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2021-07-26

Good

Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>

2021-08-14

Yeah my $ stuck at alibaba

If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>

2021-07-22

Oh [Sad]

Minerd Says U.S. Stocks Could Plunge 15% in ‘Very Rough’ Autumn<blockquote>Minerd表示美国股市可能在“非常艰难”的秋季暴跌15%</blockquote>

2021-07-07

Nice

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2021-06-30

Ok

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2021-07-08

Good

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2021-07-28

Ok

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2021-07-13

Final say

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2021-07-01

$Nokia Oyj(NOK)$Losing $

2021-06-30

Oh

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2021-07-19

Stay mysterious

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2021-07-15

End of year launch?

Apple at Fresh Record High on iPhone Production Boost Report, JPMorgan Upgrade<blockquote>苹果因iPhone产量增长报告和摩根大通升级而创下历史新高</blockquote>

2021-07-13

SG stocks is …

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2021-07-11

Zoom zoom zoom

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2021-07-05

Thanks for the insights

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2021-08-03

Good buy

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2021-07-24

Cleverness

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2021-07-19

Ipo

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2021-07-16

Great

Dow jumps above 35,000 as retail sales top expectations<blockquote>零售销售超出预期，道指跃升至35,000点以上</blockquote>

2021-07-15

Go baba go

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😊&nbsp;","listText":"Thanks 😊&nbsp;","text":"Thanks 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837048560","repostId":"2161772199","repostType":4,"repost":{"id":"2161772199","kind":"highlight","pubTimestamp":1629790326,"share":"https://www.laohu8.com/m/news/2161772199?lang=zh_CN&edition=full","pubTime":"2021-08-24 15:32","market":"us","language":"en","title":"These 15 stocks of retailers are expected to rise up to 97% over the next year<blockquote>这15只零售商股票预计明年涨幅高达97%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2161772199","media":"MarketWatch","summary":"Amazon is one of five that also make the list of those retailers expected to increase sales the fastest. Analysts polled by FactSet expect shares of Vroom, which sells used cars directly to consumers, to rise 97% over the next 12 months.With so many challenges for traditional retailers, investors can be forgiven for giving up on the entire sector. But there is money to be made if you focus on innovative sellers and maybe even on traditional brick-and-mortar retailers that are cleaning up their a","content":"<p>Amazon is one of five that also make the list of those retailers expected to increase sales the fastest</p><p><blockquote>亚马逊是预计销售额增长最快的五家零售商之一</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ff482dd0b98ef3816dcbb572fa188c8\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Analysts polled by FactSet expect shares of Vroom, which sells used cars directly to consumers, to rise 97% over the next 12 months.</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet调查的分析师预计，直接向消费者销售二手车的Vroom的股价在未来12个月内将上涨97%。</span></p></blockquote></p><p> With so many challenges for traditional retailers, investors can be forgiven for giving up on the entire sector. But there is money to be made if you focus on innovative sellers and maybe even on traditional brick-and-mortar retailers that are cleaning up their acts.</p><p><blockquote>传统零售商面临如此多的挑战，投资者放弃整个行业是情有可原的。但是，如果你关注创新型卖家，甚至关注正在清理行为的传统实体零售商，就可以赚钱。</blockquote></p><p> Below are two lists of stocks of retailers, broadly defined by FactSet to include specialized companies such as Vroom Inc.&nbsp;and <a href=\"https://laohu8.com/S/CVNA\">Carvana Co.</a> , which sell (and buy) used cars online. The first list includes 15 stocks that analysts expect to rise the most over the next year, and the second list shows companies expected to increase their sales the most over the next two years.</p><p><blockquote>以下是两份零售商股票列表，FactSet将其广义定义为包括Vroom Inc.和<a href=\"https://laohu8.com/S/CVNA\">卡瓦纳公司。</a>，在线销售（和购买）二手车。第一份名单包括分析师预计未来一年涨幅最大的15只股票，第二份名单显示了预计未来两年销售额增幅最大的公司。</blockquote></p><p> Two retailers that didn't make either list are Macy's Inc.&nbsp;and Target Corp.. Both are worth watching, although investors with shorter-term horizons may find them pricey.</p><p><blockquote>梅西百货和塔吉特百货这两家零售商都没有上榜。两者都值得关注，尽管短期投资者可能会发现它们价格昂贵。</blockquote></p><p> Shares of Macy's had nearly doubled for 2021 through last week. The stock popped 20% on Aug. 19, after the company reported with WHP Global to sell more Toys 'R' Us items in its stores. The stock closed at $22.39 on Aug. 20 -- a penny above the consensus 12-month price target among analysts polled by FactSet. Of course, analysts can change their estimates in light of recent news.</p><p><blockquote>截至上周，梅西百货的股价在2021年几乎翻了一番。8月19日，该公司向WHP Global报告将在其商店销售更多玩具反斗城商品后，该股股价上涨20%。该股8月20日收于22.39美元，比FactSet调查的分析师一致认为的12个月目标价高出1美分。当然，分析师可以根据最近的消息改变他们的估计。</blockquote></p><p> Target's stock is up 49% this year. The company also reported a much-improved second quarter . Target's shares closed at $253.40 on Aug. 20, 10% below the consensus price target of $277.66.</p><p><blockquote>塔吉特的股价今年上涨了49%。该公司还报告第二季度业绩大幅改善。Target股价8月20日收于253.40美元，比277.66美元的共识目标价低10%。</blockquote></p><p> <b>Analysts' favorite retail stocks</b></p><p><blockquote><b>分析师最喜欢的零售股</b></blockquote></p><p> Starting with the Russell 3000 Index , there are 124 stocks of companies in retail industries, according to FactSet's industry group descriptions. These include online retailers such as Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> and the direct used-auto retailers mentioned above.</p><p><blockquote>根据FactSet的行业组描述，从罗素3000指数开始，零售行业有124只公司股票。其中包括亚马逊等在线零售商。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>以及上面提到的直接二手车零售商。</blockquote></p><p> Among those stocks, 77 have stock-market values of at least $1 billion, are covered by at least five analysts polled by FactSet and have consensus sales and earnings estimates available through 2023.</p><p><blockquote>其中，77只股票的股票市值至少为10亿美元，至少有5名分析师接受FactSet调查，并且对2023年的销售额和盈利做出了一致的预测。</blockquote></p><p> Here are the 15 stocks with majority \"buy\" or equivalent ratings that the analysts believe have the most upside potential over the next year:</p><p><blockquote>以下是分析师认为明年最具上涨潜力的15只多数“买入”或同等评级的股票：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Share “buy” ratings</b></td>    <td><b>Closing price – Aug. 20</b></td>    <td><b>Consensus price target</b></td>    <td><b>Implied 12-month upside potential</b></td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>67%</td>    <td>$25.02</td>    <td>$49.25</td>    <td>97%</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>67%</td>    <td>$12.35</td>    <td>$24.31</td>    <td>97%</td>   </tr>   <tr>    <td>Overstock.com Inc.OSTK</td>    <td>100%</td>    <td>$69.58</td>    <td>$127.60</td>    <td>83%</td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>88%</td>    <td>$21.26</td>    <td>$36.00</td>    <td>69%</td>   </tr>   <tr>    <td>Group 1 Automotive Inc.GPI</td>    <td>67%</td>    <td>$159.01</td>    <td>$251.40</td>    <td>58%</td>   </tr>   <tr>    <td>Leslie’s Inc.LESL</td>    <td>75%</td>    <td>$22.59</td>    <td>$32.64</td>    <td>44%</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>64%</td>    <td>$328.51</td>    <td>$468.83</td>    <td>43%</td>   </tr>   <tr>    <td>IAA Inc.IAA</td>    <td>90%</td>    <td>$51.71</td>    <td>$72.38</td>    <td>40%</td>   </tr>   <tr>    <td>Abercrombie &amp; Fitch Co. Class AANF</td>    <td>58%</td>    <td>$38.02</td>    <td>$52.11</td>    <td>37%</td>   </tr>   <tr>    <td>Tapestry Inc.TPR</td>    <td>62%</td>    <td>$40.58</td>    <td>$54.89</td>    <td>35%</td>   </tr>   <tr>    <td>Capri Holdings Ltd.CPRI</td>    <td>61%</td>    <td>$54.33</td>    <td>$72.35</td>    <td>33%</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>56%</td>    <td>$50.25</td>    <td>$65.71</td>    <td>31%</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>98%</td>    <td>$3,199.95</td>    <td>$4,164.30</td>    <td>30%</td>   </tr>   <tr>    <td>Hibbett Inc.HIBB</td>    <td>83%</td>    <td>$85.14</td>    <td>$110.67</td>    <td>30%</td>   </tr>   <tr>    <td>American Eagle Outfitters Inc.AEO</td>    <td>64%</td>    <td>$32.37</td>    <td>$41.31</td>    <td>28%</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody><tr><td><b>公司</b></td><td><b>分享“买入”评级</b></td><td><b>收盘价-8月20日</b></td><td><b>共识价格目标</b></td><td><b>隐含的12个月上涨潜力</b></td></tr><tr><td>轰鸣公司VRM</td><td>67%</td><td>$25.02</td><td>$49.25</td><td>97%</td></tr><tr><td>RealReal Inc.REAL</td><td>67%</td><td>$12.35</td><td>$24.31</td><td>97%</td></tr><tr><td>Overstock.com Inc.OSTK</td><td>100%</td><td>$69.58</td><td>$127.60</td><td>83%</td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>88%</td><td>$21.26</td><td>$36.00</td><td>69%</td></tr><tr><td>第1组汽车公司GPI</td><td>67%</td><td>$159.01</td><td>$251.40</td><td>58%</td></tr><tr><td>莱斯利公司LESL</td><td>75%</td><td>$22.59</td><td>$32.64</td><td>44%</td></tr><tr><td>利西亚汽车公司LAD</td><td>64%</td><td>$328.51</td><td>$468.83</td><td>43%</td></tr><tr><td>IAA公司IAA</td><td>90%</td><td>$51.71</td><td>$72.38</td><td>40%</td></tr><tr><td>Abercrombie&amp;Fitch Co.AANF级</td><td>58%</td><td>$38.02</td><td>$52.11</td><td>37%</td></tr><tr><td>挂毯公司TPR</td><td>62%</td><td>$40.58</td><td>$54.89</td><td>35%</td></tr><tr><td>卡普里控股有限公司CPRI</td><td>61%</td><td>$54.33</td><td>$72.35</td><td>33%</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>56%</td><td>$50.25</td><td>$65.71</td><td>31%</td></tr><tr><td>亚马逊公司AMZN</td><td>98%</td><td>$3,199.95</td><td>$4,164.30</td><td>30%</td></tr><tr><td>希贝特公司HIBB</td><td>83%</td><td>$85.14</td><td>$110.67</td><td>30%</td></tr><tr><td>美国鹰服饰公司AEO</td><td>64%</td><td>$32.37</td><td>$41.31</td><td>28%</td></tr></tbody></table>来源：FactSet</blockquote></p><p> Using the same order, here are sales estimates for the group through 2023:</p><p><blockquote>使用相同的订单，以下是该集团到2023年的销售预测：</blockquote></p><p></p><p> <table>  <tbody></tbody> </table> <table>  <tbody></tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year sales increase</b></td>    <td><b>Estimated revenue – 2021</b></td>    <td><b>Estimated revenue – 2022</b></td>    <td><b>Estimated revenue – 2023</b></td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>117%</td>    <td>$3,060</td>    <td>$4,514</td>    <td>$6,652</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>65%</td>    <td>$447</td>    <td>$592</td>    <td>$736</td>   </tr>   <tr>    <td>Overstock.com Inc.OSTK</td>    <td>17%</td>    <td>$2,830</td>    <td>$3,186</td>    <td>$3,321</td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>175%</td>    <td>$200</td>    <td>$328</td>    <td>$550</td>   </tr>   <tr>    <td>Group 1 Automotive Inc.GPI</td>    <td>11%</td>    <td>$13,480</td>    <td>$14,680</td>    <td>$15,025</td>   </tr>   <tr>    <td>Leslie’s Inc.LESL</td>    <td>14%</td>    <td>$1,342</td>    <td>$1,442</td>    <td>$1,536</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>41%</td>    <td>$21,902</td>    <td>$26,515</td>    <td>$30,801</td>   </tr>   <tr>    <td>IAA Inc.IAA</td>    <td>15%</td>    <td>$1,706</td>    <td>$1,781</td>    <td>$1,962</td>   </tr>   <tr>    <td>Abercrombie &amp; Fitch Co. Class AANF</td>    <td>4%</td>    <td>$3,680</td>    <td>$3,847</td>    <td>$3,841</td>   </tr>   <tr>    <td>Tapestry Inc.TPR</td>    <td>11%</td>    <td>$6,066</td>    <td>$6,531</td>    <td>$6,725</td>   </tr>   <tr>    <td>Capri Holdings Ltd.CPRI</td>    <td>24%</td>    <td>$5,017</td>    <td>$5,752</td>    <td>$6,205</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>34%</td>    <td>$12,390</td>    <td>$14,196</td>    <td>$16,569</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>38%</td>    <td>$476,170</td>    <td>$563,466</td>    <td>$657,295</td>   </tr>   <tr>    <td>Hibbett Inc.HIBB</td>    <td>13%</td>    <td>$1,504</td>    <td>$1,581</td>    <td>$1,706</td>   </tr>   <tr>    <td>American Eagle Outfitters Inc.AEO</td>    <td>17%</td>    <td>$4,917</td>    <td>$5,355</td>    <td>$5,742</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody></tbody></table><table><tbody></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预计两年销售额增长</b></td><td><b>预计收入-2021</b></td><td><b>预计收入-2022年</b></td><td><b>预计收入-2023年</b></td></tr><tr><td>轰鸣公司VRM</td><td>117%</td><td>$3,060</td><td>$4,514</td><td>$6,652</td></tr><tr><td>RealReal Inc.REAL</td><td>65%</td><td>$447</td><td>$592</td><td>$736</td></tr><tr><td>Overstock.com Inc.OSTK</td><td>17%</td><td>$2,830</td><td>$3,186</td><td>$3,321</td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>175%</td><td>$200</td><td>$328</td><td>$550</td></tr><tr><td>第1组汽车公司GPI</td><td>11%</td><td>$13,480</td><td>$14,680</td><td>$15,025</td></tr><tr><td>莱斯利公司LESL</td><td>14%</td><td>$1,342</td><td>$1,442</td><td>$1,536</td></tr><tr><td>利西亚汽车公司LAD</td><td>41%</td><td>$21,902</td><td>$26,515</td><td>$30,801</td></tr><tr><td>IAA公司IAA</td><td>15%</td><td>$1,706</td><td>$1,781</td><td>$1,962</td></tr><tr><td>Abercrombie&amp;Fitch Co.AANF级</td><td>4%</td><td>$3,680</td><td>$3,847</td><td>$3,841</td></tr><tr><td>挂毯公司TPR</td><td>11%</td><td>$6,066</td><td>$6,531</td><td>$6,725</td></tr><tr><td>卡普里控股有限公司CPRI</td><td>24%</td><td>$5,017</td><td>$5,752</td><td>$6,205</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>34%</td><td>$12,390</td><td>$14,196</td><td>$16,569</td></tr><tr><td>亚马逊公司AMZN</td><td>38%</td><td>$476,170</td><td>$563,466</td><td>$657,295</td></tr><tr><td>希贝特公司HIBB</td><td>13%</td><td>$1,504</td><td>$1,581</td><td>$1,706</td></tr><tr><td>美国鹰服饰公司AEO</td><td>17%</td><td>$4,917</td><td>$5,355</td><td>$5,742</td></tr></tbody></table>来源：FactSet</blockquote></p><p> The estimates are for calendar years, but note that many retailers' fiscal years don't match the calendar.</p><p><blockquote>这些估计是针对日历年的，但请注意，许多零售商的财政年度与日历不符。</blockquote></p><p> Also using the same list, here are estimates for earnings per share through 2023:</p><p><blockquote>同样使用相同的列表，以下是对2023年每股收益的预测：</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year EPS change</b></td>    <td><b>Estimated EPS – 2021</b></td>    <td><b>Estimated EPS – 2022</b></td>    <td><b>Estimated EPS – 2023</b></td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>N/A</td>    <td>-$2.50</td>    <td>-$2.45</td>    <td>-$2.24</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>N/A</td>    <td>-$2.05</td>    <td>-$1.35</td>    <td>-$1.00</td>   </tr>   <tr>    <td>Overstock.com Inc.OSTK</td>    <td>-4%</td>    <td>$2.56</td>    <td>$2.73</td>    <td>$2.46</td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>N/A</td>    <td>-$1.23</td>    <td>-$0.42</td>    <td>-$0.23</td>   </tr>   <tr>    <td>Group 1 Automotive Inc.GPI</td>    <td>-19%</td>    <td>$30.30</td>    <td>$28.09</td>    <td>$24.61</td>   </tr>   <tr>    <td>Leslie’s Inc.LESL</td>    <td>16%</td>    <td>$0.85</td>    <td>$0.90</td>    <td>$0.98</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>-2%</td>    <td>$33.22</td>    <td>$31.61</td>    <td>$32.59</td>   </tr>   <tr>    <td>IAA Inc.IAA</td>    <td>19%</td>    <td>$2.33</td>    <td>$2.44</td>    <td>$2.76</td>   </tr>   <tr>    <td>Abercrombie &amp; Fitch Co. Class AANF</td>    <td>-10%</td>    <td>$3.16</td>    <td>$3.18</td>    <td>$2.85</td>   </tr>   <tr>    <td>Tapestry Inc.TPR</td>    <td>22%</td>    <td>$3.17</td>    <td>$3.55</td>    <td>$3.85</td>   </tr>   <tr>    <td>Capri Holdings Ltd.CPRI</td>    <td>53%</td>    <td>$3.93</td>    <td>$5.17</td>    <td>$5.99</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>7%</td>    <td>$7.03</td>    <td>$7.37</td>    <td>$7.52</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>74%</td>    <td>$53.15</td>    <td>$67.39</td>    <td>$92.34</td>   </tr>   <tr>    <td>Hibbett Inc.HIBB</td>    <td>13%</td>    <td>$8.89</td>    <td>$8.88</td>    <td>$10.04</td>   </tr>   <tr>    <td>American Eagle Outfitters Inc.AEO</td>    <td>34%</td>    <td>$1.97</td>    <td>$2.33</td>    <td>$2.63</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预期两年每股收益变化</b></td><td><b>预计每股收益–2021年</b></td><td><b>预计每股收益–2022年</b></td><td><b>预计每股收益-2023年</b></td></tr><tr><td>轰鸣公司VRM</td><td>N/A</td><td>-$2.50</td><td>-$2.45</td><td>-$2.24</td></tr><tr><td>RealReal Inc.REAL</td><td>N/A</td><td>-$2.05</td><td>-$1.35</td><td>-$1.00</td></tr><tr><td>Overstock.com Inc.OSTK</td><td>-4%</td><td>$2.56</td><td>$2.73</td><td>$2.46</td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>N/A</td><td>-$1.23</td><td>-$0.42</td><td>-$0.23</td></tr><tr><td>第1组汽车公司GPI</td><td>-19%</td><td>$30.30</td><td>$28.09</td><td>$24.61</td></tr><tr><td>莱斯利公司LESL</td><td>16%</td><td>$0.85</td><td>$0.90</td><td>$0.98</td></tr><tr><td>利西亚汽车公司LAD</td><td>-2%</td><td>$33.22</td><td>$31.61</td><td>$32.59</td></tr><tr><td>IAA公司IAA</td><td>19%</td><td>$2.33</td><td>$2.44</td><td>$2.76</td></tr><tr><td>Abercrombie&amp;Fitch Co.AANF级</td><td>-10%</td><td>$3.16</td><td>$3.18</td><td>$2.85</td></tr><tr><td>挂毯公司TPR</td><td>22%</td><td>$3.17</td><td>$3.55</td><td>$3.85</td></tr><tr><td>卡普里控股有限公司CPRI</td><td>53%</td><td>$3.93</td><td>$5.17</td><td>$5.99</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>7%</td><td>$7.03</td><td>$7.37</td><td>$7.52</td></tr><tr><td>亚马逊公司AMZN</td><td>74%</td><td>$53.15</td><td>$67.39</td><td>$92.34</td></tr><tr><td>希贝特公司HIBB</td><td>13%</td><td>$8.89</td><td>$8.88</td><td>$10.04</td></tr><tr><td>美国鹰服饰公司AEO</td><td>34%</td><td>$1.97</td><td>$2.33</td><td>$2.63</td></tr></tbody></table>来源：FactSet</blockquote></p><p> For three of the companies, the expected two-year change in EPS is \"N/A\" because estimated earnings for 2021 or 2023, or both, are negative.</p><p><blockquote>对于其中三家公司来说，每股收益的预期两年变化为“不适用”，因为2021年或2023年或两者的预期收益均为负值。</blockquote></p><p> <b>Fastest expected sales increases</b></p><p><blockquote><b>预期销售额增长最快</b></blockquote></p><p> Starting again with the 77 retailers that have market capitalizations of at least $1 billion and are covered by at least five analysts polled by FactSet, here are the 15 expected to increase their sales the most over the next two years:</p><p><blockquote>从FactSet调查的市值至少为10亿美元且至少有5名分析师关注的77家零售商开始，以下是预计未来两年销售额增幅最大的15家零售商：</blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year sales increase</b></td>    <td><b>Estimated revenue – 2021</b></td>    <td><b>Estimated revenue – 2022</b></td>    <td><b>Estimated revenue – 2023</b></td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>175%</td>    <td>$200</td>    <td>$328</td>    <td>$550</td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>117%</td>    <td>$3,060</td>    <td>$4,514</td>    <td>$6,652</td>   </tr>   <tr>    <td>Carvana Co. Class ACVNA</td>    <td>76%</td>    <td>$11,775</td>    <td>$15,468</td>    <td>$20,680</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>65%</td>    <td>$447</td>    <td>$592</td>    <td>$736</td>   </tr>   <tr>    <td>Revolve Group, Inc Class ARVLV</td>    <td>47%</td>    <td>$818</td>    <td>$1,004</td>    <td>$1,206</td>   </tr>   <tr>    <td>Etsy Inc.ETSY</td>    <td>47%</td>    <td>$2,280</td>    <td>$2,747</td>    <td>$3,351</td>   </tr>   <tr>    <td>Floor &amp; Decor Holdings Inc. Class AFND</td>    <td>46%</td>    <td>$3,339</td>    <td>$4,007</td>    <td>$4,874</td>   </tr>   <tr>    <td>Five Below Inc.FIVE</td>    <td>41%</td>    <td>$2,717</td>    <td>$3,264</td>    <td>$3,841</td>   </tr>   <tr>    <td>Stitch Fix Inc. Class ASFIX</td>    <td>41%</td>    <td>$2,240</td>    <td>$2,622</td>    <td>$3,161</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>41%</td>    <td>$21,902</td>    <td>$26,515</td>    <td>$30,801</td>   </tr>   <tr>    <td>Wayfair Inc. Class AW</td>    <td>39%</td>    <td>$14,393</td>    <td>$17,228</td>    <td>$20,049</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>38%</td>    <td>$476,170</td>    <td>$563,466</td>    <td>$657,295</td>   </tr>   <tr>    <td>Lululemon Athletica Inc.LULU</td>    <td>37%</td>    <td>$5,804</td>    <td>$6,877</td>    <td>$7,963</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>34%</td>    <td>$12,390</td>    <td>$14,196</td>    <td>$16,569</td>   </tr>   <tr>    <td>Ollie’s Bargain Outlet Holdings Inc.OLLI</td>    <td>26%</td>    <td>$1,868</td>    <td>$2,088</td>    <td>$2,363</td>   </tr>  </tbody> </table> Source: FacSet</p><p><blockquote><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预计两年销售额增长</b></td><td><b>预计收入-2021</b></td><td><b>预计收入-2022年</b></td><td><b>预计收入-2023年</b></td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>175%</td><td>$200</td><td>$328</td><td>$550</td></tr><tr><td>轰鸣公司VRM</td><td>117%</td><td>$3,060</td><td>$4,514</td><td>$6,652</td></tr><tr><td>卡瓦纳公司ACVNA级</td><td>76%</td><td>$11,775</td><td>$15,468</td><td>$20,680</td></tr><tr><td>RealReal Inc.REAL</td><td>65%</td><td>$447</td><td>$592</td><td>$736</td></tr><tr><td>旋转集团公司ARVLV级</td><td>47%</td><td>$818</td><td>$1,004</td><td>$1,206</td></tr><tr><td>Etsy公司ETSY</td><td>47%</td><td>$2,280</td><td>$2,747</td><td>$3,351</td></tr><tr><td>地板与装饰控股公司AFND级</td><td>46%</td><td>$3,339</td><td>$4,007</td><td>$4,874</td></tr><tr><td>五以下Inc.FIVE</td><td>41%</td><td>$2,717</td><td>$3,264</td><td>$3,841</td></tr><tr><td>Stitch Fix Inc.ASFIX级</td><td>41%</td><td>$2,240</td><td>$2,622</td><td>$3,161</td></tr><tr><td>利西亚汽车公司LAD</td><td>41%</td><td>$21,902</td><td>$26,515</td><td>$30,801</td></tr><tr><td>Wayfair Inc.AW级</td><td>39%</td><td>$14,393</td><td>$17,228</td><td>$20,049</td></tr><tr><td>亚马逊公司AMZN</td><td>38%</td><td>$476,170</td><td>$563,466</td><td>$657,295</td></tr><tr><td>Lululemon Athletica Inc.LULU</td><td>37%</td><td>$5,804</td><td>$6,877</td><td>$7,963</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>34%</td><td>$12,390</td><td>$14,196</td><td>$16,569</td></tr><tr><td>Ollie's Bargain Outlet Holdings Inc.OLLI</td><td>26%</td><td>$1,868</td><td>$2,088</td><td>$2,363</td></tr></tbody></table>资料来源：FacSet</blockquote></p><p> Only five companies make both this list and that with the most implied upside potential for their stock price: ChargePoint Holdings Inc. (CHPT), Vroom, RealReal Inc. <a href=\"https://laohu8.com/S/REAL\">$(REAL)$</a>, Lithia Motors Inc. <a href=\"https://laohu8.com/S/LAD\">$(LAD)$</a>, Amazon and Sonic Automotive Inc. <a href=\"https://laohu8.com/S/SAH\">$(SAH)$</a>.</p><p><blockquote>只有五家公司同时上榜，其股价最具上涨潜力：ChargePoint Holdings Inc.(CHPT)、Vroom、RealReal Inc.。<a href=\"https://laohu8.com/S/REAL\">$（真实）$</a>，利西亚汽车公司。<a href=\"https://laohu8.com/S/LAD\">$(LAD)$</a>、亚马逊和索尼克汽车公司。<a href=\"https://laohu8.com/S/SAH\">$（有效）$</a>.</blockquote></p><p> Here are EPS estimates for the list of best expected sales growers, using the same order as those with the fastest expected sales growth:</p><p><blockquote>以下是预期销售增长最好的公司名单的每股收益估计，使用与预期销售增长最快的公司相同的顺序：</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year earnings increase</b></td>    <td><b>Estimated EPS – 2021</b></td>    <td><b>Estimated EPS – 2022</b></td>    <td><b>Estimated EPS – 2023</b></td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>N/A</td>    <td>-$1.23</td>    <td>-$0.42</td>    <td>-$0.23</td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>N/A</td>    <td>-$2.50</td>    <td>-$2.45</td>    <td>-$2.24</td>   </tr>   <tr>    <td>Carvana Co. Class ACVNA</td>    <td>N/A</td>    <td>-$1.12</td>    <td>-$0.30</td>    <td>$1.70</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>N/A</td>    <td>-$2.05</td>    <td>-$1.35</td>    <td>-$1.00</td>   </tr>   <tr>    <td>Revolve Group, Inc Class ARVLV</td>    <td>46%</td>    <td>$1.02</td>    <td>$1.19</td>    <td>$1.49</td>   </tr>   <tr>    <td>Etsy Inc.ETSY</td>    <td>62%</td>    <td>$3.03</td>    <td>$3.52</td>    <td>$4.90</td>   </tr>   <tr>    <td>Floor &amp; Decor Holdings Inc. Class AFND</td>    <td>45%</td>    <td>$2.46</td>    <td>$2.88</td>    <td>$3.56</td>   </tr>   <tr>    <td>Five Below Inc.FIVE</td>    <td>45%</td>    <td>$4.57</td>    <td>$5.60</td>    <td>$6.64</td>   </tr>   <tr>    <td>Stitch Fix Inc. Class ASFIX</td>    <td>N/A</td>    <td>-$0.42</td>    <td>-$0.24</td>    <td>$0.43</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>-2%</td>    <td>$33.22</td>    <td>$31.61</td>    <td>$32.59</td>   </tr>   <tr>    <td>Wayfair Inc. Class AW</td>    <td>113%</td>    <td>$3.27</td>    <td>$4.74</td>    <td>$6.97</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>74%</td>    <td>$53.15</td>    <td>$67.39</td>    <td>$92.34</td>   </tr>   <tr>    <td>Lululemon Athletica Inc.LULU</td>    <td>50%</td>    <td>$6.73</td>    <td>$8.33</td>    <td>$10.08</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>7%</td>    <td>$7.03</td>    <td>$7.37</td>    <td>$7.52</td>   </tr>   <tr>    <td>Ollie’s Bargain Outlet Holdings Inc.OLLI</td>    <td>23%</td>    <td>$2.93</td>    <td>$3.24</td>    <td>$3.61</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预计两年盈利增长</b></td><td><b>预计每股收益–2021年</b></td><td><b>预计每股收益–2022年</b></td><td><b>预计每股收益-2023年</b></td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>N/A</td><td>-$1.23</td><td>-$0.42</td><td>-$0.23</td></tr><tr><td>轰鸣公司VRM</td><td>N/A</td><td>-$2.50</td><td>-$2.45</td><td>-$2.24</td></tr><tr><td>卡瓦纳公司ACVNA级</td><td>N/A</td><td>-$1.12</td><td>-$0.30</td><td>$1.70</td></tr><tr><td>RealReal Inc.REAL</td><td>N/A</td><td>-$2.05</td><td>-$1.35</td><td>-$1.00</td></tr><tr><td>旋转集团公司ARVLV级</td><td>46%</td><td>$1.02</td><td>$1.19</td><td>$1.49</td></tr><tr><td>Etsy公司ETSY</td><td>62%</td><td>$3.03</td><td>$3.52</td><td>$4.90</td></tr><tr><td>地板与装饰控股公司AFND级</td><td>45%</td><td>$2.46</td><td>$2.88</td><td>$3.56</td></tr><tr><td>五以下Inc.FIVE</td><td>45%</td><td>$4.57</td><td>$5.60</td><td>$6.64</td></tr><tr><td>Stitch Fix Inc.ASFIX级</td><td>N/A</td><td>-$0.42</td><td>-$0.24</td><td>$0.43</td></tr><tr><td>利西亚汽车公司LAD</td><td>-2%</td><td>$33.22</td><td>$31.61</td><td>$32.59</td></tr><tr><td>Wayfair Inc.AW级</td><td>113%</td><td>$3.27</td><td>$4.74</td><td>$6.97</td></tr><tr><td>亚马逊公司AMZN</td><td>74%</td><td>$53.15</td><td>$67.39</td><td>$92.34</td></tr><tr><td>Lululemon Athletica Inc.LULU</td><td>50%</td><td>$6.73</td><td>$8.33</td><td>$10.08</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>7%</td><td>$7.03</td><td>$7.37</td><td>$7.52</td></tr><tr><td>Ollie's Bargain Outlet Holdings Inc.OLLI</td><td>23%</td><td>$2.93</td><td>$3.24</td><td>$3.61</td></tr></tbody></table>来源：FactSet</blockquote></p><p></p><p> Here’s a summary of analysts’ opinion about the list of best expected sales growers, also in the same order:</p><p><blockquote>以下是分析师对最佳预期销售增长者名单的看法摘要，顺序相同：</blockquote></p><p> <table>  <tbody></tbody> </table> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Share “buy” ratings</b></td>    <td><b>Closing price – Aug. 20</b></td>    <td><b>Consensus price target</b></td>    <td><b>Implied 12-month upside potential</b></td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>88%</td>    <td>$21.26</td>    <td>$36.00</td>    <td>69%</td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>67%</td>    <td>$25.02</td>    <td>$49.25</td>    <td>97%</td>   </tr>   <tr>    <td>Carvana Co. Class ACVNA</td>    <td>58%</td>    <td>$349.76</td>    <td>$379.09</td>    <td>8%</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>67%</td>    <td>$12.35</td>    <td>$24.31</td>    <td>97%</td>   </tr>   <tr>    <td>Revolve Group, Inc Class ARVLV</td>    <td>71%</td>    <td>$57.68</td>    <td>$70.67</td>    <td>23%</td>   </tr>   <tr>    <td>Etsy Inc.ETSY</td>    <td>76%</td>    <td>$199.27</td>    <td>$215.93</td>    <td>8%</td>   </tr>   <tr>    <td>Floor &amp; Decor Holdings Inc. Class AFND</td>    <td>87%</td>    <td>$117.75</td>    <td>$136.36</td>    <td>16%</td>   </tr>   <tr>    <td>Five Below Inc.FIVE</td>    <td>67%</td>    <td>$225.11</td>    <td>$232.70</td>    <td>3%</td>   </tr>   <tr>    <td>Stitch Fix Inc. Class ASFIX</td>    <td>38%</td>    <td>$39.71</td>    <td>$62.13</td>    <td>56%</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>64%</td>    <td>$328.51</td>    <td>$468.83</td>    <td>43%</td>   </tr>   <tr>    <td>Wayfair Inc. Class AW</td>    <td>50%</td>    <td>$290.52</td>    <td>$324.64</td>    <td>12%</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>98%</td>    <td>$3,199.95</td>    <td>$4,164.30</td>    <td>30%</td>   </tr>   <tr>    <td>Lululemon Athletica Inc.LULU</td>    <td>67%</td>    <td>$397.83</td>    <td>$401.63</td>    <td>1%</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>56%</td>    <td>$50.25</td>    <td>$65.71</td>    <td>31%</td>   </tr>   <tr>    <td>Ollie’s Bargain Outlet Holdings Inc.OLLI</td>    <td>50%</td>    <td>$82.70</td>    <td>$98.00</td>    <td>19%</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody></tbody></table><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>分享“买入”评级</b></td><td><b>收盘价-8月20日</b></td><td><b>共识价格目标</b></td><td><b>隐含的12个月上涨潜力</b></td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>88%</td><td>$21.26</td><td>$36.00</td><td>69%</td></tr><tr><td>轰鸣公司VRM</td><td>67%</td><td>$25.02</td><td>$49.25</td><td>97%</td></tr><tr><td>卡瓦纳公司ACVNA级</td><td>58%</td><td>$349.76</td><td>$379.09</td><td>8%</td></tr><tr><td>RealReal Inc.REAL</td><td>67%</td><td>$12.35</td><td>$24.31</td><td>97%</td></tr><tr><td>旋转集团公司ARVLV级</td><td>71%</td><td>$57.68</td><td>$70.67</td><td>23%</td></tr><tr><td>Etsy公司ETSY</td><td>76%</td><td>$199.27</td><td>$215.93</td><td>8%</td></tr><tr><td>地板与装饰控股公司AFND级</td><td>87%</td><td>$117.75</td><td>$136.36</td><td>16%</td></tr><tr><td>五以下Inc.FIVE</td><td>67%</td><td>$225.11</td><td>$232.70</td><td>3%</td></tr><tr><td>Stitch Fix Inc.ASFIX级</td><td>38%</td><td>$39.71</td><td>$62.13</td><td>56%</td></tr><tr><td>利西亚汽车公司LAD</td><td>64%</td><td>$328.51</td><td>$468.83</td><td>43%</td></tr><tr><td>Wayfair Inc.AW级</td><td>50%</td><td>$290.52</td><td>$324.64</td><td>12%</td></tr><tr><td>亚马逊公司AMZN</td><td>98%</td><td>$3,199.95</td><td>$4,164.30</td><td>30%</td></tr><tr><td>Lululemon Athletica Inc.LULU</td><td>67%</td><td>$397.83</td><td>$401.63</td><td>1%</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>56%</td><td>$50.25</td><td>$65.71</td><td>31%</td></tr><tr><td>Ollie's Bargain Outlet Holdings Inc.OLLI</td><td>50%</td><td>$82.70</td><td>$98.00</td><td>19%</td></tr></tbody></table>来源：FactSet</blockquote></p><p> <table>  <tbody></tbody> </table> If you see any stocks of interest here, you should do your own research and form your own opinion about the companies’ long-term strategies before considering an investment.</p><p><blockquote><table><tbody></tbody></table>如果您在这里看到任何感兴趣的股票，您应该在考虑投资之前进行自己的研究并对公司的长期战略形成自己的看法。</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>These 15 stocks of retailers are expected to rise up to 97% over the next year<blockquote>这15只零售商股票预计明年涨幅高达97%</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\">\nThese 15 stocks of retailers are expected to rise up to 97% over the next year<blockquote>这15只零售商股票预计明年涨幅高达97%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-24 15:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon is one of five that also make the list of those retailers expected to increase sales the fastest</p><p><blockquote>亚马逊是预计销售额增长最快的五家零售商之一</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2ff482dd0b98ef3816dcbb572fa188c8\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><span>Analysts polled by FactSet expect shares of Vroom, which sells used cars directly to consumers, to rise 97% over the next 12 months.</span></p><p><blockquote><p class=\"t-img-caption\"><span>FactSet调查的分析师预计，直接向消费者销售二手车的Vroom的股价在未来12个月内将上涨97%。</span></p></blockquote></p><p> With so many challenges for traditional retailers, investors can be forgiven for giving up on the entire sector. But there is money to be made if you focus on innovative sellers and maybe even on traditional brick-and-mortar retailers that are cleaning up their acts.</p><p><blockquote>传统零售商面临如此多的挑战，投资者放弃整个行业是情有可原的。但是，如果你关注创新型卖家，甚至关注正在清理行为的传统实体零售商，就可以赚钱。</blockquote></p><p> Below are two lists of stocks of retailers, broadly defined by FactSet to include specialized companies such as Vroom Inc.&nbsp;and <a href=\"https://laohu8.com/S/CVNA\">Carvana Co.</a> , which sell (and buy) used cars online. The first list includes 15 stocks that analysts expect to rise the most over the next year, and the second list shows companies expected to increase their sales the most over the next two years.</p><p><blockquote>以下是两份零售商股票列表，FactSet将其广义定义为包括Vroom Inc.和<a href=\"https://laohu8.com/S/CVNA\">卡瓦纳公司。</a>，在线销售（和购买）二手车。第一份名单包括分析师预计未来一年涨幅最大的15只股票，第二份名单显示了预计未来两年销售额增幅最大的公司。</blockquote></p><p> Two retailers that didn't make either list are Macy's Inc.&nbsp;and Target Corp.. Both are worth watching, although investors with shorter-term horizons may find them pricey.</p><p><blockquote>梅西百货和塔吉特百货这两家零售商都没有上榜。两者都值得关注，尽管短期投资者可能会发现它们价格昂贵。</blockquote></p><p> Shares of Macy's had nearly doubled for 2021 through last week. The stock popped 20% on Aug. 19, after the company reported with WHP Global to sell more Toys 'R' Us items in its stores. The stock closed at $22.39 on Aug. 20 -- a penny above the consensus 12-month price target among analysts polled by FactSet. Of course, analysts can change their estimates in light of recent news.</p><p><blockquote>截至上周，梅西百货的股价在2021年几乎翻了一番。8月19日，该公司向WHP Global报告将在其商店销售更多玩具反斗城商品后，该股股价上涨20%。该股8月20日收于22.39美元，比FactSet调查的分析师一致认为的12个月目标价高出1美分。当然，分析师可以根据最近的消息改变他们的估计。</blockquote></p><p> Target's stock is up 49% this year. The company also reported a much-improved second quarter . Target's shares closed at $253.40 on Aug. 20, 10% below the consensus price target of $277.66.</p><p><blockquote>塔吉特的股价今年上涨了49%。该公司还报告第二季度业绩大幅改善。Target股价8月20日收于253.40美元，比277.66美元的共识目标价低10%。</blockquote></p><p> <b>Analysts' favorite retail stocks</b></p><p><blockquote><b>分析师最喜欢的零售股</b></blockquote></p><p> Starting with the Russell 3000 Index , there are 124 stocks of companies in retail industries, according to FactSet's industry group descriptions. These include online retailers such as Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a> and the direct used-auto retailers mentioned above.</p><p><blockquote>根据FactSet的行业组描述，从罗素3000指数开始，零售行业有124只公司股票。其中包括亚马逊等在线零售商。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>以及上面提到的直接二手车零售商。</blockquote></p><p> Among those stocks, 77 have stock-market values of at least $1 billion, are covered by at least five analysts polled by FactSet and have consensus sales and earnings estimates available through 2023.</p><p><blockquote>其中，77只股票的股票市值至少为10亿美元，至少有5名分析师接受FactSet调查，并且对2023年的销售额和盈利做出了一致的预测。</blockquote></p><p> Here are the 15 stocks with majority \"buy\" or equivalent ratings that the analysts believe have the most upside potential over the next year:</p><p><blockquote>以下是分析师认为明年最具上涨潜力的15只多数“买入”或同等评级的股票：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Share “buy” ratings</b></td>    <td><b>Closing price – Aug. 20</b></td>    <td><b>Consensus price target</b></td>    <td><b>Implied 12-month upside potential</b></td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>67%</td>    <td>$25.02</td>    <td>$49.25</td>    <td>97%</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>67%</td>    <td>$12.35</td>    <td>$24.31</td>    <td>97%</td>   </tr>   <tr>    <td>Overstock.com Inc.OSTK</td>    <td>100%</td>    <td>$69.58</td>    <td>$127.60</td>    <td>83%</td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>88%</td>    <td>$21.26</td>    <td>$36.00</td>    <td>69%</td>   </tr>   <tr>    <td>Group 1 Automotive Inc.GPI</td>    <td>67%</td>    <td>$159.01</td>    <td>$251.40</td>    <td>58%</td>   </tr>   <tr>    <td>Leslie’s Inc.LESL</td>    <td>75%</td>    <td>$22.59</td>    <td>$32.64</td>    <td>44%</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>64%</td>    <td>$328.51</td>    <td>$468.83</td>    <td>43%</td>   </tr>   <tr>    <td>IAA Inc.IAA</td>    <td>90%</td>    <td>$51.71</td>    <td>$72.38</td>    <td>40%</td>   </tr>   <tr>    <td>Abercrombie &amp; Fitch Co. Class AANF</td>    <td>58%</td>    <td>$38.02</td>    <td>$52.11</td>    <td>37%</td>   </tr>   <tr>    <td>Tapestry Inc.TPR</td>    <td>62%</td>    <td>$40.58</td>    <td>$54.89</td>    <td>35%</td>   </tr>   <tr>    <td>Capri Holdings Ltd.CPRI</td>    <td>61%</td>    <td>$54.33</td>    <td>$72.35</td>    <td>33%</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>56%</td>    <td>$50.25</td>    <td>$65.71</td>    <td>31%</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>98%</td>    <td>$3,199.95</td>    <td>$4,164.30</td>    <td>30%</td>   </tr>   <tr>    <td>Hibbett Inc.HIBB</td>    <td>83%</td>    <td>$85.14</td>    <td>$110.67</td>    <td>30%</td>   </tr>   <tr>    <td>American Eagle Outfitters Inc.AEO</td>    <td>64%</td>    <td>$32.37</td>    <td>$41.31</td>    <td>28%</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody><tr><td><b>公司</b></td><td><b>分享“买入”评级</b></td><td><b>收盘价-8月20日</b></td><td><b>共识价格目标</b></td><td><b>隐含的12个月上涨潜力</b></td></tr><tr><td>轰鸣公司VRM</td><td>67%</td><td>$25.02</td><td>$49.25</td><td>97%</td></tr><tr><td>RealReal Inc.REAL</td><td>67%</td><td>$12.35</td><td>$24.31</td><td>97%</td></tr><tr><td>Overstock.com Inc.OSTK</td><td>100%</td><td>$69.58</td><td>$127.60</td><td>83%</td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>88%</td><td>$21.26</td><td>$36.00</td><td>69%</td></tr><tr><td>第1组汽车公司GPI</td><td>67%</td><td>$159.01</td><td>$251.40</td><td>58%</td></tr><tr><td>莱斯利公司LESL</td><td>75%</td><td>$22.59</td><td>$32.64</td><td>44%</td></tr><tr><td>利西亚汽车公司LAD</td><td>64%</td><td>$328.51</td><td>$468.83</td><td>43%</td></tr><tr><td>IAA公司IAA</td><td>90%</td><td>$51.71</td><td>$72.38</td><td>40%</td></tr><tr><td>Abercrombie&amp;Fitch Co.AANF级</td><td>58%</td><td>$38.02</td><td>$52.11</td><td>37%</td></tr><tr><td>挂毯公司TPR</td><td>62%</td><td>$40.58</td><td>$54.89</td><td>35%</td></tr><tr><td>卡普里控股有限公司CPRI</td><td>61%</td><td>$54.33</td><td>$72.35</td><td>33%</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>56%</td><td>$50.25</td><td>$65.71</td><td>31%</td></tr><tr><td>亚马逊公司AMZN</td><td>98%</td><td>$3,199.95</td><td>$4,164.30</td><td>30%</td></tr><tr><td>希贝特公司HIBB</td><td>83%</td><td>$85.14</td><td>$110.67</td><td>30%</td></tr><tr><td>美国鹰服饰公司AEO</td><td>64%</td><td>$32.37</td><td>$41.31</td><td>28%</td></tr></tbody></table>来源：FactSet</blockquote></p><p> Using the same order, here are sales estimates for the group through 2023:</p><p><blockquote>使用相同的订单，以下是该集团到2023年的销售预测：</blockquote></p><p></p><p> <table>  <tbody></tbody> </table> <table>  <tbody></tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year sales increase</b></td>    <td><b>Estimated revenue – 2021</b></td>    <td><b>Estimated revenue – 2022</b></td>    <td><b>Estimated revenue – 2023</b></td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>117%</td>    <td>$3,060</td>    <td>$4,514</td>    <td>$6,652</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>65%</td>    <td>$447</td>    <td>$592</td>    <td>$736</td>   </tr>   <tr>    <td>Overstock.com Inc.OSTK</td>    <td>17%</td>    <td>$2,830</td>    <td>$3,186</td>    <td>$3,321</td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>175%</td>    <td>$200</td>    <td>$328</td>    <td>$550</td>   </tr>   <tr>    <td>Group 1 Automotive Inc.GPI</td>    <td>11%</td>    <td>$13,480</td>    <td>$14,680</td>    <td>$15,025</td>   </tr>   <tr>    <td>Leslie’s Inc.LESL</td>    <td>14%</td>    <td>$1,342</td>    <td>$1,442</td>    <td>$1,536</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>41%</td>    <td>$21,902</td>    <td>$26,515</td>    <td>$30,801</td>   </tr>   <tr>    <td>IAA Inc.IAA</td>    <td>15%</td>    <td>$1,706</td>    <td>$1,781</td>    <td>$1,962</td>   </tr>   <tr>    <td>Abercrombie &amp; Fitch Co. Class AANF</td>    <td>4%</td>    <td>$3,680</td>    <td>$3,847</td>    <td>$3,841</td>   </tr>   <tr>    <td>Tapestry Inc.TPR</td>    <td>11%</td>    <td>$6,066</td>    <td>$6,531</td>    <td>$6,725</td>   </tr>   <tr>    <td>Capri Holdings Ltd.CPRI</td>    <td>24%</td>    <td>$5,017</td>    <td>$5,752</td>    <td>$6,205</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>34%</td>    <td>$12,390</td>    <td>$14,196</td>    <td>$16,569</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>38%</td>    <td>$476,170</td>    <td>$563,466</td>    <td>$657,295</td>   </tr>   <tr>    <td>Hibbett Inc.HIBB</td>    <td>13%</td>    <td>$1,504</td>    <td>$1,581</td>    <td>$1,706</td>   </tr>   <tr>    <td>American Eagle Outfitters Inc.AEO</td>    <td>17%</td>    <td>$4,917</td>    <td>$5,355</td>    <td>$5,742</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody></tbody></table><table><tbody></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预计两年销售额增长</b></td><td><b>预计收入-2021</b></td><td><b>预计收入-2022年</b></td><td><b>预计收入-2023年</b></td></tr><tr><td>轰鸣公司VRM</td><td>117%</td><td>$3,060</td><td>$4,514</td><td>$6,652</td></tr><tr><td>RealReal Inc.REAL</td><td>65%</td><td>$447</td><td>$592</td><td>$736</td></tr><tr><td>Overstock.com Inc.OSTK</td><td>17%</td><td>$2,830</td><td>$3,186</td><td>$3,321</td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>175%</td><td>$200</td><td>$328</td><td>$550</td></tr><tr><td>第1组汽车公司GPI</td><td>11%</td><td>$13,480</td><td>$14,680</td><td>$15,025</td></tr><tr><td>莱斯利公司LESL</td><td>14%</td><td>$1,342</td><td>$1,442</td><td>$1,536</td></tr><tr><td>利西亚汽车公司LAD</td><td>41%</td><td>$21,902</td><td>$26,515</td><td>$30,801</td></tr><tr><td>IAA公司IAA</td><td>15%</td><td>$1,706</td><td>$1,781</td><td>$1,962</td></tr><tr><td>Abercrombie&amp;Fitch Co.AANF级</td><td>4%</td><td>$3,680</td><td>$3,847</td><td>$3,841</td></tr><tr><td>挂毯公司TPR</td><td>11%</td><td>$6,066</td><td>$6,531</td><td>$6,725</td></tr><tr><td>卡普里控股有限公司CPRI</td><td>24%</td><td>$5,017</td><td>$5,752</td><td>$6,205</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>34%</td><td>$12,390</td><td>$14,196</td><td>$16,569</td></tr><tr><td>亚马逊公司AMZN</td><td>38%</td><td>$476,170</td><td>$563,466</td><td>$657,295</td></tr><tr><td>希贝特公司HIBB</td><td>13%</td><td>$1,504</td><td>$1,581</td><td>$1,706</td></tr><tr><td>美国鹰服饰公司AEO</td><td>17%</td><td>$4,917</td><td>$5,355</td><td>$5,742</td></tr></tbody></table>来源：FactSet</blockquote></p><p> The estimates are for calendar years, but note that many retailers' fiscal years don't match the calendar.</p><p><blockquote>这些估计是针对日历年的，但请注意，许多零售商的财政年度与日历不符。</blockquote></p><p> Also using the same list, here are estimates for earnings per share through 2023:</p><p><blockquote>同样使用相同的列表，以下是对2023年每股收益的预测：</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year EPS change</b></td>    <td><b>Estimated EPS – 2021</b></td>    <td><b>Estimated EPS – 2022</b></td>    <td><b>Estimated EPS – 2023</b></td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>N/A</td>    <td>-$2.50</td>    <td>-$2.45</td>    <td>-$2.24</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>N/A</td>    <td>-$2.05</td>    <td>-$1.35</td>    <td>-$1.00</td>   </tr>   <tr>    <td>Overstock.com Inc.OSTK</td>    <td>-4%</td>    <td>$2.56</td>    <td>$2.73</td>    <td>$2.46</td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>N/A</td>    <td>-$1.23</td>    <td>-$0.42</td>    <td>-$0.23</td>   </tr>   <tr>    <td>Group 1 Automotive Inc.GPI</td>    <td>-19%</td>    <td>$30.30</td>    <td>$28.09</td>    <td>$24.61</td>   </tr>   <tr>    <td>Leslie’s Inc.LESL</td>    <td>16%</td>    <td>$0.85</td>    <td>$0.90</td>    <td>$0.98</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>-2%</td>    <td>$33.22</td>    <td>$31.61</td>    <td>$32.59</td>   </tr>   <tr>    <td>IAA Inc.IAA</td>    <td>19%</td>    <td>$2.33</td>    <td>$2.44</td>    <td>$2.76</td>   </tr>   <tr>    <td>Abercrombie &amp; Fitch Co. Class AANF</td>    <td>-10%</td>    <td>$3.16</td>    <td>$3.18</td>    <td>$2.85</td>   </tr>   <tr>    <td>Tapestry Inc.TPR</td>    <td>22%</td>    <td>$3.17</td>    <td>$3.55</td>    <td>$3.85</td>   </tr>   <tr>    <td>Capri Holdings Ltd.CPRI</td>    <td>53%</td>    <td>$3.93</td>    <td>$5.17</td>    <td>$5.99</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>7%</td>    <td>$7.03</td>    <td>$7.37</td>    <td>$7.52</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>74%</td>    <td>$53.15</td>    <td>$67.39</td>    <td>$92.34</td>   </tr>   <tr>    <td>Hibbett Inc.HIBB</td>    <td>13%</td>    <td>$8.89</td>    <td>$8.88</td>    <td>$10.04</td>   </tr>   <tr>    <td>American Eagle Outfitters Inc.AEO</td>    <td>34%</td>    <td>$1.97</td>    <td>$2.33</td>    <td>$2.63</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预期两年每股收益变化</b></td><td><b>预计每股收益–2021年</b></td><td><b>预计每股收益–2022年</b></td><td><b>预计每股收益-2023年</b></td></tr><tr><td>轰鸣公司VRM</td><td>N/A</td><td>-$2.50</td><td>-$2.45</td><td>-$2.24</td></tr><tr><td>RealReal Inc.REAL</td><td>N/A</td><td>-$2.05</td><td>-$1.35</td><td>-$1.00</td></tr><tr><td>Overstock.com Inc.OSTK</td><td>-4%</td><td>$2.56</td><td>$2.73</td><td>$2.46</td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>N/A</td><td>-$1.23</td><td>-$0.42</td><td>-$0.23</td></tr><tr><td>第1组汽车公司GPI</td><td>-19%</td><td>$30.30</td><td>$28.09</td><td>$24.61</td></tr><tr><td>莱斯利公司LESL</td><td>16%</td><td>$0.85</td><td>$0.90</td><td>$0.98</td></tr><tr><td>利西亚汽车公司LAD</td><td>-2%</td><td>$33.22</td><td>$31.61</td><td>$32.59</td></tr><tr><td>IAA公司IAA</td><td>19%</td><td>$2.33</td><td>$2.44</td><td>$2.76</td></tr><tr><td>Abercrombie&amp;Fitch Co.AANF级</td><td>-10%</td><td>$3.16</td><td>$3.18</td><td>$2.85</td></tr><tr><td>挂毯公司TPR</td><td>22%</td><td>$3.17</td><td>$3.55</td><td>$3.85</td></tr><tr><td>卡普里控股有限公司CPRI</td><td>53%</td><td>$3.93</td><td>$5.17</td><td>$5.99</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>7%</td><td>$7.03</td><td>$7.37</td><td>$7.52</td></tr><tr><td>亚马逊公司AMZN</td><td>74%</td><td>$53.15</td><td>$67.39</td><td>$92.34</td></tr><tr><td>希贝特公司HIBB</td><td>13%</td><td>$8.89</td><td>$8.88</td><td>$10.04</td></tr><tr><td>美国鹰服饰公司AEO</td><td>34%</td><td>$1.97</td><td>$2.33</td><td>$2.63</td></tr></tbody></table>来源：FactSet</blockquote></p><p> For three of the companies, the expected two-year change in EPS is \"N/A\" because estimated earnings for 2021 or 2023, or both, are negative.</p><p><blockquote>对于其中三家公司来说，每股收益的预期两年变化为“不适用”，因为2021年或2023年或两者的预期收益均为负值。</blockquote></p><p> <b>Fastest expected sales increases</b></p><p><blockquote><b>预期销售额增长最快</b></blockquote></p><p> Starting again with the 77 retailers that have market capitalizations of at least $1 billion and are covered by at least five analysts polled by FactSet, here are the 15 expected to increase their sales the most over the next two years:</p><p><blockquote>从FactSet调查的市值至少为10亿美元且至少有5名分析师关注的77家零售商开始，以下是预计未来两年销售额增幅最大的15家零售商：</blockquote></p><p></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year sales increase</b></td>    <td><b>Estimated revenue – 2021</b></td>    <td><b>Estimated revenue – 2022</b></td>    <td><b>Estimated revenue – 2023</b></td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>175%</td>    <td>$200</td>    <td>$328</td>    <td>$550</td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>117%</td>    <td>$3,060</td>    <td>$4,514</td>    <td>$6,652</td>   </tr>   <tr>    <td>Carvana Co. Class ACVNA</td>    <td>76%</td>    <td>$11,775</td>    <td>$15,468</td>    <td>$20,680</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>65%</td>    <td>$447</td>    <td>$592</td>    <td>$736</td>   </tr>   <tr>    <td>Revolve Group, Inc Class ARVLV</td>    <td>47%</td>    <td>$818</td>    <td>$1,004</td>    <td>$1,206</td>   </tr>   <tr>    <td>Etsy Inc.ETSY</td>    <td>47%</td>    <td>$2,280</td>    <td>$2,747</td>    <td>$3,351</td>   </tr>   <tr>    <td>Floor &amp; Decor Holdings Inc. Class AFND</td>    <td>46%</td>    <td>$3,339</td>    <td>$4,007</td>    <td>$4,874</td>   </tr>   <tr>    <td>Five Below Inc.FIVE</td>    <td>41%</td>    <td>$2,717</td>    <td>$3,264</td>    <td>$3,841</td>   </tr>   <tr>    <td>Stitch Fix Inc. Class ASFIX</td>    <td>41%</td>    <td>$2,240</td>    <td>$2,622</td>    <td>$3,161</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>41%</td>    <td>$21,902</td>    <td>$26,515</td>    <td>$30,801</td>   </tr>   <tr>    <td>Wayfair Inc. Class AW</td>    <td>39%</td>    <td>$14,393</td>    <td>$17,228</td>    <td>$20,049</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>38%</td>    <td>$476,170</td>    <td>$563,466</td>    <td>$657,295</td>   </tr>   <tr>    <td>Lululemon Athletica Inc.LULU</td>    <td>37%</td>    <td>$5,804</td>    <td>$6,877</td>    <td>$7,963</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>34%</td>    <td>$12,390</td>    <td>$14,196</td>    <td>$16,569</td>   </tr>   <tr>    <td>Ollie’s Bargain Outlet Holdings Inc.OLLI</td>    <td>26%</td>    <td>$1,868</td>    <td>$2,088</td>    <td>$2,363</td>   </tr>  </tbody> </table> Source: FacSet</p><p><blockquote><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预计两年销售额增长</b></td><td><b>预计收入-2021</b></td><td><b>预计收入-2022年</b></td><td><b>预计收入-2023年</b></td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>175%</td><td>$200</td><td>$328</td><td>$550</td></tr><tr><td>轰鸣公司VRM</td><td>117%</td><td>$3,060</td><td>$4,514</td><td>$6,652</td></tr><tr><td>卡瓦纳公司ACVNA级</td><td>76%</td><td>$11,775</td><td>$15,468</td><td>$20,680</td></tr><tr><td>RealReal Inc.REAL</td><td>65%</td><td>$447</td><td>$592</td><td>$736</td></tr><tr><td>旋转集团公司ARVLV级</td><td>47%</td><td>$818</td><td>$1,004</td><td>$1,206</td></tr><tr><td>Etsy公司ETSY</td><td>47%</td><td>$2,280</td><td>$2,747</td><td>$3,351</td></tr><tr><td>地板与装饰控股公司AFND级</td><td>46%</td><td>$3,339</td><td>$4,007</td><td>$4,874</td></tr><tr><td>五以下Inc.FIVE</td><td>41%</td><td>$2,717</td><td>$3,264</td><td>$3,841</td></tr><tr><td>Stitch Fix Inc.ASFIX级</td><td>41%</td><td>$2,240</td><td>$2,622</td><td>$3,161</td></tr><tr><td>利西亚汽车公司LAD</td><td>41%</td><td>$21,902</td><td>$26,515</td><td>$30,801</td></tr><tr><td>Wayfair Inc.AW级</td><td>39%</td><td>$14,393</td><td>$17,228</td><td>$20,049</td></tr><tr><td>亚马逊公司AMZN</td><td>38%</td><td>$476,170</td><td>$563,466</td><td>$657,295</td></tr><tr><td>Lululemon Athletica Inc.LULU</td><td>37%</td><td>$5,804</td><td>$6,877</td><td>$7,963</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>34%</td><td>$12,390</td><td>$14,196</td><td>$16,569</td></tr><tr><td>Ollie's Bargain Outlet Holdings Inc.OLLI</td><td>26%</td><td>$1,868</td><td>$2,088</td><td>$2,363</td></tr></tbody></table>资料来源：FacSet</blockquote></p><p> Only five companies make both this list and that with the most implied upside potential for their stock price: ChargePoint Holdings Inc. (CHPT), Vroom, RealReal Inc. <a href=\"https://laohu8.com/S/REAL\">$(REAL)$</a>, Lithia Motors Inc. <a href=\"https://laohu8.com/S/LAD\">$(LAD)$</a>, Amazon and Sonic Automotive Inc. <a href=\"https://laohu8.com/S/SAH\">$(SAH)$</a>.</p><p><blockquote>只有五家公司同时上榜，其股价最具上涨潜力：ChargePoint Holdings Inc.(CHPT)、Vroom、RealReal Inc.。<a href=\"https://laohu8.com/S/REAL\">$（真实）$</a>，利西亚汽车公司。<a href=\"https://laohu8.com/S/LAD\">$(LAD)$</a>、亚马逊和索尼克汽车公司。<a href=\"https://laohu8.com/S/SAH\">$（有效）$</a>.</blockquote></p><p> Here are EPS estimates for the list of best expected sales growers, using the same order as those with the fastest expected sales growth:</p><p><blockquote>以下是预期销售增长最好的公司名单的每股收益估计，使用与预期销售增长最快的公司相同的顺序：</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Expected two-year earnings increase</b></td>    <td><b>Estimated EPS – 2021</b></td>    <td><b>Estimated EPS – 2022</b></td>    <td><b>Estimated EPS – 2023</b></td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>N/A</td>    <td>-$1.23</td>    <td>-$0.42</td>    <td>-$0.23</td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>N/A</td>    <td>-$2.50</td>    <td>-$2.45</td>    <td>-$2.24</td>   </tr>   <tr>    <td>Carvana Co. Class ACVNA</td>    <td>N/A</td>    <td>-$1.12</td>    <td>-$0.30</td>    <td>$1.70</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>N/A</td>    <td>-$2.05</td>    <td>-$1.35</td>    <td>-$1.00</td>   </tr>   <tr>    <td>Revolve Group, Inc Class ARVLV</td>    <td>46%</td>    <td>$1.02</td>    <td>$1.19</td>    <td>$1.49</td>   </tr>   <tr>    <td>Etsy Inc.ETSY</td>    <td>62%</td>    <td>$3.03</td>    <td>$3.52</td>    <td>$4.90</td>   </tr>   <tr>    <td>Floor &amp; Decor Holdings Inc. Class AFND</td>    <td>45%</td>    <td>$2.46</td>    <td>$2.88</td>    <td>$3.56</td>   </tr>   <tr>    <td>Five Below Inc.FIVE</td>    <td>45%</td>    <td>$4.57</td>    <td>$5.60</td>    <td>$6.64</td>   </tr>   <tr>    <td>Stitch Fix Inc. Class ASFIX</td>    <td>N/A</td>    <td>-$0.42</td>    <td>-$0.24</td>    <td>$0.43</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>-2%</td>    <td>$33.22</td>    <td>$31.61</td>    <td>$32.59</td>   </tr>   <tr>    <td>Wayfair Inc. Class AW</td>    <td>113%</td>    <td>$3.27</td>    <td>$4.74</td>    <td>$6.97</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>74%</td>    <td>$53.15</td>    <td>$67.39</td>    <td>$92.34</td>   </tr>   <tr>    <td>Lululemon Athletica Inc.LULU</td>    <td>50%</td>    <td>$6.73</td>    <td>$8.33</td>    <td>$10.08</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>7%</td>    <td>$7.03</td>    <td>$7.37</td>    <td>$7.52</td>   </tr>   <tr>    <td>Ollie’s Bargain Outlet Holdings Inc.OLLI</td>    <td>23%</td>    <td>$2.93</td>    <td>$3.24</td>    <td>$3.61</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>预计两年盈利增长</b></td><td><b>预计每股收益–2021年</b></td><td><b>预计每股收益–2022年</b></td><td><b>预计每股收益-2023年</b></td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>N/A</td><td>-$1.23</td><td>-$0.42</td><td>-$0.23</td></tr><tr><td>轰鸣公司VRM</td><td>N/A</td><td>-$2.50</td><td>-$2.45</td><td>-$2.24</td></tr><tr><td>卡瓦纳公司ACVNA级</td><td>N/A</td><td>-$1.12</td><td>-$0.30</td><td>$1.70</td></tr><tr><td>RealReal Inc.REAL</td><td>N/A</td><td>-$2.05</td><td>-$1.35</td><td>-$1.00</td></tr><tr><td>旋转集团公司ARVLV级</td><td>46%</td><td>$1.02</td><td>$1.19</td><td>$1.49</td></tr><tr><td>Etsy公司ETSY</td><td>62%</td><td>$3.03</td><td>$3.52</td><td>$4.90</td></tr><tr><td>地板与装饰控股公司AFND级</td><td>45%</td><td>$2.46</td><td>$2.88</td><td>$3.56</td></tr><tr><td>五以下Inc.FIVE</td><td>45%</td><td>$4.57</td><td>$5.60</td><td>$6.64</td></tr><tr><td>Stitch Fix Inc.ASFIX级</td><td>N/A</td><td>-$0.42</td><td>-$0.24</td><td>$0.43</td></tr><tr><td>利西亚汽车公司LAD</td><td>-2%</td><td>$33.22</td><td>$31.61</td><td>$32.59</td></tr><tr><td>Wayfair Inc.AW级</td><td>113%</td><td>$3.27</td><td>$4.74</td><td>$6.97</td></tr><tr><td>亚马逊公司AMZN</td><td>74%</td><td>$53.15</td><td>$67.39</td><td>$92.34</td></tr><tr><td>Lululemon Athletica Inc.LULU</td><td>50%</td><td>$6.73</td><td>$8.33</td><td>$10.08</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>7%</td><td>$7.03</td><td>$7.37</td><td>$7.52</td></tr><tr><td>Ollie's Bargain Outlet Holdings Inc.OLLI</td><td>23%</td><td>$2.93</td><td>$3.24</td><td>$3.61</td></tr></tbody></table>来源：FactSet</blockquote></p><p></p><p> Here’s a summary of analysts’ opinion about the list of best expected sales growers, also in the same order:</p><p><blockquote>以下是分析师对最佳预期销售增长者名单的看法摘要，顺序相同：</blockquote></p><p> <table>  <tbody></tbody> </table> <table>  <tbody>   <tr></tr>  </tbody> </table> <table>  <tbody>   <tr>    <td><b>Company</b></td>    <td><b>Share “buy” ratings</b></td>    <td><b>Closing price – Aug. 20</b></td>    <td><b>Consensus price target</b></td>    <td><b>Implied 12-month upside potential</b></td>   </tr>   <tr>    <td>ChargePoint Holdings Inc. Class ACHPT</td>    <td>88%</td>    <td>$21.26</td>    <td>$36.00</td>    <td>69%</td>   </tr>   <tr>    <td>Vroom Inc.VRM</td>    <td>67%</td>    <td>$25.02</td>    <td>$49.25</td>    <td>97%</td>   </tr>   <tr>    <td>Carvana Co. Class ACVNA</td>    <td>58%</td>    <td>$349.76</td>    <td>$379.09</td>    <td>8%</td>   </tr>   <tr>    <td>RealReal Inc.REAL</td>    <td>67%</td>    <td>$12.35</td>    <td>$24.31</td>    <td>97%</td>   </tr>   <tr>    <td>Revolve Group, Inc Class ARVLV</td>    <td>71%</td>    <td>$57.68</td>    <td>$70.67</td>    <td>23%</td>   </tr>   <tr>    <td>Etsy Inc.ETSY</td>    <td>76%</td>    <td>$199.27</td>    <td>$215.93</td>    <td>8%</td>   </tr>   <tr>    <td>Floor &amp; Decor Holdings Inc. Class AFND</td>    <td>87%</td>    <td>$117.75</td>    <td>$136.36</td>    <td>16%</td>   </tr>   <tr>    <td>Five Below Inc.FIVE</td>    <td>67%</td>    <td>$225.11</td>    <td>$232.70</td>    <td>3%</td>   </tr>   <tr>    <td>Stitch Fix Inc. Class ASFIX</td>    <td>38%</td>    <td>$39.71</td>    <td>$62.13</td>    <td>56%</td>   </tr>   <tr>    <td>Lithia Motors Inc.LAD</td>    <td>64%</td>    <td>$328.51</td>    <td>$468.83</td>    <td>43%</td>   </tr>   <tr>    <td>Wayfair Inc. Class AW</td>    <td>50%</td>    <td>$290.52</td>    <td>$324.64</td>    <td>12%</td>   </tr>   <tr>    <td>Amazon.com Inc.AMZN</td>    <td>98%</td>    <td>$3,199.95</td>    <td>$4,164.30</td>    <td>30%</td>   </tr>   <tr>    <td>Lululemon Athletica Inc.LULU</td>    <td>67%</td>    <td>$397.83</td>    <td>$401.63</td>    <td>1%</td>   </tr>   <tr>    <td>Sonic Automotive Inc. Class ASAH</td>    <td>56%</td>    <td>$50.25</td>    <td>$65.71</td>    <td>31%</td>   </tr>   <tr>    <td>Ollie’s Bargain Outlet Holdings Inc.OLLI</td>    <td>50%</td>    <td>$82.70</td>    <td>$98.00</td>    <td>19%</td>   </tr>  </tbody> </table> Source: FactSet</p><p><blockquote><table><tbody></tbody></table><table><tbody><tr></tr></tbody></table><table><tbody><tr><td><b>公司</b></td><td><b>分享“买入”评级</b></td><td><b>收盘价-8月20日</b></td><td><b>共识价格目标</b></td><td><b>隐含的12个月上涨潜力</b></td></tr><tr><td>ChargePoint Holdings Inc.ACHPT级</td><td>88%</td><td>$21.26</td><td>$36.00</td><td>69%</td></tr><tr><td>轰鸣公司VRM</td><td>67%</td><td>$25.02</td><td>$49.25</td><td>97%</td></tr><tr><td>卡瓦纳公司ACVNA级</td><td>58%</td><td>$349.76</td><td>$379.09</td><td>8%</td></tr><tr><td>RealReal Inc.REAL</td><td>67%</td><td>$12.35</td><td>$24.31</td><td>97%</td></tr><tr><td>旋转集团公司ARVLV级</td><td>71%</td><td>$57.68</td><td>$70.67</td><td>23%</td></tr><tr><td>Etsy公司ETSY</td><td>76%</td><td>$199.27</td><td>$215.93</td><td>8%</td></tr><tr><td>地板与装饰控股公司AFND级</td><td>87%</td><td>$117.75</td><td>$136.36</td><td>16%</td></tr><tr><td>五以下Inc.FIVE</td><td>67%</td><td>$225.11</td><td>$232.70</td><td>3%</td></tr><tr><td>Stitch Fix Inc.ASFIX级</td><td>38%</td><td>$39.71</td><td>$62.13</td><td>56%</td></tr><tr><td>利西亚汽车公司LAD</td><td>64%</td><td>$328.51</td><td>$468.83</td><td>43%</td></tr><tr><td>Wayfair Inc.AW级</td><td>50%</td><td>$290.52</td><td>$324.64</td><td>12%</td></tr><tr><td>亚马逊公司AMZN</td><td>98%</td><td>$3,199.95</td><td>$4,164.30</td><td>30%</td></tr><tr><td>Lululemon Athletica Inc.LULU</td><td>67%</td><td>$397.83</td><td>$401.63</td><td>1%</td></tr><tr><td>索尼克汽车公司ASAH级</td><td>56%</td><td>$50.25</td><td>$65.71</td><td>31%</td></tr><tr><td>Ollie's Bargain Outlet Holdings Inc.OLLI</td><td>50%</td><td>$82.70</td><td>$98.00</td><td>19%</td></tr></tbody></table>来源：FactSet</blockquote></p><p> <table>  <tbody></tbody> </table> If you see any stocks of interest here, you should do your own research and form your own opinion about the companies’ long-term strategies before considering an investment.</p><p><blockquote><table><tbody></tbody></table>如果您在这里看到任何感兴趣的股票，您应该在考虑投资之前进行自己的研究并对公司的长期战略形成自己的看法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/these-15-stocks-of-retailers-are-expected-to-rise-up-to-97-over-the-next-year-11629745985?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":{"TERN":"Terns Pharmaceuticals, Inc.","CVNA":"Carvana Co.","VRM":"Vroom, Inc.","CRCT":"Cricut, Inc.","TGT":"塔吉特","CHPT":"ChargePoint Holdings Inc.","LAD":"利西亚车行","SAH":"索尼克汽车","AMZN":"亚马逊","M":"梅西百货"},"source_url":"https://www.marketwatch.com/story/these-15-stocks-of-retailers-are-expected-to-rise-up-to-97-over-the-next-year-11629745985?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161772199","content_text":"Amazon is one of five that also make the list of those retailers expected to increase sales the fastest\nAnalysts polled by FactSet expect shares of Vroom, which sells used cars directly to consumers, to rise 97% over the next 12 months.\nWith so many challenges for traditional retailers, investors can be forgiven for giving up on the entire sector. But there is money to be made if you focus on innovative sellers and maybe even on traditional brick-and-mortar retailers that are cleaning up their acts.\nBelow are two lists of stocks of retailers, broadly defined by FactSet to include specialized companies such as Vroom Inc. and Carvana Co. , which sell (and buy) used cars online. The first list includes 15 stocks that analysts expect to rise the most over the next year, and the second list shows companies expected to increase their sales the most over the next two years.\nTwo retailers that didn't make either list are Macy's Inc. and Target Corp.. Both are worth watching, although investors with shorter-term horizons may find them pricey.\nShares of Macy's had nearly doubled for 2021 through last week. The stock popped 20% on Aug. 19, after the company reported with WHP Global to sell more Toys 'R' Us items in its stores. The stock closed at $22.39 on Aug. 20 -- a penny above the consensus 12-month price target among analysts polled by FactSet. Of course, analysts can change their estimates in light of recent news.\nTarget's stock is up 49% this year. The company also reported a much-improved second quarter . Target's shares closed at $253.40 on Aug. 20, 10% below the consensus price target of $277.66.\nAnalysts' favorite retail stocks\nStarting with the Russell 3000 Index , there are 124 stocks of companies in retail industries, according to FactSet's industry group descriptions. These include online retailers such as Amazon.com Inc. $(AMZN)$ and the direct used-auto retailers mentioned above.\nAmong those stocks, 77 have stock-market values of at least $1 billion, are covered by at least five analysts polled by FactSet and have consensus sales and earnings estimates available through 2023.\nHere are the 15 stocks with majority \"buy\" or equivalent ratings that the analysts believe have the most upside potential over the next year:\n\n\n\nCompany\nShare “buy” ratings\nClosing price – Aug. 20\nConsensus price target\nImplied 12-month upside potential\n\n\nVroom Inc.VRM\n67%\n$25.02\n$49.25\n97%\n\n\nRealReal Inc.REAL\n67%\n$12.35\n$24.31\n97%\n\n\nOverstock.com Inc.OSTK\n100%\n$69.58\n$127.60\n83%\n\n\nChargePoint Holdings Inc. Class ACHPT\n88%\n$21.26\n$36.00\n69%\n\n\nGroup 1 Automotive Inc.GPI\n67%\n$159.01\n$251.40\n58%\n\n\nLeslie’s Inc.LESL\n75%\n$22.59\n$32.64\n44%\n\n\nLithia Motors Inc.LAD\n64%\n$328.51\n$468.83\n43%\n\n\nIAA Inc.IAA\n90%\n$51.71\n$72.38\n40%\n\n\nAbercrombie & Fitch Co. Class AANF\n58%\n$38.02\n$52.11\n37%\n\n\nTapestry Inc.TPR\n62%\n$40.58\n$54.89\n35%\n\n\nCapri Holdings Ltd.CPRI\n61%\n$54.33\n$72.35\n33%\n\n\nSonic Automotive Inc. Class ASAH\n56%\n$50.25\n$65.71\n31%\n\n\nAmazon.com Inc.AMZN\n98%\n$3,199.95\n$4,164.30\n30%\n\n\nHibbett Inc.HIBB\n83%\n$85.14\n$110.67\n30%\n\n\nAmerican Eagle Outfitters Inc.AEO\n64%\n$32.37\n$41.31\n28%\n\n\n\nSource: FactSet\nUsing the same order, here are sales estimates for the group through 2023:\n\n\n\n\n\n\n\n\n\nCompany\nExpected two-year sales increase\nEstimated revenue – 2021\nEstimated revenue – 2022\nEstimated revenue – 2023\n\n\nVroom Inc.VRM\n117%\n$3,060\n$4,514\n$6,652\n\n\nRealReal Inc.REAL\n65%\n$447\n$592\n$736\n\n\nOverstock.com Inc.OSTK\n17%\n$2,830\n$3,186\n$3,321\n\n\nChargePoint Holdings Inc. Class ACHPT\n175%\n$200\n$328\n$550\n\n\nGroup 1 Automotive Inc.GPI\n11%\n$13,480\n$14,680\n$15,025\n\n\nLeslie’s Inc.LESL\n14%\n$1,342\n$1,442\n$1,536\n\n\nLithia Motors Inc.LAD\n41%\n$21,902\n$26,515\n$30,801\n\n\nIAA Inc.IAA\n15%\n$1,706\n$1,781\n$1,962\n\n\nAbercrombie & Fitch Co. Class AANF\n4%\n$3,680\n$3,847\n$3,841\n\n\nTapestry Inc.TPR\n11%\n$6,066\n$6,531\n$6,725\n\n\nCapri Holdings Ltd.CPRI\n24%\n$5,017\n$5,752\n$6,205\n\n\nSonic Automotive Inc. Class ASAH\n34%\n$12,390\n$14,196\n$16,569\n\n\nAmazon.com Inc.AMZN\n38%\n$476,170\n$563,466\n$657,295\n\n\nHibbett Inc.HIBB\n13%\n$1,504\n$1,581\n$1,706\n\n\nAmerican Eagle Outfitters Inc.AEO\n17%\n$4,917\n$5,355\n$5,742\n\n\n\nSource: FactSet\nThe estimates are for calendar years, but note that many retailers' fiscal years don't match the calendar.\nAlso using the same list, here are estimates for earnings per share through 2023:\n\n\n\n\n\n\n\n\nCompany\nExpected two-year EPS change\nEstimated EPS – 2021\nEstimated EPS – 2022\nEstimated EPS – 2023\n\n\nVroom Inc.VRM\nN/A\n-$2.50\n-$2.45\n-$2.24\n\n\nRealReal Inc.REAL\nN/A\n-$2.05\n-$1.35\n-$1.00\n\n\nOverstock.com Inc.OSTK\n-4%\n$2.56\n$2.73\n$2.46\n\n\nChargePoint Holdings Inc. Class ACHPT\nN/A\n-$1.23\n-$0.42\n-$0.23\n\n\nGroup 1 Automotive Inc.GPI\n-19%\n$30.30\n$28.09\n$24.61\n\n\nLeslie’s Inc.LESL\n16%\n$0.85\n$0.90\n$0.98\n\n\nLithia Motors Inc.LAD\n-2%\n$33.22\n$31.61\n$32.59\n\n\nIAA Inc.IAA\n19%\n$2.33\n$2.44\n$2.76\n\n\nAbercrombie & Fitch Co. Class AANF\n-10%\n$3.16\n$3.18\n$2.85\n\n\nTapestry Inc.TPR\n22%\n$3.17\n$3.55\n$3.85\n\n\nCapri Holdings Ltd.CPRI\n53%\n$3.93\n$5.17\n$5.99\n\n\nSonic Automotive Inc. Class ASAH\n7%\n$7.03\n$7.37\n$7.52\n\n\nAmazon.com Inc.AMZN\n74%\n$53.15\n$67.39\n$92.34\n\n\nHibbett Inc.HIBB\n13%\n$8.89\n$8.88\n$10.04\n\n\nAmerican Eagle Outfitters Inc.AEO\n34%\n$1.97\n$2.33\n$2.63\n\n\n\nSource: FactSet\nFor three of the companies, the expected two-year change in EPS is \"N/A\" because estimated earnings for 2021 or 2023, or both, are negative.\nFastest expected sales increases\nStarting again with the 77 retailers that have market capitalizations of at least $1 billion and are covered by at least five analysts polled by FactSet, here are the 15 expected to increase their sales the most over the next two years:\n\n\n\n\n\n\n\n\nCompany\nExpected two-year sales increase\nEstimated revenue – 2021\nEstimated revenue – 2022\nEstimated revenue – 2023\n\n\nChargePoint Holdings Inc. Class ACHPT\n175%\n$200\n$328\n$550\n\n\nVroom Inc.VRM\n117%\n$3,060\n$4,514\n$6,652\n\n\nCarvana Co. Class ACVNA\n76%\n$11,775\n$15,468\n$20,680\n\n\nRealReal Inc.REAL\n65%\n$447\n$592\n$736\n\n\nRevolve Group, Inc Class ARVLV\n47%\n$818\n$1,004\n$1,206\n\n\nEtsy Inc.ETSY\n47%\n$2,280\n$2,747\n$3,351\n\n\nFloor & Decor Holdings Inc. Class AFND\n46%\n$3,339\n$4,007\n$4,874\n\n\nFive Below Inc.FIVE\n41%\n$2,717\n$3,264\n$3,841\n\n\nStitch Fix Inc. Class ASFIX\n41%\n$2,240\n$2,622\n$3,161\n\n\nLithia Motors Inc.LAD\n41%\n$21,902\n$26,515\n$30,801\n\n\nWayfair Inc. Class AW\n39%\n$14,393\n$17,228\n$20,049\n\n\nAmazon.com Inc.AMZN\n38%\n$476,170\n$563,466\n$657,295\n\n\nLululemon Athletica Inc.LULU\n37%\n$5,804\n$6,877\n$7,963\n\n\nSonic Automotive Inc. Class ASAH\n34%\n$12,390\n$14,196\n$16,569\n\n\nOllie’s Bargain Outlet Holdings Inc.OLLI\n26%\n$1,868\n$2,088\n$2,363\n\n\n\nSource: FacSet\nOnly five companies make both this list and that with the most implied upside potential for their stock price: ChargePoint Holdings Inc. (CHPT), Vroom, RealReal Inc. $(REAL)$, Lithia Motors Inc. $(LAD)$, Amazon and Sonic Automotive Inc. $(SAH)$.\nHere are EPS estimates for the list of best expected sales growers, using the same order as those with the fastest expected sales growth:\n\n\n\n\n\n\n\n\nCompany\nExpected two-year earnings increase\nEstimated EPS – 2021\nEstimated EPS – 2022\nEstimated EPS – 2023\n\n\nChargePoint Holdings Inc. Class ACHPT\nN/A\n-$1.23\n-$0.42\n-$0.23\n\n\nVroom Inc.VRM\nN/A\n-$2.50\n-$2.45\n-$2.24\n\n\nCarvana Co. Class ACVNA\nN/A\n-$1.12\n-$0.30\n$1.70\n\n\nRealReal Inc.REAL\nN/A\n-$2.05\n-$1.35\n-$1.00\n\n\nRevolve Group, Inc Class ARVLV\n46%\n$1.02\n$1.19\n$1.49\n\n\nEtsy Inc.ETSY\n62%\n$3.03\n$3.52\n$4.90\n\n\nFloor & Decor Holdings Inc. Class AFND\n45%\n$2.46\n$2.88\n$3.56\n\n\nFive Below Inc.FIVE\n45%\n$4.57\n$5.60\n$6.64\n\n\nStitch Fix Inc. Class ASFIX\nN/A\n-$0.42\n-$0.24\n$0.43\n\n\nLithia Motors Inc.LAD\n-2%\n$33.22\n$31.61\n$32.59\n\n\nWayfair Inc. Class AW\n113%\n$3.27\n$4.74\n$6.97\n\n\nAmazon.com Inc.AMZN\n74%\n$53.15\n$67.39\n$92.34\n\n\nLululemon Athletica Inc.LULU\n50%\n$6.73\n$8.33\n$10.08\n\n\nSonic Automotive Inc. Class ASAH\n7%\n$7.03\n$7.37\n$7.52\n\n\nOllie’s Bargain Outlet Holdings Inc.OLLI\n23%\n$2.93\n$3.24\n$3.61\n\n\n\nSource: FactSet\nHere’s a summary of analysts’ opinion about the list of best expected sales growers, also in the same order:\n\n\n\n\n\n\n\n\n\n\n\nCompany\nShare “buy” ratings\nClosing price – Aug. 20\nConsensus price target\nImplied 12-month upside potential\n\n\nChargePoint Holdings Inc. Class ACHPT\n88%\n$21.26\n$36.00\n69%\n\n\nVroom Inc.VRM\n67%\n$25.02\n$49.25\n97%\n\n\nCarvana Co. Class ACVNA\n58%\n$349.76\n$379.09\n8%\n\n\nRealReal Inc.REAL\n67%\n$12.35\n$24.31\n97%\n\n\nRevolve Group, Inc Class ARVLV\n71%\n$57.68\n$70.67\n23%\n\n\nEtsy Inc.ETSY\n76%\n$199.27\n$215.93\n8%\n\n\nFloor & Decor Holdings Inc. Class AFND\n87%\n$117.75\n$136.36\n16%\n\n\nFive Below Inc.FIVE\n67%\n$225.11\n$232.70\n3%\n\n\nStitch Fix Inc. Class ASFIX\n38%\n$39.71\n$62.13\n56%\n\n\nLithia Motors Inc.LAD\n64%\n$328.51\n$468.83\n43%\n\n\nWayfair Inc. Class AW\n50%\n$290.52\n$324.64\n12%\n\n\nAmazon.com Inc.AMZN\n98%\n$3,199.95\n$4,164.30\n30%\n\n\nLululemon Athletica Inc.LULU\n67%\n$397.83\n$401.63\n1%\n\n\nSonic Automotive Inc. Class ASAH\n56%\n$50.25\n$65.71\n31%\n\n\nOllie’s Bargain Outlet Holdings Inc.OLLI\n50%\n$82.70\n$98.00\n19%\n\n\n\nSource: FactSet\n\n\n\nIf you see any stocks of interest here, you should do your own research and form your own opinion about the companies’ long-term strategies before considering an investment.","news_type":1,"symbols_score_info":{"M":0.9,"CVNA":0.9,"LAD":0.9,"TERN":0.9,"VRM":0.9,"SAH":0.9,"CRCT":0.9,"AMZN":0.9,"TGT":0.9,"CHPT":0.9}},"isVote":1,"tweetType":1,"viewCount":1765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834971282,"gmtCreate":1629769267446,"gmtModify":1631884789078,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"The magic in Disney","listText":"The magic in Disney","text":"The magic in Disney","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834971282","repostId":"1102818813","repostType":4,"isVote":1,"tweetType":1,"viewCount":1955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897591573,"gmtCreate":1628936380792,"gmtModify":1631889963013,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Yeah my $ stuck at alibaba&nbsp;","listText":"Yeah my $ stuck at alibaba&nbsp;","text":"Yeah my $ stuck at alibaba","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897591573","repostId":"1173847412","repostType":4,"repost":{"id":"1173847412","kind":"news","pubTimestamp":1628905097,"share":"https://www.laohu8.com/m/news/1173847412?lang=zh_CN&edition=full","pubTime":"2021-08-14 09:38","market":"us","language":"en","title":"If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173847412","media":"MarketWatch","summary":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others. The stock market is near all-time highs, but train-wreck season lies just around the corner.I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.The smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insid","content":"<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</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>If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</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\">\nIf you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 09:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?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":{"RILY":"B. Riley Financial, Inc.","ATVI":"动视暴雪","CHGG":"Chegg Inc","BABA":"阿里巴巴","OGN":"Organon & Co"},"source_url":"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173847412","content_text":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others\n(Photo by Chung Sung-Jun/Getty Images)\nThe stock market is near all-time highs, but train-wreck season lies just around the corner.\nShould you sell? After all, the S&P 500,Nasdaq and Dow Jones Industrial Average often hit a rough patch in September and October.\nI say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.\n1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.\n2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.\n3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.\nOn the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.\nFive smart money stocks\nAt my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just any insiders. I go for stocks picked up by insiders with great records. Here are two, trading near where insiders just bought.\nActivision Blizzard\nThis is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.Activision Blizzard makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.\nBesides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.\nOne risk is that fallout from allegations of sexual misconduct and a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says Morningstar analyst Neil Macker.\nThe smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.\nB. Riley Financial\nI introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think B. Riley Financia is still a hold, and a buy for anyone who does not own.\nThis is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions. Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.\nThe smart money signal: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).\nAlibaba Group\nIf you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform Alibaba Group may be for you.\nIts shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.\nThese are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.\nThe smart money signal: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&P 500.\nAn attractive spinoff\nOne tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.\nA good spinoff to consider right now is Organon,a mid-size pharma company. It was jettisoned from Merck in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.\nOf course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.\nBut this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.\nOn the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.\nThe smart money signal: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&P 500.\nAn education play\nIf universities have allowed their participation in the culture wars to distract them from the core mission of basic education,Chegg is there to pick up the slack.\nThis online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.\nWhile online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.\n“Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”\nHe likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.\nThe smart money signal: Landis’ Firsthand Technology Opportunities beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.","news_type":1,"symbols_score_info":{"RILY":0.9,"CHGG":0.9,"OGN":0.9,"ATVI":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894106470,"gmtCreate":1628810015490,"gmtModify":1631889963014,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Yes indeed","listText":"Yes indeed","text":"Yes indeed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/894106470","repostId":"1188620903","repostType":4,"isVote":1,"tweetType":1,"viewCount":1309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891745637,"gmtCreate":1628435922329,"gmtModify":1631889963017,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Yeah alright&nbsp;","listText":"Yeah alright&nbsp;","text":"Yeah alright","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891745637","repostId":"1159872041","repostType":4,"repost":{"id":"1159872041","kind":"news","pubTimestamp":1628385224,"share":"https://www.laohu8.com/m/news/1159872041?lang=zh_CN&edition=full","pubTime":"2021-08-08 09:13","market":"us","language":"en","title":"Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159872041","media":"Motley Fool","summary":"Tesla deliveries more than doubled year over year in Q2.Rising demand for electric vehicles could benefit Tesla.Investors should exercise caution when it comes to analysts' price targets.It's been a wild year for Teslastock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.In February,Piper Sandler analys","content":"<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</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>Tesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock: Headed to $1,200?<blockquote>特斯拉股票：将升至1,200美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-08 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Key Points</b></p><p><blockquote><b>要点</b></blockquote></p><p> <ul>  <li>Tesla deliveries more than doubled year over year in Q2.</li>  <li>Rising demand for electric vehicles could benefit Tesla.</li>  <li>Investors should exercise caution when it comes to analysts' price targets.</li> </ul> It's been a wild year for&nbsp;<b>Tesla</b>(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the&nbsp;<b>S&amp;P 500</b>'s 18% gain this year.</p><p><blockquote><ul><li>特斯拉第二季度的交付量同比增长了一倍多。</li><li>电动汽车需求的增长可能有利于特斯拉。</li><li>投资者在考虑分析师的目标价时应保持谨慎。</li></ul>这是疯狂的一年<b>特斯拉</b>（纳斯达克：TSLA）股票。今年年初，股价最初飙升超过20%。但该股现在已经回吐了所有涨幅，今年迄今的回报率为负1%。这意味着该股的表现明显落后于<b>标普500</b>今年增长了18%。</blockquote></p><p> But one analyst thinks the stock could take off.</p><p><blockquote>但一位分析师认为该股可能会起飞。</blockquote></p><p> <b>\"We still really like this stock.\"</b></p><p><blockquote><b>“我们仍然非常喜欢这只股票。”</b></blockquote></p><p> In February,<b>Piper Sandler</b>&nbsp;analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.</p><p><blockquote>2月份，<b>派珀·桑德勒</b>分析师Alexander Potter做出了大胆的看涨期权，将这只成长型股票的12个月目标价从515美元上调至1,200美元。他表示，特斯拉的交付量可能会从2020年的50万辆增加到今年的近90万辆。当然，这一预测是在全球供应短缺恶化之前做出的。尽管如此，特斯拉的增长速度极快。该公司第二季度的交付量比去年同期增长了一倍多，达到201,304辆。</blockquote></p><p> Following Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.</p><p><blockquote>继特斯拉上月底发布第二季度财报后，该分析师重申了这一目标，并指出该公司似乎有望受益于市场份额的增长、该公司自动驾驶软件的货币化以及特斯拉能源业务中“未被充分重视的机会”，其中包括电池储能和太阳能发电产品的收入。</blockquote></p><p> Further, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.</p><p><blockquote>此外，波特指出，特斯拉第二季度营业利润率强劲，为11%，他预计特斯拉最近推出的Autopilot订阅将带来增量改善。</blockquote></p><p> On Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.</p><p><blockquote>8月3日，波特再次重申了跑赢大盘对该股的评级和1200美元的目标价，称“我们仍然非常喜欢这只股票”。他指出，总体而言，对纯电动汽车的需求不断增长。</blockquote></p><p> <b>So what gives?</b></p><p><blockquote><b>那么是什么给了？</b></blockquote></p><p> If shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.</p><p><blockquote>如果股价真的能涨到1200美元，为什么这么多投资者似乎认为该股的价值如此之低（基于撰写本文时该股的价格略低于700美元）。毕竟，如果投资者普遍认为特斯拉股票在未来12个月内可能达到1,200美元，那么今天的股价将大幅走高。</blockquote></p><p> The issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.</p><p><blockquote>问题归结为股票的前瞻性估值。截至撰写本文时，特斯拉股价的市盈率约为370，很大程度上预计未来几年将强劲增长。由于该公司的估值很大程度上基于未来的利润，因此对特斯拉未来增长轨迹的看法略有差异，就会对该股目前的内在价值产生截然不同的假设。</blockquote></p><p> Investors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.</p><p><blockquote>因此，投资者不应仅仅因为一位分析师的股价目标较高就急于购买特斯拉股票。尽管如此，波特确实对特斯拉强劲的商业势头有一些优点。就连特斯拉本身也重申了今年汽车交付量增长50%以上的指导意见，而这一指导意见是在全球许多公司（包括特斯拉）都受到供应链短缺的负面影响之际提供的。此外，特斯拉管理层在第二季度更新中指出，进入第三季度，对其车辆的需求创历史新高。</blockquote></p><p> While a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.</p><p><blockquote>虽然特斯拉股票1,200美元的目标价很难证明合理，但该股的交易价格可能足够低，投资者可以在该股建立少量头寸。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.fool.com/investing/2021/08/07/tesla-stock-headed-to-1200/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159872041","content_text":"Key Points\n\nTesla deliveries more than doubled year over year in Q2.\nRising demand for electric vehicles could benefit Tesla.\nInvestors should exercise caution when it comes to analysts' price targets.\n\nIt's been a wild year for Tesla(NASDAQ:TSLA)stock. When the year started, shares initially surged more than 20%. But the stock has now given up all of those gains, with a year-to-date return of negative 1%. This means the stock has significantly underperformed the S&P 500's 18% gain this year.\nBut one analyst thinks the stock could take off.\n\"We still really like this stock.\"\nIn February,Piper Sandler analyst Alexander Pottermade a bold call, boosting his 12-month price target for thegrowth stockfrom $515 to $1,200. He said Tesla deliveries could increase from 500,000 vehicles in 2020 to nearly 900,000 this year. Of course, this projection was made before global supply shortages worsened. Nevertheless, Tesla is growing extremely rapidly. The company's second-quarter deliveries more than doubled compared to the year-ago quarter, rising to 201,304.\nFollowing Tesla's second-quarter earnings release late last month, the analyst reiterated this target, noting that the company looks poised to benefit from market share gains, the monetization of the company's Autopilot software, and \"underappreciated opportunities\" in Tesla's energy business, which includes revenue from battery energy storage and solar energy generation products.\nFurther, Potter pointed to Tesla's strong second-quarter operating margin of 11%, which he expects will see incremental improvement from Tesla's recently launched Autopilot subscription.\nOn Aug. 3, Potter once again reiterated an overweight rating on the stock and a $1,200 price target, saying \"We still really like this stock.\" He pointed to growing demand for battery electric vehicles overall.\nSo what gives?\nIf shares could truly rise to $1,200, why do so many investors seem to think the stock is worth so much less (based on the stock's price of just under $700 at the time of this writing). After all, if $1,200 was generally viewed by investors as a likely outcome for Tesla stock within the next 12 months, shares would be trading significantly higher today.\nThe issue boils down to the stock's forward-looking valuation. With a price-to-earnings ratio of about 370 at the time of this writing, Tesla shares are largely priced for strong growth for years to come. Since the company's valuation is based largely on profits far into the future, slight variances in views for Tesla's future growth trajectory yield dramatically different assumptions about the stock's intrinsic value today.\nInvestors, therefore, shouldn't be quick to buy Tesla stock just because one analyst has a high price target for shares. Still, Potter does notably have some good points about Tesla's strong business momentum. Even Tesla itself reiterated guidance for vehicle deliveries to grow more than 50% this year -- and that guidance was provided during a time that many companies around the world (including Tesla) are negatively impacted by supply chain shortages. Further, Tesla management noted in its second-quarter update that demand for its vehicles was at an all-time high going into Q3.\nWhile a $1,200 price target for Tesla stock would be difficult to justify, shares may be trading low enough for investors to start a small position in the stock.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807901405,"gmtCreate":1627993794907,"gmtModify":1631889963020,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Go&nbsp;Alibaba Go","listText":"Go&nbsp;Alibaba Go","text":"Go Alibaba Go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807901405","repostId":"1181078046","repostType":4,"isVote":1,"tweetType":1,"viewCount":1353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807900670,"gmtCreate":1627993623390,"gmtModify":1631884337681,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Buy Etsy now?&nbsp;","listText":"Buy Etsy now?&nbsp;","text":"Buy Etsy now?","images":[{"img":"https://static.tigerbbs.com/b6b262b1e35c5f302998c83e353525f2","width":"750","height":"2067"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/807900670","isVote":1,"tweetType":1,"viewCount":2696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":804360715,"gmtCreate":1627924863837,"gmtModify":1631889963023,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Good buy&nbsp;","listText":"Good buy&nbsp;","text":"Good buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804360715","repostId":"1191539307","repostType":4,"isVote":1,"tweetType":1,"viewCount":1194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804360486,"gmtCreate":1627924823445,"gmtModify":1631884337688,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Etsy eh!","listText":"Etsy eh!","text":"Etsy eh!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804360486","repostId":"2156161791","repostType":4,"isVote":1,"tweetType":1,"viewCount":1269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804360527,"gmtCreate":1627924791069,"gmtModify":1631889963025,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Looking to buy","listText":"Looking to buy","text":"Looking to buy","images":[{"img":"https://static.tigerbbs.com/679d6b42b57bf8fa08a406f666d281f2","width":"750","height":"1877"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804360527","isVote":1,"tweetType":1,"viewCount":1414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":806464968,"gmtCreate":1627689823754,"gmtModify":1631889963027,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"To buy?!!!","listText":"To buy?!!!","text":"To 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11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</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>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</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\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177550951,"gmtCreate":1627254528773,"gmtModify":1633766950997,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Buy some","listText":"Buy some","text":"Buy some","images":[{"img":"https://static.tigerbbs.com/0f8683382faf318bfecc6e9361960fee","width":"750","height":"1827"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177550951","isVote":1,"tweetType":1,"viewCount":401,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":177108966,"gmtCreate":1627184138055,"gmtModify":1633767356758,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Thanks for the post.&nbsp;","listText":"Thanks for the post.&nbsp;","text":"Thanks for the post.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177108966","repostId":"1112927800","repostType":4,"repost":{"id":"1112927800","kind":"news","pubTimestamp":1627089375,"share":"https://www.laohu8.com/m/news/1112927800?lang=zh_CN&edition=full","pubTime":"2021-07-24 09:16","market":"us","language":"en","title":"Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112927800","media":"seekingalpha","summary":"Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV p","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</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>Will NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</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\">\nWill NIO Stock Follow Tesla's Footsteps? What To Consider Between These Two EV Stocks<blockquote>蔚来股票会追随特斯拉的脚步吗？这两只电动汽车股票之间需要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-24 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Let's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.</li>  <li>NIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.</li>  <li>NIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2f749c70c8a2af3e18d5f6cecc72bfbb\" tg-width=\"1536\" tg-height=\"704\" referrerpolicy=\"no-referrer\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>让我们来看看今天的蔚来与特斯拉相比如何，蔚来的独特卖点，以及两家公司的相似之处。</li><li>蔚来是一个高增长的选择，相对于特斯拉的估值，它似乎并不太昂贵。</li><li>然而，蔚来并不是一只低风险股票，它可能并不是每个人的好选择。投资者还应该考虑蔚来与传统汽车公司的估值。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> NIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.</p><p><blockquote>蔚来公司（蔚来）是中国领先的电动汽车制造商之一，通过其有吸引力的品牌和独特的BaaS产品吸引了消费者和投资者的极大兴趣。然而，如今，该公司仍然比目前引领全球电动汽车市场的特斯拉（TSLA）小得多。蔚来目前专注于国内市场，当特斯拉还是一家较小的公司时也是如此，但蔚来也将试图在海外市场抢占市场份额。股价已经反映了很大的增长，但如果蔚来能够复制特斯拉的成功，这可能是非常合理的。</blockquote></p><p> <b>NIO And TSLA Stock Prices</b></p><p><blockquote><b>蔚来和特斯拉股价</b></blockquote></p><p> Both companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.</p><p><blockquote>2020年，两家公司都受益于人们对电动汽车日益增长的兴趣，这一趋势导致大多数纯电动汽车公司的股价迅速上涨。电动汽车市场份额不断增长、电动汽车购买补贴等宽松政策以及大规模货币刺激措施相结合，让蔚来和特斯拉的股价迅速上涨。蔚来去年上涨了245%，而特斯拉同期上涨了101%。然而，两家公司目前的交易价格均低于2021年初创下的历史高点，随后纯电动汽车的市场情绪在一定程度上降温。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5ff5ce865807df85283775d2293b41af\" tg-width=\"635\" tg-height=\"481\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Taking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.</p><p><blockquote>快速浏览一下分析师的目标价，我们发现特斯拉的交易价格几乎完全符合共识，而蔚来的交易价格比分析师目标低约30%。如果分析师界是正确的，那么蔚来是一项更好的投资，因为预计特斯拉的股价明年不会大幅上涨，而蔚来的股价较分析师目标价有显着上涨空间。</blockquote></p><p> <b>Is NIO Similar To Tesla?</b></p><p><blockquote><b>蔚来和特斯拉相似吗？</b></blockquote></p><p> The answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:</p><p><blockquote>这个问题的答案取决于你关注的是什么。两家公司有相似之处，但也有不同之处。因此，人们可以说，在某些方面，两者是相似的，但在另一些方面，它们不是。让我们看几件事：</blockquote></p><p> <b>Business Model</b></p><p><blockquote><b>商业模式</b></blockquote></p><p> Both companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.</p><p><blockquote>两家公司都专注于电动汽车领域，尽管特斯拉多年来也在发展其他一些业务，例如储能。特斯拉的大部分收入来自销售电动汽车，这也是蔚来的运营方式。两家公司都专注于电动汽车的高端市场，销售与宝马、梅赛德斯和雷克萨斯等品牌竞争的高价汽车。两家公司都提供少量不同的车辆，特斯拉是著名的S、X、3和Y，而蔚来则提供一款轿车(ET7)和三款SUV(EC6、ES6、ES8)。尽管蔚来如今是一家规模较小的公司，但两家公司的车型阵容并没有太大差异。</blockquote></p><p> Both companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.</p><p><blockquote>两家公司都向客户提供某种类型的充电基础设施，就特斯拉而言，这就是Supercharger网络，特斯拉车主可以根据安装的Supercharger版本为汽车充电高达250kW。蔚来正在采取不同的方法，为客户提供电池即服务解决方案。蔚来车主可以在蔚来的充电站将电池更换为充满电的电池，这一过程需要几分钟，因此与特斯拉和其他电动汽车厂商提供的常规电动汽车充电相比要快得多。因此，BaaS在充电/交换所需时间方面具有优势，但应该指出的是，与蔚来的电池交换站相比，特斯拉的超级充电站在世界各地更为常见。在其他市场推出该功能将需要大量资本支出，但与包括特斯拉在内的所有其他电动汽车厂商相比，蔚来的产品是一个独特的卖点。这最终是否会得到回报还有待观察，但随着电动汽车领域的竞争加剧，这可能成为蔚来的一大优势。</blockquote></p><p> <b>Size, growth, and valuation</b></p><p><blockquote><b>规模、增长和估值</b></blockquote></p><p></p><p> The two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.</p><p><blockquote>这两家公司的规模差异很大，无论是在收入和汽车销量方面，还是在两家公司的市值方面。蔚来第二季度交付了22,000辆汽车，同比增长112%，年增长率约为90,000辆。与此同时，特斯拉在第二季度交付了201,000辆汽车，高于2020年第二季度的103,000辆汽车。这是一个强劲的同比增长，尽管略低于100%，因此低于蔚来目前的增长率。</blockquote></p><p> Tesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:</p><p><blockquote>与蔚来相比，特斯拉每季度交付的汽车数量约为9倍，当我们查看两家公司的市值时，我们发现这一比例几乎完全相同，因为特斯拉6400亿美元的市值约为9倍。蔚来的市值为720亿美元。在类似的增长率下，这是完全有道理的，但目前看来蔚来可能是更好的交易，因为它的估值相当，同时产生更好的增长。在未来几个季度尤其如此，预计特斯拉的增长将放缓：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a986ea65130206f99961a46ce6cfed55\" tg-width=\"635\" tg-height=\"515\" referrerpolicy=\"no-referrer\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Tesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.</p><p><blockquote>特斯拉的收入预计将从2021年的490亿美元增长到2023年的830亿美元，年增长率为30%。与此同时，蔚来的收入预计将在2021年至2023年间从54亿美元猛增至128亿美元，年增长率为54%。因此，相对而言，预计未来两年蔚来的增长速度将远远快于特斯拉。老实说，这并不奇怪，因为大数定律表明，对于一家规模越大的公司来说，保持大幅增长率就变得越来越困难，而特斯拉现在似乎已经达到了这一点——每年增加50%以上的收入将永远不可能。这甚至不一定是特斯拉的错，事实上，许多优质成长型公司都经历过同样的事情。但投资者仍应考虑这一重要事实——与我们过去看到的相比，特斯拉未来几年的增长将不那么令人兴奋，而蔚来等同行的增长速度更快。</blockquote></p><p> The same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).</p><p><blockquote>当我们从长远来看时，情况也是如此。蔚来2025年的收入预期为226亿美元，比2023年的预期再增长80%，比分析师对2021年的预测增长320%。与此同时，特斯拉预计2025年的收入将达到1,225亿美元，这是一个很大的数字，但比2023年增长了48%，比2021年总共增长了150%。因此，在2021年至2025年间，蔚来的收入将增加4倍，而特斯拉的收入将在同一时期增加2.5倍——在其他条件相同的情况下，这是一个有意义的差异，应该允许蔚来获得溢价估值，就像特斯拉一样。与大众汽车（OTCPK：VWAGY）等传统企业相比，它值得获得溢价估值。</blockquote></p><p> Looking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.</p><p><blockquote>相对于两家公司目前的估值来看2025年的收入预期，我们发现蔚来的市盈率为2025年销售额的3.2倍，而特斯拉2025年的销售额倍数为5.2倍。因此，对于长期投资者来说，蔚来今天似乎更有价值，因为当我们展望未来时，它的销售倍数要低得多。然而，这并不一定意味着蔚来很便宜，因为与传统汽车公司的估值相比，即使2025年3.2倍的销售倍数也相对较高。然而，蔚来看起来比特斯拉便宜，尽管其股价绝对并不便宜。</blockquote></p><p> <b>Can NIO Be Worth As Much As Tesla?</b></p><p><blockquote><b>蔚来能和特斯拉一样值钱吗？</b></blockquote></p><p> The answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly&nbsp;overpriced&nbsp;today, I personally believe that as well (Note that some will argue that shares are&nbsp;underpriced, which is also among the possibilities, although I do not hold that belief personally).</p><p><blockquote>这个问题的答案取决于你所关注的时间框架。如今，蔚来的规模明显小于特斯拉，因此其市值也相应地小得多。还应该指出的是，不能保证特斯拉的股票是电动汽车公司应该如何估值的一个很好的例子——至少，它的股票今天有可能被严重高估，我个人也相信这一点（请注意，有些人会认为股票定价过低，这也是一种可能性，尽管我个人并不持有这种信念）。</blockquote></p><p></p><p> When we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.</p><p><blockquote>当我们暂时假设特斯拉今天的估值是正确的，并且电动汽车公司每年销售约80万辆汽车时确实应该获得6000亿美元的市值时，那么蔚来最终也可能达到这一目标，尽管不是在短期内。蔚来今年将销售约9万辆汽车，2025年这一数字将增长至约40万辆。如果蔚来的销量在此之后每年增长15%，那么到2030年（即9年后），它可能会售出约80万辆汽车。如果想要更快的增长，也可以在2030年之前跨越每年80万辆汽车的界限，例如2028年或2029年。如果我们现在确实选择2030年，那么按照与特斯拉类似的交付量与市值比率，蔚来到2030年的估值可能会超过6000亿美元。换句话说，如果我们假设当前的增长预测是现实的，并且类似特斯拉的估值是合适的，那么九年后蔚来的价值可能会与特斯拉（今天）一样高。当然，这是两个主要的如果，尤其是第二点，我认为还远未确定。我个人不会对特斯拉的估值压缩感到太惊讶，因此蔚来的市值在2030年可能远低于6000亿美元的水平，即使它继续大幅增长。蔚来的增长也有可能令人失望，目前的预测过于乐观，尽管我认为蔚来凭借其独特的BaaS模式和在国内市场特别受认可的强大品牌，处于良好的增长地位。</blockquote></p><p> It should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.</p><p><blockquote>还应该指出的是，特斯拉2030年的市值可能与6000亿美元有很大不同，因此即使蔚来达到这一水平，也不能保证两家公司的市值会相似。到那时，特斯拉的估值可能会高得多，例如如果方舟模型是正确的（我个人认为不太可能）。为了回答上述问题，人们可以说，蔚来可能在8-10年内像特斯拉一样价值数千亿美元，但这根本不能保证。即使这种情况发生，到那时特斯拉的价值也可能会高得多。</blockquote></p><p> <b>Is NIO A Good Stock To Buy Or Sell Now?</b></p><p><blockquote><b>蔚来现在是买入或卖出的好股票吗？</b></blockquote></p><p> When considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.</p><p><blockquote>当将蔚来视为一项投资时，它最终是否会变得像特斯拉一样庞大或估值很高并不重要。相反，投资者应该问自己，未来几年他们可以预期的总回报是多少，以及相对于蔚来商业模式的风险，这些预期回报是否足够高。关于这些风险，应该提到的事实是，该公司尚未盈利，这意味着蔚来依赖其资产负债表上的现金进行增长投资。最重要的是，电动汽车领域的竞争正在加剧，市场份额之争可能会在未来几年给利润率带来压力，尽管蔚来似乎由于其电池交换而处于相对有利的地位，我认为这是一个强大的USP。最后但并非最不重要的是，该公司对中国本土市场的依赖是一个应该牢记的潜在风险，尽管还应该指出的是，目前中国政府似乎对中国电动汽车公司非常包容。</blockquote></p><p> One could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.</p><p><blockquote>有人可能会说，相对于传统汽车公司的估值，整个电动汽车行业的估值过高。与纯电动汽车相比，即使是大众汽车或福特等拥有有吸引力的电动汽车产品的传统企业，其交易也有巨大的折扣。但如果你想投资纯电动汽车，蔚来似乎是一个不错的选择。该公司结合了强大的品牌、独特的BaaS产品、高增长率，并且与电动汽车之王特斯拉的估值相比，股票交易价格有折扣。与其他纯电动汽车公司相比，蔚来2025年收入略高于3倍，似乎并不算太贵，当然，与传统公司相比，这仍然代表着溢价。如果蔚来能够表现良好并继续推出深受消费者欢迎的新车型，从长远来看，其股价可能具有巨大的上涨潜力。如果电动汽车股票成为不受欢迎的投资，蔚来股票也可能有相当大的下跌空间，然而，这并不是一个低风险的选择。根据您的风险承受能力，如果您想要高增长的纯电动汽车，蔚来仍然可能具有价值。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4440950-will-nio-stock-follow-tesla-what-to-consider-ev-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112927800","content_text":"Summary\n\nLet's take a look at how NIO compares to Tesla today, NIO's unique selling points, and the similarities between the two companies.\nNIO is a high-growth choice that does not seem overly expensive relative to how Tesla is valued.\nNIO is not a low-risk stock, however, and it may not be a good choice for everyone. Investors should also consider NIO's valuation versus legacy car companies.\n\nipopba/iStock via Getty Images\nArticle Thesis\nNIO, Inc. (NIO) is one of China's leading EV players, and has, through an attractive brand and its unique BaaS offering, attracted a lot of interest from consumers and investors. Today, however, the company is still way smaller than Tesla (TSLA), which is currently leading the global EV market. NIO is focused on its home market right now, which was true when Tesla was a smaller company as well, but NIO will try to grab market share in overseas markets as well. Shares are pricing in a lot of growth already, but if NIO can replicate Tesla's success, that could be more than justified.\nNIO And TSLA Stock Prices\nBoth companies have benefitted from growing interest in EVs during 2020, a trend that saw share prices of most EV pureplays rise rapidly. The combination of growing market share for EVs, accommodating policies such as subsidies for EV purchases, and massive monetary stimulus let shares of NIO and TSLA rise rapidly. NIO is up 245% over the last year, while TSLA is up 101% over the same time. Both companies are currently trading below their all-time highs, however, which were hit in early 2021 before market sentiment for EV pureplays cooled to some degree.\nData by YCharts\nTaking a quick look at analyst price targets, we see that Tesla is trading almost perfectly in line with the consensus, whereas NIO trades about 30% below the analyst target. If the analyst community is right, then NIO is a substantially better investment right here, as Tesla is not expected to see its shares rise meaningfully over the next year, whereas NIO has significant upside to the analyst price target.\nIs NIO Similar To Tesla?\nThe answer to that question depends on what you focus on. There are similarities between the two companies, but there are also differences. One could thus say that, in some ways, the two are similar, but in others, they are not. Let's look at a couple of things:\nBusiness Model\nBoth companies are focused on the EV space, although Tesla has, over the years, been building out a couple of other businesses as well, such as energy storage. Most of Tesla's revenues are generated through selling electric vehicles, which is also how NIO operates. Both companies are focused on the premium segment of EVs, selling higher-priced vehicles that compete with brands such as BMW, Mercedes, and Lexus. Both companies offer a small range of different vehicles, in Tesla's case those are the well-known S, X, 3, and Y, whereas NIO offers a sedan (ET7), and three SUVs (EC6, ES6, ES8). Despite the fact that NIO is a way smaller company today, the model lineups of the two companies do thus not differ too much.\nBoth companies offer some type of charging infrastructure to their customers, in Tesla's case, that's the Supercharger network, where Tesla owners can charge their cars with up to 250kW, depending on what version of Supercharger is installed. NIO is following a different approach, offering a battery-as-a-service solution to its customers. NIO owners can get their battery switched out to a fully-charged battery at NIO's stations, a process that takes a couple of minutes and is thus significantly quicker compared to the regular EV charging offered by Tesla and other EV players. BaaS thus has advantages when it comes to the time it takes for a charge/swap, but it should be noted that Tesla's Superchargers are way more common around the world compared to NIO's battery-swapping stations. Rolling out that feature in additional markets will require large capital expenditures, but NIO's offering is a unique selling point compared to what all other EV players, including Tesla, are offering. It remains to be seen whether that will ultimately pay off, but this could become a major advantage for NIO as competition in the EV space is heating up.\nSize, growth, and valuation\nThe two companies differ significantly in size, both when it comes to revenues and vehicle sales, as well as when it comes to the market value of the two companies. NIO has delivered22,000 vehicles in Q2, up 112% year over year, for an annual pace of around 90,000 vehicles. Tesla, meanwhile, has delivered 201,000 vehicles during Q2, up from 103,000 vehicles delivered during Q2 2020. This is strong growth on a year-over-year basis, although slightly below 100%, and thus below the growth rate that NIO is generating for now.\nTesla delivers around 9x as many vehicles compared to NIO per quarter, when we look at the market capitalizations of the two companies, we see that the ratio is almost exactly the same, as Tesla's market cap of $640 billion is ~9x as high as that of NIO, at $72 billion. At similar growth rates, that would make perfect sense, but it looks like NIO might be the better deal for now, as it trades at a comparable valuation while generating better growth. This will be especially true in the coming quarters, where Tesla's growth is expected to slow down:\nData by YCharts\nTesla is forecasted to grow its revenue from $49 billion in 2021 to $83 billion in 2023, for an annual growth rate of 30%. NIO, meanwhile, is expected to see its revenue explode upwards from $5.4 billion to $12.8 billion between 2021 and 2023, for an annual growth rate of 54%. NIO is thus expected to grow way faster than Tesla over the next two years, on a relative basis. This shouldn't be a surprise, to be honest, as the law of large numbers dictates that maintaining massive growth rates becomes increasingly hard for a company the bigger it gets, and Tesla seems to have hit that point by now -- adding 50%+ a year to its top line will not be possible forever. This isn't even necessarily Tesla's fault, in fact, many high-quality growth companies have experienced the same. But investors should still consider this important fact -- Tesla's growth in coming years will be less exciting compared to what we have seen in the past, and peers, such as NIO, are growing faster.\nThe same holds true when we take a longer-term view. Revenue estimates for 2025 rest at$22.6 billionfor NIO, up another 80% from the 2023 estimate, and up 320% from what analysts are forecasting for 2021. Tesla, meanwhile, is forecasted to generate revenues of $122.5 billion in 2025 -- a large number, but up by a comparatively weak 48% from 2023, and up by a total of 150% versus 2021. Between 2021 and 2025, NIO will thus 4x its revenue, while Tesla will 2.5x its revenue in the same time span -- a meaningful difference that should, all else equal, allow for a premium valuation for NIO, in the same way Tesla deserves a premium valuation versus legacy players such as Volkswagen (OTCPK:VWAGY).\nLooking at revenue estimates for 2025 relative to how the two companies are valued today, we see that NIO trades at 3.2x 2025 sales, while the 2025 sales multiple for Tesla is 5.2. For a long-term oriented investor, NIO thus seems like the better value today, thanks to the fact that it is trading at a significantly lower sales multiple when we take a look into the future. This does not necessarily mean that NIO is cheap, however, as even a 3.2x 2025 sales multiple is relatively high compared to how legacy auto companies are valued. NIO is looking less expensive than Tesla, however, even if its shares are not cheap on an absolute basis.\nCan NIO Be Worth As Much As Tesla?\nThe answer to that depends on what time frame you are looking at. Today, NIO is significantly smaller than Tesla and thus rightfully trades at a way smaller market cap. It should also be noted that there is no guarantee that Tesla's shares are a great example of how an EV company should be valued -- it is, at least, possible that its shares are significantly overpriced today, I personally believe that as well (Note that some will argue that shares are underpriced, which is also among the possibilities, although I do not hold that belief personally).\nWhen we do, for a moment, assume that Tesla is correctly valued today and that EV companies do deserve a market cap in the $600 billion range when they sell about 800,000 vehicles a year, then NIO could eventually hit that as well, although not in the near term. NIO will sell about 90,000 vehicles this year, and that amount should grow to about 400,000 in 2025. If NIO were to grow its sales by 15% a year beyond that point, it could sell around 800,000 cars in 2030, or 9 years from now. If one wants to assume faster growth, the 800,000 vehicles a year line could also be crossed before 2030, e.g. in 2028 or 2029. If we do go with 2030 for now, then NIO could, at a similar deliveries-to-market capitalization ratio to Tesla, be valued at $600+ billion in 2030. In other words, NIO could be worth as much as Tesla (today) in nine years, when we assume that current growth projections are realistic and that a Tesla-like valuation is appropriate. Those are two major ifs, of course, and especially the second point is far from certain, I believe. I personally would not be too surprised to see Tesla's valuation compress, and thus NIO could trade well below the $600 billion market cap level in 2030, even if it continues to grow meaningfully. It is also possible that NIO's growth disappoints and that current projections are too bullish, although I think that NIO is well-positioned for growth thanks to its unique BaaS model and its strong brand that is especially well-recognized in its home market.\nIt should also be noted that Tesla's market cap in 2030 could be very different from $600 billion, thus even in case NIO hits that level, it is not at all guaranteed that the two companies will have a similar market cap. Tesla might be valued at a way higher valuation by then, e.g. if the ARK model is right (something I personally think is unlikely). To answer the above question, one could thus say that NIO might be worth hundreds of billions of dollars, like Tesla, in 8-10 years, but that is not at all guaranteed. And even if that were to happen, Tesla might be worth significantly more by then.\nIs NIO A Good Stock To Buy Or Sell Now?\nWhen considering NIO as an investment, it doesn't really matter all that much whether it will become as large or highly valued as Tesla eventually. Instead, investors should ask themselves what total returns they can expect over the next couple of years, and whether those expected returns are high enough relative to the risks in NIO's business model. Regarding those risks, one should mention the fact that the company isn't profitable yet, which means that NIO is dependent on cash on its balance sheet for growth investments. On top of that, competition in the EV space is growing, and market share battles could pressure margins in coming years, although NIO seems relatively well-positioned thanks to its battery-swapping, which is, I believe, a strong USP. Last but not least, the company's dependence on its home market China is a potential risk that should be kept in mind, although it should also be noted that, for now, it seems like the Chinese government is very accommodating to Chinese EV companies.\nOne could argue that valuations across the whole EV industry are too high, relative to how legacy auto companies are valued. Even those legacy players with attractive EV offerings such as Volkswagen or Ford trade at huge discounts compared to EV pureplays. But if one wants to invest in an EV pureplay, NIO doesn't seem like a bad choice. The company combines a strong brand, a unique BaaS offering, high growth rates, and shares trade at a discount compared to how the EV king Tesla is valued. At a little above 3x 2025 revenue, NIO does not seem overly expensive relative to other EV pureplays, although this still represents a premium versus legacy players, of course. If NIO manages to execute well and continues to roll out new models that are well-received by consumers, its shares could have significant upside potential in the long run. If EV stocks ever become an out-of-favor investment, NIO stock also could have considerable downside, however, this thus is not a low-risk pick. Depending on your risk tolerance, NIO could still be of value if you want a high-growth EV pureplay.","news_type":1,"symbols_score_info":{"TSLA":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177375004,"gmtCreate":1627183679508,"gmtModify":1633767363226,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Is it going to move?","listText":"Is it going to move?","text":"Is it going to move?","images":[{"img":"https://static.tigerbbs.com/e515f21480d0c492562cb57acbc3d99a","width":"750","height":"1827"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177375004","isVote":1,"tweetType":1,"viewCount":786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":174325831,"gmtCreate":1627081357523,"gmtModify":1633768261422,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Cleverness&nbsp;","listText":"Cleverness&nbsp;","text":"Cleverness","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/174325831","repostId":"2153984780","repostType":4,"isVote":1,"tweetType":1,"viewCount":475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":177551384,"gmtCreate":1627254678548,"gmtModify":1633766947978,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177551384","repostId":"1176552691","repostType":4,"repost":{"id":"1176552691","kind":"news","pubTimestamp":1627183789,"share":"https://www.laohu8.com/m/news/1176552691?lang=zh_CN&edition=full","pubTime":"2021-07-25 11:29","market":"us","language":"en","title":"Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176552691","media":"seekingalpha","summary":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</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>Is IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</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\">\nIs IBM Stock Undervalued Or Overvalued? What To Consider<blockquote>IBM股票是被低估还是被高估？要考虑什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-25 11:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>IBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.</li>  <li>Prior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.</li>  <li>More transparency is needed regarding the Kyndryl spinoff.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2c798e0536c6804d44b195f6f349fab5\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>Ethan Miller/Getty Images News</span></p><p><blockquote><ul><li>随着云收入和营业利润率的改善，IBM第二季度盈利超出了分析师的预期。</li><li>在第一季度之前，IBM连续四个季度收入下降，过去34个季度中有30个季度收入下降。</li><li>Kyndryl分拆需要更多透明度。</li></ul><p class=\"t-img-caption\"><span>伊森·米勒/盖蒂图片社新闻</span></p></blockquote></p><p> International Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.</p><p><blockquote>国际商业机器公司（IBM）是一家转型中的公司。不幸的是，对于投资者来说，这种转变已经持续了十年的大部分时间。这些扭亏为盈的努力包括对云计算和人工智能的投资以及剥离遗留业务。虽然现在有绿芽的迹象，但播下的种子是否落在岩石上还有待观察。</blockquote></p><p> Although the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.</p><p><blockquote>尽管该公司在混合云产品方面拥有快速增长的业务，并在量子计算方面拥有潜在的增长引擎，但它面临着前一个行业的激烈竞争和后一个行业的不确定前景。该公司的大多数其他业务都处于低迷状态，因此IBM的增长前景不明朗。</blockquote></p><p> What is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.</p><p><blockquote>可以肯定的是，截至今天，IBM的债务负担合理且不断减少，自由现金流强劲。</blockquote></p><p> Management is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.</p><p><blockquote>管理层正试图通过专注于公司的云产品来部分解决增长问题，同时剥离其托管基础设施业务。该公司将被命名为Kyndryl。然而，新实体将承担的债务以及其将承担的当前股息部分尚未透露。</blockquote></p><p> <b>Recent Quarterly Results</b></p><p><blockquote><b>最近季度业绩</b></blockquote></p><p> IBM&nbsp;reported&nbsp;Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.</p><p><blockquote>IBM上周一公布了第二季度业绩。该公司的非GAAP每股收益为2.33美元，超出预期0.04美元。</blockquote></p><p> Revenue of $18.7 billion was flat when adjusted for currency and divestitures.</p><p><blockquote>经货币和资产剥离调整后，营收为187亿美元，持平。</blockquote></p><p> The negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.</p><p><blockquote>该报告的负面影响是系统收入下降了7%。然而，这主要是由于正常的IBM Z大型机周期，同比下降13%。</blockquote></p><p> The global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.</p><p><blockquote>全球融资部门在总收入中所占比例较低，下降了9%。全球技术服务约占总收入的三分之一，并将主要分拆为Kyndryl，但增长平缓。</blockquote></p><p> The positive side of the report had Cloud &amp; Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.</p><p><blockquote>该报告的积极一面是云和认知软件云收入增长了29%，全球商业服务云收入增长了35%。过去12个月，云总收入为270亿美元，增长了15%，而本季度云收入增长了13%，达到70亿美元。</blockquote></p><p> Net cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.</p><p><blockquote>过去12个月，经营活动产生的净现金达到177亿美元，调整后的自由现金流总计110亿美元。</blockquote></p><p> Since year-end 2020, the company has reduced debt by $6.4 billion.</p><p><blockquote>自2020年底以来，该公司已减少债务64亿美元。</blockquote></p><p> Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021.</p><p><blockquote>2021年调整后自由现金流110亿至120亿美元的管理指南。</blockquote></p><p> <b>Where IBM Stands Tall</b></p><p><blockquote><b>IBM屹立不倒的地方</b></blockquote></p><p> IBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.</p><p><blockquote>许多人认为IBM往好了说是一家三流IT公司，往坏了说是一只濒临灭绝的恐龙。</blockquote></p><p> It is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.</p><p><blockquote>很明显，该公司的收入多年来一直在下降；然而，为了准确评估该股票，投资者必须了解IBM的传统业务有许多优势。</blockquote></p><p> For example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.</p><p><blockquote>例如，IBM是世界上最大的IT服务公司，也是大型机的主要提供商。在财富50强公司中，有47家是IBM的客户。</blockquote></p><p> Half of the world’s wireless connections are handled by the firm.</p><p><blockquote>世界上一半的无线连接由该公司处理。</blockquote></p><p> IBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.</p><p><blockquote>IBM的大型机系统处理全球近90%的信用卡交易，97%的全球最大银行依赖IBM的产品和服务。因此，每年使用IBM系统处理290亿笔ATM交易。</blockquote></p><p> Eight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.</p><p><blockquote>十分之八的全球零售商依赖IBM的产品和服务，而80%的旅游业预订通过IBM系统进行。这导致使用该公司的IT服务处理40亿次航班预订。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7ace4f1436fd2697c5ad266b5017e1dd\" tg-width=\"960\" tg-height=\"721\" width=\"100%\" height=\"auto\"><span>Source: Forbes</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：福布斯</span></p></blockquote></p><p> It is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.</p><p><blockquote>很明显，IBM拥有庞大的客户群，提供了大规模的经常性收入。在许多情况下，转向竞争对手的产品意味着冒着敏感信息转移的风险，而许多人不愿意采取这一举措。</blockquote></p><p> However, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.</p><p><blockquote>然而，随着向云服务和开源软件的过渡，越来越多的公司采用混合搭配的IT基础设施。反过来，这正在侵蚀IBM与客户转换成本相关的竞争优势。</blockquote></p><p> <b>The Sources Of Potential Growth</b></p><p><blockquote><b>潜在增长的来源</b></blockquote></p><p></p><p> Investors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh&nbsp;provided insight&nbsp;into how hybrid cloud drives revenue in some of IBM’s other divisions.</p><p><blockquote>投资者普遍了解IBM通过其混合云产品推动增长的努力。然而，在摩根大通最近的投资者会议上，首席财务官吉姆·卡瓦诺（Jim Kavanaugh）就混合云如何推动IBM其他一些部门的收入提供了见解。</blockquote></p><p>   For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.  Of course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.</p><p><blockquote>我们在混合云平台上每投入1美元（业务），我们就会看到3到5美元的软件拖累和6到8美元的服务拖累。当然，Kavanaugh使用drag来指的是与采用IBM混合云相关的软件和服务收入的增加。如果卡瓦诺的说法准确，这意味着在该公司混合云平台上花费的每一美元都可以从该公司的软件和服务产品中获得9至13美元的额外收入。</blockquote></p><p> Because hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.</p><p><blockquote>由于混合云混合使用内部私有云和公共云服务，因此它为客户提供了一定程度的数据隐私。这是医疗保健和金融服务客户特别关注的问题。因此，我认为IBM在与其他混合云提供商的竞争中可能具有优势，因为它在这些行业中拥有广泛的关系。</blockquote></p><p> I reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm&nbsp;forecasts&nbsp;a CAGR of 18.73% from 2021 through 2026.</p><p><blockquote>我回顾了关于混合云市场预计增长率的各种预测。最近的研究，也属于其他预测的中间，是由魔多情报局进行的。该公司预测2021年至2026年的复合年增长率为18.73%。</blockquote></p><p> Investors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.</p><p><blockquote>投资者应该知道，该领域的主要运营商是思科(CSCO)、惠普(HPE)、亚马逊(AMZN)、思杰系统(CTXS)和IBM。</blockquote></p><p> The following chart provides a record of the firm’s total cloud growth over the last six quarters.</p><p><blockquote>下图提供了该公司过去六个季度的总云增长记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5fc85156e70f6caf8ae809f76126a723\" tg-width=\"576\" tg-height=\"336\" width=\"100%\" height=\"auto\"><span>Source: Company reports / Chart by Author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：公司报告/作者图表</span></p></blockquote></p><p> Aside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.</p><p><blockquote>除了云之外，还有另一个潜在增长的来源，尽管它不太可能很快实现。</blockquote></p><p> Early in 2019, IBM&nbsp;introduced&nbsp;the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.</p><p><blockquote>2019年初，IBM推出了Q System One。IBM Q systems是世界上第一台为科学和商业用途而设计的量子计算机。</blockquote></p><p> Pardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence&nbsp;forecasts&nbsp;a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.</p><p><blockquote>原谅我的双关语，但量子计算机代表了技术的巨大飞跃。Prescient And Strategic Intelligence预测，到2030年，该行业的CAGR将达到56%，量子计算机市场份额将达到近650亿美元。</blockquote></p><p> For additional insights regarding quantum computing and IBM’s position within that industry, I point you to&nbsp;my article, “IBM: Why My Eye Is Fixed On Big Blue.”</p><p><blockquote>有关量子计算和IBM在该行业中的地位的更多见解，我向您推荐我的文章“IBM：为什么我的眼睛盯着蓝色巨人”。</blockquote></p><p> <b>Understanding Kyndryl</b></p><p><blockquote><b>了解Kyndryl</b></blockquote></p><p> Once&nbsp;Kyndryl&nbsp;is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.</p><p><blockquote>Kyndryl一旦上市，将在115个国家拥有9万多名员工和4600多家客户。新实体的服务积压量为600亿美元，预计收入为190亿美元。该公司的规模是最接近的竞争对手的两倍，将成为全球最大的托管基础设施服务提供商。</blockquote></p><p> The split will&nbsp;transform&nbsp;IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.</p><p><blockquote>此次分拆将使IBM从一家一半收入来自服务的公司转变为一家软件和解决方案业务经常性收入超过一半的公司。</blockquote></p><p> Global Business Services, which currently constitutes 22% of the company’s revenue, will&nbsp;account&nbsp;for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.</p><p><blockquote>全球商业服务目前占公司收入的22%，将占销售额的40%以上。值得注意的是，该部门上季度的收入同比增长了12%。</blockquote></p><p> IBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.</p><p><blockquote>IBM将保留Red Hat及其解决方案提供商业务、系统业务、关键任务公共云服务，以及专注于大数据、人工智能和安全的软件组合。</blockquote></p><p> Initially, the two companies will each be the largest customer of the other.</p><p><blockquote>最初，两家公司将各自成为对方的最大客户。</blockquote></p><p> What remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.</p><p><blockquote>关于分拆，尚待了解的是每家公司将承担多少债务，以及公司将支付的股息份额。克里希纳表示，两家公司将共同努力维持目前的支付水平。</blockquote></p><p> <b>Has IBM Turned The Corner?</b></p><p><blockquote><b>IBM转危为安了吗？</b></blockquote></p><p> Anyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.</p><p><blockquote>任何关注IBM的人都知道该公司经历了长期的糟糕业绩。下图提供了该公司过去十四个季度的季度自由现金流记录。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60cc8b82052f97dd449205999ee30711\" tg-width=\"577\" tg-height=\"337\" width=\"100%\" height=\"auto\"><span>Source: Data from ycharts / chart by author</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：数据来自ycharts/作者图表</span></p></blockquote></p><p> While this is not proof positive that the company is back on track, the recent trend is at least encouraging.</p><p><blockquote>虽然这并不能证明该公司重回正轨，但最近的趋势至少令人鼓舞。</blockquote></p><p> In 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.</p><p><blockquote>2020年，IBM产生了108亿美元的自由现金流。2021年调整后自由现金流110亿至120亿美元的管理指南。这不包括与Kyndryl分拆相关的30亿美元结构性影响。</blockquote></p><p> The CEO&nbsp;recently stated&nbsp;he expects IBM to generate $12 billion to $13 billion in FCF in 2022.</p><p><blockquote>这位首席执行官最近表示，他预计IBM将在2022年产生120亿至130亿美元的自由现金流。</blockquote></p><p> <b>Debt And Dividend</b></p><p><blockquote><b>债务和股息</b></blockquote></p><p></p><p> While investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.</p><p><blockquote>虽然投资者可以理所当然地抱怨多年来的各种管理层举措，但该公司在进行多项收购的同时保持了合理的债务状况。</blockquote></p><p> The company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.</p><p><blockquote>自2019年年中达到峰值以来，该公司已将债务减少了约180亿美元。IBM维持投资级信用评级，下图记录了该公司最近偿还债务的进展。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b73e613157c486a5f5e8306546121971\" tg-width=\"1280\" tg-height=\"720\" width=\"100%\" height=\"auto\"><span>Source: IBM Presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：IBM演示文稿</span></p></blockquote></p><p> IBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.</p><p><blockquote>IBM的收益率为4.64%，派息率略低于61%，5年股息增长率为4.26%。如前所述，Kyndryl分拆后，两家公司将合作提供相当于当前股息的派息。</blockquote></p><p> <b>Is IBM Stock Overvalued?</b></p><p><blockquote><b>IBM股票是否被高估？</b></blockquote></p><p> IBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.</p><p><blockquote>IBM股价交易价格为141.13美元。8位分析师的平均12个月目标价为153.50美元。自上次收益报告以来，对该股进行评级的3位分析师的目标价为151.33美元。</blockquote></p><p> IBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.</p><p><blockquote>IBM的市盈率为24.05倍，远期市盈率为17.67倍。相比之下，其五年平均值分别为16.42倍和13.25倍。这远低于行业平均水平，这两个指标都在三十左右。</blockquote></p><p> The 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.</p><p><blockquote>Seeking Alpha Premium提供的3至5年期PEG为1.16倍。嘉信理财计算的PEG为1.49倍，雅虎没有提供PEG比率。</blockquote></p><p> I believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.</p><p><blockquote>我相信该股目前的市盈率反映了投资者对分拆完成后IBM增长加速的预期。PEG比率显示该股票估值合理。</blockquote></p><p> <b>Is IBM Stock A Good Long-Term Investment?</b></p><p><blockquote><b>IBM股票是一项不错的长期投资吗？</b></blockquote></p><p> IBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.</p><p><blockquote>IBM在全球许多最大的公司中有着根深蒂固但不断发展的地位。不幸的是，被视为该公司主要增长途径的云也可能导致该公司一些遗留业务的缓慢恶化。</blockquote></p><p> That the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.</p><p><blockquote>云业务一直在快速增长是显而易见的：IBM现在拥有超过3,200个客户使用该公司的混合云平台。这几乎是收购红帽之前的四倍。</blockquote></p><p> If management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.</p><p><blockquote>如果管理层的说法准确，混合云平台将为软件和服务部门的收入带来强劲增长。结合Kyndryl缓慢增长的托管基础设施服务业务的分拆，有理由相信IBM将见证增长。</blockquote></p><p> IBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.</p><p><blockquote>IBM拥有稳健的资产负债表和强劲的收益率，当使用PEG比率作为股票估值的基础时，该股的交易价格略有折扣。</blockquote></p><p> All considered, I rate IBM as a BUY.</p><p><blockquote>综合考虑，我对IBM的评级为买入。</blockquote></p><p> I think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.</p><p><blockquote>我认为中短期最糟糕的情况是公司增长缓慢，而投资者则获得相当强劲的股息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IBM":"IBM"},"source_url":"https://seekingalpha.com/article/4440996-is-ibm-stock-undervalued-overvalued","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176552691","content_text":"Summary\n\nIBM beat analysts’ second-quarter earnings as cloud revenue and operating margins improved.\nPrior to Q1, IBM posted declining revenue for four consecutive quarters, and 30 of the last 34 quarters.\nMore transparency is needed regarding the Kyndryl spinoff.\n\nEthan Miller/Getty Images News\nInternational Business Machines Corporation (IBM) is a company in transition. Unfortunately for investors, the transition has been in place for the better part of a decade. Those turnaround efforts include investments in cloud computing and artificial intelligence and the divestiture of legacy businesses. While there are now signs of green shoots, it is yet to be seen as to whether the seeds sown have fallen on rocky ground.\nAlthough the company has a rapidly growing business in hybrid cloud offerings, and a potential growth engine in quantum computing, it faces intense competition in the former industry and uncertain prospects in the latter. Most of the firm’s other businesses are in the doldrums, so IBM’s growth prospects are opaque.\nWhat is certain is that as of today, IBM has a reasonable and diminishing debt load and strong free cash flow.\nManagement is attempting to address growth concerns in part by focusing on the firm’s cloud offerings, while it spins off its managed infrastructure business. That company will be named Kyndryl. However, the debt which the new entity will shoulder, along with the portion of the current dividend that it will carry, has not been divulged.\nRecent Quarterly Results\nIBM reported Q2 results last Monday. With non-GAAP EPS of $2.33, the company beat estimates by $0.04.\nRevenue of $18.7 billion was flat when adjusted for currency and divestitures.\nThe negative side of the report had Systems revenue declining by 7%. However, this was largely due to the normal IBM Z mainframe cycle, down 13% year over year.\nThe global financing division, which represents a low single digit percentage of overall revenues, was down 9%. Global technology services, which represents roughly a third of overall revenue and will largely be spun off as Kyndryl, had flattish growth.\nThe positive side of the report had Cloud & Cognitive Software cloud revenue up 29% and Global Business Services cloud revenue up 35%. Total cloud revenue of $27 billion increased by 15% over the last 12 months, while cloud revenue grew 13% in the quarter to $7.0 billion.\nNet cash from operating activities hit $17.7 billion, and adjusted free cash flow totaled $11 billion over the last 12 months.\nSince year-end 2020, the company has reduced debt by $6.4 billion.\nManagement guides for adjusted free cash flow of $11 billion to $12 billion in 2021.\nWhere IBM Stands Tall\nIBM is viewed by many as at best a third rate IT company and at worst as a dinosaur, headed towards extinction.\nIt is evident that the company’s revenues have declined for years; however, to accurately assess the stock, investors must understand that IBM’s legacy businesses have many strengths.\nFor example, IBM is the world’s largest IT services company and the dominant provider of mainframes. Among the Fortune 50 companies, 47 are IBM clients.\nHalf of the world’s wireless connections are handled by the firm.\nIBM's mainframe systems process nearly 90% of the globe’s credit card transactions, and 97% of the world's largest banks rely on IBM products and services. Consequently, twenty-nine billion ATM transactions are processed annually using IBM systems.\nEight out of 10 global retailers rely on IBM products and services while 80% of the travel industry's reservations run through IBM systems. That results in 4 billion flight reservations being processed using the company’s IT services.\nSource: Forbes\nIt is evident that IBM has a massive customer base that provides large scale recurring revenues. In many cases, moving to competitors' offerings would mean risking the transfer of sensitive information, a move many are not willing to take.\nHowever, with the transition to cloud services and open source software, there is an increased adoption by firms of mix and match IT infrastructures. In turn, this is eroding IBM’s competitive advantage associated with customer switching costs.\nThe Sources Of Potential Growth\nInvestors are generally aware of IBM's effort to drive growth through its hybrid cloud offerings. However, when questioned at JPMorgan’s recent investor conference, CFO Jim Kavanaugh provided insight into how hybrid cloud drives revenue in some of IBM’s other divisions.\n\n For every $1 (in business) we land on a hybrid cloud platform, we see $3 to $5 of software drag and $6 to $8 of services drag overall.\n\nOf course, Kavanaugh is using drag to refer to increased revenue in software and services associated with adoption of IBM’s hybrid cloud. If Kavanaugh’s claims are accurate, that means every dollar spent on the company’s hybrid cloud platform translates into $9 to $13 in additional revenue from the firm’s software and services offerings.\nBecause hybrid cloud uses a mix of on-premises private cloud and public cloud services, it offers clients a degree of data privacy. This is of particular concern for customers in healthcare and financial services. Consequently, I would posit that IBM might have an advantage in competing with other hybrid cloud providers as it has extensive relationships within those industries.\nI reviewed a variety of prognostications regarding projected growth rates for the hybrid cloud market. The most recent study, which also falls in the middle of other predictions, is by Mordor Intelligence. That firm forecasts a CAGR of 18.73% from 2021 through 2026.\nInvestors should be aware that the major operators in this space are Cisco (CSCO), Hewlett Packard (HPE), Amazon (AMZN), Citrix Systems (CTXS), and IBM.\nThe following chart provides a record of the firm’s total cloud growth over the last six quarters.\nSource: Company reports / Chart by Author\nAside from cloud, there is another source of potential growth, although it is unlikely to materialize soon.\nEarly in 2019, IBM introduced the Q System One. IBM Q systems are the world's first quantum computer designed for scientific and commercial use.\nPardon the pun, but quantum computers represent a quantum leap in technology. Prescient And Strategic Intelligence forecasts a CAGR of 56% for the industry through 2030 with the quantum computer market share reaching nearly $65 billion.\nFor additional insights regarding quantum computing and IBM’s position within that industry, I point you to my article, “IBM: Why My Eye Is Fixed On Big Blue.”\nUnderstanding Kyndryl\nOnce Kyndryl is launched, it will have more than 90,000 employees and more than 4,600 customers in 115 countries. With a $60 billion services backlog, the new entity will begin with projected revenues of $19 billion. At twice the size of its closest competitor, the company will be the world’s largest managed infrastructure services provider.\nThe split will transform IBM from a company that pulls half of its revenue from services to a firm with its software and solutions businesses generating over half of its revenue on a recurring basis.\nGlobal Business Services, which currently constitutes 22% of the company’s revenue, will account for over 40% of sales. Here it is important to note that the division grew revenue by 12% year over year in the last quarter.\nIBM will retain Red Hat and its solution provider business, the systems businesses, and its mission-critical public cloud service, and a software portfolio focused on big data, AI, and security.\nInitially, the two companies will each be the largest customer of the other.\nWhat remains to be known regarding the spinoff is how much debt each company will shoulder, and the share of the dividend that the companies will pay. Krishna stated the two companies will work together to sustain the current payout level.\nHas IBM Turned The Corner?\nAnyone who follows IBM knows the company has experienced an extended period of poor results. The following chart provides a record of the firm’s quarterly FCF over the last fourteen quarters.\nSource: Data from ycharts / chart by author\nWhile this is not proof positive that the company is back on track, the recent trend is at least encouraging.\nIn 2020, IBM generated $10.8 billion in free cash flow. Management guides for adjusted free cash flow of $11 billion to $12 billion in 2021. This excludes $3 billion in structural impacts related to the Kyndryl spinoff.\nThe CEO recently stated he expects IBM to generate $12 billion to $13 billion in FCF in 2022.\nDebt And Dividend\nWhile investors can rightfully complain of a variety of management moves over the years, the firm has maintained a reasonable debt profile while engaging in a number of acquisitions.\nThe company has reduced the debt by roughly $18 billion since its peak in mid-2019. IBM maintains an investment level credit rating, and the following chart provides a record of the company’s progress paying down debt of late.\nSource: IBM Presentation\nIBM has a yield of 4.64%, a payout ratio a bit below 61%, and a 5 year dividend growth rate of 4.26%. As previously noted, following the spinoff of Kyndryl, the two companies will team to provide a payout equivalent to the current dividend.\nIs IBM Stock Overvalued?\nIBM shares trade for $141.13. The average 12 month price target of 8 analysts is $153.50. The price target of the 3 analysts rating the stock since the last earnings report is $151.33.\nIBM has a P/E of 24.05x and a forward P/E of 17.67x. This compares to its five year averages of 16.42x and 13.25x respectively. It is well below the sector average which is in the low thirties for both metrics.\nThe 3 to 5 year PEG provided by Seeking Alpha Premium is 1.16x. Schwab calculates a PEG of 1.49x, and Yahoo does not provide a PEG ratio.\nI believe the current P/E ratios for the stock reflect investors anticipating increased growth for IBM once the spinoff is complete. The PEG ratios show the stock is reasonably valued.\nIs IBM Stock A Good Long-Term Investment?\nIBM has an entrenched but evolving position among many of the largest companies on the globe. Unfortunately, the cloud, which is seen as the company’s primary avenue for growth, could also lead to a slow deterioration in some of the firm’s legacy businesses.\nThat the cloud business has been growing at a rapid pace is manifest: IBM can now boast of over 3,200 clients using the firm’s hybrid cloud platform. That is nearly four times the number just prior to the Red Hat acquisition.\nIf management’s claims are accurate, the hybrid cloud platform will create robust growth in the software and services division’s revenues. When combined with the spinoff of Kyndryl’s slow growing managed infrastructure services business, it is reasonable to believe IBM will witness increased growth.\nIBM has a solid balance sheet, a robust yield, and when viewed using PEG ratios as a basis for valuing the stock, the shares are trading at a bit of a discount.\nAll considered, I rate IBM as a BUY.\nI think the worst case short to mid-term scenario is that the company experiences slow growth while investors collect a rather robust dividend.","news_type":1,"symbols_score_info":{"IBM":0.9}},"isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897591573,"gmtCreate":1628936380792,"gmtModify":1631889963013,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Yeah my $ stuck at alibaba&nbsp;","listText":"Yeah my $ stuck at alibaba&nbsp;","text":"Yeah my $ stuck at alibaba","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/897591573","repostId":"1173847412","repostType":4,"repost":{"id":"1173847412","kind":"news","pubTimestamp":1628905097,"share":"https://www.laohu8.com/m/news/1173847412?lang=zh_CN&edition=full","pubTime":"2021-08-14 09:38","market":"us","language":"en","title":"If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173847412","media":"MarketWatch","summary":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others. The stock market is near all-time highs, but train-wreck season lies just around the corner.I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.The smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insid","content":"<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</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>If you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</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\">\nIf you’re nervous about the stock market at record highs, consider these five companies that are loved by the smart money<blockquote>如果您对股市创历史新高感到紧张，请考虑这五家受到聪明资金喜爱的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-14 09:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others</p><p><blockquote>公司内部人士和专业投资者正在购买阿里巴巴-SW、Chegg和动视暴雪等公司的股票</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a750143fbfb2e7d732bb3dcc80114d61\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"><span>(Photo by Chung Sung-Jun/Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（郑成俊摄/盖蒂图片社）</span></p></blockquote></p><p> The stock market is near all-time highs, but train-wreck season lies just around the corner.</p><p><blockquote>股市接近历史高点，但火车失事季节即将来临。</blockquote></p><p> Should you sell? After all, the S&amp;P 500,Nasdaq&nbsp;and Dow Jones Industrial Average&nbsp;often hit a rough patch in September and October.</p><p><blockquote>你应该卖吗？毕竟，标普500、纳斯达克和道琼斯工业平均指数经常在九月和十月遇到困难。</blockquote></p><p> I say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.</p><p><blockquote>我说等等，确实考虑一下下面五家公司中的任何一家，因为它们是“聪明资金”的最爱。但首先，总的来说，这里有三个坚持到底的理由。</blockquote></p><p> 1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.</p><p><blockquote>1.不能保证季节性疲软会重演。此外，把握市场变化时机的能力也很困难。</blockquote></p><p> 2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.</p><p><blockquote>2.对Covid德尔塔变异毒株的担忧被夸大了。T.Rowe Price的市场策略师表示，越来越多的人正在接种疫苗，如果被感染，他们中的大多数人不会出现严重症状。</blockquote></p><p> 3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.</p><p><blockquote>3.Leuthold Group策略师Jim Paulsen表示，经济中存在大量内在需求，并将维持增长。</blockquote></p><p> On the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.</p><p><blockquote>在消费方面（经济的大部分）：个人储蓄创历史新高，耐用品购买量接近50年低点，新家庭组建创历史新高。人们买东西来填满新家。其次，鉴于失业率上升和银行放贷能力大幅过剩，经济还有很大的增长空间。</blockquote></p><p> <b>Five smart money stocks</b></p><p><blockquote><b>五只聪明的钱股</b></blockquote></p><p> At my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just&nbsp;<i>any</i>&nbsp;insiders. I go for stocks picked up by insiders with&nbsp;<i>great</i>&nbsp;records. Here are two, trading near where insiders just bought.</p><p><blockquote>在我的股票信重温股票中，我喜欢公司内部人士喜欢的股票。但不仅仅是<i>任何</i>圈内人。我选择内部人士买入的股票<i>伟大的</i>记录。这里有两个，在内部人士刚刚买入的地方附近交易。</blockquote></p><p> <b>Activision Blizzard</b></p><p><blockquote><b>动视暴雪</b></blockquote></p><p> This is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.<b>Activision Blizzard</b>&nbsp;makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.</p><p><blockquote>这是最受欢迎和最令人上瘾的在线游戏背后的公司，如《使命看涨期权》、《魔兽世界》、《暗黑破坏神》、《守望先锋》和《糖果粉碎传奇》。<b>动视暴雪</b>通过游戏销售和订阅、销售游戏内内容和广告赚钱。它拥有大约4.08亿普通用户。</blockquote></p><p> Besides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.</p><p><blockquote>除了赢得新粉丝之外，该公司还定期推出新游戏并扩大现有特许经营权——最近一次是在六月推出的《魔兽世界：燃烧的远征》。该公司表示，这一增加标志着“内容发布的18个月非常重要的时期的开始”。第二季度销售额增长19%，达到23亿美元，营业利润率高达42%。</blockquote></p><p> One risk is that fallout from allegations of sexual misconduct and&nbsp;a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says&nbsp;Morningstar analyst Neil Macker.</p><p><blockquote>晨星公司分析师尼尔·麦克尔表示，一个风险是性行为不端指控以及加州公平就业和住房部相关诉讼的影响将“使公司难以在竞争激烈的行业中吸引和留住顶尖人才”。</blockquote></p><p> <b>The smart money signal</b>: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.</p><p><blockquote><b>聪明的钱信号</b>：董事彼得·诺兰刚刚以每股80-82.28美元的价格购买了价值200万美元的股票。他是一位值得关注的内部人士，因为他在2019年3月以43美元的价格买入了430万美元，而该股现在几乎翻了一番。此外，在我的内部分析系统中，重复强势买入（而不是获利了结）是看涨的。他还在2004年以3.70美元的价格买入。</blockquote></p><p> <b>B. Riley Financial</b></p><p><blockquote><b>B.莱利金融</b></blockquote></p><p> I introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think&nbsp;<b>B. Riley Financia</b>&nbsp;is still a hold, and a buy for anyone who does not own.</p><p><blockquote>我在2018年3月的股票信中以20美元的价格介绍了这个名字，并在那之后重申了十几次。它现在的交易价格超过65美元。尽管取得了巨大的收益，我认为<b>B.莱利金融</b>仍然是持有，对于任何不持有的人来说都是买入。</blockquote></p><p> This is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions.&nbsp;Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.</p><p><blockquote>这是一家总部位于洛杉矶的投资银行，也管理资金和进行股票研究。它专注于中小型股票。B.鉴于其银行和市场相关业务，Riley Financial是整体市场和美国经济的良好代表。随着经济增长的持续，这将是一个利好。它还继续通过收购扩张。第二季度收入增长26%，达到3.368亿美元，部分原因是收购。它支付2.9%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).</p><p><blockquote><b>聪明的钱信号</b>：首席执行官布莱恩特·莱利(Bryant Riley)在6月初和8月以63美元至68美元的价格购买了价值340万美元的股票。自2014年以来，他一直在8美元至48美元范围内购买价值超过2200万美元的股票，其中包括今年年初以46美元至48.71美元的价格购买660万美元（已经上涨了40%以上）。</blockquote></p><p> <b>Alibaba Group</b></p><p><blockquote><b>阿里巴巴-SW集团</b></blockquote></p><p> If you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform&nbsp;<b>Alibaba Group</b>&nbsp;may be for you.</p><p><blockquote>如果您喜欢购买股票因一系列问题而遭受重创的优质公司，那么中国消费者平台<b>阿里巴巴-SW集团</b>可能是给你的。</blockquote></p><p> Its shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.</p><p><blockquote>由于中美紧张局势加剧、其核心消费者业务出现一些疲软、中国可能失去税收减免以及公司内部存在性侵犯指控，该公司股价自10月份以来已下跌40%。</blockquote></p><p></p><p> These are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.</p><p><blockquote>这些都是严重的问题，但这也是一家具有巨大潜力的公司。超过10亿消费者使用其市场，其中8.91亿在中国，2.4亿在国外。有机销售额增长32%。该公司正处于推出阿里云云计算业务的早期阶段，这可能是下一个巨大的增长动力。</blockquote></p><p> <b>The smart money signal</b>: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Bastiat Capital的Albert Meyer特别提到了这家公司，该公司过去五年的年化增长率为22%，而标普500的年化增长率为17.7%。</blockquote></p><p> <b>An attractive spinoff</b></p><p><blockquote><b>有吸引力的衍生产品</b></blockquote></p><p> One tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.</p><p><blockquote>投资中相当有效的一种策略是购买分拆产品。公司不喜欢烧死股东，所以他们倾向于打折分拆，作为一种“礼物”。获得分拆股票的基金经理通常会抛售这些股票，因为新公司不符合他们的使命。</blockquote></p><p> A good spinoff to consider right now is&nbsp;<b>Organon</b>,a mid-size pharma company. It was jettisoned from Merck&nbsp;in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.</p><p><blockquote>现在值得考虑的一个好的衍生产品是<b>欧加农</b>，一家中型制药公司。它于5月份被默克公司抛弃。Organon在公布了稳健的季度业绩后，于8月12日刚刚反弹12%，但其交易价格仍低于38美元左右的分拆价格。在这个水平上，该股看起来非常便宜，其交易价格接近2021年市盈率的五倍。</blockquote></p><p> Of course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.</p><p><blockquote>当然，Organon便宜是因为它有问题。最主要的一个是其许多产品迫在眉睫的专利悬崖。其Nexplanon避孕药将在2025年至2027年期间获得专利，占销售额的11%。</blockquote></p><p> But this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.</p><p><blockquote>但这可能不是这样的威胁。“它很有可能将专利延长至2030年，”价值投资者、卡博特扭亏为盈信的编辑布鲁斯·卡瑟(Bruce Kaser)表示。Nexplanon是一种植入皮下的棒，因此女性可能不愿意选择折扣版本。另一个问题是：Organon向中国销售产品，中国政府正在降低其产品的价格。但最严重的损害可能已经过去。</blockquote></p><p> On the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.</p><p><blockquote>从好的方面来看，Organon计划定期推出新产品。该公司拥有13亿美元的年度自由现金流，支持3.3%的股息收益率。</blockquote></p><p> <b>The smart money signal</b>: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&amp;P 500.</p><p><blockquote><b>聪明的钱信号</b>：Organon最近在Cabot周转信中被推荐，该公司有良好的记录。其投资组合在过去12个月内上涨了135.8%，而标普500的投资组合上涨了36.5%。</blockquote></p><p> <b>An education play</b></p><p><blockquote><b>教育剧</b></blockquote></p><p> If universities have allowed their participation in the culture wars to distract them from the core mission of basic education,<b>Chegg</b>&nbsp;is there to pick up the slack.</p><p><blockquote>如果大学让他们参与文化战争分散了他们对基础教育核心使命的注意力，<b>Chegg</b>是来收拾残局的。</blockquote></p><p> This online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.</p><p><blockquote>这家在线教育公司帮助大学和高中生掌握他们的数学和写作技能。该公司还通过提供租赁和电子教科书版本来帮助学生节省昂贵的教科书费用。</blockquote></p><p> While online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.</p><p><blockquote>虽然在线教育有问题，但Chegg是个例外。去年，学生订阅量同比增长67%，达到660万。该季度销售额增长30%，该公司预计今年销售额增长28%，达到8.05亿至8.15亿美元。</blockquote></p><p> “Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”</p><p><blockquote>“在线学习因收费过高而名声不佳，而成功率却很低，”基金经理凯文·兰迪斯(Kevin Landis)表示。“但齐格不一样。”</blockquote></p><p> He likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.</p><p><blockquote>他喜欢美国的强劲增长和国际增长的巨大潜力，尤其是在亚洲。</blockquote></p><p> <b>The smart money signal</b>: Landis’ Firsthand Technology Opportunities&nbsp;beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.</p><p><blockquote><b>聪明的钱信号</b>：过去五年，兰迪斯的Firsthand Technology Opportunities的年化回报率比晨星科技基金类别高出8个百分点。Chegg是第二大头寸，占投资组合的8%。Chegg是Alger Weatherbie Specialized Growth基金的第六大持股，该基金在过去五年中的年化增长率比中型成长基金高出5.7个百分点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?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":{"RILY":"B. Riley Financial, Inc.","ATVI":"动视暴雪","CHGG":"Chegg Inc","BABA":"阿里巴巴","OGN":"Organon & Co"},"source_url":"https://www.marketwatch.com/story/if-youre-nervous-about-the-stock-market-at-record-highs-consider-these-five-companies-that-are-loved-by-the-smart-money-11628865442?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173847412","content_text":"Company insiders and professional investors are buying shares of Alibaba, Chegg and Activision Blizzard, among others\n(Photo by Chung Sung-Jun/Getty Images)\nThe stock market is near all-time highs, but train-wreck season lies just around the corner.\nShould you sell? After all, the S&P 500,Nasdaq and Dow Jones Industrial Average often hit a rough patch in September and October.\nI say hold on, and indeed consider any of the five companies below because they are “smart money” favorites. But first, big picture, here are three reasons to stay the course.\n1. There’s no guarantee that the seasonal weakness will repeat. Besides, the ability to time market turns is tough.\n2. Fears about the delta variant of Covid are overblown. More people are getting vaccinated, and most of them won’t suffer severe symptoms if infected, say market strategists at T. Rowe Price.\n3. There’s a lot of embedded demand in the economy and it will sustain growth, says Leuthold Group strategist Jim Paulsen.\nOn the consumer front (most of the economy): Personal savings at a record high, durable goods purchases are near a 50-year low, and new household formation is at a record high. People buy stuff to fill new homes. Next, the economy has plenty of room to grow given the elevated jobless rate and big excess lending capacity at banks.\nFive smart money stocks\nAt my stock letter Brush Up on Stocks, I favor stocks that corporate insiders like. But not just any insiders. I go for stocks picked up by insiders with great records. Here are two, trading near where insiders just bought.\nActivision Blizzard\nThis is the company behind the most popular and addictive online games — like Call of Duty, World of Warcraft, Diablo, Overwatch and Candy Crush.Activision Blizzard makes money via game sales and subscriptions, by selling in-game content and ads. It has around 408 million regular users.\nBesides winning over new fans, the company regularly launches new games and expands existing franchises — most recently with World of Warcraft: The Burning Crusade, in June. This addition marks “the start of what is intended to be a very significant 18-month period for content releases,” says the company. Sales grew 19% to $2.30 billion in the second quarter, and operating margins are rich at 42%.\nOne risk is that fallout from allegations of sexual misconduct and a related lawsuit by the California Department of Fair Employment and Housing will “make it difficult for the firm to attract and retain top talent in a very competitive industry,” says Morningstar analyst Neil Macker.\nThe smart money signal: Director Peter Nolan just bought $2 million worth at $80-$82.28 a share. He’s a good insider to follow because he bought $4.3 million in March 2019 at $43 and the stock is now almost a double. Also, in my system of insider analysis, repeat buying on strength (as opposed to profit taking) is bullish. He also bought at $3.70 back in 2004.\nB. Riley Financial\nI introduced this name in my stock letter in March 2018 at $20 and reiterated it over a dozen times into strength after that. It now trades for over $65. Despite the hefty gains, I think B. Riley Financia is still a hold, and a buy for anyone who does not own.\nThis is a Los Angeles-based investment bank that also manages money and does stock research. It specializes in small- and mid-cap stocks. B. Riley Financial is a good proxy for the overall market and the U.S. economy, given its banking and market-related businesses. This will be a plus, as economic growth holds up. It also continues to expand via acquisitions. Revenue grew 26% in the second quarter to $336.8 million, in part because of an acquisition. It pays a 2.9% dividend yield.\nThe smart money signal: CEO Bryant Riley purchased $3.4 million worth of stock at $63 to $68 in early June and August. He has a long record of buying over $22 million worth of stock in the $8 to $48 range since 2014, including $6.6 million in purchases near the start of this year at $46 to $48.71 (already up over 40%).\nAlibaba Group\nIf you like to buy quality companies whose stocks are beaten down by a host of problems, then Chinese consumer platform Alibaba Group may be for you.\nIts shares are down 40% since October because of rising U.S.-China tensions, some weakness in its core consumer business, the possible loss of tax breaks in China, and allegations of sexual assault inside the company.\nThese are serious issues, but this is also a company with serious potential. Over one billion consumers use its marketplaces, including 891 million in China and 240 million abroad. Organic sales growth is 32%. It’s in the early stages of rolling out its AliCloud cloud computing business, which could be the next big growth driver.\nThe smart money signal: This company is singled out by Albert Meyer of Bastiat Capital, which has posted 22% annualized growth over the past five years compared to 17.7% for the S&P 500.\nAn attractive spinoff\nOne tactic that works fairly consistently in investing is buying spinoffs. Companies don’t like to burn shareholders, so they tend to do spinoffs at a discount, as a kind of “gift.” Money managers who get spun-off shares often dump them anyway, because the new company does not fit their mandate.\nA good spinoff to consider right now is Organon,a mid-size pharma company. It was jettisoned from Merck in May. Organon just bounced 12% on Aug. 12 after it posted a solid quarter, but it still trades below the spinoff price of around $38. At this level, the stock looks attractively cheap, trading near five times 2021 earnings.\nOf course, Organon is cheap because it has issues. The chief one is the looming patent cliff on many of its products. Its Nexplanon birth control rolls off patent during 2025-2027, and that’s 11% of sales.\nBut this might not be such a threat. “There is a strong possibility that it can extend its patent to as late as 2030,” says Bruce Kaser, a value investor who is the editor of the Cabot Turnaround Letter. Nexplanon is a rod implanted under the skin, so women may be reluctant to go with a discount version. Another problem: Organon sells into China, where the government is cutting the prices of its products. But the worst of the damage may be over.\nOn the upside, Organon plans to regularly launch new products. And the company has $1.3 billion in annual free cash flow supporting a dividend yield of 3.3%.\nThe smart money signal: Organon was recently suggested in the Cabot Turnaround Letter, which has a good record. Its portfolio is up 135.8% in the past 12 months, compared with 36.5% for S&P 500.\nAn education play\nIf universities have allowed their participation in the culture wars to distract them from the core mission of basic education,Chegg is there to pick up the slack.\nThis online education company helps college and high school students master their math and writing skills. The company also helps students save on expensive text books by offering rentals and e-textbook versions.\nWhile online education has a black eye, Chegg is the exception. Last year student subscriptions jumped 67% to 6.6 million from a year earlier. Sales grew 30% in the quarter, and the company guided to 28% sales growth for this year, to $805 million to $815 million.\n“Online learning had a bad reputation for overcharging, while success rates were minimal,” says money manager Kevin Landis. “But Chegg is different.”\nHe likes the robust growth in the U.S. and the big potential for international growth, particularly in Asia.\nThe smart money signal: Landis’ Firsthand Technology Opportunities beats its Morningstar technology fund category by eight percentage points annualized over the past five years. Chegg is the second-largest position, at 8% of the portfolio. Chegg is the sixth-biggest holding of the Alger Weatherbie Specialized Growth Fund,which beats its mid-cap growth category by 5.7 percentage points annualized over the past five years.","news_type":1,"symbols_score_info":{"RILY":0.9,"CHGG":0.9,"OGN":0.9,"ATVI":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176710286,"gmtCreate":1626915537245,"gmtModify":1633769804451,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Oh [Sad]&nbsp;","listText":"Oh [Sad]&nbsp;","text":"Oh [Sad]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/176710286","repostId":"1182390348","repostType":4,"repost":{"id":"1182390348","kind":"news","pubTimestamp":1626915354,"share":"https://www.laohu8.com/m/news/1182390348?lang=zh_CN&edition=full","pubTime":"2021-07-22 08:55","market":"us","language":"en","title":"Minerd Says U.S. Stocks Could Plunge 15% in ‘Very Rough’ Autumn<blockquote>Minerd表示美国股市可能在“非常艰难”的秋季暴跌15%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182390348","media":"Bloomberg","summary":"(Bloomberg) -- U.S. stocks could tumble 15% or more by the end of October in a challenging period fo","content":"<p>(Bloomberg) -- U.S. stocks could tumble 15% or more by the end of October in a challenging period for markets, said Scott Minerd, chairman and chief investment officer of Guggenheim Investments.</p><p><blockquote>（彭博社）——古根海姆投资公司董事长兼首席投资官斯科特·米纳德表示，在市场充满挑战的时期，美国股市到10月底可能会暴跌15%或更多。</blockquote></p><p> “September and October are likely to be very rough this year” for stocks, Minerd said in a Bloomberg Television interview Wednesday. “Maybe a pullback of 15% or slightly more. But once the Dodgers are at the opening game of the World Series, I think you’ll be able to buy.”</p><p><blockquote>米纳德周三在接受彭博电视采访时表示，“今年9月和10月对股市来说可能会非常艰难”。“也许回调15%或略多。但一旦道奇队进入世界职业棒球大赛的首场比赛，我想你就可以买入了。”</blockquote></p><p> A faster-than-expected tapering of asset purchases from the Federal Reserve and the increasing spread of the delta variant are both major risk factors for stocks, Minerd said.</p><p><blockquote>Minerd表示，美联储缩减资产购买的速度快于预期，以及德尔塔变异毒株利差的扩大，都是股市的主要风险因素。</blockquote></p><p> Minerd also expects cryptocurrencies to remain challenged in the coming months. He sees Bitcoin falling further to “something in the neighborhood of $15,000, and said “a lot of this stuff is just junk.”</p><p><blockquote>Minerd还预计，加密货币在未来几个月仍将面临挑战。他看到比特币进一步跌至“15,000美元左右”，并表示“很多这种东西都是垃圾”。</blockquote></p><p> Bitcoin traded around $31,700 Wednesday, near the lower end of its range over the past two months and down about 50% from the April peak.</p><p><blockquote>比特币周三交易价格约为31,700美元，接近过去两个月区间的下限，较4月份峰值下跌约50%。</blockquote></p><p> “I think there’s still more air to come out,” Minerd said. “The standard bear market for Bitcoin has been an 80% retracement and given all the uncertainty and the new competition from new coins, I think there’s more downside to go.”</p><p><blockquote>“我认为还有更多空气出来，”米纳德说。“比特币的标准熊市是80%的回撤，考虑到所有的不确定性和来自新硬币的新竞争，我认为还有更多下行空间。”</blockquote></p><p> “When do you buy it? I don’t think anytime soon,” he added.</p><p><blockquote>“你什么时候买？我认为不会很快，”他补充道。</blockquote></p><p> Minerd said Bitcoin’s under-performance of late is a bad sign for risk assets and could be the “canary in the coal mine that’s telling us we have more problems ahead for risk assets, and in particular stocks.”</p><p><blockquote>米纳德表示，比特币最近的表现不佳对风险资产来说是一个坏兆头，可能是“煤矿里的金丝雀，告诉我们风险资产，尤其是股票，未来还会出现更多问题。”</blockquote></p><p> Long term, Minerd sees Ethereum as a “more viable” cryptocurrency than Bitcoin.</p><p><blockquote>从长远来看，Minerd认为以太币是一种比比特币“更可行”的加密货币。</blockquote></p><p> Better Credit Opportunities Ahead</p><p><blockquote>未来更好的信贷机会</blockquote></p><p> In credit, Minerd said lower-rated high-yield bonds are extremely expensive on a historical basis. For now, he prefers the top tier of junk bonds, and expects better opportunities to buy junk credit in the coming months.</p><p><blockquote>在信贷方面，米纳德表示，从历史上看，评级较低的高收益债券极其昂贵。目前，他更喜欢顶级垃圾债券，并预计未来几个月将有更好的机会购买垃圾信贷。</blockquote></p><p> “We are coming into a seasonally difficult time for risk assets, and there might be a better entry point if you want to get involved in high yield credit than where we are today,” Minerd said.</p><p><blockquote>米纳德表示：“对于风险资产来说，我们正进入一个季节性困难时期，如果你想涉足高收益信贷，可能有一个比我们今天更好的切入点。”</blockquote></p><p> Treasury yields could fall as much as 60 basis points from here if markets enter a risk-off cycle, he added.</p><p><blockquote>他补充说，如果市场进入避险周期，美国国债收益率可能会从现在下跌多达60个基点。</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>Minerd Says U.S. Stocks Could Plunge 15% in ‘Very Rough’ Autumn<blockquote>Minerd表示美国股市可能在“非常艰难”的秋季暴跌15%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\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\">\nMinerd Says U.S. Stocks Could Plunge 15% in ‘Very Rough’ Autumn<blockquote>Minerd表示美国股市可能在“非常艰难”的秋季暴跌15%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-07-22 08:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- U.S. stocks could tumble 15% or more by the end of October in a challenging period for markets, said Scott Minerd, chairman and chief investment officer of Guggenheim Investments.</p><p><blockquote>（彭博社）——古根海姆投资公司董事长兼首席投资官斯科特·米纳德表示，在市场充满挑战的时期，美国股市到10月底可能会暴跌15%或更多。</blockquote></p><p> “September and October are likely to be very rough this year” for stocks, Minerd said in a Bloomberg Television interview Wednesday. “Maybe a pullback of 15% or slightly more. But once the Dodgers are at the opening game of the World Series, I think you’ll be able to buy.”</p><p><blockquote>米纳德周三在接受彭博电视采访时表示，“今年9月和10月对股市来说可能会非常艰难”。“也许回调15%或略多。但一旦道奇队进入世界职业棒球大赛的首场比赛，我想你就可以买入了。”</blockquote></p><p> A faster-than-expected tapering of asset purchases from the Federal Reserve and the increasing spread of the delta variant are both major risk factors for stocks, Minerd said.</p><p><blockquote>Minerd表示，美联储缩减资产购买的速度快于预期，以及德尔塔变异毒株利差的扩大，都是股市的主要风险因素。</blockquote></p><p> Minerd also expects cryptocurrencies to remain challenged in the coming months. He sees Bitcoin falling further to “something in the neighborhood of $15,000, and said “a lot of this stuff is just junk.”</p><p><blockquote>Minerd还预计，加密货币在未来几个月仍将面临挑战。他看到比特币进一步跌至“15,000美元左右”，并表示“很多这种东西都是垃圾”。</blockquote></p><p> Bitcoin traded around $31,700 Wednesday, near the lower end of its range over the past two months and down about 50% from the April peak.</p><p><blockquote>比特币周三交易价格约为31,700美元，接近过去两个月区间的下限，较4月份峰值下跌约50%。</blockquote></p><p> “I think there’s still more air to come out,” Minerd said. “The standard bear market for Bitcoin has been an 80% retracement and given all the uncertainty and the new competition from new coins, I think there’s more downside to go.”</p><p><blockquote>“我认为还有更多空气出来，”米纳德说。“比特币的标准熊市是80%的回撤，考虑到所有的不确定性和来自新硬币的新竞争，我认为还有更多下行空间。”</blockquote></p><p> “When do you buy it? I don’t think anytime soon,” he added.</p><p><blockquote>“你什么时候买？我认为不会很快，”他补充道。</blockquote></p><p> Minerd said Bitcoin’s under-performance of late is a bad sign for risk assets and could be the “canary in the coal mine that’s telling us we have more problems ahead for risk assets, and in particular stocks.”</p><p><blockquote>米纳德表示，比特币最近的表现不佳对风险资产来说是一个坏兆头，可能是“煤矿里的金丝雀，告诉我们风险资产，尤其是股票，未来还会出现更多问题。”</blockquote></p><p> Long term, Minerd sees Ethereum as a “more viable” cryptocurrency than Bitcoin.</p><p><blockquote>从长远来看，Minerd认为以太币是一种比比特币“更可行”的加密货币。</blockquote></p><p> Better Credit Opportunities Ahead</p><p><blockquote>未来更好的信贷机会</blockquote></p><p> In credit, Minerd said lower-rated high-yield bonds are extremely expensive on a historical basis. For now, he prefers the top tier of junk bonds, and expects better opportunities to buy junk credit in the coming months.</p><p><blockquote>在信贷方面，米纳德表示，从历史上看，评级较低的高收益债券极其昂贵。目前，他更喜欢顶级垃圾债券，并预计未来几个月将有更好的机会购买垃圾信贷。</blockquote></p><p> “We are coming into a seasonally difficult time for risk assets, and there might be a better entry point if you want to get involved in high yield credit than where we are today,” Minerd said.</p><p><blockquote>米纳德表示：“对于风险资产来说，我们正进入一个季节性困难时期，如果你想涉足高收益信贷，可能有一个比我们今天更好的切入点。”</blockquote></p><p> Treasury yields could fall as much as 60 basis points from here if markets enter a risk-off cycle, he added.</p><p><blockquote>他补充说，如果市场进入避险周期，美国国债收益率可能会从现在下跌多达60个基点。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/minerd-says-u-stocks-could-213554381.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/minerd-says-u-stocks-could-213554381.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182390348","content_text":"(Bloomberg) -- U.S. stocks could tumble 15% or more by the end of October in a challenging period for markets, said Scott Minerd, chairman and chief investment officer of Guggenheim Investments.\n“September and October are likely to be very rough this year” for stocks, Minerd said in a Bloomberg Television interview Wednesday. “Maybe a pullback of 15% or slightly more. But once the Dodgers are at the opening game of the World Series, I think you’ll be able to buy.”\nA faster-than-expected tapering of asset purchases from the Federal Reserve and the increasing spread of the delta variant are both major risk factors for stocks, Minerd said.\nMinerd also expects cryptocurrencies to remain challenged in the coming months. He sees Bitcoin falling further to “something in the neighborhood of $15,000, and said “a lot of this stuff is just junk.”\nBitcoin traded around $31,700 Wednesday, near the lower end of its range over the past two months and down about 50% from the April peak.\n“I think there’s still more air to come out,” Minerd said. “The standard bear market for Bitcoin has been an 80% retracement and given all the uncertainty and the new competition from new coins, I think there’s more downside to go.”\n“When do you buy it? I don’t think anytime soon,” he added.\nMinerd said Bitcoin’s under-performance of late is a bad sign for risk assets and could be the “canary in the coal mine that’s telling us we have more problems ahead for risk assets, and in particular stocks.”\nLong term, Minerd sees Ethereum as a “more viable” cryptocurrency than Bitcoin.\nBetter Credit Opportunities Ahead\nIn credit, Minerd said lower-rated high-yield bonds are extremely expensive on a historical basis. For now, he prefers the top tier of junk bonds, and expects better opportunities to buy junk credit in the coming months.\n“We are coming into a seasonally difficult time for risk assets, and there might be a better entry point if you want to get involved in high yield credit than where we are today,” Minerd said.\nTreasury yields could fall as much as 60 basis points from here if markets enter a risk-off cycle, he 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$","images":[{"img":"https://static.tigerbbs.com/0badd693572ddb8ddeb6e2f8d74943eb","width":"750","height":"1068"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/158002068","isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":153614729,"gmtCreate":1625021262361,"gmtModify":1633945734895,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Oh&nbsp;","listText":"Oh&nbsp;","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/153614729","repostId":"1124855646","repostType":4,"isVote":1,"tweetType":1,"viewCount":574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173100284,"gmtCreate":1626624615348,"gmtModify":1633925427381,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Stay mysterious&nbsp;","listText":"Stay mysterious&nbsp;","text":"Stay mysterious","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173100284","repostId":"1123523681","repostType":4,"isVote":1,"tweetType":1,"viewCount":288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144216991,"gmtCreate":1626299968713,"gmtModify":1633928223468,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"End of year launch?","listText":"End of year launch?","text":"End of year launch?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/144216991","repostId":"1109822941","repostType":4,"repost":{"id":"1109822941","kind":"news","pubTimestamp":1626271170,"share":"https://www.laohu8.com/m/news/1109822941?lang=zh_CN&edition=full","pubTime":"2021-07-14 21:59","market":"us","language":"en","title":"Apple at Fresh Record High on iPhone Production Boost Report, JPMorgan Upgrade<blockquote>苹果因iPhone产量增长报告和摩根大通升级而创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109822941","media":"Thestreet","summary":"Apple shares jumped to a fresh record high Wednesday following a report that the iPhone maker has asked suppliers to boost production by as much as 20% this year as it looks to meet improving customer demand.Bloomberg reported Wednesday that Apple is looking to build 90 million next-generation iPhones this year, with the world's biggest tech company expected to get a boost from the launch of new 5G handsets later this year. Earlier this month, Apple's main rival, Samsung Electronics, saidJune qu","content":"<p>Apple&nbsp;shares jumped to a fresh record high Wednesday following a report that the iPhone maker has asked suppliers to boost production by as much as 20% this year as it looks to meet improving customer demand.</p><p><blockquote>苹果股价周三跃升至历史新高，此前有报道称，这家iPhone制造商已要求供应商今年将产量提高20%，以满足不断改善的客户需求。</blockquote></p><p> Bloomberg reported Wednesday that Apple is looking to build 90 million next-generation iPhones this year, with the world's biggest tech company expected to get a boost from the launch of new 5G handsets later this year. Earlier this month, Apple's main rival, Samsung Electronics,&nbsp;saidJune quarter profits are likely to rise by 53% from last yearto 12.5 trillion won ($11 billion).</p><p><blockquote>彭博社周三报道称，苹果计划今年生产9000万部下一代iPhone，这家全球最大的科技公司预计将从今年晚些时候推出的新款5G手机中获得提振。本月早些时候，苹果的主要竞争对手三星电子表示，6月份季度利润可能比去年增长53%，达到12.5万亿韩元（110亿美元）。</blockquote></p><p> Shares were also buoyed by an upgrade at JPMorgan, which added the stock to its 'analyst focus list' as&nbsp;Samik Chatterjee&nbsp;boosted his price target by $5 to $175 each.</p><p><blockquote>摩根大通的评级上调也提振了股价，摩根大通将该股添加到“分析师关注名单”中，Samik Chatterjee将其目标价提高了5美元，至每股175美元。</blockquote></p><p> \"We are adding Apple shares to the Analyst Focus List as a Growth idea as data points supporting our recently highlighted favorable view on the shares continue to trickle in, including upside revision to iPhone 12 build estimates by Apple Supply Chain analyst, William Yang, as well as continued strength in sales of Mac devices,\" Chatterjee wrote. \"While the above drivers lead to an increase in our near-term forecasts, the recent momentum led by better market share, drives us to also estimate higher sustainable volumes in future quarters, leading us to see a path to Apple outperforming investor expectations over a longer time horizon rather than just the upcoming earnings print.\"</p><p><blockquote>Chatterjee写道：“随着支持我们最近强调的对该股有利看法的数据点不断涌入，包括苹果供应链分析师William Yang对iPhone 12产量预期的向上修正，我们将苹果股票作为增长理念添加到分析师关注名单中。以及Mac设备销售的持续强劲。”“虽然上述驱动因素导致我们的近期预测增加，但近期由更好的市场份额带动的势头也促使我们估计未来几个季度的可持续销量会更高，这使我们看到苹果的表现将超出投资者预期更长的时间范围，而不仅仅是即将发布的收益报告。”</blockquote></p><p> Apple shares were marked 2.1% higher in early trading Wednesday to change hands at $148.71 each, just shy of the intra-day record high of $148.96 it hit at the opening bell.</p><p><blockquote>苹果股价周三早盘上涨2.1%，至每股148.71美元，略低于开盘时创下的148.96美元的盘中历史新高。</blockquote></p><p> Apple is set to report its third quarter earnings on July 27, with CFO Luca Maestri cautioning investors in late April that the group is likely to experience a \"steeper than usual\" sequential revenue decline thanks in part to supply constraints linked to the global semiconductor shortage following Street-blasting sales of nearly $90 billion for the three months ending in March.</p><p><blockquote>苹果将于7月27日公布第三季度收益，首席财务官卢卡·马埃斯特里(Luca Maestri)在4月底警告投资者，该集团可能会经历“比平常更严重”的收入环比下降，部分原因是与全球半导体相关的供应限制。截至3月份的三个月，街头销售额接近900亿美元，导致短缺。</blockquote></p><p> Apple said iPhone revenues rose 65% from last year to $47.94 billion, well ahead of the $41.7 billion Street forecast, thanks to what CEO Tim Cook called \"strong demand for the iPhone 12 family\".</p><p><blockquote>苹果表示，得益于首席执行官Tim Cook所说的“对iPhone 12系列的强劲需求”，iPhone营收较去年增长65%至479.4亿美元，远高于华尔街预测的417亿美元。</blockquote></p><p> Greater China revenues, Apple said, rose 88% from last year's pandemic trough to $17.728 billion, while overall services revenues rose 26.6% to $16.9 billion.</p><p><blockquote>苹果表示，大中华区收入较去年疫情低谷增长88%，达到177.28亿美元，而整体服务收入增长26.6%，达到169亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple at Fresh Record High on iPhone Production Boost Report, JPMorgan Upgrade<blockquote>苹果因iPhone产量增长报告和摩根大通升级而创下历史新高</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 at Fresh Record High on iPhone Production Boost Report, JPMorgan Upgrade<blockquote>苹果因iPhone产量增长报告和摩根大通升级而创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-07-14 21:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple&nbsp;shares jumped to a fresh record high Wednesday following a report that the iPhone maker has asked suppliers to boost production by as much as 20% this year as it looks to meet improving customer demand.</p><p><blockquote>苹果股价周三跃升至历史新高，此前有报道称，这家iPhone制造商已要求供应商今年将产量提高20%，以满足不断改善的客户需求。</blockquote></p><p> Bloomberg reported Wednesday that Apple is looking to build 90 million next-generation iPhones this year, with the world's biggest tech company expected to get a boost from the launch of new 5G handsets later this year. Earlier this month, Apple's main rival, Samsung Electronics,&nbsp;saidJune quarter profits are likely to rise by 53% from last yearto 12.5 trillion won ($11 billion).</p><p><blockquote>彭博社周三报道称，苹果计划今年生产9000万部下一代iPhone，这家全球最大的科技公司预计将从今年晚些时候推出的新款5G手机中获得提振。本月早些时候，苹果的主要竞争对手三星电子表示，6月份季度利润可能比去年增长53%，达到12.5万亿韩元（110亿美元）。</blockquote></p><p> Shares were also buoyed by an upgrade at JPMorgan, which added the stock to its 'analyst focus list' as&nbsp;Samik Chatterjee&nbsp;boosted his price target by $5 to $175 each.</p><p><blockquote>摩根大通的评级上调也提振了股价，摩根大通将该股添加到“分析师关注名单”中，Samik Chatterjee将其目标价提高了5美元，至每股175美元。</blockquote></p><p> \"We are adding Apple shares to the Analyst Focus List as a Growth idea as data points supporting our recently highlighted favorable view on the shares continue to trickle in, including upside revision to iPhone 12 build estimates by Apple Supply Chain analyst, William Yang, as well as continued strength in sales of Mac devices,\" Chatterjee wrote. \"While the above drivers lead to an increase in our near-term forecasts, the recent momentum led by better market share, drives us to also estimate higher sustainable volumes in future quarters, leading us to see a path to Apple outperforming investor expectations over a longer time horizon rather than just the upcoming earnings print.\"</p><p><blockquote>Chatterjee写道：“随着支持我们最近强调的对该股有利看法的数据点不断涌入，包括苹果供应链分析师William Yang对iPhone 12产量预期的向上修正，我们将苹果股票作为增长理念添加到分析师关注名单中。以及Mac设备销售的持续强劲。”“虽然上述驱动因素导致我们的近期预测增加，但近期由更好的市场份额带动的势头也促使我们估计未来几个季度的可持续销量会更高，这使我们看到苹果的表现将超出投资者预期更长的时间范围，而不仅仅是即将发布的收益报告。”</blockquote></p><p> Apple shares were marked 2.1% higher in early trading Wednesday to change hands at $148.71 each, just shy of the intra-day record high of $148.96 it hit at the opening bell.</p><p><blockquote>苹果股价周三早盘上涨2.1%，至每股148.71美元，略低于开盘时创下的148.96美元的盘中历史新高。</blockquote></p><p> Apple is set to report its third quarter earnings on July 27, with CFO Luca Maestri cautioning investors in late April that the group is likely to experience a \"steeper than usual\" sequential revenue decline thanks in part to supply constraints linked to the global semiconductor shortage following Street-blasting sales of nearly $90 billion for the three months ending in March.</p><p><blockquote>苹果将于7月27日公布第三季度收益，首席财务官卢卡·马埃斯特里(Luca Maestri)在4月底警告投资者，该集团可能会经历“比平常更严重”的收入环比下降，部分原因是与全球半导体相关的供应限制。截至3月份的三个月，街头销售额接近900亿美元，导致短缺。</blockquote></p><p> Apple said iPhone revenues rose 65% from last year to $47.94 billion, well ahead of the $41.7 billion Street forecast, thanks to what CEO Tim Cook called \"strong demand for the iPhone 12 family\".</p><p><blockquote>苹果表示，得益于首席执行官Tim Cook所说的“对iPhone 12系列的强劲需求”，iPhone营收较去年增长65%至479.4亿美元，远高于华尔街预测的417亿美元。</blockquote></p><p> Greater China revenues, Apple said, rose 88% from last year's pandemic trough to $17.728 billion, while overall services revenues rose 26.6% to $16.9 billion.</p><p><blockquote>苹果表示，大中华区收入较去年疫情低谷增长88%，达到177.28亿美元，而整体服务收入增长26.6%，达到169亿美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/investing/apple-jumps-on-iphone-production-boost-report-jpmorgan-upgrade\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/investing/apple-jumps-on-iphone-production-boost-report-jpmorgan-upgrade","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109822941","content_text":"Apple shares jumped to a fresh record high Wednesday following a report that the iPhone maker has asked suppliers to boost production by as much as 20% this year as it looks to meet improving customer demand.\nBloomberg reported Wednesday that Apple is looking to build 90 million next-generation iPhones this year, with the world's biggest tech company expected to get a boost from the launch of new 5G handsets later this year. Earlier this month, Apple's main rival, Samsung Electronics, saidJune quarter profits are likely to rise by 53% from last yearto 12.5 trillion won ($11 billion).\nShares were also buoyed by an upgrade at JPMorgan, which added the stock to its 'analyst focus list' as Samik Chatterjee boosted his price target by $5 to $175 each.\n\"We are adding Apple shares to the Analyst Focus List as a Growth idea as data points supporting our recently highlighted favorable view on the shares continue to trickle in, including upside revision to iPhone 12 build estimates by Apple Supply Chain analyst, William Yang, as well as continued strength in sales of Mac devices,\" Chatterjee wrote. \"While the above drivers lead to an increase in our near-term forecasts, the recent momentum led by better market share, drives us to also estimate higher sustainable volumes in future quarters, leading us to see a path to Apple outperforming investor expectations over a longer time horizon rather than just the upcoming earnings print.\"\nApple shares were marked 2.1% higher in early trading Wednesday to change hands at $148.71 each, just shy of the intra-day record high of $148.96 it hit at the opening bell.\nApple is set to report its third quarter earnings on July 27, with CFO Luca Maestri cautioning investors in late April that the group is likely to experience a \"steeper than usual\" sequential revenue decline thanks in part to supply constraints linked to the global semiconductor shortage following Street-blasting sales of nearly $90 billion for the three months ending in March.\nApple said iPhone revenues rose 65% from last year to $47.94 billion, well ahead of the $41.7 billion Street forecast, thanks to what CEO Tim Cook called \"strong demand for the iPhone 12 family\".\nGreater China revenues, Apple said, rose 88% from last year's pandemic trough to $17.728 billion, while overall services revenues rose 26.6% to $16.9 billion.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142837673,"gmtCreate":1626140341692,"gmtModify":1633929741324,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"SG stocks is …","listText":"SG stocks is …","text":"SG stocks is 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zoom","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/148119472","repostId":"2150370120","repostType":4,"isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155261957,"gmtCreate":1625440822679,"gmtModify":1633940780450,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Thanks for the insights&nbsp;","listText":"Thanks for the insights&nbsp;","text":"Thanks for the insights","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155261957","repostId":"1189605893","repostType":4,"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804360715,"gmtCreate":1627924863837,"gmtModify":1631889963023,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Good buy&nbsp;","listText":"Good buy&nbsp;","text":"Good buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804360715","repostId":"1191539307","repostType":4,"isVote":1,"tweetType":1,"viewCount":1194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174325831,"gmtCreate":1627081357523,"gmtModify":1633768261422,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Cleverness&nbsp;","listText":"Cleverness&nbsp;","text":"Cleverness","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/174325831","repostId":"2153984780","repostType":4,"isVote":1,"tweetType":1,"viewCount":475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173100103,"gmtCreate":1626624522102,"gmtModify":1633925427741,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Ipo","listText":"Ipo","text":"Ipo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173100103","repostId":"1183956332","repostType":4,"isVote":1,"tweetType":1,"viewCount":395,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170561426,"gmtCreate":1626442960065,"gmtModify":1633926715492,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170561426","repostId":"1167804296","repostType":4,"repost":{"id":"1167804296","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626442279,"share":"https://www.laohu8.com/m/news/1167804296?lang=zh_CN&edition=full","pubTime":"2021-07-16 21:31","market":"us","language":"en","title":"Dow jumps above 35,000 as retail sales top expectations<blockquote>零售销售超出预期，道指跃升至35,000点以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167804296","media":"Tiger Newspress","summary":"U.S. stock indexes rose on Friday as the latest retail sales data topped economists' expectations.\nT","content":"<p>U.S. stock indexes rose on Friday as the latest retail sales data topped economists' expectations.</p><p><blockquote>由于最新的零售销售数据超出了经济学家的预期，美国股指周五上涨。</blockquote></p><p> The Dow Jones Industrial Average gained about 80 points, or 0.23%. The S&amp;P 500 added 0.4% and the Nasdaq Composite gained 0.3%.</p><p><blockquote>道琼斯工业平均指数上涨约80点，涨幅0.23%。标普500上涨0.4%，纳斯达克综合指数上涨0.3%。</blockquote></p><p> June&nbsp;retail and food service sales&nbsp;rose 0.6%, while economists surveyed by the Dow Jones had expected a 0.4% decline. Excluding autos, those sales jumped 1.3%, beating economists' estimate of a 0.4% gain.</p><p><blockquote>6月份零售和食品服务销售额增长0.6%，而道琼斯调查的经济学家此前预计下降0.4%。不包括汽车在内，这些销售额增长了1.3%，超出了经济学家预期的0.4%。</blockquote></p><p> Cyclical stocks tied to the economic recovery saw gains in early morning trading.A stabilization in bond yieldsaided this move with the 10-year Treasury yield climbing back up above 1.30%.</p><p><blockquote>与经济复苏相关的周期性股票在早盘交易中上涨。债券收益率企稳证实了这一举措，10年期国债收益率回升至1.30%以上。</blockquote></p><p> “While stock market valuations appear lofty, the global economic recovery continues to surge. Strong GDP and earnings growth, supportive fiscal and monetary policy, and a recovering labor market all support an optimistic view on stocks for the remainder of the year,” said Greg Marcus, UBS Private Wealth Management managing director.</p><p><blockquote>瑞银私人财富管理董事总经理Greg Marcus表示：“虽然股市估值看起来很高，但全球经济复苏仍在继续飙升。强劲的GDP和盈利增长、支持性的财政和货币政策以及复苏的劳动力市场都支持了对今年剩余时间股市的乐观看法。”</blockquote></p><p> Bank of America led gains in bank stocks in premarket trading. Boeing shares edged higher. Airlines, casinos, and energy stocks inched into the green.</p><p><blockquote>美国银行在盘前交易中领涨银行股。波音股价小幅走高。航空公司、赌场和能源股小幅上涨。</blockquote></p><p> The iShares Russell 2000 ETF, containing small cap shares more reliant on the U.S. economy, gained in premarket trading.</p><p><blockquote>iShares Russell 2000 ETF包含更依赖美国经济的小盘股，在盘前交易中上涨。</blockquote></p><p> Live Nation’s stock rose in the premarket afterGoldman said the stock can rally nearly 40%as concerts return.</p><p><blockquote>高盛表示，随着音乐会的回归，Live Nation的股价可能会上涨近40%，该股在盘前上涨。</blockquote></p><p> Shares of Carnival, Royal Caribbean and Norwegian each increased in early morning trading after Canada announced it wouldallow cruise ships to resume operationsin its waters starting Nov. 1, sooner than planned. Previously, the Canadian government extended its cruise ban until the end of February 2022.</p><p><blockquote>在加拿大宣布将允许游轮从11月1日起恢复在其水域运营（比原计划更早）后，嘉年华、皇家加勒比和挪威的股价在早盘交易中均上涨。此前，加拿大政府将邮轮禁令延长至2022年2月底。</blockquote></p><p> The moves in recovery-related stocks came even amid concerns about ultra-infectious variants of the coronavirus. Los Angeles County announced Thursday it wouldrestore an indoor mask mandate, including for fully-vaccinated people, due to a rapid and sustained increase in Covid-19 cases.</p><p><blockquote>尽管人们对冠状病毒的高传染性变种感到担忧，但与复苏相关的股票还是出现了走势。由于新冠肺炎病例快速持续增加，洛杉矶县周四宣布将恢复室内口罩强制令，包括对完全接种疫苗的人。</blockquote></p><p> Investors also digested strong earnings results from the first major week of second-quarter reports. Though some of the nation’s largest companies posted healthy profits and revenues amid the economic recovery, the reaction in the stock market has so far been muted.</p><p><blockquote>投资者还消化了第二季度报告第一个重要周的强劲盈利结果。尽管美国一些最大的公司在经济复苏中公布了健康的利润和收入，但迄今为止股市的反应一直很平静。</blockquote></p><p> Morgan Stanley’s&nbsp;second-quarter earnings report, for example, topped analysts’ expectations Thursday, yet its shares closed just 0.18% higher.</p><p><blockquote>例如，摩根士丹利周四发布的第二季度收益报告超出了分析师的预期，但其股价仅收盘上涨0.18%。</blockquote></p><p> For18 S&amp;P 500 companies that beat analyst estimates for second-quarter earnings this week, the average earnings-per-share result was 18% higher than expected. But those companies saw their shares fall 0.58% on average after reporting.</p><p><blockquote>本周第二季度盈利超出分析师预期的18家标普500公司，平均每股收益比预期高出18%。但这些公司的股价在发布报告后平均下跌0.58%。</blockquote></p><p> The soft moves in reaction to corporate earnings have contributed to a lackluster week for the S&amp;P 500, which dipped 0.2% on the week as of Thursday’s close.</p><p><blockquote>对企业盈利的疲软反应导致标普500本周表现低迷，截至周四收盘，该股本周下跌0.2%。</blockquote></p><p> Much of the market’s upward pressure over the last week has come from a handful of mega-cap internet and communications stocks. Apple, Netflix, Google-parent Alphabet and Microsoft are all up this week.</p><p><blockquote>上周市场的大部分上行压力来自少数大型互联网和通信股。苹果、Netflix、谷歌母公司Alphabet和微软本周均上涨。</blockquote></p><p> Wall Street may be checking its optimism in the aftermath of the recent hotconsumer price index inflation reportand commentary from both Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen about the pace of price appreciation in the near term.</p><p><blockquote>在最近热门的消费者价格指数通胀报告以及美联储主席杰罗姆·鲍威尔和财政部长珍妮特·耶伦对近期物价升值步伐的评论之后，华尔街可能会检查其乐观情绪。</blockquote></p><p> Yellen, who spoke to CNBC’s “Closing Bell” on Thursday, said she predictsprices could continue to rise for several more months before cooling off.</p><p><blockquote>耶伦周四在CNBC的“收盘钟声”节目中表示，她预计价格可能会继续上涨几个月，然后才会降温。</blockquote></p><p> “I’m not saying that this is a one-month phenomenon. But I think over the medium term, we’ll see inflation decline back toward normal levels,” she said. “But, of course, we have to keep a careful eye on it.”</p><p><blockquote>“我并不是说这是一个月的现象。但我认为，从中期来看，我们将看到通胀回落至正常水平，”她说。“但是，当然，我们必须密切关注它。”</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>Dow jumps above 35,000 as retail sales top expectations<blockquote>零售销售超出预期，道指跃升至35,000点以上</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\">\nDow jumps above 35,000 as retail sales top expectations<blockquote>零售销售超出预期，道指跃升至35,000点以上</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-16 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock indexes rose on Friday as the latest retail sales data topped economists' expectations.</p><p><blockquote>由于最新的零售销售数据超出了经济学家的预期，美国股指周五上涨。</blockquote></p><p> The Dow Jones Industrial Average gained about 80 points, or 0.23%. The S&amp;P 500 added 0.4% and the Nasdaq Composite gained 0.3%.</p><p><blockquote>道琼斯工业平均指数上涨约80点，涨幅0.23%。标普500上涨0.4%，纳斯达克综合指数上涨0.3%。</blockquote></p><p> June&nbsp;retail and food service sales&nbsp;rose 0.6%, while economists surveyed by the Dow Jones had expected a 0.4% decline. Excluding autos, those sales jumped 1.3%, beating economists' estimate of a 0.4% gain.</p><p><blockquote>6月份零售和食品服务销售额增长0.6%，而道琼斯调查的经济学家此前预计下降0.4%。不包括汽车在内，这些销售额增长了1.3%，超出了经济学家预期的0.4%。</blockquote></p><p> Cyclical stocks tied to the economic recovery saw gains in early morning trading.A stabilization in bond yieldsaided this move with the 10-year Treasury yield climbing back up above 1.30%.</p><p><blockquote>与经济复苏相关的周期性股票在早盘交易中上涨。债券收益率企稳证实了这一举措，10年期国债收益率回升至1.30%以上。</blockquote></p><p> “While stock market valuations appear lofty, the global economic recovery continues to surge. Strong GDP and earnings growth, supportive fiscal and monetary policy, and a recovering labor market all support an optimistic view on stocks for the remainder of the year,” said Greg Marcus, UBS Private Wealth Management managing director.</p><p><blockquote>瑞银私人财富管理董事总经理Greg Marcus表示：“虽然股市估值看起来很高，但全球经济复苏仍在继续飙升。强劲的GDP和盈利增长、支持性的财政和货币政策以及复苏的劳动力市场都支持了对今年剩余时间股市的乐观看法。”</blockquote></p><p> Bank of America led gains in bank stocks in premarket trading. Boeing shares edged higher. Airlines, casinos, and energy stocks inched into the green.</p><p><blockquote>美国银行在盘前交易中领涨银行股。波音股价小幅走高。航空公司、赌场和能源股小幅上涨。</blockquote></p><p> The iShares Russell 2000 ETF, containing small cap shares more reliant on the U.S. economy, gained in premarket trading.</p><p><blockquote>iShares Russell 2000 ETF包含更依赖美国经济的小盘股，在盘前交易中上涨。</blockquote></p><p> Live Nation’s stock rose in the premarket afterGoldman said the stock can rally nearly 40%as concerts return.</p><p><blockquote>高盛表示，随着音乐会的回归，Live Nation的股价可能会上涨近40%，该股在盘前上涨。</blockquote></p><p> Shares of Carnival, Royal Caribbean and Norwegian each increased in early morning trading after Canada announced it wouldallow cruise ships to resume operationsin its waters starting Nov. 1, sooner than planned. Previously, the Canadian government extended its cruise ban until the end of February 2022.</p><p><blockquote>在加拿大宣布将允许游轮从11月1日起恢复在其水域运营（比原计划更早）后，嘉年华、皇家加勒比和挪威的股价在早盘交易中均上涨。此前，加拿大政府将邮轮禁令延长至2022年2月底。</blockquote></p><p> The moves in recovery-related stocks came even amid concerns about ultra-infectious variants of the coronavirus. Los Angeles County announced Thursday it wouldrestore an indoor mask mandate, including for fully-vaccinated people, due to a rapid and sustained increase in Covid-19 cases.</p><p><blockquote>尽管人们对冠状病毒的高传染性变种感到担忧，但与复苏相关的股票还是出现了走势。由于新冠肺炎病例快速持续增加，洛杉矶县周四宣布将恢复室内口罩强制令，包括对完全接种疫苗的人。</blockquote></p><p> Investors also digested strong earnings results from the first major week of second-quarter reports. Though some of the nation’s largest companies posted healthy profits and revenues amid the economic recovery, the reaction in the stock market has so far been muted.</p><p><blockquote>投资者还消化了第二季度报告第一个重要周的强劲盈利结果。尽管美国一些最大的公司在经济复苏中公布了健康的利润和收入，但迄今为止股市的反应一直很平静。</blockquote></p><p> Morgan Stanley’s&nbsp;second-quarter earnings report, for example, topped analysts’ expectations Thursday, yet its shares closed just 0.18% higher.</p><p><blockquote>例如，摩根士丹利周四发布的第二季度收益报告超出了分析师的预期，但其股价仅收盘上涨0.18%。</blockquote></p><p> For18 S&amp;P 500 companies that beat analyst estimates for second-quarter earnings this week, the average earnings-per-share result was 18% higher than expected. But those companies saw their shares fall 0.58% on average after reporting.</p><p><blockquote>本周第二季度盈利超出分析师预期的18家标普500公司，平均每股收益比预期高出18%。但这些公司的股价在发布报告后平均下跌0.58%。</blockquote></p><p> The soft moves in reaction to corporate earnings have contributed to a lackluster week for the S&amp;P 500, which dipped 0.2% on the week as of Thursday’s close.</p><p><blockquote>对企业盈利的疲软反应导致标普500本周表现低迷，截至周四收盘，该股本周下跌0.2%。</blockquote></p><p> Much of the market’s upward pressure over the last week has come from a handful of mega-cap internet and communications stocks. Apple, Netflix, Google-parent Alphabet and Microsoft are all up this week.</p><p><blockquote>上周市场的大部分上行压力来自少数大型互联网和通信股。苹果、Netflix、谷歌母公司Alphabet和微软本周均上涨。</blockquote></p><p> Wall Street may be checking its optimism in the aftermath of the recent hotconsumer price index inflation reportand commentary from both Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen about the pace of price appreciation in the near term.</p><p><blockquote>在最近热门的消费者价格指数通胀报告以及美联储主席杰罗姆·鲍威尔和财政部长珍妮特·耶伦对近期物价升值步伐的评论之后，华尔街可能会检查其乐观情绪。</blockquote></p><p> Yellen, who spoke to CNBC’s “Closing Bell” on Thursday, said she predictsprices could continue to rise for several more months before cooling off.</p><p><blockquote>耶伦周四在CNBC的“收盘钟声”节目中表示，她预计价格可能会继续上涨几个月，然后才会降温。</blockquote></p><p> “I’m not saying that this is a one-month phenomenon. But I think over the medium term, we’ll see inflation decline back toward normal levels,” she said. “But, of course, we have to keep a careful eye on it.”</p><p><blockquote>“我并不是说这是一个月的现象。但我认为，从中期来看，我们将看到通胀回落至正常水平，”她说。“但是，当然，我们必须密切关注它。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167804296","content_text":"U.S. stock indexes rose on Friday as the latest retail sales data topped economists' expectations.\nThe Dow Jones Industrial Average gained about 80 points, or 0.23%. The S&P 500 added 0.4% and the Nasdaq Composite gained 0.3%.\nJune retail and food service sales rose 0.6%, while economists surveyed by the Dow Jones had expected a 0.4% decline. Excluding autos, those sales jumped 1.3%, beating economists' estimate of a 0.4% gain.\nCyclical stocks tied to the economic recovery saw gains in early morning trading.A stabilization in bond yieldsaided this move with the 10-year Treasury yield climbing back up above 1.30%.\n“While stock market valuations appear lofty, the global economic recovery continues to surge. Strong GDP and earnings growth, supportive fiscal and monetary policy, and a recovering labor market all support an optimistic view on stocks for the remainder of the year,” said Greg Marcus, UBS Private Wealth Management managing director.\nBank of America led gains in bank stocks in premarket trading. Boeing shares edged higher. Airlines, casinos, and energy stocks inched into the green.\nThe iShares Russell 2000 ETF, containing small cap shares more reliant on the U.S. economy, gained in premarket trading.\nLive Nation’s stock rose in the premarket afterGoldman said the stock can rally nearly 40%as concerts return.\nShares of Carnival, Royal Caribbean and Norwegian each increased in early morning trading after Canada announced it wouldallow cruise ships to resume operationsin its waters starting Nov. 1, sooner than planned. Previously, the Canadian government extended its cruise ban until the end of February 2022.\nThe moves in recovery-related stocks came even amid concerns about ultra-infectious variants of the coronavirus. Los Angeles County announced Thursday it wouldrestore an indoor mask mandate, including for fully-vaccinated people, due to a rapid and sustained increase in Covid-19 cases.\nInvestors also digested strong earnings results from the first major week of second-quarter reports. Though some of the nation’s largest companies posted healthy profits and revenues amid the economic recovery, the reaction in the stock market has so far been muted.\nMorgan Stanley’s second-quarter earnings report, for example, topped analysts’ expectations Thursday, yet its shares closed just 0.18% higher.\nFor18 S&P 500 companies that beat analyst estimates for second-quarter earnings this week, the average earnings-per-share result was 18% higher than expected. But those companies saw their shares fall 0.58% on average after reporting.\nThe soft moves in reaction to corporate earnings have contributed to a lackluster week for the S&P 500, which dipped 0.2% on the week as of Thursday’s close.\nMuch of the market’s upward pressure over the last week has come from a handful of mega-cap internet and communications stocks. Apple, Netflix, Google-parent Alphabet and Microsoft are all up this week.\nWall Street may be checking its optimism in the aftermath of the recent hotconsumer price index inflation reportand commentary from both Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen about the pace of price appreciation in the near term.\nYellen, who spoke to CNBC’s “Closing Bell” on Thursday, said she predictsprices could continue to rise for several more months before cooling off.\n“I’m not saying that this is a one-month phenomenon. But I think over the medium term, we’ll see inflation decline back toward normal levels,” she said. “But, of course, we have to keep a careful eye on it.”","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144215569,"gmtCreate":1626300191751,"gmtModify":1633928220627,"author":{"id":"3584845497808923","authorId":"3584845497808923","name":"Rozilla","avatar":"https://static.tigerbbs.com/48a6d0bfd53f17c7b4cd754a4ca13cc6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584845497808923","idStr":"3584845497808923"},"themes":[],"htmlText":"Go baba go","listText":"Go baba go","text":"Go baba go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/144215569","repostId":"1140308728","repostType":4,"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}