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2021-07-14

Thanks

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2021-07-13

Thabjs

U.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry<blockquote>美国证券交易委员会加强特殊目的收购公司调查，重点关注银行费用冲突</blockquote>

2021-07-12

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2021-07-11

Thabks

The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>

2021-07-09

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2021-07-08

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2021-07-07

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2021-07-06

Good

Best E-Commerce Stocks To Buy In July 2021? 4 Names In Focus<blockquote>2021 年 7 月最值得购买的电子商务股票？4个名字成为焦点</blockquote>

2021-07-05

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2021-07-03

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UPDATE 2-Britain's Morrisons agrees $8.7 bln offer from Fortress Investment Group<blockquote>更新 2-英国莫里森同意堡垒投资集团 87 亿美元的报价</blockquote>

2021-06-30

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2021-06-29

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2021-06-28

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2021-06-24

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2021-06-24

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8 Stocks That Pop—or Drop—After Earnings<blockquote>财报公布后上涨或下跌的 8 只股票</blockquote>

2021-06-23

Ok

BRIEF-Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>简介-特斯拉前副总法律顾问 Lynn Miller 加入自动卡车运输技术公司 Plus 的执行团队</blockquote>

2021-06-22

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2021-06-21

Noted

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2021-06-21

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2021-06-19

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19:23","market":"us","language":"en","title":"U.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry<blockquote>美国证券交易委员会加强特殊目的收购公司调查，重点关注银行费用冲突</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146447033","media":"Reuters","summary":"WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blan","content":"<p>WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blank check acquisition frenzy, homing in on potential conflicts of interest created when banks act as underwriters and advisers on the same deal, three people with direct knowledge of the matter told Reuters.</p><p><blockquote>华盛顿（路透社）--三位直接知情人士告诉路透社，美国证券监管机构已加大对华尔街空白支票收购狂潮的调查力度，重点关注银行在同一笔交易中充当承销商和顾问时可能产生的利益冲突。</blockquote></p><p> The Securities and Exchange Commission is exploring whether certain fee structures may incentivise underwriters on special purpose acquisition company, or SPAC, listings to secure unsuitable deals when also advising on the later stage merger, potentially putting investors at risk, the people said.</p><p><blockquote>知情人士称，美国证券交易委员会正在探索某些费用结构是否可能会激励特殊目的收购公司（SPAC）上市的承销商，以确保不合适的交易，同时还为后期合并提供建议，这可能会使投资者面临风险。</blockquote></p><p> Banks that have received SEC requests for information include top SPAC underwriters Citigroup, Credit Suisse Group, Morgan Stanley and Goldman Sachs, they said.</p><p><blockquote>他们表示，收到 SEC 信息请求的银行包括顶级 SPAC 承销商花旗集团、瑞士信贷集团、摩根士丹利和高盛。</blockquote></p><p> Spokespeople for the banks declined to comment.</p><p><blockquote>银行发言人拒绝置评。</blockquote></p><p> SPACs are listed shell companies used to take private companies public, sidestepping the more traditional and lengthy initial public offering (IPO) process.</p><p><blockquote>SPAC是上市空壳公司，用于将私营公司上市，避开更传统、更漫长的首次公开募股（IPO）流程。</blockquote></p><p> Reuters reported in March that the SEC’s enforcement division had opened an inquiry on Wall Street banks’ SPAC dealings, sending letters to several institutions seeking information on deal risks and internal controls.</p><p><blockquote>路透社今年 3 月报道称，美国证券交易委员会执法部门已对华尔街银行的 SPAC 交易展开调查，并致函多家机构，寻求有关交易风险和内部控制的信息。</blockquote></p><p> Since March, the SEC has focused its inquiry on a group of banks, law firms and SPAC sponsors involved in troubled deals and has sought more information about the deals and interviewed executives concerned, according to two of the three sources.</p><p><blockquote>据三位消息人士中的两位透露，自 3 月份以来，美国证券交易委员会一直将调查重点放在一组涉及问题交易的银行、律师事务所和 SPAC 发起人身上，并寻求有关这些交易的更多信息，并采访了相关高管。</blockquote></p><p> The SEC is particularly interested in the fees banks have earned when playing several roles on a deal, all three sources said. They declined to say which deals were under scrutiny.</p><p><blockquote>三位消息人士均表示，美国证券交易委员会对银行在交易中扮演多种角色时赚取的费用特别感兴趣。他们拒绝透露哪些交易正在接受审查。</blockquote></p><p> “The big issue for the SEC is to understand if the advisers are conflicted,” said one of the people.</p><p><blockquote>“其中一位人士说：”对美国证券交易委员会来说，最大的问题是了解顾问们是否存在冲突。</blockquote></p><p> A spokesperson for the SEC did not respond to requests for comment.</p><p><blockquote>美国证券交易委员会发言人没有回应置评请求。</blockquote></p><p> SPAC sponsors typically pay banks a 5.5% fee for underwriting the IPO, part of which is paid up front, with the rest paid upon completion of the merger.</p><p><blockquote>SPAC 保荐人通常向银行支付 5.5% 的 IPO 承销费用，其中一部分预先支付，其余部分在合并完成后支付。</blockquote></p><p> Underwriting banks can earn more fees if they also go on to represent the merger target and help the SPAC sponsor raise additional cash from private investors to finance the takeover.</p><p><blockquote>如果承销银行还继续代表合并目标并帮助 SPAC 发起人从私人投资者那里筹集额外现金来为收购提供资金，则它们可以赚取更多费用。</blockquote></p><p> The SEC is examining potential conflicts in such situations when a bank works for both sides of the transaction and stands to earn a chunk of fees when the merger goes through.</p><p><blockquote>美国证券交易委员会正在研究这种情况下的潜在冲突，即银行为交易双方工作，并在合并完成时赚取一大笔费用。</blockquote></p><p> Critics say such arrangements could incentivise banks to talk up targets or play down potential problems, which could harm investors if the target company’s earnings underperform, or other regulatory or legal issues emerge following the merger.</p><p><blockquote>批评人士称，这种安排可能会激励银行夸大目标或淡化潜在问题，如果目标公司的盈利表现不佳，或合并后出现其他监管或法律问题，这可能会损害投资者的利益。</blockquote></p><p> SPAC returns have trailed the S&amp;P 500 and some SPACs have been accused by shareholders and government investigators of misleading disclosures..</p><p><blockquote>特殊目的收购公司的回报落后于标普500，一些特殊目的收购公司被股东和政府调查人员指控存在误导性披露。</blockquote></p><p> The sources declined to be named because the discussions are private. Regulatory requests for information do not necessarily imply wrongdoing.</p><p><blockquote>消息人士拒绝透露姓名，因为讨论是私下进行的。监管机构对信息的要求并不一定意味着不法行为。</blockquote></p><p> EXTRA DILIGENCE</p><p><blockquote>额外勤勉</blockquote></p><p> Under the rules, lawyers and accountants are required to disclose their fees in the SPAC’s regulatory filings, but banks are not. In its recent inquiries, the SEC has asked banks for more information on their payouts, the three sources said.</p><p><blockquote>根据规定，律师和会计师必须在特殊目的收购公司的监管文件中披露其收费情况，但银行无需披露。三位消息人士称，在最近的调查中，美国证券交易委员会已要求银行提供有关其支出的更多信息。</blockquote></p><p> The SEC has also asked the banks for information on the due diligence they performed on SPAC mergers, including when reviewing revenue growth projections and other disclosures made by the target companies, one of the sources said.</p><p><blockquote>一位消息人士称，美国证券交易委员会还要求银行提供有关其对 SPAC 合并进行尽职调查的信息，包括审查目标公司的收入增长预测和其他披露时。</blockquote></p><p> The increased scrutiny has prompted some banks to review their processes and increase due diligence, the third source said, adding that some banks and sponsors were also more frequently separating the underwriting and advisory roles.</p><p><blockquote>第三位消息人士称，审查的加强促使一些银行审查其流程并加强尽职调查，并补充说，一些银行和保荐人也更频繁地将承销和咨询角色分开。</blockquote></p><p> SPACs have existed for decades, but over the past 18 months the deal structure has been popularized by high-profile sponsors and boosted by easy monetary conditions.</p><p><blockquote>SPAC已经存在了几十年，但在过去的18个月里，这种交易结构受到了知名赞助商的普及，并受到宽松货币条件的推动。</blockquote></p><p> A record nearly $100 billion was raised by U.S. SPACs in the first quarter of 2021, according to Dealogic, before dealmaking flagged amid market saturation and heightened SEC scrutiny.</p><p><blockquote>根据 Dealogic 的数据，2021 年第一季度，美国 SPAC 筹集了创纪录的近 1000 亿美元，随后在市场饱和和 SEC 审查加强的情况下出现了交易。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nU.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry<blockquote>美国证券交易委员会加强特殊目的收购公司调查，重点关注银行费用冲突</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-13 19:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blank check acquisition frenzy, homing in on potential conflicts of interest created when banks act as underwriters and advisers on the same deal, three people with direct knowledge of the matter told Reuters.</p><p><blockquote>华盛顿（路透社）--三位直接知情人士告诉路透社，美国证券监管机构已加大对华尔街空白支票收购狂潮的调查力度，重点关注银行在同一笔交易中充当承销商和顾问时可能产生的利益冲突。</blockquote></p><p> The Securities and Exchange Commission is exploring whether certain fee structures may incentivise underwriters on special purpose acquisition company, or SPAC, listings to secure unsuitable deals when also advising on the later stage merger, potentially putting investors at risk, the people said.</p><p><blockquote>知情人士称，美国证券交易委员会正在探索某些费用结构是否可能会激励特殊目的收购公司（SPAC）上市的承销商，以确保不合适的交易，同时还为后期合并提供建议，这可能会使投资者面临风险。</blockquote></p><p> Banks that have received SEC requests for information include top SPAC underwriters Citigroup, Credit Suisse Group, Morgan Stanley and Goldman Sachs, they said.</p><p><blockquote>他们表示，收到 SEC 信息请求的银行包括顶级 SPAC 承销商花旗集团、瑞士信贷集团、摩根士丹利和高盛。</blockquote></p><p> Spokespeople for the banks declined to comment.</p><p><blockquote>银行发言人拒绝置评。</blockquote></p><p> SPACs are listed shell companies used to take private companies public, sidestepping the more traditional and lengthy initial public offering (IPO) process.</p><p><blockquote>SPAC是上市空壳公司，用于将私营公司上市，避开更传统、更漫长的首次公开募股（IPO）流程。</blockquote></p><p> Reuters reported in March that the SEC’s enforcement division had opened an inquiry on Wall Street banks’ SPAC dealings, sending letters to several institutions seeking information on deal risks and internal controls.</p><p><blockquote>路透社今年 3 月报道称，美国证券交易委员会执法部门已对华尔街银行的 SPAC 交易展开调查，并致函多家机构，寻求有关交易风险和内部控制的信息。</blockquote></p><p> Since March, the SEC has focused its inquiry on a group of banks, law firms and SPAC sponsors involved in troubled deals and has sought more information about the deals and interviewed executives concerned, according to two of the three sources.</p><p><blockquote>据三位消息人士中的两位透露，自 3 月份以来，美国证券交易委员会一直将调查重点放在一组涉及问题交易的银行、律师事务所和 SPAC 发起人身上，并寻求有关这些交易的更多信息，并采访了相关高管。</blockquote></p><p> The SEC is particularly interested in the fees banks have earned when playing several roles on a deal, all three sources said. They declined to say which deals were under scrutiny.</p><p><blockquote>三位消息人士均表示，美国证券交易委员会对银行在交易中扮演多种角色时赚取的费用特别感兴趣。他们拒绝透露哪些交易正在接受审查。</blockquote></p><p> “The big issue for the SEC is to understand if the advisers are conflicted,” said one of the people.</p><p><blockquote>“其中一位人士说：”对美国证券交易委员会来说，最大的问题是了解顾问们是否存在冲突。</blockquote></p><p> A spokesperson for the SEC did not respond to requests for comment.</p><p><blockquote>美国证券交易委员会发言人没有回应置评请求。</blockquote></p><p> SPAC sponsors typically pay banks a 5.5% fee for underwriting the IPO, part of which is paid up front, with the rest paid upon completion of the merger.</p><p><blockquote>SPAC 保荐人通常向银行支付 5.5% 的 IPO 承销费用，其中一部分预先支付，其余部分在合并完成后支付。</blockquote></p><p> Underwriting banks can earn more fees if they also go on to represent the merger target and help the SPAC sponsor raise additional cash from private investors to finance the takeover.</p><p><blockquote>如果承销银行还继续代表合并目标并帮助 SPAC 发起人从私人投资者那里筹集额外现金来为收购提供资金，则它们可以赚取更多费用。</blockquote></p><p> The SEC is examining potential conflicts in such situations when a bank works for both sides of the transaction and stands to earn a chunk of fees when the merger goes through.</p><p><blockquote>美国证券交易委员会正在研究这种情况下的潜在冲突，即银行为交易双方工作，并在合并完成时赚取一大笔费用。</blockquote></p><p> Critics say such arrangements could incentivise banks to talk up targets or play down potential problems, which could harm investors if the target company’s earnings underperform, or other regulatory or legal issues emerge following the merger.</p><p><blockquote>批评人士称，这种安排可能会激励银行夸大目标或淡化潜在问题，如果目标公司的盈利表现不佳，或合并后出现其他监管或法律问题，这可能会损害投资者的利益。</blockquote></p><p> SPAC returns have trailed the S&amp;P 500 and some SPACs have been accused by shareholders and government investigators of misleading disclosures..</p><p><blockquote>特殊目的收购公司的回报落后于标普500，一些特殊目的收购公司被股东和政府调查人员指控存在误导性披露。</blockquote></p><p> The sources declined to be named because the discussions are private. Regulatory requests for information do not necessarily imply wrongdoing.</p><p><blockquote>消息人士拒绝透露姓名，因为讨论是私下进行的。监管机构对信息的要求并不一定意味着不法行为。</blockquote></p><p> EXTRA DILIGENCE</p><p><blockquote>额外勤勉</blockquote></p><p> Under the rules, lawyers and accountants are required to disclose their fees in the SPAC’s regulatory filings, but banks are not. In its recent inquiries, the SEC has asked banks for more information on their payouts, the three sources said.</p><p><blockquote>根据规定，律师和会计师必须在特殊目的收购公司的监管文件中披露其收费情况，但银行无需披露。三位消息人士称，在最近的调查中，美国证券交易委员会已要求银行提供有关其支出的更多信息。</blockquote></p><p> The SEC has also asked the banks for information on the due diligence they performed on SPAC mergers, including when reviewing revenue growth projections and other disclosures made by the target companies, one of the sources said.</p><p><blockquote>一位消息人士称，美国证券交易委员会还要求银行提供有关其对 SPAC 合并进行尽职调查的信息，包括审查目标公司的收入增长预测和其他披露时。</blockquote></p><p> The increased scrutiny has prompted some banks to review their processes and increase due diligence, the third source said, adding that some banks and sponsors were also more frequently separating the underwriting and advisory roles.</p><p><blockquote>第三位消息人士称，审查的加强促使一些银行审查其流程并加强尽职调查，并补充说，一些银行和保荐人也更频繁地将承销和咨询角色分开。</blockquote></p><p> SPACs have existed for decades, but over the past 18 months the deal structure has been popularized by high-profile sponsors and boosted by easy monetary conditions.</p><p><blockquote>SPAC已经存在了几十年，但在过去的18个月里，这种交易结构受到了知名赞助商的普及，并受到宽松货币条件的推动。</blockquote></p><p> A record nearly $100 billion was raised by U.S. SPACs in the first quarter of 2021, according to Dealogic, before dealmaking flagged amid market saturation and heightened SEC scrutiny.</p><p><blockquote>根据 Dealogic 的数据，2021 年第一季度，美国 SPAC 筹集了创纪录的近 1000 亿美元，随后在市场饱和和 SEC 审查加强的情况下出现了交易。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-sec-spac/exclusive-u-s-sec-focuses-on-bank-fee-conflicts-as-it-steps-up-spac-inquiry-sources-idUSL2N2O90D0\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-sec-spac/exclusive-u-s-sec-focuses-on-bank-fee-conflicts-as-it-steps-up-spac-inquiry-sources-idUSL2N2O90D0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146447033","content_text":"WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blank check acquisition frenzy, homing in on potential conflicts of interest created when banks act as underwriters and advisers on the same deal, three people with direct knowledge of the matter told Reuters.\nThe Securities and Exchange Commission is exploring whether certain fee structures may incentivise underwriters on special purpose acquisition company, or SPAC, listings to secure unsuitable deals when also advising on the later stage merger, potentially putting investors at risk, the people said.\nBanks that have received SEC requests for information include top SPAC underwriters Citigroup, Credit Suisse Group, Morgan Stanley and Goldman Sachs, they said.\nSpokespeople for the banks declined to comment.\nSPACs are listed shell companies used to take private companies public, sidestepping the more traditional and lengthy initial public offering (IPO) process.\nReuters reported in March that the SEC’s enforcement division had opened an inquiry on Wall Street banks’ SPAC dealings, sending letters to several institutions seeking information on deal risks and internal controls.\nSince March, the SEC has focused its inquiry on a group of banks, law firms and SPAC sponsors involved in troubled deals and has sought more information about the deals and interviewed executives concerned, according to two of the three sources.\nThe SEC is particularly interested in the fees banks have earned when playing several roles on a deal, all three sources said. They declined to say which deals were under scrutiny.\n“The big issue for the SEC is to understand if the advisers are conflicted,” said one of the people.\nA spokesperson for the SEC did not respond to requests for comment.\nSPAC sponsors typically pay banks a 5.5% fee for underwriting the IPO, part of which is paid up front, with the rest paid upon completion of the merger.\nUnderwriting banks can earn more fees if they also go on to represent the merger target and help the SPAC sponsor raise additional cash from private investors to finance the takeover.\nThe SEC is examining potential conflicts in such situations when a bank works for both sides of the transaction and stands to earn a chunk of fees when the merger goes through.\nCritics say such arrangements could incentivise banks to talk up targets or play down potential problems, which could harm investors if the target company’s earnings underperform, or other regulatory or legal issues emerge following the merger.\nSPAC returns have trailed the S&P 500 and some SPACs have been accused by shareholders and government investigators of misleading disclosures..\nThe sources declined to be named because the discussions are private. Regulatory requests for information do not necessarily imply wrongdoing.\nEXTRA DILIGENCE\nUnder the rules, lawyers and accountants are required to disclose their fees in the SPAC’s regulatory filings, but banks are not. In its recent inquiries, the SEC has asked banks for more information on their payouts, the three sources said.\nThe SEC has also asked the banks for information on the due diligence they performed on SPAC mergers, including when reviewing revenue growth projections and other disclosures made by the target companies, one of the sources said.\nThe increased scrutiny has prompted some banks to review their processes and increase due diligence, the third source said, adding that some banks and sponsors were also more frequently separating the underwriting and advisory roles.\nSPACs have existed for decades, but over the past 18 months the deal structure has been popularized by high-profile sponsors and boosted by easy monetary conditions.\nA record nearly $100 billion was raised by U.S. SPACs in the first quarter of 2021, according to Dealogic, before dealmaking flagged amid market saturation and heightened SEC scrutiny.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3056,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146838029,"gmtCreate":1626064749861,"gmtModify":1631891062837,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanka","listText":"Thanka","text":"Thanka","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146838029","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":3550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148242327,"gmtCreate":1625982809669,"gmtModify":1631891062840,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thabks","listText":"Thabks","text":"Thabks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/148242327","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</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\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","CARV":"卡弗储蓄","CLOV":"Clover Health Corp","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","NEGG":"Newegg Comm Inc.","GME":"游戏驿站","BB":"黑莓","SCHW":"嘉信理财"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"AMC":0.9,"CARV":0.9,"BBBY":0.9,"WKHS":0.9,"CLOV":0.9,"BB":0.9,"NEGG":0.9,"GME":0.9,"SCHW":0.9}},"isVote":1,"tweetType":1,"viewCount":2571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141309932,"gmtCreate":1625837424126,"gmtModify":1631891062843,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanka","listText":"Thanka","text":"Thanka","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/141309932","repostId":"2150727413","repostType":4,"isVote":1,"tweetType":1,"viewCount":2085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149449032,"gmtCreate":1625745581426,"gmtModify":1631891062845,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/149449032","repostId":"2149423453","repostType":2,"isVote":1,"tweetType":1,"viewCount":3679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140225979,"gmtCreate":1625663162491,"gmtModify":1631891062849,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/140225979","repostId":"2149397584","repostType":2,"isVote":1,"tweetType":1,"viewCount":2878,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154415155,"gmtCreate":1625538587877,"gmtModify":1631891062876,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154415155","repostId":"1170100655","repostType":2,"repost":{"id":"1170100655","kind":"news","pubTimestamp":1625452503,"share":"https://www.laohunote.com/m/news/1170100655?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:35","market":"hk","language":"en","title":"Best E-Commerce Stocks To Buy In July 2021? 4 Names In Focus<blockquote>2021 年 7 月最值得购买的电子商务股票？4个名字成为焦点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170100655","media":"Nasdaq","summary":"Could These Be The Top E-Commerce Stocks To Watch Right Now?E-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as P","content":"<p>Could These Be The Top E-Commerce Stocks To Watch Right Now?</p><p><blockquote>这些可能是目前最值得关注的电子商务股票吗？</blockquote></p><p> E-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as Pinterest Inc (NYSE: PINS) even have augmented reality features that would allow you to have a rough idea of what you’re getting.</p><p><blockquote>去年，电子商务股票在股市中度过了历史性的一年。嗯，这并不奇怪，因为世界上许多国家都被封锁了。当时，大多数购物活动都是在网上进行的。所以，即使是最初对网购持怀疑态度的人，也一定接触过电商平台。这当然也是由于技术的进步。一些公司的平台，如Pinterest公司（纽约证券交易所股票代码：PINS），甚至有增强现实功能，可以让你大致了解自己得到的是什么。</blockquote></p><p> The shift to online shopping has resulted in many emerging e-commerce companies. For example, we have Jumia Technologies (NYSE: JMIA) that aims to be the top online marketplace in the whole of Africa. Perhaps, this should not be overlooked as e-commerce is still a growing sector in Africa. Moreover, JMIA stock has already soared by more than 400% just within the past year. Now, if you are optimistic about the future of e-commerce, here’s a list of fourtop e-commerce stocks to watchin thestock market today.</p><p><blockquote>向网上购物的转变催生了许多新兴的电子商务公司。例如，我们有Jumia Technologies（纽约证券交易所代码：JMIA），它的目标是成为整个非洲顶级的在线市场。也许，这一点不应该被忽视，因为电子商务在非洲仍然是一个不断增长的行业。此外，JMIA 股价仅在过去一年就飙升了 400% 以上。现在，如果您对电子商务的未来持乐观态度，这里列出了今天值得关注的四大电子商务股票。</blockquote></p><p> Best E-Commerce Stocks To Watch</p><p><blockquote>最值得关注的电子商务股票</blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</b>(NASDAQ: ETSY)</li>  <li><b><a href=\"https://laohu8.com/S/EBAYL\">eBay</a> Inc</b>(NASDAQ: EBAY)</li>  <li><b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a> Group Holding Ltd</b>(NYSE: BABA)</li>  <li><b>Chewy Inc</b>(NYSE: CHWY)</li> </ul> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</b>（纳斯达克：ETSY）</li><li><b><a href=\"https://laohu8.com/S/EBAYL\">易趣</a>公司</b>（纳斯达克：EBAY）</li><li><b><a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>集团控股有限公司</b>（纽约证券交易所代码：BABA）</li><li><b>咀嚼公司</b>（纽约证券交易所代码：CHWY）</li></ul><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</blockquote></p><p> Let us start the list with Etsy. The company operates a marketplace where people globally connect, both online and offline to sell and buy goods. It also offers a range of seller services and tools that help entrepreneurs manage their businesses. As of now, the company’s seller services include Direct Checkout, Promoted Listings, Shipping Labels, and <a href=\"https://laohu8.com/S/PEGI\">Pattern</a> by Etsy. ETSY stock has risen by over 80% over the past year.</p><p><blockquote>让我们从Etsy开始。该公司运营着一个市场，人们在全球范围内通过线上和线下联系来买卖商品。它还提供一系列卖家服务和工具，帮助企业家管理他们的业务。截至目前，该公司的卖家服务包括直接结账、促销商品、运输标签和<a href=\"https://laohu8.com/S/PEGI\">模式</a>由Etsy。ETSY 股价在过去一年中上涨了 80% 以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4998810533317bc7562c92dbf9801556\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Monday, Etsy signed a definitive agreement to acquire Elo7, a privately held marketplace for unique, handmade items, ranked as a top 10 e-commerce site in Brazil. The Elo7 marketplace connects approximately 1.9 million active buyers with approximately 56,000 active sellers and currently has approximately 8 million items for sale. Hence, this deal would establish Etsy’s presence in Latin America, an underpenetrated e-commerce region.</p><p><blockquote>周一，Etsy签署了一项最终协议，收购Elo7，这是一个私人持有的独特手工制品市场，被列为巴西十大电子商务网站。Elo7市场连接了大约190万活跃买家和大约56,000名活跃卖家，目前有大约800万件待售商品。因此，这笔交易将确立 Etsy 在拉丁美洲这个电子商务渗透率较低的地区的地位。</blockquote></p><p> Etsy is not resting on its laurels. It also signed a definitive agreement to acquire Depop, a purpose-driven marketplace for unique fashion for $1.625 billion earlier in June. Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world’s most diverse and progressive home of fashion. It appears that 90% of Depop’s active users are under the age of 26. So, this could serve as a resale home for Gen Z consumers to the Etsy family. Given all these exciting developments, would you consider investing in ETSY stock?</p><p><blockquote>Etsy并没有固步自封。6 月初，该公司还签署了一项最终协议，以 16.25 亿美元收购 Depop，这是一个以目的为导向的独特时尚市场。Depop 是一个由社区驱动的买卖独特时尚的市场，其使命是打造世界上最多元化、最进步的时尚之家。Depop 90% 的活跃用户年龄在 26 岁以下。因此，这可以作为Z世代消费者向Etsy家族转售的家。鉴于所有这些令人兴奋的发展，您会考虑投资 ETSY 股票吗？</blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> Inc</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>公司</blockquote></p><p> Next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the industry leaders of e-commerce, <a href=\"https://laohu8.com/S/EBAYL\">eBay</a>. Essentially, the company operates marketplace platforms that connect buyers and sellers globally. This includes its online marketplace at ebay.com and the <a href=\"https://laohu8.com/S/EBAY\">eBay</a> suite of mobile apps. So, you could buy, sell, and pay for items through various online and offline channels. eBay stock has been <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the better-performing stocks within the e-commerce space this year. It has climbed by over 35% year-to-date.</p><p><blockquote>接下来，我们<a href=\"https://laohu8.com/S/AONE\">一</a>电子商务的行业龙头，<a href=\"https://laohu8.com/S/EBAYL\">易趣</a>本质上，该公司运营着连接全球买家和卖家的市场平台。这包括其在 ebay.com 的在线市场和<a href=\"https://laohu8.com/S/EBAY\">易趣</a>移动应用程序套件。因此，您可以通过各种在线和离线渠道购买、出售和支付商品。eBay 股票一直<a href=\"https://laohu8.com/S/AONE.U\">一</a>今年电子商务领域表现较好的股票之一。今年迄今为止，它已经攀升了35%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3225891cc70ad7e916ca99aa07101ba2\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> last week, the company announced the completion of the transfer of its Classifieds business to Adevinta in exchange for $2.5 billion cash and a 44% equity stake in Adevinta. This combination will hopefully create a leading global online classifieds business. In the long run, both companies will be primed to benefit from its combined portfolio that may offer additional value for its customers and shareholders.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上周，该公司宣布完成将其分类广告业务转让给Adevinta，以换取25亿美元现金和Adevinta 44%的股权。这种合并有望创建一个领先的全球在线分类广告业务。从长远来看，两家公司都将从其合并的投资组合中受益，这可能会为其客户和股东提供额外的价值。</blockquote></p><p> eBay also had an impressive first quarter to start the year with the highest revenue growth since 2005. Its revenue was $3.0 billion, up 42% on an as-reported basis. There was also increased activity on its platform. Annual active buyers grew by 7%, now at a total of 187 million. Meanwhile, its annual active sellers grew by 8%, for a total of 20 million. We can see that the company is firing on all cylinders as we recover from the global pandemic. With that in mind, would you add EBAY stock to your watchlist?</p><p><blockquote>eBay 第一季度的收入增长也令人印象深刻，创下了 2005 年以来的最高纪录。其收入为 30 亿美元，比报告增长 42%。其平台上的活动也有所增加。年度活跃买家增长了 7%，目前总数为 1.87 亿。与此同时，其年度活跃卖家增长了 8%，总数达到 2000 万。我们可以看到，随着我们从全球疫情中复苏，该公司正在全力以赴。考虑到这一点，您会将易贝股票添加到您的观察列表中吗？</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/09988\">Alibaba</a> Group Holding Ltd</p><p><blockquote><a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>集团控股有限公司</blockquote></p><p> Coming up next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the largest e-commerce companies in the world, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a>. The company’s technology infrastructure and marketing reach help merchants and brands to leverage the power of technology to engage its users, and customers to operate. As of today, its three main sites, Taobao, Tmall, and <a href=\"https://laohu8.com/S/09988\">Alibaba</a>.com boast hundreds of millions of users and host millions of merchants and businesses.</p><p><blockquote>接下来，我们有<a href=\"https://laohu8.com/S/AONE\">一</a>全球最大的电子商务公司，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>. 公司的技术基础设施和营销影响力帮助商家和品牌利用技术的力量吸引用户，让客户开展业务。截至今日，其淘宝、天猫、<a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>.com拥有数亿用户，拥有数百万商家和企业。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fd0bf902b6908baca1ebc71478c54967\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Fundamentally, the company is as strong as ever. For its fourth-quarter fiscal 2021 earnings report, its revenue climbed to $28.6 billion, representing a 64% increase. Alibaba also reported 811 million annual active consumers in <a href=\"https://laohu8.com/S/CAAS\">China</a> which represents an 11% growth year-over-year. This is important because retaining and attracting active consumers would support the company’s business model.</p><p><blockquote>从根本上说，该公司一如既往地强大。在2021财年第四季度收益报告中，其收入攀升至286亿美元，增长64%。阿里巴巴-SW还报告称，年活跃消费者人数为 8.11 亿<a href=\"https://laohu8.com/S/CAAS\">中国</a>同比增长 11%。这一点很重要，因为留住和吸引活跃的消费者将支持公司的商业模式。</blockquote></p><p> That said, it has not been a fantastic year for Alibaba this year. The company’s struggle this year was affected by the Chinese government. Alibaba was hit with a record fine of $2.75 billion earlier in April. However, the worst could be over for the company as the Chinese government is slowly shifting its focus to the company’s competitors. So, if you have missed the boat on BABA stock prior to this, could this be the classic buy-on-dip opportunity?</p><p><blockquote>也就是说，今年对阿里巴巴-SW来说并不是美好的一年。该公司今年的困境受到了中国政府的影响。4月初，阿里巴巴-SW被处以创纪录的27.5亿美元罚款。然而，随着中国政府慢慢将注意力转向该公司的竞争对手，该公司最糟糕的时期可能已经过去。那么，如果你在此之前错过了阿里巴巴股票的机会，这可能是典型的逢低买入机会吗？</blockquote></p><p> Chewy Inc</p><p><blockquote>咀嚼公司</blockquote></p><p> Last on this list, we have an e-commerce company that specializes in pet products, Chewy. In essence, it provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. Pet lovers out there could access all these products through its chewy.com retail website, and its mobile applications. The company stock may have been trading sideways since the start of the year. But, it has still climbed by over 70% over the past year.</p><p><blockquote>最后，我们有一家专门从事宠物产品的电子商务公司，Chewy。本质上，它提供宠物食品和零食、宠物用品和宠物药物，以及其他宠物保健产品，以及宠物服务。宠物爱好者可以通过其 chewy.com 零售网站及其移动应用程序访问所有这些产品。该公司股票自今年年初以来可能一直横盘整理。但是，在过去的一年里，它仍然攀升了70%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/15d6c920416f733d0edf62d1148a8061\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In June, the company posted its first-quarter financial report that beat analysts’ expectations. Its net sales were $2.14 billion, growing 31.7% year-over-year. Meanwhile, its adjusted EBITDA came in at $77.4 million and its net income was $38.7 million. More importantly, Chewy added 600,000 active customers during the quarter which brings the number of active customers to 19.2 million. All in all, the company is growing in the right direction.</p><p><blockquote>今年 6 月，该公司发布的第一季度财务报告超出了分析师的预期。其净销售额为21.4亿美元，同比增长31.7%。与此同时，其调整后 EBITDA 为 7740 万美元，净利润为 3870 万美元。更重要的是，Chewy 在本季度增加了 60 万活跃客户，使活跃客户数量达到 1920 万。总而言之，该公司正朝着正确的方向发展。</blockquote></p><p> Furthermore, Chewy also continues to innovate on their popular telehealth service, Connect with a Vet. May’s expansion includes the highly anticipated video consultation feature which allows pre-scheduling virtual vet consultation and extended hours of operation including weekends. With this, customers gain more accessibility to the company’s services and a better experience overall. With that in mind, would CHWY stock make your watchlist?</p><p><blockquote>此外，Chewy还继续创新他们广受欢迎的远程医疗服务，与兽医联系。May 的扩展包括备受期待的视频咨询功能，该功能允许预先安排虚拟兽医咨询，并延长包括周末在内的营业时间。这样一来，客户就能更容易地获得公司的服务，并获得更好的整体体验。考虑到这一点，CHWY 股票会成为您的观察名单吗？</blockquote></p><p></p>","source":"lsy1603171495471","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>Best E-Commerce Stocks To Buy In July 2021? 4 Names In Focus<blockquote>2021 年 7 月最值得购买的电子商务股票？4个名字成为焦点</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\">\nBest E-Commerce Stocks To Buy In July 2021? 4 Names In Focus<blockquote>2021 年 7 月最值得购买的电子商务股票？4个名字成为焦点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-07-05 10:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Could These Be The Top E-Commerce Stocks To Watch Right Now?</p><p><blockquote>这些可能是目前最值得关注的电子商务股票吗？</blockquote></p><p> E-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as Pinterest Inc (NYSE: PINS) even have augmented reality features that would allow you to have a rough idea of what you’re getting.</p><p><blockquote>去年，电子商务股票在股市中度过了历史性的一年。嗯，这并不奇怪，因为世界上许多国家都被封锁了。当时，大多数购物活动都是在网上进行的。所以，即使是最初对网购持怀疑态度的人，也一定接触过电商平台。这当然也是由于技术的进步。一些公司的平台，如Pinterest公司（纽约证券交易所股票代码：PINS），甚至有增强现实功能，可以让你大致了解自己得到的是什么。</blockquote></p><p> The shift to online shopping has resulted in many emerging e-commerce companies. For example, we have Jumia Technologies (NYSE: JMIA) that aims to be the top online marketplace in the whole of Africa. Perhaps, this should not be overlooked as e-commerce is still a growing sector in Africa. Moreover, JMIA stock has already soared by more than 400% just within the past year. Now, if you are optimistic about the future of e-commerce, here’s a list of fourtop e-commerce stocks to watchin thestock market today.</p><p><blockquote>向网上购物的转变催生了许多新兴的电子商务公司。例如，我们有Jumia Technologies（纽约证券交易所代码：JMIA），它的目标是成为整个非洲顶级的在线市场。也许，这一点不应该被忽视，因为电子商务在非洲仍然是一个不断增长的行业。此外，JMIA 股价仅在过去一年就飙升了 400% 以上。现在，如果您对电子商务的未来持乐观态度，这里列出了今天值得关注的四大电子商务股票。</blockquote></p><p> Best E-Commerce Stocks To Watch</p><p><blockquote>最值得关注的电子商务股票</blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</b>(NASDAQ: ETSY)</li>  <li><b><a href=\"https://laohu8.com/S/EBAYL\">eBay</a> Inc</b>(NASDAQ: EBAY)</li>  <li><b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a> Group Holding Ltd</b>(NYSE: BABA)</li>  <li><b>Chewy Inc</b>(NYSE: CHWY)</li> </ul> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</b>（纳斯达克：ETSY）</li><li><b><a href=\"https://laohu8.com/S/EBAYL\">易趣</a>公司</b>（纳斯达克：EBAY）</li><li><b><a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>集团控股有限公司</b>（纽约证券交易所代码：BABA）</li><li><b>咀嚼公司</b>（纽约证券交易所代码：CHWY）</li></ul><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</blockquote></p><p> Let us start the list with Etsy. The company operates a marketplace where people globally connect, both online and offline to sell and buy goods. It also offers a range of seller services and tools that help entrepreneurs manage their businesses. As of now, the company’s seller services include Direct Checkout, Promoted Listings, Shipping Labels, and <a href=\"https://laohu8.com/S/PEGI\">Pattern</a> by Etsy. ETSY stock has risen by over 80% over the past year.</p><p><blockquote>让我们从Etsy开始。该公司运营着一个市场，人们在全球范围内通过线上和线下联系来买卖商品。它还提供一系列卖家服务和工具，帮助企业家管理他们的业务。截至目前，该公司的卖家服务包括直接结账、促销商品、运输标签和<a href=\"https://laohu8.com/S/PEGI\">模式</a>由Etsy。ETSY 股价在过去一年中上涨了 80% 以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4998810533317bc7562c92dbf9801556\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Monday, Etsy signed a definitive agreement to acquire Elo7, a privately held marketplace for unique, handmade items, ranked as a top 10 e-commerce site in Brazil. The Elo7 marketplace connects approximately 1.9 million active buyers with approximately 56,000 active sellers and currently has approximately 8 million items for sale. Hence, this deal would establish Etsy’s presence in Latin America, an underpenetrated e-commerce region.</p><p><blockquote>周一，Etsy签署了一项最终协议，收购Elo7，这是一个私人持有的独特手工制品市场，被列为巴西十大电子商务网站。Elo7市场连接了大约190万活跃买家和大约56,000名活跃卖家，目前有大约800万件待售商品。因此，这笔交易将确立 Etsy 在拉丁美洲这个电子商务渗透率较低的地区的地位。</blockquote></p><p> Etsy is not resting on its laurels. It also signed a definitive agreement to acquire Depop, a purpose-driven marketplace for unique fashion for $1.625 billion earlier in June. Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world’s most diverse and progressive home of fashion. It appears that 90% of Depop’s active users are under the age of 26. So, this could serve as a resale home for Gen Z consumers to the Etsy family. Given all these exciting developments, would you consider investing in ETSY stock?</p><p><blockquote>Etsy并没有固步自封。6 月初，该公司还签署了一项最终协议，以 16.25 亿美元收购 Depop，这是一个以目的为导向的独特时尚市场。Depop 是一个由社区驱动的买卖独特时尚的市场，其使命是打造世界上最多元化、最进步的时尚之家。Depop 90% 的活跃用户年龄在 26 岁以下。因此，这可以作为Z世代消费者向Etsy家族转售的家。鉴于所有这些令人兴奋的发展，您会考虑投资 ETSY 股票吗？</blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> Inc</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>公司</blockquote></p><p> Next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the industry leaders of e-commerce, <a href=\"https://laohu8.com/S/EBAYL\">eBay</a>. Essentially, the company operates marketplace platforms that connect buyers and sellers globally. This includes its online marketplace at ebay.com and the <a href=\"https://laohu8.com/S/EBAY\">eBay</a> suite of mobile apps. So, you could buy, sell, and pay for items through various online and offline channels. eBay stock has been <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the better-performing stocks within the e-commerce space this year. It has climbed by over 35% year-to-date.</p><p><blockquote>接下来，我们<a href=\"https://laohu8.com/S/AONE\">一</a>电子商务的行业龙头，<a href=\"https://laohu8.com/S/EBAYL\">易趣</a>本质上，该公司运营着连接全球买家和卖家的市场平台。这包括其在 ebay.com 的在线市场和<a href=\"https://laohu8.com/S/EBAY\">易趣</a>移动应用程序套件。因此，您可以通过各种在线和离线渠道购买、出售和支付商品。eBay 股票一直<a href=\"https://laohu8.com/S/AONE.U\">一</a>今年电子商务领域表现较好的股票之一。今年迄今为止，它已经攀升了35%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3225891cc70ad7e916ca99aa07101ba2\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> last week, the company announced the completion of the transfer of its Classifieds business to Adevinta in exchange for $2.5 billion cash and a 44% equity stake in Adevinta. This combination will hopefully create a leading global online classifieds business. In the long run, both companies will be primed to benefit from its combined portfolio that may offer additional value for its customers and shareholders.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上周，该公司宣布完成将其分类广告业务转让给Adevinta，以换取25亿美元现金和Adevinta 44%的股权。这种合并有望创建一个领先的全球在线分类广告业务。从长远来看，两家公司都将从其合并的投资组合中受益，这可能会为其客户和股东提供额外的价值。</blockquote></p><p> eBay also had an impressive first quarter to start the year with the highest revenue growth since 2005. Its revenue was $3.0 billion, up 42% on an as-reported basis. There was also increased activity on its platform. Annual active buyers grew by 7%, now at a total of 187 million. Meanwhile, its annual active sellers grew by 8%, for a total of 20 million. We can see that the company is firing on all cylinders as we recover from the global pandemic. With that in mind, would you add EBAY stock to your watchlist?</p><p><blockquote>eBay 第一季度的收入增长也令人印象深刻，创下了 2005 年以来的最高纪录。其收入为 30 亿美元，比报告增长 42%。其平台上的活动也有所增加。年度活跃买家增长了 7%，目前总数为 1.87 亿。与此同时，其年度活跃卖家增长了 8%，总数达到 2000 万。我们可以看到，随着我们从全球疫情中复苏，该公司正在全力以赴。考虑到这一点，您会将易贝股票添加到您的观察列表中吗？</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/09988\">Alibaba</a> Group Holding Ltd</p><p><blockquote><a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>集团控股有限公司</blockquote></p><p> Coming up next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the largest e-commerce companies in the world, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a>. The company’s technology infrastructure and marketing reach help merchants and brands to leverage the power of technology to engage its users, and customers to operate. As of today, its three main sites, Taobao, Tmall, and <a href=\"https://laohu8.com/S/09988\">Alibaba</a>.com boast hundreds of millions of users and host millions of merchants and businesses.</p><p><blockquote>接下来，我们有<a href=\"https://laohu8.com/S/AONE\">一</a>全球最大的电子商务公司，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>. 公司的技术基础设施和营销影响力帮助商家和品牌利用技术的力量吸引用户，让客户开展业务。截至今日，其淘宝、天猫、<a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>.com拥有数亿用户，拥有数百万商家和企业。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fd0bf902b6908baca1ebc71478c54967\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Fundamentally, the company is as strong as ever. For its fourth-quarter fiscal 2021 earnings report, its revenue climbed to $28.6 billion, representing a 64% increase. Alibaba also reported 811 million annual active consumers in <a href=\"https://laohu8.com/S/CAAS\">China</a> which represents an 11% growth year-over-year. This is important because retaining and attracting active consumers would support the company’s business model.</p><p><blockquote>从根本上说，该公司一如既往地强大。在2021财年第四季度收益报告中，其收入攀升至286亿美元，增长64%。阿里巴巴-SW还报告称，年活跃消费者人数为 8.11 亿<a href=\"https://laohu8.com/S/CAAS\">中国</a>同比增长 11%。这一点很重要，因为留住和吸引活跃的消费者将支持公司的商业模式。</blockquote></p><p> That said, it has not been a fantastic year for Alibaba this year. The company’s struggle this year was affected by the Chinese government. Alibaba was hit with a record fine of $2.75 billion earlier in April. However, the worst could be over for the company as the Chinese government is slowly shifting its focus to the company’s competitors. So, if you have missed the boat on BABA stock prior to this, could this be the classic buy-on-dip opportunity?</p><p><blockquote>也就是说，今年对阿里巴巴-SW来说并不是美好的一年。该公司今年的困境受到了中国政府的影响。4月初，阿里巴巴-SW被处以创纪录的27.5亿美元罚款。然而，随着中国政府慢慢将注意力转向该公司的竞争对手，该公司最糟糕的时期可能已经过去。那么，如果你在此之前错过了阿里巴巴股票的机会，这可能是典型的逢低买入机会吗？</blockquote></p><p> Chewy Inc</p><p><blockquote>咀嚼公司</blockquote></p><p> Last on this list, we have an e-commerce company that specializes in pet products, Chewy. In essence, it provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. Pet lovers out there could access all these products through its chewy.com retail website, and its mobile applications. The company stock may have been trading sideways since the start of the year. But, it has still climbed by over 70% over the past year.</p><p><blockquote>最后，我们有一家专门从事宠物产品的电子商务公司，Chewy。本质上，它提供宠物食品和零食、宠物用品和宠物药物，以及其他宠物保健产品，以及宠物服务。宠物爱好者可以通过其 chewy.com 零售网站及其移动应用程序访问所有这些产品。该公司股票自今年年初以来可能一直横盘整理。但是，在过去的一年里，它仍然攀升了70%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/15d6c920416f733d0edf62d1148a8061\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In June, the company posted its first-quarter financial report that beat analysts’ expectations. Its net sales were $2.14 billion, growing 31.7% year-over-year. Meanwhile, its adjusted EBITDA came in at $77.4 million and its net income was $38.7 million. More importantly, Chewy added 600,000 active customers during the quarter which brings the number of active customers to 19.2 million. All in all, the company is growing in the right direction.</p><p><blockquote>今年 6 月，该公司发布的第一季度财务报告超出了分析师的预期。其净销售额为21.4亿美元，同比增长31.7%。与此同时，其调整后 EBITDA 为 7740 万美元，净利润为 3870 万美元。更重要的是，Chewy 在本季度增加了 60 万活跃客户，使活跃客户数量达到 1920 万。总而言之，该公司正朝着正确的方向发展。</blockquote></p><p> Furthermore, Chewy also continues to innovate on their popular telehealth service, Connect with a Vet. May’s expansion includes the highly anticipated video consultation feature which allows pre-scheduling virtual vet consultation and extended hours of operation including weekends. With this, customers gain more accessibility to the company’s services and a better experience overall. With that in mind, would CHWY stock make your watchlist?</p><p><blockquote>此外，Chewy还继续创新他们广受欢迎的远程医疗服务，与兽医联系。May 的扩展包括备受期待的视频咨询功能，该功能允许预先安排虚拟兽医咨询，并延长包括周末在内的营业时间。这样一来，客户就能更容易地获得公司的服务，并获得更好的整体体验。考虑到这一点，CHWY 股票会成为您的观察名单吗？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/best-e-commerce-stocks-to-buy-in-july-2021-4-names-in-focus-2021-07-02\">Nasdaq</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":{"EBAY":"eBay","BABA":"阿里巴巴","CHWY":"Chewy, Inc.","ETSY":"Etsy, Inc."},"source_url":"https://www.nasdaq.com/articles/best-e-commerce-stocks-to-buy-in-july-2021-4-names-in-focus-2021-07-02","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170100655","content_text":"Could These Be The Top E-Commerce Stocks To Watch Right Now?\nE-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as Pinterest Inc (NYSE: PINS) even have augmented reality features that would allow you to have a rough idea of what you’re getting.\nThe shift to online shopping has resulted in many emerging e-commerce companies. For example, we have Jumia Technologies (NYSE: JMIA) that aims to be the top online marketplace in the whole of Africa. Perhaps, this should not be overlooked as e-commerce is still a growing sector in Africa. Moreover, JMIA stock has already soared by more than 400% just within the past year. Now, if you are optimistic about the future of e-commerce, here’s a list of fourtop e-commerce stocks to watchin thestock market today.\nBest E-Commerce Stocks To Watch\n\nEtsy Inc(NASDAQ: ETSY)\neBay Inc(NASDAQ: EBAY)\nAlibaba Group Holding Ltd(NYSE: BABA)\nChewy Inc(NYSE: CHWY)\n\nEtsy Inc\nLet us start the list with Etsy. The company operates a marketplace where people globally connect, both online and offline to sell and buy goods. It also offers a range of seller services and tools that help entrepreneurs manage their businesses. As of now, the company’s seller services include Direct Checkout, Promoted Listings, Shipping Labels, and Pattern by Etsy. ETSY stock has risen by over 80% over the past year.\n\nOn Monday, Etsy signed a definitive agreement to acquire Elo7, a privately held marketplace for unique, handmade items, ranked as a top 10 e-commerce site in Brazil. The Elo7 marketplace connects approximately 1.9 million active buyers with approximately 56,000 active sellers and currently has approximately 8 million items for sale. Hence, this deal would establish Etsy’s presence in Latin America, an underpenetrated e-commerce region.\nEtsy is not resting on its laurels. It also signed a definitive agreement to acquire Depop, a purpose-driven marketplace for unique fashion for $1.625 billion earlier in June. Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world’s most diverse and progressive home of fashion. It appears that 90% of Depop’s active users are under the age of 26. So, this could serve as a resale home for Gen Z consumers to the Etsy family. Given all these exciting developments, would you consider investing in ETSY stock?\neBay Inc\nNext, we have one of the industry leaders of e-commerce, eBay. Essentially, the company operates marketplace platforms that connect buyers and sellers globally. This includes its online marketplace at ebay.com and the eBay suite of mobile apps. So, you could buy, sell, and pay for items through various online and offline channels. eBay stock has been one of the better-performing stocks within the e-commerce space this year. It has climbed by over 35% year-to-date.\n\nJust last week, the company announced the completion of the transfer of its Classifieds business to Adevinta in exchange for $2.5 billion cash and a 44% equity stake in Adevinta. This combination will hopefully create a leading global online classifieds business. In the long run, both companies will be primed to benefit from its combined portfolio that may offer additional value for its customers and shareholders.\neBay also had an impressive first quarter to start the year with the highest revenue growth since 2005. Its revenue was $3.0 billion, up 42% on an as-reported basis. There was also increased activity on its platform. Annual active buyers grew by 7%, now at a total of 187 million. Meanwhile, its annual active sellers grew by 8%, for a total of 20 million. We can see that the company is firing on all cylinders as we recover from the global pandemic. With that in mind, would you add EBAY stock to your watchlist?\nAlibaba Group Holding Ltd\nComing up next, we have one of the largest e-commerce companies in the world, Alibaba. The company’s technology infrastructure and marketing reach help merchants and brands to leverage the power of technology to engage its users, and customers to operate. As of today, its three main sites, Taobao, Tmall, and Alibaba.com boast hundreds of millions of users and host millions of merchants and businesses.\n\nFundamentally, the company is as strong as ever. For its fourth-quarter fiscal 2021 earnings report, its revenue climbed to $28.6 billion, representing a 64% increase. Alibaba also reported 811 million annual active consumers in China which represents an 11% growth year-over-year. This is important because retaining and attracting active consumers would support the company’s business model.\nThat said, it has not been a fantastic year for Alibaba this year. The company’s struggle this year was affected by the Chinese government. Alibaba was hit with a record fine of $2.75 billion earlier in April. However, the worst could be over for the company as the Chinese government is slowly shifting its focus to the company’s competitors. So, if you have missed the boat on BABA stock prior to this, could this be the classic buy-on-dip opportunity?\nChewy Inc\nLast on this list, we have an e-commerce company that specializes in pet products, Chewy. In essence, it provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. Pet lovers out there could access all these products through its chewy.com retail website, and its mobile applications. The company stock may have been trading sideways since the start of the year. But, it has still climbed by over 70% over the past year.\n\nIn June, the company posted its first-quarter financial report that beat analysts’ expectations. Its net sales were $2.14 billion, growing 31.7% year-over-year. Meanwhile, its adjusted EBITDA came in at $77.4 million and its net income was $38.7 million. More importantly, Chewy added 600,000 active customers during the quarter which brings the number of active customers to 19.2 million. All in all, the company is growing in the right direction.\nFurthermore, Chewy also continues to innovate on their popular telehealth service, Connect with a Vet. May’s expansion includes the highly anticipated video consultation feature which allows pre-scheduling virtual vet consultation and extended hours of operation including weekends. With this, customers gain more accessibility to the company’s services and a better experience overall. With that in mind, would CHWY stock make your watchlist?","news_type":1,"symbols_score_info":{"BOTB.UK":0.9,"EBAY":0.9,"ETSY":0.9,"BABA":0.9,"CHWY":0.9}},"isVote":1,"tweetType":1,"viewCount":2513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154313139,"gmtCreate":1625478471021,"gmtModify":1631891062881,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154313139","repostId":"2149384519","repostType":2,"isVote":1,"tweetType":1,"viewCount":3548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152400456,"gmtCreate":1625320487775,"gmtModify":1631891062877,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/152400456","repostId":"2148802607","repostType":2,"repost":{"id":"2148802607","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625296316,"share":"https://www.laohunote.com/m/news/2148802607?lang=zh_CN&edition=full","pubTime":"2021-07-03 15:11","market":"us","language":"en","title":"UPDATE 2-Britain's Morrisons agrees $8.7 bln offer from Fortress Investment Group<blockquote>更新 2-英国莫里森同意堡垒投资集团 87 亿美元的报价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2148802607","media":"Reuters","summary":"* Fortress offers 254 pence a share   * Tops CD&R's proposal of 230 pence   * Fortress approached Mo","content":"<p><html><body>* Fortress offers 254 pence a share</p><p><blockquote><html><body>* Fortress 提供每股 254 便士</body></html></blockquote></p><p>   * Tops CD&amp;R's proposal of 230 pence</p><p><blockquote>* 超过 CD&amp;R 的 230 便士提案</blockquote></p><p>   * Fortress approached Morrisons on May 4</p><p><blockquote>*Fortress于5月4日接近Morrisons</blockquote></p><p>   * Morrisons says Fortress would be suitable owner</p><p><blockquote>* 莫里森表示堡垒将是合适的所有者</blockquote></p><p> (Adds detail, Morrisons chairman, Fortress comment)</p><p><blockquote>（补充细节，莫里森董事长，堡垒评论）</blockquote></p><p>   By James Davey</p><p><blockquote>詹姆斯·戴维</blockquote></p><p>   LONDON, July 3 (Reuters) - Morrisons    has agreed a takeover offer from Fortress Investment Group, which values Britain's fourth largest supermarket operator at 6.3 billion pounds ($8.7 billion), and tops a rival bid proposal from a U.S. private equity firm.</p><p><blockquote>路透伦敦 7 月 3 日 - 莫里森已同意堡垒投资集团 (Fortress Investment Group) 的收购要约，该集团对英国第四大超市运营商的估值为 63 亿英镑（87 亿美元），超过了一家美国私募股权公司的竞争对手收购要约。</blockquote></p><p>   The offer from Fortress, which is backed by Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a 5.52 billion pound proposal from Clayton, Dubilier &amp; Rice (CD&amp;R), which Morrisons rejected on June 19, saying it was far too low.  </p><p><blockquote>Fortress 的报价得到了加拿大养老金计划投资委员会和科赫房地产投资公司的支持，超过了 Clayton, Dubilier &amp; Rice (CD&amp;R) 55.2 亿英镑的报价，莫里森于 6 月 19 日拒绝了该报价，称其太低了。</blockquote></p><p>   “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects,\" said Chairman Andrew Higginson.</p><p><blockquote>“莫里森公司董事长安德鲁-希金森（Andrew Higginson）说：”莫里森公司董事认为，这一要约对股东来说是一个公平且值得推荐的价格，也是对莫里森公司未来前景的认可。</blockquote></p><p>   \"We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming,\" he said.</p><p><blockquote>“他说：”我们非常仔细地研究了 Fortress 的做法、他们的业务计划，以及他们作为一家拥有 11 万多名同事、在英国食品生产和农业中发挥重要作用的独特英国食品制造商和店主的整体适宜性。</blockquote></p><p>   Fortress is a global investment manager with about $53 billion in assets under management as of March.</p><p><blockquote>Fortress 是一家全球投资管理公司，截至 3 月份管理着约 530 亿美元的资产。</blockquote></p><p>   \"We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term,\" said managing partner, Joshua A. Pack.</p><p><blockquote>执行合伙人约书亚·A·帕克 (Joshua A. Pack) 表示：“我们致力于成为莫里森的优秀管理者，从长远来看，最好地服务于其利益相关者团体和更广泛的英国公众。”</blockquote></p><p>   Under the terms of the deal, which Morrisons' board is recommending to shareholders, investors would receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.</p><p><blockquote>根据莫里森董事会向股东推荐的交易条款，投资者将获得每股 254 便士，其中包括 252 便士现金和 2 便士现金股息。</blockquote></p><p>   Morrisons, based in Bradford, northern England, started out as an egg and butter merchant in 1899. It now only trails market leader Tesco   , Sainsbury's    and Asda in annual sales.</p><p><blockquote>莫里森总部位于英格兰北部的布拉德福德，于1899年开始做鸡蛋和黄油商人。目前，它的年销售额仅次于市场领导者 Tesco、Sainsbury's 和 Asda。</blockquote></p><p>   Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites. It is unique among British supermarkets in making over half of the fresh food it sells.</p><p><blockquote>莫里森拥有其近 500 家商店中的 85%，并拥有 19 个大部分是永久保有的制造基地。它在英国超市中是独一无二的，因为它销售的新鲜食品占了一半以上。</blockquote></p><p>   It said the offer represents a premium of 42% to its closing share price of 178 pence on June 18 - the last business day before CD&amp;R's proposal.</p><p><blockquote>该公司表示，该要约较 6 月 18 日（CD&amp;R 提出要约前的最后一个工作日）178 便士的收盘价溢价 42%。</blockquote></p><p>   Shares in Morrisons closed on Friday at 243 pence, valuing the business at 5.8 billion pounds.</p><p><blockquote>Morrisons 股价周五收于 243 便士，公司估值为 58 亿英镑。</blockquote></p><p>   FIVE PROPOSALS</p><p><blockquote>五项建议</blockquote></p><p>   CD&amp;R had no immediate comment.</p><p><blockquote>CD&amp;R没有立即发表评论。</blockquote></p><p>   Under British takeover rules CD&amp;R has until July 17 to come back with a firm offer.</p><p><blockquote>根据英国收购规则，CD&amp;R 必须在 7 月 17 日之前提出确定的报价。</blockquote></p><p>   Morrisons has a partnership agreement with Amazon    and there has been speculation it could emerge as a possible bidder too.        </p><p><blockquote>莫里森与亚马逊签订了合作协议，有人猜测它也可能成为可能的竞标者。</blockquote></p><p>   Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. This offer was not made public. Fortress then made four subsequent proposals before its offer reached a total value of 254 a share on June 5.</p><p><blockquote>莫里森表示，5 月 4 日收到了 Fortress 的初步主动报价，价格为每股 220 便士。这一提议没有公开。Fortress 随后提出了四项后续提案，最终在 6 月 5 日的报价总价值达到每股 254 美元。</blockquote></p><p>   The Fortress deal underlines the growing appetite for UK supermarket groups, seen as attractive because of their cash generation and freehold assets.</p><p><blockquote>Fortress 交易凸显了人们对英国超市集团日益增长的兴趣，这些集团因其现金生成和永久保有资产而被视为具有吸引力。</blockquote></p><p>   In February, Zuber and Mohsin Issa and private equity firm TDR Capital purchased a majority stake in Asda from Walmart</p><p><blockquote>二月份，Zuber 和 Mohsin Issa 以及私募股权公司 TDR Capital 从沃尔玛购买了 Asda 的多数股权</blockquote></p><p>  in a deal valuing the UK grocer at 6.8 billion pounds.</p><p><blockquote>这笔交易对这家英国杂货商的估值为 68 亿英镑。</blockquote></p><p>   That transaction followed Sainsbury's failure to take over Asda after an agreed deal was blocked by Britain's competition regulator in 2019.</p><p><blockquote>在这笔交易之前，塞恩斯伯里在 2019 年商定的交易被英国竞争监管机构阻止后未能收购阿斯达。</blockquote></p><p>   In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury's to almost 10%, igniting bid speculation. </p><p><blockquote>今年 4 月，捷克亿万富翁丹尼尔·克雷廷斯基 (Daniel Kretinsky) 将其在塞恩斯伯里百货 (Sainsbury's) 的股份增至近 10%，引发了竞购猜测。</blockquote></p><p>   ($1 = 0.7235 pounds)</p><p><blockquote>（1美元=0.7235英镑）</blockquote></p><p> (Reporting by James Davey; Editing by Jane Merriman)</p><p><blockquote>（詹姆斯·戴维报道；简·梅里曼编辑）</blockquote></p><p>((james.davey@thomsonreuters.com))</p><p><blockquote>（（james.davey@thomsonreuters.com））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UPDATE 2-Britain's Morrisons agrees $8.7 bln offer from Fortress Investment Group<blockquote>更新 2-英国莫里森同意堡垒投资集团 87 亿美元的报价</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUPDATE 2-Britain's Morrisons agrees $8.7 bln offer from Fortress Investment Group<blockquote>更新 2-英国莫里森同意堡垒投资集团 87 亿美元的报价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-07-03 15:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>* Fortress offers 254 pence a share</p><p><blockquote><html><body>* Fortress 提供每股 254 便士</body></html></blockquote></p><p>   * Tops CD&amp;R's proposal of 230 pence</p><p><blockquote>* 超过 CD&amp;R 的 230 便士提案</blockquote></p><p>   * Fortress approached Morrisons on May 4</p><p><blockquote>*Fortress于5月4日接近Morrisons</blockquote></p><p>   * Morrisons says Fortress would be suitable owner</p><p><blockquote>* 莫里森表示堡垒将是合适的所有者</blockquote></p><p> (Adds detail, Morrisons chairman, Fortress comment)</p><p><blockquote>（补充细节，莫里森董事长，堡垒评论）</blockquote></p><p>   By James Davey</p><p><blockquote>詹姆斯·戴维</blockquote></p><p>   LONDON, July 3 (Reuters) - Morrisons    has agreed a takeover offer from Fortress Investment Group, which values Britain's fourth largest supermarket operator at 6.3 billion pounds ($8.7 billion), and tops a rival bid proposal from a U.S. private equity firm.</p><p><blockquote>路透伦敦 7 月 3 日 - 莫里森已同意堡垒投资集团 (Fortress Investment Group) 的收购要约，该集团对英国第四大超市运营商的估值为 63 亿英镑（87 亿美元），超过了一家美国私募股权公司的竞争对手收购要约。</blockquote></p><p>   The offer from Fortress, which is backed by Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a 5.52 billion pound proposal from Clayton, Dubilier &amp; Rice (CD&amp;R), which Morrisons rejected on June 19, saying it was far too low.  </p><p><blockquote>Fortress 的报价得到了加拿大养老金计划投资委员会和科赫房地产投资公司的支持，超过了 Clayton, Dubilier &amp; Rice (CD&amp;R) 55.2 亿英镑的报价，莫里森于 6 月 19 日拒绝了该报价，称其太低了。</blockquote></p><p>   “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects,\" said Chairman Andrew Higginson.</p><p><blockquote>“莫里森公司董事长安德鲁-希金森（Andrew Higginson）说：”莫里森公司董事认为，这一要约对股东来说是一个公平且值得推荐的价格，也是对莫里森公司未来前景的认可。</blockquote></p><p>   \"We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming,\" he said.</p><p><blockquote>“他说：”我们非常仔细地研究了 Fortress 的做法、他们的业务计划，以及他们作为一家拥有 11 万多名同事、在英国食品生产和农业中发挥重要作用的独特英国食品制造商和店主的整体适宜性。</blockquote></p><p>   Fortress is a global investment manager with about $53 billion in assets under management as of March.</p><p><blockquote>Fortress 是一家全球投资管理公司，截至 3 月份管理着约 530 亿美元的资产。</blockquote></p><p>   \"We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term,\" said managing partner, Joshua A. Pack.</p><p><blockquote>执行合伙人约书亚·A·帕克 (Joshua A. Pack) 表示：“我们致力于成为莫里森的优秀管理者，从长远来看，最好地服务于其利益相关者团体和更广泛的英国公众。”</blockquote></p><p>   Under the terms of the deal, which Morrisons' board is recommending to shareholders, investors would receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.</p><p><blockquote>根据莫里森董事会向股东推荐的交易条款，投资者将获得每股 254 便士，其中包括 252 便士现金和 2 便士现金股息。</blockquote></p><p>   Morrisons, based in Bradford, northern England, started out as an egg and butter merchant in 1899. It now only trails market leader Tesco   , Sainsbury's    and Asda in annual sales.</p><p><blockquote>莫里森总部位于英格兰北部的布拉德福德，于1899年开始做鸡蛋和黄油商人。目前，它的年销售额仅次于市场领导者 Tesco、Sainsbury's 和 Asda。</blockquote></p><p>   Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites. It is unique among British supermarkets in making over half of the fresh food it sells.</p><p><blockquote>莫里森拥有其近 500 家商店中的 85%，并拥有 19 个大部分是永久保有的制造基地。它在英国超市中是独一无二的，因为它销售的新鲜食品占了一半以上。</blockquote></p><p>   It said the offer represents a premium of 42% to its closing share price of 178 pence on June 18 - the last business day before CD&amp;R's proposal.</p><p><blockquote>该公司表示，该要约较 6 月 18 日（CD&amp;R 提出要约前的最后一个工作日）178 便士的收盘价溢价 42%。</blockquote></p><p>   Shares in Morrisons closed on Friday at 243 pence, valuing the business at 5.8 billion pounds.</p><p><blockquote>Morrisons 股价周五收于 243 便士，公司估值为 58 亿英镑。</blockquote></p><p>   FIVE PROPOSALS</p><p><blockquote>五项建议</blockquote></p><p>   CD&amp;R had no immediate comment.</p><p><blockquote>CD&amp;R没有立即发表评论。</blockquote></p><p>   Under British takeover rules CD&amp;R has until July 17 to come back with a firm offer.</p><p><blockquote>根据英国收购规则，CD&amp;R 必须在 7 月 17 日之前提出确定的报价。</blockquote></p><p>   Morrisons has a partnership agreement with Amazon    and there has been speculation it could emerge as a possible bidder too.        </p><p><blockquote>莫里森与亚马逊签订了合作协议，有人猜测它也可能成为可能的竞标者。</blockquote></p><p>   Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. This offer was not made public. Fortress then made four subsequent proposals before its offer reached a total value of 254 a share on June 5.</p><p><blockquote>莫里森表示，5 月 4 日收到了 Fortress 的初步主动报价，价格为每股 220 便士。这一提议没有公开。Fortress 随后提出了四项后续提案，最终在 6 月 5 日的报价总价值达到每股 254 美元。</blockquote></p><p>   The Fortress deal underlines the growing appetite for UK supermarket groups, seen as attractive because of their cash generation and freehold assets.</p><p><blockquote>Fortress 交易凸显了人们对英国超市集团日益增长的兴趣，这些集团因其现金生成和永久保有资产而被视为具有吸引力。</blockquote></p><p>   In February, Zuber and Mohsin Issa and private equity firm TDR Capital purchased a majority stake in Asda from Walmart</p><p><blockquote>二月份，Zuber 和 Mohsin Issa 以及私募股权公司 TDR Capital 从沃尔玛购买了 Asda 的多数股权</blockquote></p><p>  in a deal valuing the UK grocer at 6.8 billion pounds.</p><p><blockquote>这笔交易对这家英国杂货商的估值为 68 亿英镑。</blockquote></p><p>   That transaction followed Sainsbury's failure to take over Asda after an agreed deal was blocked by Britain's competition regulator in 2019.</p><p><blockquote>在这笔交易之前，塞恩斯伯里在 2019 年商定的交易被英国竞争监管机构阻止后未能收购阿斯达。</blockquote></p><p>   In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury's to almost 10%, igniting bid speculation. </p><p><blockquote>今年 4 月，捷克亿万富翁丹尼尔·克雷廷斯基 (Daniel Kretinsky) 将其在塞恩斯伯里百货 (Sainsbury's) 的股份增至近 10%，引发了竞购猜测。</blockquote></p><p>   ($1 = 0.7235 pounds)</p><p><blockquote>（1美元=0.7235英镑）</blockquote></p><p> (Reporting by James Davey; Editing by Jane Merriman)</p><p><blockquote>（詹姆斯·戴维报道；简·梅里曼编辑）</blockquote></p><p>((james.davey@thomsonreuters.com))</p><p><blockquote>（（james.davey@thomsonreuters.com））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","AMZN":"亚马逊","03086":"华夏纳指","09086":"华夏纳指-U"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148802607","content_text":"* Fortress offers 254 pence a share   * Tops CD&R's proposal of 230 pence   * Fortress approached Morrisons on May 4   * Morrisons says Fortress would be suitable owner (Adds detail, Morrisons chairman, Fortress comment)   By James Davey   LONDON, July 3 (Reuters) - Morrisons    has agreed a takeover offer from Fortress Investment Group, which values Britain's fourth largest supermarket operator at 6.3 billion pounds ($8.7 billion), and tops a rival bid proposal from a U.S. private equity firm.   The offer from Fortress, which is backed by Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a 5.52 billion pound proposal from Clayton, Dubilier & Rice (CD&R), which Morrisons rejected on June 19, saying it was far too low.     “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects,\" said Chairman Andrew Higginson.   \"We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming,\" he said.   Fortress is a global investment manager with about $53 billion in assets under management as of March.   \"We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term,\" said managing partner, Joshua A. Pack.   Under the terms of the deal, which Morrisons' board is recommending to shareholders, investors would receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.   Morrisons, based in Bradford, northern England, started out as an egg and butter merchant in 1899. It now only trails market leader Tesco   , Sainsbury's    and Asda in annual sales.   Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites. It is unique among British supermarkets in making over half of the fresh food it sells.   It said the offer represents a premium of 42% to its closing share price of 178 pence on June 18 - the last business day before CD&R's proposal.   Shares in Morrisons closed on Friday at 243 pence, valuing the business at 5.8 billion pounds.   FIVE PROPOSALS   CD&R had no immediate comment.   Under British takeover rules CD&R has until July 17 to come back with a firm offer.   Morrisons has a partnership agreement with Amazon    and there has been speculation it could emerge as a possible bidder too.           Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. This offer was not made public. Fortress then made four subsequent proposals before its offer reached a total value of 254 a share on June 5.   The Fortress deal underlines the growing appetite for UK supermarket groups, seen as attractive because of their cash generation and freehold assets.   In February, Zuber and Mohsin Issa and private equity firm TDR Capital purchased a majority stake in Asda from Walmart  in a deal valuing the UK grocer at 6.8 billion pounds.   That transaction followed Sainsbury's failure to take over Asda after an agreed deal was blocked by Britain's competition regulator in 2019.   In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury's to almost 10%, igniting bid speculation.    ($1 = 0.7235 pounds) (Reporting by James Davey; Editing by Jane Merriman)((james.davey@thomsonreuters.com))","news_type":1,"symbols_score_info":{"AMZN":0.9,"03086":0.6,"09086":0.6,"QNETCN":0.6}},"isVote":1,"tweetType":1,"viewCount":3033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153586133,"gmtCreate":1625035014122,"gmtModify":1631893320031,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/153586133","repostId":"2147893441","repostType":2,"isVote":1,"tweetType":1,"viewCount":958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159083431,"gmtCreate":1624931311123,"gmtModify":1631893320044,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/159083431","repostId":"2146839601","repostType":2,"isVote":1,"tweetType":1,"viewCount":900,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150980363,"gmtCreate":1624882122752,"gmtModify":1631893320063,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150980363","repostId":"2146488296","repostType":2,"isVote":1,"tweetType":1,"viewCount":882,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126006988,"gmtCreate":1624535520344,"gmtModify":1631893320076,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"thank","listText":"thank","text":"thank","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/126006988","repostId":"1198422658","repostType":2,"isVote":1,"tweetType":1,"viewCount":930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128119578,"gmtCreate":1624505468194,"gmtModify":1631893320080,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/128119578","repostId":"1138770085","repostType":2,"repost":{"id":"1138770085","kind":"news","pubTimestamp":1621342469,"share":"https://www.laohunote.com/m/news/1138770085?lang=zh_CN&edition=full","pubTime":"2021-05-18 20:54","market":"us","language":"en","title":"8 Stocks That Pop—or Drop—After Earnings<blockquote>财报公布后上涨或下跌的 8 只股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138770085","media":"Barrons","summary":"Earnings season is still going strong, with all its idiosyncrasies front and center. Generally stabl","content":"<p>Earnings season is still going strong, with all its idiosyncrasies front and center. Generally stable stocks can go through a bout of volatility—and high-growth ones, by their very nature more unpredictable, can really spike or slump depending on the numbers.</p><p><blockquote>财报季依然强劲，其所有特质都占据了中心位置。一般来说，稳定的股票可能会经历一轮波动，而高增长的股票本质上更不可预测，实际上可能会根据数字飙升或暴跌。</blockquote></p><p> Netflix(ticker: NFLX) stock stumbled in April after its subscriber growth figures&nbsp;missed the mark.Walt Disney&nbsp;(DIS) was the&nbsp;latest example. Investors cared more about&nbsp;disappointing user figures for Disney+&nbsp;than the earnings beat. Then there are companies like smart-speaker maker Sonos (SONO), which has&nbsp;made a habit of double-digit moves in recent quarters&nbsp;as analysts struggled to size up its sales prospects.</p><p><blockquote>Netflix（股票代码：NFLX）股价在 4 月份因订户增长数据未达标而下跌。华特迪士尼 (DIS) 就是最新的例子。投资者更关心 Disney+ 令人失望的用户数据，而不是盈利增长。还有智能扬声器制造商 Sonos (SONO) 等公司，由于分析师难以评估其销售前景，该公司在最近几个季度养成了两位数变动的习惯。</blockquote></p><p> These earnings quirks got us thinking about which companies are most likely to pop up—or down—after reporting results. Using FactSet and Dow Jones Market Data, we screened for Russell 1000 firms that have reported at least eight quarters of results within the past five years. Then we looked for the average absolute post-earnings percentage changes in that time frame. We found eight stocks that do the dance.</p><p><blockquote>这些盈利怪癖让我们思考哪些公司在公布业绩后最有可能上涨或下跌。我们使用 FactSet 和道琼斯市场数据，筛选了过去五年内至少报告了八个季度业绩的罗素 1000 指数公司。然后，我们寻找了该时间段内的平均绝对盈利后百分比变化。我们找到了八只跳舞的股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e54c8198e2c4e7b937297f831956e0d8\" tg-width=\"948\" tg-height=\"736\"></p><p><blockquote></blockquote></p><p> Of the eight, a few things stand out. First, although we limited the screen to companies with at least two years of results, only one—solar-solutions designer and maker&nbsp;Enphase Energy(ENPH)—has been public for all of the five years we looked at.</p><p><blockquote>在这八件事中，有几件事很突出。首先，尽管我们将屏幕限制在至少有两年业绩的公司，但在我们研究的五年中，只有一家公司——太阳能解决方案设计师和制造商 Enphase Energy (ENPH)——一直在上市。</blockquote></p><p> Newly public companies also often have the wildest post-earnings moves because analysts are still learning how to size them up. Without a track record of delivering, or missing, on guidance figures, there’s more room for error. Analysts, who form the consensus estimates, are still learning the companies—and their peculiarities. Covid-19 has added another wrinkle since many companies&nbsp;withdrew guidance last year&nbsp;because of all the economic disruptions.</p><p><blockquote>新上市公司也经常有最疯狂的财报后走势，因为分析师仍在学习如何调整它们的规模。如果没有交付或缺失指导数字的记录，就会有更大的出错空间。形成共识估计的分析师仍在了解这些公司及其特点。自从去年许多公司因所有经济中断而撤回指导以来，新冠肺炎又增加了一个皱纹。</blockquote></p><p> Most of these companies—social media and stay-at-home—fit into the broader pandemic trade, surging in the past year. But analysts have been debating whether&nbsp;the gains are sustainable, so it makes sense that any forward-looking indicators on earnings reports could send a stock flying or falling.</p><p><blockquote>这些公司中的大多数——社交媒体和居家服务——都属于更广泛的流行病行业，在过去一年中激增。但分析师一直在争论涨幅是否可持续，因此收益报告中的任何前瞻性指标都可能导致股价上涨或下跌，这是有道理的。</blockquote></p><p> Pinterest&nbsp;(PINS), the social networking service, leads the pack with an absolute average post-earnings percentage change of 17.4. Its shares were&nbsp;hammered last month&nbsp;despite the company’s earnings and revenue figures topping consensus estimates. Analysts&nbsp;were disappointed by user-growth figures. Still, the stock has averaged a gain of 4.1% with nine reported quarters&nbsp;as a public company.</p><p><blockquote>社交网络服务Pinterest (PINS) 以 17.4% 的绝对平均财报后百分比变化领先。尽管该公司的盈利和收入数据高于市场普遍预期，但其股价上个月仍遭受重创。分析师对用户增长数据感到失望。尽管如此，作为一家上市公司，该股在九个报告季度的平均涨幅为 4.1%。</blockquote></p><p> Beyond Meat&nbsp;(BYND) has been a poster child for Wall Street’s struggles in sizing up high-growth firms. And it has experienced&nbsp;its fair share of short squeezes&nbsp;since going public in 2019. The stock’s dramatic post-IPO rise drew a horde of short-sellers, who bet on a price decline. Such bearish sentiment has backfired a few times, leaving such analysts rushing to buy shares to cover their bets.</p><p><blockquote>Beyond Meat（BYND）一直是华尔街努力评估高增长公司规模的典型代表。自 2019 年上市以来，该公司经历了相当多的空头挤压。该股在首次公开募股后的大幅上涨吸引了大批卖空者，他们押注股价下跌。这种看跌情绪已经多次适得其反，导致此类分析师争相购买股票来弥补他们的押注。</blockquote></p><p> Fastly&nbsp;(FSLY) is another casualty of&nbsp;this spring’s earnings season. The stock plunged after reporting results, but has proven volatile since going public two years ago. It’s the worst performer of the group, averaging a drop of 5.6%.</p><p><blockquote>Fastly (FSLY) 是今年春季财报季的另一个牺牲品。该股在公布业绩后暴跌，但自两年前上市以来一直波动较大。它是该集团中表现最差的，平均下降了 5.6%。</blockquote></p><p> Trade Desk&nbsp;(TTD) and Enphase Energy have locked in the biggest average gains at 9.2% and 8.2%, respectively. That’s despite Trade Desk shares&nbsp;sinking on earnings earlier this month.PagerDuty&nbsp;(PD) has averaged a decline of 1% after reporting results.</p><p><blockquote>Trade Desk (TTD) 和 Enphase Energy 的平均涨幅最大，分别为 9.2% 和 8.2%。尽管本月早些时候 Trade Desk 的股价因盈利而下跌。PagerDuty (PD) 在公布业绩后平均下跌了 1%。</blockquote></p><p> Other pandemic standouts&nbsp;Roku&nbsp;(ROKU) and&nbsp;Zoom Video Communications&nbsp;(ZM) also crack the top eight, at third and seventh, respectively. The latter is set to report fiscal first-quarter results on June 1. Investors may want to buckle in&nbsp;if history is any guide.</p><p><blockquote>其他疫情杰出公司Roku（Roku）和Zoom Video通信（ZM）也进入了前八名，分别排名第三和第七。后者将于6月1日公布第一财季业绩。如果历史可以作为指导，投资者可能需要屈服。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>8 Stocks That Pop—or Drop—After Earnings<blockquote>财报公布后上涨或下跌的 8 只股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n8 Stocks That Pop—or Drop—After Earnings<blockquote>财报公布后上涨或下跌的 8 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-18 20:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Earnings season is still going strong, with all its idiosyncrasies front and center. Generally stable stocks can go through a bout of volatility—and high-growth ones, by their very nature more unpredictable, can really spike or slump depending on the numbers.</p><p><blockquote>财报季依然强劲，其所有特质都占据了中心位置。一般来说，稳定的股票可能会经历一轮波动，而高增长的股票本质上更不可预测，实际上可能会根据数字飙升或暴跌。</blockquote></p><p> Netflix(ticker: NFLX) stock stumbled in April after its subscriber growth figures&nbsp;missed the mark.Walt Disney&nbsp;(DIS) was the&nbsp;latest example. Investors cared more about&nbsp;disappointing user figures for Disney+&nbsp;than the earnings beat. Then there are companies like smart-speaker maker Sonos (SONO), which has&nbsp;made a habit of double-digit moves in recent quarters&nbsp;as analysts struggled to size up its sales prospects.</p><p><blockquote>Netflix（股票代码：NFLX）股价在 4 月份因订户增长数据未达标而下跌。华特迪士尼 (DIS) 就是最新的例子。投资者更关心 Disney+ 令人失望的用户数据，而不是盈利增长。还有智能扬声器制造商 Sonos (SONO) 等公司，由于分析师难以评估其销售前景，该公司在最近几个季度养成了两位数变动的习惯。</blockquote></p><p> These earnings quirks got us thinking about which companies are most likely to pop up—or down—after reporting results. Using FactSet and Dow Jones Market Data, we screened for Russell 1000 firms that have reported at least eight quarters of results within the past five years. Then we looked for the average absolute post-earnings percentage changes in that time frame. We found eight stocks that do the dance.</p><p><blockquote>这些盈利怪癖让我们思考哪些公司在公布业绩后最有可能上涨或下跌。我们使用 FactSet 和道琼斯市场数据，筛选了过去五年内至少报告了八个季度业绩的罗素 1000 指数公司。然后，我们寻找了该时间段内的平均绝对盈利后百分比变化。我们找到了八只跳舞的股票。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e54c8198e2c4e7b937297f831956e0d8\" tg-width=\"948\" tg-height=\"736\"></p><p><blockquote></blockquote></p><p> Of the eight, a few things stand out. First, although we limited the screen to companies with at least two years of results, only one—solar-solutions designer and maker&nbsp;Enphase Energy(ENPH)—has been public for all of the five years we looked at.</p><p><blockquote>在这八件事中，有几件事很突出。首先，尽管我们将屏幕限制在至少有两年业绩的公司，但在我们研究的五年中，只有一家公司——太阳能解决方案设计师和制造商 Enphase Energy (ENPH)——一直在上市。</blockquote></p><p> Newly public companies also often have the wildest post-earnings moves because analysts are still learning how to size them up. Without a track record of delivering, or missing, on guidance figures, there’s more room for error. Analysts, who form the consensus estimates, are still learning the companies—and their peculiarities. Covid-19 has added another wrinkle since many companies&nbsp;withdrew guidance last year&nbsp;because of all the economic disruptions.</p><p><blockquote>新上市公司也经常有最疯狂的财报后走势，因为分析师仍在学习如何调整它们的规模。如果没有交付或缺失指导数字的记录，就会有更大的出错空间。形成共识估计的分析师仍在了解这些公司及其特点。自从去年许多公司因所有经济中断而撤回指导以来，新冠肺炎又增加了一个皱纹。</blockquote></p><p> Most of these companies—social media and stay-at-home—fit into the broader pandemic trade, surging in the past year. But analysts have been debating whether&nbsp;the gains are sustainable, so it makes sense that any forward-looking indicators on earnings reports could send a stock flying or falling.</p><p><blockquote>这些公司中的大多数——社交媒体和居家服务——都属于更广泛的流行病行业，在过去一年中激增。但分析师一直在争论涨幅是否可持续，因此收益报告中的任何前瞻性指标都可能导致股价上涨或下跌，这是有道理的。</blockquote></p><p> Pinterest&nbsp;(PINS), the social networking service, leads the pack with an absolute average post-earnings percentage change of 17.4. Its shares were&nbsp;hammered last month&nbsp;despite the company’s earnings and revenue figures topping consensus estimates. Analysts&nbsp;were disappointed by user-growth figures. Still, the stock has averaged a gain of 4.1% with nine reported quarters&nbsp;as a public company.</p><p><blockquote>社交网络服务Pinterest (PINS) 以 17.4% 的绝对平均财报后百分比变化领先。尽管该公司的盈利和收入数据高于市场普遍预期，但其股价上个月仍遭受重创。分析师对用户增长数据感到失望。尽管如此，作为一家上市公司，该股在九个报告季度的平均涨幅为 4.1%。</blockquote></p><p> Beyond Meat&nbsp;(BYND) has been a poster child for Wall Street’s struggles in sizing up high-growth firms. And it has experienced&nbsp;its fair share of short squeezes&nbsp;since going public in 2019. The stock’s dramatic post-IPO rise drew a horde of short-sellers, who bet on a price decline. Such bearish sentiment has backfired a few times, leaving such analysts rushing to buy shares to cover their bets.</p><p><blockquote>Beyond Meat（BYND）一直是华尔街努力评估高增长公司规模的典型代表。自 2019 年上市以来，该公司经历了相当多的空头挤压。该股在首次公开募股后的大幅上涨吸引了大批卖空者，他们押注股价下跌。这种看跌情绪已经多次适得其反，导致此类分析师争相购买股票来弥补他们的押注。</blockquote></p><p> Fastly&nbsp;(FSLY) is another casualty of&nbsp;this spring’s earnings season. The stock plunged after reporting results, but has proven volatile since going public two years ago. It’s the worst performer of the group, averaging a drop of 5.6%.</p><p><blockquote>Fastly (FSLY) 是今年春季财报季的另一个牺牲品。该股在公布业绩后暴跌，但自两年前上市以来一直波动较大。它是该集团中表现最差的，平均下降了 5.6%。</blockquote></p><p> Trade Desk&nbsp;(TTD) and Enphase Energy have locked in the biggest average gains at 9.2% and 8.2%, respectively. That’s despite Trade Desk shares&nbsp;sinking on earnings earlier this month.PagerDuty&nbsp;(PD) has averaged a decline of 1% after reporting results.</p><p><blockquote>Trade Desk (TTD) 和 Enphase Energy 的平均涨幅最大，分别为 9.2% 和 8.2%。尽管本月早些时候 Trade Desk 的股价因盈利而下跌。PagerDuty (PD) 在公布业绩后平均下跌了 1%。</blockquote></p><p> Other pandemic standouts&nbsp;Roku&nbsp;(ROKU) and&nbsp;Zoom Video Communications&nbsp;(ZM) also crack the top eight, at third and seventh, respectively. The latter is set to report fiscal first-quarter results on June 1. Investors may want to buckle in&nbsp;if history is any guide.</p><p><blockquote>其他疫情杰出公司Roku（Roku）和Zoom Video通信（ZM）也进入了前八名，分别排名第三和第七。后者将于6月1日公布第一财季业绩。如果历史可以作为指导，投资者可能需要屈服。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/8-stocks-that-popor-dropafter-earnings-51621308392?mod=hp_LEADSUPP_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ROKU":"Roku Inc","PINS":"Pinterest, Inc.","BYND":"Beyond Meat, Inc.","ZM":"Zoom","ENPH":"Enphase Energy","TTD":"Trade Desk Inc.","PD":"PagerDuty, Inc.","FSLY":"Fastly, Inc."},"source_url":"https://www.barrons.com/articles/8-stocks-that-popor-dropafter-earnings-51621308392?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138770085","content_text":"Earnings season is still going strong, with all its idiosyncrasies front and center. Generally stable stocks can go through a bout of volatility—and high-growth ones, by their very nature more unpredictable, can really spike or slump depending on the numbers.\nNetflix(ticker: NFLX) stock stumbled in April after its subscriber growth figures missed the mark.Walt Disney (DIS) was the latest example. Investors cared more about disappointing user figures for Disney+ than the earnings beat. Then there are companies like smart-speaker maker Sonos (SONO), which has made a habit of double-digit moves in recent quarters as analysts struggled to size up its sales prospects.\nThese earnings quirks got us thinking about which companies are most likely to pop up—or down—after reporting results. Using FactSet and Dow Jones Market Data, we screened for Russell 1000 firms that have reported at least eight quarters of results within the past five years. Then we looked for the average absolute post-earnings percentage changes in that time frame. We found eight stocks that do the dance.\n\nOf the eight, a few things stand out. First, although we limited the screen to companies with at least two years of results, only one—solar-solutions designer and maker Enphase Energy(ENPH)—has been public for all of the five years we looked at.\nNewly public companies also often have the wildest post-earnings moves because analysts are still learning how to size them up. Without a track record of delivering, or missing, on guidance figures, there’s more room for error. Analysts, who form the consensus estimates, are still learning the companies—and their peculiarities. Covid-19 has added another wrinkle since many companies withdrew guidance last year because of all the economic disruptions.\nMost of these companies—social media and stay-at-home—fit into the broader pandemic trade, surging in the past year. But analysts have been debating whether the gains are sustainable, so it makes sense that any forward-looking indicators on earnings reports could send a stock flying or falling.\nPinterest (PINS), the social networking service, leads the pack with an absolute average post-earnings percentage change of 17.4. Its shares were hammered last month despite the company’s earnings and revenue figures topping consensus estimates. Analysts were disappointed by user-growth figures. Still, the stock has averaged a gain of 4.1% with nine reported quarters as a public company.\nBeyond Meat (BYND) has been a poster child for Wall Street’s struggles in sizing up high-growth firms. And it has experienced its fair share of short squeezes since going public in 2019. The stock’s dramatic post-IPO rise drew a horde of short-sellers, who bet on a price decline. Such bearish sentiment has backfired a few times, leaving such analysts rushing to buy shares to cover their bets.\nFastly (FSLY) is another casualty of this spring’s earnings season. The stock plunged after reporting results, but has proven volatile since going public two years ago. It’s the worst performer of the group, averaging a drop of 5.6%.\nTrade Desk (TTD) and Enphase Energy have locked in the biggest average gains at 9.2% and 8.2%, respectively. That’s despite Trade Desk shares sinking on earnings earlier this month.PagerDuty (PD) has averaged a decline of 1% after reporting results.\nOther pandemic standouts Roku (ROKU) and Zoom Video Communications (ZM) also crack the top eight, at third and seventh, respectively. The latter is set to report fiscal first-quarter results on June 1. Investors may want to buckle in if history is any guide.","news_type":1,"symbols_score_info":{"ZM":0.9,"BYND":0.9,"PINS":0.9,"ROKU":0.9,"FSLY":0.9,"PD":0.9,"TTD":0.9,"ENPH":0.9}},"isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129762926,"gmtCreate":1624398011665,"gmtModify":1631893320095,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129762926","repostId":"2145657170","repostType":2,"repost":{"id":"2145657170","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624390489,"share":"https://www.laohunote.com/m/news/2145657170?lang=zh_CN&edition=full","pubTime":"2021-06-23 03:34","market":"us","language":"en","title":"BRIEF-Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>简介-特斯拉前副总法律顾问 Lynn Miller 加入自动卡车运输技术公司 Plus 的执行团队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2145657170","media":"Reuters","summary":"June 22 (Reuters) -    * LYNN MILLER, FORMER DEPUTY GENERAL COUNSEL AT TESLA, JOINS EXECUTIVE TEAM O","content":"<p><html><body>June 22 (Reuters) - </p><p><blockquote><html><body>6月22日（路透社）-</body></html></blockquote></p><p>   * LYNN MILLER, FORMER DEPUTY GENERAL COUNSEL AT TESLA, JOINS EXECUTIVE TEAM OF AUTONOMOUS TRUCKING TECHNOLOGY COMPANY PLUS</p><p><blockquote>* 特斯拉前副总法律顾问 LYNN MILLER 加入自动卡车运输技术公司 PLUS 的执行团队</blockquote></p><p>((Reuters.Briefs@thomsonreuters.com;))</p><p><blockquote>((Reuters.Briefs@thomsonreuters.com;))</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BRIEF-Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>简介-特斯拉前副总法律顾问 Lynn Miller 加入自动卡车运输技术公司 Plus 的执行团队</blockquote></title>\n<style 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}\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\">\nBRIEF-Lynn Miller, Former Deputy General Counsel At Tesla, Joins Executive Team Of Autonomous Trucking Technology Company Plus<blockquote>简介-特斯拉前副总法律顾问 Lynn Miller 加入自动卡车运输技术公司 Plus 的执行团队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-06-23 03:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>June 22 (Reuters) - </p><p><blockquote><html><body>6月22日（路透社）-</body></html></blockquote></p><p>   * LYNN MILLER, FORMER DEPUTY GENERAL COUNSEL AT TESLA, JOINS EXECUTIVE TEAM OF AUTONOMOUS TRUCKING TECHNOLOGY COMPANY PLUS</p><p><blockquote>* 特斯拉前副总法律顾问 LYNN MILLER 加入自动卡车运输技术公司 PLUS 的执行团队</blockquote></p><p>((Reuters.Briefs@thomsonreuters.com;))</p><p><blockquote>((Reuters.Briefs@thomsonreuters.com;))</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TISI":"Team Inc","BGC":"BGC GROUP","TSLA":"特斯拉"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145657170","content_text":"June 22 (Reuters) -    * LYNN MILLER, FORMER DEPUTY GENERAL COUNSEL AT TESLA, JOINS EXECUTIVE TEAM OF AUTONOMOUS TRUCKING TECHNOLOGY COMPANY 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09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</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\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","CARV":"卡弗储蓄","CLOV":"Clover Health Corp","AMC":"AMC院线","BBBY":"Bed Bath & Beyond, Inc.","NEGG":"Newegg Comm Inc.","GME":"游戏驿站","BB":"黑莓","SCHW":"嘉信理财"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"MRIN":0.9,"AMC":0.9,"CARV":0.9,"BBBY":0.9,"WKHS":0.9,"CLOV":0.9,"BB":0.9,"NEGG":0.9,"GME":0.9,"SCHW":0.9}},"isVote":1,"tweetType":1,"viewCount":2571,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162585572,"gmtCreate":1624068175896,"gmtModify":1631893320150,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/162585572","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152400456,"gmtCreate":1625320487775,"gmtModify":1631891062877,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/152400456","repostId":"2148802607","repostType":2,"repost":{"id":"2148802607","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1625296316,"share":"https://www.laohunote.com/m/news/2148802607?lang=zh_CN&edition=full","pubTime":"2021-07-03 15:11","market":"us","language":"en","title":"UPDATE 2-Britain's Morrisons agrees $8.7 bln offer from Fortress Investment Group<blockquote>更新 2-英国莫里森同意堡垒投资集团 87 亿美元的报价</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2148802607","media":"Reuters","summary":"* Fortress offers 254 pence a share   * Tops CD&R's proposal of 230 pence   * Fortress approached Mo","content":"<p><html><body>* Fortress offers 254 pence a share</p><p><blockquote><html><body>* Fortress 提供每股 254 便士</body></html></blockquote></p><p>   * Tops CD&amp;R's proposal of 230 pence</p><p><blockquote>* 超过 CD&amp;R 的 230 便士提案</blockquote></p><p>   * Fortress approached Morrisons on May 4</p><p><blockquote>*Fortress于5月4日接近Morrisons</blockquote></p><p>   * Morrisons says Fortress would be suitable owner</p><p><blockquote>* 莫里森表示堡垒将是合适的所有者</blockquote></p><p> (Adds detail, Morrisons chairman, Fortress comment)</p><p><blockquote>（补充细节，莫里森董事长，堡垒评论）</blockquote></p><p>   By James Davey</p><p><blockquote>詹姆斯·戴维</blockquote></p><p>   LONDON, July 3 (Reuters) - Morrisons    has agreed a takeover offer from Fortress Investment Group, which values Britain's fourth largest supermarket operator at 6.3 billion pounds ($8.7 billion), and tops a rival bid proposal from a U.S. private equity firm.</p><p><blockquote>路透伦敦 7 月 3 日 - 莫里森已同意堡垒投资集团 (Fortress Investment Group) 的收购要约，该集团对英国第四大超市运营商的估值为 63 亿英镑（87 亿美元），超过了一家美国私募股权公司的竞争对手收购要约。</blockquote></p><p>   The offer from Fortress, which is backed by Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a 5.52 billion pound proposal from Clayton, Dubilier &amp; Rice (CD&amp;R), which Morrisons rejected on June 19, saying it was far too low.  </p><p><blockquote>Fortress 的报价得到了加拿大养老金计划投资委员会和科赫房地产投资公司的支持，超过了 Clayton, Dubilier &amp; Rice (CD&amp;R) 55.2 亿英镑的报价，莫里森于 6 月 19 日拒绝了该报价，称其太低了。</blockquote></p><p>   “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects,\" said Chairman Andrew Higginson.</p><p><blockquote>“莫里森公司董事长安德鲁-希金森（Andrew Higginson）说：”莫里森公司董事认为，这一要约对股东来说是一个公平且值得推荐的价格，也是对莫里森公司未来前景的认可。</blockquote></p><p>   \"We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming,\" he said.</p><p><blockquote>“他说：”我们非常仔细地研究了 Fortress 的做法、他们的业务计划，以及他们作为一家拥有 11 万多名同事、在英国食品生产和农业中发挥重要作用的独特英国食品制造商和店主的整体适宜性。</blockquote></p><p>   Fortress is a global investment manager with about $53 billion in assets under management as of March.</p><p><blockquote>Fortress 是一家全球投资管理公司，截至 3 月份管理着约 530 亿美元的资产。</blockquote></p><p>   \"We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term,\" said managing partner, Joshua A. Pack.</p><p><blockquote>执行合伙人约书亚·A·帕克 (Joshua A. Pack) 表示：“我们致力于成为莫里森的优秀管理者，从长远来看，最好地服务于其利益相关者团体和更广泛的英国公众。”</blockquote></p><p>   Under the terms of the deal, which Morrisons' board is recommending to shareholders, investors would receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.</p><p><blockquote>根据莫里森董事会向股东推荐的交易条款，投资者将获得每股 254 便士，其中包括 252 便士现金和 2 便士现金股息。</blockquote></p><p>   Morrisons, based in Bradford, northern England, started out as an egg and butter merchant in 1899. It now only trails market leader Tesco   , Sainsbury's    and Asda in annual sales.</p><p><blockquote>莫里森总部位于英格兰北部的布拉德福德，于1899年开始做鸡蛋和黄油商人。目前，它的年销售额仅次于市场领导者 Tesco、Sainsbury's 和 Asda。</blockquote></p><p>   Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites. It is unique among British supermarkets in making over half of the fresh food it sells.</p><p><blockquote>莫里森拥有其近 500 家商店中的 85%，并拥有 19 个大部分是永久保有的制造基地。它在英国超市中是独一无二的，因为它销售的新鲜食品占了一半以上。</blockquote></p><p>   It said the offer represents a premium of 42% to its closing share price of 178 pence on June 18 - the last business day before CD&amp;R's proposal.</p><p><blockquote>该公司表示，该要约较 6 月 18 日（CD&amp;R 提出要约前的最后一个工作日）178 便士的收盘价溢价 42%。</blockquote></p><p>   Shares in Morrisons closed on Friday at 243 pence, valuing the business at 5.8 billion pounds.</p><p><blockquote>Morrisons 股价周五收于 243 便士，公司估值为 58 亿英镑。</blockquote></p><p>   FIVE PROPOSALS</p><p><blockquote>五项建议</blockquote></p><p>   CD&amp;R had no immediate comment.</p><p><blockquote>CD&amp;R没有立即发表评论。</blockquote></p><p>   Under British takeover rules CD&amp;R has until July 17 to come back with a firm offer.</p><p><blockquote>根据英国收购规则，CD&amp;R 必须在 7 月 17 日之前提出确定的报价。</blockquote></p><p>   Morrisons has a partnership agreement with Amazon    and there has been speculation it could emerge as a possible bidder too.        </p><p><blockquote>莫里森与亚马逊签订了合作协议，有人猜测它也可能成为可能的竞标者。</blockquote></p><p>   Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. This offer was not made public. Fortress then made four subsequent proposals before its offer reached a total value of 254 a share on June 5.</p><p><blockquote>莫里森表示，5 月 4 日收到了 Fortress 的初步主动报价，价格为每股 220 便士。这一提议没有公开。Fortress 随后提出了四项后续提案，最终在 6 月 5 日的报价总价值达到每股 254 美元。</blockquote></p><p>   The Fortress deal underlines the growing appetite for UK supermarket groups, seen as attractive because of their cash generation and freehold assets.</p><p><blockquote>Fortress 交易凸显了人们对英国超市集团日益增长的兴趣，这些集团因其现金生成和永久保有资产而被视为具有吸引力。</blockquote></p><p>   In February, Zuber and Mohsin Issa and private equity firm TDR Capital purchased a majority stake in Asda from Walmart</p><p><blockquote>二月份，Zuber 和 Mohsin Issa 以及私募股权公司 TDR Capital 从沃尔玛购买了 Asda 的多数股权</blockquote></p><p>  in a deal valuing the UK grocer at 6.8 billion pounds.</p><p><blockquote>这笔交易对这家英国杂货商的估值为 68 亿英镑。</blockquote></p><p>   That transaction followed Sainsbury's failure to take over Asda after an agreed deal was blocked by Britain's competition regulator in 2019.</p><p><blockquote>在这笔交易之前，塞恩斯伯里在 2019 年商定的交易被英国竞争监管机构阻止后未能收购阿斯达。</blockquote></p><p>   In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury's to almost 10%, igniting bid speculation. </p><p><blockquote>今年 4 月，捷克亿万富翁丹尼尔·克雷廷斯基 (Daniel Kretinsky) 将其在塞恩斯伯里百货 (Sainsbury's) 的股份增至近 10%，引发了竞购猜测。</blockquote></p><p>   ($1 = 0.7235 pounds)</p><p><blockquote>（1美元=0.7235英镑）</blockquote></p><p> (Reporting by James Davey; Editing by Jane Merriman)</p><p><blockquote>（詹姆斯·戴维报道；简·梅里曼编辑）</blockquote></p><p>((james.davey@thomsonreuters.com))</p><p><blockquote>（（james.davey@thomsonreuters.com））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UPDATE 2-Britain's Morrisons agrees $8.7 bln offer from Fortress Investment Group<blockquote>更新 2-英国莫里森同意堡垒投资集团 87 亿美元的报价</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUPDATE 2-Britain's Morrisons agrees $8.7 bln offer from Fortress Investment Group<blockquote>更新 2-英国莫里森同意堡垒投资集团 87 亿美元的报价</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time smaller\">2021-07-03 15:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>* Fortress offers 254 pence a share</p><p><blockquote><html><body>* Fortress 提供每股 254 便士</body></html></blockquote></p><p>   * Tops CD&amp;R's proposal of 230 pence</p><p><blockquote>* 超过 CD&amp;R 的 230 便士提案</blockquote></p><p>   * Fortress approached Morrisons on May 4</p><p><blockquote>*Fortress于5月4日接近Morrisons</blockquote></p><p>   * Morrisons says Fortress would be suitable owner</p><p><blockquote>* 莫里森表示堡垒将是合适的所有者</blockquote></p><p> (Adds detail, Morrisons chairman, Fortress comment)</p><p><blockquote>（补充细节，莫里森董事长，堡垒评论）</blockquote></p><p>   By James Davey</p><p><blockquote>詹姆斯·戴维</blockquote></p><p>   LONDON, July 3 (Reuters) - Morrisons    has agreed a takeover offer from Fortress Investment Group, which values Britain's fourth largest supermarket operator at 6.3 billion pounds ($8.7 billion), and tops a rival bid proposal from a U.S. private equity firm.</p><p><blockquote>路透伦敦 7 月 3 日 - 莫里森已同意堡垒投资集团 (Fortress Investment Group) 的收购要约，该集团对英国第四大超市运营商的估值为 63 亿英镑（87 亿美元），超过了一家美国私募股权公司的竞争对手收购要约。</blockquote></p><p>   The offer from Fortress, which is backed by Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a 5.52 billion pound proposal from Clayton, Dubilier &amp; Rice (CD&amp;R), which Morrisons rejected on June 19, saying it was far too low.  </p><p><blockquote>Fortress 的报价得到了加拿大养老金计划投资委员会和科赫房地产投资公司的支持，超过了 Clayton, Dubilier &amp; Rice (CD&amp;R) 55.2 亿英镑的报价，莫里森于 6 月 19 日拒绝了该报价，称其太低了。</blockquote></p><p>   “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects,\" said Chairman Andrew Higginson.</p><p><blockquote>“莫里森公司董事长安德鲁-希金森（Andrew Higginson）说：”莫里森公司董事认为，这一要约对股东来说是一个公平且值得推荐的价格，也是对莫里森公司未来前景的认可。</blockquote></p><p>   \"We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming,\" he said.</p><p><blockquote>“他说：”我们非常仔细地研究了 Fortress 的做法、他们的业务计划，以及他们作为一家拥有 11 万多名同事、在英国食品生产和农业中发挥重要作用的独特英国食品制造商和店主的整体适宜性。</blockquote></p><p>   Fortress is a global investment manager with about $53 billion in assets under management as of March.</p><p><blockquote>Fortress 是一家全球投资管理公司，截至 3 月份管理着约 530 亿美元的资产。</blockquote></p><p>   \"We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term,\" said managing partner, Joshua A. Pack.</p><p><blockquote>执行合伙人约书亚·A·帕克 (Joshua A. Pack) 表示：“我们致力于成为莫里森的优秀管理者，从长远来看，最好地服务于其利益相关者团体和更广泛的英国公众。”</blockquote></p><p>   Under the terms of the deal, which Morrisons' board is recommending to shareholders, investors would receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.</p><p><blockquote>根据莫里森董事会向股东推荐的交易条款，投资者将获得每股 254 便士，其中包括 252 便士现金和 2 便士现金股息。</blockquote></p><p>   Morrisons, based in Bradford, northern England, started out as an egg and butter merchant in 1899. It now only trails market leader Tesco   , Sainsbury's    and Asda in annual sales.</p><p><blockquote>莫里森总部位于英格兰北部的布拉德福德，于1899年开始做鸡蛋和黄油商人。目前，它的年销售额仅次于市场领导者 Tesco、Sainsbury's 和 Asda。</blockquote></p><p>   Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites. It is unique among British supermarkets in making over half of the fresh food it sells.</p><p><blockquote>莫里森拥有其近 500 家商店中的 85%，并拥有 19 个大部分是永久保有的制造基地。它在英国超市中是独一无二的，因为它销售的新鲜食品占了一半以上。</blockquote></p><p>   It said the offer represents a premium of 42% to its closing share price of 178 pence on June 18 - the last business day before CD&amp;R's proposal.</p><p><blockquote>该公司表示，该要约较 6 月 18 日（CD&amp;R 提出要约前的最后一个工作日）178 便士的收盘价溢价 42%。</blockquote></p><p>   Shares in Morrisons closed on Friday at 243 pence, valuing the business at 5.8 billion pounds.</p><p><blockquote>Morrisons 股价周五收于 243 便士，公司估值为 58 亿英镑。</blockquote></p><p>   FIVE PROPOSALS</p><p><blockquote>五项建议</blockquote></p><p>   CD&amp;R had no immediate comment.</p><p><blockquote>CD&amp;R没有立即发表评论。</blockquote></p><p>   Under British takeover rules CD&amp;R has until July 17 to come back with a firm offer.</p><p><blockquote>根据英国收购规则，CD&amp;R 必须在 7 月 17 日之前提出确定的报价。</blockquote></p><p>   Morrisons has a partnership agreement with Amazon    and there has been speculation it could emerge as a possible bidder too.        </p><p><blockquote>莫里森与亚马逊签订了合作协议，有人猜测它也可能成为可能的竞标者。</blockquote></p><p>   Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. This offer was not made public. Fortress then made four subsequent proposals before its offer reached a total value of 254 a share on June 5.</p><p><blockquote>莫里森表示，5 月 4 日收到了 Fortress 的初步主动报价，价格为每股 220 便士。这一提议没有公开。Fortress 随后提出了四项后续提案，最终在 6 月 5 日的报价总价值达到每股 254 美元。</blockquote></p><p>   The Fortress deal underlines the growing appetite for UK supermarket groups, seen as attractive because of their cash generation and freehold assets.</p><p><blockquote>Fortress 交易凸显了人们对英国超市集团日益增长的兴趣，这些集团因其现金生成和永久保有资产而被视为具有吸引力。</blockquote></p><p>   In February, Zuber and Mohsin Issa and private equity firm TDR Capital purchased a majority stake in Asda from Walmart</p><p><blockquote>二月份，Zuber 和 Mohsin Issa 以及私募股权公司 TDR Capital 从沃尔玛购买了 Asda 的多数股权</blockquote></p><p>  in a deal valuing the UK grocer at 6.8 billion pounds.</p><p><blockquote>这笔交易对这家英国杂货商的估值为 68 亿英镑。</blockquote></p><p>   That transaction followed Sainsbury's failure to take over Asda after an agreed deal was blocked by Britain's competition regulator in 2019.</p><p><blockquote>在这笔交易之前，塞恩斯伯里在 2019 年商定的交易被英国竞争监管机构阻止后未能收购阿斯达。</blockquote></p><p>   In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury's to almost 10%, igniting bid speculation. </p><p><blockquote>今年 4 月，捷克亿万富翁丹尼尔·克雷廷斯基 (Daniel Kretinsky) 将其在塞恩斯伯里百货 (Sainsbury's) 的股份增至近 10%，引发了竞购猜测。</blockquote></p><p>   ($1 = 0.7235 pounds)</p><p><blockquote>（1美元=0.7235英镑）</blockquote></p><p> (Reporting by James Davey; Editing by Jane Merriman)</p><p><blockquote>（詹姆斯·戴维报道；简·梅里曼编辑）</blockquote></p><p>((james.davey@thomsonreuters.com))</p><p><blockquote>（（james.davey@thomsonreuters.com））</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","AMZN":"亚马逊","03086":"华夏纳指","09086":"华夏纳指-U"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148802607","content_text":"* Fortress offers 254 pence a share   * Tops CD&R's proposal of 230 pence   * Fortress approached Morrisons on May 4   * Morrisons says Fortress would be suitable owner (Adds detail, Morrisons chairman, Fortress comment)   By James Davey   LONDON, July 3 (Reuters) - Morrisons    has agreed a takeover offer from Fortress Investment Group, which values Britain's fourth largest supermarket operator at 6.3 billion pounds ($8.7 billion), and tops a rival bid proposal from a U.S. private equity firm.   The offer from Fortress, which is backed by Canada Pension Plan Investment Board and Koch Real Estate Investments, exceeds a 5.52 billion pound proposal from Clayton, Dubilier & Rice (CD&R), which Morrisons rejected on June 19, saying it was far too low.     “The Morrisons directors believe that the offer represents a fair and recommendable price for shareholders which recognises Morrisons’ future prospects,\" said Chairman Andrew Higginson.   \"We have looked very carefully at Fortress’ approach, their plans for the business and their overall suitability as an owner of a unique British food-maker and shopkeeper with over 110,000 colleagues and an important role in British food production and farming,\" he said.   Fortress is a global investment manager with about $53 billion in assets under management as of March.   \"We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term,\" said managing partner, Joshua A. Pack.   Under the terms of the deal, which Morrisons' board is recommending to shareholders, investors would receive 254 pence a share, comprising 252 pence in cash and a 2 pence cash dividend.   Morrisons, based in Bradford, northern England, started out as an egg and butter merchant in 1899. It now only trails market leader Tesco   , Sainsbury's    and Asda in annual sales.   Morrisons owns 85% of its nearly 500 stores and has 19 mostly freehold manufacturing sites. It is unique among British supermarkets in making over half of the fresh food it sells.   It said the offer represents a premium of 42% to its closing share price of 178 pence on June 18 - the last business day before CD&R's proposal.   Shares in Morrisons closed on Friday at 243 pence, valuing the business at 5.8 billion pounds.   FIVE PROPOSALS   CD&R had no immediate comment.   Under British takeover rules CD&R has until July 17 to come back with a firm offer.   Morrisons has a partnership agreement with Amazon    and there has been speculation it could emerge as a possible bidder too.           Morrisons said an initial unsolicited proposal was received from Fortress on May 4 at 220 pence a share. This offer was not made public. Fortress then made four subsequent proposals before its offer reached a total value of 254 a share on June 5.   The Fortress deal underlines the growing appetite for UK supermarket groups, seen as attractive because of their cash generation and freehold assets.   In February, Zuber and Mohsin Issa and private equity firm TDR Capital purchased a majority stake in Asda from Walmart  in a deal valuing the UK grocer at 6.8 billion pounds.   That transaction followed Sainsbury's failure to take over Asda after an agreed deal was blocked by Britain's competition regulator in 2019.   In April, Czech billionaire Daniel Kretinsky raised his stake in Sainsbury's to almost 10%, igniting bid speculation.    ($1 = 0.7235 pounds) (Reporting by James Davey; Editing by Jane Merriman)((james.davey@thomsonreuters.com))","news_type":1,"symbols_score_info":{"AMZN":0.9,"03086":0.6,"09086":0.6,"QNETCN":0.6}},"isVote":1,"tweetType":1,"viewCount":3033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167954714,"gmtCreate":1624244075738,"gmtModify":1631893320139,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/167954714","repostId":"1110026756","repostType":2,"isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169938934,"gmtCreate":1623811680428,"gmtModify":1634027730777,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169938934","repostId":"1144333499","repostType":4,"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154415155,"gmtCreate":1625538587877,"gmtModify":1631891062876,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154415155","repostId":"1170100655","repostType":2,"repost":{"id":"1170100655","kind":"news","pubTimestamp":1625452503,"share":"https://www.laohunote.com/m/news/1170100655?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:35","market":"hk","language":"en","title":"Best E-Commerce Stocks To Buy In July 2021? 4 Names In Focus<blockquote>2021 年 7 月最值得购买的电子商务股票？4个名字成为焦点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170100655","media":"Nasdaq","summary":"Could These Be The Top E-Commerce Stocks To Watch Right Now?E-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as P","content":"<p>Could These Be The Top E-Commerce Stocks To Watch Right Now?</p><p><blockquote>这些可能是目前最值得关注的电子商务股票吗？</blockquote></p><p> E-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as Pinterest Inc (NYSE: PINS) even have augmented reality features that would allow you to have a rough idea of what you’re getting.</p><p><blockquote>去年，电子商务股票在股市中度过了历史性的一年。嗯，这并不奇怪，因为世界上许多国家都被封锁了。当时，大多数购物活动都是在网上进行的。所以，即使是最初对网购持怀疑态度的人，也一定接触过电商平台。这当然也是由于技术的进步。一些公司的平台，如Pinterest公司（纽约证券交易所股票代码：PINS），甚至有增强现实功能，可以让你大致了解自己得到的是什么。</blockquote></p><p> The shift to online shopping has resulted in many emerging e-commerce companies. For example, we have Jumia Technologies (NYSE: JMIA) that aims to be the top online marketplace in the whole of Africa. Perhaps, this should not be overlooked as e-commerce is still a growing sector in Africa. Moreover, JMIA stock has already soared by more than 400% just within the past year. Now, if you are optimistic about the future of e-commerce, here’s a list of fourtop e-commerce stocks to watchin thestock market today.</p><p><blockquote>向网上购物的转变催生了许多新兴的电子商务公司。例如，我们有Jumia Technologies（纽约证券交易所代码：JMIA），它的目标是成为整个非洲顶级的在线市场。也许，这一点不应该被忽视，因为电子商务在非洲仍然是一个不断增长的行业。此外，JMIA 股价仅在过去一年就飙升了 400% 以上。现在，如果您对电子商务的未来持乐观态度，这里列出了今天值得关注的四大电子商务股票。</blockquote></p><p> Best E-Commerce Stocks To Watch</p><p><blockquote>最值得关注的电子商务股票</blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</b>(NASDAQ: ETSY)</li>  <li><b><a href=\"https://laohu8.com/S/EBAYL\">eBay</a> Inc</b>(NASDAQ: EBAY)</li>  <li><b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a> Group Holding Ltd</b>(NYSE: BABA)</li>  <li><b>Chewy Inc</b>(NYSE: CHWY)</li> </ul> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</b>（纳斯达克：ETSY）</li><li><b><a href=\"https://laohu8.com/S/EBAYL\">易趣</a>公司</b>（纳斯达克：EBAY）</li><li><b><a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>集团控股有限公司</b>（纽约证券交易所代码：BABA）</li><li><b>咀嚼公司</b>（纽约证券交易所代码：CHWY）</li></ul><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</blockquote></p><p> Let us start the list with Etsy. The company operates a marketplace where people globally connect, both online and offline to sell and buy goods. It also offers a range of seller services and tools that help entrepreneurs manage their businesses. As of now, the company’s seller services include Direct Checkout, Promoted Listings, Shipping Labels, and <a href=\"https://laohu8.com/S/PEGI\">Pattern</a> by Etsy. ETSY stock has risen by over 80% over the past year.</p><p><blockquote>让我们从Etsy开始。该公司运营着一个市场，人们在全球范围内通过线上和线下联系来买卖商品。它还提供一系列卖家服务和工具，帮助企业家管理他们的业务。截至目前，该公司的卖家服务包括直接结账、促销商品、运输标签和<a href=\"https://laohu8.com/S/PEGI\">模式</a>由Etsy。ETSY 股价在过去一年中上涨了 80% 以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4998810533317bc7562c92dbf9801556\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Monday, Etsy signed a definitive agreement to acquire Elo7, a privately held marketplace for unique, handmade items, ranked as a top 10 e-commerce site in Brazil. The Elo7 marketplace connects approximately 1.9 million active buyers with approximately 56,000 active sellers and currently has approximately 8 million items for sale. Hence, this deal would establish Etsy’s presence in Latin America, an underpenetrated e-commerce region.</p><p><blockquote>周一，Etsy签署了一项最终协议，收购Elo7，这是一个私人持有的独特手工制品市场，被列为巴西十大电子商务网站。Elo7市场连接了大约190万活跃买家和大约56,000名活跃卖家，目前有大约800万件待售商品。因此，这笔交易将确立 Etsy 在拉丁美洲这个电子商务渗透率较低的地区的地位。</blockquote></p><p> Etsy is not resting on its laurels. It also signed a definitive agreement to acquire Depop, a purpose-driven marketplace for unique fashion for $1.625 billion earlier in June. Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world’s most diverse and progressive home of fashion. It appears that 90% of Depop’s active users are under the age of 26. So, this could serve as a resale home for Gen Z consumers to the Etsy family. Given all these exciting developments, would you consider investing in ETSY stock?</p><p><blockquote>Etsy并没有固步自封。6 月初，该公司还签署了一项最终协议，以 16.25 亿美元收购 Depop，这是一个以目的为导向的独特时尚市场。Depop 是一个由社区驱动的买卖独特时尚的市场，其使命是打造世界上最多元化、最进步的时尚之家。Depop 90% 的活跃用户年龄在 26 岁以下。因此，这可以作为Z世代消费者向Etsy家族转售的家。鉴于所有这些令人兴奋的发展，您会考虑投资 ETSY 股票吗？</blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> Inc</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>公司</blockquote></p><p> Next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the industry leaders of e-commerce, <a href=\"https://laohu8.com/S/EBAYL\">eBay</a>. Essentially, the company operates marketplace platforms that connect buyers and sellers globally. This includes its online marketplace at ebay.com and the <a href=\"https://laohu8.com/S/EBAY\">eBay</a> suite of mobile apps. So, you could buy, sell, and pay for items through various online and offline channels. eBay stock has been <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the better-performing stocks within the e-commerce space this year. It has climbed by over 35% year-to-date.</p><p><blockquote>接下来，我们<a href=\"https://laohu8.com/S/AONE\">一</a>电子商务的行业龙头，<a href=\"https://laohu8.com/S/EBAYL\">易趣</a>本质上，该公司运营着连接全球买家和卖家的市场平台。这包括其在 ebay.com 的在线市场和<a href=\"https://laohu8.com/S/EBAY\">易趣</a>移动应用程序套件。因此，您可以通过各种在线和离线渠道购买、出售和支付商品。eBay 股票一直<a href=\"https://laohu8.com/S/AONE.U\">一</a>今年电子商务领域表现较好的股票之一。今年迄今为止，它已经攀升了35%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3225891cc70ad7e916ca99aa07101ba2\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> last week, the company announced the completion of the transfer of its Classifieds business to Adevinta in exchange for $2.5 billion cash and a 44% equity stake in Adevinta. This combination will hopefully create a leading global online classifieds business. In the long run, both companies will be primed to benefit from its combined portfolio that may offer additional value for its customers and shareholders.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上周，该公司宣布完成将其分类广告业务转让给Adevinta，以换取25亿美元现金和Adevinta 44%的股权。这种合并有望创建一个领先的全球在线分类广告业务。从长远来看，两家公司都将从其合并的投资组合中受益，这可能会为其客户和股东提供额外的价值。</blockquote></p><p> eBay also had an impressive first quarter to start the year with the highest revenue growth since 2005. Its revenue was $3.0 billion, up 42% on an as-reported basis. There was also increased activity on its platform. Annual active buyers grew by 7%, now at a total of 187 million. Meanwhile, its annual active sellers grew by 8%, for a total of 20 million. We can see that the company is firing on all cylinders as we recover from the global pandemic. With that in mind, would you add EBAY stock to your watchlist?</p><p><blockquote>eBay 第一季度的收入增长也令人印象深刻，创下了 2005 年以来的最高纪录。其收入为 30 亿美元，比报告增长 42%。其平台上的活动也有所增加。年度活跃买家增长了 7%，目前总数为 1.87 亿。与此同时，其年度活跃卖家增长了 8%，总数达到 2000 万。我们可以看到，随着我们从全球疫情中复苏，该公司正在全力以赴。考虑到这一点，您会将易贝股票添加到您的观察列表中吗？</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/09988\">Alibaba</a> Group Holding Ltd</p><p><blockquote><a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>集团控股有限公司</blockquote></p><p> Coming up next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the largest e-commerce companies in the world, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a>. The company’s technology infrastructure and marketing reach help merchants and brands to leverage the power of technology to engage its users, and customers to operate. As of today, its three main sites, Taobao, Tmall, and <a href=\"https://laohu8.com/S/09988\">Alibaba</a>.com boast hundreds of millions of users and host millions of merchants and businesses.</p><p><blockquote>接下来，我们有<a href=\"https://laohu8.com/S/AONE\">一</a>全球最大的电子商务公司，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>. 公司的技术基础设施和营销影响力帮助商家和品牌利用技术的力量吸引用户，让客户开展业务。截至今日，其淘宝、天猫、<a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>.com拥有数亿用户，拥有数百万商家和企业。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fd0bf902b6908baca1ebc71478c54967\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Fundamentally, the company is as strong as ever. For its fourth-quarter fiscal 2021 earnings report, its revenue climbed to $28.6 billion, representing a 64% increase. Alibaba also reported 811 million annual active consumers in <a href=\"https://laohu8.com/S/CAAS\">China</a> which represents an 11% growth year-over-year. This is important because retaining and attracting active consumers would support the company’s business model.</p><p><blockquote>从根本上说，该公司一如既往地强大。在2021财年第四季度收益报告中，其收入攀升至286亿美元，增长64%。阿里巴巴-SW还报告称，年活跃消费者人数为 8.11 亿<a href=\"https://laohu8.com/S/CAAS\">中国</a>同比增长 11%。这一点很重要，因为留住和吸引活跃的消费者将支持公司的商业模式。</blockquote></p><p> That said, it has not been a fantastic year for Alibaba this year. The company’s struggle this year was affected by the Chinese government. Alibaba was hit with a record fine of $2.75 billion earlier in April. However, the worst could be over for the company as the Chinese government is slowly shifting its focus to the company’s competitors. So, if you have missed the boat on BABA stock prior to this, could this be the classic buy-on-dip opportunity?</p><p><blockquote>也就是说，今年对阿里巴巴-SW来说并不是美好的一年。该公司今年的困境受到了中国政府的影响。4月初，阿里巴巴-SW被处以创纪录的27.5亿美元罚款。然而，随着中国政府慢慢将注意力转向该公司的竞争对手，该公司最糟糕的时期可能已经过去。那么，如果你在此之前错过了阿里巴巴股票的机会，这可能是典型的逢低买入机会吗？</blockquote></p><p> Chewy Inc</p><p><blockquote>咀嚼公司</blockquote></p><p> Last on this list, we have an e-commerce company that specializes in pet products, Chewy. In essence, it provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. Pet lovers out there could access all these products through its chewy.com retail website, and its mobile applications. The company stock may have been trading sideways since the start of the year. But, it has still climbed by over 70% over the past year.</p><p><blockquote>最后，我们有一家专门从事宠物产品的电子商务公司，Chewy。本质上，它提供宠物食品和零食、宠物用品和宠物药物，以及其他宠物保健产品，以及宠物服务。宠物爱好者可以通过其 chewy.com 零售网站及其移动应用程序访问所有这些产品。该公司股票自今年年初以来可能一直横盘整理。但是，在过去的一年里，它仍然攀升了70%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/15d6c920416f733d0edf62d1148a8061\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In June, the company posted its first-quarter financial report that beat analysts’ expectations. Its net sales were $2.14 billion, growing 31.7% year-over-year. Meanwhile, its adjusted EBITDA came in at $77.4 million and its net income was $38.7 million. More importantly, Chewy added 600,000 active customers during the quarter which brings the number of active customers to 19.2 million. All in all, the company is growing in the right direction.</p><p><blockquote>今年 6 月，该公司发布的第一季度财务报告超出了分析师的预期。其净销售额为21.4亿美元，同比增长31.7%。与此同时，其调整后 EBITDA 为 7740 万美元，净利润为 3870 万美元。更重要的是，Chewy 在本季度增加了 60 万活跃客户，使活跃客户数量达到 1920 万。总而言之，该公司正朝着正确的方向发展。</blockquote></p><p> Furthermore, Chewy also continues to innovate on their popular telehealth service, Connect with a Vet. May’s expansion includes the highly anticipated video consultation feature which allows pre-scheduling virtual vet consultation and extended hours of operation including weekends. With this, customers gain more accessibility to the company’s services and a better experience overall. With that in mind, would CHWY stock make your watchlist?</p><p><blockquote>此外，Chewy还继续创新他们广受欢迎的远程医疗服务，与兽医联系。May 的扩展包括备受期待的视频咨询功能，该功能允许预先安排虚拟兽医咨询，并延长包括周末在内的营业时间。这样一来，客户就能更容易地获得公司的服务，并获得更好的整体体验。考虑到这一点，CHWY 股票会成为您的观察名单吗？</blockquote></p><p></p>","source":"lsy1603171495471","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>Best E-Commerce Stocks To Buy In July 2021? 4 Names In Focus<blockquote>2021 年 7 月最值得购买的电子商务股票？4个名字成为焦点</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\">\nBest E-Commerce Stocks To Buy In July 2021? 4 Names In Focus<blockquote>2021 年 7 月最值得购买的电子商务股票？4个名字成为焦点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-07-05 10:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Could These Be The Top E-Commerce Stocks To Watch Right Now?</p><p><blockquote>这些可能是目前最值得关注的电子商务股票吗？</blockquote></p><p> E-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as Pinterest Inc (NYSE: PINS) even have augmented reality features that would allow you to have a rough idea of what you’re getting.</p><p><blockquote>去年，电子商务股票在股市中度过了历史性的一年。嗯，这并不奇怪，因为世界上许多国家都被封锁了。当时，大多数购物活动都是在网上进行的。所以，即使是最初对网购持怀疑态度的人，也一定接触过电商平台。这当然也是由于技术的进步。一些公司的平台，如Pinterest公司（纽约证券交易所股票代码：PINS），甚至有增强现实功能，可以让你大致了解自己得到的是什么。</blockquote></p><p> The shift to online shopping has resulted in many emerging e-commerce companies. For example, we have Jumia Technologies (NYSE: JMIA) that aims to be the top online marketplace in the whole of Africa. Perhaps, this should not be overlooked as e-commerce is still a growing sector in Africa. Moreover, JMIA stock has already soared by more than 400% just within the past year. Now, if you are optimistic about the future of e-commerce, here’s a list of fourtop e-commerce stocks to watchin thestock market today.</p><p><blockquote>向网上购物的转变催生了许多新兴的电子商务公司。例如，我们有Jumia Technologies（纽约证券交易所代码：JMIA），它的目标是成为整个非洲顶级的在线市场。也许，这一点不应该被忽视，因为电子商务在非洲仍然是一个不断增长的行业。此外，JMIA 股价仅在过去一年就飙升了 400% 以上。现在，如果您对电子商务的未来持乐观态度，这里列出了今天值得关注的四大电子商务股票。</blockquote></p><p> Best E-Commerce Stocks To Watch</p><p><blockquote>最值得关注的电子商务股票</blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</b>(NASDAQ: ETSY)</li>  <li><b><a href=\"https://laohu8.com/S/EBAYL\">eBay</a> Inc</b>(NASDAQ: EBAY)</li>  <li><b><a href=\"https://laohu8.com/S/BABA\">Alibaba</a> Group Holding Ltd</b>(NYSE: BABA)</li>  <li><b>Chewy Inc</b>(NYSE: CHWY)</li> </ul> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> Inc</p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</b>（纳斯达克：ETSY）</li><li><b><a href=\"https://laohu8.com/S/EBAYL\">易趣</a>公司</b>（纳斯达克：EBAY）</li><li><b><a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>集团控股有限公司</b>（纽约证券交易所代码：BABA）</li><li><b>咀嚼公司</b>（纽约证券交易所代码：CHWY）</li></ul><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>公司</blockquote></p><p> Let us start the list with Etsy. The company operates a marketplace where people globally connect, both online and offline to sell and buy goods. It also offers a range of seller services and tools that help entrepreneurs manage their businesses. As of now, the company’s seller services include Direct Checkout, Promoted Listings, Shipping Labels, and <a href=\"https://laohu8.com/S/PEGI\">Pattern</a> by Etsy. ETSY stock has risen by over 80% over the past year.</p><p><blockquote>让我们从Etsy开始。该公司运营着一个市场，人们在全球范围内通过线上和线下联系来买卖商品。它还提供一系列卖家服务和工具，帮助企业家管理他们的业务。截至目前，该公司的卖家服务包括直接结账、促销商品、运输标签和<a href=\"https://laohu8.com/S/PEGI\">模式</a>由Etsy。ETSY 股价在过去一年中上涨了 80% 以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4998810533317bc7562c92dbf9801556\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> On Monday, Etsy signed a definitive agreement to acquire Elo7, a privately held marketplace for unique, handmade items, ranked as a top 10 e-commerce site in Brazil. The Elo7 marketplace connects approximately 1.9 million active buyers with approximately 56,000 active sellers and currently has approximately 8 million items for sale. Hence, this deal would establish Etsy’s presence in Latin America, an underpenetrated e-commerce region.</p><p><blockquote>周一，Etsy签署了一项最终协议，收购Elo7，这是一个私人持有的独特手工制品市场，被列为巴西十大电子商务网站。Elo7市场连接了大约190万活跃买家和大约56,000名活跃卖家，目前有大约800万件待售商品。因此，这笔交易将确立 Etsy 在拉丁美洲这个电子商务渗透率较低的地区的地位。</blockquote></p><p> Etsy is not resting on its laurels. It also signed a definitive agreement to acquire Depop, a purpose-driven marketplace for unique fashion for $1.625 billion earlier in June. Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world’s most diverse and progressive home of fashion. It appears that 90% of Depop’s active users are under the age of 26. So, this could serve as a resale home for Gen Z consumers to the Etsy family. Given all these exciting developments, would you consider investing in ETSY stock?</p><p><blockquote>Etsy并没有固步自封。6 月初，该公司还签署了一项最终协议，以 16.25 亿美元收购 Depop，这是一个以目的为导向的独特时尚市场。Depop 是一个由社区驱动的买卖独特时尚的市场，其使命是打造世界上最多元化、最进步的时尚之家。Depop 90% 的活跃用户年龄在 26 岁以下。因此，这可以作为Z世代消费者向Etsy家族转售的家。鉴于所有这些令人兴奋的发展，您会考虑投资 ETSY 股票吗？</blockquote></p><p> <a href=\"https://laohu8.com/S/EBAY\">eBay</a> Inc</p><p><blockquote><a href=\"https://laohu8.com/S/EBAY\">易趣</a>公司</blockquote></p><p> Next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the industry leaders of e-commerce, <a href=\"https://laohu8.com/S/EBAYL\">eBay</a>. Essentially, the company operates marketplace platforms that connect buyers and sellers globally. This includes its online marketplace at ebay.com and the <a href=\"https://laohu8.com/S/EBAY\">eBay</a> suite of mobile apps. So, you could buy, sell, and pay for items through various online and offline channels. eBay stock has been <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the better-performing stocks within the e-commerce space this year. It has climbed by over 35% year-to-date.</p><p><blockquote>接下来，我们<a href=\"https://laohu8.com/S/AONE\">一</a>电子商务的行业龙头，<a href=\"https://laohu8.com/S/EBAYL\">易趣</a>本质上，该公司运营着连接全球买家和卖家的市场平台。这包括其在 ebay.com 的在线市场和<a href=\"https://laohu8.com/S/EBAY\">易趣</a>移动应用程序套件。因此，您可以通过各种在线和离线渠道购买、出售和支付商品。eBay 股票一直<a href=\"https://laohu8.com/S/AONE.U\">一</a>今年电子商务领域表现较好的股票之一。今年迄今为止，它已经攀升了35%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3225891cc70ad7e916ca99aa07101ba2\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> last week, the company announced the completion of the transfer of its Classifieds business to Adevinta in exchange for $2.5 billion cash and a 44% equity stake in Adevinta. This combination will hopefully create a leading global online classifieds business. In the long run, both companies will be primed to benefit from its combined portfolio that may offer additional value for its customers and shareholders.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>上周，该公司宣布完成将其分类广告业务转让给Adevinta，以换取25亿美元现金和Adevinta 44%的股权。这种合并有望创建一个领先的全球在线分类广告业务。从长远来看，两家公司都将从其合并的投资组合中受益，这可能会为其客户和股东提供额外的价值。</blockquote></p><p> eBay also had an impressive first quarter to start the year with the highest revenue growth since 2005. Its revenue was $3.0 billion, up 42% on an as-reported basis. There was also increased activity on its platform. Annual active buyers grew by 7%, now at a total of 187 million. Meanwhile, its annual active sellers grew by 8%, for a total of 20 million. We can see that the company is firing on all cylinders as we recover from the global pandemic. With that in mind, would you add EBAY stock to your watchlist?</p><p><blockquote>eBay 第一季度的收入增长也令人印象深刻，创下了 2005 年以来的最高纪录。其收入为 30 亿美元，比报告增长 42%。其平台上的活动也有所增加。年度活跃买家增长了 7%，目前总数为 1.87 亿。与此同时，其年度活跃卖家增长了 8%，总数达到 2000 万。我们可以看到，随着我们从全球疫情中复苏，该公司正在全力以赴。考虑到这一点，您会将易贝股票添加到您的观察列表中吗？</blockquote></p><p></p><p> <a href=\"https://laohu8.com/S/09988\">Alibaba</a> Group Holding Ltd</p><p><blockquote><a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>集团控股有限公司</blockquote></p><p> Coming up next, we have <a href=\"https://laohu8.com/S/AONE\">one</a> of the largest e-commerce companies in the world, <a href=\"https://laohu8.com/S/BABA\">Alibaba</a>. The company’s technology infrastructure and marketing reach help merchants and brands to leverage the power of technology to engage its users, and customers to operate. As of today, its three main sites, Taobao, Tmall, and <a href=\"https://laohu8.com/S/09988\">Alibaba</a>.com boast hundreds of millions of users and host millions of merchants and businesses.</p><p><blockquote>接下来，我们有<a href=\"https://laohu8.com/S/AONE\">一</a>全球最大的电子商务公司，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>. 公司的技术基础设施和营销影响力帮助商家和品牌利用技术的力量吸引用户，让客户开展业务。截至今日，其淘宝、天猫、<a href=\"https://laohu8.com/S/09988\">阿里巴巴-SW</a>.com拥有数亿用户，拥有数百万商家和企业。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/fd0bf902b6908baca1ebc71478c54967\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Fundamentally, the company is as strong as ever. For its fourth-quarter fiscal 2021 earnings report, its revenue climbed to $28.6 billion, representing a 64% increase. Alibaba also reported 811 million annual active consumers in <a href=\"https://laohu8.com/S/CAAS\">China</a> which represents an 11% growth year-over-year. This is important because retaining and attracting active consumers would support the company’s business model.</p><p><blockquote>从根本上说，该公司一如既往地强大。在2021财年第四季度收益报告中，其收入攀升至286亿美元，增长64%。阿里巴巴-SW还报告称，年活跃消费者人数为 8.11 亿<a href=\"https://laohu8.com/S/CAAS\">中国</a>同比增长 11%。这一点很重要，因为留住和吸引活跃的消费者将支持公司的商业模式。</blockquote></p><p> That said, it has not been a fantastic year for Alibaba this year. The company’s struggle this year was affected by the Chinese government. Alibaba was hit with a record fine of $2.75 billion earlier in April. However, the worst could be over for the company as the Chinese government is slowly shifting its focus to the company’s competitors. So, if you have missed the boat on BABA stock prior to this, could this be the classic buy-on-dip opportunity?</p><p><blockquote>也就是说，今年对阿里巴巴-SW来说并不是美好的一年。该公司今年的困境受到了中国政府的影响。4月初，阿里巴巴-SW被处以创纪录的27.5亿美元罚款。然而，随着中国政府慢慢将注意力转向该公司的竞争对手，该公司最糟糕的时期可能已经过去。那么，如果你在此之前错过了阿里巴巴股票的机会，这可能是典型的逢低买入机会吗？</blockquote></p><p> Chewy Inc</p><p><blockquote>咀嚼公司</blockquote></p><p> Last on this list, we have an e-commerce company that specializes in pet products, Chewy. In essence, it provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. Pet lovers out there could access all these products through its chewy.com retail website, and its mobile applications. The company stock may have been trading sideways since the start of the year. But, it has still climbed by over 70% over the past year.</p><p><blockquote>最后，我们有一家专门从事宠物产品的电子商务公司，Chewy。本质上，它提供宠物食品和零食、宠物用品和宠物药物，以及其他宠物保健产品，以及宠物服务。宠物爱好者可以通过其 chewy.com 零售网站及其移动应用程序访问所有这些产品。该公司股票自今年年初以来可能一直横盘整理。但是，在过去的一年里，它仍然攀升了70%以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/15d6c920416f733d0edf62d1148a8061\" tg-width=\"250\" tg-height=\"209\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In June, the company posted its first-quarter financial report that beat analysts’ expectations. Its net sales were $2.14 billion, growing 31.7% year-over-year. Meanwhile, its adjusted EBITDA came in at $77.4 million and its net income was $38.7 million. More importantly, Chewy added 600,000 active customers during the quarter which brings the number of active customers to 19.2 million. All in all, the company is growing in the right direction.</p><p><blockquote>今年 6 月，该公司发布的第一季度财务报告超出了分析师的预期。其净销售额为21.4亿美元，同比增长31.7%。与此同时，其调整后 EBITDA 为 7740 万美元，净利润为 3870 万美元。更重要的是，Chewy 在本季度增加了 60 万活跃客户，使活跃客户数量达到 1920 万。总而言之，该公司正朝着正确的方向发展。</blockquote></p><p> Furthermore, Chewy also continues to innovate on their popular telehealth service, Connect with a Vet. May’s expansion includes the highly anticipated video consultation feature which allows pre-scheduling virtual vet consultation and extended hours of operation including weekends. With this, customers gain more accessibility to the company’s services and a better experience overall. With that in mind, would CHWY stock make your watchlist?</p><p><blockquote>此外，Chewy还继续创新他们广受欢迎的远程医疗服务，与兽医联系。May 的扩展包括备受期待的视频咨询功能，该功能允许预先安排虚拟兽医咨询，并延长包括周末在内的营业时间。这样一来，客户就能更容易地获得公司的服务，并获得更好的整体体验。考虑到这一点，CHWY 股票会成为您的观察名单吗？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/best-e-commerce-stocks-to-buy-in-july-2021-4-names-in-focus-2021-07-02\">Nasdaq</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":{"EBAY":"eBay","BABA":"阿里巴巴","CHWY":"Chewy, Inc.","ETSY":"Etsy, Inc."},"source_url":"https://www.nasdaq.com/articles/best-e-commerce-stocks-to-buy-in-july-2021-4-names-in-focus-2021-07-02","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170100655","content_text":"Could These Be The Top E-Commerce Stocks To Watch Right Now?\nE-commerce stocks had a historic year in thestock marketlast year. Well, it shouldn’t come as a surprise since many countries around the world were sent into lockdown. At that point, most shopping activities were conducted online. So, even those who were skeptical of online shopping initially must have been exposed to e-commerce platforms. This is of course due to the advancement of technology as well. Some company’s platforms such as Pinterest Inc (NYSE: PINS) even have augmented reality features that would allow you to have a rough idea of what you’re getting.\nThe shift to online shopping has resulted in many emerging e-commerce companies. For example, we have Jumia Technologies (NYSE: JMIA) that aims to be the top online marketplace in the whole of Africa. Perhaps, this should not be overlooked as e-commerce is still a growing sector in Africa. Moreover, JMIA stock has already soared by more than 400% just within the past year. Now, if you are optimistic about the future of e-commerce, here’s a list of fourtop e-commerce stocks to watchin thestock market today.\nBest E-Commerce Stocks To Watch\n\nEtsy Inc(NASDAQ: ETSY)\neBay Inc(NASDAQ: EBAY)\nAlibaba Group Holding Ltd(NYSE: BABA)\nChewy Inc(NYSE: CHWY)\n\nEtsy Inc\nLet us start the list with Etsy. The company operates a marketplace where people globally connect, both online and offline to sell and buy goods. It also offers a range of seller services and tools that help entrepreneurs manage their businesses. As of now, the company’s seller services include Direct Checkout, Promoted Listings, Shipping Labels, and Pattern by Etsy. ETSY stock has risen by over 80% over the past year.\n\nOn Monday, Etsy signed a definitive agreement to acquire Elo7, a privately held marketplace for unique, handmade items, ranked as a top 10 e-commerce site in Brazil. The Elo7 marketplace connects approximately 1.9 million active buyers with approximately 56,000 active sellers and currently has approximately 8 million items for sale. Hence, this deal would establish Etsy’s presence in Latin America, an underpenetrated e-commerce region.\nEtsy is not resting on its laurels. It also signed a definitive agreement to acquire Depop, a purpose-driven marketplace for unique fashion for $1.625 billion earlier in June. Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world’s most diverse and progressive home of fashion. It appears that 90% of Depop’s active users are under the age of 26. So, this could serve as a resale home for Gen Z consumers to the Etsy family. Given all these exciting developments, would you consider investing in ETSY stock?\neBay Inc\nNext, we have one of the industry leaders of e-commerce, eBay. Essentially, the company operates marketplace platforms that connect buyers and sellers globally. This includes its online marketplace at ebay.com and the eBay suite of mobile apps. So, you could buy, sell, and pay for items through various online and offline channels. eBay stock has been one of the better-performing stocks within the e-commerce space this year. It has climbed by over 35% year-to-date.\n\nJust last week, the company announced the completion of the transfer of its Classifieds business to Adevinta in exchange for $2.5 billion cash and a 44% equity stake in Adevinta. This combination will hopefully create a leading global online classifieds business. In the long run, both companies will be primed to benefit from its combined portfolio that may offer additional value for its customers and shareholders.\neBay also had an impressive first quarter to start the year with the highest revenue growth since 2005. Its revenue was $3.0 billion, up 42% on an as-reported basis. There was also increased activity on its platform. Annual active buyers grew by 7%, now at a total of 187 million. Meanwhile, its annual active sellers grew by 8%, for a total of 20 million. We can see that the company is firing on all cylinders as we recover from the global pandemic. With that in mind, would you add EBAY stock to your watchlist?\nAlibaba Group Holding Ltd\nComing up next, we have one of the largest e-commerce companies in the world, Alibaba. The company’s technology infrastructure and marketing reach help merchants and brands to leverage the power of technology to engage its users, and customers to operate. As of today, its three main sites, Taobao, Tmall, and Alibaba.com boast hundreds of millions of users and host millions of merchants and businesses.\n\nFundamentally, the company is as strong as ever. For its fourth-quarter fiscal 2021 earnings report, its revenue climbed to $28.6 billion, representing a 64% increase. Alibaba also reported 811 million annual active consumers in China which represents an 11% growth year-over-year. This is important because retaining and attracting active consumers would support the company’s business model.\nThat said, it has not been a fantastic year for Alibaba this year. The company’s struggle this year was affected by the Chinese government. Alibaba was hit with a record fine of $2.75 billion earlier in April. However, the worst could be over for the company as the Chinese government is slowly shifting its focus to the company’s competitors. So, if you have missed the boat on BABA stock prior to this, could this be the classic buy-on-dip opportunity?\nChewy Inc\nLast on this list, we have an e-commerce company that specializes in pet products, Chewy. In essence, it provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. Pet lovers out there could access all these products through its chewy.com retail website, and its mobile applications. The company stock may have been trading sideways since the start of the year. But, it has still climbed by over 70% over the past year.\n\nIn June, the company posted its first-quarter financial report that beat analysts’ expectations. Its net sales were $2.14 billion, growing 31.7% year-over-year. Meanwhile, its adjusted EBITDA came in at $77.4 million and its net income was $38.7 million. More importantly, Chewy added 600,000 active customers during the quarter which brings the number of active customers to 19.2 million. All in all, the company is growing in the right direction.\nFurthermore, Chewy also continues to innovate on their popular telehealth service, Connect with a Vet. May’s expansion includes the highly anticipated video consultation feature which allows pre-scheduling virtual vet consultation and extended hours of operation including weekends. With this, customers gain more accessibility to the company’s services and a better experience overall. With that in mind, would CHWY stock make your watchlist?","news_type":1,"symbols_score_info":{"BOTB.UK":0.9,"EBAY":0.9,"ETSY":0.9,"BABA":0.9,"CHWY":0.9}},"isVote":1,"tweetType":1,"viewCount":2513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142729279,"gmtCreate":1626178517291,"gmtModify":1631891062833,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thabjs","listText":"Thabjs","text":"Thabjs","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/142729279","repostId":"1146447033","repostType":4,"repost":{"id":"1146447033","kind":"news","pubTimestamp":1626175407,"share":"https://www.laohunote.com/m/news/1146447033?lang=zh_CN&edition=full","pubTime":"2021-07-13 19:23","market":"us","language":"en","title":"U.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry<blockquote>美国证券交易委员会加强特殊目的收购公司调查，重点关注银行费用冲突</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1146447033","media":"Reuters","summary":"WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blan","content":"<p>WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blank check acquisition frenzy, homing in on potential conflicts of interest created when banks act as underwriters and advisers on the same deal, three people with direct knowledge of the matter told Reuters.</p><p><blockquote>华盛顿（路透社）--三位直接知情人士告诉路透社，美国证券监管机构已加大对华尔街空白支票收购狂潮的调查力度，重点关注银行在同一笔交易中充当承销商和顾问时可能产生的利益冲突。</blockquote></p><p> The Securities and Exchange Commission is exploring whether certain fee structures may incentivise underwriters on special purpose acquisition company, or SPAC, listings to secure unsuitable deals when also advising on the later stage merger, potentially putting investors at risk, the people said.</p><p><blockquote>知情人士称，美国证券交易委员会正在探索某些费用结构是否可能会激励特殊目的收购公司（SPAC）上市的承销商，以确保不合适的交易，同时还为后期合并提供建议，这可能会使投资者面临风险。</blockquote></p><p> Banks that have received SEC requests for information include top SPAC underwriters Citigroup, Credit Suisse Group, Morgan Stanley and Goldman Sachs, they said.</p><p><blockquote>他们表示，收到 SEC 信息请求的银行包括顶级 SPAC 承销商花旗集团、瑞士信贷集团、摩根士丹利和高盛。</blockquote></p><p> Spokespeople for the banks declined to comment.</p><p><blockquote>银行发言人拒绝置评。</blockquote></p><p> SPACs are listed shell companies used to take private companies public, sidestepping the more traditional and lengthy initial public offering (IPO) process.</p><p><blockquote>SPAC是上市空壳公司，用于将私营公司上市，避开更传统、更漫长的首次公开募股（IPO）流程。</blockquote></p><p> Reuters reported in March that the SEC’s enforcement division had opened an inquiry on Wall Street banks’ SPAC dealings, sending letters to several institutions seeking information on deal risks and internal controls.</p><p><blockquote>路透社今年 3 月报道称，美国证券交易委员会执法部门已对华尔街银行的 SPAC 交易展开调查，并致函多家机构，寻求有关交易风险和内部控制的信息。</blockquote></p><p> Since March, the SEC has focused its inquiry on a group of banks, law firms and SPAC sponsors involved in troubled deals and has sought more information about the deals and interviewed executives concerned, according to two of the three sources.</p><p><blockquote>据三位消息人士中的两位透露，自 3 月份以来，美国证券交易委员会一直将调查重点放在一组涉及问题交易的银行、律师事务所和 SPAC 发起人身上，并寻求有关这些交易的更多信息，并采访了相关高管。</blockquote></p><p> The SEC is particularly interested in the fees banks have earned when playing several roles on a deal, all three sources said. They declined to say which deals were under scrutiny.</p><p><blockquote>三位消息人士均表示，美国证券交易委员会对银行在交易中扮演多种角色时赚取的费用特别感兴趣。他们拒绝透露哪些交易正在接受审查。</blockquote></p><p> “The big issue for the SEC is to understand if the advisers are conflicted,” said one of the people.</p><p><blockquote>“其中一位人士说：”对美国证券交易委员会来说，最大的问题是了解顾问们是否存在冲突。</blockquote></p><p> A spokesperson for the SEC did not respond to requests for comment.</p><p><blockquote>美国证券交易委员会发言人没有回应置评请求。</blockquote></p><p> SPAC sponsors typically pay banks a 5.5% fee for underwriting the IPO, part of which is paid up front, with the rest paid upon completion of the merger.</p><p><blockquote>SPAC 保荐人通常向银行支付 5.5% 的 IPO 承销费用，其中一部分预先支付，其余部分在合并完成后支付。</blockquote></p><p> Underwriting banks can earn more fees if they also go on to represent the merger target and help the SPAC sponsor raise additional cash from private investors to finance the takeover.</p><p><blockquote>如果承销银行还继续代表合并目标并帮助 SPAC 发起人从私人投资者那里筹集额外现金来为收购提供资金，则它们可以赚取更多费用。</blockquote></p><p> The SEC is examining potential conflicts in such situations when a bank works for both sides of the transaction and stands to earn a chunk of fees when the merger goes through.</p><p><blockquote>美国证券交易委员会正在研究这种情况下的潜在冲突，即银行为交易双方工作，并在合并完成时赚取一大笔费用。</blockquote></p><p> Critics say such arrangements could incentivise banks to talk up targets or play down potential problems, which could harm investors if the target company’s earnings underperform, or other regulatory or legal issues emerge following the merger.</p><p><blockquote>批评人士称，这种安排可能会激励银行夸大目标或淡化潜在问题，如果目标公司的盈利表现不佳，或合并后出现其他监管或法律问题，这可能会损害投资者的利益。</blockquote></p><p> SPAC returns have trailed the S&amp;P 500 and some SPACs have been accused by shareholders and government investigators of misleading disclosures..</p><p><blockquote>特殊目的收购公司的回报落后于标普500，一些特殊目的收购公司被股东和政府调查人员指控存在误导性披露。</blockquote></p><p> The sources declined to be named because the discussions are private. Regulatory requests for information do not necessarily imply wrongdoing.</p><p><blockquote>消息人士拒绝透露姓名，因为讨论是私下进行的。监管机构对信息的要求并不一定意味着不法行为。</blockquote></p><p> EXTRA DILIGENCE</p><p><blockquote>额外勤勉</blockquote></p><p> Under the rules, lawyers and accountants are required to disclose their fees in the SPAC’s regulatory filings, but banks are not. In its recent inquiries, the SEC has asked banks for more information on their payouts, the three sources said.</p><p><blockquote>根据规定，律师和会计师必须在特殊目的收购公司的监管文件中披露其收费情况，但银行无需披露。三位消息人士称，在最近的调查中，美国证券交易委员会已要求银行提供有关其支出的更多信息。</blockquote></p><p> The SEC has also asked the banks for information on the due diligence they performed on SPAC mergers, including when reviewing revenue growth projections and other disclosures made by the target companies, one of the sources said.</p><p><blockquote>一位消息人士称，美国证券交易委员会还要求银行提供有关其对 SPAC 合并进行尽职调查的信息，包括审查目标公司的收入增长预测和其他披露时。</blockquote></p><p> The increased scrutiny has prompted some banks to review their processes and increase due diligence, the third source said, adding that some banks and sponsors were also more frequently separating the underwriting and advisory roles.</p><p><blockquote>第三位消息人士称，审查的加强促使一些银行审查其流程并加强尽职调查，并补充说，一些银行和保荐人也更频繁地将承销和咨询角色分开。</blockquote></p><p> SPACs have existed for decades, but over the past 18 months the deal structure has been popularized by high-profile sponsors and boosted by easy monetary conditions.</p><p><blockquote>SPAC已经存在了几十年，但在过去的18个月里，这种交易结构受到了知名赞助商的普及，并受到宽松货币条件的推动。</blockquote></p><p> A record nearly $100 billion was raised by U.S. SPACs in the first quarter of 2021, according to Dealogic, before dealmaking flagged amid market saturation and heightened SEC scrutiny.</p><p><blockquote>根据 Dealogic 的数据，2021 年第一季度，美国 SPAC 筹集了创纪录的近 1000 亿美元，随后在市场饱和和 SEC 审查加强的情况下出现了交易。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nU.S. SEC focuses on bank fee conflicts as it steps-up SPAC inquiry<blockquote>美国证券交易委员会加强特殊目的收购公司调查，重点关注银行费用冲突</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-13 19:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blank check acquisition frenzy, homing in on potential conflicts of interest created when banks act as underwriters and advisers on the same deal, three people with direct knowledge of the matter told Reuters.</p><p><blockquote>华盛顿（路透社）--三位直接知情人士告诉路透社，美国证券监管机构已加大对华尔街空白支票收购狂潮的调查力度，重点关注银行在同一笔交易中充当承销商和顾问时可能产生的利益冲突。</blockquote></p><p> The Securities and Exchange Commission is exploring whether certain fee structures may incentivise underwriters on special purpose acquisition company, or SPAC, listings to secure unsuitable deals when also advising on the later stage merger, potentially putting investors at risk, the people said.</p><p><blockquote>知情人士称，美国证券交易委员会正在探索某些费用结构是否可能会激励特殊目的收购公司（SPAC）上市的承销商，以确保不合适的交易，同时还为后期合并提供建议，这可能会使投资者面临风险。</blockquote></p><p> Banks that have received SEC requests for information include top SPAC underwriters Citigroup, Credit Suisse Group, Morgan Stanley and Goldman Sachs, they said.</p><p><blockquote>他们表示，收到 SEC 信息请求的银行包括顶级 SPAC 承销商花旗集团、瑞士信贷集团、摩根士丹利和高盛。</blockquote></p><p> Spokespeople for the banks declined to comment.</p><p><blockquote>银行发言人拒绝置评。</blockquote></p><p> SPACs are listed shell companies used to take private companies public, sidestepping the more traditional and lengthy initial public offering (IPO) process.</p><p><blockquote>SPAC是上市空壳公司，用于将私营公司上市，避开更传统、更漫长的首次公开募股（IPO）流程。</blockquote></p><p> Reuters reported in March that the SEC’s enforcement division had opened an inquiry on Wall Street banks’ SPAC dealings, sending letters to several institutions seeking information on deal risks and internal controls.</p><p><blockquote>路透社今年 3 月报道称，美国证券交易委员会执法部门已对华尔街银行的 SPAC 交易展开调查，并致函多家机构，寻求有关交易风险和内部控制的信息。</blockquote></p><p> Since March, the SEC has focused its inquiry on a group of banks, law firms and SPAC sponsors involved in troubled deals and has sought more information about the deals and interviewed executives concerned, according to two of the three sources.</p><p><blockquote>据三位消息人士中的两位透露，自 3 月份以来，美国证券交易委员会一直将调查重点放在一组涉及问题交易的银行、律师事务所和 SPAC 发起人身上，并寻求有关这些交易的更多信息，并采访了相关高管。</blockquote></p><p> The SEC is particularly interested in the fees banks have earned when playing several roles on a deal, all three sources said. They declined to say which deals were under scrutiny.</p><p><blockquote>三位消息人士均表示，美国证券交易委员会对银行在交易中扮演多种角色时赚取的费用特别感兴趣。他们拒绝透露哪些交易正在接受审查。</blockquote></p><p> “The big issue for the SEC is to understand if the advisers are conflicted,” said one of the people.</p><p><blockquote>“其中一位人士说：”对美国证券交易委员会来说，最大的问题是了解顾问们是否存在冲突。</blockquote></p><p> A spokesperson for the SEC did not respond to requests for comment.</p><p><blockquote>美国证券交易委员会发言人没有回应置评请求。</blockquote></p><p> SPAC sponsors typically pay banks a 5.5% fee for underwriting the IPO, part of which is paid up front, with the rest paid upon completion of the merger.</p><p><blockquote>SPAC 保荐人通常向银行支付 5.5% 的 IPO 承销费用，其中一部分预先支付，其余部分在合并完成后支付。</blockquote></p><p> Underwriting banks can earn more fees if they also go on to represent the merger target and help the SPAC sponsor raise additional cash from private investors to finance the takeover.</p><p><blockquote>如果承销银行还继续代表合并目标并帮助 SPAC 发起人从私人投资者那里筹集额外现金来为收购提供资金，则它们可以赚取更多费用。</blockquote></p><p> The SEC is examining potential conflicts in such situations when a bank works for both sides of the transaction and stands to earn a chunk of fees when the merger goes through.</p><p><blockquote>美国证券交易委员会正在研究这种情况下的潜在冲突，即银行为交易双方工作，并在合并完成时赚取一大笔费用。</blockquote></p><p> Critics say such arrangements could incentivise banks to talk up targets or play down potential problems, which could harm investors if the target company’s earnings underperform, or other regulatory or legal issues emerge following the merger.</p><p><blockquote>批评人士称，这种安排可能会激励银行夸大目标或淡化潜在问题，如果目标公司的盈利表现不佳，或合并后出现其他监管或法律问题，这可能会损害投资者的利益。</blockquote></p><p> SPAC returns have trailed the S&amp;P 500 and some SPACs have been accused by shareholders and government investigators of misleading disclosures..</p><p><blockquote>特殊目的收购公司的回报落后于标普500，一些特殊目的收购公司被股东和政府调查人员指控存在误导性披露。</blockquote></p><p> The sources declined to be named because the discussions are private. Regulatory requests for information do not necessarily imply wrongdoing.</p><p><blockquote>消息人士拒绝透露姓名，因为讨论是私下进行的。监管机构对信息的要求并不一定意味着不法行为。</blockquote></p><p> EXTRA DILIGENCE</p><p><blockquote>额外勤勉</blockquote></p><p> Under the rules, lawyers and accountants are required to disclose their fees in the SPAC’s regulatory filings, but banks are not. In its recent inquiries, the SEC has asked banks for more information on their payouts, the three sources said.</p><p><blockquote>根据规定，律师和会计师必须在特殊目的收购公司的监管文件中披露其收费情况，但银行无需披露。三位消息人士称，在最近的调查中，美国证券交易委员会已要求银行提供有关其支出的更多信息。</blockquote></p><p> The SEC has also asked the banks for information on the due diligence they performed on SPAC mergers, including when reviewing revenue growth projections and other disclosures made by the target companies, one of the sources said.</p><p><blockquote>一位消息人士称，美国证券交易委员会还要求银行提供有关其对 SPAC 合并进行尽职调查的信息，包括审查目标公司的收入增长预测和其他披露时。</blockquote></p><p> The increased scrutiny has prompted some banks to review their processes and increase due diligence, the third source said, adding that some banks and sponsors were also more frequently separating the underwriting and advisory roles.</p><p><blockquote>第三位消息人士称，审查的加强促使一些银行审查其流程并加强尽职调查，并补充说，一些银行和保荐人也更频繁地将承销和咨询角色分开。</blockquote></p><p> SPACs have existed for decades, but over the past 18 months the deal structure has been popularized by high-profile sponsors and boosted by easy monetary conditions.</p><p><blockquote>SPAC已经存在了几十年，但在过去的18个月里，这种交易结构受到了知名赞助商的普及，并受到宽松货币条件的推动。</blockquote></p><p> A record nearly $100 billion was raised by U.S. SPACs in the first quarter of 2021, according to Dealogic, before dealmaking flagged amid market saturation and heightened SEC scrutiny.</p><p><blockquote>根据 Dealogic 的数据，2021 年第一季度，美国 SPAC 筹集了创纪录的近 1000 亿美元，随后在市场饱和和 SEC 审查加强的情况下出现了交易。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-sec-spac/exclusive-u-s-sec-focuses-on-bank-fee-conflicts-as-it-steps-up-spac-inquiry-sources-idUSL2N2O90D0\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-sec-spac/exclusive-u-s-sec-focuses-on-bank-fee-conflicts-as-it-steps-up-spac-inquiry-sources-idUSL2N2O90D0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146447033","content_text":"WASHINGTON (Reuters) - The U.S. securities regulator has ramped-up its inquiry on Wall Street’s blank check acquisition frenzy, homing in on potential conflicts of interest created when banks act as underwriters and advisers on the same deal, three people with direct knowledge of the matter told Reuters.\nThe Securities and Exchange Commission is exploring whether certain fee structures may incentivise underwriters on special purpose acquisition company, or SPAC, listings to secure unsuitable deals when also advising on the later stage merger, potentially putting investors at risk, the people said.\nBanks that have received SEC requests for information include top SPAC underwriters Citigroup, Credit Suisse Group, Morgan Stanley and Goldman Sachs, they said.\nSpokespeople for the banks declined to comment.\nSPACs are listed shell companies used to take private companies public, sidestepping the more traditional and lengthy initial public offering (IPO) process.\nReuters reported in March that the SEC’s enforcement division had opened an inquiry on Wall Street banks’ SPAC dealings, sending letters to several institutions seeking information on deal risks and internal controls.\nSince March, the SEC has focused its inquiry on a group of banks, law firms and SPAC sponsors involved in troubled deals and has sought more information about the deals and interviewed executives concerned, according to two of the three sources.\nThe SEC is particularly interested in the fees banks have earned when playing several roles on a deal, all three sources said. They declined to say which deals were under scrutiny.\n“The big issue for the SEC is to understand if the advisers are conflicted,” said one of the people.\nA spokesperson for the SEC did not respond to requests for comment.\nSPAC sponsors typically pay banks a 5.5% fee for underwriting the IPO, part of which is paid up front, with the rest paid upon completion of the merger.\nUnderwriting banks can earn more fees if they also go on to represent the merger target and help the SPAC sponsor raise additional cash from private investors to finance the takeover.\nThe SEC is examining potential conflicts in such situations when a bank works for both sides of the transaction and stands to earn a chunk of fees when the merger goes through.\nCritics say such arrangements could incentivise banks to talk up targets or play down potential problems, which could harm investors if the target company’s earnings underperform, or other regulatory or legal issues emerge following the merger.\nSPAC returns have trailed the S&P 500 and some SPACs have been accused by shareholders and government investigators of misleading disclosures..\nThe sources declined to be named because the discussions are private. Regulatory requests for information do not necessarily imply wrongdoing.\nEXTRA DILIGENCE\nUnder the rules, lawyers and accountants are required to disclose their fees in the SPAC’s regulatory filings, but banks are not. In its recent inquiries, the SEC has asked banks for more information on their payouts, the three sources said.\nThe SEC has also asked the banks for information on the due diligence they performed on SPAC mergers, including when reviewing revenue growth projections and other disclosures made by the target companies, one of the sources said.\nThe increased scrutiny has prompted some banks to review their processes and increase due diligence, the third source said, adding that some banks and sponsors were also more frequently separating the underwriting and advisory roles.\nSPACs have existed for decades, but over the past 18 months the deal structure has been popularized by high-profile sponsors and boosted by easy monetary conditions.\nA record nearly $100 billion was raised by U.S. SPACs in the first quarter of 2021, according to Dealogic, before dealmaking flagged amid market saturation and heightened SEC scrutiny.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3056,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146838029,"gmtCreate":1626064749861,"gmtModify":1631891062837,"author":{"id":"3584485682417508","authorId":"3584485682417508","name":"tengcm","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584485682417508","authorIdStr":"3584485682417508"},"themes":[],"title":"","htmlText":"Thanka","listText":"Thanka","text":"Thanka","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146838029","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":3550,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}