CorrineNaNa的个人主页 - 老虎社区

CorrineNaNa

CorrineNaNa

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2021-12-16

Good

Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron

2021-12-13

Good //@CorrineNaNa:Good//@CorrineNaNa:Great

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2021-11-11

Good//@CorrineNaNa:Great

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2021-07-25

Great

抱歉，原内容已删除

2021-07-20

Good

抱歉，原内容已删除

2021-07-19

Agreed

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2021-07-18

Agree

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2021-07-16

Good//@SolidSnake:Good

Cramer: Chip Sector's Contradictions – AMD, Nvidia, Intel

2021-07-16

Good

Is Delta Airlines Stock A Buy Despite Global Travel Restrictions?

2021-07-11

Good

2 Growth Stocks for the Next 10 Years

2021-07-06

I love coffee

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2021-07-06

Hi all, do u think dji will rally in July?

Dow drops 400 points, S&P 500 is set to snap 7-day winning streak

2021-06-30

Great

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2021-06-27

Agreed

Square: The Bear Case

2021-06-26

I opt for apple

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2021-06-24

Good

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2021-06-20

Agreed

Adobe Getting Lift From Economic Reopening Post-Pandemic

2021-06-16

Cool

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2021-06-13

Inflation and mortage will rise eventually

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2021-06-12

Is inflation near or still have room for rally?

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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":1639667369,"share":"https://www.laohu8.com/m/news/1108384523?lang=&edition=full","pubTime":"2021-12-16 23:09","market":"us","language":"en","title":"Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron","url":"https://stock-news.laohu8.com/highlight/detail?id=1108384523","media":"Tiger Newspress","summary":"Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity a","content":"<p>Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron.<img src=\"https://static.tigerbbs.com/07fe5a6b831322eef2c479861ad70527\" tg-width=\"766\" tg-height=\"563\" width=\"100%\" height=\"auto\">The company&nbsp;announced&nbsp;new preclinical data, published to the preprint server&nbsp;bioRxiv, demonstrating the impact of the significant antigenic shift of the new COVID-19 omicron variant (B.1.1.529).&nbsp;</p>\n<p>A significant reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals.&nbsp;</p>\n<p>Researchers also tested the in vitro neutralizing activity of 44 monoclonal antibodies (mAbs) (eight of which are currently authorized or approved).&nbsp;</p>\n<p>Data demonstrate that sotrovimab and five other preclinical mAbs, developed by Vir in conjunction with&nbsp;GlaxoSmithKline plc&nbsp;(NYSE:&nbsp;GSK), retained their in vitro neutralizing activity against omicron.</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 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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\">2021-12-16 23:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron.<img src=\"https://static.tigerbbs.com/07fe5a6b831322eef2c479861ad70527\" tg-width=\"766\" tg-height=\"563\" width=\"100%\" height=\"auto\">The company&nbsp;announced&nbsp;new preclinical data, published to the preprint server&nbsp;bioRxiv, demonstrating the impact of the significant antigenic shift of the new COVID-19 omicron variant (B.1.1.529).&nbsp;</p>\n<p>A significant reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals.&nbsp;</p>\n<p>Researchers also tested the in vitro neutralizing activity of 44 monoclonal antibodies (mAbs) (eight of which are currently authorized or approved).&nbsp;</p>\n<p>Data demonstrate that sotrovimab and five other preclinical mAbs, developed by Vir in conjunction with&nbsp;GlaxoSmithKline plc&nbsp;(NYSE:&nbsp;GSK), retained their in vitro neutralizing activity against omicron.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIR":"Vir Biotechnology, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108384523","content_text":"Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron.The company announced new preclinical data, published to the preprint server bioRxiv, demonstrating the impact of the significant antigenic shift of the new COVID-19 omicron variant (B.1.1.529). \nA significant reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals. \nResearchers also tested the in vitro neutralizing activity of 44 monoclonal antibodies (mAbs) (eight of which are currently authorized or approved). \nData demonstrate that sotrovimab and five other preclinical mAbs, developed by Vir in conjunction with GlaxoSmithKline plc (NYSE: GSK), retained their in vitro neutralizing activity against omicron.","news_type":1},"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":604668882,"gmtCreate":1639388188039,"gmtModify":1639388700545,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good&nbsp;//<a href=\"https://laohu8.com/U/3585264675951025\">@CorrineNaNa</a>:Good//<a 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href=\"https://laohu8.com/U/3585264675951025\">@CorrineNaNa</a>:Great","listText":"Good//<a href=\"https://laohu8.com/U/3585264675951025\">@CorrineNaNa</a>:Great","text":"Good//@CorrineNaNa:Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/870570125","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":174751305,"gmtCreate":1627143540607,"gmtModify":1631891057089,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/174751305","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178892617,"gmtCreate":1626795497139,"gmtModify":1631891057102,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/178892617","repostId":"2152405667","repostType":4,"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171108167,"gmtCreate":1626709857759,"gmtModify":1631891057114,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/171108167","repostId":"2152630905","repostType":4,"isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173336489,"gmtCreate":1626614433441,"gmtModify":1631888360990,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173336489","repostId":"1183956332","repostType":4,"isVote":1,"tweetType":1,"viewCount":600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170134221,"gmtCreate":1626411057063,"gmtModify":1631891057123,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good//<a href=\"https://laohu8.com/U/3569277422888666\">@SolidSnake</a>:Good","listText":"Good//<a href=\"https://laohu8.com/U/3569277422888666\">@SolidSnake</a>:Good","text":"Good//@SolidSnake:Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170134221","repostId":"1181685430","repostType":4,"repost":{"id":"1181685430","kind":"news","pubTimestamp":1626311578,"share":"https://www.laohu8.com/m/news/1181685430?lang=&edition=full","pubTime":"2021-07-15 09:12","market":"us","language":"en","title":"Cramer: Chip Sector's Contradictions – AMD, Nvidia, Intel","url":"https://stock-news.laohu8.com/highlight/detail?id=1181685430","media":"The Street","summary":"With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cram","content":"<blockquote>\n With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cramer says.\n</blockquote>\n<p>The semiconductor industry is a “ball of confusion” to investors, just when market mavens crave some stability from chip makers.</p>\n<p>That’s causing angst among investors, who should be buying semiconductors right now but can’t—or won’t—pull the trigger, TheStreet's Jim Cramer noted in a recent Real Money column.</p>\n<p>One big chip maker stands out in that regard, Cramer said.</p>\n<p>\"Take Advanced Micro&nbsp;(<b>AMD</b>) -Get Report. This one has wandered in the wilderness for months as Intel's&nbsp;(<b>INTC</b>) -Get Report&nbsp;CEO Pat Gelsinger talks a big game about ending the reign of the upstart. It doesn't matter that CEO Lisa Su has a monster lead on Intel now. Pat loves to say that Intel's back and we want that. The fact is, though, that AMD is still the leader and Su is not going to fight back with words, she is going to fight back with chips.</p>\n<p>\"Su did give an interview this week where she talked about how well they were doing and acknowledged the chip shortage. I thought the stock should go up on the story and instead it got hammered. Finally we are getting nervous about the Xilinx approval. We have been waiting and waiting.&nbsp;All that amounts to a stalled stock with a downward bias.\"</p>\n<p>Cramer also pointed to Texas Instruments&nbsp;(<b>TXN</b>) -Get Report&nbsp;and Analog Devices&nbsp;(<b>ADI</b>) -Get Report&nbsp;as two additional industry culprits who should represent buying opportunities, but are too “harrowing” to be bought right now. Other semiconductor stocks are in the same state of suspension, but should also be on investor radar screens.</p>\n<p>This from Cramer:</p>\n<p>I can't tell you how many times I have heard that Broadcom&nbsp;(<b>AVGO</b>) -Get Report&nbsp;will disappoint only to watch it beat the numbers handily.&nbsp;Or Marvell Tech&nbsp;(<b>MRVL</b>) -Get Report. Here's one that likes to run into the quarter and then sell down when it reports.</p>\n<p>Cramer said that, fortunately, Marvell didn't fall flat this time but that's the first time he's seen it hold.&nbsp;The only one that doesn't act terribly, he added, is Nvidia&nbsp;(<b>NVDA</b>) -Get Report&nbsp;-- \"but need I remind you that it was stalled for ages, too.\"</p>\n<p>It’s worth noting that a semiconductor’s natural state is to rise up as its temperature goes up. That’s not happening right now and it’s vexing to investors who otherwise may be sector buyers, Cramer noted. Still, the upside value shouldn’t be ignored, he added.</p>\n<p>\"This fabulous group is a ball of confusion until you look where they come from,\" Cramer says.</p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cramer: Chip Sector's Contradictions – AMD, Nvidia, Intel</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nCramer: Chip Sector's Contradictions – AMD, Nvidia, Intel\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 09:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/jim-cramer/cramer-chip-sectors-contradictions-amd-nvidia-intel><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cramer says.\n\nThe semiconductor industry is a “ball of confusion” to investors, just when market mavens ...</p>\n\n<a href=\"https://www.thestreet.com/jim-cramer/cramer-chip-sectors-contradictions-amd-nvidia-intel\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://www.thestreet.com/jim-cramer/cramer-chip-sectors-contradictions-amd-nvidia-intel","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181685430","content_text":"With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cramer says.\n\nThe semiconductor industry is a “ball of confusion” to investors, just when market mavens crave some stability from chip makers.\nThat’s causing angst among investors, who should be buying semiconductors right now but can’t—or won’t—pull the trigger, TheStreet's Jim Cramer noted in a recent Real Money column.\nOne big chip maker stands out in that regard, Cramer said.\n\"Take Advanced Micro (AMD) -Get Report. This one has wandered in the wilderness for months as Intel's (INTC) -Get Report CEO Pat Gelsinger talks a big game about ending the reign of the upstart. It doesn't matter that CEO Lisa Su has a monster lead on Intel now. Pat loves to say that Intel's back and we want that. The fact is, though, that AMD is still the leader and Su is not going to fight back with words, she is going to fight back with chips.\n\"Su did give an interview this week where she talked about how well they were doing and acknowledged the chip shortage. I thought the stock should go up on the story and instead it got hammered. Finally we are getting nervous about the Xilinx approval. We have been waiting and waiting. All that amounts to a stalled stock with a downward bias.\"\nCramer also pointed to Texas Instruments (TXN) -Get Report and Analog Devices (ADI) -Get Report as two additional industry culprits who should represent buying opportunities, but are too “harrowing” to be bought right now. Other semiconductor stocks are in the same state of suspension, but should also be on investor radar screens.\nThis from Cramer:\nI can't tell you how many times I have heard that Broadcom (AVGO) -Get Report will disappoint only to watch it beat the numbers handily. Or Marvell Tech (MRVL) -Get Report. Here's one that likes to run into the quarter and then sell down when it reports.\nCramer said that, fortunately, Marvell didn't fall flat this time but that's the first time he's seen it hold. The only one that doesn't act terribly, he added, is Nvidia (NVDA) -Get Report -- \"but need I remind you that it was stalled for ages, too.\"\nIt’s worth noting that a semiconductor’s natural state is to rise up as its temperature goes up. That’s not happening right now and it’s vexing to investors who otherwise may be sector buyers, Cramer noted. Still, the upside value shouldn’t be ignored, he added.\n\"This fabulous group is a ball of confusion until you look where they come from,\" Cramer says.","news_type":1},"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170134359,"gmtCreate":1626411014271,"gmtModify":1631891057136,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/170134359","repostId":"1125036543","repostType":4,"repost":{"id":"1125036543","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626404726,"share":"https://www.laohu8.com/m/news/1125036543?lang=&edition=full","pubTime":"2021-07-16 11:05","market":"us","language":"en","title":"Is Delta Airlines Stock A Buy Despite Global Travel Restrictions?","url":"https://stock-news.laohu8.com/highlight/detail?id=1125036543","media":"Benzinga","summary":"The return of business travel and expected improvements in company fundamentals have turned Raymond ","content":"<p>The return of business travel and expected improvements in company fundamentals have turned Raymond James analysts bullish on<b>Delta, Inc.</b>(NYSE:DAL).</p>\n<p><b>The Delta Analyst:</b>Savanthi Syth&nbsp;upgraded&nbsp;Delta from Market Perform to Strong Buy and set a $58 price target.</p>\n<p><b>The Delta Takeaways:</b>Demand for corporate business travel has recovered to 40% of June 2019’s levels&nbsp;and is expected to rise to 60% in September and as high as 80% by the end of the fourth quarter, Syth said in a Thursday note.</p>\n<p>Leisure travel is still lagging, yet Delta CEO Ed Bastian noted in an interview with Yahoo Finance the company has “more demand than [it] can serve,” the analyst said.</p>\n<p>To address this, Bastian said the company is hiring 1,000 pilots. Furthermore, Delta is expanding its fleet through 2023, said Syth.</p>\n<p>Looking forward, “Delta’s balanced capital deployment strategy” and ability “to grow a higher margin business” should sustain its “relative operational and financial leadership vs. legacy peers,” said the analyst.</p>\n<p><img src=\"https://static.tigerbbs.com/86721cc59f07b965d6fb3ad95b1d0e02\" tg-width=\"649\" tg-height=\"249\"></p>\n<p><b>DAL Price Action:</b>&nbsp;Delta shares gained 1.65% Thursday, closing at $41.35.</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 Delta Airlines Stock A Buy Despite Global Travel Restrictions?</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 Delta Airlines Stock A Buy Despite Global Travel Restrictions?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-07-16 11:05</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>The return of business travel and expected improvements in company fundamentals have turned Raymond James analysts bullish on<b>Delta, Inc.</b>(NYSE:DAL).</p>\n<p><b>The Delta Analyst:</b>Savanthi Syth&nbsp;upgraded&nbsp;Delta from Market Perform to Strong Buy and set a $58 price target.</p>\n<p><b>The Delta Takeaways:</b>Demand for corporate business travel has recovered to 40% of June 2019’s levels&nbsp;and is expected to rise to 60% in September and as high as 80% by the end of the fourth quarter, Syth said in a Thursday note.</p>\n<p>Leisure travel is still lagging, yet Delta CEO Ed Bastian noted in an interview with Yahoo Finance the company has “more demand than [it] can serve,” the analyst said.</p>\n<p>To address this, Bastian said the company is hiring 1,000 pilots. Furthermore, Delta is expanding its fleet through 2023, said Syth.</p>\n<p>Looking forward, “Delta’s balanced capital deployment strategy” and ability “to grow a higher margin business” should sustain its “relative operational and financial leadership vs. legacy peers,” said the analyst.</p>\n<p><img src=\"https://static.tigerbbs.com/86721cc59f07b965d6fb3ad95b1d0e02\" tg-width=\"649\" tg-height=\"249\"></p>\n<p><b>DAL Price Action:</b>&nbsp;Delta shares gained 1.65% Thursday, closing at $41.35.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DAL":"达美航空"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125036543","content_text":"The return of business travel and expected improvements in company fundamentals have turned Raymond James analysts bullish onDelta, Inc.(NYSE:DAL).\nThe Delta Analyst:Savanthi Syth upgraded Delta from Market Perform to Strong Buy and set a $58 price target.\nThe Delta Takeaways:Demand for corporate business travel has recovered to 40% of June 2019’s levels and is expected to rise to 60% in September and as high as 80% by the end of the fourth quarter, Syth said in a Thursday note.\nLeisure travel is still lagging, yet Delta CEO Ed Bastian noted in an interview with Yahoo Finance the company has “more demand than [it] can serve,” the analyst said.\nTo address this, Bastian said the company is hiring 1,000 pilots. Furthermore, Delta is expanding its fleet through 2023, said Syth.\nLooking forward, “Delta’s balanced capital deployment strategy” and ability “to grow a higher margin business” should sustain its “relative operational and financial leadership vs. legacy peers,” said the analyst.\n\nDAL Price Action: Delta shares gained 1.65% Thursday, closing at $41.35.","news_type":1},"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148866459,"gmtCreate":1625967689871,"gmtModify":1631891057146,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/148866459","repostId":"1196440758","repostType":4,"repost":{"id":"1196440758","kind":"news","pubTimestamp":1625967335,"share":"https://www.laohu8.com/m/news/1196440758?lang=&edition=full","pubTime":"2021-07-11 09:35","market":"us","language":"en","title":"2 Growth Stocks for the Next 10 Years","url":"https://stock-news.laohu8.com/highlight/detail?id=1196440758","media":"Motley Fool","summary":"Both of these companies grew revenue by triple-digit rates in their most recent quarters. More importantly, their futures look bright.","content":"<p><b>Key Points</b></p>\n<ul>\n <li>Growth stocks may be riskier than stable and established companies, but carefully selected ones may be worth it.</li>\n <li>Stay-at-home trends have helped these companies, but their growth rates were high before the pandemic, too.</li>\n <li>Both of these fast-growing tech businesses are already profitable.</li>\n</ul>\n<p>There's an interesting dilemma when it comes to picking stocks investors can likely hold for years or even decades. On the one hand, investors looking to hold shares for the long haul can stick with stable and established companies that have been around for decades and will likely continue succeeding for the foreseeable future -- companies like&nbsp;<b>Waste Management</b>&nbsp;and&nbsp;<b>Berkshire Hathaway</b>. The downside to this approach, however, is that investors may miss out on the potential outperformance that could come from fast-growing companies over the long haul.</p>\n<p>The issue with buying&nbsp;growth stocks, however, is that it's extremely difficult to gauge how long their rapid top-line growth rates can persist. Further, these companies' stock prices could perform very poorly if the growth prospects already baked into the stock price don't pan out. In other words, there's arguably more risk when it comes to betting on growth stocks for the next decade than there is for stable and established companies with decades of success behind them.</p>\n<p>So if an&nbsp;investor&nbsp;wants to buy growth stocks with a high chance of exceeding expectations over the next 10 years, they better have some pretty good reasons to believe these companies can do exactly that.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/257045ef62f724806bce2b35390a5e4f\" tg-width=\"2000\" tg-height=\"1500\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p>Here are two growth stocks that have a shot at not only living up to high expectations over the next 10 years but possibly even exceeding them:<b>Zoom Video Communications</b>(NASDAQ:ZM)&nbsp;and&nbsp;<b>Peloton Interactive</b>(NASDAQ:PTON).</p>\n<p><b>Zoom and Peloton were already thriving before the pandemic</b></p>\n<p>At first glance, investors may conclude that Zoom is nothing more than a pandemic stock. They may argue that the company's success was predicated almost entirely on the fact that much of the world was in lockdown in 2020 and going into 2021.</p>\n<p>It's true that Zoom benefited significantly from the rise of virtual work in 2020. After all, revenue for the company's fiscal 2021 (a fiscal year ending Jan. 31, 2021) skyrocketed 326% year over year. But investors should note that the trend of using video to collaborate virtually was already extremely strong before the pandemic; fiscal 2020 revenue rose 88% year over year. Growth at the time was particularly strong from large customers. Zoom's customers contributing more than $100,000 of trailing-12-month revenue increased 86% year over year in the fourth quarter of fiscal 2020.</p>\n<p>The same goes for Peloton. The company certainly benefited from the pandemic, but revenue during the quarter ending Dec. 31, 2019 was growing at a year-over-year rate of 77%, with connected fitness subscribers increasing 96% year over year.</p>\n<p><b>Continued momentum</b></p>\n<p>The underlying catalysts driving Zoom and Peloton are both still alive and well. Strong growth persists at both companies.</p>\n<p>Despite facing extremely tough comparisons in the year-ago quarter, from when both companies were benefiting from soaring demand amid lockdowns, Zoom's and Peloton's revenue in their most recently reported quarters grew 191% and 141% year over year, respectively.</p>\n<p>Looking ahead, Zoom notably guided for fiscal 2022 revenue of nearly $4 billion, up from fiscal 2021 revenue of about $2.7 billion.</p>\n<p>Boding well for Peloton's continued momentum, management said in its most recent quarterly update that its monthly average workouts per connected fitness subscription rose to an all-time high, showing how the company's products are still yielding high engagement even as the economy reopens.</p>\n<p><b>Healthy profits</b></p>\n<p>Finally, another factor that makes these companies unique from many other growth stocks is that they are already very profitable. Zoom generated $873 million of net income on $3.3 billion of trailing-12-month sales, and Peloton served up $213 million of net income from $3.7 billion in revenue.</p>\n<p>Substantial profits give these companies an edge when it comes to reinvesting in growth opportunities ahead of them and spending on efforts to enhance their competitive positioning and first-mover advantages in their respective industries.</p>\n<p>While there's no guarantee these two stocks will beat the market over the next 10 years, their recent momentum -- before, during, and after the worst part of the pandemic -- suggests they likely have a promising future.</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>2 Growth Stocks for the Next 10 Years</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n2 Growth Stocks for the Next 10 Years\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-11 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/10/2-growth-stocks-for-the-next-10-years/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Points\n\nGrowth stocks may be riskier than stable and established companies, but carefully selected ones may be worth it.\nStay-at-home trends have helped these companies, but their growth rates ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/10/2-growth-stocks-for-the-next-10-years/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PTON":"Peloton Interactive, Inc.","ZM":"Zoom"},"source_url":"https://www.fool.com/investing/2021/07/10/2-growth-stocks-for-the-next-10-years/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196440758","content_text":"Key Points\n\nGrowth stocks may be riskier than stable and established companies, but carefully selected ones may be worth it.\nStay-at-home trends have helped these companies, but their growth rates were high before the pandemic, too.\nBoth of these fast-growing tech businesses are already profitable.\n\nThere's an interesting dilemma when it comes to picking stocks investors can likely hold for years or even decades. On the one hand, investors looking to hold shares for the long haul can stick with stable and established companies that have been around for decades and will likely continue succeeding for the foreseeable future -- companies like Waste Management and Berkshire Hathaway. The downside to this approach, however, is that investors may miss out on the potential outperformance that could come from fast-growing companies over the long haul.\nThe issue with buying growth stocks, however, is that it's extremely difficult to gauge how long their rapid top-line growth rates can persist. Further, these companies' stock prices could perform very poorly if the growth prospects already baked into the stock price don't pan out. In other words, there's arguably more risk when it comes to betting on growth stocks for the next decade than there is for stable and established companies with decades of success behind them.\nSo if an investor wants to buy growth stocks with a high chance of exceeding expectations over the next 10 years, they better have some pretty good reasons to believe these companies can do exactly that.\nIMAGE SOURCE: GETTY IMAGES.\nHere are two growth stocks that have a shot at not only living up to high expectations over the next 10 years but possibly even exceeding them:Zoom Video Communications(NASDAQ:ZM) and Peloton Interactive(NASDAQ:PTON).\nZoom and Peloton were already thriving before the pandemic\nAt first glance, investors may conclude that Zoom is nothing more than a pandemic stock. They may argue that the company's success was predicated almost entirely on the fact that much of the world was in lockdown in 2020 and going into 2021.\nIt's true that Zoom benefited significantly from the rise of virtual work in 2020. After all, revenue for the company's fiscal 2021 (a fiscal year ending Jan. 31, 2021) skyrocketed 326% year over year. But investors should note that the trend of using video to collaborate virtually was already extremely strong before the pandemic; fiscal 2020 revenue rose 88% year over year. Growth at the time was particularly strong from large customers. Zoom's customers contributing more than $100,000 of trailing-12-month revenue increased 86% year over year in the fourth quarter of fiscal 2020.\nThe same goes for Peloton. The company certainly benefited from the pandemic, but revenue during the quarter ending Dec. 31, 2019 was growing at a year-over-year rate of 77%, with connected fitness subscribers increasing 96% year over year.\nContinued momentum\nThe underlying catalysts driving Zoom and Peloton are both still alive and well. Strong growth persists at both companies.\nDespite facing extremely tough comparisons in the year-ago quarter, from when both companies were benefiting from soaring demand amid lockdowns, Zoom's and Peloton's revenue in their most recently reported quarters grew 191% and 141% year over year, respectively.\nLooking ahead, Zoom notably guided for fiscal 2022 revenue of nearly $4 billion, up from fiscal 2021 revenue of about $2.7 billion.\nBoding well for Peloton's continued momentum, management said in its most recent quarterly update that its monthly average workouts per connected fitness subscription rose to an all-time high, showing how the company's products are still yielding high engagement even as the economy reopens.\nHealthy profits\nFinally, another factor that makes these companies unique from many other growth stocks is that they are already very profitable. Zoom generated $873 million of net income on $3.3 billion of trailing-12-month sales, and Peloton served up $213 million of net income from $3.7 billion in revenue.\nSubstantial profits give these companies an edge when it comes to reinvesting in growth opportunities ahead of them and spending on efforts to enhance their competitive positioning and first-mover advantages in their respective industries.\nWhile there's no guarantee these two stocks will beat the market over the next 10 years, their recent momentum -- before, during, and after the worst part of the pandemic -- suggests they likely have a promising future.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157598451,"gmtCreate":1625586880873,"gmtModify":1631891057161,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"I love coffee","listText":"I love coffee","text":"I love coffee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/157598451","repostId":"2147181921","repostType":4,"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157598884,"gmtCreate":1625586838148,"gmtModify":1631891057168,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Hi all, do u think dji will rally in July?","listText":"Hi all, do u think dji will rally in July?","text":"Hi all, do u think dji will rally in July?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/157598884","repostId":"1109329042","repostType":4,"repost":{"id":"1109329042","kind":"news","pubTimestamp":1625584958,"share":"https://www.laohu8.com/m/news/1109329042?lang=&edition=full","pubTime":"2021-07-06 23:22","market":"us","language":"en","title":"Dow drops 400 points, S&P 500 is set to snap 7-day winning streak","url":"https://stock-news.laohu8.com/highlight/detail?id=1109329042","media":"CNBC","summary":"Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe ","content":"<div>\n<p>Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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 drops 400 points, S&P 500 is set to snap 7-day winning streak</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 drops 400 points, S&P 500 is set to snap 7-day winning streak\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\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"},"source_url":"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1109329042","content_text":"Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average fell about 400 points, dragged down by losses in JPMorgan, Chevron and Goldman Sachs. The S&P 500 dipped 0.7% and the Nasdaq Composite traded around the flatline after both averages hit records at the open. U.S. markets were closed for the July 4 Independence Day holiday on Monday. The S&P 500 is coming off a seven-day winning streak, its longest since August.\nInvestors are juggling several signs that the rapid economic growth from the depths of the pandemic could be peaking. The ISM Services index, a major gauge of the services sector, slowed to 60.1 in June from a record in the prior month, data released Tuesday showed. Economists polled by Dow Jones expected a print of 63.5. This follows Friday's jobs report, which showed the unemployment raterose back up to 5.9%against the 5.6% expectation.\nBond yields also fell on Monday, with the 10-year Treasury yield below 1.4%, further evidence that investors are doubting the strength of the U.S. economy.\nWhile shares linked to the economy including Caterpillar and JPMorgan fell, shares of tech companies gained. Amazon, Apple and Microsoft were higher.\nAmazon rose nearly 3% to lead technology shares as Andy Jassy officially took over as CEO on Monday. Jeff Bezos is now the executive chairman of the board.\nStill, many on Wall Street expect smaller and choppier gains from the rest of the year after a strong performance in the first half amid a historic economic reopening. The S&P 500 is up nearly 16% year to date.\n\"The US economy is booming, but this is now a known known and asset markets reflect it. What isn't so clear anymore is at what price this growth will accrue,\" Michael Wilson, chief U.S. equity strategist at Morgan Stanley, said in a note. \"Higher costs mean lower profits, another reason why the overall equity market has been narrowing... equity markets are likely to take a break this summer as things heat up.\"\nWall Street's consensus year-end target for the S&P 500 stands at 4,276, representing a near 2% loss from the 500-stock average's current level, according to the CNBC Market Strategist Survey that rounds up 16 top strategists' forecasts.\n\"Everything is perfect and that worries me,\" said Sarat Sethi, portfolio manager at DCLA, said on CNBC's \"Squawk Box\" on Tuesday. \"Since October, we've had a 5% correction, that's it. I do think we're in a little bit of a euphoria short-term. We do need to be careful and I do think you want to be in secular growth companies, no just chasing the market here because I do think the market's going to be very picky as to what sectors are going to do well.\"\nU.S. shares of Chinese ride-hailing giantDidi plunged as much as 25%after China said new users could not download the app until it conducts a cybersecurity review. The announcement took markets by surprise given that Didi just made its U.S. debut on the NYSE last week.\nWest Texas Intermediate crude rose to asix-year highas a key meeting between oil producer group OPEC and its partners on crude output policyhas been called off. The postponement came as the United Arab Emirates rejected a proposal to extend oil production increase for a second day. At one point on Tuesday, WTI crude hit as high as $76.98, which was the highest price since November 2014, after pulling back before the opening bell.\nInvestors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank's behind-the-scenes discussions on winding down its quantitative easing program.","news_type":1},"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151128969,"gmtCreate":1625068353751,"gmtModify":1631891057181,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/151128969","repostId":"1105779613","repostType":4,"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127046395,"gmtCreate":1624807502217,"gmtModify":1631891057194,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127046395","repostId":"1117734317","repostType":4,"repost":{"id":"1117734317","kind":"news","pubTimestamp":1624759414,"share":"https://www.laohu8.com/m/news/1117734317?lang=&edition=full","pubTime":"2021-06-27 10:03","market":"us","language":"en","title":"Square: The Bear Case","url":"https://stock-news.laohu8.com/highlight/detail?id=1117734317","media":"seekingalpha","summary":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong re","content":"<p><b>Summary</b></p>\n<ul>\n <li>On the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.</li>\n <li>In reality, the company has struggled to translate its top line into bottom line earnings.</li>\n <li>This has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.</li>\n <li>And whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.</li>\n <li>Given the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f072284e4d267ddbfaf6f17db8b6aa46\" tg-width=\"1536\" tg-height=\"1024\"><span>AndreyPopov/iStock via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>Square Inc.(NYSE:SQ)is one of the&nbsp;most popular stocks&nbsp;among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.</p>\n<p>On the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a&nbsp;banking license&nbsp;via Square Financial Services.</p>\n<p>However, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adc746c80eba08b76805234d32a7eff4\" tg-width=\"638\" tg-height=\"358\"><span>Source: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)</span></p>\n<p>In addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.</p>\n<p><b>Overview</b></p>\n<p>SQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cee1136e6c6e1b5294daf79d06e4a1e8\" tg-width=\"382\" tg-height=\"421\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)</span></p>\n<p>As of March 2020, the&nbsp;company has received a Banking License&nbsp;from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.</p>\n<p>Given all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.</p>\n<p>This was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/214a8d95ef4deef4b9e6e7ec8ca86793\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)</span></p>\n<p>However, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a03c8294f2805d4e82fbc3fed739f45\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price YTD)</span></p>\n<p><b>Quantitative</b></p>\n<p>Year to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32bf1243cd5e4252fc8af88b2ee4bfb\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs Payment Processing Sector &gt;$50 bln Year to Date)</span></p>\n<p>It is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b67e41d041b35bf5e8ae3c7adb55c7d\" tg-width=\"640\" tg-height=\"444\"><span>Source: Author, Sector Comparison (Payment Processors)</span></p>\n<p>Whilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.</p>\n<p>However, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.</p>\n<p>For this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/624b2de0076a4f2d6062c52036b5d176\" tg-width=\"640\" tg-height=\"182\"><span>Source: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5337259448695cf7fc6a796d86dba775\" tg-width=\"523\" tg-height=\"245\"><span>Source: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)</span></p>\n<p>As we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.</p>\n<p>Many will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which&nbsp;Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b01941a1ab02f1b6dc27d73a2705a242\" tg-width=\"640\" tg-height=\"320\"><span>Source: Bitcoinvisuals.com (Bitcoin Market Volume 2018)</span></p>\n<p>On a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c89cf1b41c0d446571c7a471bb8d8e50\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)</span></p>\n<p>This becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d47874b5957751f0d485a9aa9ec5016\" tg-width=\"640\" tg-height=\"233\"><span>Source: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)</span></p>\n<p>Given the analysis by another Seeking Alpha contributor,The Value Trend&nbsp;in which the author suggests that&nbsp;SQ's 2025 growth is essentially priced in&nbsp;I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.</p>\n<p><b>Macro</b></p>\n<p>Whilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.</p>\n<p>Whilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.</p>\n<p><b>Small Business Environment</b></p>\n<p>SQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0f50d03e91a1609a120fa139b61e292\" tg-width=\"640\" tg-height=\"319\"><span>Source: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)</span></p>\n<p>The majority of this is originating from exposure to sellers with &lt;$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75fbdbba973e9d39e9d07b50d6174b03\" tg-width=\"380\" tg-height=\"502\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter)</span></p>\n<p>Delving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/777bf7fbfba7b466a8c89baa9b21a72d\" tg-width=\"640\" tg-height=\"475\"><span>Source: Census.gov (Business Applications, May 2021)</span></p>\n<p>Again, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e5be8fe67a4c257868eb79101d262e77\" tg-width=\"525\" tg-height=\"557\"><span>Source: NFIB (Small Business Economic Trends - Optimism, May 2021)</span></p>\n<p>Further, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1a555c19fb385f170bb6deb2b3abcca\" tg-width=\"539\" tg-height=\"319\"><span>Source: NFIB (Small Business Economic Trends - Outlook, May 2021)</span></p>\n<p>Additionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fbef66ecf854fe482a86e001dec91e6\" tg-width=\"523\" tg-height=\"271\"><span>Source: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)</span></p>\n<p><b>Small Business Lending</b></p>\n<p>Looking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the&nbsp;PPP program, which stopped on May 31, 2021.</p>\n<p>Currently, bank lending has receded as a result of recovery efforts from COVID.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/327e5b2f822c5f6e8b6298b58c0d4f94\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)</span></p>\n<p>This can be verified through the credit conditions index in the&nbsp;monthly NFIB report. Although, an&nbsp;American Banker survey&nbsp;is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.</p>\n<p>This is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of&nbsp;capital restraints&nbsp;placed on Wells Fargo &amp; Company (WFC).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530b7de3c5d05e7e8f5de219d3582ea7\" tg-width=\"640\" tg-height=\"689\"><span>Source: Credit Suisse (Global Money Dispatch - 25 May 2021)</span></p>\n<p>There is a fairly good probability that this will occur, given that early in 2020 the Fed had&nbsp;lifted these restraints&nbsp;to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.</p>\n<p><b>Bitcoin, Legislation &amp; Gensler</b></p>\n<p>Bitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor&nbsp;banks&nbsp;have been interested in the medium although many banks and financial institutions have explicitly banned the&nbsp;purchase of Bitcoin using their services.</p>\n<p>The primary reasons for their objection is more than likely to do with illicit activities, such as&nbsp;money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.</p>\n<p>Consequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China&nbsp;and&nbsp;India.</p>\n<p>This has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.</p>\n<p>It is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with&nbsp;Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ef78953396700241870a3f3ae8d8be\" tg-width=\"640\" tg-height=\"382\"><span>Source: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)</span></p>\n<p>Whilst the SEC has come out and said that&nbsp;Bitcoin regulation is not on their agenda for 2021, Gary Gensler has&nbsp;warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to&nbsp;2000 and 2008.</p>\n<p>Looking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.</p>\n<p><b>General Economy - The Worry for Retail</b></p>\n<p>Separately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout&nbsp;2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97a5a8cfaa11dd3c5ab5544778a40b90\" tg-width=\"640\" tg-height=\"247\"><span>Source: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)</span></p>\n<p>Additionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.</p>\n<p>The consumer spending situation is made worse when examining U6 unemployment, which is&nbsp;considered to be the most revealing&nbsp;amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c09f260d254df1a847962a6b6896764c\" tg-width=\"640\" tg-height=\"388\"><span>Source: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)</span></p>\n<p>Finally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.</p>\n<p>In relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dddddbe8ed21ed16aab29a7b5ebbc846\" tg-width=\"640\" tg-height=\"340\"><span>Source: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)</span></p>\n<p>Whilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.</p>\n<p><b>Financials</b></p>\n<p><b>Bitcoin</b></p>\n<p>When examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).</p>\n<p>From their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.</p>\n<p>Currently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6b3b70625f48232fa97f1aa14f5548e\" tg-width=\"640\" tg-height=\"333\"><span>Source: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)</span></p>\n<p>Additionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54329dbe61b7b1f9fc1347f632aff709\" tg-width=\"640\" tg-height=\"293\"><span>Source: USA.Gov (COVID Stimulus Cheque Dates)</span></p>\n<p>The spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c7a198a905e4a89f11faa1b4db4003b\" tg-width=\"640\" tg-height=\"340\"><span>Source: Google Trends (Buy Bitcoin search terms - USA 12 Months)</span></p>\n<p>This also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0428576ae2c8312e747c3ae5fccab637\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (Bitcoin Price 1 Yr)</span></p>\n<p>Thus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.</p>\n<p>This is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.</p>\n<p>Additionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.</p>\n<p><b>Cash App</b></p>\n<p>On the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b457a1d1f65d9d40fac153a9926aa167\" tg-width=\"262\" tg-height=\"230\"><span>Source: SQ Investor Relations (Q4 2020 Shareholder Letter)</span></p>\n<p>However, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:</p>\n<blockquote>\n Cash App revenue benefited from growth in numbers of active Cash App customers and from&nbsp;\n <b>government relief programs</b>&nbsp;most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.\n</blockquote>\n<blockquote>\n <i>Source: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)</i>\n</blockquote>\n<p>Part of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.</p>\n<p>The two sharp spikes in searches for the app occurred on:</p>\n<ul>\n <li>April 12-18 2020</li>\n <li>January 24-30 2021</li>\n</ul>\n<p>These coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9485d2feac40030b5190195a471781e\" tg-width=\"640\" tg-height=\"337\"><span>Source: Google Trends (Cash App search terms - USA 5 Years)</span></p>\n<p>Therefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.</p>\n<p>Further, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.</p>\n<p>It is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:</p>\n<blockquote>\n ... has at least\n <b>one financial transaction</b>using any product or service within Cash App during the specified period.\n</blockquote>\n<blockquote>\n <i>Source: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)</i>\n</blockquote>\n<p>So, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...</p>\n<p>Perhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.</p>\n<p><b>Technicals</b></p>\n<p>Examining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c277d5239e06c67b7ff6fd7fff319bb\" tg-width=\"640\" tg-height=\"642\"><span>Source: Author, with data from FINVIZ (SQ Chart)</span></p>\n<p>When examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3323bfcd903c74dce542b53b0b56e093\" tg-width=\"640\" tg-height=\"281\"><span>Source: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)</span></p>\n<p>From the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.</p>\n<p>Caution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b221f08c025ba225e32114f0e76dd272\" tg-width=\"640\" tg-height=\"152\"><span>Source: Whalewisdom.com (SQ Funds Positioning)</span></p>\n<p>Further, with relation to ARK ETFs, it is no surprise that there have been&nbsp;significant liquidity issues&nbsp;the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecce0e1f1cd9e7e47fe27105be3f6ad0\" tg-width=\"640\" tg-height=\"559\"><span>Source: Cathiesark.com (SQ Shares Held - All ETFs)</span></p>\n<p>Given the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.</p>\n<p><b>Price Targets</b></p>\n<p>On the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ec1e2586568ef7e0aea0c54e3503acc\" tg-width=\"640\" tg-height=\"222\"><span>Source: Author (SQ ATR Calculator)</span></p>\n<p>However, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.</p>\n<p>I do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.</p>\n<p>If the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).</p>\n<p><b>Risks</b></p>\n<p>With respect to SQ the following risks should be noted.</p>\n<p>The company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?</p>\n<p>If the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.</p>\n<p>Further, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.</p>\n<p>Again, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.</p>\n<p><b>Summary</b></p>\n<p>SQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.</p>\n<p>From a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.</p>\n<p>Additionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.</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>Square: The Bear Case</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSquare: The Bear Case\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 10:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436723-square-the-bear-case><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.\nIn reality, the company has struggled to translate its ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436723-square-the-bear-case\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4436723-square-the-bear-case","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117734317","content_text":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.\nIn reality, the company has struggled to translate its top line into bottom line earnings.\nThis has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.\nAnd whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.\nGiven the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.\n\nAndreyPopov/iStock via Getty Images\nIntroduction\nSquare Inc.(NYSE:SQ)is one of the most popular stocks among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.\nOn the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a banking license via Square Financial Services.\nHowever, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.\nSource: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)\nIn addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.\nOverview\nSQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)\nAs of March 2020, the company has received a Banking License from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.\nGiven all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.\nThis was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.\nSource: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)\nHowever, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.\nSource: Author, using data from YCHARTS (SQ Price YTD)\nQuantitative\nYear to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.\nSource: Author, using data from YCHARTS (SQ vs Payment Processing Sector >$50 bln Year to Date)\nIt is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.\nSource: Author, Sector Comparison (Payment Processors)\nWhilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.\nHowever, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.\nFor this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.\nSource: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)\nSource: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)\nAs we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.\nMany will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:\nSource: Bitcoinvisuals.com (Bitcoin Market Volume 2018)\nOn a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.\nSource: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)\nThis becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.\nSource: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)\nGiven the analysis by another Seeking Alpha contributor,The Value Trend in which the author suggests that SQ's 2025 growth is essentially priced in I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.\nMacro\nWhilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.\nWhilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.\nSmall Business Environment\nSQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).\nSource: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)\nThe majority of this is originating from exposure to sellers with <$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter)\nDelving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.\nSource: Census.gov (Business Applications, May 2021)\nAgain, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.\nSource: NFIB (Small Business Economic Trends - Optimism, May 2021)\nFurther, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.\nSource: NFIB (Small Business Economic Trends - Outlook, May 2021)\nAdditionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.\nSource: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)\nSmall Business Lending\nLooking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the PPP program, which stopped on May 31, 2021.\nCurrently, bank lending has receded as a result of recovery efforts from COVID.\nSource: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)\nThis can be verified through the credit conditions index in the monthly NFIB report. Although, an American Banker survey is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.\nThis is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of capital restraints placed on Wells Fargo & Company (WFC).\nSource: Credit Suisse (Global Money Dispatch - 25 May 2021)\nThere is a fairly good probability that this will occur, given that early in 2020 the Fed had lifted these restraints to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.\nBitcoin, Legislation & Gensler\nBitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor banks have been interested in the medium although many banks and financial institutions have explicitly banned the purchase of Bitcoin using their services.\nThe primary reasons for their objection is more than likely to do with illicit activities, such as money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.\nConsequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China and India.\nThis has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.\nIt is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.\nSource: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)\nWhilst the SEC has come out and said that Bitcoin regulation is not on their agenda for 2021, Gary Gensler has warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to 2000 and 2008.\nLooking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.\nGeneral Economy - The Worry for Retail\nSeparately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout 2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.\nSource: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)\nAdditionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.\nThe consumer spending situation is made worse when examining U6 unemployment, which is considered to be the most revealing amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.\nSource: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)\nFinally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.\nIn relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.\nSource: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)\nWhilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.\nFinancials\nBitcoin\nWhen examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).\nFrom their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.\nCurrently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.\nSource: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)\nAdditionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.\nSource: USA.Gov (COVID Stimulus Cheque Dates)\nThe spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.\nSource: Google Trends (Buy Bitcoin search terms - USA 12 Months)\nThis also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.\nSource: YCHARTS (Bitcoin Price 1 Yr)\nThus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.\nThis is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.\nAdditionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.\nCash App\nOn the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter)\nHowever, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:\n\n Cash App revenue benefited from growth in numbers of active Cash App customers and from \n government relief programs most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.\n\n\nSource: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)\n\nPart of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.\nThe two sharp spikes in searches for the app occurred on:\n\nApril 12-18 2020\nJanuary 24-30 2021\n\nThese coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.\nSource: Google Trends (Cash App search terms - USA 5 Years)\nTherefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.\nFurther, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.\nIt is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:\n\n ... has at least\n one financial transactionusing any product or service within Cash App during the specified period.\n\n\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)\n\nSo, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...\nPerhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.\nTechnicals\nExamining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.\nSource: Author, with data from FINVIZ (SQ Chart)\nWhen examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.\nSource: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)\nFrom the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.\nCaution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.\nSource: Whalewisdom.com (SQ Funds Positioning)\nFurther, with relation to ARK ETFs, it is no surprise that there have been significant liquidity issues the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.\nSource: Cathiesark.com (SQ Shares Held - All ETFs)\nGiven the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.\nPrice Targets\nOn the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.\nSource: Author (SQ ATR Calculator)\nHowever, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.\nI do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.\nIf the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).\nRisks\nWith respect to SQ the following risks should be noted.\nThe company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?\nIf the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.\nFurther, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.\nAgain, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.\nSummary\nSQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.\nFrom a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.\nAdditionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.","news_type":1},"isVote":1,"tweetType":1,"viewCount":387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124092932,"gmtCreate":1624703534226,"gmtModify":1631893312562,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"I opt for apple","listText":"I opt for apple","text":"I opt for apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/124092932","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126973993,"gmtCreate":1624543297612,"gmtModify":1631893312586,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/126973993","repostId":"1167326019","repostType":4,"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164971086,"gmtCreate":1624168900845,"gmtModify":1631893312597,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/164971086","repostId":"2144774740","repostType":4,"repost":{"id":"2144774740","kind":"highlight","weMediaInfo":{"introduction":"The leading daily newsletter for the latest financial and business news. 33Yrs Helping Stock Investors with Investing Insights, Tools, News & More.","home_visible":0,"media_name":"Investors","id":"1085713068","head_image":"https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c"},"pubTimestamp":1624030096,"share":"https://www.laohu8.com/m/news/2144774740?lang=&edition=full","pubTime":"2021-06-18 23:28","market":"us","language":"en","title":"Adobe Getting Lift From Economic Reopening Post-Pandemic","url":"https://stock-news.laohu8.com/highlight/detail?id=2144774740","media":"Investors","summary":"Software giant Adobe is benefiting as the economy reopens following the Covid-19 pandemic, a senior executive says.","content":"<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p>\n<p>The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p>\n<p>The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p>\n<p>For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p>\n<h2>ADBE Stock Rises After Earnings Report</h2>\n<p>In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p>\n<p>\"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p>\n<p>That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p>\n<p>\"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p>\n<p>The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p>\n<h2>Analysts Raise Price Targets On Adobe Stock</h2>\n<p>At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p>\n<p>Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p>\n<p>\"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p>\n<p>On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p>\n<p>However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</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>Adobe Getting Lift From Economic Reopening Post-Pandemic</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAdobe Getting Lift From Economic Reopening Post-Pandemic\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/608dd68a89ed486e18f64efe3136266c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Investors </p>\n<p class=\"h-time\">2021-06-18 23:28</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Software giant <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b> is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.</p>\n<p>The maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.</p>\n<p>The San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.</p>\n<p>For the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.</p>\n<h2>ADBE Stock Rises After Earnings Report</h2>\n<p>In morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.</p>\n<p>\"All three of our businesses — Creative Cloud, Document Cloud and <a href=\"https://laohu8.com/S/EXP.AU\">Experience</a> Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"</p>\n<p>That momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.</p>\n<p>\"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"</p>\n<p>The reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.</p>\n<h2>Analysts Raise Price Targets On Adobe Stock</h2>\n<p>At least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.</p>\n<p>Mizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.</p>\n<p>\"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"</p>\n<p>On June 11, ADBE stock broke out of a 40-week&nbsp;consolidation period&nbsp;at a&nbsp;buy point&nbsp;of 536.98, according to&nbsp;IBD MarketSmith charts.</p>\n<p>However, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144774740","content_text":"Software giant Adobe is benefiting as the economy reopens as the Covid-19 pandemic wanes, a senior executive says. The company's beat-and-raise quarterly report provided proof of that. ADBE stock jumped on Friday.\nThe maker of digital media and marketing software late Thursday reported fiscal second-quarter earnings that easily topped expectations. Adobe also guided above views for the current quarter.\nThe San Jose, Calif.-based company earned an adjusted $3.03 a share on sales of $3.84 billion in the quarter ended June 4. On a year-over-year basis, Adobe earnings rose 24% while sales climbed 23%.\nFor the current quarter, Adobe expects to earn an adjusted $3 a share, up 17%, on sales of $3.88 billion, up 20%.\nADBE Stock Rises After Earnings Report\nIn morning trading on the stock market today, ADBE stock advanced 2.2%, near 563.35. Earlier in the session, ADBE stock notched a record high 570.\n\"All three of our businesses — Creative Cloud, Document Cloud and Experience Cloud — just killed it this quarter with excellent performance,\" Chief Financial Officer John Murphy told Investor's Business Daily. \"Content creation and customer experience engagement in personalized ways are resonating across all of our businesses. And it's really driving the momentum and acceleration in the business.\"\nThat momentum will continue in the company's seasonally weaker fiscal third quarter, Murphy said. The current quarter includes the summer months of June, July and August.\n\"The macroeconomic stability is giving a lot of enterprises confidence to invest again,\" Murphy said. \"Companies are prioritizing digital transformation.\"\nThe reopening of the economy and return to offices after the pandemic should provide a tailwind for Adobe's business, he said.\nAnalysts Raise Price Targets On Adobe Stock\nAt least 15 Wall Street analysts raised their price targets on ADBE stock after the earnings report.\nMizuho Securities analyst Gregg Moskowitz reiterated his buy rating on ADBE stock and upped his price target to 640 from 600.\n\"Adobe's expansive portfolio of software solutions has made it the gold standard in content creation, consumption, and collaboration,\" Moskowitz said in a note to clients. \"Adobe is very well positioned to benefit from digital transformation with its comprehensive end-to-end offering that differentiates it from competitors.\"\nOn June 11, ADBE stock broke out of a 40-week consolidation period at a buy point of 536.98, according to IBD MarketSmith charts.\nHowever, IBD Leaderboard analysis offered investors an earlier buy point of 525.54 from a cup base within the larger consolidation pattern.","news_type":1},"isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169738655,"gmtCreate":1623850599977,"gmtModify":1631893312609,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/169738655","repostId":"2143791791","repostType":4,"isVote":1,"tweetType":1,"viewCount":369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182148973,"gmtCreate":1623559677192,"gmtModify":1631893312621,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Inflation and mortage will rise eventually","listText":"Inflation and mortage will rise eventually","text":"Inflation and mortage will rise eventually","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/182148973","repostId":"2143788716","repostType":4,"isVote":1,"tweetType":1,"viewCount":209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186539849,"gmtCreate":1623508701181,"gmtModify":1631893312631,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Is inflation near or still have room for rally?","listText":"Is inflation near or still have room for rally?","text":"Is inflation near or still have room for rally?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186539849","repostId":"2142823202","repostType":4,"isVote":1,"tweetType":1,"viewCount":279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":174751305,"gmtCreate":1627143540607,"gmtModify":1631891057089,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/174751305","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":1051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":870570125,"gmtCreate":1636639331009,"gmtModify":1636639458002,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good//<a href=\"https://laohu8.com/U/3585264675951025\">@CorrineNaNa</a>:Great","listText":"Good//<a href=\"https://laohu8.com/U/3585264675951025\">@CorrineNaNa</a>:Great","text":"Good//@CorrineNaNa:Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":8,"repostSize":0,"link":"https://laohu8.com/post/870570125","repostId":"1109439356","repostType":4,"isVote":1,"tweetType":1,"viewCount":804,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":124092932,"gmtCreate":1624703534226,"gmtModify":1631893312562,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"I opt for apple","listText":"I opt for apple","text":"I opt for apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/124092932","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178892617,"gmtCreate":1626795497139,"gmtModify":1631891057102,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/178892617","repostId":"2152405667","repostType":4,"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148866459,"gmtCreate":1625967689871,"gmtModify":1631891057146,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/148866459","repostId":"1196440758","repostType":4,"repost":{"id":"1196440758","kind":"news","pubTimestamp":1625967335,"share":"https://www.laohu8.com/m/news/1196440758?lang=&edition=full","pubTime":"2021-07-11 09:35","market":"us","language":"en","title":"2 Growth Stocks for the Next 10 Years","url":"https://stock-news.laohu8.com/highlight/detail?id=1196440758","media":"Motley Fool","summary":"Both of these companies grew revenue by triple-digit rates in their most recent quarters. More importantly, their futures look bright.","content":"<p><b>Key Points</b></p>\n<ul>\n <li>Growth stocks may be riskier than stable and established companies, but carefully selected ones may be worth it.</li>\n <li>Stay-at-home trends have helped these companies, but their growth rates were high before the pandemic, too.</li>\n <li>Both of these fast-growing tech businesses are already profitable.</li>\n</ul>\n<p>There's an interesting dilemma when it comes to picking stocks investors can likely hold for years or even decades. On the one hand, investors looking to hold shares for the long haul can stick with stable and established companies that have been around for decades and will likely continue succeeding for the foreseeable future -- companies like&nbsp;<b>Waste Management</b>&nbsp;and&nbsp;<b>Berkshire Hathaway</b>. The downside to this approach, however, is that investors may miss out on the potential outperformance that could come from fast-growing companies over the long haul.</p>\n<p>The issue with buying&nbsp;growth stocks, however, is that it's extremely difficult to gauge how long their rapid top-line growth rates can persist. Further, these companies' stock prices could perform very poorly if the growth prospects already baked into the stock price don't pan out. In other words, there's arguably more risk when it comes to betting on growth stocks for the next decade than there is for stable and established companies with decades of success behind them.</p>\n<p>So if an&nbsp;investor&nbsp;wants to buy growth stocks with a high chance of exceeding expectations over the next 10 years, they better have some pretty good reasons to believe these companies can do exactly that.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/257045ef62f724806bce2b35390a5e4f\" tg-width=\"2000\" tg-height=\"1500\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p>\n<p>Here are two growth stocks that have a shot at not only living up to high expectations over the next 10 years but possibly even exceeding them:<b>Zoom Video Communications</b>(NASDAQ:ZM)&nbsp;and&nbsp;<b>Peloton Interactive</b>(NASDAQ:PTON).</p>\n<p><b>Zoom and Peloton were already thriving before the pandemic</b></p>\n<p>At first glance, investors may conclude that Zoom is nothing more than a pandemic stock. They may argue that the company's success was predicated almost entirely on the fact that much of the world was in lockdown in 2020 and going into 2021.</p>\n<p>It's true that Zoom benefited significantly from the rise of virtual work in 2020. After all, revenue for the company's fiscal 2021 (a fiscal year ending Jan. 31, 2021) skyrocketed 326% year over year. But investors should note that the trend of using video to collaborate virtually was already extremely strong before the pandemic; fiscal 2020 revenue rose 88% year over year. Growth at the time was particularly strong from large customers. Zoom's customers contributing more than $100,000 of trailing-12-month revenue increased 86% year over year in the fourth quarter of fiscal 2020.</p>\n<p>The same goes for Peloton. The company certainly benefited from the pandemic, but revenue during the quarter ending Dec. 31, 2019 was growing at a year-over-year rate of 77%, with connected fitness subscribers increasing 96% year over year.</p>\n<p><b>Continued momentum</b></p>\n<p>The underlying catalysts driving Zoom and Peloton are both still alive and well. Strong growth persists at both companies.</p>\n<p>Despite facing extremely tough comparisons in the year-ago quarter, from when both companies were benefiting from soaring demand amid lockdowns, Zoom's and Peloton's revenue in their most recently reported quarters grew 191% and 141% year over year, respectively.</p>\n<p>Looking ahead, Zoom notably guided for fiscal 2022 revenue of nearly $4 billion, up from fiscal 2021 revenue of about $2.7 billion.</p>\n<p>Boding well for Peloton's continued momentum, management said in its most recent quarterly update that its monthly average workouts per connected fitness subscription rose to an all-time high, showing how the company's products are still yielding high engagement even as the economy reopens.</p>\n<p><b>Healthy profits</b></p>\n<p>Finally, another factor that makes these companies unique from many other growth stocks is that they are already very profitable. Zoom generated $873 million of net income on $3.3 billion of trailing-12-month sales, and Peloton served up $213 million of net income from $3.7 billion in revenue.</p>\n<p>Substantial profits give these companies an edge when it comes to reinvesting in growth opportunities ahead of them and spending on efforts to enhance their competitive positioning and first-mover advantages in their respective industries.</p>\n<p>While there's no guarantee these two stocks will beat the market over the next 10 years, their recent momentum -- before, during, and after the worst part of the pandemic -- suggests they likely have a promising future.</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>2 Growth Stocks for the Next 10 Years</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n2 Growth Stocks for the Next 10 Years\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-11 09:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/10/2-growth-stocks-for-the-next-10-years/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Points\n\nGrowth stocks may be riskier than stable and established companies, but carefully selected ones may be worth it.\nStay-at-home trends have helped these companies, but their growth rates ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/10/2-growth-stocks-for-the-next-10-years/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PTON":"Peloton Interactive, Inc.","ZM":"Zoom"},"source_url":"https://www.fool.com/investing/2021/07/10/2-growth-stocks-for-the-next-10-years/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196440758","content_text":"Key Points\n\nGrowth stocks may be riskier than stable and established companies, but carefully selected ones may be worth it.\nStay-at-home trends have helped these companies, but their growth rates were high before the pandemic, too.\nBoth of these fast-growing tech businesses are already profitable.\n\nThere's an interesting dilemma when it comes to picking stocks investors can likely hold for years or even decades. On the one hand, investors looking to hold shares for the long haul can stick with stable and established companies that have been around for decades and will likely continue succeeding for the foreseeable future -- companies like Waste Management and Berkshire Hathaway. The downside to this approach, however, is that investors may miss out on the potential outperformance that could come from fast-growing companies over the long haul.\nThe issue with buying growth stocks, however, is that it's extremely difficult to gauge how long their rapid top-line growth rates can persist. Further, these companies' stock prices could perform very poorly if the growth prospects already baked into the stock price don't pan out. In other words, there's arguably more risk when it comes to betting on growth stocks for the next decade than there is for stable and established companies with decades of success behind them.\nSo if an investor wants to buy growth stocks with a high chance of exceeding expectations over the next 10 years, they better have some pretty good reasons to believe these companies can do exactly that.\nIMAGE SOURCE: GETTY IMAGES.\nHere are two growth stocks that have a shot at not only living up to high expectations over the next 10 years but possibly even exceeding them:Zoom Video Communications(NASDAQ:ZM) and Peloton Interactive(NASDAQ:PTON).\nZoom and Peloton were already thriving before the pandemic\nAt first glance, investors may conclude that Zoom is nothing more than a pandemic stock. They may argue that the company's success was predicated almost entirely on the fact that much of the world was in lockdown in 2020 and going into 2021.\nIt's true that Zoom benefited significantly from the rise of virtual work in 2020. After all, revenue for the company's fiscal 2021 (a fiscal year ending Jan. 31, 2021) skyrocketed 326% year over year. But investors should note that the trend of using video to collaborate virtually was already extremely strong before the pandemic; fiscal 2020 revenue rose 88% year over year. Growth at the time was particularly strong from large customers. Zoom's customers contributing more than $100,000 of trailing-12-month revenue increased 86% year over year in the fourth quarter of fiscal 2020.\nThe same goes for Peloton. The company certainly benefited from the pandemic, but revenue during the quarter ending Dec. 31, 2019 was growing at a year-over-year rate of 77%, with connected fitness subscribers increasing 96% year over year.\nContinued momentum\nThe underlying catalysts driving Zoom and Peloton are both still alive and well. Strong growth persists at both companies.\nDespite facing extremely tough comparisons in the year-ago quarter, from when both companies were benefiting from soaring demand amid lockdowns, Zoom's and Peloton's revenue in their most recently reported quarters grew 191% and 141% year over year, respectively.\nLooking ahead, Zoom notably guided for fiscal 2022 revenue of nearly $4 billion, up from fiscal 2021 revenue of about $2.7 billion.\nBoding well for Peloton's continued momentum, management said in its most recent quarterly update that its monthly average workouts per connected fitness subscription rose to an all-time high, showing how the company's products are still yielding high engagement even as the economy reopens.\nHealthy profits\nFinally, another factor that makes these companies unique from many other growth stocks is that they are already very profitable. Zoom generated $873 million of net income on $3.3 billion of trailing-12-month sales, and Peloton served up $213 million of net income from $3.7 billion in revenue.\nSubstantial profits give these companies an edge when it comes to reinvesting in growth opportunities ahead of them and spending on efforts to enhance their competitive positioning and first-mover advantages in their respective industries.\nWhile there's no guarantee these two stocks will beat the market over the next 10 years, their recent momentum -- before, during, and after the worst part of the pandemic -- suggests they likely have a promising future.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151128969,"gmtCreate":1625068353751,"gmtModify":1631891057181,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/151128969","repostId":"1105779613","repostType":4,"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157598884,"gmtCreate":1625586838148,"gmtModify":1631891057168,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Hi all, do u think dji will rally in July?","listText":"Hi all, do u think dji will rally in July?","text":"Hi all, do u think dji will rally in July?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/157598884","repostId":"1109329042","repostType":4,"repost":{"id":"1109329042","kind":"news","pubTimestamp":1625584958,"share":"https://www.laohu8.com/m/news/1109329042?lang=&edition=full","pubTime":"2021-07-06 23:22","market":"us","language":"en","title":"Dow drops 400 points, S&P 500 is set to snap 7-day winning streak","url":"https://stock-news.laohu8.com/highlight/detail?id=1109329042","media":"CNBC","summary":"Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe ","content":"<div>\n<p>Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","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 drops 400 points, S&P 500 is set to snap 7-day winning streak</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 drops 400 points, S&P 500 is set to snap 7-day winning streak\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\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"},"source_url":"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1109329042","content_text":"Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average fell about 400 points, dragged down by losses in JPMorgan, Chevron and Goldman Sachs. The S&P 500 dipped 0.7% and the Nasdaq Composite traded around the flatline after both averages hit records at the open. U.S. markets were closed for the July 4 Independence Day holiday on Monday. The S&P 500 is coming off a seven-day winning streak, its longest since August.\nInvestors are juggling several signs that the rapid economic growth from the depths of the pandemic could be peaking. The ISM Services index, a major gauge of the services sector, slowed to 60.1 in June from a record in the prior month, data released Tuesday showed. Economists polled by Dow Jones expected a print of 63.5. This follows Friday's jobs report, which showed the unemployment raterose back up to 5.9%against the 5.6% expectation.\nBond yields also fell on Monday, with the 10-year Treasury yield below 1.4%, further evidence that investors are doubting the strength of the U.S. economy.\nWhile shares linked to the economy including Caterpillar and JPMorgan fell, shares of tech companies gained. Amazon, Apple and Microsoft were higher.\nAmazon rose nearly 3% to lead technology shares as Andy Jassy officially took over as CEO on Monday. Jeff Bezos is now the executive chairman of the board.\nStill, many on Wall Street expect smaller and choppier gains from the rest of the year after a strong performance in the first half amid a historic economic reopening. The S&P 500 is up nearly 16% year to date.\n\"The US economy is booming, but this is now a known known and asset markets reflect it. What isn't so clear anymore is at what price this growth will accrue,\" Michael Wilson, chief U.S. equity strategist at Morgan Stanley, said in a note. \"Higher costs mean lower profits, another reason why the overall equity market has been narrowing... equity markets are likely to take a break this summer as things heat up.\"\nWall Street's consensus year-end target for the S&P 500 stands at 4,276, representing a near 2% loss from the 500-stock average's current level, according to the CNBC Market Strategist Survey that rounds up 16 top strategists' forecasts.\n\"Everything is perfect and that worries me,\" said Sarat Sethi, portfolio manager at DCLA, said on CNBC's \"Squawk Box\" on Tuesday. \"Since October, we've had a 5% correction, that's it. I do think we're in a little bit of a euphoria short-term. We do need to be careful and I do think you want to be in secular growth companies, no just chasing the market here because I do think the market's going to be very picky as to what sectors are going to do well.\"\nU.S. shares of Chinese ride-hailing giantDidi plunged as much as 25%after China said new users could not download the app until it conducts a cybersecurity review. The announcement took markets by surprise given that Didi just made its U.S. debut on the NYSE last week.\nWest Texas Intermediate crude rose to asix-year highas a key meeting between oil producer group OPEC and its partners on crude output policyhas been called off. The postponement came as the United Arab Emirates rejected a proposal to extend oil production increase for a second day. At one point on Tuesday, WTI crude hit as high as $76.98, which was the highest price since November 2014, after pulling back before the opening bell.\nInvestors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank's behind-the-scenes discussions on winding down its quantitative easing program.","news_type":1},"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169738655,"gmtCreate":1623850599977,"gmtModify":1631893312609,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/169738655","repostId":"2143791791","repostType":4,"isVote":1,"tweetType":1,"viewCount":369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112481877,"gmtCreate":1622902471999,"gmtModify":1634096985335,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/112481877","repostId":"1158897173","repostType":4,"isVote":1,"tweetType":1,"viewCount":308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157598451,"gmtCreate":1625586880873,"gmtModify":1631891057161,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"I love coffee","listText":"I love coffee","text":"I love coffee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/157598451","repostId":"2147181921","repostType":4,"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126973993,"gmtCreate":1624543297612,"gmtModify":1631893312586,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/126973993","repostId":"1167326019","repostType":4,"repost":{"id":"1167326019","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":1624541460,"share":"https://www.laohu8.com/m/news/1167326019?lang=&edition=full","pubTime":"2021-06-24 21:31","market":"us","language":"en","title":"S&P 500 rises to retake record at the open, wiping out last week’s Fed swoon","url":"https://stock-news.laohu8.com/highlight/detail?id=1167326019","media":"Tiger Newspress","summary":"(June 24) The S&P 500 climbed on Thursday, surpassing its record high set a week ago as the market f","content":"<p>(June 24)&nbsp;The S&amp;P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.</p>\n<p>The broad equity benchmark rose 0.5% to hit an all-time high, retaking its previous record on June 14. The Dow Jones Industrial Average added 207 points, or 0.6%. The Nasdaq Composite jumped 0.6% to reach another record.</p>\n<p>A broad group of stocks gained to push the benchmarks to new highs. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.</p>\n<p>Data out Thursday showed jobless claimstotaled 411,000for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.</p>\n<p>Traders are also monitoringinfrastructure package negotiations.A bipartisan group of Senators that have made progress on a plan will meet President Joe Biden at the White House Thursday. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%</p>\n<p>Bank shares gained ahead of theFed's annual bank stress test results, which are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. Banks were forced to freeze dividends and stop buybacks during the pandemic. These results should give them the greenlight to eventually raise payouts. Goldman Sachs shares rose about 1%.</p>\n<p>Despite Wednesday's hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Fed heightened inflation expectations and forecast rate hikes as soon as 2023. Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesdayreiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.</p>\n<p>\"Beneath the optimism, markets are at risk of becoming complacent – and vulnerable to shocks. Any signal that interest rates and bond yields could rise, even in the absence of pronounced inflationary pressure, could shatter market exuberance,\" Gaurav Mallik,&nbsp;chief portfolio strategist&nbsp;at&nbsp;State Street&nbsp;Global Advisors, said.</p>\n<p>\"Central banks will walk a tightrope between allowing the economy to run hot – which history has shown to be a bad idea – and managing inflation risk,\" he added.</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>S&P 500 rises to retake record at the open, wiping out last week’s Fed swoon</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nS&P 500 rises to retake record at the open, wiping out last week’s Fed swoon\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-06-24 21:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June 24)&nbsp;The S&amp;P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.</p>\n<p>The broad equity benchmark rose 0.5% to hit an all-time high, retaking its previous record on June 14. The Dow Jones Industrial Average added 207 points, or 0.6%. The Nasdaq Composite jumped 0.6% to reach another record.</p>\n<p>A broad group of stocks gained to push the benchmarks to new highs. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.</p>\n<p>Data out Thursday showed jobless claimstotaled 411,000for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.</p>\n<p>Traders are also monitoringinfrastructure package negotiations.A bipartisan group of Senators that have made progress on a plan will meet President Joe Biden at the White House Thursday. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%</p>\n<p>Bank shares gained ahead of theFed's annual bank stress test results, which are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. Banks were forced to freeze dividends and stop buybacks during the pandemic. These results should give them the greenlight to eventually raise payouts. Goldman Sachs shares rose about 1%.</p>\n<p>Despite Wednesday's hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Fed heightened inflation expectations and forecast rate hikes as soon as 2023. Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesdayreiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.</p>\n<p>\"Beneath the optimism, markets are at risk of becoming complacent – and vulnerable to shocks. Any signal that interest rates and bond yields could rise, even in the absence of pronounced inflationary pressure, could shatter market exuberance,\" Gaurav Mallik,&nbsp;chief portfolio strategist&nbsp;at&nbsp;State Street&nbsp;Global Advisors, said.</p>\n<p>\"Central banks will walk a tightrope between allowing the economy to run hot – which history has shown to be a bad idea – and managing inflation risk,\" he added.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167326019","content_text":"(June 24) The S&P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.\nThe broad equity benchmark rose 0.5% to hit an all-time high, retaking its previous record on June 14. The Dow Jones Industrial Average added 207 points, or 0.6%. The Nasdaq Composite jumped 0.6% to reach another record.\nA broad group of stocks gained to push the benchmarks to new highs. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.\nData out Thursday showed jobless claimstotaled 411,000for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.\nTraders are also monitoringinfrastructure package negotiations.A bipartisan group of Senators that have made progress on a plan will meet President Joe Biden at the White House Thursday. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%\nBank shares gained ahead of theFed's annual bank stress test results, which are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. Banks were forced to freeze dividends and stop buybacks during the pandemic. These results should give them the greenlight to eventually raise payouts. Goldman Sachs shares rose about 1%.\nDespite Wednesday's hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Fed heightened inflation expectations and forecast rate hikes as soon as 2023. Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesdayreiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.\n\"Beneath the optimism, markets are at risk of becoming complacent – and vulnerable to shocks. Any signal that interest rates and bond yields could rise, even in the absence of pronounced inflationary pressure, could shatter market exuberance,\" Gaurav Mallik, chief portfolio strategist at State Street Global Advisors, said.\n\"Central banks will walk a tightrope between allowing the economy to run hot – which history has shown to be a bad idea – and managing inflation risk,\" he added.","news_type":1},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":182148973,"gmtCreate":1623559677192,"gmtModify":1631893312621,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Inflation and mortage will rise eventually","listText":"Inflation and mortage will rise eventually","text":"Inflation and mortage will rise eventually","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/182148973","repostId":"2143788716","repostType":4,"isVote":1,"tweetType":1,"viewCount":209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114546613,"gmtCreate":1623082238832,"gmtModify":1631893312672,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Some sign of weakness","listText":"Some sign of weakness","text":"Some sign of weakness","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/114546613","repostId":"1184606456","repostType":4,"isVote":1,"tweetType":1,"viewCount":364,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134495382,"gmtCreate":1622252353346,"gmtModify":1634102789040,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"That’s means more customised and not prestigious. That means more exclusive package at premium price. That’s means targeting at diff tier of customer","listText":"That’s means more customised and not prestigious. That means more exclusive package at premium price. That’s means targeting at diff tier of customer","text":"That’s means more customised and not prestigious. That means more exclusive package at premium price. That’s means targeting at diff tier of customer","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/134495382","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":303,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":690284698,"gmtCreate":1639669955908,"gmtModify":1639669956010,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/690284698","repostId":"1108384523","repostType":4,"repost":{"id":"1108384523","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":1639667369,"share":"https://www.laohu8.com/m/news/1108384523?lang=&edition=full","pubTime":"2021-12-16 23:09","market":"us","language":"en","title":"Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron","url":"https://stock-news.laohu8.com/highlight/detail?id=1108384523","media":"Tiger Newspress","summary":"Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity a","content":"<p>Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron.<img src=\"https://static.tigerbbs.com/07fe5a6b831322eef2c479861ad70527\" tg-width=\"766\" tg-height=\"563\" width=\"100%\" height=\"auto\">The company&nbsp;announced&nbsp;new preclinical data, published to the preprint server&nbsp;bioRxiv, demonstrating the impact of the significant antigenic shift of the new COVID-19 omicron variant (B.1.1.529).&nbsp;</p>\n<p>A significant reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals.&nbsp;</p>\n<p>Researchers also tested the in vitro neutralizing activity of 44 monoclonal antibodies (mAbs) (eight of which are currently authorized or approved).&nbsp;</p>\n<p>Data demonstrate that sotrovimab and five other preclinical mAbs, developed by Vir in conjunction with&nbsp;GlaxoSmithKline plc&nbsp;(NYSE:&nbsp;GSK), retained their in vitro neutralizing activity against omicron.</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>Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nVir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-12-16 23:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron.<img src=\"https://static.tigerbbs.com/07fe5a6b831322eef2c479861ad70527\" tg-width=\"766\" tg-height=\"563\" width=\"100%\" height=\"auto\">The company&nbsp;announced&nbsp;new preclinical data, published to the preprint server&nbsp;bioRxiv, demonstrating the impact of the significant antigenic shift of the new COVID-19 omicron variant (B.1.1.529).&nbsp;</p>\n<p>A significant reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals.&nbsp;</p>\n<p>Researchers also tested the in vitro neutralizing activity of 44 monoclonal antibodies (mAbs) (eight of which are currently authorized or approved).&nbsp;</p>\n<p>Data demonstrate that sotrovimab and five other preclinical mAbs, developed by Vir in conjunction with&nbsp;GlaxoSmithKline plc&nbsp;(NYSE:&nbsp;GSK), retained their in vitro neutralizing activity against omicron.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIR":"Vir Biotechnology, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108384523","content_text":"Vir Biotechnology continued to gain over 7% in morning trading after showing neutralizing activity against omicron.The company announced new preclinical data, published to the preprint server bioRxiv, demonstrating the impact of the significant antigenic shift of the new COVID-19 omicron variant (B.1.1.529). \nA significant reduction in plasma neutralizing activity was observed against omicron in sera from vaccinated and convalescent individuals. \nResearchers also tested the in vitro neutralizing activity of 44 monoclonal antibodies (mAbs) (eight of which are currently authorized or approved). \nData demonstrate that sotrovimab and five other preclinical mAbs, developed by Vir in conjunction with GlaxoSmithKline plc (NYSE: GSK), retained their in vitro neutralizing activity against omicron.","news_type":1},"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171108167,"gmtCreate":1626709857759,"gmtModify":1631891057114,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/171108167","repostId":"2152630905","repostType":4,"isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127046395,"gmtCreate":1624807502217,"gmtModify":1631891057194,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Agreed","listText":"Agreed","text":"Agreed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/127046395","repostId":"1117734317","repostType":4,"repost":{"id":"1117734317","kind":"news","pubTimestamp":1624759414,"share":"https://www.laohu8.com/m/news/1117734317?lang=&edition=full","pubTime":"2021-06-27 10:03","market":"us","language":"en","title":"Square: The Bear Case","url":"https://stock-news.laohu8.com/highlight/detail?id=1117734317","media":"seekingalpha","summary":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong re","content":"<p><b>Summary</b></p>\n<ul>\n <li>On the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.</li>\n <li>In reality, the company has struggled to translate its top line into bottom line earnings.</li>\n <li>This has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.</li>\n <li>And whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.</li>\n <li>Given the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f072284e4d267ddbfaf6f17db8b6aa46\" tg-width=\"1536\" tg-height=\"1024\"><span>AndreyPopov/iStock via Getty Images</span></p>\n<p><b>Introduction</b></p>\n<p>Square Inc.(NYSE:SQ)is one of the&nbsp;most popular stocks&nbsp;among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.</p>\n<p>On the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a&nbsp;banking license&nbsp;via Square Financial Services.</p>\n<p>However, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/adc746c80eba08b76805234d32a7eff4\" tg-width=\"638\" tg-height=\"358\"><span>Source: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)</span></p>\n<p>In addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.</p>\n<p><b>Overview</b></p>\n<p>SQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cee1136e6c6e1b5294daf79d06e4a1e8\" tg-width=\"382\" tg-height=\"421\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)</span></p>\n<p>As of March 2020, the&nbsp;company has received a Banking License&nbsp;from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.</p>\n<p>Given all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.</p>\n<p>This was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/214a8d95ef4deef4b9e6e7ec8ca86793\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)</span></p>\n<p>However, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a03c8294f2805d4e82fbc3fed739f45\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price YTD)</span></p>\n<p><b>Quantitative</b></p>\n<p>Year to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c32bf1243cd5e4252fc8af88b2ee4bfb\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ vs Payment Processing Sector &gt;$50 bln Year to Date)</span></p>\n<p>It is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b67e41d041b35bf5e8ae3c7adb55c7d\" tg-width=\"640\" tg-height=\"444\"><span>Source: Author, Sector Comparison (Payment Processors)</span></p>\n<p>Whilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.</p>\n<p>However, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.</p>\n<p>For this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/624b2de0076a4f2d6062c52036b5d176\" tg-width=\"640\" tg-height=\"182\"><span>Source: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)</span></p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5337259448695cf7fc6a796d86dba775\" tg-width=\"523\" tg-height=\"245\"><span>Source: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)</span></p>\n<p>As we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.</p>\n<p>Many will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which&nbsp;Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b01941a1ab02f1b6dc27d73a2705a242\" tg-width=\"640\" tg-height=\"320\"><span>Source: Bitcoinvisuals.com (Bitcoin Market Volume 2018)</span></p>\n<p>On a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c89cf1b41c0d446571c7a471bb8d8e50\" tg-width=\"640\" tg-height=\"377\"><span>Source: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)</span></p>\n<p>This becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2d47874b5957751f0d485a9aa9ec5016\" tg-width=\"640\" tg-height=\"233\"><span>Source: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)</span></p>\n<p>Given the analysis by another Seeking Alpha contributor,The Value Trend&nbsp;in which the author suggests that&nbsp;SQ's 2025 growth is essentially priced in&nbsp;I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.</p>\n<p><b>Macro</b></p>\n<p>Whilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.</p>\n<p>Whilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.</p>\n<p><b>Small Business Environment</b></p>\n<p>SQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a0f50d03e91a1609a120fa139b61e292\" tg-width=\"640\" tg-height=\"319\"><span>Source: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)</span></p>\n<p>The majority of this is originating from exposure to sellers with &lt;$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75fbdbba973e9d39e9d07b50d6174b03\" tg-width=\"380\" tg-height=\"502\"><span>Source: SQ Investor Relations (Q1 2021 Shareholder Letter)</span></p>\n<p>Delving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/777bf7fbfba7b466a8c89baa9b21a72d\" tg-width=\"640\" tg-height=\"475\"><span>Source: Census.gov (Business Applications, May 2021)</span></p>\n<p>Again, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e5be8fe67a4c257868eb79101d262e77\" tg-width=\"525\" tg-height=\"557\"><span>Source: NFIB (Small Business Economic Trends - Optimism, May 2021)</span></p>\n<p>Further, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e1a555c19fb385f170bb6deb2b3abcca\" tg-width=\"539\" tg-height=\"319\"><span>Source: NFIB (Small Business Economic Trends - Outlook, May 2021)</span></p>\n<p>Additionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4fbef66ecf854fe482a86e001dec91e6\" tg-width=\"523\" tg-height=\"271\"><span>Source: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)</span></p>\n<p><b>Small Business Lending</b></p>\n<p>Looking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the&nbsp;PPP program, which stopped on May 31, 2021.</p>\n<p>Currently, bank lending has receded as a result of recovery efforts from COVID.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/327e5b2f822c5f6e8b6298b58c0d4f94\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)</span></p>\n<p>This can be verified through the credit conditions index in the&nbsp;monthly NFIB report. Although, an&nbsp;American Banker survey&nbsp;is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.</p>\n<p>This is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of&nbsp;capital restraints&nbsp;placed on Wells Fargo &amp; Company (WFC).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530b7de3c5d05e7e8f5de219d3582ea7\" tg-width=\"640\" tg-height=\"689\"><span>Source: Credit Suisse (Global Money Dispatch - 25 May 2021)</span></p>\n<p>There is a fairly good probability that this will occur, given that early in 2020 the Fed had&nbsp;lifted these restraints&nbsp;to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.</p>\n<p><b>Bitcoin, Legislation &amp; Gensler</b></p>\n<p>Bitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor&nbsp;banks&nbsp;have been interested in the medium although many banks and financial institutions have explicitly banned the&nbsp;purchase of Bitcoin using their services.</p>\n<p>The primary reasons for their objection is more than likely to do with illicit activities, such as&nbsp;money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.</p>\n<p>Consequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China&nbsp;and&nbsp;India.</p>\n<p>This has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.</p>\n<p>It is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with&nbsp;Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75ef78953396700241870a3f3ae8d8be\" tg-width=\"640\" tg-height=\"382\"><span>Source: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)</span></p>\n<p>Whilst the SEC has come out and said that&nbsp;Bitcoin regulation is not on their agenda for 2021, Gary Gensler has&nbsp;warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to&nbsp;2000 and 2008.</p>\n<p>Looking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.</p>\n<p><b>General Economy - The Worry for Retail</b></p>\n<p>Separately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout&nbsp;2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/97a5a8cfaa11dd3c5ab5544778a40b90\" tg-width=\"640\" tg-height=\"247\"><span>Source: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)</span></p>\n<p>Additionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.</p>\n<p>The consumer spending situation is made worse when examining U6 unemployment, which is&nbsp;considered to be the most revealing&nbsp;amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c09f260d254df1a847962a6b6896764c\" tg-width=\"640\" tg-height=\"388\"><span>Source: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)</span></p>\n<p>Finally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.</p>\n<p>In relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dddddbe8ed21ed16aab29a7b5ebbc846\" tg-width=\"640\" tg-height=\"340\"><span>Source: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)</span></p>\n<p>Whilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.</p>\n<p><b>Financials</b></p>\n<p><b>Bitcoin</b></p>\n<p>When examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).</p>\n<p>From their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.</p>\n<p>Currently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d6b3b70625f48232fa97f1aa14f5548e\" tg-width=\"640\" tg-height=\"333\"><span>Source: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)</span></p>\n<p>Additionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54329dbe61b7b1f9fc1347f632aff709\" tg-width=\"640\" tg-height=\"293\"><span>Source: USA.Gov (COVID Stimulus Cheque Dates)</span></p>\n<p>The spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c7a198a905e4a89f11faa1b4db4003b\" tg-width=\"640\" tg-height=\"340\"><span>Source: Google Trends (Buy Bitcoin search terms - USA 12 Months)</span></p>\n<p>This also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0428576ae2c8312e747c3ae5fccab637\" tg-width=\"640\" tg-height=\"401\"><span>Source: YCHARTS (Bitcoin Price 1 Yr)</span></p>\n<p>Thus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.</p>\n<p>This is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.</p>\n<p>Additionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.</p>\n<p><b>Cash App</b></p>\n<p>On the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b457a1d1f65d9d40fac153a9926aa167\" tg-width=\"262\" tg-height=\"230\"><span>Source: SQ Investor Relations (Q4 2020 Shareholder Letter)</span></p>\n<p>However, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:</p>\n<blockquote>\n Cash App revenue benefited from growth in numbers of active Cash App customers and from&nbsp;\n <b>government relief programs</b>&nbsp;most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.\n</blockquote>\n<blockquote>\n <i>Source: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)</i>\n</blockquote>\n<p>Part of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.</p>\n<p>The two sharp spikes in searches for the app occurred on:</p>\n<ul>\n <li>April 12-18 2020</li>\n <li>January 24-30 2021</li>\n</ul>\n<p>These coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9485d2feac40030b5190195a471781e\" tg-width=\"640\" tg-height=\"337\"><span>Source: Google Trends (Cash App search terms - USA 5 Years)</span></p>\n<p>Therefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.</p>\n<p>Further, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.</p>\n<p>It is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:</p>\n<blockquote>\n ... has at least\n <b>one financial transaction</b>using any product or service within Cash App during the specified period.\n</blockquote>\n<blockquote>\n <i>Source: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)</i>\n</blockquote>\n<p>So, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...</p>\n<p>Perhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.</p>\n<p><b>Technicals</b></p>\n<p>Examining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4c277d5239e06c67b7ff6fd7fff319bb\" tg-width=\"640\" tg-height=\"642\"><span>Source: Author, with data from FINVIZ (SQ Chart)</span></p>\n<p>When examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3323bfcd903c74dce542b53b0b56e093\" tg-width=\"640\" tg-height=\"281\"><span>Source: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)</span></p>\n<p>From the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.</p>\n<p>Caution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b221f08c025ba225e32114f0e76dd272\" tg-width=\"640\" tg-height=\"152\"><span>Source: Whalewisdom.com (SQ Funds Positioning)</span></p>\n<p>Further, with relation to ARK ETFs, it is no surprise that there have been&nbsp;significant liquidity issues&nbsp;the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ecce0e1f1cd9e7e47fe27105be3f6ad0\" tg-width=\"640\" tg-height=\"559\"><span>Source: Cathiesark.com (SQ Shares Held - All ETFs)</span></p>\n<p>Given the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.</p>\n<p><b>Price Targets</b></p>\n<p>On the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ec1e2586568ef7e0aea0c54e3503acc\" tg-width=\"640\" tg-height=\"222\"><span>Source: Author (SQ ATR Calculator)</span></p>\n<p>However, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.</p>\n<p>I do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.</p>\n<p>If the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).</p>\n<p><b>Risks</b></p>\n<p>With respect to SQ the following risks should be noted.</p>\n<p>The company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?</p>\n<p>If the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.</p>\n<p>Further, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.</p>\n<p>Again, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.</p>\n<p><b>Summary</b></p>\n<p>SQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.</p>\n<p>From a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.</p>\n<p>Additionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.</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>Square: The Bear Case</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSquare: The Bear Case\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 10:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436723-square-the-bear-case><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.\nIn reality, the company has struggled to translate its ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436723-square-the-bear-case\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4436723-square-the-bear-case","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117734317","content_text":"Summary\n\nOn the surface, Square appears to be a growing company and a good investment with strong revenue growth and a large Cash App user base.\nIn reality, the company has struggled to translate its top line into bottom line earnings.\nThis has resulted in Square expanding its products to justify exaggerated revenue valuations which may never result in meaningful earnings growth.\nAnd whilst at first glance its Cash App story appears to be a budding prospect, it may be nothing more than temporary growth based on necessity.\nGiven the current valuation and the increasing Bitcoin headwinds, Square could face significant revisions downwards in revenue and earnings.\n\nAndreyPopov/iStock via Getty Images\nIntroduction\nSquare Inc.(NYSE:SQ)is one of the most popular stocks among retail traders and investors, ranking 57 in Robinhood's top 100 rankings. This has resulted in a 135% increase in price over the last year allowing SQ to reach a market capitalization of greater than $100bln, trading with the volatility of a mid-cap company.\nOn the surface the price and valuation may seem justified, with the company sequentially increasing revenues and expanding its portfolio of products through Cash App, Bitcoin (BTC-USD), PPP loans and most recently delving into the commercial loans business with a banking license via Square Financial Services.\nHowever, these valuations are becoming disaggregated from the fundamentals of the company and its core business on speculation of future revenue projections which are heavily reliant on Bitcoin revenues.\nSource: Author, with data from SQ Investor Relations (Q1 2021 Historical Financial Information)\nIn addition to this, SQ potentially faces several other issues related to small business positioning; policy and regulation; and general macroeconomic factors which may create headwinds that will impact its valuation and pose an asymmetric downside risk for investors, which I will extrapolate on below.\nOverview\nSQ is a payment processing and business tool provider that facilitates transactions between businesses / sellers and individuals and provides them with hardware, online infrastructure and analytics. Additionally, it services individuals through Cash App which appears to be growing exponentially and allows users to send, receive, hold and invest money, and recently Bitcoin.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter - Cash App Inflows vs Gross Profit)\nAs of March 2020, the company has received a Banking License from the Federal Deposit Insurance Corporation (FDIC) to originate commercial loans to retailers which use SQ for payment processing.\nGiven all of this positive news, it is not surprising that the stock has rallied over 330% in the last 3 years on the basis of future growth projections and, since 2020, has chased revenue estimates.\nThis was a common occurrence during COVID, as unchartered waters meant that top line growth was imperative for survival. Further, seemingly endless money printing by the Fed, combined with zero rates, meant money flowed into stocks which showed the highest potential for growth.\nSource: Author, using data from YCHARTS (SQ vs EPS Estimates and Revenue Estimates 2021)\nHowever, in Q1 2021, as the printing slowed, yields began to rise and federal transfers to individuals dissipated, and consequently ever increasing revenue estimates began to mean less for the market, resulting in SQ price action ranging between $200 to $280.\nSource: Author, using data from YCHARTS (SQ Price YTD)\nQuantitative\nYear to Date, SQ has been a good performer relative to the payment processing sector, returning ~12% price increases to shareholders.\nSource: Author, using data from YCHARTS (SQ vs Payment Processing Sector >$50 bln Year to Date)\nIt is also not a surprise to see why when evaluated against these companies on a forward earnings and revenue basis. SQ has above average and median earnings growth for 2021 and 2022, as well as strong revenue growth for 2021.\nSource: Author, Sector Comparison (Payment Processors)\nWhilst SQ's forward PE seems exaggerated in contrast to its counterparts, its forward PS is relatively small and below the sector averages and median, perhaps justifying its present value.\nHowever, once you remove Bitcoin revenue from the equation, you get much more exaggerated forward PS estimates on much lower revenue growth, which represents SQ's primary business.\nFor this equation, I have removed Bitcoin revenue from their Q1 2021 results, and judging by average analyst expectations which show little to no sequential revenue growth from Q2-Q4 2021, multiplied this figure by 4x for a year end revenue estimate of $6,140.70 mln. For prior years, I have removed Bitcoin from Revenue.\nSource: Author, SQ Revenue Growth (2018 to 2021 Estimates with Bitcoin vs excl Bitcoin)\nSource: Author, SQ vs Sector Comps (Revenue Estimates excl Bitcoin)\nAs we can see this paints a very different picture of the company, and whilst revenue is still growing slightly above comps which also have high PS ratios, suddenly valuations on earnings look more meaningful and it becomes difficult to justify a forward PE 3x above the average and 4.5x above the median. Especially when companies such as American Express Co (AXP), Mastercard Inc (MA), PayPal Holdings Inc (PYPL) and Visa Inc (V) are producing on average 4x higher EPS. The majority of which pay a dividend and have similar growth estimates with less volatility risk.\nMany will suggest that \"this does not matter as BTC is now part of their revenue metrics and that is that, besides transaction volume is what is important\". However, I would cite the example of the 2018 Bitcoin sell off in which Bitcoin fell 70%, and transaction volumes fell from highs by approximately 75% as well:\nSource: Bitcoinvisuals.com (Bitcoin Market Volume 2018)\nOn a valuation basis, this presents a substantial downside risk to investors if Bitcoin continued to retrace as a result of being met by increased regulation globally, as the company is essentially trading on revenue metrics propped up by Bitcoin. Quite simply, price down in Bitcoin could mean downwards revisions to revenue estimates and consequently a highly volatile retracement in the price of SQ.\nSource: Author, using data from YCHARTS (SQ Price Correlation - Revenue, EPS and EBITDA)\nThis becomes increasingly likely given the historical volatility of the stock when compared to its peers and it is not surprising that it is also becoming a consensus short position.\nSource: Author (SQ vs Sector Comps Implied and Realized Volatility and Short Interest)\nGiven the analysis by another Seeking Alpha contributor,The Value Trend in which the author suggests that SQ's 2025 growth is essentially priced in I would have to agree. SQ's reliance on revenue estimates which have been amplified substantially by Bitcoin present an asymmetric risk to the downside in the short to medium term for investors.\nMacro\nWhilst we are in the process of reopening, many things remain uncertain, such as the level of demand sustainability, job growth and creation, and inflation.\nWhilst the sentiment is overall positive in the media, there are several macroeconomic issues that are beneath the surface which need to be resolved before we can conclude that we are in the clear.\nSmall Business Environment\nSQ's MRQ shows that nearly 49% of the Gross Profit comes from the Seller ecosystem (small businesses).\nSource: SQ Investor Relations (Q1 2021 10Q Page 39 - Segmented Gross Profit)\nThe majority of this is originating from exposure to sellers with <$500,000 Gross Payment Volume (69.5%). This makes square substantially exposed to fluctuations in the small business cycle.\nSource: SQ Investor Relations (Q1 2021 Shareholder Letter)\nDelving into the Business Formation Statistics, there is a rosy picture, with over 500,000 business applications for the month of May, 2021 providing an endless surge of opportunity for SQ.\nSource: Census.gov (Business Applications, May 2021)\nAgain, when we dig deeper and look at the statistics below which rank the optimism of established small businesses, the picture begins to distort and starts to look like the descent into 2008.\nSource: NFIB (Small Business Economic Trends - Optimism, May 2021)\nFurther, when we examine Small Business future outlook on expansion, this has also descended to lows and similar to what was seen in 2008. This could suggest that the bread and butter of SQ's gross profit margin, may not expand at the rate previously seen during 2017 to 2020.\nSource: NFIB (Small Business Economic Trends - Outlook, May 2021)\nAdditionally, it should be noted that the two primary reasons small businesses are giving for their negative outlook are \"Economic Conditions\" and \"Political Climate\", which could be related to the election in 2020, COVID, recent policy changes and be somewhat transitory. Alternatively it could resemble the slow march of 2008 to 2016, we simply do not know, except for the fact it is a low reading and consequently could weigh on SQ's high revenue and earnings growth estimates.\nSource: NFIB (Small Business Economic Trends - Reasons for Outlook, May 2021)\nSmall Business Lending\nLooking forward, SQ clearly aims to solidify its position in the commercial lending space through acquiring a banking license. This is very positive for the company due to their large and growing small business user base,their experience since 2014, and the PPP program, which stopped on May 31, 2021.\nCurrently, bank lending has receded as a result of recovery efforts from COVID.\nSource: YCHARTS (US Commercial Banks - Commercial and Industrial Loans)\nThis can be verified through the credit conditions index in the monthly NFIB report. Although, an American Banker survey is reporting that 86% of small businesses are finding it difficult to access credit, and are having to resort to personal credit.\nThis is positive for SQ as it will allow them to fill the gap for credit to small business within the market. Though I believe it will be short lived as there is speculation that when the Fed tapers, they will also announce the lifting of capital restraints placed on Wells Fargo & Company (WFC).\nSource: Credit Suisse (Global Money Dispatch - 25 May 2021)\nThere is a fairly good probability that this will occur, given that early in 2020 the Fed had lifted these restraints to help small businesses via the PPP program and tapering has a history of upsetting the market. If this occurs, I suspect WFC will become a giant amongst the small business credit space once more and be a very tough competitor to SQ due to their extensive network and history in the space.\nBitcoin, Legislation & Gensler\nBitcoin has been making headlines as of 2H 2020 and much of 1H 2021 for good reason. It is gaining traction amongst retail traders and investors and has shown exceptional appreciation. Further, some minor banks have been interested in the medium although many banks and financial institutions have explicitly banned the purchase of Bitcoin using their services.\nThe primary reasons for their objection is more than likely to do with illicit activities, such as money laundering,terrorism,fake transaction volumes, and similar activities which I do not want to get into and neither do banks.\nConsequently, on the recent hype, many countries are now stepping in to regulate the use of Bitcoin, but others are going a step further and are enacting legislation to ban its use and mining, most notably,China and India.\nThis has had a negative impact on the price of Bitcoin since the ATHs in May 2021 of ~$65,000, retracing -46% since then.\nIt is also extremely negative for Bitcoin going forward as the majority of Bitcoin mining is done in China (~70% YTD) with Hashrates of mining being correlated to the price. Therefore if these recede on decreasing Chinese mining activity, price could surely follow, affecting SQ's Bitcoin holdings and future transaction volumes.\nSource: Cambridge University (Cambridge Bitcoin Electricity Consumption Index YTD)\nWhilst the SEC has come out and said that Bitcoin regulation is not on their agenda for 2021, Gary Gensler has warned investors to be cautious. Gensler is also has a long history on regulations to protect investors, and despite not putting Bitcoin on the agenda for 2021, I advise readers to study his history with respect to 2000 and 2008.\nLooking out further, this does not bode well for Bitcoin and SQ, generally. It is likely that there could be further regulation rather than adoption, negatively impacting its price, leading to a repeat of 2018 lower volumes as well as mining activity.\nGeneral Economy - The Worry for Retail\nSeparately, we could also be seeing a negative situation for retail going forward. Much of the recovery in retail as not been driven by \"pent up demand\" but mostly through subsidies issued throughout 2020 and the start of 2021. When examining the graph below, we can see that once you subtract transfer receipts (government stimulus cheques and employment benefits - red line), income is not what it used to be.\nSource: Federal Reserve Bank of St. Louis (Disposable Income vs Real Income minus Transfers vs Personal Savings vs Retail Trade Sales)\nAdditionally, we can see that much of the spikes in retail sales (purple) have been driven mainly through the stimulus cheques which bolstered disposable income (blue) and consumer savings (green), though now stimulus has ended and people are having to start to dig into their savings, which is dropped 54% month on month between March and April.\nThe consumer spending situation is made worse when examining U6 unemployment, which is considered to be the most revealing amongst economists as it includes unemployed, underemployed and discouraged job seekers. This, generally speaking, does not bode well for consumer discretionary spending patterns going forward.\nSource: Macrotrends.net (U6 Unemployment Rate vs U5 vs Official)\nFinally, the rising cost of food and energy, which for food I expect to continue, should hamper consumer discretionary spend going forward. I have previously written articles on The Mosaic Company (MOS)hereand The Andersons (ANDE)here, which outline my justification for this trend.\nIn relation to SQ, we can see their historical exposure to consumer discretionary spend based on end 2019 data. When taking into account figures from: retail; professional services, beauty and personal care, home and repair, leisure and entertainment, and casual use, the total exposure is approximately 59%.\nSource: Statista (Raynor de Best - GPV by Seller Industry Dec 2019)\nWhilst this may not impact its revenue figures substantially due to the weighting of bitcoin, I do expect this to undermine is gross profit figures going forward and negatively impact margins as stimulus further fades.\nFinancials\nBitcoin\nWhen examining the financials of SQ we can easily see that Bitcoin is the predominant factor driving its revenue growth (MRQ 69% of total revenue) of which its valuation is derived (see above Introduction section - SQ Price vs Revenue Segments; and Quantitative section - SQ Price correlation).\nFrom their Q1 2021 Shareholder Letter, page 12 they have stated that on March 31, 2021 the fair value of their holdings was $472 million. On this date the closing price was $58,918.83, or approximately 8,011 Bitcoins. They also state they initially invested $200 million into bitcoin during this period and Q4, so their average price is roughly $25,000 per Bitcoin.\nCurrently, the price of Bitcoin sits at approximately $34,600 and it also appears to be struggling to find traction, especially when you examine some other trends. For example, looking at search trends of \"Buy Bitcoin\" on Google Trends, this is clearly waning.\nSource: Google Trends (Buy Bitcoin search terms - Worldwide 5 Yrs)\nAdditionally, when you align this data with stimulus payments it is clear there is a relationship between the two in 2H 2020, and much of the recent speculation could be driven by government subsidies.\nSource: USA.Gov (COVID Stimulus Cheque Dates)\nThe spike in searches occurs roughly around the time of the two latter government stimulus cheques with a lag of a few days to a few weeks.\nSource: Google Trends (Buy Bitcoin search terms - USA 12 Months)\nThis also coincides with Bitcoin's price run up in December 2020 and January 2021, as well the failed rally in March and April 2021.\nSource: YCHARTS (Bitcoin Price 1 Yr)\nThus, in this example, if we have a continued sell off of -70%, which is similar to what occurred in 2018. We would be back at November 2020 Bitcoin prices of $20,000 approximately.\nThis is still feasible on the basis of dwindling volume, further legislation and declining hashrates. It could also be theorized that SQ may carry an impairment charge of $40 million, which would greatly affect operating income, net income and shareholder earnings and future estimates. Though this is purely theoretical without accounting for transactions in the current quarter, such as purchases or sales at or near ATHs.\nAdditionally, with the lack of stimulus payments going forward and tighter consumer discretionary spend, the revenue generated from Bitcoin may also decline as less money enters the space and volumes decline. Negatively impacting revenue estimates for SQ and subsequently their price and valuation.\nCash App\nOn the surface, it looks like Cash App is growing exponentially into a viable platform for users to transact, with more than 36 million monthly transacting active customers, up 50% YoY.\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter)\nHowever, this growth in Cash App may be unsustainable going forward, with SQ elaborating on this in their Quarterly filing notes:\n\n Cash App revenue benefited from growth in numbers of active Cash App customers and from \n government relief programs most recently passed into law in late December 2020 and in March 2021, as well as cumulative benefit from earlier stimulus programs passed in 2020. These programs provided additional stimulus relief and unemployment benefits which resulted in an increase in consumer spending and inflows into our Cash App ecosystem. Cash App revenue growth may not be sustained at the same levels in future quarters and may be impacted by the enactment of further stimulus relief and benefit programs, as well as the demand and market prices for bitcoin, amongst other factors.\n\n\nSource: SQ Investor Relations (Q1 2021 10Q Filings - Page 49)\n\nPart of the issue with Cash App is theoretical continued use and future adoption. Much of the growth seen over the last year was predominantly fueled by stimulus payments through the Cash App ecosystem, and therefore by necessity given the circumstances.\nThe two sharp spikes in searches for the app occurred on:\n\nApril 12-18 2020\nJanuary 24-30 2021\n\nThese coincide with stimulus payments as they initially sent them and they gradually deposited them into people's accounts.\nSource: Google Trends (Cash App search terms - USA 5 Years)\nTherefore, as government stimulus payments end, and Bitcoin again fades from relevancy, and more people return to work and day-trade less, this could negatively impact user growth metrics going forward, impacting SQ revenue estimates, gross profit figures, and its earnings.\nFurther, there are a multitude of other more viable platforms, which another Seeking Alpha contributor,The Value Trend, has elaborated onhere.\nIt is also important to keep in mind how they define these users, a \"Transacting active Cash App customer\" is the following:\n\n ... has at least\n one financial transactionusing any product or service within Cash App during the specified period.\n\n\nSource: SQ Investor Relations (Q4 2020 Shareholder Letter - Page 4)\n\nSo, if a customer received their wages from an employer, or unemployment benefit, into Cash App once per month, and transferred all of it to their bank account once per month, they are a \"transacting active Cash App customer\"...\nPerhaps a better quantifier of an \"active\" customer would be greater than 5 transactions.\nTechnicals\nExamining the technicals of SQ, it is clear that the stock is now ranging between $200 and $280, with several breakout attempts at $250 and 2 failed attempts near $300, showing several signs that momentum is dying out.\nSource: Author, with data from FINVIZ (SQ Chart)\nWhen examining dark pool order flows, there is a possibility for the current rally to continue as dark pools are at lows, which may likely continue into earnings by August. Although I would not get my hopes up unless some seriously good news occurs and Bitcoin rallies back to ATHs.\nSource: Squeezemetrics.com (SQ Dark Pools vs Implied Vol 2 Years)\nFrom the 13F filings, we can also see that many funds have reduced exposure and closed their positions, with fewer new positions being added. The Put to Call ratio is also becoming quite high, especially on a stock that has $100 bln market cap, signaling that we are not the only ones thinking the same thing.\nCaution is required though, as SQ's issues with Bitcoin are obviously becoming a consensus trade, and when those puts are lifted, gamma may turn positive and it could cause the stock to rally significantly.\nSource: Whalewisdom.com (SQ Funds Positioning)\nFurther, with relation to ARK ETFs, it is no surprise that there have been significant liquidity issues the last 6 months, and I agree with another Seeking Alpha contributor's thesisherethat we will see a reversion to the mean with respect to prices of stocks held in these ETFs. What can be noted is that Cathie has significantly reduced her exposure to SQ and that she may be picking her battles.\nSource: Cathiesark.com (SQ Shares Held - All ETFs)\nGiven the above information, this is a difficult company to be short. It will either payoff enormously, or rip your face off due to its volatility. Additionally there are many funds wanting some small level of exposure to a company with Bitcoin on the financial statements. Therefore, if you were to trade this as a short at your own risk, discretion is advised and you should always pick your battles.\nPrice Targets\nOn the basis of volatility through SQ's ATR it is possible that SQ could move to a low of approximately $100 by the end of the year, moving in favor 40% of the time. This aligns with my year end 2021 price if you remove Bitcoin entirely from the equation.\nSource: Author (SQ ATR Calculator)\nHowever, it would not be sensible to do this as it is part of their revenue for the time being, no matter how high Bitcoin volumes were in the start of 2021 and how low they may be at the end of the year.\nI do expect the stock to fall again and retest $200, possibly breaking down to $160. Though it is very difficult to determine a valuation with SQ, mainly because the valuation is derived from Bitcoin revenues, and also the perceived value by funds and the market in the future adoption of the asset.\nIf the market begins to perceive Bitcoin again as irrelevant, I would expect SQ to slowly sell off to between $150 and $160 (-37% downside) with a low probability that it will rally past $300 (25% upside).\nRisks\nWith respect to SQ the following risks should be noted.\nThe company is growing, whether you like SQ or not. The main questions are: Will the market value Bitcoin on any realistic basis? How much is it growing with and without Bitcoin? What is the potential future growth with and without Bitcoin? And does the market believe it, or for that matter care?\nIf the Bitcoin fades from relevancy, and judging by Google Trends, it is more likely than it is not, it is not outlandish to assume that SQ will suffer as a result of this and over the 2H 2021 and take a substantial hit to revenue estimates. However, if Bitcoin adoption increases and negative news fades, since this is a growth company, it could simply continue rallying.\nFurther, consumer spending patterns are producing mixed data, and above I have presented a bear case. This could easily turn the other way if people's behavior changes, such as applying for jobs which will increase spending in the economy and hopefully produce small business growth and increase small business optimism and expansion, which is very beneficial for SQ as a cyclical business in the payment processing space.\nAgain, caution is necessary, though I do think that future growth of the company is priced in and there is a higher risk to holders of SQ to the downside than to the upside.\nSummary\nSQ is a high growth company with some potential positive points in the long run; however, its valuation is highly questionable due to its high revenue estimates predominantly derived from Bitcoin transactions and not bottom-line earnings growth.\nFrom a quantitative perspective, it looks good amongst its peers but upon further examination it appears to be extremely overvalued as future growth, at least for 2021, may be derived from Bitcoin. Further, its Cash App adoption statistics may not continue to see the same run rate going forward without continued government stimulus.\nAdditionally, it faces several potential macroeconomic hurdles with respect to small business exposure, lending competitors, consumer transaction competitors, Bitcoin legislation and softening retail demand.","news_type":1},"isVote":1,"tweetType":1,"viewCount":387,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170134221,"gmtCreate":1626411057063,"gmtModify":1631891057123,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Good//<a href=\"https://laohu8.com/U/3569277422888666\">@SolidSnake</a>:Good","listText":"Good//<a href=\"https://laohu8.com/U/3569277422888666\">@SolidSnake</a>:Good","text":"Good//@SolidSnake:Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170134221","repostId":"1181685430","repostType":4,"repost":{"id":"1181685430","kind":"news","pubTimestamp":1626311578,"share":"https://www.laohu8.com/m/news/1181685430?lang=&edition=full","pubTime":"2021-07-15 09:12","market":"us","language":"en","title":"Cramer: Chip Sector's Contradictions – AMD, Nvidia, Intel","url":"https://stock-news.laohu8.com/highlight/detail?id=1181685430","media":"The Street","summary":"With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cram","content":"<blockquote>\n With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cramer says.\n</blockquote>\n<p>The semiconductor industry is a “ball of confusion” to investors, just when market mavens crave some stability from chip makers.</p>\n<p>That’s causing angst among investors, who should be buying semiconductors right now but can’t—or won’t—pull the trigger, TheStreet's Jim Cramer noted in a recent Real Money column.</p>\n<p>One big chip maker stands out in that regard, Cramer said.</p>\n<p>\"Take Advanced Micro&nbsp;(<b>AMD</b>) -Get Report. This one has wandered in the wilderness for months as Intel's&nbsp;(<b>INTC</b>) -Get Report&nbsp;CEO Pat Gelsinger talks a big game about ending the reign of the upstart. It doesn't matter that CEO Lisa Su has a monster lead on Intel now. Pat loves to say that Intel's back and we want that. The fact is, though, that AMD is still the leader and Su is not going to fight back with words, she is going to fight back with chips.</p>\n<p>\"Su did give an interview this week where she talked about how well they were doing and acknowledged the chip shortage. I thought the stock should go up on the story and instead it got hammered. Finally we are getting nervous about the Xilinx approval. We have been waiting and waiting.&nbsp;All that amounts to a stalled stock with a downward bias.\"</p>\n<p>Cramer also pointed to Texas Instruments&nbsp;(<b>TXN</b>) -Get Report&nbsp;and Analog Devices&nbsp;(<b>ADI</b>) -Get Report&nbsp;as two additional industry culprits who should represent buying opportunities, but are too “harrowing” to be bought right now. Other semiconductor stocks are in the same state of suspension, but should also be on investor radar screens.</p>\n<p>This from Cramer:</p>\n<p>I can't tell you how many times I have heard that Broadcom&nbsp;(<b>AVGO</b>) -Get Report&nbsp;will disappoint only to watch it beat the numbers handily.&nbsp;Or Marvell Tech&nbsp;(<b>MRVL</b>) -Get Report. Here's one that likes to run into the quarter and then sell down when it reports.</p>\n<p>Cramer said that, fortunately, Marvell didn't fall flat this time but that's the first time he's seen it hold.&nbsp;The only one that doesn't act terribly, he added, is Nvidia&nbsp;(<b>NVDA</b>) -Get Report&nbsp;-- \"but need I remind you that it was stalled for ages, too.\"</p>\n<p>It’s worth noting that a semiconductor’s natural state is to rise up as its temperature goes up. That’s not happening right now and it’s vexing to investors who otherwise may be sector buyers, Cramer noted. Still, the upside value shouldn’t be ignored, he added.</p>\n<p>\"This fabulous group is a ball of confusion until you look where they come from,\" Cramer says.</p>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cramer: Chip Sector's Contradictions – AMD, Nvidia, Intel</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nCramer: Chip Sector's Contradictions – AMD, Nvidia, Intel\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 09:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/jim-cramer/cramer-chip-sectors-contradictions-amd-nvidia-intel><strong>The Street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cramer says.\n\nThe semiconductor industry is a “ball of confusion” to investors, just when market mavens ...</p>\n\n<a href=\"https://www.thestreet.com/jim-cramer/cramer-chip-sectors-contradictions-amd-nvidia-intel\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"INTC":"英特尔","AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://www.thestreet.com/jim-cramer/cramer-chip-sectors-contradictions-amd-nvidia-intel","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181685430","content_text":"With the chip shortage, these stocks are making investors nervous, but keep them on your radar, Cramer says.\n\nThe semiconductor industry is a “ball of confusion” to investors, just when market mavens crave some stability from chip makers.\nThat’s causing angst among investors, who should be buying semiconductors right now but can’t—or won’t—pull the trigger, TheStreet's Jim Cramer noted in a recent Real Money column.\nOne big chip maker stands out in that regard, Cramer said.\n\"Take Advanced Micro (AMD) -Get Report. This one has wandered in the wilderness for months as Intel's (INTC) -Get Report CEO Pat Gelsinger talks a big game about ending the reign of the upstart. It doesn't matter that CEO Lisa Su has a monster lead on Intel now. Pat loves to say that Intel's back and we want that. The fact is, though, that AMD is still the leader and Su is not going to fight back with words, she is going to fight back with chips.\n\"Su did give an interview this week where she talked about how well they were doing and acknowledged the chip shortage. I thought the stock should go up on the story and instead it got hammered. Finally we are getting nervous about the Xilinx approval. We have been waiting and waiting. All that amounts to a stalled stock with a downward bias.\"\nCramer also pointed to Texas Instruments (TXN) -Get Report and Analog Devices (ADI) -Get Report as two additional industry culprits who should represent buying opportunities, but are too “harrowing” to be bought right now. Other semiconductor stocks are in the same state of suspension, but should also be on investor radar screens.\nThis from Cramer:\nI can't tell you how many times I have heard that Broadcom (AVGO) -Get Report will disappoint only to watch it beat the numbers handily. Or Marvell Tech (MRVL) -Get Report. Here's one that likes to run into the quarter and then sell down when it reports.\nCramer said that, fortunately, Marvell didn't fall flat this time but that's the first time he's seen it hold. The only one that doesn't act terribly, he added, is Nvidia (NVDA) -Get Report -- \"but need I remind you that it was stalled for ages, too.\"\nIt’s worth noting that a semiconductor’s natural state is to rise up as its temperature goes up. That’s not happening right now and it’s vexing to investors who otherwise may be sector buyers, Cramer noted. Still, the upside value shouldn’t be ignored, he added.\n\"This fabulous group is a ball of confusion until you look where they come from,\" Cramer says.","news_type":1},"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188182411,"gmtCreate":1623424293233,"gmtModify":1631893312650,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"Tech rally again","listText":"Tech rally again","text":"Tech rally again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/188182411","repostId":"1158585683","repostType":4,"repost":{"id":"1158585683","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":1623418302,"share":"https://www.laohu8.com/m/news/1158585683?lang=&edition=full","pubTime":"2021-06-11 21:31","market":"us","language":"en","title":"Dow rises 80 points, S&P 500 adds to a record as tech shares gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1158585683","media":"Tiger Newspress","summary":"(June 11) U.S. stocks rose on Friday with the S&P 500 adding to its new record, as Wall Street aims ","content":"<p>(June 11)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.</p>\n<p>The Dow Jones Industrial Average gained 100 points while S&amp;P 500 added 0.2% after closing at a record in the previous session. Nasdaq-100 futures gained 0.1%. Apple, Amazon, Netflix, Microsoft and Alphabet all traded in the green.</p>\n<p>There were not many big movers in premarket trading. Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop was up 7% in the premarket. Those twosuffered double digit percent losseson Thursday as momentum in the Reddit favorites faded.</p>\n<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 rises 80 points, S&P 500 adds to a record as tech shares gain</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 rises 80 points, S&P 500 adds to a record as tech shares gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">2021-06-11 21:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(June 11)&nbsp;U.S. stocks rose on Friday with the S&amp;P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.</p>\n<p>The Dow Jones Industrial Average gained 100 points while S&amp;P 500 added 0.2% after closing at a record in the previous session. Nasdaq-100 futures gained 0.1%. Apple, Amazon, Netflix, Microsoft and Alphabet all traded in the green.</p>\n<p>There were not many big movers in premarket trading. Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop was up 7% in the premarket. Those twosuffered double digit percent losseson Thursday as momentum in the Reddit favorites faded.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158585683","content_text":"(June 11) U.S. stocks rose on Friday with the S&P 500 adding to its new record, as Wall Street aims to wrap up the week on a high note.\nThe Dow Jones Industrial Average gained 100 points while S&P 500 added 0.2% after closing at a record in the previous session. Nasdaq-100 futures gained 0.1%. Apple, Amazon, Netflix, Microsoft and Alphabet all traded in the green.\nThere were not many big movers in premarket trading. Some of the meme stocks were rebounding after a rough day on Thursday. AMC shares were up 3% and GameStop was up 7% in the premarket. Those twosuffered double digit percent losseson Thursday as momentum in the Reddit favorites faded.","news_type":1},"isVote":1,"tweetType":1,"viewCount":161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115868817,"gmtCreate":1622972399939,"gmtModify":1631893312680,"author":{"id":"3585264675951025","authorId":"3585264675951025","name":"CorrineNaNa","avatar":"https://static.tigerbbs.com/691cc3823ad4a674860add4208e9e99e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585264675951025","authorIdStr":"3585264675951025"},"themes":[],"htmlText":"That’s good bluechip","listText":"That’s good bluechip","text":"That’s good bluechip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/115868817","repostId":"2140540596","repostType":4,"isVote":1,"tweetType":1,"viewCount":274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}