a big growth rebound. “A tech company growing at 30% last year will grow 30% this year. A non-tech company with zero growth last year will grow 50% this year. That is what a lot of investors are focused on.”</p><p><blockquote>“对于非科技公司来说，情况并非如此，”他说。现在，随着经济回暖，那些非科技公司出现了大幅增长反弹。“一家去年增长30%的科技公司今年将增长30%。一家去年零增长的非科技公司今年将增长50%。这是很多投资者关注的焦点。”</blockquote></p><p> In other words, it’s all about the cyclical trade you’ve been hearing so much about. “The incremental change for a more cyclical business looks better,” says Joseph Chin an analyst at Cambiar Investors in Denver.</p><p><blockquote>换句话说，这一切都与您经常听到的周期性交易有关。丹佛Cambiar Investors分析师Joseph Chin表示：“周期性行业的增量变化看起来更好。”</blockquote></p><p> Another problem is that emerging tech companies – think recent initial public offerings – expect their big payoff in profits in the distant future. So they get hit hard when investors fear rapid inflation will send interest rates higher. This reduces the present value of future profits in valuation models.</p><p><blockquote>另一个问题是，新兴科技公司——想想最近的首次公开募股——期望在遥远的未来获得巨大的利润回报。因此，当投资者担心快速通胀会推高利率时，他们就会受到沉重打击。这降低了估值模型中未来利润的现值。</blockquote></p><p> In short, tech is out of favor, which makes it a place to shop for contrarians like myself. Indeed, tech has already been putting in a rebound over the past several trading days. The Nasdaq Composite&nbsp;was down 8.5% peak to trough, in its recent pullback. As the S&amp;P 500 index&nbsp;and the Dow Jones Industrial Average&nbsp;flirt with all-time highs, the Nasdaq is still off over 3%.</p><p><blockquote>简而言之，科技已经失宠，这使得它成为像我这样的逆向投资者购物的地方。事实上，科技股在过去几个交易日已经出现反弹。在最近的回调中，纳斯达克综合指数从高峰到低谷下跌了8.5%。尽管标普500指数和道琼斯工业平均指数触及历史高点，但纳斯达克仍下跌超过3%。</blockquote></p><p> “Big tech looks very attractive today especially given the recent underperformance,” says Todd Lowenstein, chief equity strategist at HighMark Capital Management. “It’s a unique opportunity to upgrade your portfolio to quality in big tech, it’s where some of the best value is in the market today.”</p><p><blockquote>HighMark Capital Management首席股票策略师托德·洛温斯坦(Todd Lowenstein)表示：“大型科技公司如今看起来非常有吸引力，尤其是考虑到最近表现不佳。”“这是一个独特的机会，可以将您的投资组合升级到大型科技公司的质量，这是当今市场上一些最佳价值的地方。”</blockquote></p><p> Here are five reasons why.</p><p><blockquote>以下是五个原因。</blockquote></p><p> <b>1. Insiders are buying</b></p><p><blockquote><b>1.内部人士正在买入</b></blockquote></p><p> For my stock letter (Brush Up on Stocks, link in bio below), I’ve tracked insiders daily for over a decade, and one thing is always clear: Insider buying at tech companies is exceedingly rare. But that’s changed in the past few weeks – which brought an unusually high volume of tech insider buying.</p><p><blockquote>对于我的股票信（重温股票，下面简历中的链接），十多年来我每天都在跟踪内部人士，有一件事始终很清楚：科技公司的内部人士购买极其罕见。但这种情况在过去几周发生了变化——这带来了异常高的科技内部购买量。</blockquote></p><p> I just published an issue of my stock letter focusing solely on tech for the first time ever and featured 10 names that look very attractive. I highlighted several others in my letter earlier this month. I single a few out below. Bottom line: The widespread insider interest tells me tech is a buy.</p><p><blockquote>我刚刚发表了一期我的股票信，首次只关注科技，并精选了10个看起来非常有吸引力的名字。我在本月早些时候的信中强调了其他几个问题。我在下面挑出几个。底线：广泛的内部兴趣告诉我科技股值得买入。</blockquote></p><p> <b>2. Tech’s ‘growth problem’ will go away</b></p><p><blockquote><b>2.科技的“增长问题”将会消失</b></blockquote></p><p> The pandemic pulled forward a lot of tech adoption among companies. That makes year-over-year comparisons at tech look challenging as we move through 2021, says Matt Miskin, the co-chief investment strategist at John Hancock Investment Management. ‘But as we go into 2022, we believe the street is underestimating the growth in technology relative to the overall market. We would look opportunistically at tech in the next couple of months.”</p><p><blockquote>疫情推动了公司对技术的大量采用。约翰·汉考克投资管理公司(John Hancock Investment Management)联席首席投资策略师马特·米斯金(Matt Miskin)表示，这使得2021年科技行业的同比比较看起来充满挑战。“但随着我们进入2022年，我们认为华尔街低估了技术相对于整体市场的增长。我们将在未来几个月内机会主义地关注科技。”</blockquote></p><p> <b>3. Tech looks reasonably priced</b></p><p><blockquote><b>3.科技看起来价格合理</b></blockquote></p><p> The chart below shows the relative value of S&amp;P 500 tech stocks compared to the valuation of the S&amp;P 500 itself. As you can see, tech’s price earnings ratio was recently traded at its average 1.24 times the price earnings multiple of the comp.</p><p><blockquote>下图显示了标普500科技股与标普500本身估值相比的相对价值。正如您所看到的，科技公司的市盈率最近的平均交易价格是同类公司市盈率的1.24倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5666db47a1ebd117a02d0881dc60e30\" tg-width=\"1260\" tg-height=\"1413\"><span>LEUTHOLD</span></p><p><blockquote><p class=\"t-img-caption\"><span>洛伊特霍尔德</span></p></blockquote></p><p> <b>4. Tech has an edge when labor costs are rising</b></p><p><blockquote><b>4.当劳动力成本上升时，技术具有优势</b></blockquote></p><p> While companies in retail, restaurants, hotels and other service sectors will suffer a hit to margins because of rising labor costs, tech companies typically do not have this problem. They employ relatively fewer people.</p><p><blockquote>虽然零售、餐饮、酒店和其他服务行业的公司将因劳动力成本上升而遭受利润率打击，但科技公司通常不会遇到这个问题。他们雇佣的人相对较少。</blockquote></p><p> “Perhaps the best way to play the uncertainty surrounding labor costs is technology,” says Leuthold Group chief investment strategist James Paulsen. “Historically, the relative investment performance of this sector has been largely invariant to such pressures.”</p><p><blockquote>Leuthold Group首席投资策略师詹姆斯·保尔森(James Paulsen)表示：“也许利用劳动力成本不确定性的最佳方式是技术。”“从历史上看，该行业的相对投资表现在很大程度上不会受到此类压力的影响。”</blockquote></p><p> <b>5. Interest-rate and inflation fears are overblown</b></p><p><blockquote><b>5.利率和通胀担忧被夸大了</b></blockquote></p><p></p><p> Ironically, tech companies will come to the rescue – and literally save their own stocks. Why? Capital spending rose a lot in the past year. This tells us productivity will continue to increase. That makes it easier for companies to&nbsp;avoid passing higher labor costs on to consumers&nbsp;in the form of price hikes.</p><p><blockquote>具有讽刺意味的是，科技公司将会出手相救——实际上是拯救自己的股票。为什么？过去一年资本支出增加了很多。这告诉我们生产率将继续提高。这使得企业更容易避免以涨价的形式将更高的劳动力成本转嫁给消费者。</blockquote></p><p> “Long-term growth of this economy is going to have to be driven by productivity growth, and technology will be the key to create that productivity,” says Miskin.</p><p><blockquote>米斯金表示：“经济的长期增长必须由生产力增长驱动，而技术将是创造生产力的关键。”</blockquote></p><p> <b>What to buyThe arms dealers in chips</b></p><p><blockquote><b>买什么军火商的芯片</b></blockquote></p><p> Chip and chip manufacturing companies look underpriced, says Chin at Cambiar Investors, and he singles out Applied Materials.He’s worth listening to because his shop owns the stock in its Cambiar Opportunity Fund.The fund outperforms its large-cap value category and the Russell 1000 Value Index&nbsp;by nearly 5 percentage points annualized over the past three years, says Morningstar.</p><p><blockquote>Cambiar Investors的Chin表示，芯片和芯片制造公司的价格看起来被低估了，他特别提到了应用材料公司。他值得一听，因为他的商店拥有其Cambiar机会基金的股票。晨星公司表示，过去三年，该基金的年化表现优于大盘价值类别和罗素1000价值指数近5个百分点。</blockquote></p><p> Chin cites four reasons to favor Applied Materials: the ongoing chip shortage; the reshoring of chip manufacturing to the U.S.; demand from trends like autonomous vehicles, artificial intelligence and data analytics; and competition among chip makers to improve chip computing power. “We believe Applied Materials and the industry are entering a period of much higher growth,” he says.</p><p><blockquote>Chin列举了支持应用材料公司的四个理由：持续的芯片短缺；芯片制造回流美国；自动驾驶汽车、人工智能和数据分析等趋势的需求；以及芯片制造商之间提高芯片计算能力的竞争。“我们相信应用材料公司和整个行业正在进入一个更高增长的时期，”他说。</blockquote></p><p> “It will take another four to six quarters for supply to catch up with demand and inventories,” says JP Morgan analyst Harlan Sur, who has an overweight rating on Applied Materials, KLA&nbsp;and Lam Research&nbsp;in chip equipment, and several of the large chip makers including NVIDIA&nbsp;and Microchip Technology.</p><p><blockquote>摩根大通分析师哈兰·苏尔(Harlan Sur)表示：“供应还需要四到六个季度才能赶上需求和库存。”他对芯片设备领域的应用材料公司、KLA和Lam Research以及几家大型公司给予跑赢大盘评级。芯片制造商包括NVIDIA和Microchip Technology。</blockquote></p><p> <b>Names that insiders favor</b></p><p><blockquote><b>内部人士青睐的名字</b></blockquote></p><p> In the past several weeks I’ve suggested Microsoft,Intel&nbsp;and Snowflake&nbsp;in my stock letter a little below current prices, in part because of the attractive insider buying, and I still like these names.</p><p><blockquote>在过去的几周里，我在我的股票信中建议微软、英特尔和雪花的价格略低于当前价格，部分原因是内部购买具有吸引力，而且我仍然喜欢这些名字。</blockquote></p><p> Early in big economic rebounds, investors flock to growth, regardless of the quality of companies. But as we move into the mid-cycle, investors favor quality tech names, says Lowenstein, characterized by things like high margins, stable earnings growth and strong balance sheets.</p><p><blockquote>在经济大幅反弹的早期，投资者会涌向增长，而不管公司的质量如何。但洛温斯坦表示，随着我们进入周期中期，投资者青睐优质科技公司，其特点是高利润率、稳定的盈利增长和强劲的资产负债表。</blockquote></p><p> “If you are screening for quality that is going to lead you to tech,” says Lowenstein.</p><p><blockquote>“如果你正在筛选质量，这将引导你走向技术，”洛温斯坦说。</blockquote></p><p> This will favor Microsoft in cloud computing and software. Microsoft does not look cheap but the premium valuation is warranted because of its rapid growth, says JP Morgan analyst Mark Murphy.</p><p><blockquote>这将有利于云计算和软件领域的微软。摩根大通分析师Mark Murphy表示，微软看起来并不便宜，但由于其快速增长，溢价估值是合理的。</blockquote></p><p> Intel shares have been held back by manufacturing issues, but by now the stock looks relatively cheap compared to the market with its price earnings ratio of around 12, says Hendi Susanto a portfolio manager and technology analyst at Gabelli Funds. “Intel is fixing the issue,” says Susanto.</p><p><blockquote>Gabelli Funds的投资组合经理兼技术分析师Hendi Susanto表示，英特尔股价因制造问题而受到拖累，但目前该股与市场相比看起来相对便宜，其市盈率约为12。“英特尔正在解决这个问题，”苏珊托说。</blockquote></p><p> Intel will also benefit from strong chip demand, and chip shortages. “The industry is only 30%-40% through the current up-cycle,” says Sur, at JP Morgan.</p><p><blockquote>英特尔也将受益于强劲的芯片需求和芯片短缺。摩根大通的Sur表示：“该行业在当前的上升周期中仅占30%-40%。”</blockquote></p><p> Snowflake is all about data. That’s its mission. The company offers a product called Data Cloud that helps customers share, explore and unlock the value of data. A big part of the pitch here is that Snowflake helps customers break down data silos inside various pieces of hardware, apps, networks, and clouds. BlackRock and MasterCard agree. They are customers, among dozens of other Fortune 500 companies.</p><p><blockquote>雪花是关于数据的。这就是它的使命。该公司提供一种名为数据云的产品，帮助客户共享、探索和释放数据的价值。这里的一个重要部分是Snowflake帮助客户打破各种硬件、应用程序、网络和云中的数据孤岛。贝莱德和万事达卡对此表示同意。他们是其他数十家财富500强公司的客户。</blockquote></p><p> <b>Security software companies</b></p><p><blockquote><b>安全软件公司</b></blockquote></p><p> The recent Colonial Pipeline ransomware attack that caused widespread fuel shortages on the East Coast reminded us all of the ongoing need for better security software.</p><p><blockquote>最近导致东海岸大范围燃料短缺的Colonial Pipeline勒索软件攻击提醒我们所有人对更好的安全软件的持续需求。</blockquote></p><p> Gabelli’s Susanto favors firewall company Check Point Software Technologies,citing cheap valuation, high operating margins and prevalence of recurring revenue. Check Point trades at around 22 times earnings compared to more than 60 for security software company Palo Alto Networks.</p><p><blockquote>Gabelli的Susanto看好防火墙公司Check Point Software Technologies，理由是估值低廉、营业利润率高以及经常性收入普遍存在。Check Point的市盈率约为22倍，而安全软件公司Palo Alto Networks的市盈率超过60倍。</blockquote></p><p> RBC Capital Markets analyst Matthew Hedberg has an overweight rating on Palo Alto, citing in part the Colonial Pipeline ransomware attack, as well as the “Sunburst” hack affecting businesses and governments last December, and the Microsoft Exchange Server malware attack in March.</p><p><blockquote>加拿大皇家银行资本市场分析师Matthew Hedberg对Palo Alto给予跑赢大盘评级，部分原因是Colonial Pipeline勒索软件攻击，以及去年12月影响企业和政府的“旭日”黑客攻击，以及3月份的微软Exchange Server恶意软件攻击。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech stocks are out of favor — 5 reasons to buy alongside the contrarians<blockquote>科技股失宠——与逆向投资者一起买入的5个理由</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\">\nTech stocks are out of favor — 5 reasons to buy alongside the contrarians<blockquote>科技股失宠——与逆向投资者一起买入的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-31 19:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Life may be returning to normal for most people. But not for die-hard tech stock fans.</p><p><blockquote>对大多数人来说，生活可能正在恢复正常。但对于铁杆科技股迷来说则不然。</blockquote></p><p> Their stocks are among the least liked by other investors, according to a&nbsp;recent Bank of America fund manager survey. It found that fund managers have the lowest level allocation toward tech since 2003.</p><p><blockquote>根据美国银行基金经理最近的一项调查，他们的股票是其他投资者最不喜欢的股票之一。研究发现，自2003年以来，基金经理对科技股的配置水平最低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cfe97072b200641cb5a47b353d9fcdbb\" tg-width=\"1260\" tg-height=\"753\"></p><p><blockquote></blockquote></p><p> How can this be?</p><p><blockquote>这怎么可能呢？</blockquote></p><p> Tech has a growth issue. That seems odd, but it makes sense if you think it through. Cyclical companies in areas like energy, industry and basic materials caught in the doldrums during the pandemic are now seeing a Phoenix-like reversal of fortune.</p><p><blockquote>科技存在增长问题。这似乎很奇怪，但如果你仔细想想，这是有道理的。在疫情期间陷入低迷的能源、工业和基础材料等领域的周期性公司现在正在经历凤凰般的命运逆转。</blockquote></p><p> In contrast, sales and earnings at a lot of tech held up OK during the pandemic. So the updraft they get from a rebounding economy looks sort of ho-hum, relatively speaking.</p><p><blockquote>相比之下，许多科技公司的销售额和盈利在疫情期间表现良好。因此，相对而言，他们从经济反弹中获得的上升气流看起来有点乏味。</blockquote></p><p> “Because of COVID, a lot of tech companies saw a lot of growth,” says Vlad Rom, a senior investment analyst at Thrivent, a Minnesota-based money manager. He noted that the pandemic pulled forward tech spending as companies looked for new ways to reach consumers and run meetings.</p><p><blockquote>明尼苏达州基金管理公司Thrivent的高级投资分析师弗拉德·罗姆(Vlad Rom)表示：“由于新冠疫情，许多科技公司都实现了大幅增长。”他指出，随着公司寻找接触消费者和召开会议的新方式，疫情推动了科技支出的增长。</blockquote></p><p> “This was not the case for non-tech companies,” he says. Now, as the economy picks up, those non-tech companies are seeing a big growth rebound. “A tech company growing at 30% last year will grow 30% this year. A non-tech company with zero growth last year will grow 50% this year. That is what a lot of investors are focused on.”</p><p><blockquote>“对于非科技公司来说，情况并非如此，”他说。现在，随着经济回暖，那些非科技公司出现了大幅增长反弹。“一家去年增长30%的科技公司今年将增长30%。一家去年零增长的非科技公司今年将增长50%。这是很多投资者关注的焦点。”</blockquote></p><p> In other words, it’s all about the cyclical trade you’ve been hearing so much about. “The incremental change for a more cyclical business looks better,” says Joseph Chin an analyst at Cambiar Investors in Denver.</p><p><blockquote>换句话说，这一切都与您经常听到的周期性交易有关。丹佛Cambiar Investors分析师Joseph Chin表示：“周期性行业的增量变化看起来更好。”</blockquote></p><p> Another problem is that emerging tech companies – think recent initial public offerings – expect their big payoff in profits in the distant future. So they get hit hard when investors fear rapid inflation will send interest rates higher. This reduces the present value of future profits in valuation models.</p><p><blockquote>另一个问题是，新兴科技公司——想想最近的首次公开募股——期望在遥远的未来获得巨大的利润回报。因此，当投资者担心快速通胀会推高利率时，他们就会受到沉重打击。这降低了估值模型中未来利润的现值。</blockquote></p><p> In short, tech is out of favor, which makes it a place to shop for contrarians like myself. Indeed, tech has already been putting in a rebound over the past several trading days. The Nasdaq Composite&nbsp;was down 8.5% peak to trough, in its recent pullback. As the S&amp;P 500 index&nbsp;and the Dow Jones Industrial Average&nbsp;flirt with all-time highs, the Nasdaq is still off over 3%.</p><p><blockquote>简而言之，科技已经失宠，这使得它成为像我这样的逆向投资者购物的地方。事实上，科技股在过去几个交易日已经出现反弹。在最近的回调中，纳斯达克综合指数从高峰到低谷下跌了8.5%。尽管标普500指数和道琼斯工业平均指数触及历史高点，但纳斯达克仍下跌超过3%。</blockquote></p><p> “Big tech looks very attractive today especially given the recent underperformance,” says Todd Lowenstein, chief equity strategist at HighMark Capital Management. “It’s a unique opportunity to upgrade your portfolio to quality in big tech, it’s where some of the best value is in the market today.”</p><p><blockquote>HighMark Capital Management首席股票策略师托德·洛温斯坦(Todd Lowenstein)表示：“大型科技公司如今看起来非常有吸引力，尤其是考虑到最近表现不佳。”“这是一个独特的机会，可以将您的投资组合升级到大型科技公司的质量，这是当今市场上一些最佳价值的地方。”</blockquote></p><p> Here are five reasons why.</p><p><blockquote>以下是五个原因。</blockquote></p><p> <b>1. Insiders are buying</b></p><p><blockquote><b>1.内部人士正在买入</b></blockquote></p><p> For my stock letter (Brush Up on Stocks, link in bio below), I’ve tracked insiders daily for over a decade, and one thing is always clear: Insider buying at tech companies is exceedingly rare. But that’s changed in the past few weeks – which brought an unusually high volume of tech insider buying.</p><p><blockquote>对于我的股票信（重温股票，下面简历中的链接），十多年来我每天都在跟踪内部人士，有一件事始终很清楚：科技公司的内部人士购买极其罕见。但这种情况在过去几周发生了变化——这带来了异常高的科技内部购买量。</blockquote></p><p> I just published an issue of my stock letter focusing solely on tech for the first time ever and featured 10 names that look very attractive. I highlighted several others in my letter earlier this month. I single a few out below. Bottom line: The widespread insider interest tells me tech is a buy.</p><p><blockquote>我刚刚发表了一期我的股票信，首次只关注科技，并精选了10个看起来非常有吸引力的名字。我在本月早些时候的信中强调了其他几个问题。我在下面挑出几个。底线：广泛的内部兴趣告诉我科技股值得买入。</blockquote></p><p> <b>2. Tech’s ‘growth problem’ will go away</b></p><p><blockquote><b>2.科技的“增长问题”将会消失</b></blockquote></p><p> The pandemic pulled forward a lot of tech adoption among companies. That makes year-over-year comparisons at tech look challenging as we move through 2021, says Matt Miskin, the co-chief investment strategist at John Hancock Investment Management. ‘But as we go into 2022, we believe the street is underestimating the growth in technology relative to the overall market. We would look opportunistically at tech in the next couple of months.”</p><p><blockquote>疫情推动了公司对技术的大量采用。约翰·汉考克投资管理公司(John Hancock Investment Management)联席首席投资策略师马特·米斯金(Matt Miskin)表示，这使得2021年科技行业的同比比较看起来充满挑战。“但随着我们进入2022年，我们认为华尔街低估了技术相对于整体市场的增长。我们将在未来几个月内机会主义地关注科技。”</blockquote></p><p> <b>3. Tech looks reasonably priced</b></p><p><blockquote><b>3.科技看起来价格合理</b></blockquote></p><p> The chart below shows the relative value of S&amp;P 500 tech stocks compared to the valuation of the S&amp;P 500 itself. As you can see, tech’s price earnings ratio was recently traded at its average 1.24 times the price earnings multiple of the comp.</p><p><blockquote>下图显示了标普500科技股与标普500本身估值相比的相对价值。正如您所看到的，科技公司的市盈率最近的平均交易价格是同类公司市盈率的1.24倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5666db47a1ebd117a02d0881dc60e30\" tg-width=\"1260\" tg-height=\"1413\"><span>LEUTHOLD</span></p><p><blockquote><p class=\"t-img-caption\"><span>洛伊特霍尔德</span></p></blockquote></p><p> <b>4. Tech has an edge when labor costs are rising</b></p><p><blockquote><b>4.当劳动力成本上升时，技术具有优势</b></blockquote></p><p> While companies in retail, restaurants, hotels and other service sectors will suffer a hit to margins because of rising labor costs, tech companies typically do not have this problem. They employ relatively fewer people.</p><p><blockquote>虽然零售、餐饮、酒店和其他服务行业的公司将因劳动力成本上升而遭受利润率打击，但科技公司通常不会遇到这个问题。他们雇佣的人相对较少。</blockquote></p><p> “Perhaps the best way to play the uncertainty surrounding labor costs is technology,” says Leuthold Group chief investment strategist James Paulsen. “Historically, the relative investment performance of this sector has been largely invariant to such pressures.”</p><p><blockquote>Leuthold Group首席投资策略师詹姆斯·保尔森(James Paulsen)表示：“也许利用劳动力成本不确定性的最佳方式是技术。”“从历史上看，该行业的相对投资表现在很大程度上不会受到此类压力的影响。”</blockquote></p><p> <b>5. Interest-rate and inflation fears are overblown</b></p><p><blockquote><b>5.利率和通胀担忧被夸大了</b></blockquote></p><p></p><p> Ironically, tech companies will come to the rescue – and literally save their own stocks. Why? Capital spending rose a lot in the past year. This tells us productivity will continue to increase. That makes it easier for companies to&nbsp;avoid passing higher labor costs on to consumers&nbsp;in the form of price hikes.</p><p><blockquote>具有讽刺意味的是，科技公司将会出手相救——实际上是拯救自己的股票。为什么？过去一年资本支出增加了很多。这告诉我们生产率将继续提高。这使得企业更容易避免以涨价的形式将更高的劳动力成本转嫁给消费者。</blockquote></p><p> “Long-term growth of this economy is going to have to be driven by productivity growth, and technology will be the key to create that productivity,” says Miskin.</p><p><blockquote>米斯金表示：“经济的长期增长必须由生产力增长驱动，而技术将是创造生产力的关键。”</blockquote></p><p> <b>What to buyThe arms dealers in chips</b></p><p><blockquote><b>买什么军火商的芯片</b></blockquote></p><p> Chip and chip manufacturing companies look underpriced, says Chin at Cambiar Investors, and he singles out Applied Materials.He’s worth listening to because his shop owns the stock in its Cambiar Opportunity Fund.The fund outperforms its large-cap value category and the Russell 1000 Value Index&nbsp;by nearly 5 percentage points annualized over the past three years, says Morningstar.</p><p><blockquote>Cambiar Investors的Chin表示，芯片和芯片制造公司的价格看起来被低估了，他特别提到了应用材料公司。他值得一听，因为他的商店拥有其Cambiar机会基金的股票。晨星公司表示，过去三年，该基金的年化表现优于大盘价值类别和罗素1000价值指数近5个百分点。</blockquote></p><p> Chin cites four reasons to favor Applied Materials: the ongoing chip shortage; the reshoring of chip manufacturing to the U.S.; demand from trends like autonomous vehicles, artificial intelligence and data analytics; and competition among chip makers to improve chip computing power. “We believe Applied Materials and the industry are entering a period of much higher growth,” he says.</p><p><blockquote>Chin列举了支持应用材料公司的四个理由：持续的芯片短缺；芯片制造回流美国；自动驾驶汽车、人工智能和数据分析等趋势的需求；以及芯片制造商之间提高芯片计算能力的竞争。“我们相信应用材料公司和整个行业正在进入一个更高增长的时期，”他说。</blockquote></p><p> “It will take another four to six quarters for supply to catch up with demand and inventories,” says JP Morgan analyst Harlan Sur, who has an overweight rating on Applied Materials, KLA&nbsp;and Lam Research&nbsp;in chip equipment, and several of the large chip makers including NVIDIA&nbsp;and Microchip Technology.</p><p><blockquote>摩根大通分析师哈兰·苏尔(Harlan Sur)表示：“供应还需要四到六个季度才能赶上需求和库存。”他对芯片设备领域的应用材料公司、KLA和Lam Research以及几家大型公司给予跑赢大盘评级。芯片制造商包括NVIDIA和Microchip Technology。</blockquote></p><p> <b>Names that insiders favor</b></p><p><blockquote><b>内部人士青睐的名字</b></blockquote></p><p> In the past several weeks I’ve suggested Microsoft,Intel&nbsp;and Snowflake&nbsp;in my stock letter a little below current prices, in part because of the attractive insider buying, and I still like these names.</p><p><blockquote>在过去的几周里，我在我的股票信中建议微软、英特尔和雪花的价格略低于当前价格，部分原因是内部购买具有吸引力，而且我仍然喜欢这些名字。</blockquote></p><p> Early in big economic rebounds, investors flock to growth, regardless of the quality of companies. But as we move into the mid-cycle, investors favor quality tech names, says Lowenstein, characterized by things like high margins, stable earnings growth and strong balance sheets.</p><p><blockquote>在经济大幅反弹的早期，投资者会涌向增长，而不管公司的质量如何。但洛温斯坦表示，随着我们进入周期中期，投资者青睐优质科技公司，其特点是高利润率、稳定的盈利增长和强劲的资产负债表。</blockquote></p><p> “If you are screening for quality that is going to lead you to tech,” says Lowenstein.</p><p><blockquote>“如果你正在筛选质量，这将引导你走向技术，”洛温斯坦说。</blockquote></p><p> This will favor Microsoft in cloud computing and software. Microsoft does not look cheap but the premium valuation is warranted because of its rapid growth, says JP Morgan analyst Mark Murphy.</p><p><blockquote>这将有利于云计算和软件领域的微软。摩根大通分析师Mark Murphy表示，微软看起来并不便宜，但由于其快速增长，溢价估值是合理的。</blockquote></p><p> Intel shares have been held back by manufacturing issues, but by now the stock looks relatively cheap compared to the market with its price earnings ratio of around 12, says Hendi Susanto a portfolio manager and technology analyst at Gabelli Funds. “Intel is fixing the issue,” says Susanto.</p><p><blockquote>Gabelli Funds的投资组合经理兼技术分析师Hendi Susanto表示，英特尔股价因制造问题而受到拖累，但目前该股与市场相比看起来相对便宜，其市盈率约为12。“英特尔正在解决这个问题，”苏珊托说。</blockquote></p><p> Intel will also benefit from strong chip demand, and chip shortages. “The industry is only 30%-40% through the current up-cycle,” says Sur, at JP Morgan.</p><p><blockquote>英特尔也将受益于强劲的芯片需求和芯片短缺。摩根大通的Sur表示：“该行业在当前的上升周期中仅占30%-40%。”</blockquote></p><p> Snowflake is all about data. That’s its mission. The company offers a product called Data Cloud that helps customers share, explore and unlock the value of data. A big part of the pitch here is that Snowflake helps customers break down data silos inside various pieces of hardware, apps, networks, and clouds. BlackRock and MasterCard agree. They are customers, among dozens of other Fortune 500 companies.</p><p><blockquote>雪花是关于数据的。这就是它的使命。该公司提供一种名为数据云的产品，帮助客户共享、探索和释放数据的价值。这里的一个重要部分是Snowflake帮助客户打破各种硬件、应用程序、网络和云中的数据孤岛。贝莱德和万事达卡对此表示同意。他们是其他数十家财富500强公司的客户。</blockquote></p><p> <b>Security software companies</b></p><p><blockquote><b>安全软件公司</b></blockquote></p><p> The recent Colonial Pipeline ransomware attack that caused widespread fuel shortages on the East Coast reminded us all of the ongoing need for better security software.</p><p><blockquote>最近导致东海岸大范围燃料短缺的Colonial Pipeline勒索软件攻击提醒我们所有人对更好的安全软件的持续需求。</blockquote></p><p> Gabelli’s Susanto favors firewall company Check Point Software Technologies,citing cheap valuation, high operating margins and prevalence of recurring revenue. Check Point trades at around 22 times earnings compared to more than 60 for security software company Palo Alto Networks.</p><p><blockquote>Gabelli的Susanto看好防火墙公司Check Point Software Technologies，理由是估值低廉、营业利润率高以及经常性收入普遍存在。Check Point的市盈率约为22倍，而安全软件公司Palo Alto Networks的市盈率超过60倍。</blockquote></p><p> RBC Capital Markets analyst Matthew Hedberg has an overweight rating on Palo Alto, citing in part the Colonial Pipeline ransomware attack, as well as the “Sunburst” hack affecting businesses and governments last December, and the Microsoft Exchange Server malware attack in March.</p><p><blockquote>加拿大皇家银行资本市场分析师Matthew Hedberg对Palo Alto给予跑赢大盘评级，部分原因是Colonial Pipeline勒索软件攻击，以及去年12月影响企业和政府的“旭日”黑客攻击，以及3月份的微软Exchange Server恶意软件攻击。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tech-stocks-are-out-of-favor-5-reasons-to-shop-alongside-the-contrarians-11622204518?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/tech-stocks-are-out-of-favor-5-reasons-to-shop-alongside-the-contrarians-11622204518?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180491418","content_text":"Life may be returning to normal for most people. But not for die-hard tech stock fans.\nTheir stocks are among the least liked by other investors, according to a recent Bank of America fund manager survey. It found that fund managers have the lowest level allocation toward tech since 2003.\n\nHow can this be?\nTech has a growth issue. That seems odd, but it makes sense if you think it through. Cyclical companies in areas like energy, industry and basic materials caught in the doldrums during the pandemic are now seeing a Phoenix-like reversal of fortune.\nIn contrast, sales and earnings at a lot of tech held up OK during the pandemic. So the updraft they get from a rebounding economy looks sort of ho-hum, relatively speaking.\n“Because of COVID, a lot of tech companies saw a lot of growth,” says Vlad Rom, a senior investment analyst at Thrivent, a Minnesota-based money manager. He noted that the pandemic pulled forward tech spending as companies looked for new ways to reach consumers and run meetings.\n“This was not the case for non-tech companies,” he says. Now, as the economy picks up, those non-tech companies are seeing a big growth rebound. “A tech company growing at 30% last year will grow 30% this year. A non-tech company with zero growth last year will grow 50% this year. That is what a lot of investors are focused on.”\nIn other words, it’s all about the cyclical trade you’ve been hearing so much about. “The incremental change for a more cyclical business looks better,” says Joseph Chin an analyst at Cambiar Investors in Denver.\nAnother problem is that emerging tech companies – think recent initial public offerings – expect their big payoff in profits in the distant future. So they get hit hard when investors fear rapid inflation will send interest rates higher. This reduces the present value of future profits in valuation models.\nIn short, tech is out of favor, which makes it a place to shop for contrarians like myself. Indeed, tech has already been putting in a rebound over the past several trading days. The Nasdaq Composite was down 8.5% peak to trough, in its recent pullback. As the S&P 500 index and the Dow Jones Industrial Average flirt with all-time highs, the Nasdaq is still off over 3%.\n“Big tech looks very attractive today especially given the recent underperformance,” says Todd Lowenstein, chief equity strategist at HighMark Capital Management. “It’s a unique opportunity to upgrade your portfolio to quality in big tech, it’s where some of the best value is in the market today.”\nHere are five reasons why.\n1. Insiders are buying\nFor my stock letter (Brush Up on Stocks, link in bio below), I’ve tracked insiders daily for over a decade, and one thing is always clear: Insider buying at tech companies is exceedingly rare. But that’s changed in the past few weeks – which brought an unusually high volume of tech insider buying.\nI just published an issue of my stock letter focusing solely on tech for the first time ever and featured 10 names that look very attractive. I highlighted several others in my letter earlier this month. I single a few out below. Bottom line: The widespread insider interest tells me tech is a buy.\n2. Tech’s ‘growth problem’ will go away\nThe pandemic pulled forward a lot of tech adoption among companies. That makes year-over-year comparisons at tech look challenging as we move through 2021, says Matt Miskin, the co-chief investment strategist at John Hancock Investment Management. ‘But as we go into 2022, we believe the street is underestimating the growth in technology relative to the overall market. We would look opportunistically at tech in the next couple of months.”\n3. Tech looks reasonably priced\nThe chart below shows the relative value of S&P 500 tech stocks compared to the valuation of the S&P 500 itself. As you can see, tech’s price earnings ratio was recently traded at its average 1.24 times the price earnings multiple of the comp.\nLEUTHOLD\n4. Tech has an edge when labor costs are rising\nWhile companies in retail, restaurants, hotels and other service sectors will suffer a hit to margins because of rising labor costs, tech companies typically do not have this problem. They employ relatively fewer people.\n“Perhaps the best way to play the uncertainty surrounding labor costs is technology,” says Leuthold Group chief investment strategist James Paulsen. “Historically, the relative investment performance of this sector has been largely invariant to such pressures.”\n5. Interest-rate and inflation fears are overblown\nIronically, tech companies will come to the rescue – and literally save their own stocks. Why? Capital spending rose a lot in the past year. This tells us productivity will continue to increase. That makes it easier for companies to avoid passing higher labor costs on to consumers in the form of price hikes.\n“Long-term growth of this economy is going to have to be driven by productivity growth, and technology will be the key to create that productivity,” says Miskin.\nWhat to buyThe arms dealers in chips\nChip and chip manufacturing companies look underpriced, says Chin at Cambiar Investors, and he singles out Applied Materials.He’s worth listening to because his shop owns the stock in its Cambiar Opportunity Fund.The fund outperforms its large-cap value category and the Russell 1000 Value Index by nearly 5 percentage points annualized over the past three years, says Morningstar.\nChin cites four reasons to favor Applied Materials: the ongoing chip shortage; the reshoring of chip manufacturing to the U.S.; demand from trends like autonomous vehicles, artificial intelligence and data analytics; and competition among chip makers to improve chip computing power. “We believe Applied Materials and the industry are entering a period of much higher growth,” he says.\n“It will take another four to six quarters for supply to catch up with demand and inventories,” says JP Morgan analyst Harlan Sur, who has an overweight rating on Applied Materials, KLA and Lam Research in chip equipment, and several of the large chip makers including NVIDIA and Microchip Technology.\nNames that insiders favor\nIn the past several weeks I’ve suggested Microsoft,Intel and Snowflake in my stock letter a little below current prices, in part because of the attractive insider buying, and I still like these names.\nEarly in big economic rebounds, investors flock to growth, regardless of the quality of companies. But as we move into the mid-cycle, investors favor quality tech names, says Lowenstein, characterized by things like high margins, stable earnings growth and strong balance sheets.\n“If you are screening for quality that is going to lead you to tech,” says Lowenstein.\nThis will favor Microsoft in cloud computing and software. Microsoft does not look cheap but the premium valuation is warranted because of its rapid growth, says JP Morgan analyst Mark Murphy.\nIntel shares have been held back by manufacturing issues, but by now the stock looks relatively cheap compared to the market with its price earnings ratio of around 12, says Hendi Susanto a portfolio manager and technology analyst at Gabelli Funds. “Intel is fixing the issue,” says Susanto.\nIntel will also benefit from strong chip demand, and chip shortages. “The industry is only 30%-40% through the current up-cycle,” says Sur, at JP Morgan.\nSnowflake is all about data. That’s its mission. The company offers a product called Data Cloud that helps customers share, explore and unlock the value of data. A big part of the pitch here is that Snowflake helps customers break down data silos inside various pieces of hardware, apps, networks, and clouds. BlackRock and MasterCard agree. They are customers, among dozens of other Fortune 500 companies.\nSecurity software companies\nThe recent Colonial Pipeline ransomware attack that caused widespread fuel shortages on the East Coast reminded us all of the ongoing need for better security software.\nGabelli’s Susanto favors firewall company Check Point Software Technologies,citing cheap valuation, high operating margins and prevalence of recurring revenue. Check Point trades at around 22 times earnings compared to more than 60 for security software company Palo Alto Networks.\nRBC Capital Markets analyst Matthew Hedberg has an overweight rating on Palo Alto, citing in part the Colonial Pipeline ransomware attack, as well as the “Sunburst” hack affecting businesses and governments last December, and the Microsoft Exchange Server malware attack in March.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110458177,"gmtCreate":1622500013199,"gmtModify":1631890700292,"author":{"id":"3584077823361454","authorId":"3584077823361454","name":"ChaBL","avatar":"https://static.tigerbbs.com/67dfd2a6ef6c84ab706b18238ce78468","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584077823361454","authorIdStr":"3584077823361454"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/110458177","repostId":"2139859504","repostType":4,"isVote":1,"tweetType":1,"viewCount":1257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110146698,"gmtCreate":1622433994714,"gmtModify":1631890700302,"author":{"id":"3584077823361454","authorId":"3584077823361454","name":"ChaBL","avatar":"https://static.tigerbbs.com/67dfd2a6ef6c84ab706b18238ce78468","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584077823361454","authorIdStr":"3584077823361454"},"themes":[],"htmlText":"Like 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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/137947752","repostId":"1113118845","repostType":4,"repost":{"id":"1113118845","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":1622203835,"share":"https://www.laohu8.com/m/news/1113118845?lang=zh_CN&edition=full","pubTime":"2021-05-28 20:10","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113118845","media":"Tiger Newspress","summary":"U.S. equity futures advanced on Friday as a risk-on mood took hold in global markets, fueled by soli","content":"<p>U.S. equity futures advanced on Friday as a risk-on mood took hold in global markets, fueled by solid economic data, President Joe Biden’s federal spending plans and optimism central banks will maintain stimulus.</p><p><blockquote>受稳健的经济数据、总统乔·拜登的联邦支出计划以及央行将维持刺激措施的乐观情绪推动，全球市场的风险情绪占据主导地位，美国股指期货周五上涨。</blockquote></p><p>At 8:05 a.m. ET, Dow E-minis were up 162 points, or 0.47%, S&amp;P 500 E-minis were up 15 points, or 0.36% and Nasdaq 100 E-minis were up 47.25 points, or 0.35%.</p><p><blockquote>截至美国东部时间上午8:05，道指e-mini上涨162点，涨幅0.47%，标普500 e-mini上涨15点，涨幅0.36%，纳斯达克100 e-mini上涨47.25点，涨幅0.35%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7950b819e459cd3c060d001c5db82b0c\" tg-width=\"671\" tg-height=\"245\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:05</span></p></blockquote></p><p>The 10-year U.S. Treasury yield hovered above 1.60% amid growth optimism and concerns of more debt supply to fund spending. U.S. data Thursday included a drop in jobless claims to a fresh pandemic low. Investors will watch figures on personal spending and the Federal Reserve’s preferred inflation measure later Friday for further clues on the outlook for prices.</p><p><blockquote>由于增长乐观情绪以及对更多债务供应为支出提供资金的担忧，10年期美国国债收益率徘徊在1.60%以上。美国周四公布的数据显示，初请失业金人数降至疫情新低。投资者将在周五晚些时候关注个人支出数据和美联储首选的通胀指标，以获取有关价格前景的进一步线索。</blockquote></p><p>Global stocks are set to climb for a fourth month, supported by the economic rebound from Covid-19. Comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury Secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through the end of 2021.</p><p><blockquote>在Covid-19经济反弹的支撑下，全球股市将连续第四个月攀升。美联储官员的言论有助于缓解人们对通胀可能引发刺激措施缩减速度快于预期的担忧。财政部长珍妮特·耶伦表示，她认为价格飙升是暂时的，尽管可能会持续到2021年底。</blockquote></p><p>“Between now and year end, we see a little more room for stocks to move up from where they are today and the highs they already achieved earlier this year,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets LLC, wrote in a note. “But we don’t think that the path to get there will be smooth and think a short-term pullback before the year is up remains likely.”</p><p><blockquote>加拿大皇家银行资本市场有限责任公司(RBC Capital Markets LLC)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)在一份报告中写道：“从现在到年底，我们认为股市还有更大的上涨空间。”“但我们认为实现这一目标的道路不会一帆风顺，并认为年底前仍有可能出现短期回调。”</blockquote></p><p>Elsewhere, oil advanced to a two-year peak but gold retreated. Bitcoin slipped toward the $35,000 level. Copper and iron ore gained as optimism about the U.S. spending plan offset concern about China’s efforts to curb price increases.</p><p><blockquote>在其他地方，油价升至两年高点，但黄金回落。比特币跌至35,000美元水平。铜和铁矿石上涨，因对美国支出计划的乐观情绪抵消了对中国抑制价格上涨努力的担忧。</blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AMC Entertainment(AMC) </b>– The movie theater operator's shares jumped another 15.4% in premarket trading, following four straight days of gains and a nearly 36% surge in Thursday's session alone. AMC – popular among the so-called \"meme\" stocks – has more than doubled this week.</p><p><blockquote><b>AMC院线(AMC)</b>–这家电影院运营商的股价在连续四天上涨后，在盘前交易中又上涨了15.4%，仅周四交易时段就飙升了近36%。AMC在所谓的“模因”股票中很受欢迎，本周股价上涨了一倍多。</blockquote></p><p><b>Ulta Beauty(ULTA)</b> – Ulta Beauty reported quarterly earnings of $4.07 per share, more than twice the $1.95 a share consensus estimate. The cosmetics retailer reported better-than-expected revenue as well and Ulta raised its full-year guidance, with cosmetics sales rising as the pandemic recedes. Its stock jumped 6% in premarket action.</p><p><blockquote><b>Ulta Beauty(ULTA)</b>-Ulta Beauty报告季度收益为每股4.07美元，是每股1.95美元普遍预期的两倍多。这家化妆品零售商公布的收入也好于预期，Ulta上调了全年指引，随着疫情消退，化妆品销售额有所上升。其股价在盘前上涨6%。</blockquote></p><p><b>Salesforce.com(CRM) </b>- Salesforce shares rallied 5.2% in the premarket after it reported quarterly earnings of $1.21 per share, topping the 88 cents a share consensus estimate. The business software giant's revenue exceeded analysts' forecasts as well, helped by strength in its \"Customer 360\" platform.</p><p><blockquote><b>Salesforce.com(CRM)</b>-Salesforce公布季度收益为每股1.21美元，高于每股88美分的普遍预期，股价盘前上涨5.2%。得益于“Customer 360”平台的实力，这家商业软件巨头的收入也超出了分析师的预期。</blockquote></p><p><b>Boeing(BA) </b>– Boeing fell 1.2% in the premarket on news that the jet maker had halted deliveries of its 787 Dreamliner. Federal regulators want more information about Boeing's proposed solutions to previously identified quality control issues.</p><p><blockquote><b>波音(BA)</b>-波音公司盘前下跌1.2%，因有消息称该飞机制造商已停止交付787梦想飞机。联邦监管机构希望获得更多有关波音公司针对先前发现的质量控制问题提出的解决方案的信息。</blockquote></p><p><b>Big Lots(BIG) </b>– The discount retailer initially gained ground but then fell 1.5% in premarket trading, despite reporting a better-than-expected quarter. Big Lots earned $2.62 per share, compared to a consensus estimate of $1.69 a share. Revenue topped estimates as well. Comparable-store sales rose 11.3%, compared to a consensus FactSet estimate of 5.7%.</p><p><blockquote><b>大批量（Big）</b>-尽管该折扣零售商公布的季度业绩好于预期，但随后在盘前交易中下跌1.5%。Big Lot每股收益2.62美元，而市场普遍预期为每股1.69美元。收入也超出了预期。同店销售额增长11.3%，而FactSet普遍预期为5.7%。</blockquote></p><p><b>Hibbett Sports(HIBB) </b>– The sporting goods retailer's shares surged 5.8% in the premarket after it reported quarterly earnings of $5.00 per share, beating the consensus estimate of $2.77. Revenue exceeded expectations as well amid an 87.3% surge in same-store sales. Hibbett also raised its full-year forecast in anticipation of benefiting from pent-up demand.</p><p><blockquote><b>希贝特体育(HIBB)</b>-这家体育用品零售商公布季度收益为每股5.00美元，超出市场普遍预期的2.77美元，盘前股价飙升5.8%。同店销售额猛增87.3%，收入也超出预期。希贝特还上调了全年预期，预计将受益于被压抑的需求。</blockquote></p><p><b>Dell Technologies(DELL) </b>– Dell earned $2.13 per share for the first quarter, topping the $1.61 consensus estimate. The computer maker's revenue beat estimates as well. Dell continues to benefit from the ongoing surge in demand for desktop PCs and notebooks, but did note the possible impact of the computer chip shortage on supplies.</p><p><blockquote><b>戴尔科技(DELL)</b>-戴尔第一季度每股收益2.13美元，高于市场普遍预期的1.61美元。这家计算机制造商的收入也超出了预期。戴尔继续受益于台式机和笔记本电脑需求的持续激增，但也注意到计算机芯片短缺可能对供应产生的影响。</blockquote></p><p><b>HP Inc.(HPQ)</b> – HP also benefited from elevated computer demand, beating estimates by 4 cents a share with quarterly profit of 93 cents per share. Revenue topped estimates as well. HP also benefiting from better-than-expected results in its printer business. HP raised its full-year guidance, but also warned of the possible chip shortage impact, prompting a 5.6% drop in the stock in the premarket.</p><p><blockquote><b>惠普公司(HPQ)</b>-惠普也受益于计算机需求的增加，每股收益超出预期4美分，季度利润为每股93美分。收入也超出了预期。惠普还受益于打印机业务好于预期的业绩。惠普上调了全年指引，但也警告了芯片短缺可能带来的影响，导致该股盘前下跌5.6%。</blockquote></p><p><b>Box(BOX)</b> – Box beat estimates by a penny a share, with quarterly earnings of 18 cents per share. Revenue also topped Wall Street forecasts for the cloud computing company. Box also raised its full-year forecast.</p><p><blockquote><b>箱（箱）</b>-Box每股超出预期1美分，季度收益为每股18美分。这家云计算公司的收入也超出了华尔街的预期。Box还上调了全年预期。</blockquote></p><p></p><p><b>Costco(COST) </b>– Costco earned $2.75 per share for its latest quarter, compared to a consensus estimate of $2.35 a share. The warehouse retailer saw revenue beat forecasts as well. Costco also warned of increasing costs for products and worker salaries.</p><p><blockquote><b>好市多(COST)</b>-Costco最近一个季度的每股收益为2.75美元，而市场普遍预期为每股2.35美元。这家仓储零售商的收入也超出了预期。好市多还警告称，产品成本和工人工资将会增加。</blockquote></p><p><b>Gap(GPS)</b> – Gap reported a quarterly profit of 48 cents per share, surprising analysts who had expected a loss of 5 cents per share. The apparel retailer's revenue also beat estimates, and the company issued an upbeat forecast amid strength in categories like activewear and dresses. Despite the upbeat results, Gap fell 1.3% in the premarket.</p><p><blockquote><b>间隙(GPS)</b>-Gap公布季度每股盈利48美分，令此前预期每股亏损5美分的分析师感到意外。这家服装零售商的收入也超出了预期，在运动服和连衣裙等类别强劲的情况下，该公司发布了乐观的预测。尽管业绩乐观，Gap盘前仍下跌1.3%。</blockquote></p><p><b>Bristol-Myers Squibb(BMY) </b>– The drugmaker received Food and Drug Administration approval to use its Zeposia drug to treat ulcerative colitis. The oral treatment – acquired when Bristol Myers bought Celgene for $74 billion in 2019 — is already approved to treat multiple sclerosis.</p><p><blockquote><b>百时美施贵宝(BMY)</b>-该制药商获得美国食品和药物管理局批准，使用其Zeposia药物治疗溃疡性结肠炎。这种口服疗法是百时美施贵宝(Bristol Myers)于2019年以740亿美元收购Celgene时获得的，已被批准用于治疗多发性硬化症。</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>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</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\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-05-28 20:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. equity futures advanced on Friday as a risk-on mood took hold in global markets, fueled by solid economic data, President Joe Biden’s federal spending plans and optimism central banks will maintain stimulus.</p><p><blockquote>受稳健的经济数据、总统乔·拜登的联邦支出计划以及央行将维持刺激措施的乐观情绪推动，全球市场的风险情绪占据主导地位，美国股指期货周五上涨。</blockquote></p><p>At 8:05 a.m. ET, Dow E-minis were up 162 points, or 0.47%, S&amp;P 500 E-minis were up 15 points, or 0.36% and Nasdaq 100 E-minis were up 47.25 points, or 0.35%.</p><p><blockquote>截至美国东部时间上午8:05，道指e-mini上涨162点，涨幅0.47%，标普500 e-mini上涨15点，涨幅0.36%，纳斯达克100 e-mini上涨47.25点，涨幅0.35%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7950b819e459cd3c060d001c5db82b0c\" tg-width=\"671\" tg-height=\"245\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:05</span></p></blockquote></p><p>The 10-year U.S. Treasury yield hovered above 1.60% amid growth optimism and concerns of more debt supply to fund spending. U.S. data Thursday included a drop in jobless claims to a fresh pandemic low. Investors will watch figures on personal spending and the Federal Reserve’s preferred inflation measure later Friday for further clues on the outlook for prices.</p><p><blockquote>由于增长乐观情绪以及对更多债务供应为支出提供资金的担忧，10年期美国国债收益率徘徊在1.60%以上。美国周四公布的数据显示，初请失业金人数降至疫情新低。投资者将在周五晚些时候关注个人支出数据和美联储首选的通胀指标，以获取有关价格前景的进一步线索。</blockquote></p><p>Global stocks are set to climb for a fourth month, supported by the economic rebound from Covid-19. Comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury Secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through the end of 2021.</p><p><blockquote>在Covid-19经济反弹的支撑下，全球股市将连续第四个月攀升。美联储官员的言论有助于缓解人们对通胀可能引发刺激措施缩减速度快于预期的担忧。财政部长珍妮特·耶伦表示，她认为价格飙升是暂时的，尽管可能会持续到2021年底。</blockquote></p><p>“Between now and year end, we see a little more room for stocks to move up from where they are today and the highs they already achieved earlier this year,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets LLC, wrote in a note. “But we don’t think that the path to get there will be smooth and think a short-term pullback before the year is up remains likely.”</p><p><blockquote>加拿大皇家银行资本市场有限责任公司(RBC Capital Markets LLC)美国股票策略主管洛里·卡尔瓦西纳(Lori Calvasina)在一份报告中写道：“从现在到年底，我们认为股市还有更大的上涨空间。”“但我们认为实现这一目标的道路不会一帆风顺，并认为年底前仍有可能出现短期回调。”</blockquote></p><p>Elsewhere, oil advanced to a two-year peak but gold retreated. Bitcoin slipped toward the $35,000 level. Copper and iron ore gained as optimism about the U.S. spending plan offset concern about China’s efforts to curb price increases.</p><p><blockquote>在其他地方，油价升至两年高点，但黄金回落。比特币跌至35,000美元水平。铜和铁矿石上涨，因对美国支出计划的乐观情绪抵消了对中国抑制价格上涨努力的担忧。</blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AMC Entertainment(AMC) </b>– The movie theater operator's shares jumped another 15.4% in premarket trading, following four straight days of gains and a nearly 36% surge in Thursday's session alone. AMC – popular among the so-called \"meme\" stocks – has more than doubled this week.</p><p><blockquote><b>AMC院线(AMC)</b>–这家电影院运营商的股价在连续四天上涨后，在盘前交易中又上涨了15.4%，仅周四交易时段就飙升了近36%。AMC在所谓的“模因”股票中很受欢迎，本周股价上涨了一倍多。</blockquote></p><p><b>Ulta Beauty(ULTA)</b> – Ulta Beauty reported quarterly earnings of $4.07 per share, more than twice the $1.95 a share consensus estimate. The cosmetics retailer reported better-than-expected revenue as well and Ulta raised its full-year guidance, with cosmetics sales rising as the pandemic recedes. Its stock jumped 6% in premarket action.</p><p><blockquote><b>Ulta Beauty(ULTA)</b>-Ulta Beauty报告季度收益为每股4.07美元，是每股1.95美元普遍预期的两倍多。这家化妆品零售商公布的收入也好于预期，Ulta上调了全年指引，随着疫情消退，化妆品销售额有所上升。其股价在盘前上涨6%。</blockquote></p><p><b>Salesforce.com(CRM) </b>- Salesforce shares rallied 5.2% in the premarket after it reported quarterly earnings of $1.21 per share, topping the 88 cents a share consensus estimate. The business software giant's revenue exceeded analysts' forecasts as well, helped by strength in its \"Customer 360\" platform.</p><p><blockquote><b>Salesforce.com(CRM)</b>-Salesforce公布季度收益为每股1.21美元，高于每股88美分的普遍预期，股价盘前上涨5.2%。得益于“Customer 360”平台的实力，这家商业软件巨头的收入也超出了分析师的预期。</blockquote></p><p><b>Boeing(BA) </b>– Boeing fell 1.2% in the premarket on news that the jet maker had halted deliveries of its 787 Dreamliner. Federal regulators want more information about Boeing's proposed solutions to previously identified quality control issues.</p><p><blockquote><b>波音(BA)</b>-波音公司盘前下跌1.2%，因有消息称该飞机制造商已停止交付787梦想飞机。联邦监管机构希望获得更多有关波音公司针对先前发现的质量控制问题提出的解决方案的信息。</blockquote></p><p><b>Big Lots(BIG) </b>– The discount retailer initially gained ground but then fell 1.5% in premarket trading, despite reporting a better-than-expected quarter. Big Lots earned $2.62 per share, compared to a consensus estimate of $1.69 a share. Revenue topped estimates as well. Comparable-store sales rose 11.3%, compared to a consensus FactSet estimate of 5.7%.</p><p><blockquote><b>大批量（Big）</b>-尽管该折扣零售商公布的季度业绩好于预期，但随后在盘前交易中下跌1.5%。Big Lot每股收益2.62美元，而市场普遍预期为每股1.69美元。收入也超出了预期。同店销售额增长11.3%，而FactSet普遍预期为5.7%。</blockquote></p><p><b>Hibbett Sports(HIBB) </b>– The sporting goods retailer's shares surged 5.8% in the premarket after it reported quarterly earnings of $5.00 per share, beating the consensus estimate of $2.77. Revenue exceeded expectations as well amid an 87.3% surge in same-store sales. Hibbett also raised its full-year forecast in anticipation of benefiting from pent-up demand.</p><p><blockquote><b>希贝特体育(HIBB)</b>-这家体育用品零售商公布季度收益为每股5.00美元，超出市场普遍预期的2.77美元，盘前股价飙升5.8%。同店销售额猛增87.3%，收入也超出预期。希贝特还上调了全年预期，预计将受益于被压抑的需求。</blockquote></p><p><b>Dell Technologies(DELL) </b>– Dell earned $2.13 per share for the first quarter, topping the $1.61 consensus estimate. The computer maker's revenue beat estimates as well. Dell continues to benefit from the ongoing surge in demand for desktop PCs and notebooks, but did note the possible impact of the computer chip shortage on supplies.</p><p><blockquote><b>戴尔科技(DELL)</b>-戴尔第一季度每股收益2.13美元，高于市场普遍预期的1.61美元。这家计算机制造商的收入也超出了预期。戴尔继续受益于台式机和笔记本电脑需求的持续激增，但也注意到计算机芯片短缺可能对供应产生的影响。</blockquote></p><p><b>HP Inc.(HPQ)</b> – HP also benefited from elevated computer demand, beating estimates by 4 cents a share with quarterly profit of 93 cents per share. Revenue topped estimates as well. HP also benefiting from better-than-expected results in its printer business. HP raised its full-year guidance, but also warned of the possible chip shortage impact, prompting a 5.6% drop in the stock in the premarket.</p><p><blockquote><b>惠普公司(HPQ)</b>-惠普也受益于计算机需求的增加，每股收益超出预期4美分，季度利润为每股93美分。收入也超出了预期。惠普还受益于打印机业务好于预期的业绩。惠普上调了全年指引，但也警告了芯片短缺可能带来的影响，导致该股盘前下跌5.6%。</blockquote></p><p><b>Box(BOX)</b> – Box beat estimates by a penny a share, with quarterly earnings of 18 cents per share. Revenue also topped Wall Street forecasts for the cloud computing company. Box also raised its full-year forecast.</p><p><blockquote><b>箱（箱）</b>-Box每股超出预期1美分，季度收益为每股18美分。这家云计算公司的收入也超出了华尔街的预期。Box还上调了全年预期。</blockquote></p><p></p><p><b>Costco(COST) </b>– Costco earned $2.75 per share for its latest quarter, compared to a consensus estimate of $2.35 a share. The warehouse retailer saw revenue beat forecasts as well. Costco also warned of increasing costs for products and worker salaries.</p><p><blockquote><b>好市多(COST)</b>-Costco最近一个季度的每股收益为2.75美元，而市场普遍预期为每股2.35美元。这家仓储零售商的收入也超出了预期。好市多还警告称，产品成本和工人工资将会增加。</blockquote></p><p><b>Gap(GPS)</b> – Gap reported a quarterly profit of 48 cents per share, surprising analysts who had expected a loss of 5 cents per share. The apparel retailer's revenue also beat estimates, and the company issued an upbeat forecast amid strength in categories like activewear and dresses. Despite the upbeat results, Gap fell 1.3% in the premarket.</p><p><blockquote><b>间隙(GPS)</b>-Gap公布季度每股盈利48美分，令此前预期每股亏损5美分的分析师感到意外。这家服装零售商的收入也超出了预期，在运动服和连衣裙等类别强劲的情况下，该公司发布了乐观的预测。尽管业绩乐观，Gap盘前仍下跌1.3%。</blockquote></p><p><b>Bristol-Myers Squibb(BMY) </b>– The drugmaker received Food and Drug Administration approval to use its Zeposia drug to treat ulcerative colitis. The oral treatment – acquired when Bristol Myers bought Celgene for $74 billion in 2019 — is already approved to treat multiple sclerosis.</p><p><blockquote><b>百时美施贵宝(BMY)</b>-该制药商获得美国食品和药物管理局批准，使用其Zeposia药物治疗溃疡性结肠炎。这种口服疗法是百时美施贵宝(Bristol Myers)于2019年以740亿美元收购Celgene时获得的，已被批准用于治疗多发性硬化症。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113118845","content_text":"U.S. equity futures advanced on Friday as a risk-on mood took hold in global markets, fueled by solid economic data, President Joe Biden’s federal spending plans and optimism central banks will maintain stimulus.At 8:05 a.m. ET, Dow E-minis were up 162 points, or 0.47%, S&P 500 E-minis were up 15 points, or 0.36% and Nasdaq 100 E-minis were up 47.25 points, or 0.35%.*Source From Tiger Trade, EST 08:05The 10-year U.S. Treasury yield hovered above 1.60% amid growth optimism and concerns of more debt supply to fund spending. U.S. data Thursday included a drop in jobless claims to a fresh pandemic low. Investors will watch figures on personal spending and the Federal Reserve’s preferred inflation measure later Friday for further clues on the outlook for prices.Global stocks are set to climb for a fourth month, supported by the economic rebound from Covid-19. Comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury Secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through the end of 2021.“Between now and year end, we see a little more room for stocks to move up from where they are today and the highs they already achieved earlier this year,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets LLC, wrote in a note. “But we don’t think that the path to get there will be smooth and think a short-term pullback before the year is up remains likely.”Elsewhere, oil advanced to a two-year peak but gold retreated. Bitcoin slipped toward the $35,000 level. Copper and iron ore gained as optimism about the U.S. spending plan offset concern about China’s efforts to curb price increases.Stocks making the biggest moves in the premarket:AMC Entertainment(AMC) – The movie theater operator's shares jumped another 15.4% in premarket trading, following four straight days of gains and a nearly 36% surge in Thursday's session alone. AMC – popular among the so-called \"meme\" stocks – has more than doubled this week.Ulta Beauty(ULTA) – Ulta Beauty reported quarterly earnings of $4.07 per share, more than twice the $1.95 a share consensus estimate. The cosmetics retailer reported better-than-expected revenue as well and Ulta raised its full-year guidance, with cosmetics sales rising as the pandemic recedes. Its stock jumped 6% in premarket action.Salesforce.com(CRM) - Salesforce shares rallied 5.2% in the premarket after it reported quarterly earnings of $1.21 per share, topping the 88 cents a share consensus estimate. The business software giant's revenue exceeded analysts' forecasts as well, helped by strength in its \"Customer 360\" platform.Boeing(BA) – Boeing fell 1.2% in the premarket on news that the jet maker had halted deliveries of its 787 Dreamliner. Federal regulators want more information about Boeing's proposed solutions to previously identified quality control issues.Big Lots(BIG) – The discount retailer initially gained ground but then fell 1.5% in premarket trading, despite reporting a better-than-expected quarter. Big Lots earned $2.62 per share, compared to a consensus estimate of $1.69 a share. Revenue topped estimates as well. Comparable-store sales rose 11.3%, compared to a consensus FactSet estimate of 5.7%.Hibbett Sports(HIBB) – The sporting goods retailer's shares surged 5.8% in the premarket after it reported quarterly earnings of $5.00 per share, beating the consensus estimate of $2.77. Revenue exceeded expectations as well amid an 87.3% surge in same-store sales. Hibbett also raised its full-year forecast in anticipation of benefiting from pent-up demand.Dell Technologies(DELL) – Dell earned $2.13 per share for the first quarter, topping the $1.61 consensus estimate. The computer maker's revenue beat estimates as well. Dell continues to benefit from the ongoing surge in demand for desktop PCs and notebooks, but did note the possible impact of the computer chip shortage on supplies.HP Inc.(HPQ) – HP also benefited from elevated computer demand, beating estimates by 4 cents a share with quarterly profit of 93 cents per share. Revenue topped estimates as well. HP also benefiting from better-than-expected results in its printer business. HP raised its full-year guidance, but also warned of the possible chip shortage impact, prompting a 5.6% drop in the stock in the premarket.Box(BOX) – Box beat estimates by a penny a share, with quarterly earnings of 18 cents per share. Revenue also topped Wall Street forecasts for the cloud computing company. Box also raised its full-year forecast.Costco(COST) – Costco earned $2.75 per share for its latest quarter, compared to a consensus estimate of $2.35 a share. The warehouse retailer saw revenue beat forecasts as well. Costco also warned of increasing costs for products and worker salaries.Gap(GPS) – Gap reported a quarterly profit of 48 cents per share, surprising analysts who had expected a loss of 5 cents per share. The apparel retailer's revenue also beat estimates, and the company issued an upbeat forecast amid strength in categories like activewear and dresses. Despite the upbeat results, Gap fell 1.3% in the premarket.Bristol-Myers Squibb(BMY) – The drugmaker received Food and Drug Administration approval to use its Zeposia drug to treat ulcerative colitis. The oral treatment – acquired when Bristol Myers bought Celgene for $74 billion in 2019 — is already approved to treat multiple 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But not for die-hard tech stock fans.\nTheir stocks ","content":"<p>Life may be returning to normal for most people. But not for die-hard tech stock fans.</p><p><blockquote>对大多数人来说，生活可能正在恢复正常。但对于铁杆科技股迷来说则不然。</blockquote></p><p> Their stocks are among the least liked by other investors, according to a&nbsp;recent Bank of America fund manager survey. It found that fund managers have the lowest level allocation toward tech since 2003.</p><p><blockquote>根据美国银行基金经理最近的一项调查，他们的股票是其他投资者最不喜欢的股票之一。研究发现，自2003年以来，基金经理对科技股的配置水平最低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cfe97072b200641cb5a47b353d9fcdbb\" tg-width=\"1260\" tg-height=\"753\"></p><p><blockquote></blockquote></p><p> How can this be?</p><p><blockquote>这怎么可能呢？</blockquote></p><p> Tech has a growth issue. That seems odd, but it makes sense if you think it through. Cyclical companies in areas like energy, industry and basic materials caught in the doldrums during the pandemic are now seeing a Phoenix-like reversal of fortune.</p><p><blockquote>科技存在增长问题。这似乎很奇怪，但如果你仔细想想，这是有道理的。在疫情期间陷入低迷的能源、工业和基础材料等领域的周期性公司现在正在经历凤凰般的命运逆转。</blockquote></p><p> In contrast, sales and earnings at a lot of tech held up OK during the pandemic. So the updraft they get from a rebounding economy looks sort of ho-hum, relatively speaking.</p><p><blockquote>相比之下，许多科技公司的销售额和盈利在疫情期间表现良好。因此，相对而言，他们从经济反弹中获得的上升气流看起来有点乏味。</blockquote></p><p> “Because of COVID, a lot of tech companies saw a lot of growth,” says Vlad Rom, a senior investment analyst at Thrivent, a Minnesota-based money manager. He noted that the pandemic pulled forward tech spending as companies looked for new ways to reach consumers and run meetings.</p><p><blockquote>明尼苏达州基金管理公司Thrivent的高级投资分析师弗拉德·罗姆(Vlad Rom)表示：“由于新冠疫情，许多科技公司都实现了大幅增长。”他指出，随着公司寻找接触消费者和召开会议的新方式，疫情推动了科技支出的增长。</blockquote></p><p> “This was not the case for non-tech companies,” he says. Now, as the economy picks up, those non-tech companies are seeing a big growth rebound. “A tech company growing at 30% last year will grow 30% this year. A non-tech company with zero growth last year will grow 50% this year. That is what a lot of investors are focused on.”</p><p><blockquote>“对于非科技公司来说，情况并非如此，”他说。现在，随着经济回暖，那些非科技公司出现了大幅增长反弹。“一家去年增长30%的科技公司今年将增长30%。一家去年零增长的非科技公司今年将增长50%。这是很多投资者关注的焦点。”</blockquote></p><p> In other words, it’s all about the cyclical trade you’ve been hearing so much about. “The incremental change for a more cyclical business looks better,” says Joseph Chin an analyst at Cambiar Investors in Denver.</p><p><blockquote>换句话说，这一切都与您经常听到的周期性交易有关。丹佛Cambiar Investors分析师Joseph Chin表示：“周期性行业的增量变化看起来更好。”</blockquote></p><p> Another problem is that emerging tech companies – think recent initial public offerings – expect their big payoff in profits in the distant future. So they get hit hard when investors fear rapid inflation will send interest rates higher. This reduces the present value of future profits in valuation models.</p><p><blockquote>另一个问题是，新兴科技公司——想想最近的首次公开募股——期望在遥远的未来获得巨大的利润回报。因此，当投资者担心快速通胀会推高利率时，他们就会受到沉重打击。这降低了估值模型中未来利润的现值。</blockquote></p><p> In short, tech is out of favor, which makes it a place to shop for contrarians like myself. Indeed, tech has already been putting in a rebound over the past several trading days. The Nasdaq Composite&nbsp;was down 8.5% peak to trough, in its recent pullback. As the S&amp;P 500 index&nbsp;and the Dow Jones Industrial Average&nbsp;flirt with all-time highs, the Nasdaq is still off over 3%.</p><p><blockquote>简而言之，科技已经失宠，这使得它成为像我这样的逆向投资者购物的地方。事实上，科技股在过去几个交易日已经出现反弹。在最近的回调中，纳斯达克综合指数从高峰到低谷下跌了8.5%。尽管标普500指数和道琼斯工业平均指数触及历史高点，但纳斯达克仍下跌超过3%。</blockquote></p><p> “Big tech looks very attractive today especially given the recent underperformance,” says Todd Lowenstein, chief equity strategist at HighMark Capital Management. “It’s a unique opportunity to upgrade your portfolio to quality in big tech, it’s where some of the best value is in the market today.”</p><p><blockquote>HighMark Capital Management首席股票策略师托德·洛温斯坦(Todd Lowenstein)表示：“大型科技公司如今看起来非常有吸引力，尤其是考虑到最近表现不佳。”“这是一个独特的机会，可以将您的投资组合升级到大型科技公司的质量，这是当今市场上一些最佳价值的地方。”</blockquote></p><p> Here are five reasons why.</p><p><blockquote>以下是五个原因。</blockquote></p><p> <b>1. Insiders are buying</b></p><p><blockquote><b>1.内部人士正在买入</b></blockquote></p><p> For my stock letter (Brush Up on Stocks, link in bio below), I’ve tracked insiders daily for over a decade, and one thing is always clear: Insider buying at tech companies is exceedingly rare. But that’s changed in the past few weeks – which brought an unusually high volume of tech insider buying.</p><p><blockquote>对于我的股票信（重温股票，下面简历中的链接），十多年来我每天都在跟踪内部人士，有一件事始终很清楚：科技公司的内部人士购买极其罕见。但这种情况在过去几周发生了变化——这带来了异常高的科技内部购买量。</blockquote></p><p> I just published an issue of my stock letter focusing solely on tech for the first time ever and featured 10 names that look very attractive. I highlighted several others in my letter earlier this month. I single a few out below. Bottom line: The widespread insider interest tells me tech is a buy.</p><p><blockquote>我刚刚发表了一期我的股票信，首次只关注科技，并精选了10个看起来非常有吸引力的名字。我在本月早些时候的信中强调了其他几个问题。我在下面挑出几个。底线：广泛的内部兴趣告诉我科技股值得买入。</blockquote></p><p> <b>2. Tech’s ‘growth problem’ will go away</b></p><p><blockquote><b>2.科技的“增长问题”将会消失</b></blockquote></p><p> The pandemic pulled forward a lot of tech adoption among companies. That makes year-over-year comparisons at tech look challenging as we move through 2021, says Matt Miskin, the co-chief investment strategist at John Hancock Investment Management. ‘But as we go into 2022, we believe the street is underestimating the growth in technology relative to the overall market. We would look opportunistically at tech in the next couple of months.”</p><p><blockquote>疫情推动了公司对技术的大量采用。约翰·汉考克投资管理公司(John Hancock Investment Management)联席首席投资策略师马特·米斯金(Matt Miskin)表示，这使得2021年科技行业的同比比较看起来充满挑战。“但随着我们进入2022年，我们认为华尔街低估了技术相对于整体市场的增长。我们将在未来几个月内机会主义地关注科技。”</blockquote></p><p> <b>3. Tech looks reasonably priced</b></p><p><blockquote><b>3.科技看起来价格合理</b></blockquote></p><p> The chart below shows the relative value of S&amp;P 500 tech stocks compared to the valuation of the S&amp;P 500 itself. As you can see, tech’s price earnings ratio was recently traded at its average 1.24 times the price earnings multiple of the comp.</p><p><blockquote>下图显示了标普500科技股与标普500本身估值相比的相对价值。正如您所看到的，科技公司的市盈率最近的平均交易价格是同类公司市盈率的1.24倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5666db47a1ebd117a02d0881dc60e30\" tg-width=\"1260\" tg-height=\"1413\"><span>LEUTHOLD</span></p><p><blockquote><p class=\"t-img-caption\"><span>洛伊特霍尔德</span></p></blockquote></p><p> <b>4. Tech has an edge when labor costs are rising</b></p><p><blockquote><b>4.当劳动力成本上升时，技术具有优势</b></blockquote></p><p> While companies in retail, restaurants, hotels and other service sectors will suffer a hit to margins because of rising labor costs, tech companies typically do not have this problem. They employ relatively fewer people.</p><p><blockquote>虽然零售、餐饮、酒店和其他服务行业的公司将因劳动力成本上升而遭受利润率打击，但科技公司通常不会遇到这个问题。他们雇佣的人相对较少。</blockquote></p><p> “Perhaps the best way to play the uncertainty surrounding labor costs is technology,” says Leuthold Group chief investment strategist James Paulsen. “Historically, the relative investment performance of this sector has been largely invariant to such pressures.”</p><p><blockquote>Leuthold Group首席投资策略师詹姆斯·保尔森(James Paulsen)表示：“也许利用劳动力成本不确定性的最佳方式是技术。”“从历史上看，该行业的相对投资表现在很大程度上不会受到此类压力的影响。”</blockquote></p><p> <b>5. Interest-rate and inflation fears are overblown</b></p><p><blockquote><b>5.利率和通胀担忧被夸大了</b></blockquote></p><p></p><p> Ironically, tech companies will come to the rescue – and literally save their own stocks. Why? Capital spending rose a lot in the past year. This tells us productivity will continue to increase. That makes it easier for companies to&nbsp;avoid passing higher labor costs on to consumers&nbsp;in the form of price hikes.</p><p><blockquote>具有讽刺意味的是，科技公司将会出手相救——实际上是拯救自己的股票。为什么？过去一年资本支出增加了很多。这告诉我们生产率将继续提高。这使得企业更容易避免以涨价的形式将更高的劳动力成本转嫁给消费者。</blockquote></p><p> “Long-term growth of this economy is going to have to be driven by productivity growth, and technology will be the key to create that productivity,” says Miskin.</p><p><blockquote>米斯金表示：“经济的长期增长必须由生产力增长驱动，而技术将是创造生产力的关键。”</blockquote></p><p> <b>What to buyThe arms dealers in chips</b></p><p><blockquote><b>买什么军火商的芯片</b></blockquote></p><p> Chip and chip manufacturing companies look underpriced, says Chin at Cambiar Investors, and he singles out Applied Materials.He’s worth listening to because his shop owns the stock in its Cambiar Opportunity Fund.The fund outperforms its large-cap value category and the Russell 1000 Value Index&nbsp;by nearly 5 percentage points annualized over the past three years, says Morningstar.</p><p><blockquote>Cambiar Investors的Chin表示，芯片和芯片制造公司的价格看起来被低估了，他特别提到了应用材料公司。他值得一听，因为他的商店拥有其Cambiar机会基金的股票。晨星公司表示，过去三年，该基金的年化表现优于大盘价值类别和罗素1000价值指数近5个百分点。</blockquote></p><p> Chin cites four reasons to favor Applied Materials: the ongoing chip shortage; the reshoring of chip manufacturing to the U.S.; demand from trends like autonomous vehicles, artificial intelligence and data analytics; and competition among chip makers to improve chip computing power. “We believe Applied Materials and the industry are entering a period of much higher growth,” he says.</p><p><blockquote>Chin列举了支持应用材料公司的四个理由：持续的芯片短缺；芯片制造回流美国；自动驾驶汽车、人工智能和数据分析等趋势的需求；以及芯片制造商之间提高芯片计算能力的竞争。“我们相信应用材料公司和整个行业正在进入一个更高增长的时期，”他说。</blockquote></p><p> “It will take another four to six quarters for supply to catch up with demand and inventories,” says JP Morgan analyst Harlan Sur, who has an overweight rating on Applied Materials, KLA&nbsp;and Lam Research&nbsp;in chip equipment, and several of the large chip makers including NVIDIA&nbsp;and Microchip Technology.</p><p><blockquote>摩根大通分析师哈兰·苏尔(Harlan Sur)表示：“供应还需要四到六个季度才能赶上需求和库存。”他对芯片设备领域的应用材料公司、KLA和Lam Research以及几家大型公司给予跑赢大盘评级。芯片制造商包括NVIDIA和Microchip Technology。</blockquote></p><p> <b>Names that insiders favor</b></p><p><blockquote><b>内部人士青睐的名字</b></blockquote></p><p> In the past several weeks I’ve suggested Microsoft,Intel&nbsp;and Snowflake&nbsp;in my stock letter a little below current prices, in part because of the attractive insider buying, and I still like these names.</p><p><blockquote>在过去的几周里，我在我的股票信中建议微软、英特尔和雪花的价格略低于当前价格，部分原因是内部购买具有吸引力，而且我仍然喜欢这些名字。</blockquote></p><p> Early in big economic rebounds, investors flock to growth, regardless of the quality of companies. But as we move into the mid-cycle, investors favor quality tech names, says Lowenstein, characterized by things like high margins, stable earnings growth and strong balance sheets.</p><p><blockquote>在经济大幅反弹的早期，投资者会涌向增长，而不管公司的质量如何。但洛温斯坦表示，随着我们进入周期中期，投资者青睐优质科技公司，其特点是高利润率、稳定的盈利增长和强劲的资产负债表。</blockquote></p><p> “If you are screening for quality that is going to lead you to tech,” says Lowenstein.</p><p><blockquote>“如果你正在筛选质量，这将引导你走向技术，”洛温斯坦说。</blockquote></p><p> This will favor Microsoft in cloud computing and software. Microsoft does not look cheap but the premium valuation is warranted because of its rapid growth, says JP Morgan analyst Mark Murphy.</p><p><blockquote>这将有利于云计算和软件领域的微软。摩根大通分析师Mark Murphy表示，微软看起来并不便宜，但由于其快速增长，溢价估值是合理的。</blockquote></p><p> Intel shares have been held back by manufacturing issues, but by now the stock looks relatively cheap compared to the market with its price earnings ratio of around 12, says Hendi Susanto a portfolio manager and technology analyst at Gabelli Funds. “Intel is fixing the issue,” says Susanto.</p><p><blockquote>Gabelli Funds的投资组合经理兼技术分析师Hendi Susanto表示，英特尔股价因制造问题而受到拖累，但目前该股与市场相比看起来相对便宜，其市盈率约为12。“英特尔正在解决这个问题，”苏珊托说。</blockquote></p><p> Intel will also benefit from strong chip demand, and chip shortages. “The industry is only 30%-40% through the current up-cycle,” says Sur, at JP Morgan.</p><p><blockquote>英特尔也将受益于强劲的芯片需求和芯片短缺。摩根大通的Sur表示：“该行业在当前的上升周期中仅占30%-40%。”</blockquote></p><p> Snowflake is all about data. That’s its mission. The company offers a product called Data Cloud that helps customers share, explore and unlock the value of data. A big part of the pitch here is that Snowflake helps customers break down data silos inside various pieces of hardware, apps, networks, and clouds. BlackRock and MasterCard agree. They are customers, among dozens of other Fortune 500 companies.</p><p><blockquote>雪花是关于数据的。这就是它的使命。该公司提供一种名为数据云的产品，帮助客户共享、探索和释放数据的价值。这里的一个重要部分是Snowflake帮助客户打破各种硬件、应用程序、网络和云中的数据孤岛。贝莱德和万事达卡对此表示同意。他们是其他数十家财富500强公司的客户。</blockquote></p><p> <b>Security software companies</b></p><p><blockquote><b>安全软件公司</b></blockquote></p><p> The recent Colonial Pipeline ransomware attack that caused widespread fuel shortages on the East Coast reminded us all of the ongoing need for better security software.</p><p><blockquote>最近导致东海岸大范围燃料短缺的Colonial Pipeline勒索软件攻击提醒我们所有人对更好的安全软件的持续需求。</blockquote></p><p> Gabelli’s Susanto favors firewall company Check Point Software Technologies,citing cheap valuation, high operating margins and prevalence of recurring revenue. Check Point trades at around 22 times earnings compared to more than 60 for security software company Palo Alto Networks.</p><p><blockquote>Gabelli的Susanto看好防火墙公司Check Point Software Technologies，理由是估值低廉、营业利润率高以及经常性收入普遍存在。Check Point的市盈率约为22倍，而安全软件公司Palo Alto Networks的市盈率超过60倍。</blockquote></p><p> RBC Capital Markets analyst Matthew Hedberg has an overweight rating on Palo Alto, citing in part the Colonial Pipeline ransomware attack, as well as the “Sunburst” hack affecting businesses and governments last December, and the Microsoft Exchange Server malware attack in March.</p><p><blockquote>加拿大皇家银行资本市场分析师Matthew Hedberg对Palo Alto给予跑赢大盘评级，部分原因是Colonial Pipeline勒索软件攻击，以及去年12月影响企业和政府的“旭日”黑客攻击，以及3月份的微软Exchange Server恶意软件攻击。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tech stocks are out of favor — 5 reasons to buy alongside the contrarians<blockquote>科技股失宠——与逆向投资者一起买入的5个理由</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\">\nTech stocks are out of favor — 5 reasons to buy alongside the contrarians<blockquote>科技股失宠——与逆向投资者一起买入的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-05-31 19:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Life may be returning to normal for most people. But not for die-hard tech stock fans.</p><p><blockquote>对大多数人来说，生活可能正在恢复正常。但对于铁杆科技股迷来说则不然。</blockquote></p><p> Their stocks are among the least liked by other investors, according to a&nbsp;recent Bank of America fund manager survey. It found that fund managers have the lowest level allocation toward tech since 2003.</p><p><blockquote>根据美国银行基金经理最近的一项调查，他们的股票是其他投资者最不喜欢的股票之一。研究发现，自2003年以来，基金经理对科技股的配置水平最低。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cfe97072b200641cb5a47b353d9fcdbb\" tg-width=\"1260\" tg-height=\"753\"></p><p><blockquote></blockquote></p><p> How can this be?</p><p><blockquote>这怎么可能呢？</blockquote></p><p> Tech has a growth issue. That seems odd, but it makes sense if you think it through. Cyclical companies in areas like energy, industry and basic materials caught in the doldrums during the pandemic are now seeing a Phoenix-like reversal of fortune.</p><p><blockquote>科技存在增长问题。这似乎很奇怪，但如果你仔细想想，这是有道理的。在疫情期间陷入低迷的能源、工业和基础材料等领域的周期性公司现在正在经历凤凰般的命运逆转。</blockquote></p><p> In contrast, sales and earnings at a lot of tech held up OK during the pandemic. So the updraft they get from a rebounding economy looks sort of ho-hum, relatively speaking.</p><p><blockquote>相比之下，许多科技公司的销售额和盈利在疫情期间表现良好。因此，相对而言，他们从经济反弹中获得的上升气流看起来有点乏味。</blockquote></p><p> “Because of COVID, a lot of tech companies saw a lot of growth,” says Vlad Rom, a senior investment analyst at Thrivent, a Minnesota-based money manager. He noted that the pandemic pulled forward tech spending as companies looked for new ways to reach consumers and run meetings.</p><p><blockquote>明尼苏达州基金管理公司Thrivent的高级投资分析师弗拉德·罗姆(Vlad Rom)表示：“由于新冠疫情，许多科技公司都实现了大幅增长。”他指出，随着公司寻找接触消费者和召开会议的新方式，疫情推动了科技支出的增长。</blockquote></p><p> “This was not the case for non-tech companies,” he says. Now, as the economy picks up, those non-tech companies are seeing a big growth rebound. “A tech company growing at 30% last year will grow 30% this year. A non-tech company with zero growth last year will grow 50% this year. That is what a lot of investors are focused on.”</p><p><blockquote>“对于非科技公司来说，情况并非如此，”他说。现在，随着经济回暖，那些非科技公司出现了大幅增长反弹。“一家去年增长30%的科技公司今年将增长30%。一家去年零增长的非科技公司今年将增长50%。这是很多投资者关注的焦点。”</blockquote></p><p> In other words, it’s all about the cyclical trade you’ve been hearing so much about. “The incremental change for a more cyclical business looks better,” says Joseph Chin an analyst at Cambiar Investors in Denver.</p><p><blockquote>换句话说，这一切都与您经常听到的周期性交易有关。丹佛Cambiar Investors分析师Joseph Chin表示：“周期性行业的增量变化看起来更好。”</blockquote></p><p> Another problem is that emerging tech companies – think recent initial public offerings – expect their big payoff in profits in the distant future. So they get hit hard when investors fear rapid inflation will send interest rates higher. This reduces the present value of future profits in valuation models.</p><p><blockquote>另一个问题是，新兴科技公司——想想最近的首次公开募股——期望在遥远的未来获得巨大的利润回报。因此，当投资者担心快速通胀会推高利率时，他们就会受到沉重打击。这降低了估值模型中未来利润的现值。</blockquote></p><p> In short, tech is out of favor, which makes it a place to shop for contrarians like myself. Indeed, tech has already been putting in a rebound over the past several trading days. The Nasdaq Composite&nbsp;was down 8.5% peak to trough, in its recent pullback. As the S&amp;P 500 index&nbsp;and the Dow Jones Industrial Average&nbsp;flirt with all-time highs, the Nasdaq is still off over 3%.</p><p><blockquote>简而言之，科技已经失宠，这使得它成为像我这样的逆向投资者购物的地方。事实上，科技股在过去几个交易日已经出现反弹。在最近的回调中，纳斯达克综合指数从高峰到低谷下跌了8.5%。尽管标普500指数和道琼斯工业平均指数触及历史高点，但纳斯达克仍下跌超过3%。</blockquote></p><p> “Big tech looks very attractive today especially given the recent underperformance,” says Todd Lowenstein, chief equity strategist at HighMark Capital Management. “It’s a unique opportunity to upgrade your portfolio to quality in big tech, it’s where some of the best value is in the market today.”</p><p><blockquote>HighMark Capital Management首席股票策略师托德·洛温斯坦(Todd Lowenstein)表示：“大型科技公司如今看起来非常有吸引力，尤其是考虑到最近表现不佳。”“这是一个独特的机会，可以将您的投资组合升级到大型科技公司的质量，这是当今市场上一些最佳价值的地方。”</blockquote></p><p> Here are five reasons why.</p><p><blockquote>以下是五个原因。</blockquote></p><p> <b>1. Insiders are buying</b></p><p><blockquote><b>1.内部人士正在买入</b></blockquote></p><p> For my stock letter (Brush Up on Stocks, link in bio below), I’ve tracked insiders daily for over a decade, and one thing is always clear: Insider buying at tech companies is exceedingly rare. But that’s changed in the past few weeks – which brought an unusually high volume of tech insider buying.</p><p><blockquote>对于我的股票信（重温股票，下面简历中的链接），十多年来我每天都在跟踪内部人士，有一件事始终很清楚：科技公司的内部人士购买极其罕见。但这种情况在过去几周发生了变化——这带来了异常高的科技内部购买量。</blockquote></p><p> I just published an issue of my stock letter focusing solely on tech for the first time ever and featured 10 names that look very attractive. I highlighted several others in my letter earlier this month. I single a few out below. Bottom line: The widespread insider interest tells me tech is a buy.</p><p><blockquote>我刚刚发表了一期我的股票信，首次只关注科技，并精选了10个看起来非常有吸引力的名字。我在本月早些时候的信中强调了其他几个问题。我在下面挑出几个。底线：广泛的内部兴趣告诉我科技股值得买入。</blockquote></p><p> <b>2. Tech’s ‘growth problem’ will go away</b></p><p><blockquote><b>2.科技的“增长问题”将会消失</b></blockquote></p><p> The pandemic pulled forward a lot of tech adoption among companies. That makes year-over-year comparisons at tech look challenging as we move through 2021, says Matt Miskin, the co-chief investment strategist at John Hancock Investment Management. ‘But as we go into 2022, we believe the street is underestimating the growth in technology relative to the overall market. We would look opportunistically at tech in the next couple of months.”</p><p><blockquote>疫情推动了公司对技术的大量采用。约翰·汉考克投资管理公司(John Hancock Investment Management)联席首席投资策略师马特·米斯金(Matt Miskin)表示，这使得2021年科技行业的同比比较看起来充满挑战。“但随着我们进入2022年，我们认为华尔街低估了技术相对于整体市场的增长。我们将在未来几个月内机会主义地关注科技。”</blockquote></p><p> <b>3. Tech looks reasonably priced</b></p><p><blockquote><b>3.科技看起来价格合理</b></blockquote></p><p> The chart below shows the relative value of S&amp;P 500 tech stocks compared to the valuation of the S&amp;P 500 itself. As you can see, tech’s price earnings ratio was recently traded at its average 1.24 times the price earnings multiple of the comp.</p><p><blockquote>下图显示了标普500科技股与标普500本身估值相比的相对价值。正如您所看到的，科技公司的市盈率最近的平均交易价格是同类公司市盈率的1.24倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d5666db47a1ebd117a02d0881dc60e30\" tg-width=\"1260\" tg-height=\"1413\"><span>LEUTHOLD</span></p><p><blockquote><p class=\"t-img-caption\"><span>洛伊特霍尔德</span></p></blockquote></p><p> <b>4. Tech has an edge when labor costs are rising</b></p><p><blockquote><b>4.当劳动力成本上升时，技术具有优势</b></blockquote></p><p> While companies in retail, restaurants, hotels and other service sectors will suffer a hit to margins because of rising labor costs, tech companies typically do not have this problem. They employ relatively fewer people.</p><p><blockquote>虽然零售、餐饮、酒店和其他服务行业的公司将因劳动力成本上升而遭受利润率打击，但科技公司通常不会遇到这个问题。他们雇佣的人相对较少。</blockquote></p><p> “Perhaps the best way to play the uncertainty surrounding labor costs is technology,” says Leuthold Group chief investment strategist James Paulsen. “Historically, the relative investment performance of this sector has been largely invariant to such pressures.”</p><p><blockquote>Leuthold Group首席投资策略师詹姆斯·保尔森(James Paulsen)表示：“也许利用劳动力成本不确定性的最佳方式是技术。”“从历史上看，该行业的相对投资表现在很大程度上不会受到此类压力的影响。”</blockquote></p><p> <b>5. Interest-rate and inflation fears are overblown</b></p><p><blockquote><b>5.利率和通胀担忧被夸大了</b></blockquote></p><p></p><p> Ironically, tech companies will come to the rescue – and literally save their own stocks. Why? Capital spending rose a lot in the past year. This tells us productivity will continue to increase. That makes it easier for companies to&nbsp;avoid passing higher labor costs on to consumers&nbsp;in the form of price hikes.</p><p><blockquote>具有讽刺意味的是，科技公司将会出手相救——实际上是拯救自己的股票。为什么？过去一年资本支出增加了很多。这告诉我们生产率将继续提高。这使得企业更容易避免以涨价的形式将更高的劳动力成本转嫁给消费者。</blockquote></p><p> “Long-term growth of this economy is going to have to be driven by productivity growth, and technology will be the key to create that productivity,” says Miskin.</p><p><blockquote>米斯金表示：“经济的长期增长必须由生产力增长驱动，而技术将是创造生产力的关键。”</blockquote></p><p> <b>What to buyThe arms dealers in chips</b></p><p><blockquote><b>买什么军火商的芯片</b></blockquote></p><p> Chip and chip manufacturing companies look underpriced, says Chin at Cambiar Investors, and he singles out Applied Materials.He’s worth listening to because his shop owns the stock in its Cambiar Opportunity Fund.The fund outperforms its large-cap value category and the Russell 1000 Value Index&nbsp;by nearly 5 percentage points annualized over the past three years, says Morningstar.</p><p><blockquote>Cambiar Investors的Chin表示，芯片和芯片制造公司的价格看起来被低估了，他特别提到了应用材料公司。他值得一听，因为他的商店拥有其Cambiar机会基金的股票。晨星公司表示，过去三年，该基金的年化表现优于大盘价值类别和罗素1000价值指数近5个百分点。</blockquote></p><p> Chin cites four reasons to favor Applied Materials: the ongoing chip shortage; the reshoring of chip manufacturing to the U.S.; demand from trends like autonomous vehicles, artificial intelligence and data analytics; and competition among chip makers to improve chip computing power. “We believe Applied Materials and the industry are entering a period of much higher growth,” he says.</p><p><blockquote>Chin列举了支持应用材料公司的四个理由：持续的芯片短缺；芯片制造回流美国；自动驾驶汽车、人工智能和数据分析等趋势的需求；以及芯片制造商之间提高芯片计算能力的竞争。“我们相信应用材料公司和整个行业正在进入一个更高增长的时期，”他说。</blockquote></p><p> “It will take another four to six quarters for supply to catch up with demand and inventories,” says JP Morgan analyst Harlan Sur, who has an overweight rating on Applied Materials, KLA&nbsp;and Lam Research&nbsp;in chip equipment, and several of the large chip makers including NVIDIA&nbsp;and Microchip Technology.</p><p><blockquote>摩根大通分析师哈兰·苏尔(Harlan Sur)表示：“供应还需要四到六个季度才能赶上需求和库存。”他对芯片设备领域的应用材料公司、KLA和Lam Research以及几家大型公司给予跑赢大盘评级。芯片制造商包括NVIDIA和Microchip Technology。</blockquote></p><p> <b>Names that insiders favor</b></p><p><blockquote><b>内部人士青睐的名字</b></blockquote></p><p> In the past several weeks I’ve suggested Microsoft,Intel&nbsp;and Snowflake&nbsp;in my stock letter a little below current prices, in part because of the attractive insider buying, and I still like these names.</p><p><blockquote>在过去的几周里，我在我的股票信中建议微软、英特尔和雪花的价格略低于当前价格，部分原因是内部购买具有吸引力，而且我仍然喜欢这些名字。</blockquote></p><p> Early in big economic rebounds, investors flock to growth, regardless of the quality of companies. But as we move into the mid-cycle, investors favor quality tech names, says Lowenstein, characterized by things like high margins, stable earnings growth and strong balance sheets.</p><p><blockquote>在经济大幅反弹的早期，投资者会涌向增长，而不管公司的质量如何。但洛温斯坦表示，随着我们进入周期中期，投资者青睐优质科技公司，其特点是高利润率、稳定的盈利增长和强劲的资产负债表。</blockquote></p><p> “If you are screening for quality that is going to lead you to tech,” says Lowenstein.</p><p><blockquote>“如果你正在筛选质量，这将引导你走向技术，”洛温斯坦说。</blockquote></p><p> This will favor Microsoft in cloud computing and software. Microsoft does not look cheap but the premium valuation is warranted because of its rapid growth, says JP Morgan analyst Mark Murphy.</p><p><blockquote>这将有利于云计算和软件领域的微软。摩根大通分析师Mark Murphy表示，微软看起来并不便宜，但由于其快速增长，溢价估值是合理的。</blockquote></p><p> Intel shares have been held back by manufacturing issues, but by now the stock looks relatively cheap compared to the market with its price earnings ratio of around 12, says Hendi Susanto a portfolio manager and technology analyst at Gabelli Funds. “Intel is fixing the issue,” says Susanto.</p><p><blockquote>Gabelli Funds的投资组合经理兼技术分析师Hendi Susanto表示，英特尔股价因制造问题而受到拖累，但目前该股与市场相比看起来相对便宜，其市盈率约为12。“英特尔正在解决这个问题，”苏珊托说。</blockquote></p><p> Intel will also benefit from strong chip demand, and chip shortages. “The industry is only 30%-40% through the current up-cycle,” says Sur, at JP Morgan.</p><p><blockquote>英特尔也将受益于强劲的芯片需求和芯片短缺。摩根大通的Sur表示：“该行业在当前的上升周期中仅占30%-40%。”</blockquote></p><p> Snowflake is all about data. That’s its mission. The company offers a product called Data Cloud that helps customers share, explore and unlock the value of data. A big part of the pitch here is that Snowflake helps customers break down data silos inside various pieces of hardware, apps, networks, and clouds. BlackRock and MasterCard agree. They are customers, among dozens of other Fortune 500 companies.</p><p><blockquote>雪花是关于数据的。这就是它的使命。该公司提供一种名为数据云的产品，帮助客户共享、探索和释放数据的价值。这里的一个重要部分是Snowflake帮助客户打破各种硬件、应用程序、网络和云中的数据孤岛。贝莱德和万事达卡对此表示同意。他们是其他数十家财富500强公司的客户。</blockquote></p><p> <b>Security software companies</b></p><p><blockquote><b>安全软件公司</b></blockquote></p><p> The recent Colonial Pipeline ransomware attack that caused widespread fuel shortages on the East Coast reminded us all of the ongoing need for better security software.</p><p><blockquote>最近导致东海岸大范围燃料短缺的Colonial Pipeline勒索软件攻击提醒我们所有人对更好的安全软件的持续需求。</blockquote></p><p> Gabelli’s Susanto favors firewall company Check Point Software Technologies,citing cheap valuation, high operating margins and prevalence of recurring revenue. Check Point trades at around 22 times earnings compared to more than 60 for security software company Palo Alto Networks.</p><p><blockquote>Gabelli的Susanto看好防火墙公司Check Point Software Technologies，理由是估值低廉、营业利润率高以及经常性收入普遍存在。Check Point的市盈率约为22倍，而安全软件公司Palo Alto Networks的市盈率超过60倍。</blockquote></p><p> RBC Capital Markets analyst Matthew Hedberg has an overweight rating on Palo Alto, citing in part the Colonial Pipeline ransomware attack, as well as the “Sunburst” hack affecting businesses and governments last December, and the Microsoft Exchange Server malware attack in March.</p><p><blockquote>加拿大皇家银行资本市场分析师Matthew Hedberg对Palo Alto给予跑赢大盘评级，部分原因是Colonial Pipeline勒索软件攻击，以及去年12月影响企业和政府的“旭日”黑客攻击，以及3月份的微软Exchange Server恶意软件攻击。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/tech-stocks-are-out-of-favor-5-reasons-to-shop-alongside-the-contrarians-11622204518?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/tech-stocks-are-out-of-favor-5-reasons-to-shop-alongside-the-contrarians-11622204518?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180491418","content_text":"Life may be returning to normal for most people. But not for die-hard tech stock fans.\nTheir stocks are among the least liked by other investors, according to a recent Bank of America fund manager survey. It found that fund managers have the lowest level allocation toward tech since 2003.\n\nHow can this be?\nTech has a growth issue. That seems odd, but it makes sense if you think it through. Cyclical companies in areas like energy, industry and basic materials caught in the doldrums during the pandemic are now seeing a Phoenix-like reversal of fortune.\nIn contrast, sales and earnings at a lot of tech held up OK during the pandemic. So the updraft they get from a rebounding economy looks sort of ho-hum, relatively speaking.\n“Because of COVID, a lot of tech companies saw a lot of growth,” says Vlad Rom, a senior investment analyst at Thrivent, a Minnesota-based money manager. He noted that the pandemic pulled forward tech spending as companies looked for new ways to reach consumers and run meetings.\n“This was not the case for non-tech companies,” he says. Now, as the economy picks up, those non-tech companies are seeing a big growth rebound. “A tech company growing at 30% last year will grow 30% this year. A non-tech company with zero growth last year will grow 50% this year. That is what a lot of investors are focused on.”\nIn other words, it’s all about the cyclical trade you’ve been hearing so much about. “The incremental change for a more cyclical business looks better,” says Joseph Chin an analyst at Cambiar Investors in Denver.\nAnother problem is that emerging tech companies – think recent initial public offerings – expect their big payoff in profits in the distant future. So they get hit hard when investors fear rapid inflation will send interest rates higher. This reduces the present value of future profits in valuation models.\nIn short, tech is out of favor, which makes it a place to shop for contrarians like myself. Indeed, tech has already been putting in a rebound over the past several trading days. The Nasdaq Composite was down 8.5% peak to trough, in its recent pullback. As the S&P 500 index and the Dow Jones Industrial Average flirt with all-time highs, the Nasdaq is still off over 3%.\n“Big tech looks very attractive today especially given the recent underperformance,” says Todd Lowenstein, chief equity strategist at HighMark Capital Management. “It’s a unique opportunity to upgrade your portfolio to quality in big tech, it’s where some of the best value is in the market today.”\nHere are five reasons why.\n1. Insiders are buying\nFor my stock letter (Brush Up on Stocks, link in bio below), I’ve tracked insiders daily for over a decade, and one thing is always clear: Insider buying at tech companies is exceedingly rare. But that’s changed in the past few weeks – which brought an unusually high volume of tech insider buying.\nI just published an issue of my stock letter focusing solely on tech for the first time ever and featured 10 names that look very attractive. I highlighted several others in my letter earlier this month. I single a few out below. Bottom line: The widespread insider interest tells me tech is a buy.\n2. Tech’s ‘growth problem’ will go away\nThe pandemic pulled forward a lot of tech adoption among companies. That makes year-over-year comparisons at tech look challenging as we move through 2021, says Matt Miskin, the co-chief investment strategist at John Hancock Investment Management. ‘But as we go into 2022, we believe the street is underestimating the growth in technology relative to the overall market. We would look opportunistically at tech in the next couple of months.”\n3. Tech looks reasonably priced\nThe chart below shows the relative value of S&P 500 tech stocks compared to the valuation of the S&P 500 itself. As you can see, tech’s price earnings ratio was recently traded at its average 1.24 times the price earnings multiple of the comp.\nLEUTHOLD\n4. Tech has an edge when labor costs are rising\nWhile companies in retail, restaurants, hotels and other service sectors will suffer a hit to margins because of rising labor costs, tech companies typically do not have this problem. They employ relatively fewer people.\n“Perhaps the best way to play the uncertainty surrounding labor costs is technology,” says Leuthold Group chief investment strategist James Paulsen. “Historically, the relative investment performance of this sector has been largely invariant to such pressures.”\n5. Interest-rate and inflation fears are overblown\nIronically, tech companies will come to the rescue – and literally save their own stocks. Why? Capital spending rose a lot in the past year. This tells us productivity will continue to increase. That makes it easier for companies to avoid passing higher labor costs on to consumers in the form of price hikes.\n“Long-term growth of this economy is going to have to be driven by productivity growth, and technology will be the key to create that productivity,” says Miskin.\nWhat to buyThe arms dealers in chips\nChip and chip manufacturing companies look underpriced, says Chin at Cambiar Investors, and he singles out Applied Materials.He’s worth listening to because his shop owns the stock in its Cambiar Opportunity Fund.The fund outperforms its large-cap value category and the Russell 1000 Value Index by nearly 5 percentage points annualized over the past three years, says Morningstar.\nChin cites four reasons to favor Applied Materials: the ongoing chip shortage; the reshoring of chip manufacturing to the U.S.; demand from trends like autonomous vehicles, artificial intelligence and data analytics; and competition among chip makers to improve chip computing power. “We believe Applied Materials and the industry are entering a period of much higher growth,” he says.\n“It will take another four to six quarters for supply to catch up with demand and inventories,” says JP Morgan analyst Harlan Sur, who has an overweight rating on Applied Materials, KLA and Lam Research in chip equipment, and several of the large chip makers including NVIDIA and Microchip Technology.\nNames that insiders favor\nIn the past several weeks I’ve suggested Microsoft,Intel and Snowflake in my stock letter a little below current prices, in part because of the attractive insider buying, and I still like these names.\nEarly in big economic rebounds, investors flock to growth, regardless of the quality of companies. But as we move into the mid-cycle, investors favor quality tech names, says Lowenstein, characterized by things like high margins, stable earnings growth and strong balance sheets.\n“If you are screening for quality that is going to lead you to tech,” says Lowenstein.\nThis will favor Microsoft in cloud computing and software. Microsoft does not look cheap but the premium valuation is warranted because of its rapid growth, says JP Morgan analyst Mark Murphy.\nIntel shares have been held back by manufacturing issues, but by now the stock looks relatively cheap compared to the market with its price earnings ratio of around 12, says Hendi Susanto a portfolio manager and technology analyst at Gabelli Funds. “Intel is fixing the issue,” says Susanto.\nIntel will also benefit from strong chip demand, and chip shortages. “The industry is only 30%-40% through the current up-cycle,” says Sur, at JP Morgan.\nSnowflake is all about data. That’s its mission. The company offers a product called Data Cloud that helps customers share, explore and unlock the value of data. A big part of the pitch here is that Snowflake helps customers break down data silos inside various pieces of hardware, apps, networks, and clouds. BlackRock and MasterCard agree. They are customers, among dozens of other Fortune 500 companies.\nSecurity software companies\nThe recent Colonial Pipeline ransomware attack that caused widespread fuel shortages on the East Coast reminded us all of the ongoing need for better security software.\nGabelli’s Susanto favors firewall company Check Point Software Technologies,citing cheap valuation, high operating margins and prevalence of recurring revenue. Check Point trades at around 22 times earnings compared to more than 60 for security software company Palo Alto Networks.\nRBC Capital Markets analyst Matthew Hedberg has an overweight rating on Palo Alto, citing in part the Colonial Pipeline ransomware attack, as well as the “Sunburst” hack affecting businesses and governments last December, and the Microsoft Exchange Server malware attack in March.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110149294,"gmtCreate":1622433708018,"gmtModify":1634101503272,"author":{"id":"3584077823361454","authorId":"3584077823361454","name":"ChaBL","avatar":"https://static.tigerbbs.com/67dfd2a6ef6c84ab706b18238ce78468","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584077823361454","idStr":"3584077823361454"},"themes":[],"htmlText":"Good news","listText":"Good news","text":"Good news","images":[{"img":"https://static.tigerbbs.com/253cb734c088b9c4a50363a364a5db33","width":"750","height":"1315"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110149294","isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137139058,"gmtCreate":1622325660374,"gmtModify":1634102382824,"author":{"id":"3584077823361454","authorId":"3584077823361454","name":"ChaBL","avatar":"https://static.tigerbbs.com/67dfd2a6ef6c84ab706b18238ce78468","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584077823361454","idStr":"3584077823361454"},"themes":[],"htmlText":"Good time to buy this price","listText":"Good time to buy this price","text":"Good time to buy this price","images":[{"img":"https://static.tigerbbs.com/6fc29d785ff10c913c11493d8586bf45","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137139058","isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":133341003,"gmtCreate":1621718191502,"gmtModify":1634187055144,"author":{"id":"3584077823361454","authorId":"3584077823361454","name":"ChaBL","avatar":"https://static.tigerbbs.com/67dfd2a6ef6c84ab706b18238ce78468","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584077823361454","idStr":"3584077823361454"},"themes":[],"htmlText":"Good buy&nbsp;","listText":"Good buy&nbsp;","text":"Good buy","images":[{"img":"https://static.tigerbbs.com/afc4fa10a2aedeb2b523a5f46ab96ab2","width":"750","height":"1570"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133341003","isVote":1,"tweetType":1,"viewCount":712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}