Lim888的个人主页 - 老虎社区

Lim888

Lim888

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0勋章

2021-09-05

$SINGTEL(Z74.SI)$go up pls

2021-09-04

Like pls, thanks

抱歉，原内容已删除

2021-09-04

$Tiger Brokers(TIGR)$why so difficult

2021-09-04

Gonna try

2021-09-02

$Pinduoduo Inc.(PDD)$going up

2021-09-01

$NIO Inc.(NIO)$haiz...

2021-09-01

$NIO Inc.(NIO)$bull?

2021-08-31

$Tiger Brokers(TIGR)$don't play play liao

2021-08-29

Like me, thanks

Financial stocks overtake tech as the big buyback sector, BofA says: At the Open<blockquote>美国银行表示，金融股取代科技股成为大型回购板块：开盘时</blockquote>

2021-08-29

$CITY DEVELOPMENTS LIMITED(C09.SI)$sad sad

2021-08-29

Wow, incredible

2021-08-28

Join?

2021-08-28

$CITY DEVELOPMENTS LIMITED(C09.SI)$terrible...

2021-08-27

$CITY DEVELOPMENTS LIMITED(C09.SI)$ridiculous

2021-08-27

join?

2021-08-25

$CITY DEVELOPMENTS LIMITED(C09.SI)$still -ve...

2021-08-25

Gonna in?

2021-08-24

oppss

2021-08-24

Wow

U.S. report finds multiple problems with Keystone pipeline<blockquote>美国报告发现Keystone管道存在多个问题</blockquote>

2021-08-24

join！

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up","images":[{"img":"https://static.tigerbbs.com/a6ed08ec8f6e34285f81f1e84ec4eb64","width":"1600","height":"2844"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/812661945","isVote":1,"tweetType":1,"viewCount":2576,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":816401853,"gmtCreate":1630510466972,"gmtModify":1632475303263,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>haiz...","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>haiz...","text":"$NIO Inc.(NIO)$haiz...","images":[{"img":"https://static.tigerbbs.com/0c2b0e3d877da0b3a2596a55ab4f6bcb","width":"1600","height":"2844"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816401853","isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":816403779,"gmtCreate":1630510422491,"gmtModify":1632475309256,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>bull?","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>bull?","text":"$NIO 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thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813569924","repostId":"1113483554","repostType":2,"repost":{"id":"1113483554","kind":"news","pubTimestamp":1629895970,"share":"https://www.laohunote.com/m/news/1113483554?lang=zh_CN&edition=full","pubTime":"2021-08-25 20:52","market":"us","language":"en","title":"Financial stocks overtake tech as the big buyback sector, BofA says: At the Open<blockquote>美国银行表示，金融股取代科技股成为大型回购板块：开盘时</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113483554","media":"Seeking Alpha","summary":"Financial stocks got an \"alpha signal\" and could be set to outperform the S&P(SP500)(NYSEARCA:SPY)in","content":"<p><ul>  <li>Financial stocks got an \"alpha signal\" and could be set to outperform the S&amp;P(SP500)(NYSEARCA:SPY)in the next few months, according to the latest BofA Securities client flow survey.</li>  <li><a href=\"https://laohu8.com/S/XLF\">Financial Select Sector SPDR Fund</a> (NYSEARCA:XLF)are up about 0.2% premarket, the leading S&amp;P sector with the 10-year Treasury yield&nbsp;(NYSEARCA:TBT)(NASDAQ:TLT)&nbsp;up another 2 basis points to 1.31%.</li>  <li>Weekly buybacks in Financials from clients were the highest on record since 2010 and nearly a record as a percent of market cap, BofA says.</li>  <li>\"Buybacks by corporate clients accelerated from the prior week to the highest level since mid-March, driven by Financials,\" strategists led by Jill Carey Hall write in a note. \"Financials has now overtaken Tech as the sector with the largest dollar amount buybacks so far this year.\"</li>  <li>\"Based on our flows data from 2010 to today, we have found that the S&amp;P 500 sector buying back the largest dollar amount in a given week have tended to outperform over the next several months with a &gt;50% hit rate,\" Hall says.</li> </ul> <img src=\"https://static.tigerbbs.com/21c9d0f2c80c930cb308506423ea3e0c\" tg-width=\"913\" tg-height=\"369\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>根据美国银行证券最新的客户流量调查，金融股收到了“阿尔法信号”，未来几个月的表现可能会优于标准普尔 (SP500)(NYSEARCA:SPY)。</li><li><a href=\"https://laohu8.com/S/XLF\">金融精选行业 SPDR 基金</a>(NYSEARCA:XLF) 盘前上涨约 0.2%，标准普尔领先板块 10 年期国债收益率 (NYSEARCA:TBT)(NASDAQ:TLT) 又上涨 2 个基点至 1.31%。</li><li>美国银行表示，客户每周回购金融证券的数量是自 2010 年以来的最高纪录，占市值的百分比也接近历史新高。</li><li>吉尔·凯里·霍尔 (Jill Carey Hall) 领导的策略师在一份报告中写道：“在财务状况的推动下，企业客户的回购量从前一周加速至 3 月中旬以来的最高水平。”“金融行业现已超过科技行业，成为今年迄今为止美元回购金额最大的行业。”</li><li>“根据我们从 2010 年至今的流量数据，我们发现在给定一周内回购金额最大的美元的标普500行业往往会在未来几个月内跑赢大盘，命中率超过 50%，”霍尔说。</li></ul></blockquote></p><p> <ul>  <li>\"YTD, corporate client buybacks across sectors are +49% y/y but still far from pre-COVID levels: -14% vs. 2019 at this time, and one of the weakest years post-crisis so far when normalized by market cap,\" Hall adds.</li>  <li>Overall, clients broke a two-week selling streak, buying a relatively small net amount of $300M.</li>  <li>Hedge funds drove the buying with the biggest inflow in five months, while institutional and retail investors sold.</li>  <li>Seven of the 11 S&amp;P sectors saw inflows. Financials were on top with the sixth-largest inflows on record. <a href=\"https://laohu8.com/S/XLK\">Technology Select Sector SPDR Fund</a> (NYSEARCA:XLK), <a href=\"https://laohu8.com/S/XLV\">Health Care Select Sector SPDR Fund</a> (NYSEARCA:XLV), Consumer Discretionary(NYSEARCA:XLY)and Consumer Staples(NYSEARCA:XLP)had net selling.</li>  <li>Excluding buybacks, <a href=\"https://laohu8.com/S/XLC\">The Communication Services Select Sector SPDR Fund</a> (NYSEARCA:XLC), <a href=\"https://laohu8.com/S/XLB\">Materials Select Sector SPDR Fund</a> (NYSEARCA:XLB)&nbsp;and <a href=\"https://laohu8.com/S/XLE\">Energy Select Sector SPDR Fund</a> (NYSEARCA:XLE)&nbsp;led inflows.</li>  <li>This morning,&nbsp;Dick's Sporting Goods raised its buyback program to $400M, along with issuing a special dividend.</li> </ul> <img src=\"https://static.tigerbbs.com/495aa835fe40772fc3166c1b29b2e32c\" tg-width=\"684\" tg-height=\"645\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>“年初至今，各行业的企业客户回购量同比增长 49%，但仍远低于新冠疫情爆发前的水平：此时与 2019 年相比下降了 14%，按市值计算，这是危机后迄今为止最疲软的年份之一，”霍尔补充道。</li><li>总体而言，客户打破了连续两周的抛售纪录，净买入金额相对较小，为 3 亿美元。</li><li>对冲基金以五个月来最大的资金流入推动买盘，而机构和散户投资者则抛售。</li><li>标准普尔 11 个板块中有 7 个出现资金流入。金融股位居榜首，流入量创历史新高。<a href=\"https://laohu8.com/S/XLK\">科技精选行业 SPDR 基金</a>（纽约证券交易所：XLK），<a href=\"https://laohu8.com/S/XLV\">医疗保健精选行业 SPDR 基金</a>(NYSEARCA:XLV)、非必需消费品(NYSEARCA:XLY)和必需消费品(NYSEARCA:XLP)出现净销售。</li><li>不包括回购，<a href=\"https://laohu8.com/S/XLC\">通信服务精选行业 SPDR 基金</a>（纽约证券交易所：XLC），<a href=\"https://laohu8.com/S/XLB\">材料选择行业 SPDR 基金</a>（NYSEARCA:XLB）和<a href=\"https://laohu8.com/S/XLE\">能源精选行业 SPDR 基金</a>(NYSEARCA:XLE) led 流入。</li><li>今天早上，迪克体育用品公司将其回购计划提高至 4 亿美元，并发放特别股息。</li></ul></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>Financial stocks overtake tech as the big buyback sector, BofA says: At the Open<blockquote>美国银行表示，金融股取代科技股成为大型回购板块：开盘时</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\">\nFinancial stocks overtake tech as the big buyback sector, BofA says: At the Open<blockquote>美国银行表示，金融股取代科技股成为大型回购板块：开盘时</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-25 20:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Financial stocks got an \"alpha signal\" and could be set to outperform the S&amp;P(SP500)(NYSEARCA:SPY)in the next few months, according to the latest BofA Securities client flow survey.</li>  <li><a href=\"https://laohu8.com/S/XLF\">Financial Select Sector SPDR Fund</a> (NYSEARCA:XLF)are up about 0.2% premarket, the leading S&amp;P sector with the 10-year Treasury yield&nbsp;(NYSEARCA:TBT)(NASDAQ:TLT)&nbsp;up another 2 basis points to 1.31%.</li>  <li>Weekly buybacks in Financials from clients were the highest on record since 2010 and nearly a record as a percent of market cap, BofA says.</li>  <li>\"Buybacks by corporate clients accelerated from the prior week to the highest level since mid-March, driven by Financials,\" strategists led by Jill Carey Hall write in a note. \"Financials has now overtaken Tech as the sector with the largest dollar amount buybacks so far this year.\"</li>  <li>\"Based on our flows data from 2010 to today, we have found that the S&amp;P 500 sector buying back the largest dollar amount in a given week have tended to outperform over the next several months with a &gt;50% hit rate,\" Hall says.</li> </ul> <img src=\"https://static.tigerbbs.com/21c9d0f2c80c930cb308506423ea3e0c\" tg-width=\"913\" tg-height=\"369\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>根据美国银行证券最新的客户流量调查，金融股收到了“阿尔法信号”，未来几个月的表现可能会优于标准普尔 (SP500)(NYSEARCA:SPY)。</li><li><a href=\"https://laohu8.com/S/XLF\">金融精选行业 SPDR 基金</a>(NYSEARCA:XLF) 盘前上涨约 0.2%，标准普尔领先板块 10 年期国债收益率 (NYSEARCA:TBT)(NASDAQ:TLT) 又上涨 2 个基点至 1.31%。</li><li>美国银行表示，客户每周回购金融证券的数量是自 2010 年以来的最高纪录，占市值的百分比也接近历史新高。</li><li>吉尔·凯里·霍尔 (Jill Carey Hall) 领导的策略师在一份报告中写道：“在财务状况的推动下，企业客户的回购量从前一周加速至 3 月中旬以来的最高水平。”“金融行业现已超过科技行业，成为今年迄今为止美元回购金额最大的行业。”</li><li>“根据我们从 2010 年至今的流量数据，我们发现在给定一周内回购金额最大的美元的标普500行业往往会在未来几个月内跑赢大盘，命中率超过 50%，”霍尔说。</li></ul></blockquote></p><p> <ul>  <li>\"YTD, corporate client buybacks across sectors are +49% y/y but still far from pre-COVID levels: -14% vs. 2019 at this time, and one of the weakest years post-crisis so far when normalized by market cap,\" Hall adds.</li>  <li>Overall, clients broke a two-week selling streak, buying a relatively small net amount of $300M.</li>  <li>Hedge funds drove the buying with the biggest inflow in five months, while institutional and retail investors sold.</li>  <li>Seven of the 11 S&amp;P sectors saw inflows. Financials were on top with the sixth-largest inflows on record. <a href=\"https://laohu8.com/S/XLK\">Technology Select Sector SPDR Fund</a> (NYSEARCA:XLK), <a href=\"https://laohu8.com/S/XLV\">Health Care Select Sector SPDR Fund</a> (NYSEARCA:XLV), Consumer Discretionary(NYSEARCA:XLY)and Consumer Staples(NYSEARCA:XLP)had net selling.</li>  <li>Excluding buybacks, <a href=\"https://laohu8.com/S/XLC\">The Communication Services Select Sector SPDR Fund</a> (NYSEARCA:XLC), <a href=\"https://laohu8.com/S/XLB\">Materials Select Sector SPDR Fund</a> (NYSEARCA:XLB)&nbsp;and <a href=\"https://laohu8.com/S/XLE\">Energy Select Sector SPDR Fund</a> (NYSEARCA:XLE)&nbsp;led inflows.</li>  <li>This morning,&nbsp;Dick's Sporting Goods raised its buyback program to $400M, along with issuing a special dividend.</li> </ul> <img src=\"https://static.tigerbbs.com/495aa835fe40772fc3166c1b29b2e32c\" tg-width=\"684\" tg-height=\"645\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote><ul><li>“年初至今，各行业的企业客户回购量同比增长 49%，但仍远低于新冠疫情爆发前的水平：此时与 2019 年相比下降了 14%，按市值计算，这是危机后迄今为止最疲软的年份之一，”霍尔补充道。</li><li>总体而言，客户打破了连续两周的抛售纪录，净买入金额相对较小，为 3 亿美元。</li><li>对冲基金以五个月来最大的资金流入推动买盘，而机构和散户投资者则抛售。</li><li>标准普尔 11 个板块中有 7 个出现资金流入。金融股位居榜首，流入量创历史新高。<a href=\"https://laohu8.com/S/XLK\">科技精选行业 SPDR 基金</a>（纽约证券交易所：XLK），<a href=\"https://laohu8.com/S/XLV\">医疗保健精选行业 SPDR 基金</a>(NYSEARCA:XLV)、非必需消费品(NYSEARCA:XLY)和必需消费品(NYSEARCA:XLP)出现净销售。</li><li>不包括回购，<a href=\"https://laohu8.com/S/XLC\">通信服务精选行业 SPDR 基金</a>（纽约证券交易所：XLC），<a href=\"https://laohu8.com/S/XLB\">材料选择行业 SPDR 基金</a>（NYSEARCA:XLB）和<a href=\"https://laohu8.com/S/XLE\">能源精选行业 SPDR 基金</a>(NYSEARCA:XLE) led 流入。</li><li>今天早上，迪克体育用品公司将其回购计划提高至 4 亿美元，并发放特别股息。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3733876-financial-stocks-overtake-tech-as-the-big-buyback-sector\">Seeking Alpha</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":{"XLV":"健康照护类股ETF-SPDR",".SPX":"S&P 500 Index","XLF":"金融ETF","XLK":"高科技指数ETF-SPDR","XLE":"SPDR能源指数ETF","XLB":"材料ETF","XLC":"Communication Services Select Sector SPDR Fund"},"source_url":"https://seekingalpha.com/news/3733876-financial-stocks-overtake-tech-as-the-big-buyback-sector","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113483554","content_text":"Financial stocks got an \"alpha signal\" and could be set to outperform the S&P(SP500)(NYSEARCA:SPY)in the next few months, according to the latest BofA Securities client flow survey.\nFinancial Select Sector SPDR Fund (NYSEARCA:XLF)are up about 0.2% premarket, the leading S&P sector with the 10-year Treasury yield (NYSEARCA:TBT)(NASDAQ:TLT) up another 2 basis points to 1.31%.\nWeekly buybacks in Financials from clients were the highest on record since 2010 and nearly a record as a percent of market cap, BofA says.\n\"Buybacks by corporate clients accelerated from the prior week to the highest level since mid-March, driven by Financials,\" strategists led by Jill Carey Hall write in a note. \"Financials has now overtaken Tech as the sector with the largest dollar amount buybacks so far this year.\"\n\"Based on our flows data from 2010 to today, we have found that the S&P 500 sector buying back the largest dollar amount in a given week have tended to outperform over the next several months with a >50% hit rate,\" Hall says.\n\n\n\n\"YTD, corporate client buybacks across sectors are +49% y/y but still far from pre-COVID levels: -14% vs. 2019 at this time, and one of the weakest years post-crisis so far when normalized by market cap,\" Hall adds.\nOverall, clients broke a two-week selling streak, buying a relatively small net amount of $300M.\nHedge funds drove the buying with the biggest inflow in five months, while institutional and retail investors sold.\nSeven of the 11 S&P sectors saw inflows. Financials were on top with the sixth-largest inflows on record. Technology Select Sector SPDR Fund (NYSEARCA:XLK), Health Care Select Sector SPDR Fund (NYSEARCA:XLV), Consumer Discretionary(NYSEARCA:XLY)and Consumer Staples(NYSEARCA:XLP)had net selling.\nExcluding buybacks, The Communication Services Select Sector SPDR Fund (NYSEARCA:XLC), Materials Select Sector SPDR Fund (NYSEARCA:XLB) and Energy Select Sector SPDR Fund (NYSEARCA:XLE) led inflows.\nThis morning, Dick's Sporting Goods raised its buyback program to $400M, along with issuing a special dividend.","news_type":1,"symbols_score_info":{"XLB":0.9,"XLC":0.9,".SPX":0.9,"XLK":0.9,"XLV":0.9,"XLE":0.9,"XLF":0.9}},"isVote":1,"tweetType":1,"viewCount":1875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":813587553,"gmtCreate":1630215487472,"gmtModify":1704957149889,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>sad sad","listText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>sad sad","text":"$CITY DEVELOPMENTS LIMITED(C09.SI)$sad 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incredible","images":[{"img":"https://static.tigerbbs.com/da8c85dc69721dc672735b8845a58435","width":"1273","height":"1636"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813587896","isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813191777,"gmtCreate":1630144705499,"gmtModify":1704956526292,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Join?","listText":"Join?","text":"Join?","images":[{"img":"https://static.tigerbbs.com/a45f7d8821a8dde733ea31a62604dd26","width":"1146","height":"1636"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/813191777","isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813191339,"gmtCreate":1630144587321,"gmtModify":1704956524919,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"<a 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09:00","market":"us","language":"en","title":"U.S. report finds multiple problems with Keystone pipeline<blockquote>美国报告发现Keystone管道存在多个问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122477123","media":"Reuters","summary":"WASHINGTON (Reuters) -A U.S. government watchdog found multiple problems with the construction, manu","content":"<p>WASHINGTON (Reuters) -A U.S. government watchdog found multiple problems with the construction, manufacture and design of the Keystone pipeline, validating President Joe Biden's decision to revoke the permit for a Keystone XL extension, leaders of several House Democratic committees said on Monday.</p><p><blockquote>华盛顿（路透社）-几个众议院民主党委员会的领导人周一表示，美国政府监管机构发现了Keystone管道的建设、制造和设计存在多个问题，证实了乔·拜登总统撤销Keystone XL延伸许可的决定。</blockquote></p><p> The lawmakers requested the Government Accountability Office report in November 2019 after more than 11,000 barrels of oil leaked from the pipeline system in two releases in less than two years.</p><p><blockquote>在不到两年的时间里，两次泄漏超过11,000桶石油从管道系统泄漏后，立法者于2019年11月要求政府问责局提交报告。</blockquote></p><p> \"GAO found that preventable construction issues contributed to the current Keystone pipeline’s spills more frequently than the industry-wide trends,\" they said in a statement.</p><p><blockquote>“他们在一份声明中说：”美国政府问责局发现，可预防的施工问题导致目前 Keystone 管道泄漏的频率高于整个行业的趋势。</blockquote></p><p> Keystone's four largest spills were \"caused by issues related to the original design, manufacturing of the pipe, or construction of the pipeline,\" the GAO report said.</p><p><blockquote>美国政府问责局的报告称，Keystone 的四次最大泄漏事件“是由与原始设计、管道制造或管道施工相关的问题造成的”。</blockquote></p><p> Biden canceled Keystone XL's permit on his first day in office on Jan. 20, dealing a death blow to a project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska. [L1N2JX1D8]</p><p><blockquote>拜登在 1 月 20 日上任的第一天就取消了 Keystone XL 的许可证，这对一个每天从艾伯塔省向内布拉斯加州运输 83 万桶重油砂原油的项目造成了致命打击。【L1N2JX1D8】</blockquote></p><p> \"TC Energy’s record among its peers is one of the worst in terms of volume of oil spilled per mile transported,\" a statement from the lawmakers said. The lawmakers included Representative Frank Pallone, energy and commerce committee chair.</p><p><blockquote>“立法者在一份声明中说：”就每英里运输的石油泄漏量而言，TC Energy 在同行中的记录是最差的之一。立法者包括能源和商业委员会主席弗兰克·帕隆众议员。</blockquote></p><p> TC Energy Corp officially canceled the $9 billion Keystone XL in June. It filed a notice of intent in July to begin a legacy North American Free Trade Agreement claim and is seeking more than $15 billion in damages from the U.S. government.</p><p><blockquote>TC Energy Corp 于 6 月正式取消了价值 90 亿美元的 Keystone XL。它在7月份提交了一份意向通知，开始遗留的北美自由贸易协定索赔，并正在向美国政府寻求超过150亿美元的损害赔偿。</blockquote></p><p> The company said in response to the report it has had \"zero high-impact incidents in 18 months,\" after taking measures to strengthen safety and prevent incidents.</p><p><blockquote>该公司在回应该报告时表示，在采取措施加强安全和预防事故后，“18个月内零发生高影响事故”。</blockquote></p><p> Pipeline opponents want to slow the movement of Canadian oil to the United States. But pipeline supporters say it will be shipped anyway and that oil sent by rail has caused numerous fiery accidents.</p><p><blockquote>管道反对者希望减缓加拿大石油流向美国的速度。但管道支持者表示，无论如何石油都会被运输，而通过铁路运输的石油已经造成了无数火灾事故。</blockquote></p><p> Biden \"was clearly right to question this operator’s ability to construct a safe and resilient pipeline, and we support his decision to put Americans’ health and environment above industry interests,” the U.S. representatives said.</p><p><blockquote>美国代表说，拜登 “质疑这家运营商建设安全、有弹性的管道的能力显然是正确的，我们支持他将美国人的健康和环境置于行业利益之上的决定”。</blockquote></p><p></p>","source":"lsy1612507957220","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>U.S. report finds multiple problems with Keystone pipeline<blockquote>美国报告发现Keystone管道存在多个问题</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\">\nU.S. report finds multiple problems with Keystone pipeline<blockquote>美国报告发现Keystone管道存在多个问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-24 09:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>WASHINGTON (Reuters) -A U.S. government watchdog found multiple problems with the construction, manufacture and design of the Keystone pipeline, validating President Joe Biden's decision to revoke the permit for a Keystone XL extension, leaders of several House Democratic committees said on Monday.</p><p><blockquote>华盛顿（路透社）-几个众议院民主党委员会的领导人周一表示，美国政府监管机构发现了Keystone管道的建设、制造和设计存在多个问题，证实了乔·拜登总统撤销Keystone XL延伸许可的决定。</blockquote></p><p> The lawmakers requested the Government Accountability Office report in November 2019 after more than 11,000 barrels of oil leaked from the pipeline system in two releases in less than two years.</p><p><blockquote>在不到两年的时间里，两次泄漏超过11,000桶石油从管道系统泄漏后，立法者于2019年11月要求政府问责局提交报告。</blockquote></p><p> \"GAO found that preventable construction issues contributed to the current Keystone pipeline’s spills more frequently than the industry-wide trends,\" they said in a statement.</p><p><blockquote>“他们在一份声明中说：”美国政府问责局发现，可预防的施工问题导致目前 Keystone 管道泄漏的频率高于整个行业的趋势。</blockquote></p><p> Keystone's four largest spills were \"caused by issues related to the original design, manufacturing of the pipe, or construction of the pipeline,\" the GAO report said.</p><p><blockquote>美国政府问责局的报告称，Keystone 的四次最大泄漏事件“是由与原始设计、管道制造或管道施工相关的问题造成的”。</blockquote></p><p> Biden canceled Keystone XL's permit on his first day in office on Jan. 20, dealing a death blow to a project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska. [L1N2JX1D8]</p><p><blockquote>拜登在 1 月 20 日上任的第一天就取消了 Keystone XL 的许可证，这对一个每天从艾伯塔省向内布拉斯加州运输 83 万桶重油砂原油的项目造成了致命打击。【L1N2JX1D8】</blockquote></p><p> \"TC Energy’s record among its peers is one of the worst in terms of volume of oil spilled per mile transported,\" a statement from the lawmakers said. The lawmakers included Representative Frank Pallone, energy and commerce committee chair.</p><p><blockquote>“立法者在一份声明中说：”就每英里运输的石油泄漏量而言，TC Energy 在同行中的记录是最差的之一。立法者包括能源和商业委员会主席弗兰克·帕隆众议员。</blockquote></p><p> TC Energy Corp officially canceled the $9 billion Keystone XL in June. It filed a notice of intent in July to begin a legacy North American Free Trade Agreement claim and is seeking more than $15 billion in damages from the U.S. government.</p><p><blockquote>TC Energy Corp 于 6 月正式取消了价值 90 亿美元的 Keystone XL。它在7月份提交了一份意向通知，开始遗留的北美自由贸易协定索赔，并正在向美国政府寻求超过150亿美元的损害赔偿。</blockquote></p><p> The company said in response to the report it has had \"zero high-impact incidents in 18 months,\" after taking measures to strengthen safety and prevent incidents.</p><p><blockquote>该公司在回应该报告时表示，在采取措施加强安全和预防事故后，“18个月内零发生高影响事故”。</blockquote></p><p> Pipeline opponents want to slow the movement of Canadian oil to the United States. But pipeline supporters say it will be shipped anyway and that oil sent by rail has caused numerous fiery accidents.</p><p><blockquote>管道反对者希望减缓加拿大石油流向美国的速度。但管道支持者表示，无论如何石油都会被运输，而通过铁路运输的石油已经造成了无数火灾事故。</blockquote></p><p> Biden \"was clearly right to question this operator’s ability to construct a safe and resilient pipeline, and we support his decision to put Americans’ health and environment above industry interests,” the U.S. representatives said.</p><p><blockquote>美国代表说，拜登 “质疑这家运营商建设安全、有弹性的管道的能力显然是正确的，我们支持他将美国人的健康和环境置于行业利益之上的决定”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/gao-report-found-multiple-problems-145410705.html\">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":{"TCANF":"TC Energy Corp."},"source_url":"https://finance.yahoo.com/news/gao-report-found-multiple-problems-145410705.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122477123","content_text":"WASHINGTON (Reuters) -A U.S. government watchdog found multiple problems with the construction, manufacture and design of the Keystone pipeline, validating President Joe Biden's decision to revoke the permit for a Keystone XL extension, leaders of several House Democratic committees said on Monday.\nThe lawmakers requested the Government Accountability Office report in November 2019 after more than 11,000 barrels of oil leaked from the pipeline system in two releases in less than two years.\n\"GAO found that preventable construction issues contributed to the current Keystone pipeline’s spills more frequently than the industry-wide trends,\" they said in a statement.\nKeystone's four largest spills were \"caused by issues related to the original design, manufacturing of the pipe, or construction of the pipeline,\" the GAO report said.\nBiden canceled Keystone XL's permit on his first day in office on Jan. 20, dealing a death blow to a project that would have carried 830,000 barrels per day of heavy oil sands crude from Alberta to Nebraska. [L1N2JX1D8]\n\"TC Energy’s record among its peers is one of the worst in terms of volume of oil spilled per mile transported,\" a statement from the lawmakers said. The lawmakers included Representative Frank Pallone, energy and commerce committee chair.\nTC Energy Corp officially canceled the $9 billion Keystone XL in June. It filed a notice of intent in July to begin a legacy North American Free Trade Agreement claim and is seeking more than $15 billion in damages from the U.S. government.\nThe company said in response to the report it has had \"zero high-impact incidents in 18 months,\" after taking measures to strengthen safety and prevent incidents.\nPipeline opponents want to slow the movement of Canadian oil to the United States. But pipeline supporters say it will be shipped anyway and that oil sent by rail has caused numerous fiery accidents.\nBiden \"was clearly right to question this operator’s ability to construct a safe and resilient pipeline, and we support his decision to put Americans’ health and environment above industry interests,” the U.S. representatives said.","news_type":1,"symbols_score_info":{"TCANF":0.9}},"isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834988667,"gmtCreate":1629766927659,"gmtModify":1633682611946,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"join！","listText":"join！","text":"join！","images":[{"img":"https://static.tigerbbs.com/c10ef3dd43902ce19c8ce8cec1717334","width":"1498","height":"1797"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834988667","isVote":1,"tweetType":1,"viewCount":667,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":832176491,"gmtCreate":1629601952413,"gmtModify":1633683825313,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Pls like thanks","listText":"Pls like thanks","text":"Pls like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832176491","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohunote.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</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\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股的回调——长期关注这 6 家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares 半导体 ETF 较近期高点下跌超过 6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要大。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares 半导体 ETF 较近期高点下跌超过 6%，而标准普尔 500 指数、纳斯达克综合指数和道琼斯工业平均指数的跌幅为 2% 或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股票值得买入？或者，这个历史上具有周期性的行业是否故技重施，陷入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有股票多年，而不是租用几天，那么该集团值得购买。主要原因： “这次不一样”。</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>这些无疑是投资中最可怕的词语之一。但芯片行业已经发生了很大的变化，现在确实不同了——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我会回顾一下这些。但首先，以下是该集团现在 “更安全 ”的三个主要原因--以及我在过去几天里与六位行业专家交谈过的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>“Impax Asset Management 的投资组合经理 David Winborne 说：”受产品周期的驱动，芯片行业的需求总是时好时坏。“<a href=\"https://laohu8.com/S/FBNC\">第一</a>电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长故事更可预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益 “数字化 ”，终端市场需求从各个角度都更加多样化。把远程办公服务想象成<a href=\"https://laohu8.com/S/ZM\">缩放</a>看好该集团的 Gabelli Funds 投资组合经理兼技术分析师 Hendi Susanto 指出，网上购物、云服务、电动汽车、5G 手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>“Motley Fool 芯片行业分析师 John Rotonti 说：”现代数字经济的任何方面都离不开半导体。“这意味着所有东西都有更多的筹码。长期需求是存在的”。</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他没开玩笑。威廉·布莱尔分析师格雷格·斯科拉罗预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着，你听到的大范围供应短缺 “可能要到明年年底的某个时候才能得到解决”。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师 Vivek Arya。“这不仅是我们的观点，而且<a href=\"https://laohu8.com/S/AONE.U\">一</a>大多数大客户都证实了这一点。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2、玩家巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上下游，从设计到各类设备生产商再到制造，行业参与者已经整合成罗通蒂-评级 “赢得 ”的双头垄断或垄断。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，你有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻 (EUV) 等专业领域占据主导地位，例如 ASML。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好，赢得了他们的利基或双寡头地位。这使得投资者对它们感兴趣。Rotonti 表示，整合还意味着参与者在定价和产能方面的行为更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所改善</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力比历史上高得多。“温伯恩说：”在过去的几年里，芯片制造的经济性有了很大的改善。现金流或 EBITDA 利润率现在通常超过 30%，而十年前则在 20% 左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere &amp; Co. 的投资组合经理拉马尔·维莱尔 (Lamar Villere) 指出，尽管芯片股票的交易市盈率约为市盈率，但它们看起来很便宜，因为它们是更好的公司。“他们并没有以泡沫倍数进行交易”。</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>要买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近核实的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新管理层玩法</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管 Thrivent 高级股票研究分析师彼得·卡拉泽里斯 (Peter Karazeris) 有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司的业绩可能会因为新管理层而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳定的盈利能力。高通最近受到德克萨斯州恶劣天气等一次性问题的打击，导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">半导体</a>正在将手机以外的领域扩展到汽车、工业和物联网等新领域——联网设备领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris 还特别提到了 Nvidia， 由于其卓越的设计能力， Nvidia 从数据中心和游戏设备芯片需求中获得了持续提振。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当高通和英伟达等公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">概要</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool 的 Rotonti 解释说，他们基于软件的设计工具可以帮助芯片创新者为他们的芯片创建蓝图，他特别指出了这些名字。“他们不是世界上增长最快的公司，但他们的利润率很高”。他们也主宰了太空。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV游戏</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图应用到硅上，台积电和三星等公司转向了ASML。它的机器使用微小的光脉冲将芯片设计模板印在硅片上，这一过程称为极紫外线光刻。“罗通蒂说：”其他人还没有想出怎么做。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应这样做的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供过于求</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多，这样它就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne 表示，希望到 2025 年生产其使用的芯片的 70%，高于目前的 5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>结果是，政府为促进制造业提供了大量支持，因此会有更多支持。风险是未来某个时候供应过剩。这也可能会推动芯片设备的采购，导致未来的平静，这可能会损害设备制造商的销售和利润率趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair 的 Scolaro 指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>干扰信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人 (PMI) 指数在 4 月份达到峰值，然后连续三个月放缓。与此同时，芯片销售持续增长。Thrivent 跟踪该指标的 Karazeris 指出，通常两者遵循相同的趋势。他将这种差异归因于库存积累，而库存积累不如真正的终端市场需求可持续。因此，他认为这种背离是芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“卡拉泽里斯说：”这些通常是在周期的顶部而不是底部看到的东西。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但也有可能全球采购经理人指数的放缓更多的是芯片短缺的反映，而不是短缺并非真实存在的迹象（只是库存积压）。“Leuthold 经济学家兼策略师吉姆-保尔森（Jim Paulsen）说：”这种分歧并不一定意味着芯片订单会翻盘消亡。这意味着芯片制造业必须迎头赶上。</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布不得不减产是因为芯片短缺，而不是潜在需求不足。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及对大件商品被压抑的需求等因素，体面的经济增长是可持续的。如果他是对的，持续的经济实力将支撑对所有使用芯片的产品的需求，包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNPS":"新思科技","AAPL":"苹果","TSM":"台积电","QCOM":"高通","NVDA":"英伟达","CDNS":"铿腾电子","GOOG":"谷歌","ASML":"阿斯麦","GOOGL":"谷歌A","SSNLF":"三星电子","AMZN":"亚马逊","SOXX":"iShares费城交易所半导体ETF","ON":"安森美半导体"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"GOOGL":0.9,"ON":0.9,"SOXX":0.9,"ASML":0.9,"TSM":0.9,"SSNLF":0.9,"AMZN":0.9,"AAPL":0.9,"SNPS":0.9,"NVDA":0.9,"CDNS":0.9,"QCOM":0.9,"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":628,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835179671,"gmtCreate":1629698398793,"gmtModify":1633683092326,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835179671","repostId":"2161747692","repostType":4,"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802254809,"gmtCreate":1627784193001,"gmtModify":1633756435458,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802254809","repostId":"1136794908","repostType":4,"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802640993,"gmtCreate":1627778904812,"gmtModify":1633756532825,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802640993","repostId":"1154216466","repostType":4,"repost":{"id":"1154216466","kind":"news","pubTimestamp":1627713678,"share":"https://www.laohunote.com/m/news/1154216466?lang=zh_CN&edition=full","pubTime":"2021-07-31 14:41","market":"us","language":"en","title":"Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动家想要全力以赴。这是他们应该首先考虑的一个教训</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154216466","media":"Barron's","summary":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson Unive","content":"<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>关于作者：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，曾担任联邦通信委员会首席经济学家。他的最新著作是</i>政治光谱：无线技术的动荡解放，从赫伯特·胡佛到智能手机。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司正处于反垄断的风口浪尖。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下 T&amp;T 与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>司法部花费了大量时间和资源阻止 AT&amp;T 收购时代华纳，这标志着司法部 40 多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院提出上诉，但还是没有成功，时间表明，它的担忧显然一直是错误的。合并没有导致价格上涨、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016 年 10 月，美国电话电报公司宣布计划收购时代华纳。唐纳德-特朗普的总统竞选团队在一份声明中否决了这一合并： “美国电话电报公司.现在正试图收购时代华纳，从而收购狂热反特朗普的 CNN。唐纳德-特朗普绝不会批准这样的交易”。特朗普上任后，司法部采取行动阻止了这一交易。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017 年，司法部向法院投诉称，合并将允许 AT&amp;T “利用时代华纳的 '必备 '网络，如 CNN、TNT、TBS 和 HBO，提高向康卡斯特或 DISH 等竞争对手有线电视分销商收取的费用，从而 “大大减少视频领域的竞争”。收购了国家卫星运营商 DirecTV 的 AT&amp;T 可能会威胁 “停电 ”，剥夺竞争对手分销商的关键节目--他们的用户随后会退出并涌向 DirecTV（AT&amp;T），以便继续在 TNT 上观看 CNN 或 NBA 季后赛。不仅主要的电视和有线电视系统会受到损害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在 “垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在各自的市场上竞争。在这种情况下，AT&amp;T 将视频内容创作与视频节目发行相结合；指控称，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直一体化公司的研究中广泛发现的那样，联合运营提高了消费者的幸福感，这显然会带来效率。好市多（Costco）的买家急于snap好市多（Costco）供应的柯克兰（Kirkland）产品，如果这些产品能提高价格或质量，零售商就会囤积柯克兰（Kirkland）产品。因此，我们需要的是事实，而不仅仅是一个故事。地区法院法官 Richard J. Leon 认为，司法部的案件 “远不能证明其.理论的有效性”。</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治色彩之外，还有充分的历史理由怀疑官方的投诉。一家有线电视节目主持人近年来多次与一家视频发行商合并（或分拆）。计量经济学分析表明，垂直整合并没有导致更高的价格。正如司法部承认的那样，垂直整合也不会导致 “停电”。华盛顿特区巡回法院的三名法官组成的合议庭确认了莱昂法官的意见，认为 “近年来，随着 Netflix 和 Hulu 等公司的出现，该行业变得充满活力”。</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，共同拥有 DirecTV 和时代华纳并没有多大优势，更不用说垄断了。尽管大流行病对视频内容的需求大大增加，但竞争对手很快就吃了 AT&amp;T-时代华纳的午餐。AT&amp;T 在 2015 年收购 DirecTV 时支付了 670 亿美元。2021 年 2 月，随着 DirecTV 的卫星用户群崩溃，分拆业务的估值为 163 亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>美国电话电报公司随后卸载了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在分拆并与探索频道（探索频道、动物星球、TLC、HGTV、食品网络等）合并。这家只做内容的公司自愿切断了DOJ批评为容易垄断金钱的链接。由于反竞争捆绑的指控，它已被放弃，因为不值得麻烦。 AT&amp;T 股东获得 430 亿美元，不到三年前 AT&amp;T 为时代华纳花费的 1000 亿美元（债务和股权）的一半。政府提出的反竞争垂直一体化方案被证明是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>AT&amp;T 的举动值得数十亿股东损失所带来的蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类公司错误，而忽略了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者们正在全力制定法规，以加强对科技领域的反垄断起诉，而美国电话电报公司（AT&amp;T）在视频中却未能做到这一点。众议员普拉米拉-贾亚帕尔（Pramila Jayapal，民主党-华盛顿州）和众议员兰斯-古登（Lance Gooden，共和党-德克萨斯州）提出了 “终止垄断平台法案”，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还会阻碍为客户点燃令人兴奋的新选择的创新。在推出Roku后，Netflix 已将流媒体整合到电影制作中。Hulu 由新闻集团（Fox）和 NBC-Universal（Comcast）创建。亚马逊 Prime Video、Sling、YouTube TV、苹果电视台、Disney Plus、HBO Max 和派拉蒙 Plus——每个都扩展了大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将创业视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>","source":"lsy1610680873436","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>Antitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动家想要全力以赴。这是他们应该首先考虑的一个教训</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\">\nAntitrust Activists Want to Go Full Throttle. Here’s a Lesson They Should Consider First<blockquote>反垄断活动家想要全力以赴。这是他们应该首先考虑的一个教训</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission.&nbsp;His latest book is</i>The Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.</p><p><blockquote><i>关于作者：托马斯·W·黑兹利特是H.H。麦考利是克莱姆森大学经济学捐赠教授，曾担任联邦通信委员会首席经济学家。他的最新著作是</i>政治光谱：无线技术的动荡解放，从赫伯特·胡佛到智能手机。</blockquote></p><p> Big Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&amp;T-Time Warner merger.</p><p><blockquote>大型科技公司正处于反垄断的风口浪尖。但在司法部试图拆分谷歌或苹果等公司之前，它应该回顾一下 T&amp;T 与时代华纳合并的历史和最终结果。</blockquote></p><p> The DOJ expended extensive time and resources to stop AT&amp;T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.</p><p><blockquote>司法部花费了大量时间和资源阻止 AT&amp;T 收购时代华纳，这标志着司法部 40 多年来首次挑战重大垂直合并。尽管政府尽了最大努力，包括向华盛顿巡回法院提出上诉，但还是没有成功，时间表明，它的担忧显然一直是错误的。合并没有导致价格上涨、项目中断，甚至没有给公司带来任何明显的优势。</blockquote></p><p> In October 2016 AT&amp;Tannouncedits plan to buy Time Warner.&nbsp; Donald Trump’s presidential campaign trashed the merger in a statement: &nbsp;“AT&amp;T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”&nbsp; With Trump in office, the DOJ moved to block it.</p><p><blockquote>2016 年 10 月，美国电话电报公司宣布计划收购时代华纳。唐纳德-特朗普的总统竞选团队在一份声明中否决了这一合并： “美国电话电报公司.现在正试图收购时代华纳，从而收购狂热反特朗普的 CNN。唐纳德-特朗普绝不会批准这样的交易”。特朗普上任后，司法部采取行动阻止了这一交易。</blockquote></p><p> In 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&amp;T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&amp;T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&amp;T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.</p><p><blockquote>2017 年，司法部向法院投诉称，合并将允许 AT&amp;T “利用时代华纳的 '必备 '网络，如 CNN、TNT、TBS 和 HBO，提高向康卡斯特或 DISH 等竞争对手有线电视分销商收取的费用，从而 “大大减少视频领域的竞争”。收购了国家卫星运营商 DirecTV 的 AT&amp;T 可能会威胁 “停电 ”，剥夺竞争对手分销商的关键节目--他们的用户随后会退出并涌向 DirecTV（AT&amp;T），以便继续在 TNT 上观看 CNN 或 NBA 季后赛。不仅主要的电视和有线电视系统会受到损害，新兴的在线流媒体服务也会受到挤压。</blockquote></p><p> The government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets.&nbsp;Here, AT&amp;T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt.&nbsp;Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality.&nbsp;So facts, not just a story, are needed.&nbsp; District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”</p><p><blockquote>政府的案例集中在 “垂直杠杆”上，即一家公司使用两种互补的产品，使竞争对手更难在各自的市场上竞争。在这种情况下，AT&amp;T 将视频内容创作与视频节目发行相结合；指控称，这两个领域的竞争对手都可能受到伤害。然而，正如在对垂直一体化公司的研究中广泛发现的那样，联合运营提高了消费者的幸福感，这显然会带来效率。好市多（Costco）的买家急于snap好市多（Costco）供应的柯克兰（Kirkland）产品，如果这些产品能提高价格或质量，零售商就会囤积柯克兰（Kirkland）产品。因此，我们需要的是事实，而不仅仅是一个故事。地区法院法官 Richard J. Leon 认为，司法部的案件 “远不能证明其.理论的有效性”。</blockquote></p><p> Aside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years.&nbsp;Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”</p><p><blockquote>除了此案的政治色彩之外，还有充分的历史理由怀疑官方的投诉。一家有线电视节目主持人近年来多次与一家视频发行商合并（或分拆）。计量经济学分析表明，垂直整合并没有导致更高的价格。正如司法部承认的那样，垂直整合也不会导致 “停电”。华盛顿特区巡回法院的三名法官组成的合议庭确认了莱昂法官的意见，认为 “近年来，随着 Netflix 和 Hulu 等公司的出现，该行业变得充满活力”。</blockquote></p><p> Owning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&amp;T-Time Warner’s lunch. When AT&amp;T bought DirecTV in 2015, it paid $67 billion.&nbsp;In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.</p><p><blockquote>事实证明，共同拥有 DirecTV 和时代华纳并没有多大优势，更不用说垄断了。尽管大流行病对视频内容的需求大大增加，但竞争对手很快就吃了 AT&amp;T-时代华纳的午餐。AT&amp;T 在 2015 年收购 DirecTV 时支付了 670 亿美元。2021 年 2 月，随着 DirecTV 的卫星用户群崩溃，分拆业务的估值为 163 亿美元。</blockquote></p><p> And AT&amp;Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&amp;T shareholders receive $43 billion, less than half the $100 billion AT&amp;T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.</p><p><blockquote>美国电话电报公司随后卸载了时代华纳的视频资产。一家新企业——华纳兄弟探索频道——正在分拆并与探索频道（探索频道、动物星球、TLC、HGTV、食品网络等）合并。这家只做内容的公司自愿切断了DOJ批评为容易垄断金钱的链接。由于反竞争捆绑的指控，它已被放弃，因为不值得麻烦。 AT&amp;T 股东获得 430 亿美元，不到三年前 AT&amp;T 为时代华纳花费的 1000 亿美元（债务和股权）的一半。政府提出的反竞争垂直一体化方案被证明是一种幻想。</blockquote></p><p></p><p> AT&amp;T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&amp;T so spectacularly failed to do in video.&nbsp; Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.</p><p><blockquote>AT&amp;T 的举动值得数十亿股东损失所带来的蔑视。愤世嫉俗者可能会建议加强反垄断法，以防止此类公司错误，而忽略了经济处罚——比反垄断执法者可能处理的任何事情都更可靠、更严厉——显然已经到位。但是很少有人注意到这个具有讽刺意味的政治传奇。政策制定者们正在全力制定法规，以加强对科技领域的反垄断起诉，而美国电话电报公司（AT&amp;T）在视频中却未能做到这一点。众议员普拉米拉-贾亚帕尔（Pramila Jayapal，民主党-华盛顿州）和众议员兰斯-古登（Lance Gooden，共和党-德克萨斯州）提出了 “终止垄断平台法案”，该法案将限制在线服务的垂直合并。至少还有五项新的反垄断规则法案已经出台。</blockquote></p><p> Not only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast).&nbsp;Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&amp;T learned the hard way that owning complementary products is no guarantee of success. </p><p><blockquote>此类政策不仅可能是昂贵的法律转移，还会阻碍为客户点燃令人兴奋的新选择的创新。在推出Roku后，Netflix 已将流媒体整合到电影制作中。Hulu 由新闻集团（Fox）和 NBC-Universal（Comcast）创建。亚马逊 Prime Video、Sling、YouTube TV、苹果电视台、Disney Plus、HBO Max 和派拉蒙 Plus——每个都扩展了大型媒体或电子商务平台。每一个都是从对更好产品的追求演变而来的。将创业视为嫌疑人只会加剧目前扰乱在线娱乐市场的混乱。美国电话电报公司惨痛地认识到，拥有互补产品并不能保证成功。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/antitrust-activists-want-to-go-full-throttle-heres-a-lesson-they-should-consider-first-51627509048?mod=hp_COMMENTARY_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154216466","content_text":"About the author: Thomas W. Hazlett is H.H. Macaulay endowed professor of economics at Clemson University, and previously served as chief economist of the Federal Communications Commission. His latest book isThe Political Spectrum: The Tumultuous Liberation of Wireless Technologies, from Herbert Hoover to the Smartphone.\nBig Tech is in the antitrust hot seat. But before the Department of Justice tries to break up companies likeGoogleorApple,it should recall the history, and eventual outcome, of theAT&T-Time Warner merger.\nThe DOJ expended extensive time and resources to stop AT&T’s acquisition of Time Warner, marking the department’s first challenge to a major vertical merger in over 40 years. The government was unsuccessful despite its best efforts, which included an appeal to the D.C. Circuit, and time reveals that its concerns were evidently misplaced all along. The merger did not result in higher prices, program blackouts, or even any appreciable advantage for the companies.\nIn October 2016 AT&Tannouncedits plan to buy Time Warner.  Donald Trump’s presidential campaign trashed the merger in a statement:  “AT&T … is now trying to buy Time Warner and thus the wildly anti-Trump CNN. Donald Trump would never approve such a deal.”  With Trump in office, the DOJ moved to block it.\nIn 2017, the DOJ went to court tocomplainthat the merger would “substantially lessen competition in video” by allowing AT&T to “use Time Warner’s ‘must have’” networks like CNN, TNT, TBS, and HBO to raise fees charged to rival cable TV distributors like Comcast or DISH. AT&T, which had acquired national satellite operator DirecTV, could threaten “blackouts” depriving rival distributors of key programs—their subscribers would then quit and flock to DirecTV (AT&T) so as to keep watching CNN or the NBA Playoffs on TNT. Not only would major TV and cable systems be hurt, but emerging online streaming services would be crushed.\nThe government’s case focused on “vertical leveraging,” where a company uses two complementary products to make it more difficult for rivals to compete in the individual markets. Here, AT&T was combining video content creation with video program distribution; the allegation was that competitors in either segment might be hurt. Yet there are clear efficiencies to be had, as widely found in studies of vertically integrated firms, with joint operations boosting consumer happiness. Buyers at Costco eagerly snap up Costco-supplied Kirkland products—which the retailer stocks in place of those of some independent producers—if they improve price or quality. So facts, not just a story, are needed.  District Court Judge Richard J. Leonfoundthat the DOJ case “falls far short of establishing the validity of its… theory.”\nAside from the political overtones of the case, there was good historical reason to doubt the official complaint. A cable TV programmer combined with (or split from) a video distributor several times in recent years. Vertical integration did not cause higher prices, as shown by econometric analysis. Nor did vertical integration lead to “blackouts,” as the DOJ conceded. A three-judge panel of the D.C. Circuit confirmed Judge Leon’s opinion, finding that “the industry had become dynamic in recent years with the emergence, for example, of Netflix and Hulu.”\nOwning DirecTV and Time Warner together turned out to be not much advantage, let alone a monopoly. Despite a huge boost in pandemic demand for video content, rivals soon dined on AT&T-Time Warner’s lunch. When AT&T bought DirecTV in 2015, it paid $67 billion. In February 2021, with DirecTV’s satellite subscriber base collapsing, the spun-off operation wasvaluedat $16.3 billion.\nAnd AT&Tthen unloaded the video assets of Time Warner. A new enterprise—Warner Bros. Discovery—is being spun off and merged with Discovery (Discovery Channel, Animal Planet, TLC, HGTV, the Food Networkand more). The content-only firm voluntarily severs the link the DOJ critiqued as easy monopoly money. With the allegations of anticompetitive bundling, it has been cast off as not worth the trouble.AT&T shareholders receive $43 billion, less than half the $100 billion AT&T expended (in debt and equity) for Time Warner three years ago. The government’s scenario of anti-competitive vertical integration proved a fantasy.\nAT&T’s maneuvers deserve whatever scorn billions in shareholder losses can buy. A cynic might offer that antitrust laws be beefed up to protect against such corporate errors, ignoring that economic penalties—more reliable and harsher than whatever antitrust enforcers might deal—are visibly in place. But little note has been made of the ironic political saga. Policymakers are moving full throttle to enact statutes to beef up antitrust prosecution in tech for exactly what AT&T so spectacularly failed to do in video.  Rep. Pramila Jayapal (D-Wash.) and Rep. Lance Gooden (R-Texas) introduced the “Ending Monopoly Platforms Act” that would restrict vertical mergers in online services, for example. At least five other bills for new antitrust rules have been introduced.\nNot only can such policies be expensive legal diversions, they can block the innovations igniting exciting new choices for customers. Netflix has integrated from streaming into movie production, after launching Roku. Hulu was created by News Corp. (Fox) and NBC-Universal (Comcast). Amazon Prime Video, Sling, YouTube TV, Apple TV, Disney Plus, HBO Max and Paramount Plus—each has extended a large media or e-commerce platform. Each evolved from a quest for better products. Treating entrepreneurship as suspect puts the screws to just the disruptions now roiling online entertainment markets. AT&T learned the hard way that owning complementary products is no guarantee of success.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":687,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172046212,"gmtCreate":1626923425736,"gmtModify":1631888641691,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Should I sell it?","listText":"<a href=\"https://laohu8.com/S/C09.SI\">$CITY DEVELOPMENTS LIMITED(C09.SI)$</a>Should I sell it?","text":"$CITY DEVELOPMENTS LIMITED(C09.SI)$Should I sell it?","images":[{"img":"https://static.tigerbbs.com/68a5370158303f36351c26fc66e3d9d4","width":"1600","height":"2844"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/172046212","isVote":1,"tweetType":1,"viewCount":1212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":802655191,"gmtCreate":1627778772513,"gmtModify":1633756535370,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802655191","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":584,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803416569,"gmtCreate":1627456162251,"gmtModify":1633764822237,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/803416569","repostId":"1195067283","repostType":4,"repost":{"id":"1195067283","kind":"news","pubTimestamp":1627459353,"share":"https://www.laohunote.com/m/news/1195067283?lang=zh_CN&edition=full","pubTime":"2021-07-28 16:02","market":"us","language":"en","title":"Apple’s blowout earnings didn’t help its stock, and here’s why<blockquote>苹果的井喷式盈利对其股价没有帮助，原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1195067283","media":"MarketWatch","summary":"CFO suggests that sales growth will slow overall and in the hot services sector, sending shares lower in after-hours trading despite stunning beat in earnings and iPhone sales. Apple racked up nearly $40 billion in iPhone sales last quarter. BLOOMBERG NEWS. Apple reported its strongest June quarter ever on Tuesday, with a near doubling of its profits and a whopping iPhone beat— iPhone revenue surpassed Wall Street’s expectations by a stunning $5 billion. But the celebration came to a crashing ha","content":"<p>Apple&nbsp;shares&nbsp;fell&nbsp;1.5%&nbsp;in premarket trading.</p><p><blockquote>苹果股价在盘前交易中下跌 1.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/46b6dcdfd6c3341849a132b84908df8a\" tg-width=\"881\" tg-height=\"638\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> CFO suggests that sales growth will slow overall and in the hot services sector, sending shares lower in after-hours trading despite stunning beat in earnings and iPhone sales</p><p><blockquote>首席财务官表示，整体和热门服务行业的销售增长将放缓，尽管盈利和 iPhone 销量表现惊人，但股价在盘后交易中走低</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df758af59b72a37be435c6d3859ce151\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Apple racked up nearly $40 billion in iPhone sales last quarter. BLOOMBERG NEWS</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果上季度 iPhone 销售额接近 400 亿美元。彭博新闻</span></p></blockquote></p><p> Apple Inc.’s whopping fiscal third quarter was overshadowed by the company’s forecast for slowing growth Tuesday, putting a damper on its record results and sending shares south.</p><p><blockquote>苹果公司周二发布的增长放缓预测给该公司第三财季的业绩蒙上了阴影，这给其创纪录的业绩蒙上了一层阴影，并导致股价下跌。</blockquote></p><p> Apple&nbsp;reported its strongest June quarter ever on Tuesday, with a near doubling of its profits and a whopping iPhone beat— iPhone revenue surpassed Wall Street’s expectations by a stunning $5 billion. But the celebration came to a crashing halt when Apple Chief Financial Officer Luca Maestri said in a conference call that the company’s revenue growth would slow in the current quarter due to foreign exchange rates, the semiconductor shortage and tougher comparisons with the previous year.</p><p><blockquote>苹果周二公布了有史以来最强劲的 6 月份季度财报，利润几乎翻了一番，iPhone 的销售收入超出了华尔街的预期，惊人地达到了 50 亿美元。但当苹果首席财务官卢卡-梅斯特里（Luca Maestri）在一次电话会议上表示，由于汇率、半导体短缺以及与上一年相比更加艰难，公司本季度的收入增长将放缓时，庆祝活动戛然而止。</blockquote></p><p> “We expect very strong double-digit year-over-year revenue growth during the September quarter,” Maestri said, while continuing to avoid exact revenue guidance due to uncertainty related to the COVID-19 pandemic. “We expect revenue growth to be lower than our June quarter year-over-year growth of 36%.”</p><p><blockquote>“Maestri 说：”我们预计 9 月份季度的收入将实现非常强劲的两位数同比增长，但由于 COVID-19 大流行病的不确定性，我们将继续避免提供准确的收入指导。“我们预计收入增长将低于 6 月份季度 36% 的同比增长率。”</blockquote></p><p> Apple’s shares had gained in after-hours trading to that point, but immediately fell back and ultimately ended the extended trading session with a 2% decline.</p><p><blockquote>苹果的股价在盘后交易中一度上涨，但随即回落，最终以 2% 的跌幅结束了延长交易时段。</blockquote></p><p> Beyond overall revenue, Maestri also warned about one of Apple’s hottest businesses and declined to give any hints about prolonged declines in sales growth.</p><p><blockquote>除了总收入，Maestri 还对苹果最热门的业务之一发出了警告，并拒绝透露销售增长长期下滑的任何暗示。</blockquote></p><p> “We expect our services growth rate to return to a more typical level,” Maestri said, referring to Apple’s services business, which reached record-high revenue in the quarter by growing 33% to $17.5 billion.</p><p><blockquote>“Maestri 说：”我们预计我们的服务增长率将恢复到更典型的水平，他指的是苹果的服务业务，该业务在本季度的收入增长了 33%，达到 175 亿美元，创历史新高。</blockquote></p><p> That growth rate also benefited from a favorable comparison as certain services were significantly impacted by the very beginning of the COVID-19 lockdowns a year ago, he added.</p><p><blockquote>他补充说，这一增长率也受益于有利的比较，因为某些服务受到一年前 COVID-19 封锁一开始的重大影响。</blockquote></p><p> “We expect significant growth in services, but not to the level that we’ve seen in June,” he said in response to a question about the company’s guidance.</p><p><blockquote>“他在回答有关公司指导的问题时说：”我们预计服务业将大幅增长，但不会达到 6 月份的水平。</blockquote></p><p> When asked about the upcoming holiday period, and whether the semiconductor and component shortage would have an impact on what is typically Apple’s biggest quarter, Maestri said he only wanted to talk about one quarter at a time. Some analysts have already been wondering if the second half of this year is going to be as strong as the first half among tech companies, especially the tech giants, and Apple’s June quarter seemed to be reflective of those fears.</p><p><blockquote>当被问及即将到来的假期，以及半导体和元器件短缺是否会对苹果通常最大的季度产生影响时，Maestri 说他只想一次谈论一个季度。一些分析师已经在想，今年下半年科技公司，尤其是科技巨头的业绩是否会像上半年一样强劲，而苹果 6 月份的财报似乎反映了这些担忧。</blockquote></p><p> While it seems ridiculous to see shares decline after reporting such a mind-blowing quarter — iPhone total revenue alone was nearly $40 billion and Chief Executive Tim Cook said that 5G penetration is still “very very low, and so we feel really good about the future of the iPhone” — concerns that we are at a peak for tech are valid. And as the delta variant continues to create uncertainty about the path of the COVID-19 pandemic, there is even more uncertainty ahead</p><p><blockquote>虽然在公布如此令人兴奋的季度业绩后看到股价下跌似乎很荒谬--仅 iPhone 的总收入就接近 400 亿美元，首席执行官蒂姆-库克（Tim Cook）表示，5G 的渗透率仍然 “非常非常低，因此我们对 iPhone 的未来感到非常满意”--但人们对我们正处于科技巅峰的担忧是有道理的。随着德尔塔变异毒株继续给 COVID-19 大流行的路径带来不确定性，未来还有更多不确定性</blockquote></p><p> As Cook phrased it Tuesday, “the road to recovery will be a winding one.”</p><p><blockquote>正如库克周二所说，“复苏之路将是曲折的”。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple’s blowout earnings didn’t help its stock, and here’s why<blockquote>苹果的井喷式盈利对其股价没有帮助，原因如下</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple’s blowout earnings didn’t help its stock, and here’s why<blockquote>苹果的井喷式盈利对其股价没有帮助，原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-28 16:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple&nbsp;shares&nbsp;fell&nbsp;1.5%&nbsp;in premarket trading.</p><p><blockquote>苹果股价在盘前交易中下跌 1.5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/46b6dcdfd6c3341849a132b84908df8a\" tg-width=\"881\" tg-height=\"638\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> CFO suggests that sales growth will slow overall and in the hot services sector, sending shares lower in after-hours trading despite stunning beat in earnings and iPhone sales</p><p><blockquote>首席财务官表示，整体和热门服务行业的销售增长将放缓，尽管盈利和 iPhone 销量表现惊人，但股价在盘后交易中走低</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df758af59b72a37be435c6d3859ce151\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Apple racked up nearly $40 billion in iPhone sales last quarter. BLOOMBERG NEWS</span></p><p><blockquote><p class=\"t-img-caption\"><span>苹果上季度 iPhone 销售额接近 400 亿美元。彭博新闻</span></p></blockquote></p><p> Apple Inc.’s whopping fiscal third quarter was overshadowed by the company’s forecast for slowing growth Tuesday, putting a damper on its record results and sending shares south.</p><p><blockquote>苹果公司周二发布的增长放缓预测给该公司第三财季的业绩蒙上了阴影，这给其创纪录的业绩蒙上了一层阴影，并导致股价下跌。</blockquote></p><p> Apple&nbsp;reported its strongest June quarter ever on Tuesday, with a near doubling of its profits and a whopping iPhone beat— iPhone revenue surpassed Wall Street’s expectations by a stunning $5 billion. But the celebration came to a crashing halt when Apple Chief Financial Officer Luca Maestri said in a conference call that the company’s revenue growth would slow in the current quarter due to foreign exchange rates, the semiconductor shortage and tougher comparisons with the previous year.</p><p><blockquote>苹果周二公布了有史以来最强劲的 6 月份季度财报，利润几乎翻了一番，iPhone 的销售收入超出了华尔街的预期，惊人地达到了 50 亿美元。但当苹果首席财务官卢卡-梅斯特里（Luca Maestri）在一次电话会议上表示，由于汇率、半导体短缺以及与上一年相比更加艰难，公司本季度的收入增长将放缓时，庆祝活动戛然而止。</blockquote></p><p> “We expect very strong double-digit year-over-year revenue growth during the September quarter,” Maestri said, while continuing to avoid exact revenue guidance due to uncertainty related to the COVID-19 pandemic. “We expect revenue growth to be lower than our June quarter year-over-year growth of 36%.”</p><p><blockquote>“Maestri 说：”我们预计 9 月份季度的收入将实现非常强劲的两位数同比增长，但由于 COVID-19 大流行病的不确定性，我们将继续避免提供准确的收入指导。“我们预计收入增长将低于 6 月份季度 36% 的同比增长率。”</blockquote></p><p> Apple’s shares had gained in after-hours trading to that point, but immediately fell back and ultimately ended the extended trading session with a 2% decline.</p><p><blockquote>苹果的股价在盘后交易中一度上涨，但随即回落，最终以 2% 的跌幅结束了延长交易时段。</blockquote></p><p> Beyond overall revenue, Maestri also warned about one of Apple’s hottest businesses and declined to give any hints about prolonged declines in sales growth.</p><p><blockquote>除了总收入，Maestri 还对苹果最热门的业务之一发出了警告，并拒绝透露销售增长长期下滑的任何暗示。</blockquote></p><p> “We expect our services growth rate to return to a more typical level,” Maestri said, referring to Apple’s services business, which reached record-high revenue in the quarter by growing 33% to $17.5 billion.</p><p><blockquote>“Maestri 说：”我们预计我们的服务增长率将恢复到更典型的水平，他指的是苹果的服务业务，该业务在本季度的收入增长了 33%，达到 175 亿美元，创历史新高。</blockquote></p><p> That growth rate also benefited from a favorable comparison as certain services were significantly impacted by the very beginning of the COVID-19 lockdowns a year ago, he added.</p><p><blockquote>他补充说，这一增长率也受益于有利的比较，因为某些服务受到一年前 COVID-19 封锁一开始的重大影响。</blockquote></p><p> “We expect significant growth in services, but not to the level that we’ve seen in June,” he said in response to a question about the company’s guidance.</p><p><blockquote>“他在回答有关公司指导的问题时说：”我们预计服务业将大幅增长，但不会达到 6 月份的水平。</blockquote></p><p> When asked about the upcoming holiday period, and whether the semiconductor and component shortage would have an impact on what is typically Apple’s biggest quarter, Maestri said he only wanted to talk about one quarter at a time. Some analysts have already been wondering if the second half of this year is going to be as strong as the first half among tech companies, especially the tech giants, and Apple’s June quarter seemed to be reflective of those fears.</p><p><blockquote>当被问及即将到来的假期，以及半导体和元器件短缺是否会对苹果通常最大的季度产生影响时，Maestri 说他只想一次谈论一个季度。一些分析师已经在想，今年下半年科技公司，尤其是科技巨头的业绩是否会像上半年一样强劲，而苹果 6 月份的财报似乎反映了这些担忧。</blockquote></p><p> While it seems ridiculous to see shares decline after reporting such a mind-blowing quarter — iPhone total revenue alone was nearly $40 billion and Chief Executive Tim Cook said that 5G penetration is still “very very low, and so we feel really good about the future of the iPhone” — concerns that we are at a peak for tech are valid. And as the delta variant continues to create uncertainty about the path of the COVID-19 pandemic, there is even more uncertainty ahead</p><p><blockquote>虽然在公布如此令人兴奋的季度业绩后看到股价下跌似乎很荒谬--仅 iPhone 的总收入就接近 400 亿美元，首席执行官蒂姆-库克（Tim Cook）表示，5G 的渗透率仍然 “非常非常低，因此我们对 iPhone 的未来感到非常满意”--但人们对我们正处于科技巅峰的担忧是有道理的。随着德尔塔变异毒株继续给 COVID-19 大流行的路径带来不确定性，未来还有更多不确定性</blockquote></p><p> As Cook phrased it Tuesday, “the road to recovery will be a winding one.”</p><p><blockquote>正如库克周二所说，“复苏之路将是曲折的”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/apples-blowout-earnings-didnt-help-its-stock-and-heres-why-11627430752?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.marketwatch.com/story/apples-blowout-earnings-didnt-help-its-stock-and-heres-why-11627430752?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195067283","content_text":"Apple shares fell 1.5% in premarket trading.\n\nCFO suggests that sales growth will slow overall and in the hot services sector, sending shares lower in after-hours trading despite stunning beat in earnings and iPhone sales\nApple racked up nearly $40 billion in iPhone sales last quarter. BLOOMBERG NEWS\nApple Inc.’s whopping fiscal third quarter was overshadowed by the company’s forecast for slowing growth Tuesday, putting a damper on its record results and sending shares south.\nApple reported its strongest June quarter ever on Tuesday, with a near doubling of its profits and a whopping iPhone beat— iPhone revenue surpassed Wall Street’s expectations by a stunning $5 billion. But the celebration came to a crashing halt when Apple Chief Financial Officer Luca Maestri said in a conference call that the company’s revenue growth would slow in the current quarter due to foreign exchange rates, the semiconductor shortage and tougher comparisons with the previous year.\n“We expect very strong double-digit year-over-year revenue growth during the September quarter,” Maestri said, while continuing to avoid exact revenue guidance due to uncertainty related to the COVID-19 pandemic. “We expect revenue growth to be lower than our June quarter year-over-year growth of 36%.”\nApple’s shares had gained in after-hours trading to that point, but immediately fell back and ultimately ended the extended trading session with a 2% decline.\nBeyond overall revenue, Maestri also warned about one of Apple’s hottest businesses and declined to give any hints about prolonged declines in sales growth.\n“We expect our services growth rate to return to a more typical level,” Maestri said, referring to Apple’s services business, which reached record-high revenue in the quarter by growing 33% to $17.5 billion.\nThat growth rate also benefited from a favorable comparison as certain services were significantly impacted by the very beginning of the COVID-19 lockdowns a year ago, he added.\n“We expect significant growth in services, but not to the level that we’ve seen in June,” he said in response to a question about the company’s guidance.\nWhen asked about the upcoming holiday period, and whether the semiconductor and component shortage would have an impact on what is typically Apple’s biggest quarter, Maestri said he only wanted to talk about one quarter at a time. Some analysts have already been wondering if the second half of this year is going to be as strong as the first half among tech companies, especially the tech giants, and Apple’s June quarter seemed to be reflective of those fears.\nWhile it seems ridiculous to see shares decline after reporting such a mind-blowing quarter — iPhone total revenue alone was nearly $40 billion and Chief Executive Tim Cook said that 5G penetration is still “very very low, and so we feel really good about the future of the iPhone” — concerns that we are at a peak for tech are valid. And as the delta variant continues to create uncertainty about the path of the COVID-19 pandemic, there is even more uncertainty ahead\nAs Cook phrased it Tuesday, “the road to recovery will be a winding one.”","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832172230,"gmtCreate":1629602019420,"gmtModify":1631885195769,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>cont?","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>cont?","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$cont?","images":[{"img":"https://static.tigerbbs.com/0ed6bdf9e7d57aa19e25ef199a8d54cc","width":"1273","height":"2263"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832172230","isVote":1,"tweetType":1,"viewCount":684,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":805634679,"gmtCreate":1627874811791,"gmtModify":1633755702565,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"Noted and like. Thank you.","listText":"Noted and like. Thank you.","text":"Noted and like. Thank you.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/805634679","repostId":"2156616381","repostType":4,"isVote":1,"tweetType":1,"viewCount":819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806102316,"gmtCreate":1627637899035,"gmtModify":1631885592803,"author":{"id":"3584786668414972","authorId":"3584786668414972","name":"Lim888","avatar":"https://static.tigerbbs.com/1e6c0b29781df97f0215fc9daa1e5e31","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584786668414972","authorIdStr":"3584786668414972"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Sell or wait?","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>Sell or wait?","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$Sell or wait?","images":[{"img":"https://static.tigerbbs.com/80c813f911b662af341ce32a476b42e1","width":"1600","height":"2844"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/806102316","isVote":1,"tweetType":1,"viewCount":746,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}