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2021-10-30

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Top Wall Street Strategist Sees a Fast 10% Q4 Correction Coming<blockquote>华尔街顶级策略师预计第四季度将出现10%的快速调整</blockquote>

2021-10-29

Ok

Microsoft surpassed Apple in market value and became the most valuable company in the world<blockquote>微软市值超过苹果，成为全球市值最高的公司</blockquote>

2021-10-28

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2021-10-26

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2021-10-26

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2021-10-23

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2021-10-21

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2021-10-20

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Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>

2021-10-19

Ok

UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>

2021-10-18

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Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&T、Netflix、ASML、Snap等本周值得投资者关注的股票</blockquote>

2021-10-17

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2021-10-16

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Apple: International Opportunity Is Huge<blockquote>苹果：国际机遇巨大</blockquote>

2021-10-15

Ok

S&P 500 surges, biggest daily percentage rise since March on earnings, data<blockquote>标普500股价飙升，盈利和数据创3月份以来最大单日百分比涨幅</blockquote>

2021-10-14

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2021-10-12

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2021-10-11

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2021-10-11

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2021-10-10

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S&P 500 Q3 2021 Preview: All Eyes On Earnings Momentum<blockquote>标普500 2021年第三季度预览：所有人都在关注盈利势头</blockquote>

2021-10-10

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2021-10-09

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Basically what it means is that, due to very low yields on bonds and cash, especially with mounting inflation, owning stocks (especially those that pay solid and predictable dividends) is the only way to stay ahead of the game.</p><p><blockquote>TINA是最新进入市场词汇的首字母缩略词之一。这代表“别无选择”，这是对股市不断上涨的解释。基本上，这意味着，由于债券和现金的收益率非常低，特别是在通货膨胀加剧的情况下，持有股票（尤其是那些支付稳定且可预测股息的股票）是保持领先地位的唯一途径。</blockquote></p><p> If any one equity strategist across Wall Street has been right on the money over the past few years, it is Stifel’s head of Institutional Equity Strategy, Barry Bannister, and he is advising clients that we could be poised to have a TINA trap sell-off. We have covered his outstanding and prescient calls for years, and generally when he talks, we listen. Those who did so at the height of the sell-off in 2020 posted some massive gains.</p><p><blockquote>如果说过去几年华尔街有哪一位股票策略师是正确的，那就是Stifel的机构股票策略主管巴里·班尼斯特(Barry Bannister)，他向客户建议，我们可能会遭遇TINA陷阱抛售。多年来，我们一直在报道他杰出而有先见之明的评级，通常当他说话时，我们会倾听。那些在2020年抛售最严重的时候这样做的人取得了一些巨大的收益。</blockquote></p><p> On March 19, 2020, just four short days before the final surge of selling and investor capitulation on March 23, Bannister and his team dropped a prediction for a relief rally that would carry the S&amp;P 500 to the 2,750 level by April 30. On March 23, the index hit an intraday low of 2,191, and it closed at 2,237.</p><p><blockquote>2020年3月19日，就在3月23日抛售和投资者投降最后激增的短短四天前，班尼斯特和他的团队放弃了对缓解性反弹的预测，该反弹将使标普500在4月30日之前升至2,750点。3月23日，该指数盘中最低触及2191点，收盘于2237点。</blockquote></p><p> We covered that incredibly bold prediction then, and while some were very skeptical of the call, Bannister made the prerequisite financial media rounds at the time giving his firm’s rationale for the prediction. In early April of 2020 as a surge of alarming news on the COVID-19 pandemic flooded the airwaves, Stifel came out and defended the call, telling clients to stand their ground. In the middle of April, as the rest of Wall Street was finally on board, Stifel raised the end-of-April target to 2,950. On April 30, in line with the laser-like call from Stifel, the S&amp;P 500 closed at 2,912 after hitting an intraday high of 2,930 and after trading to 2,950 level the day before. In late May of 2020, Stifel once again raised the price target on the S&amp;P 500 to 3,250 by August 30.</p><p><blockquote>我们当时报道了这一令人难以置信的大胆预测，虽然有些人对看涨期权非常怀疑，但班尼斯特当时在金融媒体上发表了先决条件，给出了他的公司做出这一预测的理由。2020年4月初，随着有关COVID-19大流行的令人震惊的消息充斥电视广播，Stifel站出来为看涨期权辩护，告诉客户坚持自己的立场。4月中旬，随着华尔街其他人终于加入进来，Stifel将4月底的目标上调至2,950点。4月30日，与Stifel激光般的看涨期权一致，标普500在触及2930点的盘中高点并在前一天交易至2950点后收于2912点。2020年5月下旬，Stifel再次将标普500的目标价上调至8月30日的3,250点。</blockquote></p><p> Once again, Bannister sees storm clouds on the horizon, and with good reason. Everything from stocks to gold, Treasury debt and oil and have been pushed higher. This is a result of a unique combination of the FOMO worries and the TINA mentality. In a new research report, Bannister and his team feel that a lightning-fast 10% correction could occur in the remaining months of the fourth quarter. The report noted this:</p><p><blockquote>班尼斯特又一次看到了地平线上的乌云，这是有充分理由的。从股票到黄金、国债和石油，一切都被推高。这是FOMO担忧和TINA心态独特结合的结果。在一份新的研究报告中，班尼斯特和他的团队认为，第四季度剩余几个月可能会出现闪电般的10%修正。报告指出：</blockquote></p><p>   Near-term in the fourth quarter of 2021, we note that equal-weighted cyclicals vs. defensives are very near the point at which P/E-driven S&amp;P 500 corrections occur, and we see downside equating to the S&amp;P 500 falling from 4,535 currently to ~4,000 (prior view 3,800), around a 10% correction in the fourth quarter as we see mid-cycle risks.    Our target and concerns are based on slowing global liquidity and tighter financial conditions with a gradual but unwavering Fed exit (especially after the Fed Chair is named). Sure, the Fed-inflated TINA trade “There is No Alternative” (to stocks) exists, but everyone goes into the boxing ring “with a plan” to buy-the-dip…until they get hit with a double-digit correction.    Looking out to mid-2022 through 2025, we observe that value vs. growth tracks the S&amp;P 500 divided by commodity index ratio, which soared in 2020 (favored growth stocks), fell in 2021 (favors value) and may bounce in mid-2022 (after the S&amp;P 500 corrects) favoring growth, post-dip. We also show that despite the Quantitative Easing taper the S&amp;P 500 could hit 5,200 by Jun-2022 (TINA’s last gasp?). Moreover, we see no actual bear market, which would be a 20% or more decline until fed funds is 1% (4 rate hikes), which fed funds futures indicate does not occur until 2024. </p><p><blockquote>近期在2021年第四季度，我们注意到等权重周期性股票与防御性股票非常接近市盈率驱动的标普500修正发生的点，我们认为下行相当于标普500从目前的4,535点下跌至约4,000点（之前的观点为3,800点），由于我们看到了中期周期风险，第四季度的修正约为10%。我们的目标和担忧基于全球流动性放缓和金融状况收紧，美联储将逐步但坚定不移地退出（尤其是在美联储主席任命之后）。当然，美联储膨胀的TINA交易“别无选择”（股票）是存在的，但每个人都“带着一个计划”进入拳击场，以逢低买入……直到他们受到两位数的修正。展望2022年中期至2025年，我们观察到价值与增长遵循标普500除以大宗商品指数比率，该比率在2020年飙升（青睐成长股），在2021年下跌（青睐价值股），并可能在2022年中期反弹（标普500修正后）有利于增长，下跌后。我们还表明，尽管量化宽松缩减，到2022年6月，标普500仍可能达到5,200（TINA的最后一口气？）.此外，我们没有看到真正的熊市，在联邦基金利率达到1%（加息4次）之前，熊市将下跌20%或更多，联邦基金期货表明这种情况要到2024年才会发生。</blockquote></p><p></p>","source":"lsy1620372341666","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>Top Wall Street Strategist Sees a Fast 10% Q4 Correction Coming<blockquote>华尔街顶级策略师预计第四季度将出现10%的快速调整</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTop Wall Street Strategist Sees a Fast 10% Q4 Correction Coming<blockquote>华尔街顶级策略师预计第四季度将出现10%的快速调整</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">24/7 wall street</strong><span class=\"h-time small\">2021-10-30 15:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A plethora of acronyms are used in the financial world for a wide variety of items. Most investors are well aware of the FAANG stocks, which are the massive tech monsters that rule the market. In addition, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the acronyms used to describe the constant rise in the stock markets, especially when the “buy the dip” crowd takes control after sizable selling, is FOMO, or fear of missing out.</p><p><blockquote>在金融界，大量的首字母缩略词用于各种各样的项目。大多数投资者都很清楚FAANG股票，它们是统治市场的大型科技巨头。此外，<a href=\"https://laohu8.com/S/AONE.U\">一</a>FOMO是用来描述股市持续上涨的首字母缩略词之一，尤其是当“逢低买入”人群在大量抛售后控制局面时。</blockquote></p><p> One of the very newest acronyms to hit the market speak lexicon is TINA. That stands for “there is no alternative,” which is an explanation for the constant ascent of the stock market. Basically what it means is that, due to very low yields on bonds and cash, especially with mounting inflation, owning stocks (especially those that pay solid and predictable dividends) is the only way to stay ahead of the game.</p><p><blockquote>TINA是最新进入市场词汇的首字母缩略词之一。这代表“别无选择”，这是对股市不断上涨的解释。基本上，这意味着，由于债券和现金的收益率非常低，特别是在通货膨胀加剧的情况下，持有股票（尤其是那些支付稳定且可预测股息的股票）是保持领先地位的唯一途径。</blockquote></p><p> If any one equity strategist across Wall Street has been right on the money over the past few years, it is Stifel’s head of Institutional Equity Strategy, Barry Bannister, and he is advising clients that we could be poised to have a TINA trap sell-off. We have covered his outstanding and prescient calls for years, and generally when he talks, we listen. Those who did so at the height of the sell-off in 2020 posted some massive gains.</p><p><blockquote>如果说过去几年华尔街有哪一位股票策略师是正确的，那就是Stifel的机构股票策略主管巴里·班尼斯特(Barry Bannister)，他向客户建议，我们可能会遭遇TINA陷阱抛售。多年来，我们一直在报道他杰出而有先见之明的评级，通常当他说话时，我们会倾听。那些在2020年抛售最严重的时候这样做的人取得了一些巨大的收益。</blockquote></p><p> On March 19, 2020, just four short days before the final surge of selling and investor capitulation on March 23, Bannister and his team dropped a prediction for a relief rally that would carry the S&amp;P 500 to the 2,750 level by April 30. On March 23, the index hit an intraday low of 2,191, and it closed at 2,237.</p><p><blockquote>2020年3月19日，就在3月23日抛售和投资者投降最后激增的短短四天前，班尼斯特和他的团队放弃了对缓解性反弹的预测，该反弹将使标普500在4月30日之前升至2,750点。3月23日，该指数盘中最低触及2191点，收盘于2237点。</blockquote></p><p> We covered that incredibly bold prediction then, and while some were very skeptical of the call, Bannister made the prerequisite financial media rounds at the time giving his firm’s rationale for the prediction. In early April of 2020 as a surge of alarming news on the COVID-19 pandemic flooded the airwaves, Stifel came out and defended the call, telling clients to stand their ground. In the middle of April, as the rest of Wall Street was finally on board, Stifel raised the end-of-April target to 2,950. On April 30, in line with the laser-like call from Stifel, the S&amp;P 500 closed at 2,912 after hitting an intraday high of 2,930 and after trading to 2,950 level the day before. In late May of 2020, Stifel once again raised the price target on the S&amp;P 500 to 3,250 by August 30.</p><p><blockquote>我们当时报道了这一令人难以置信的大胆预测，虽然有些人对看涨期权非常怀疑，但班尼斯特当时在金融媒体上发表了先决条件，给出了他的公司做出这一预测的理由。2020年4月初，随着有关COVID-19大流行的令人震惊的消息充斥电视广播，Stifel站出来为看涨期权辩护，告诉客户坚持自己的立场。4月中旬，随着华尔街其他人终于加入进来，Stifel将4月底的目标上调至2,950点。4月30日，与Stifel激光般的看涨期权一致，标普500在触及2930点的盘中高点并在前一天交易至2950点后收于2912点。2020年5月下旬，Stifel再次将标普500的目标价上调至8月30日的3,250点。</blockquote></p><p> Once again, Bannister sees storm clouds on the horizon, and with good reason. Everything from stocks to gold, Treasury debt and oil and have been pushed higher. This is a result of a unique combination of the FOMO worries and the TINA mentality. In a new research report, Bannister and his team feel that a lightning-fast 10% correction could occur in the remaining months of the fourth quarter. The report noted this:</p><p><blockquote>班尼斯特又一次看到了地平线上的乌云，这是有充分理由的。从股票到黄金、国债和石油，一切都被推高。这是FOMO担忧和TINA心态独特结合的结果。在一份新的研究报告中，班尼斯特和他的团队认为，第四季度剩余几个月可能会出现闪电般的10%修正。报告指出：</blockquote></p><p>   Near-term in the fourth quarter of 2021, we note that equal-weighted cyclicals vs. defensives are very near the point at which P/E-driven S&amp;P 500 corrections occur, and we see downside equating to the S&amp;P 500 falling from 4,535 currently to ~4,000 (prior view 3,800), around a 10% correction in the fourth quarter as we see mid-cycle risks.    Our target and concerns are based on slowing global liquidity and tighter financial conditions with a gradual but unwavering Fed exit (especially after the Fed Chair is named). Sure, the Fed-inflated TINA trade “There is No Alternative” (to stocks) exists, but everyone goes into the boxing ring “with a plan” to buy-the-dip…until they get hit with a double-digit correction.    Looking out to mid-2022 through 2025, we observe that value vs. growth tracks the S&amp;P 500 divided by commodity index ratio, which soared in 2020 (favored growth stocks), fell in 2021 (favors value) and may bounce in mid-2022 (after the S&amp;P 500 corrects) favoring growth, post-dip. We also show that despite the Quantitative Easing taper the S&amp;P 500 could hit 5,200 by Jun-2022 (TINA’s last gasp?). Moreover, we see no actual bear market, which would be a 20% or more decline until fed funds is 1% (4 rate hikes), which fed funds futures indicate does not occur until 2024. </p><p><blockquote>近期在2021年第四季度，我们注意到等权重周期性股票与防御性股票非常接近市盈率驱动的标普500修正发生的点，我们认为下行相当于标普500从目前的4,535点下跌至约4,000点（之前的观点为3,800点），由于我们看到了中期周期风险，第四季度的修正约为10%。我们的目标和担忧基于全球流动性放缓和金融状况收紧，美联储将逐步但坚定不移地退出（尤其是在美联储主席任命之后）。当然，美联储膨胀的TINA交易“别无选择”（股票）是存在的，但每个人都“带着一个计划”进入拳击场，以逢低买入……直到他们受到两位数的修正。展望2022年中期至2025年，我们观察到价值与增长遵循标普500除以大宗商品指数比率，该比率在2020年飙升（青睐成长股），在2021年下跌（青睐价值股），并可能在2022年中期反弹（标普500修正后）有利于增长，下跌后。我们还表明，尽管量化宽松缩减，到2022年6月，标普500仍可能达到5,200（TINA的最后一口气？）.此外，我们没有看到真正的熊市，在联邦基金利率达到1%（加息4次）之前，熊市将下跌20%或更多，联邦基金期货表明这种情况要到2024年才会发生。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://247wallst.com/investing/2021/10/29/top-wall-street-strategist-sees-a-fast-10-q4-correction-coming/\">24/7 wall street</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://247wallst.com/investing/2021/10/29/top-wall-street-strategist-sees-a-fast-10-q4-correction-coming/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130019043","content_text":"A plethora of acronyms are used in the financial world for a wide variety of items. Most investors are well aware of the FAANG stocks, which are the massive tech monsters that rule the market. In addition, one of the acronyms used to describe the constant rise in the stock markets, especially when the “buy the dip” crowd takes control after sizable selling, is FOMO, or fear of missing out.\nOne of the very newest acronyms to hit the market speak lexicon is TINA. That stands for “there is no alternative,” which is an explanation for the constant ascent of the stock market. Basically what it means is that, due to very low yields on bonds and cash, especially with mounting inflation, owning stocks (especially those that pay solid and predictable dividends) is the only way to stay ahead of the game.\nIf any one equity strategist across Wall Street has been right on the money over the past few years, it is Stifel’s head of Institutional Equity Strategy, Barry Bannister, and he is advising clients that we could be poised to have a TINA trap sell-off. We have covered his outstanding and prescient calls for years, and generally when he talks, we listen. Those who did so at the height of the sell-off in 2020 posted some massive gains.\nOn March 19, 2020, just four short days before the final surge of selling and investor capitulation on March 23, Bannister and his team dropped a prediction for a relief rally that would carry the S&P 500 to the 2,750 level by April 30. On March 23, the index hit an intraday low of 2,191, and it closed at 2,237.\nWe covered that incredibly bold prediction then, and while some were very skeptical of the call, Bannister made the prerequisite financial media rounds at the time giving his firm’s rationale for the prediction. In early April of 2020 as a surge of alarming news on the COVID-19 pandemic flooded the airwaves, Stifel came out and defended the call, telling clients to stand their ground. In the middle of April, as the rest of Wall Street was finally on board, Stifel raised the end-of-April target to 2,950. On April 30, in line with the laser-like call from Stifel, the S&P 500 closed at 2,912 after hitting an intraday high of 2,930 and after trading to 2,950 level the day before. In late May of 2020, Stifel once again raised the price target on the S&P 500 to 3,250 by August 30.\nOnce again, Bannister sees storm clouds on the horizon, and with good reason. Everything from stocks to gold, Treasury debt and oil and have been pushed higher. This is a result of a unique combination of the FOMO worries and the TINA mentality. In a new research report, Bannister and his team feel that a lightning-fast 10% correction could occur in the remaining months of the fourth quarter. The report noted this:\n\n Near-term in the fourth quarter of 2021, we note that equal-weighted cyclicals vs. defensives are very near the point at which P/E-driven S&P 500 corrections occur, and we see downside equating to the S&P 500 falling from 4,535 currently to ~4,000 (prior view 3,800), around a 10% correction in the fourth quarter as we see mid-cycle risks.\n\n\n Our target and concerns are based on slowing global liquidity and tighter financial conditions with a gradual but unwavering Fed exit (especially after the Fed Chair is named). Sure, the Fed-inflated TINA trade “There is No Alternative” (to stocks) exists, but everyone goes into the boxing ring “with a plan” to buy-the-dip…until they get hit with a double-digit correction.\n\n\n Looking out to mid-2022 through 2025, we observe that value vs. growth tracks the S&P 500 divided by commodity index ratio, which soared in 2020 (favored growth stocks), fell in 2021 (favors value) and may bounce in mid-2022 (after the S&P 500 corrects) favoring growth, post-dip. We also show that despite the Quantitative Easing taper the S&P 500 could hit 5,200 by Jun-2022 (TINA’s last gasp?). Moreover, we see no actual bear market, which would be a 20% or more decline until fed funds is 1% (4 rate hikes), which fed funds futures indicate does not occur until 2024.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857152404,"gmtCreate":1635515305633,"gmtModify":1635515320547,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857152404","repostId":"1126301304","repostType":4,"repost":{"id":"1126301304","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":1635514883,"share":"https://www.laohu8.com/m/news/1126301304?lang=zh_CN&edition=full","pubTime":"2021-10-29 21:41","market":"us","language":"en","title":"Microsoft surpassed Apple in market value and became the most valuable company in the world<blockquote>微软市值超过苹果，成为全球市值最高的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126301304","media":"Tiger Newspress","summary":"Microsoft rose nearly 1% while Apple slid more than 3% in morning trading.In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.The iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but fa","content":"<p>Microsoft&nbsp;rose&nbsp;nearly&nbsp;1%&nbsp;while&nbsp;Apple&nbsp;slid&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/18016ec3968ef3a9be7c659480b65e63\" tg-width=\"771\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/270ccfc4afc9a0f6700cd63b51f026ea\" tg-width=\"776\" tg-height=\"564\" width=\"100%\" height=\"auto\">In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.</p><p><blockquote>早盘交易中，微软上涨近1%，苹果下跌超过3%。第四季度，苹果总营收833.6亿美元，同比增长29%；净利润205.51亿美元，同比增长62%。其中，苹果第四季度大中华区营收145.63亿美元，同比增长83%。</blockquote></p><p> The iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but falling short of the expected $41.6 billion.</p><p><blockquote>iPhone仍是苹果最强劲的产品，苹果第四季度iPhone营收388.7亿美元，较同期增长47%，但不及预期的416亿美元。</blockquote></p><p> The revenue of Apple service business was 18.28 billion US dollars, a year-on-year increase of 25.6%; Mac revenue was $9.18 billion, up 1.6% year-on-year. Tim Cook, CEO of Apple, said that the revenue of services and Mac reached a record high.</p><p><blockquote>苹果服务业务营收182.8亿美元，同比增长25.6%；Mac营收91.8亿美元，同比增长1.6%。苹果首席执行官Tim Cook表示，服务和Mac的收入创下历史新高。</blockquote></p><p> Apple's wearable and accessories business revenue was 8.79 billion US dollars, a year-on-year increase of 11.5%; Ipad revenue was US $8.25 billion, up 21.4% year-on-year.</p><p><blockquote>苹果可穿戴及配件业务营收87.9亿美元，同比增长11.5%；Ipad营收82.5亿美元，同比增长21.4%。</blockquote></p><p> Cook said: \"Although the supply restriction problem is larger than expected, and we estimate that (related losses) are about 6 billion US dollars, our financial performance is very strong. Supply constraints are caused by chip shortages widely discussed in the industry and manufacturing disruptions related to the epidemic in Southeast Asia.\"</p><p><blockquote>库克表示：“尽管供应限制问题比预期的要大，我们估计（相关损失）约为60亿美元，但我们的财务表现非常强劲。供应限制是由业内广泛讨论的芯片短缺和东南亚疫情相关的制造业中断造成的。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft surpassed Apple in market value and became the most valuable company in the world<blockquote>微软市值超过苹果，成为全球市值最高的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft surpassed Apple in market value and became the most valuable company in the world<blockquote>微软市值超过苹果，成为全球市值最高的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-29 21:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Microsoft&nbsp;rose&nbsp;nearly&nbsp;1%&nbsp;while&nbsp;Apple&nbsp;slid&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/18016ec3968ef3a9be7c659480b65e63\" tg-width=\"771\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/270ccfc4afc9a0f6700cd63b51f026ea\" tg-width=\"776\" tg-height=\"564\" width=\"100%\" height=\"auto\">In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.</p><p><blockquote>早盘交易中，微软上涨近1%，苹果下跌超过3%。第四季度，苹果总营收833.6亿美元，同比增长29%；净利润205.51亿美元，同比增长62%。其中，苹果第四季度大中华区营收145.63亿美元，同比增长83%。</blockquote></p><p> The iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but falling short of the expected $41.6 billion.</p><p><blockquote>iPhone仍是苹果最强劲的产品，苹果第四季度iPhone营收388.7亿美元，较同期增长47%，但不及预期的416亿美元。</blockquote></p><p> The revenue of Apple service business was 18.28 billion US dollars, a year-on-year increase of 25.6%; Mac revenue was $9.18 billion, up 1.6% year-on-year. Tim Cook, CEO of Apple, said that the revenue of services and Mac reached a record high.</p><p><blockquote>苹果服务业务营收182.8亿美元，同比增长25.6%；Mac营收91.8亿美元，同比增长1.6%。苹果首席执行官Tim Cook表示，服务和Mac的收入创下历史新高。</blockquote></p><p> Apple's wearable and accessories business revenue was 8.79 billion US dollars, a year-on-year increase of 11.5%; Ipad revenue was US $8.25 billion, up 21.4% year-on-year.</p><p><blockquote>苹果可穿戴及配件业务营收87.9亿美元，同比增长11.5%；Ipad营收82.5亿美元，同比增长21.4%。</blockquote></p><p> Cook said: \"Although the supply restriction problem is larger than expected, and we estimate that (related losses) are about 6 billion US dollars, our financial performance is very strong. Supply constraints are caused by chip shortages widely discussed in the industry and manufacturing disruptions related to the epidemic in Southeast Asia.\"</p><p><blockquote>库克表示：“尽管供应限制问题比预期的要大，我们估计（相关损失）约为60亿美元，但我们的财务表现非常强劲。供应限制是由业内广泛讨论的芯片短缺和东南亚疫情相关的制造业中断造成的。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126301304","content_text":"Microsoft rose nearly 1% while Apple slid more than 3% in morning trading.In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.\nThe iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but falling short of the expected $41.6 billion.\nThe revenue of Apple service business was 18.28 billion US dollars, a year-on-year increase of 25.6%; Mac revenue was $9.18 billion, up 1.6% year-on-year. Tim Cook, CEO of Apple, said that the revenue of services and Mac reached a record high.\nApple's wearable and accessories business revenue was 8.79 billion US dollars, a year-on-year increase of 11.5%; Ipad revenue was US $8.25 billion, up 21.4% year-on-year.\nCook said: \"Although the supply restriction problem is larger than expected, and we estimate that (related losses) are about 6 billion US dollars, our financial performance is very strong. Supply constraints are caused by chip shortages widely discussed in the industry and manufacturing disruptions related to the epidemic in Southeast Asia.\"","news_type":1,"symbols_score_info":{"MSFT":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854842980,"gmtCreate":1635435889669,"gmtModify":1635435889981,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/854842980","repostId":"1114797395","repostType":4,"isVote":1,"tweetType":1,"viewCount":4135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852111052,"gmtCreate":1635251951250,"gmtModify":1635251951500,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852111052","repostId":"1156565966","repostType":4,"isVote":1,"tweetType":1,"viewCount":3919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856207930,"gmtCreate":1635178565883,"gmtModify":1635178566172,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/856207930","repostId":"2178427117","repostType":4,"isVote":1,"tweetType":1,"viewCount":4054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":858937758,"gmtCreate":1634961451482,"gmtModify":1634961451762,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/858937758","repostId":"2177121214","repostType":4,"isVote":1,"tweetType":1,"viewCount":3440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853680368,"gmtCreate":1634800164988,"gmtModify":1634800165267,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/853680368","repostId":"1176565249","repostType":4,"isVote":1,"tweetType":1,"viewCount":3828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":859760781,"gmtCreate":1634736250323,"gmtModify":1634736250616,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/859760781","repostId":"1139065544","repostType":4,"repost":{"id":"1139065544","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":1634731709,"share":"https://www.laohu8.com/m/news/1139065544?lang=zh_CN&edition=full","pubTime":"2021-10-20 20:08","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139065544","media":"Tiger Newspress","summary":"US index futures were little changed as investors weighed the start of the earnings season against g","content":"<p>US index futures were little changed as investors weighed the start of the earnings season against growing stagflation, tightening, energy</p><p><blockquote>由于投资者权衡财报季开始与日益严重的滞胀、紧缩、能源等因素，美国指数期货几乎没有变化</blockquote></p><p> crisis.&nbsp;</p><p><blockquote>危机。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were down 25 points, or 0.07%, S&amp;P 500 e-minis were down 3.5 points, or 0.08%, and Nasdaq 100 e-minis were down 5.5 points, or 0.04%.<img src=\"https://static.tigerbbs.com/69fa6d32c1b1d5935b3f4750ce19cd71\" tg-width=\"287\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote>截至美国东部时间上午8:00，道指e-mini下跌25点，跌幅0.07%，标普500 e-mini下跌3.5点，跌幅0.08%，纳斯达克100 e-mini下跌5.5点，跌幅0.04%。</blockquote></p><p> <ul>  <li>United Airlines (UAL US) gains 2% in U.S.&nbsp;premarket&nbsp;trading after the airline posted a narrower loss than expected despite the impact of the coronavirus delta variant. Cowen notes that 3Q was better than expected and also ahead of management’s last guidance from early September</li>  <li>Novavax (NVAX US) shares fall as much as 25% in U.S.&nbsp;premarket&nbsp;trading after Politico reported a potential delay in registering its Covid-19 vaccine candidate with the U.S. Food and Drug Administration in connection with inadequate purity levels</li>  <li>Vinco Ventures (BBIG US) shares slump 15% in&nbsp;premarket&nbsp;trading after the company reported the resignations of Chief Executive Officer Christopher Ferguson and Chief Financial Officer Brett Vroman</li>  <li>Ford (F US) shares gain 1.7%&nbsp;premarket&nbsp;after Credit Suisse upgrades to outperform with joint Street-high target of $20 following a significant turnaround over the past year</li>  <li>Stride (LRN US) gained 7.9% Tuesday postmarket after the education company forecast revenue for the full year that beat the highest analyst estimate</li>  <li>WD-40 (WDFC US) sank 10% in postmarket trading after forecasting earnings per share for 2022 that missed the average analyst estimate</li>  <li>Omnicom (OMC US) fell 3% in postmarket trading after third quarter revenue fell short of some analyst estimates</li>  <li>Canadian National (CNI US) U.S.-listed shares rose 4.6% in postmarket trading after reporting adjusted earnings per share for the third quarter that beat the average analyst estimate</li>  <li>Akero Therapeutics (AKRO US) shares rose as much as 12% in Tuesday extended trading after co. said the U.S</li> </ul> In rates, treasuries were narrowly mixed and off lows reached during Asia session after being led higher during European morning by gilts,</p><p><blockquote><ul><li>联合航空(UAL US)在美国盘前交易中上涨2%，尽管受到冠状病毒德尔塔变异毒株的影响，但该航空公司公布的亏损小于预期。Cowen指出，第三季度好于预期，也领先于管理层9月初的上次指导</li><li>在Politico报告其Covid-19候选疫苗可能推迟在美国注册后，Novavax(NVAX US)股价在美国盘前交易中下跌25%。美国食品药品监督管理局与纯度水平不足有关</li><li>Vinco Ventures(BBIG US)宣布首席执行官Christopher Ferguson和首席财务官Brett Vroman辞职后，该公司股价在盘前交易中暴跌15%</li><li>福特(F US)股价盘前上涨1.7%，此前瑞士信贷将评级上调至跑赢大盘，联合华尔街最高目标为20美元，此前福特(F US)股价在过去一年大幅好转</li><li>Stride(LRN US)周二盘后上涨7.9%，此前该教育公司预测全年收入超出分析师最高预期</li><li>WD-40(WDFC US)在预测2022年每股收益低于分析师平均预期后，在盘后交易中下跌10%</li><li>宏盟(OMC US)第三季度收入低于一些分析师预期后，盘后交易中下跌3%</li><li>加拿大国民(CNI US)在美国上市的股票在盘后交易中上涨4.6%，此前该公司公布的第三季度调整后每股收益超出了分析师的平均预期</li><li>Akero Therapeutics(AKRO US)表示美国</li></ul>利率方面，美国国债涨跌互现，脱离亚洲时段触及的低点，此前欧洲早盘英国国债领涨，</blockquote></p><p> where short maturities outperform. The 10-year TSY yield touched 1.67%, the highest level since May. The treasury futures rally stalled after a block sale in 10-year contracts, apparently fading strength.&nbsp;</p><p><blockquote>短期期限的表现优于大盘。10年期TSY收益率触及1.67%，为5月以来最高水平。10年期国债期货涨势在大宗抛售后陷入停滞，明显走弱。</blockquote></p><p> In commodities, crude futures drift lower. WTI drops 0.9% near $82.20, Brent is 1% lower holding above $84. Spot gold slowly extends Asia’s gains, rising $9 to trade near $1,780/oz. Most base metals are under pressure with LME copper and aluminum underperforming peers.</p><p><blockquote>大宗商品方面，原油期货走低。WTI下跌0.9%至82.20美元附近，布伦特原油下跌1%至84美元上方。现货黄金缓慢延续亚洲涨幅，上涨9美元，交投于1780美元/盎司附近。多数基本金属承压，LME铜和铝表现逊于同行。</blockquote></p><p> In cryptocurrencies, bitcoin stood at $64,068, near its all-time peak of $64,895 as the first U.S. bitcoin futures-based exchange-traded fund began trading on Tuesday.</p><p><blockquote>加密货币方面，随着首只基于美国比特币期货的交易所交易基金周二开始交易，比特币股价为64,068美元，接近64,895美元的历史峰值。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-20 20:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>US index futures were little changed as investors weighed the start of the earnings season against growing stagflation, tightening, energy</p><p><blockquote>由于投资者权衡财报季开始与日益严重的滞胀、紧缩、能源等因素，美国指数期货几乎没有变化</blockquote></p><p> crisis.&nbsp;</p><p><blockquote>危机。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were down 25 points, or 0.07%, S&amp;P 500 e-minis were down 3.5 points, or 0.08%, and Nasdaq 100 e-minis were down 5.5 points, or 0.04%.<img src=\"https://static.tigerbbs.com/69fa6d32c1b1d5935b3f4750ce19cd71\" tg-width=\"287\" tg-height=\"117\" referrerpolicy=\"no-referrer\"></p><p><blockquote>截至美国东部时间上午8:00，道指e-mini下跌25点，跌幅0.07%，标普500 e-mini下跌3.5点，跌幅0.08%，纳斯达克100 e-mini下跌5.5点，跌幅0.04%。</blockquote></p><p> <ul>  <li>United Airlines (UAL US) gains 2% in U.S.&nbsp;premarket&nbsp;trading after the airline posted a narrower loss than expected despite the impact of the coronavirus delta variant. Cowen notes that 3Q was better than expected and also ahead of management’s last guidance from early September</li>  <li>Novavax (NVAX US) shares fall as much as 25% in U.S.&nbsp;premarket&nbsp;trading after Politico reported a potential delay in registering its Covid-19 vaccine candidate with the U.S. Food and Drug Administration in connection with inadequate purity levels</li>  <li>Vinco Ventures (BBIG US) shares slump 15% in&nbsp;premarket&nbsp;trading after the company reported the resignations of Chief Executive Officer Christopher Ferguson and Chief Financial Officer Brett Vroman</li>  <li>Ford (F US) shares gain 1.7%&nbsp;premarket&nbsp;after Credit Suisse upgrades to outperform with joint Street-high target of $20 following a significant turnaround over the past year</li>  <li>Stride (LRN US) gained 7.9% Tuesday postmarket after the education company forecast revenue for the full year that beat the highest analyst estimate</li>  <li>WD-40 (WDFC US) sank 10% in postmarket trading after forecasting earnings per share for 2022 that missed the average analyst estimate</li>  <li>Omnicom (OMC US) fell 3% in postmarket trading after third quarter revenue fell short of some analyst estimates</li>  <li>Canadian National (CNI US) U.S.-listed shares rose 4.6% in postmarket trading after reporting adjusted earnings per share for the third quarter that beat the average analyst estimate</li>  <li>Akero Therapeutics (AKRO US) shares rose as much as 12% in Tuesday extended trading after co. said the U.S</li> </ul> In rates, treasuries were narrowly mixed and off lows reached during Asia session after being led higher during European morning by gilts,</p><p><blockquote><ul><li>联合航空(UAL US)在美国盘前交易中上涨2%，尽管受到冠状病毒德尔塔变异毒株的影响，但该航空公司公布的亏损小于预期。Cowen指出，第三季度好于预期，也领先于管理层9月初的上次指导</li><li>在Politico报告其Covid-19候选疫苗可能推迟在美国注册后，Novavax(NVAX US)股价在美国盘前交易中下跌25%。美国食品药品监督管理局与纯度水平不足有关</li><li>Vinco Ventures(BBIG US)宣布首席执行官Christopher Ferguson和首席财务官Brett Vroman辞职后，该公司股价在盘前交易中暴跌15%</li><li>福特(F US)股价盘前上涨1.7%，此前瑞士信贷将评级上调至跑赢大盘，联合华尔街最高目标为20美元，此前福特(F US)股价在过去一年大幅好转</li><li>Stride(LRN US)周二盘后上涨7.9%，此前该教育公司预测全年收入超出分析师最高预期</li><li>WD-40(WDFC US)在预测2022年每股收益低于分析师平均预期后，在盘后交易中下跌10%</li><li>宏盟(OMC US)第三季度收入低于一些分析师预期后，盘后交易中下跌3%</li><li>加拿大国民(CNI US)在美国上市的股票在盘后交易中上涨4.6%，此前该公司公布的第三季度调整后每股收益超出了分析师的平均预期</li><li>Akero Therapeutics(AKRO US)表示美国</li></ul>利率方面，美国国债涨跌互现，脱离亚洲时段触及的低点，此前欧洲早盘英国国债领涨，</blockquote></p><p> where short maturities outperform. The 10-year TSY yield touched 1.67%, the highest level since May. The treasury futures rally stalled after a block sale in 10-year contracts, apparently fading strength.&nbsp;</p><p><blockquote>短期期限的表现优于大盘。10年期TSY收益率触及1.67%，为5月以来最高水平。10年期国债期货涨势在大宗抛售后陷入停滞，明显走弱。</blockquote></p><p> In commodities, crude futures drift lower. WTI drops 0.9% near $82.20, Brent is 1% lower holding above $84. Spot gold slowly extends Asia’s gains, rising $9 to trade near $1,780/oz. Most base metals are under pressure with LME copper and aluminum underperforming peers.</p><p><blockquote>大宗商品方面，原油期货走低。WTI下跌0.9%至82.20美元附近，布伦特原油下跌1%至84美元上方。现货黄金缓慢延续亚洲涨幅，上涨9美元，交投于1780美元/盎司附近。多数基本金属承压，LME铜和铝表现逊于同行。</blockquote></p><p> In cryptocurrencies, bitcoin stood at $64,068, near its all-time peak of $64,895 as the first U.S. bitcoin futures-based exchange-traded fund began trading on Tuesday.</p><p><blockquote>加密货币方面，随着首只基于美国比特币期货的交易所交易基金周二开始交易，比特币股价为64,068美元，接近64,895美元的历史峰值。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UAL":"联合大陆航空","NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139065544","content_text":"US index futures were little changed as investors weighed the start of the earnings season against growing stagflation, tightening, energy\ncrisis. \nAt 8:00 a.m. ET, Dow e-minis were down 25 points, or 0.07%, S&P 500 e-minis were down 3.5 points, or 0.08%, and Nasdaq 100 e-minis were down 5.5 points, or 0.04%.\n\nUnited Airlines (UAL US) gains 2% in U.S. premarket trading after the airline posted a narrower loss than expected despite the impact of the coronavirus delta variant. Cowen notes that 3Q was better than expected and also ahead of management’s last guidance from early September\nNovavax (NVAX US) shares fall as much as 25% in U.S. premarket trading after Politico reported a potential delay in registering its Covid-19 vaccine candidate with the U.S. Food and Drug Administration in connection with inadequate purity levels\nVinco Ventures (BBIG US) shares slump 15% in premarket trading after the company reported the resignations of Chief Executive Officer Christopher Ferguson and Chief Financial Officer Brett Vroman\nFord (F US) shares gain 1.7% premarket after Credit Suisse upgrades to outperform with joint Street-high target of $20 following a significant turnaround over the past year\nStride (LRN US) gained 7.9% Tuesday postmarket after the education company forecast revenue for the full year that beat the highest analyst estimate\nWD-40 (WDFC US) sank 10% in postmarket trading after forecasting earnings per share for 2022 that missed the average analyst estimate\nOmnicom (OMC US) fell 3% in postmarket trading after third quarter revenue fell short of some analyst estimates\nCanadian National (CNI US) U.S.-listed shares rose 4.6% in postmarket trading after reporting adjusted earnings per share for the third quarter that beat the average analyst estimate\nAkero Therapeutics (AKRO US) shares rose as much as 12% in Tuesday extended trading after co. said the U.S\n\nIn rates, treasuries were narrowly mixed and off lows reached during Asia session after being led higher during European morning by gilts,\nwhere short maturities outperform. The 10-year TSY yield touched 1.67%, the highest level since May. The treasury futures rally stalled after a block sale in 10-year contracts, apparently fading strength. \nIn commodities, crude futures drift lower. WTI drops 0.9% near $82.20, Brent is 1% lower holding above $84. Spot gold slowly extends Asia’s gains, rising $9 to trade near $1,780/oz. Most base metals are under pressure with LME copper and aluminum underperforming peers.\nIn cryptocurrencies, bitcoin stood at $64,068, near its all-time peak of $64,895 as the first U.S. bitcoin futures-based exchange-traded fund began trading on Tuesday.","news_type":1,"symbols_score_info":{"UAL":0.9,"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":3079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850497846,"gmtCreate":1634614418274,"gmtModify":1634614649631,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/850497846","repostId":"1120786064","repostType":4,"repost":{"id":"1120786064","kind":"news","pubTimestamp":1634612546,"share":"https://www.laohu8.com/m/news/1120786064?lang=zh_CN&edition=full","pubTime":"2021-10-19 11:02","market":"us","language":"en","title":"UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1120786064","media":"Seeking Alpha","summary":"Summary\n\nUiPath should deliver alpha over the near term thanks to its leadership position in the RPA","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>UiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.</li>  <li>Annual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.</li>  <li>Long-term is much less clear with high absolute and fair relative valuation combined with material execution risk.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dee1fdf98ac633e790ad107e02096867\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>piranka/E+ via Getty Images</span></p><p><blockquote><ul><li>由于其在RPA领域的领导地位，UiPath应该会在短期内交付alpha。劳动力问题对RPA领域的需求应该会增加。</li><li>合同的年度增长应该会提高UiPath ARR，这反过来应该会积极反映在其价格走势中。</li><li>由于绝对和公平的相对估值较高，加上重大的执行风险，长期前景就不那么明朗了。</li></ul><p class=\"t-img-caption\"><span>皮兰卡/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> UiPath(NYSE:PATH)&nbsp;is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.</p><p><blockquote>UiPath（纽约证券交易所股票代码：PATH）是机器人过程自动化(RPA)领域的领导者。在当前劳动力短缺问题的高增长宏观环境下，RPA的需求将会增加。UiPath最适合利用这一机会。</blockquote></p><p> The company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).</p><p><blockquote>该公司正在将重点转向年度增长，这将有利于其运营，带来更满意的客户和更高的利润率，并扩大对投资者来说最重要的东西，即年度经常性收入（ARR）。</blockquote></p><p> Despite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.</p><p><blockquote>尽管我对短期持乐观态度，但我对长期信心不足。我认为执行风险主要来自云过渡和竞争威胁。相对公平但绝对高估值为长期低于标准的价格表现打开了大门。</blockquote></p><p> I recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.</p><p><blockquote>我建议购买UiPath并监控注意到的问题。在目前的情况下，我建议在将宏观催化剂的需求增加纳入价格后出售UiPath。</blockquote></p><p> <b>Great Macro Backdrop for RPA Demand</b></p><p><blockquote><b>RPA需求的良好宏观背景</b></blockquote></p><p> Demand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th&nbsp;ekey value proposition of RPA.</p><p><blockquote>未来几年，对RPA的需求将会增加。我的宏观论文的支柱是粘性工资通胀。劳动力需求强劲，许多公司在疫情期间裁员，现在都试图同步重新增加劳动力。私营部门正试图适应疫情之后被压抑的强劲需求。前所未有的政府刺激措施进一步推动了重新开放的需求。然而，劳动力供应正在萎缩，无论是在短期内收入增加，还是在结构性上，许多人被迫提前退休，其他人正在休假评估生活优先事项。劳动力供给的短缺和劳动力需求的上升会造成工资通胀。劳动力成本上升将催化提高劳动力效率的投资，以保护利润率；劳动效率是RPA的关键价值主张。</blockquote></p><p> The demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year&nbsp;in a row&nbsp;according to&nbsp;Gartner. The market research company&nbsp;expects&nbsp;the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.</p><p><blockquote>对RPA的需求已经非常高。根据Gartner的数据，RPA连续第三年成为2020年增长最快的企业软件领域。该市场研究公司预计，到2024年，这一优异表现将以两位数的增长率持续下去。请记住，在这些报告（最新发布于2021年5月）发布时，重新开放的高劳动力需求以及工资通胀和劳动力供应短缺尚不清楚。我相信，由于有利的宏观背景，RPA采用率将高于高预期。</blockquote></p><p> Corporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.</p><p><blockquote>强劲的经济增长和低利率应该会进一步促进企业对RPA的投资。这些也是我重新开放宏观观点的核心支柱。技术性滞胀是人们最关心的问题，但企业投资的环境实际上已经成熟。GDP增长可能在技术上减速，但仍然很高；利率和通胀可能正在攀升，我预计它们会进一步攀升，但仍然很低。强劲的经济和低利率将增加企业投资支出，RPA供应商将是主要受益者。</blockquote></p><p> Business consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including&nbsp;Accenture(NYSE:ACN),Deloitte,E&amp;Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G)&nbsp;along with many others. People in the know are investing in RPA as well as investing to grow RPA.</p><p><blockquote>商业咨询公司对RPA的关注既证明了行业专家对即将到来的RPA需求的信心，也是行业增长的催化剂。主要的专业服务公司正在推广他们的RPA服务，包括Accenture(NYSE：ACN)、Deloitte、E&amp;Y、PwC、Cognizant(纳斯达克：CTSH)、CGI(NYSE：GIB)、Tata Consulting(TCS)、Infosys(NYSE：INFY)、Genpact(NYSE：G)以及许多其他公司。知情人士正在投资RPA，也在投资发展RPA。</blockquote></p><p> <b>As the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook</b></p><p><blockquote><b>作为领先的RPA供应商，UiPath拥有光明的近中期前景</b></blockquote></p><p></p><p> UiPath is the undisputed leader in the RPA space. Gartner produces a&nbsp;Magic Quadrant&nbsp;for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places&nbsp;UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29%&nbsp;market share&nbsp;of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.</p><p><blockquote>UiPath是RPA领域无可争议的领导者。Gartner为行业制作了一个魔力象限（下图），比较了市场参与者的执行能力和愿景。UiPath以一流的执行能力和完整的愿景脱颖而出。UiPath的统治地位显而易见；这是它连续第三年担任领导主席。另一家值得信赖的技术服务研究公司Forrester Wave在其比较当前产品、战略和市场份额的矩阵中将UiPath置于领先地位。UiPath的领先地位体现在其市场份额上；UiPath在RPA领域拥有29%的市场份额，是最接近的竞争对手的两倍多。UiPath在RPA这一长期增长的企业软件领域占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/53eae62a5495303c0d14baf4748d3ef0\" tg-width=\"640\" tg-height=\"718\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0401f457f330522fdcea2beed7b2efd4\" tg-width=\"567\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Source: The Forrester Wave as displayed on SmartBridge</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SmartBridge上显示的Forrester Wave</span></p></blockquote></p><p> As the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.</p><p><blockquote>随着RPA支出的增长，UiPath的收入也会增长。作为技术和市场份额的领导者，它应该会在不断增长的RPA支出中占据很大比例。UiPath是最有能力利用未来几个月宏观经济和企业支出动态的公司之一。</blockquote></p><p> <b>ARR is Important and ARR will Get a Boost</b></p><p><blockquote><b>ARR很重要，ARR将得到提升</b></blockquote></p><p> The recent&nbsp;earnings call&nbsp;was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.</p><p><blockquote>最近的收益看涨期权对UiPath的ARR策略提供了非常丰富的信息。该公司将专注于年度合同，而不是长期合同。通常，我不会喜欢这一举措，因为尽管短期合同具有定价优势，但这意味着收入可见性较低。但在这种情况下，我认为这是正确的做法。年度合同为UiPath客户带来更高的投资回报率；据管理层称，当客户获得所需数量时，他们会更好地利用UiPath，而不是通过折扣利用更好的价格。这对UiPath来说在财务上也是有利的，因为长期合同往往包含价格折扣；缩短合同期限将导致UiPath的折扣更少，利润更高。</blockquote></p><p> Annual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.</p><p><blockquote>年度经常性收入对于任何提供订阅的服务都至关重要。这是由于经常性收入的弹性；合同几乎是不可能的，在经济低迷时期也很难取消订阅。此外，订阅软件产品有一个学习曲线，很难流失。订阅收入非常明显，并且受到市场的高度重视，这一点在SaaS领域的估值普遍存在。ARR将是UiPath关注的关键，UiPath自称为“最重要的指标”。</blockquote></p><p> The switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606&nbsp;mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.</p><p><blockquote>转向短期合同将以收入波动为代价抬高ARR.ASC 606要求立即确认一定比例的收入，其余部分为长期合同摊销。这人为地增加了前期收入。UiPath专注于年度增长而不是长期交易将减少近期收入。然而，ARR将会增加，因为由于折扣较低，每年的金额将会增加。我相信更高的ARR是市场所看重的，这一转变将使UiPath在市场情绪和运营方面受益。</blockquote></p><p> <b>Take Advantage of the Current Decline</b></p><p><blockquote><b>利用当前的下跌</b></blockquote></p><p> UiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.</p><p><blockquote>UiPath股价在9月份大幅下跌，远低于IPO水平。考虑到该公司宣布的出色业绩立即下跌了约10%，这一下降更加令人惊讶。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c743698f0cef665c83ca663349c5dc9\" tg-width=\"640\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> I see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.</p><p><blockquote>面对出色的经营业绩，我认为价格出现刀式下跌的两个主要原因：指导不力和早期投资者离场。</blockquote></p><p></p><p> UiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the&nbsp;release&nbsp;and&nbsp;prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.</p><p><blockquote>UiPath公布的业绩全面击败。UiPath的营收超过1.955亿美元，而市场普遍预期为1.865亿美元，ARR同比增长60%，而市场普遍预期为55%。该公司实现了营业利润，而预期则出现了严重亏损，自由现金流消耗也比预期减少了近3000万美元。那么为什么市场不喜欢这个结果呢？我的猜测是期望过高。我认为进一步研究这个版本和以前的版本，指导是低的。UiPath本季度的ARR指导超出了2350万美元（7.265亿美元，而指导范围的中点为7.02亿美元至7.04亿美元）。然而，全年指导仅增加了2600万美元（中点，范围从8.5亿美元至8.55亿美元增加到8.76亿美元至8.81亿美元）。市场在这里读到的是，下半年需求环境似乎正在放缓，增长可能会从现在开始减速。</blockquote></p><p> I disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.</p><p><blockquote>我不同意市场。我认为管理层正在将指导意见沙袋化，并为自己留下超额交付的空间。我非常怀疑在这种环境下对其产品的需求会减少，而只会加速，而且alpha的设置在短期内非常好。</blockquote></p><p> A lot of early investors cashed out further pushing down the price. UiPath’s IPO&nbsp;lockup expired on the 9th&nbsp;of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.</p><p><blockquote>许多早期投资者套现，进一步压低了价格。UiPath的IPO禁售期于9月9日到期。首次公开募股就是这种情况，因为许多风险投资和首次公开募股前投资者在一定时期内无法出售他们的股票。</blockquote></p><p> Now is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.</p><p><blockquote>现在是短期买入的好时机。下图是UiPath的远期收入倍数及其股价（右轴上的值）。公司市盈率与其股价成比例下降，但潜在增长仍然具有弹性。今天很多卖家都被吓跑了，我认为，从这里开始的下行需要具体的负面消息，而回到IPO倍数只需要“一些”好消息。风险回报向牛市方向倾斜。随着固体催化剂的出现，我认为UiPath将在未来几个月表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1ebe0ce2030acb61150c809de27a646\" tg-width=\"640\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <b>Competition is a Key Longer-Term Issue</b></p><p><blockquote><b>竞争是一个关键的长期问题</b></blockquote></p><p> I’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as&nbsp;Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and&nbsp;ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.</p><p><blockquote>然而，我对未来的回报不太确定。RPA领域吸引了微软（纳斯达克股票代码：MSFT）、Salesforce（纽约证券交易所股票代码：CRM）和ServiceNow（纽约证券交易所股票代码：NOW）等大型企业供应商的大量关注，此外还有许多其他巨头以及pureplay竞争对手（竞争格局见上图）。尽管来自如此重要公司的如此多的关注应该被解释为产品可行性的看涨信号，但竞争威胁不能被削弱。我们清楚地看到，UiPath在能力和市场渗透率方面都远远领先于其他公司，但这些优势可能不会永远存在。提到的竞争对手拥有无限的财力，拥有比UiPath广泛得多的销售网络。如果这些竞争对手决定优先考虑RPA，UiPath的前景可能会很黯淡。</blockquote></p><p> Increasing competition seems to be the view of industry experts as well. The&nbsp;Gartner&nbsp;report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.</p><p><blockquote>竞争加剧似乎也是行业专家的观点。Gartner报告预计未来几年定价将会下降。这很可能是市场上更多类似产品侵蚀定价权的结果。</blockquote></p><p> I see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.</p><p><blockquote>我认为短期内风险不大。有了UiPath作为领导者，它应该为即将到来的高需求环境做好了最佳定位。许多企业想要单一供应商，这对UiPath来说是一个好处，就好像选择了一个供应商，它很可能是提供最好产品的供应商。然而，如果UiPath的技术领先地位缩小，情况可能会恰恰相反。</blockquote></p><p> There is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&amp;D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.</p><p><blockquote>目前没有理由相信UiPath会失去其领导地位。该公司在R&amp;D进行了大量投资（占去年收入的32%），这项投资正在取得成果，许多改进/产品即将推出（文档理解、任务挖掘、平台无关功能、集成等等）。然而，这场比赛是UiPath投资者必看的。</blockquote></p><p> This isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.</p><p><blockquote>只要UiPath处于领先地位，或者至少在我们看到这些企业软件巨头中的一个或多个为该领域投入大量资源之前，这就不会是一个障碍。但竞争仍然是一个问题，因为它会带来执行风险；如果UiPath不能保护它，它的午餐就可以争夺了。</blockquote></p><p> <b>Industry Switch to Cloud Bears Execution Risk</b></p><p><blockquote><b>行业转向云承担执行风险</b></blockquote></p><p></p><p> The future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850&nbsp;out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.</p><p><blockquote>行业的未来在于云；UiPath的云产品有限。在9,100多家UiPath客户中，只有2,850家采用了该公司提供自动化云的云。由于许多企业可能使用混合解决方案，UiPath的云计算能力落后于其现场解决方案。尽管UiPath很创新，但它很可能会管理转换，但这也带来了额外的执行风险。</blockquote></p><p> <b>Valuation is the Ultimate Long-Term Worry Despite Excellent KPIs</b></p><p><blockquote><b>尽管KPI出色，但估值仍是最终的长期担忧</b></blockquote></p><p> UiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.</p><p><blockquote>UiPath拥有惊人的KPI。它的收入和ARR增长非常出色，并且是通过最小的现金消耗实现这一目标的。144%的净收入保留率是SaaS领域最高的，显示了产品的价值。落地和扩张的空间也随着客户数量的快速增加而增长。</blockquote></p><p> However, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.</p><p><blockquote>然而，这些指标，如公司的领导地位，可能不是永久性的，可能不足以支持高估值。整个SaaS领域在我看来是极其昂贵的，如果没有绝对的信心，我不会考虑成为长期持有者。由于重大的执行风险，我对UiPath没有绝对的信心，为了长期持有，我希望获得估值风险的补偿。</blockquote></p><p> Unfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.</p><p><blockquote>不幸的是，在我看来，UiPath的很多好处都体现在价格上，尽管最近有所下降。下面我提供了我的数据表以及将两年远期倍数与预期两年收入增长进行比较的输出图表。该图表的r平方较高，意味着市场重视这种关系。UiPath的交易价格与同行一致，这意味着即使考虑到其非常高的增长预期，它的估值也相当合理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/890bbbc5170ad5c0ca1ce941f057156b\" tg-width=\"619\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/052ee96459416e5a26793dd2a4dccc87\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>Source: Author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者分析</span></p></blockquote></p><p> I want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a&nbsp;P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.</p><p><blockquote>我想强调的是，这种比较只能证明SaaS领域的公司估值是合理的。如果SaaS领域的估值与正常行业一样，那么我很可能会建议购买UiPath，并以合理的价格作为一家优质公司长期持有。我认为绝对估值是荒谬的。同行平均水平是两年远期收入的25倍。想一想。Russell 3000（此处以iShares Russell 3000 ETF(NYSEARCA：IWV)为代表）的市盈率为23倍。这是尾随而不是前进。SaaS集团的交易比率不是盈利，而是收入。这个空间非常昂贵，而且随着利率上升，可能会出现调整。当然，我在某些SaaS戏剧中看到了价值和机会，但我选择在这里弃权。</blockquote></p><p> The issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.</p><p><blockquote>这个问题在最近一个季度表现出来。尽管业绩出色，该股仍遭到抛售。尽管由于良好的需求环境，我预计未来几个季度不会看到这种情况，但此后这可能是一个风险。尽管最近的价格下跌缓冲了短期内的下行空间，但人们对UiPath的期望仍然很高，留下了进一步失望的空间。</blockquote></p><p> <b>Neutral in the Long-Term Despite Bullish on Short/Medium</b></p><p><blockquote><b>尽管短期/中期看涨，但长期中性</b></blockquote></p><p> UiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.</p><p><blockquote>UiPath是一款独特的软件游戏，我短期内看好它，但不愿长期持有。通常，我会在短期内看到我喜欢的大多数软件存在回撤风险，但会看到该公司的估值随着时间的推移而增长。在这里，我看到了强劲的近期阿尔法，该公司的业绩超出了预期，并看到价格上涨。在企业资本支出对劳动力效率产生的RPA需求被定价后，我对这个机会的信心大大降低，这应该会在明年发生。</blockquote></p><p> I want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).</p><p><blockquote>我想在这里补充一个P.S.并娱乐牛市论文。我不是工程师。我在了解软件服务的能力和优势方面没有竞争优势。因此，我对自己对技术的分析（阅读行业报告）没有信心。如果你有这样的能力，并且相信UiPath拥有强大的竞争护城河，即使投入大量资源也很难复制，那么无论如何都要看好任何时间范围（请在评论中告诉我）。</blockquote></p><p> Rare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).</p><p><blockquote>罕见的情况，通常是相反的。我不是工程师，不了解确切的差异化因素和功能。如果UiPath做了一些即使资源消耗很高也无法复制的事情，那么从长期来看也是看涨的（请在评论中告诉我）。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUiPath: Buy For The Near Term, Hold For The Long Term<blockquote>UiPath：短期买入，长期持有</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-19 11:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>UiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.</li>  <li>Annual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.</li>  <li>Long-term is much less clear with high absolute and fair relative valuation combined with material execution risk.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dee1fdf98ac633e790ad107e02096867\" tg-width=\"1536\" tg-height=\"864\" width=\"100%\" height=\"auto\"><span>piranka/E+ via Getty Images</span></p><p><blockquote><ul><li>由于其在RPA领域的领导地位，UiPath应该会在短期内交付alpha。劳动力问题对RPA领域的需求应该会增加。</li><li>合同的年度增长应该会提高UiPath ARR，这反过来应该会积极反映在其价格走势中。</li><li>由于绝对和公平的相对估值较高，加上重大的执行风险，长期前景就不那么明朗了。</li></ul><p class=\"t-img-caption\"><span>皮兰卡/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> UiPath(NYSE:PATH)&nbsp;is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.</p><p><blockquote>UiPath（纽约证券交易所股票代码：PATH）是机器人过程自动化(RPA)领域的领导者。在当前劳动力短缺问题的高增长宏观环境下，RPA的需求将会增加。UiPath最适合利用这一机会。</blockquote></p><p> The company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).</p><p><blockquote>该公司正在将重点转向年度增长，这将有利于其运营，带来更满意的客户和更高的利润率，并扩大对投资者来说最重要的东西，即年度经常性收入（ARR）。</blockquote></p><p> Despite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.</p><p><blockquote>尽管我对短期持乐观态度，但我对长期信心不足。我认为执行风险主要来自云过渡和竞争威胁。相对公平但绝对高估值为长期低于标准的价格表现打开了大门。</blockquote></p><p> I recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.</p><p><blockquote>我建议购买UiPath并监控注意到的问题。在目前的情况下，我建议在将宏观催化剂的需求增加纳入价格后出售UiPath。</blockquote></p><p> <b>Great Macro Backdrop for RPA Demand</b></p><p><blockquote><b>RPA需求的良好宏观背景</b></blockquote></p><p> Demand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th&nbsp;ekey value proposition of RPA.</p><p><blockquote>未来几年，对RPA的需求将会增加。我的宏观论文的支柱是粘性工资通胀。劳动力需求强劲，许多公司在疫情期间裁员，现在都试图同步重新增加劳动力。私营部门正试图适应疫情之后被压抑的强劲需求。前所未有的政府刺激措施进一步推动了重新开放的需求。然而，劳动力供应正在萎缩，无论是在短期内收入增加，还是在结构性上，许多人被迫提前退休，其他人正在休假评估生活优先事项。劳动力供给的短缺和劳动力需求的上升会造成工资通胀。劳动力成本上升将催化提高劳动力效率的投资，以保护利润率；劳动效率是RPA的关键价值主张。</blockquote></p><p> The demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year&nbsp;in a row&nbsp;according to&nbsp;Gartner. The market research company&nbsp;expects&nbsp;the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.</p><p><blockquote>对RPA的需求已经非常高。根据Gartner的数据，RPA连续第三年成为2020年增长最快的企业软件领域。该市场研究公司预计，到2024年，这一优异表现将以两位数的增长率持续下去。请记住，在这些报告（最新发布于2021年5月）发布时，重新开放的高劳动力需求以及工资通胀和劳动力供应短缺尚不清楚。我相信，由于有利的宏观背景，RPA采用率将高于高预期。</blockquote></p><p> Corporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.</p><p><blockquote>强劲的经济增长和低利率应该会进一步促进企业对RPA的投资。这些也是我重新开放宏观观点的核心支柱。技术性滞胀是人们最关心的问题，但企业投资的环境实际上已经成熟。GDP增长可能在技术上减速，但仍然很高；利率和通胀可能正在攀升，我预计它们会进一步攀升，但仍然很低。强劲的经济和低利率将增加企业投资支出，RPA供应商将是主要受益者。</blockquote></p><p> Business consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including&nbsp;Accenture(NYSE:ACN),Deloitte,E&amp;Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G)&nbsp;along with many others. People in the know are investing in RPA as well as investing to grow RPA.</p><p><blockquote>商业咨询公司对RPA的关注既证明了行业专家对即将到来的RPA需求的信心，也是行业增长的催化剂。主要的专业服务公司正在推广他们的RPA服务，包括Accenture(NYSE：ACN)、Deloitte、E&amp;Y、PwC、Cognizant(纳斯达克：CTSH)、CGI(NYSE：GIB)、Tata Consulting(TCS)、Infosys(NYSE：INFY)、Genpact(NYSE：G)以及许多其他公司。知情人士正在投资RPA，也在投资发展RPA。</blockquote></p><p> <b>As the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook</b></p><p><blockquote><b>作为领先的RPA供应商，UiPath拥有光明的近中期前景</b></blockquote></p><p></p><p> UiPath is the undisputed leader in the RPA space. Gartner produces a&nbsp;Magic Quadrant&nbsp;for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places&nbsp;UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29%&nbsp;market share&nbsp;of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.</p><p><blockquote>UiPath是RPA领域无可争议的领导者。Gartner为行业制作了一个魔力象限（下图），比较了市场参与者的执行能力和愿景。UiPath以一流的执行能力和完整的愿景脱颖而出。UiPath的统治地位显而易见；这是它连续第三年担任领导主席。另一家值得信赖的技术服务研究公司Forrester Wave在其比较当前产品、战略和市场份额的矩阵中将UiPath置于领先地位。UiPath的领先地位体现在其市场份额上；UiPath在RPA领域拥有29%的市场份额，是最接近的竞争对手的两倍多。UiPath在RPA这一长期增长的企业软件领域占据主导地位。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/53eae62a5495303c0d14baf4748d3ef0\" tg-width=\"640\" tg-height=\"718\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0401f457f330522fdcea2beed7b2efd4\" tg-width=\"567\" tg-height=\"619\" width=\"100%\" height=\"auto\"><span>Source: The Forrester Wave as displayed on SmartBridge</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SmartBridge上显示的Forrester Wave</span></p></blockquote></p><p> As the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.</p><p><blockquote>随着RPA支出的增长，UiPath的收入也会增长。作为技术和市场份额的领导者，它应该会在不断增长的RPA支出中占据很大比例。UiPath是最有能力利用未来几个月宏观经济和企业支出动态的公司之一。</blockquote></p><p> <b>ARR is Important and ARR will Get a Boost</b></p><p><blockquote><b>ARR很重要，ARR将得到提升</b></blockquote></p><p> The recent&nbsp;earnings call&nbsp;was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.</p><p><blockquote>最近的收益看涨期权对UiPath的ARR策略提供了非常丰富的信息。该公司将专注于年度合同，而不是长期合同。通常，我不会喜欢这一举措，因为尽管短期合同具有定价优势，但这意味着收入可见性较低。但在这种情况下，我认为这是正确的做法。年度合同为UiPath客户带来更高的投资回报率；据管理层称，当客户获得所需数量时，他们会更好地利用UiPath，而不是通过折扣利用更好的价格。这对UiPath来说在财务上也是有利的，因为长期合同往往包含价格折扣；缩短合同期限将导致UiPath的折扣更少，利润更高。</blockquote></p><p> Annual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.</p><p><blockquote>年度经常性收入对于任何提供订阅的服务都至关重要。这是由于经常性收入的弹性；合同几乎是不可能的，在经济低迷时期也很难取消订阅。此外，订阅软件产品有一个学习曲线，很难流失。订阅收入非常明显，并且受到市场的高度重视，这一点在SaaS领域的估值普遍存在。ARR将是UiPath关注的关键，UiPath自称为“最重要的指标”。</blockquote></p><p> The switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606&nbsp;mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.</p><p><blockquote>转向短期合同将以收入波动为代价抬高ARR.ASC 606要求立即确认一定比例的收入，其余部分为长期合同摊销。这人为地增加了前期收入。UiPath专注于年度增长而不是长期交易将减少近期收入。然而，ARR将会增加，因为由于折扣较低，每年的金额将会增加。我相信更高的ARR是市场所看重的，这一转变将使UiPath在市场情绪和运营方面受益。</blockquote></p><p> <b>Take Advantage of the Current Decline</b></p><p><blockquote><b>利用当前的下跌</b></blockquote></p><p> UiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.</p><p><blockquote>UiPath股价在9月份大幅下跌，远低于IPO水平。考虑到该公司宣布的出色业绩立即下跌了约10%，这一下降更加令人惊讶。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c743698f0cef665c83ca663349c5dc9\" tg-width=\"640\" tg-height=\"392\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> I see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.</p><p><blockquote>面对出色的经营业绩，我认为价格出现刀式下跌的两个主要原因：指导不力和早期投资者离场。</blockquote></p><p></p><p> UiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the&nbsp;release&nbsp;and&nbsp;prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.</p><p><blockquote>UiPath公布的业绩全面击败。UiPath的营收超过1.955亿美元，而市场普遍预期为1.865亿美元，ARR同比增长60%，而市场普遍预期为55%。该公司实现了营业利润，而预期则出现了严重亏损，自由现金流消耗也比预期减少了近3000万美元。那么为什么市场不喜欢这个结果呢？我的猜测是期望过高。我认为进一步研究这个版本和以前的版本，指导是低的。UiPath本季度的ARR指导超出了2350万美元（7.265亿美元，而指导范围的中点为7.02亿美元至7.04亿美元）。然而，全年指导仅增加了2600万美元（中点，范围从8.5亿美元至8.55亿美元增加到8.76亿美元至8.81亿美元）。市场在这里读到的是，下半年需求环境似乎正在放缓，增长可能会从现在开始减速。</blockquote></p><p> I disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.</p><p><blockquote>我不同意市场。我认为管理层正在将指导意见沙袋化，并为自己留下超额交付的空间。我非常怀疑在这种环境下对其产品的需求会减少，而只会加速，而且alpha的设置在短期内非常好。</blockquote></p><p> A lot of early investors cashed out further pushing down the price. UiPath’s IPO&nbsp;lockup expired on the 9th&nbsp;of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.</p><p><blockquote>许多早期投资者套现，进一步压低了价格。UiPath的IPO禁售期于9月9日到期。首次公开募股就是这种情况，因为许多风险投资和首次公开募股前投资者在一定时期内无法出售他们的股票。</blockquote></p><p> Now is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.</p><p><blockquote>现在是短期买入的好时机。下图是UiPath的远期收入倍数及其股价（右轴上的值）。公司市盈率与其股价成比例下降，但潜在增长仍然具有弹性。今天很多卖家都被吓跑了，我认为，从这里开始的下行需要具体的负面消息，而回到IPO倍数只需要“一些”好消息。风险回报向牛市方向倾斜。随着固体催化剂的出现，我认为UiPath将在未来几个月表现良好。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1ebe0ce2030acb61150c809de27a646\" tg-width=\"640\" tg-height=\"223\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <b>Competition is a Key Longer-Term Issue</b></p><p><blockquote><b>竞争是一个关键的长期问题</b></blockquote></p><p> I’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as&nbsp;Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and&nbsp;ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.</p><p><blockquote>然而，我对未来的回报不太确定。RPA领域吸引了微软（纳斯达克股票代码：MSFT）、Salesforce（纽约证券交易所股票代码：CRM）和ServiceNow（纽约证券交易所股票代码：NOW）等大型企业供应商的大量关注，此外还有许多其他巨头以及pureplay竞争对手（竞争格局见上图）。尽管来自如此重要公司的如此多的关注应该被解释为产品可行性的看涨信号，但竞争威胁不能被削弱。我们清楚地看到，UiPath在能力和市场渗透率方面都远远领先于其他公司，但这些优势可能不会永远存在。提到的竞争对手拥有无限的财力，拥有比UiPath广泛得多的销售网络。如果这些竞争对手决定优先考虑RPA，UiPath的前景可能会很黯淡。</blockquote></p><p> Increasing competition seems to be the view of industry experts as well. The&nbsp;Gartner&nbsp;report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.</p><p><blockquote>竞争加剧似乎也是行业专家的观点。Gartner报告预计未来几年定价将会下降。这很可能是市场上更多类似产品侵蚀定价权的结果。</blockquote></p><p> I see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.</p><p><blockquote>我认为短期内风险不大。有了UiPath作为领导者，它应该为即将到来的高需求环境做好了最佳定位。许多企业想要单一供应商，这对UiPath来说是一个好处，就好像选择了一个供应商，它很可能是提供最好产品的供应商。然而，如果UiPath的技术领先地位缩小，情况可能会恰恰相反。</blockquote></p><p> There is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&amp;D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.</p><p><blockquote>目前没有理由相信UiPath会失去其领导地位。该公司在R&amp;D进行了大量投资（占去年收入的32%），这项投资正在取得成果，许多改进/产品即将推出（文档理解、任务挖掘、平台无关功能、集成等等）。然而，这场比赛是UiPath投资者必看的。</blockquote></p><p> This isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.</p><p><blockquote>只要UiPath处于领先地位，或者至少在我们看到这些企业软件巨头中的一个或多个为该领域投入大量资源之前，这就不会是一个障碍。但竞争仍然是一个问题，因为它会带来执行风险；如果UiPath不能保护它，它的午餐就可以争夺了。</blockquote></p><p> <b>Industry Switch to Cloud Bears Execution Risk</b></p><p><blockquote><b>行业转向云承担执行风险</b></blockquote></p><p></p><p> The future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850&nbsp;out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.</p><p><blockquote>行业的未来在于云；UiPath的云产品有限。在9,100多家UiPath客户中，只有2,850家采用了该公司提供自动化云的云。由于许多企业可能使用混合解决方案，UiPath的云计算能力落后于其现场解决方案。尽管UiPath很创新，但它很可能会管理转换，但这也带来了额外的执行风险。</blockquote></p><p> <b>Valuation is the Ultimate Long-Term Worry Despite Excellent KPIs</b></p><p><blockquote><b>尽管KPI出色，但估值仍是最终的长期担忧</b></blockquote></p><p> UiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.</p><p><blockquote>UiPath拥有惊人的KPI。它的收入和ARR增长非常出色，并且是通过最小的现金消耗实现这一目标的。144%的净收入保留率是SaaS领域最高的，显示了产品的价值。落地和扩张的空间也随着客户数量的快速增加而增长。</blockquote></p><p> However, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.</p><p><blockquote>然而，这些指标，如公司的领导地位，可能不是永久性的，可能不足以支持高估值。整个SaaS领域在我看来是极其昂贵的，如果没有绝对的信心，我不会考虑成为长期持有者。由于重大的执行风险，我对UiPath没有绝对的信心，为了长期持有，我希望获得估值风险的补偿。</blockquote></p><p> Unfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.</p><p><blockquote>不幸的是，在我看来，UiPath的很多好处都体现在价格上，尽管最近有所下降。下面我提供了我的数据表以及将两年远期倍数与预期两年收入增长进行比较的输出图表。该图表的r平方较高，意味着市场重视这种关系。UiPath的交易价格与同行一致，这意味着即使考虑到其非常高的增长预期，它的估值也相当合理。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/890bbbc5170ad5c0ca1ce941f057156b\" tg-width=\"619\" tg-height=\"656\" width=\"100%\" height=\"auto\"><span>Source: CapitalIQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：CapitalIQ</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/052ee96459416e5a26793dd2a4dccc87\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>Source: Author analysis</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：作者分析</span></p></blockquote></p><p> I want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a&nbsp;P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.</p><p><blockquote>我想强调的是，这种比较只能证明SaaS领域的公司估值是合理的。如果SaaS领域的估值与正常行业一样，那么我很可能会建议购买UiPath，并以合理的价格作为一家优质公司长期持有。我认为绝对估值是荒谬的。同行平均水平是两年远期收入的25倍。想一想。Russell 3000（此处以iShares Russell 3000 ETF(NYSEARCA：IWV)为代表）的市盈率为23倍。这是尾随而不是前进。SaaS集团的交易比率不是盈利，而是收入。这个空间非常昂贵，而且随着利率上升，可能会出现调整。当然，我在某些SaaS戏剧中看到了价值和机会，但我选择在这里弃权。</blockquote></p><p> The issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.</p><p><blockquote>这个问题在最近一个季度表现出来。尽管业绩出色，该股仍遭到抛售。尽管由于良好的需求环境，我预计未来几个季度不会看到这种情况，但此后这可能是一个风险。尽管最近的价格下跌缓冲了短期内的下行空间，但人们对UiPath的期望仍然很高，留下了进一步失望的空间。</blockquote></p><p> <b>Neutral in the Long-Term Despite Bullish on Short/Medium</b></p><p><blockquote><b>尽管短期/中期看涨，但长期中性</b></blockquote></p><p> UiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.</p><p><blockquote>UiPath是一款独特的软件游戏，我短期内看好它，但不愿长期持有。通常，我会在短期内看到我喜欢的大多数软件存在回撤风险，但会看到该公司的估值随着时间的推移而增长。在这里，我看到了强劲的近期阿尔法，该公司的业绩超出了预期，并看到价格上涨。在企业资本支出对劳动力效率产生的RPA需求被定价后，我对这个机会的信心大大降低，这应该会在明年发生。</blockquote></p><p> I want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).</p><p><blockquote>我想在这里补充一个P.S.并娱乐牛市论文。我不是工程师。我在了解软件服务的能力和优势方面没有竞争优势。因此，我对自己对技术的分析（阅读行业报告）没有信心。如果你有这样的能力，并且相信UiPath拥有强大的竞争护城河，即使投入大量资源也很难复制，那么无论如何都要看好任何时间范围（请在评论中告诉我）。</blockquote></p><p> Rare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).</p><p><blockquote>罕见的情况，通常是相反的。我不是工程师，不了解确切的差异化因素和功能。如果UiPath做了一些即使资源消耗很高也无法复制的事情，那么从长期来看也是看涨的（请在评论中告诉我）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4460444-uipath-buy-for-the-near-hold-for-the-long-term\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PATH":"UiPath"},"source_url":"https://seekingalpha.com/article/4460444-uipath-buy-for-the-near-hold-for-the-long-term","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120786064","content_text":"Summary\n\nUiPath should deliver alpha over the near term thanks to its leadership position in the RPA space. RPA space should see elevated demand from labor issues.\nAnnual ramping of contracts should boost UiPath ARR which should in turn reflect positively in its price-action.\nLong-term is much less clear with high absolute and fair relative valuation combined with material execution risk.\n\npiranka/E+ via Getty Images\nInvestment Thesis\nUiPath(NYSE:PATH) is the leader of the robotic process automation (RPA) space. RPA will see increased demand in the current high-growth macro environment with labor shortage issues. UiPath is best positioned to capitalize on the opportunity.\nThe company is switching its focus to annual ramping which will benefit it operationally with happier customers and higher margins and inflate what matters most for investors, its annual recurring revenue (ARR).\nDespite my bullishness over the short term, I’m less confident over the long. I see execution risks primarily arising from cloud transition and competitive threats. The relatively fair, but absolutely high valuation opens the door to sub-par price performance over the long term.\nI recommend buying UiPath and monitoring noted issues. In the current picture, I recommend selling UiPath after increased demand from the macro catalysts is factored into the price.\nGreat Macro Backdrop for RPA Demand\nDemand for RPA will increase over the coming years. The backbone of my macro thesis is sticky wage inflation. There is strong labor demand with many firms downsizing during the pandemic and now all trying to re-grow their workforce in tandem. The private sector is trying to accommodate the strong pent-up demand following the pandemic. The reopening demand is further fueled by unprecedented government stimulus boosting incomes. Labor supply, however, is shrinking, both over the near term with increased incomes and structurally with many forced into early retirement and others taking a sabbatical from work who are evaluating life priorities. The shortage of labor supply and rising labor demand will cause wage inflation. Rising labor costs will catalyze investments that increase labor efficiency to protect margins; labor efficiency is th ekey value proposition of RPA.\nThe demand for RPA was already very high. RPA was the fastest-growing enterprise software segment in 2020 for the third year in a row according to Gartner. The market research company expects the excellent performance to continue with double-digit growth rates through 2024. Bear in mind that the high labor demand with the reopening picture was unclear at the time of these reports (latest released May 2021) as was the wage inflation and short labor supply. I believe that RPA adoption rates will be even higher than the high expectations due to the favorable macro-backdrop.\nCorporate investments into RPA should be further catalyzed by strong economic growth and low interest rates. These are also central pillars of my reopening macro-view. Technical stagflation is top-of-mind, but the environment is ripe for corporate investment practically. GDP growth may be technically decelerating but is still very high; interest rates and inflation may be climbing, and I expect them to climb further, but are still very low. The strong economy and low rates will increase corporate investment spend, RPA vendors will be key beneficiaries.\nBusiness consulting firms’ RPA focus is both evidence of industry experts’ confidence in the upcoming RPA demand as well as a catalyzer to industry growth. Major professional services firms are pushing their RPA services including Accenture(NYSE:ACN),Deloitte,E&Y,PwC,Cognizant(NASDAQ:CTSH),CGI(NYSE:GIB),Tata Consulting(TCS),Infosys(NYSE:INFY),Genpact(NYSE:G) along with many others. People in the know are investing in RPA as well as investing to grow RPA.\nAs the Leading RPA Vendor, UiPath has a Bright Near-Medium Term Outlook\nUiPath is the undisputed leader in the RPA space. Gartner produces a Magic Quadrant for the industry (chart below) which compares market players in their ability to execute and on their vision. UiPath is above the rest with best-in-class execution ability with a complete vision. UiPath’s domination is obvious; this is its third consecutive year in the leader chair. The Forrester Wave, another trusted technology services research firm,places UiPath in the pole position on its matrix which compares current offerings, strategy, and market presence. UiPath’s leadership is reflected in its market share; UiPath has a 29% market share of the RPA space, more than double its nearest competitor. UiPath is dominating the secular growth enterprise software segment that is RPA.\n\nSource: The Forrester Wave as displayed on SmartBridge\nAs the spending towards RPA grows so will UiPath’s revenue. As both the technical and market share leader it should see a very large percentage of the growing RPA spend. UiPath is among the best positioned to capitalize on the macroeconomic and corporate spending dynamics of the coming months.\nARR is Important and ARR will Get a Boost\nThe recent earnings call was very informative on UiPath’s ARR strategy. The company will be focusing on annual contracts instead of long-term ones. Usually, I wouldn’t be fond of this move as it means lower revenue visibility despite the pricing advantages of short-duration contracts. But in this case, I think that it’s the right thing to do. Annual contracts drive higher ROI for UiPath customers; according to management, customers make better use of UiPath when they get as much as they need instead of front-loading robots to take advantage of better prices through discounts. This is financially favorable for UiPath as well since long-term contracts tend to include price discounts; decreasing contract duration will result in fewer discounts and higher margins for UiPath.\nAnnual recurring revenue is critical for any service that offers subscriptions. This is due to the resiliency of recurring revenues; contracts are near-impossible and subscriptions are difficult to cancel in a downturn. Moreover, subscription software products have a learning curve and are difficult to churn from. Subscription revenues are highly visible and are highly valued by the market evident in the commonness of nosebleed valuations in the SaaS space. ARR will be key to watch for UiPath as self-described as their “most important metric”.\nThe switch to shorter-duration contracts will inflate ARR at the cost of revenue volatility.ASC 606 mandates that a percentage of revenue be recognized immediately and the rest amortized for long-term contracts. This artificially increases front-period revenues. UiPath focusing on annual ramping as opposed to long-term deals will reduce near-term revenues. However, ARR will increase as yearly amounts will increase due to lower discounts. I believe that higher ARR is what the market values and that this switch will benefit UiPath in market sentiment as well as operationally.\nTake Advantage of the Current Decline\nUiPath shares declined dramatically in September to deeply below IPO levels. The drawdown is even more surprising given the excellent results the company announced which was met with an immediate ~10% fall.\nSource: TradingView\nI see two main reasons for the falling-knife-like price action in the face of excellent operating performance: weak guidance and early investors leaving the train.\nUiPath announced results that beat across the board. UiPath delivered a top-line beat of $195.5 mn in revenue vs. the consensus estimate of $186.5 coupled with an ARR growth of 60% YoY vs. 55% consensus expectations. The company delivered operating profits vs. expectations of deep losses along with almost $30 mn narrower than expected FCF burn. So why didn’t the market like the results? My guess is high expectations. I think that the guidance was low looking further into the release and prior releases. UiPath beat its ARR guidance this quarter by a whopping $23.5 mn ($726.5 mn vs. at the mid-point of $702 mn - $704 mn guidance range). However, full-year guidance was only increased by $26 mn (at the mid-point, the range increased from $850 mn - $855 mn to $876 mn - $881 mn). What the market is reading here is that the demand environment seems to be slowing in the second half of the year and that the growth may decelerate from here out.\nI disagree with the market. I think that the management is sandbagging the guidance and leaving itself room to overdeliver. I highly doubt that the demand for its products will decrease in this environment but only accelerate and the set-up for alpha is great over the near term.\nA lot of early investors cashed out further pushing down the price. UiPath’s IPO lockup expired on the 9th of September. This can be the case with IPOs as many venture and pre-IPO investors are not able to sell their shares for a certain period.\nNow is a great time to buy with a short-term horizon. Below is a chart of UiPath’s forward revenue multiple and its share price (values on the right axis). Company multiples decreased proportionally to its share price, underlying growth remained resilient. A lot of the sellers are shaken out today and, I think, the downside from here will require concrete negative news while a return to IPO multiples will only need “some” good news. Risk-reward is skewed in the direction of the bull. With solid catalysts on the way, I think that UiPath will perform nicely over the coming months.\nSource: CapitalIQ\nCompetition is a Key Longer-Term Issue\nI’m less certain on future returns, however. The RPA space is attracting a lot of attention from giant enterprise vendors such as Microsoft(NASDAQ:MSFT),Salesforce(NYSE:CRM), and ServiceNow(NYSE:NOW), in addition to many other behemoths as well as pureplay competitors (competitive landscape is available in the charts above). Although this much attention from such important companies should be construed as a bullish sign in the viability of the product, competitive threats cannot be undermined. We see clearly that UiPath is far above the rest both in terms of capabilities and in market penetration, but these advantages may not be forever. The competitors mentioned have infinite financial resources and have a much, much wider sales network than that of UiPath. If these competitors decide to prioritize RPA, the outlook could be gloomy for UiPath.\nIncreasing competition seems to be the view of industry experts as well. The Gartner report expects pricing to decrease in the coming years. This is likely the result of more similar products on the market eroding pricing power.\nI see little risk over the near term. With UiPath as the leader, it should be best positioned for the upcoming high-demand environment. Many enterprises want single vendors which will be a benefit for UiPath today as if one vendor is chosen it will likely be the one with the best product offering. However, if UiPath’s technical leadership narrows, the exact opposite could be the case.\nThere is no reason to believe that UiPath will lose its leadership position currently. The company is investing heavily into R&D (32% of revenues over the past year) and the investment is bearing fruit with a lot of improvements/products on the horizon (document understanding, task mining, platform-agnostic capabilities, integration, and many more). However, the competition is a must-watch for UiPath investors.\nThis isn’t a dealbreaker as long as UiPath has the leading position, or at least until we see one or more of these enterprise software giants devoting serious resources towards the space. But the competition is still an issue as it creates execution risk; UiPath’s lunch is up for grabs if it can’t protect it.\nIndustry Switch to Cloud Bears Execution Risk\nThe future of the industry lies in the cloud; UiPath has a limited cloud offering.Only 2,850 out of 9,100+ UiPath customers have adopted the company’s cloud offering the Automation Cloud. With a lot of these enterprises likely using hybrid solutions, UiPath’s cloud computing capabilities lag behind its on-site solutions. As innovative as UiPath is it will likely manage the transformation, but again, this presents an additional execution risk.\nValuation is the Ultimate Long-Term Worry Despite Excellent KPIs\nUiPath has amazing KPIs. Its revenue and ARR growth are excellent and it's achieving this through minimal cash burn. The 144% net revenue retention rate is among the highest in the SaaS space and shows the value of the product. The space to land and expand is also growing with the number of customers rapidly increasing.\nHowever, these metrics, like the company’s leadership position, may not be permanent and may not be enough to support a lofty valuation. The entire SaaS space is extremely expensive in my opinion, and I would not consider being a long-term holder without absolute confidence. I don’t have absolute confidence in UiPath due to material execution risk, and to hold long-term I’d want to be compensated for that risk in valuation.\nUnfortunately, a lot of the benefits of UiPath are in the price in my opinion despite the recent drawdown. Below I’ve included my data table along with an output graph comparing two-year forward multiples with expected two-year revenue growth. The chart has a high r-squared meaning that the market values the relationship. UiPath is trading in line with peers implying that it’s pretty much fairly valued even when factoring in its very high growth expectations.\nSource: CapitalIQ\nSource: Author analysis\nI want to highlight that this comparison only justifies company valuation with respect to the SaaS space. If the SaaS space was valued like a normal industry, then I would most likely argue to buy UiPath and hold for the long-term as a quality company at a fair price. The absolute valuations are ridiculous in my opinion. The peer group average is 25x two-year forward revenues. Think about that for a minute. The Russell 3000 (represented here by iShares Russell 3000 ETF(NYSEARCA:IWV)) has a P/E ratio of 23x. This is trailing not forward. The SaaS group is trading at a higher ratio of not earnings but revenues. The space is very expensive and with rising interest rates, open to corrections. Of course, I see value and opportunity in certain SaaS plays, but I’m choosing to abstain here.\nThe issue was manifested in the recent quarter. The stock sold off despite the excellent results. Though I don’t expect to see this over the next few quarters due to the excellent demand environment, this could be a risk thereafter. Despite the recent price decrease buffering the downside over the near term, there are still very high expectations of UiPath leaving further room for disappointment.\nNeutral in the Long-Term Despite Bullish on Short/Medium\nUiPath is a unique software play where I am bullish over the near term, but prefer to not own over the longer. Usually, I would see drawdown risk in most of my preferred software plays over the short term, but would see the company growing into its valuation over time. Here, I see strong near-term alpha with the company delivering beyond expectations and seeing price gains towards where its been. I am much less confident in the opportunity after the RPA demand arising from corporate capital spending towards labor efficiency gets priced in which should happen over the next year.\nI want to add a P.S. here and entertain the bull thesis. I am not an engineer. I have no competitive advantage in understanding the capabilities and advantages of software services. Thus, I can’t have confidence in my analysis (reading industry reports) of technology. If you have such capabilities and believe that UiPath has a strong competitive moat that may be difficult to replicate even with intense resource spend, then by all means be bullish over any time horizon (and please let me know in the comments).\nRare case as would be the opposite usually. I’m not an engineer and don’t understand exact differentiators and capabilities. If there’s something UiPath does that can’t be replicated even with high resource spend, then bullish over the long-term as well (please let me know in the comments).","news_type":1,"symbols_score_info":{"PATH":0.9}},"isVote":1,"tweetType":1,"viewCount":4282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":850149635,"gmtCreate":1634567011645,"gmtModify":1634567038759,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/850149635","repostId":"1185155570","repostType":4,"repost":{"id":"1185155570","kind":"news","pubTimestamp":1634511079,"share":"https://www.laohu8.com/m/news/1185155570?lang=zh_CN&edition=full","pubTime":"2021-10-18 06:51","market":"us","language":"en","title":"Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap等本周值得投资者关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1185155570","media":"Barrons","summary":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. ","content":"<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的临近，本周有72家标准普尔500指数公司公布了财报。美国几家大型银行上周开局良好。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业著名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>艾伯森(Albertsons)和道富银行(State Street)将于周一启动。宝洁(Procter&amp;Gamble)、哈里伯顿(Halliburton)和强生(Johnson&amp;Johnson)是周二上午的亮点，收盘后紧随其后的是Netflix和联合航空控股(United Airlines Holdings)。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，Verizon Communications、IBM和特斯拉将受到最多关注。AT&amp;T、美国航空集团、西南航空和Chipotle Mexican Grill将于周四发布报告，然后美国运通、Schlumberger和Honeywell International将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有这些都较前几个月的水平有所回落。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新的褐皮书，描述了美国各地的经济状况，以及两个9月份的房地产市场指标：人口普查局（Census Bureau）周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）周四报告现房销售。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>星期一10/18</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继8月份增长0.4%后，经济学家预计增长0.20%。预计9月份产能利用率为76.5%，与8月份的76.4%大致一致。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为162.3万套，8月为161.5万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>哈里伯顿、宝洁、强生、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、盈透证券集团、Netflix、万宝盛华、Dover和加拿大国家铁路等公司在评级举办财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布了关于央行12个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、Biogen、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、Verizon Communications、CSX、Lam Research、特斯拉、IBM和Anthem讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份现房销售情况。经济学家预测，经季节调整后的房屋销售量年率为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、原厂零件、西南航空、Valero Energy、Blackstone、Quest Diagnostics、Snap-on、Tractor Supply、Barclays、Danaher、AT&amp;T、Nucor、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、Mattel和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从9月份的30.7降至10月份的24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>世界大型企业联合会</b>发布9月份领先经济指数。继8月份上涨0.90%后，预计上涨0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>星期五10/22</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit发布</b>10月份制造业和服务业采购经理人指数。制造业PMI普遍预期为60.3，服务业PMI预计为54.7，9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>Whirlpool、Honeywell、Cleveland-Cliffs、Celanese、HCA Healthcare、Schlumberger、Seagate Technology Holdings、VF Corp.和American Express在评级举办投资者大会。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap等本周值得投资者关注的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla, AT&T, Netflix, ASML, Snap and Other Stocks for Investors to Watch This Week<blockquote>特斯拉、AT&amp;T、Netflix、ASML、Snap等本周值得投资者关注的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-18 06:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Seventy-two&nbsp;S&amp;P 500&nbsp;companies report earnings this week,&nbsp;as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights&nbsp;will include&nbsp;results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.</p><p><blockquote>随着第三季度财报季的临近，本周有72家标准普尔500指数公司公布了财报。美国几家大型银行上周开局良好。本周的财报亮点将包括电信、必需消费品、能源、科技、医疗保健和航空业著名公司的业绩。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/685ba1e7f4763c12a3c0159fc2469ded\" tg-width=\"1878\" tg-height=\"2461\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Albertsons and&nbsp;State Street&nbsp;get the ball rolling on Monday.Procter &amp; Gamble,Halliburton,and&nbsp;Johnson &amp; Johnson&nbsp;are Tuesday morning’s highlights, followed by&nbsp;Netflix&nbsp;and&nbsp;United Airlines Holdings&nbsp;after the market closes.</p><p><blockquote>艾伯森(Albertsons)和道富银行(State Street)将于周一启动。宝洁(Procter&amp;Gamble)、哈里伯顿(Halliburton)和强生(Johnson&amp;Johnson)是周二上午的亮点，收盘后紧随其后的是Netflix和联合航空控股(United Airlines Holdings)。</blockquote></p><p> On Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&amp;T, American Airlines Group,Southwest Airlines,and&nbsp;Chipotle Mexican Grill&nbsp;report on Thursday, then&nbsp;American Express,Schlumberger,and&nbsp;Honeywell International&nbsp;close the week on Friday.</p><p><blockquote>周三，Verizon Communications、IBM和特斯拉将受到最多关注。AT&amp;T、美国航空集团、西南航空和Chipotle Mexican Grill将于周四发布报告，然后美国运通、Schlumberger和Honeywell International将于周五收盘。</blockquote></p><p> Economic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and&nbsp;IHS Markit’s&nbsp;Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.</p><p><blockquote>本周经济数据亮点包括周四公布的世界大型企业联合会9月份领先经济指数和周五公布的IHS Markit 10月份制造业和服务业采购经理人指数。所有这些都较前几个月的水平有所回落。</blockquote></p><p> Other releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.</p><p><blockquote>本周发布的其他数据包括美联储最新的褐皮书，描述了美国各地的经济状况，以及两个9月份的房地产市场指标：人口普查局（Census Bureau）周二报告新的住宅建设数据，全国房地产经纪人协会（National Association of Realtors）周四报告现房销售。</blockquote></p><p> <b>Monday 10/18</b></p><p><blockquote><b>星期一10/18</b></blockquote></p><p> <b>The Federal Reserve</b>&nbsp;releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.</p><p><blockquote><b>美联储</b>公布9月份工业生产数据。继8月份增长0.4%后，经济学家预计增长0.20%。预计9月份产能利用率为76.5%，与8月份的76.4%大致一致。</blockquote></p><p> Albertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.</p><p><blockquote>艾伯森、飞利浦、Steel Dynamics和道富银行等公司发布了季度财务业绩。</blockquote></p><p> <b>Tuesday 10/19</b></p><p><blockquote><b>星期二10/19</b></blockquote></p><p> <b>The Census Bureau</b> reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.</p><p><blockquote><b>人口普查局</b>报告9月份新住宅建设数据。经济学家预测，经季节调整后的新屋开工年率为162.3万套，8月为161.5万套。</blockquote></p><p> Halliburton, Procter &amp; Gamble, Johnson &amp; Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.</p><p><blockquote>哈里伯顿、宝洁、强生、Synchrony、Travelers、Philip Morris International、Kansas City Southern、WD-40、盈透证券集团、Netflix、万宝盛华、Dover和加拿大国家铁路等公司在评级举办财报会议。</blockquote></p><p> <b>Wednesday 10/20</b></p><p><blockquote><b>星期三10/20</b></blockquote></p><p> <b>The Federal Reserve</b> releases its beige book about current economic conditions across the central bank’s 12 districts.</p><p><blockquote><b>美联储</b>发布了关于央行12个地区当前经济状况的褐皮书。</blockquote></p><p> Abbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.</p><p><blockquote>雅培实验室、Biogen、NextEra Energy、ASML Holding、纳斯达克、加拿大太平洋铁路、Verizon Communications、CSX、Lam Research、特斯拉、IBM和Anthem讨论季度财务业绩。</blockquote></p><p> <b>Thursday 10/21</b></p><p><blockquote><b>星期四10/21</b></blockquote></p><p> <b>The National Association</b> of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.</p><p><blockquote><b>全国协会</b>房地产经纪人报告9月份现房销售情况。经济学家预测，经季节调整后的房屋销售量年率为610万套，而8月份为588万套。</blockquote></p><p> Dow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&amp;T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.</p><p><blockquote>陶氏化学、自由港麦克莫兰、原厂零件、西南航空、Valero Energy、Blackstone、Quest Diagnostics、Snap-on、Tractor Supply、Barclays、Danaher、AT&amp;T、Nucor、美国航空集团、AutoNation、Valero Energy、SL Green Realty、英特尔、Snap、Boston Beer、Mattel和Chipotle Mexican Grill在评级举办财报会议，讨论季度业绩。</blockquote></p><p> <b>The Philadelphia Fed</b>&nbsp;diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.</p><p><blockquote><b>费城联储</b>衡量整体制造业活动的扩散指数预计将从9月份的30.7降至10月份的24。</blockquote></p><p> <b>The Conference Board</b>&nbsp;releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.</p><p><blockquote><b>世界大型企业联合会</b>发布9月份领先经济指数。继8月份上涨0.90%后，预计上涨0.50%。</blockquote></p><p> <b>Friday 10/22</b></p><p><blockquote><b>星期五10/22</b></blockquote></p><p> <b>IHS Markit releases</b>&nbsp;the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.</p><p><blockquote><b>IHS Markit发布</b>10月份制造业和服务业采购经理人指数。制造业PMI普遍预期为60.3，服务业PMI预计为54.7，9月份分别为60.7和54.9。</blockquote></p><p> Whirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.</p><p><blockquote>Whirlpool、Honeywell、Cleveland-Cliffs、Celanese、HCA Healthcare、Schlumberger、Seagate Technology Holdings、VF Corp.和American Express在评级举办投资者大会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AXP":"美国运通","LUV":"西南航空","NFLX":"奈飞","CMG":"墨式烧烤","IBM":"IBM","HAL":"哈里伯顿","UAL":"联合大陆航空","AAL":"美国航空","T":"At&T",".SPX":"S&P 500 Index","JNJ":"强生",".DJI":"道琼斯","INTC":"英特尔","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/tesla-at-t-netflix-chipotle-and-other-stocks-for-investors-to-watch-this-week-51634497206?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185155570","content_text":"Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. Several big U.S. banks got things off to a strong start last week. This week’s earnings highlights will include results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry.\n\nAlbertsons and State Street get the ball rolling on Monday.Procter & Gamble,Halliburton,and Johnson & Johnson are Tuesday morning’s highlights, followed by Netflix and United Airlines Holdings after the market closes.\nOn Wednesday,Verizon Communications,IBM,and Tesla will get the most attention.AT&T, American Airlines Group,Southwest Airlines,and Chipotle Mexican Grill report on Thursday, then American Express,Schlumberger,and Honeywell International close the week on Friday.\nEconomic data highlights this week include the Conference Board’s Leading Economic Index for September on Thursday and IHS Markit’s Manufacturing and Services Purchasing Managers’ indexes for October on Friday. All are seen easing back from their prior months’ levels.\nOther releases this week include the Federal Reserve’s most recent Beige Book, describing economic conditions across the U.S., and a pair of September housing-market indicators: The Census Bureau reports new residential construction data on Tuesday and the National Association of Realtors reports existing-home sales on Thursday.\nMonday 10/18\nThe Federal Reserve releases industrial production data for September. Economists are looking for a 0.20% rise after a 0.4% increase in August. Capacity utilization is expected at 76.5% for September, roughly in line with August’s 76.4%.\nAlbertsons, Philips, Steel Dynamics, and State Street are among companies releasing quarterly financial results.\nTuesday 10/19\nThe Census Bureau reports new residential construction data for September. Economists forecast a seasonally adjusted annual rate of 1.623 million housing starts, compared with 1.615 million in August.\nHalliburton, Procter & Gamble, Johnson & Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.\nWednesday 10/20\nThe Federal Reserve releases its beige book about current economic conditions across the central bank’s 12 districts.\nAbbott Laboratories, Biogen, NextEra Energy, ASML Holding, Nasdaq, Canadian Pacific Railway, Verizon Communications, CSX, Lam Research, Tesla, IBM, and Anthem discuss quarterly financial results.\nThursday 10/21\nThe National Association of Realtors reports existing-home sales for September. Economists forecast a seasonally adjusted annual rate of 6.10 million homes sold, compared with 5.88 million homes in August.\nDow, Freeport-McMoRan, Genuine Parts, Southwest Airlines, Valero Energy, Blackstone, Quest Diagnostics, Snap-on, Tractor Supply, Barclays, Danaher, AT&T, Nucor, American Airlines Group, AutoNation, Valero Energy, SL Green Realty, Intel, Snap, Boston Beer, Mattel, and Chipotle Mexican Grill host earnings conference calls to discuss quarterly results.\nThe Philadelphia Fed diffusion index, a measure of overall manufacturing activity, is expected to fall to 24 in October from September’s 30.7 reading.\nThe Conference Board releases its Leading Economic Index for September. Expectations are for a 0.50% rise, after August’s 0.90% gain.\nFriday 10/22\nIHS Markit releases the Manufacturing and Services Purchasing Managers’ indexes for October. Consensus estimate for the Manufacturing PMI is 60.3, while the Services PMI is expected to be 54.7, compared with 60.7 and 54.9, respectively, in September.\nWhirlpool, Honeywell, Cleveland-Cliffs, Celanese, HCA Healthcare, Schlumberger, Seagate Technology Holdings, VF Corp., and American Express host investor conference calls.","news_type":1,"symbols_score_info":{"NFLX":0.9,".IXIC":0.9,"T":0.9,"TSLA":0.9,".SPX":0.9,"AXP":0.9,"JNJ":0.9,"LUV":0.9,"CMG":0.9,"IBM":0.9,".DJI":0.9,"HAL":0.9,"INTC":0.9,"AAL":0.9,"UAL":0.9}},"isVote":1,"tweetType":1,"viewCount":3690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827298569,"gmtCreate":1634474448929,"gmtModify":1634474449169,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/827298569","repostId":"2175485551","repostType":4,"isVote":1,"tweetType":1,"viewCount":771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":827009404,"gmtCreate":1634361908318,"gmtModify":1634361960641,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/827009404","repostId":"1163053361","repostType":4,"repost":{"id":"1163053361","kind":"news","pubTimestamp":1634310263,"share":"https://www.laohu8.com/m/news/1163053361?lang=zh_CN&edition=full","pubTime":"2021-10-15 23:04","market":"us","language":"en","title":"Apple: International Opportunity Is Huge<blockquote>苹果：国际机遇巨大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163053361","media":"Seeking Alpha","summary":"Summary\n\nApple is trading at lower multiples than its peers and the Nasdaq.\nApple is making huge str","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple is trading at lower multiples than its peers and the Nasdaq.</li>  <li>Apple is making huge strides in the European as well as international markets.</li>  <li>As iPhones sell, so will AirPods, Apple Watches, and Apple services such as Music and Arcade.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>苹果的市盈率低于同行和纳斯达克。</li><li>苹果在欧洲和国际市场上都取得了巨大的进步。</li><li>随着iPhone的销售，AirPods、苹果手表以及音乐和街机等苹果服务也将随之销售。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> Apple (AAPL) is the largest company in the world by market cap. While large-cap stocks like Apple are usually close to fair value, Apple makes a compelling case. Arguably the best investor of all time, Warren Buffet has invested over 40% of Berkshire Hathaway's (BRK.A)(BRK.B)&nbsp;portfolio in Apple stock. So I decided that there must be some value proposition here. After a throughout look, I came to the same conclusion as Warren Buffet. Apple stock is an excellent buy.</p><p><blockquote>苹果（AAPL）是全球市值最大的公司。虽然像苹果这样的大盘股通常接近公允价值，但苹果提出了令人信服的理由。沃伦·巴菲特可以说是有史以来最好的投资者，他将伯克希尔·哈撒韦公司(BRK.A)(BRK.B)投资组合的40%以上投资于苹果股票。所以我决定这里一定有一些价值主张。看了一遍之后，我得出了和沃伦·巴菲特一样的结论。苹果股票非常值得买入。</blockquote></p><p> Apple's potential on a global scale has not been adequately factored into the share price.</p><p><blockquote>苹果在全球范围内的潜力尚未充分纳入股价。</blockquote></p><p> <b>Current Valuation</b></p><p><blockquote><b>当前估值</b></blockquote></p><p> To understand if something is undervalued, we first need to understand its current valuation. To do so, I will briefly compare it to some similar stocks in both PE and P/FCF.</p><p><blockquote>要了解某样东西是否被低估，我们首先需要了解它当前的估值。为此，我将将其与PE和P/FCF方面的一些类似股票进行简要比较。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3ac38cd59cd1890bbbab0bc6c0dee9d\" tg-width=\"635\" tg-height=\"515\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> As you can see, Apple is valued at lower PE and P/FCF multiples than similar companies Microsoft (MSFT) and Alphabet (GOOGL). It is also trading at a lower PE ratio than the Nasdaq index (29.25).</p><p><blockquote>正如您所看到的，苹果的市盈率和市盈率/自由现金流倍数低于类似公司微软（MSFT）和Alphabet（GOOGL）。它的市盈率也低于纳斯达克指数（29.25）。</blockquote></p><p> This establishes that Apple is not being valued at a premium to reflect the massive opportunity they have with international expansion.</p><p><blockquote>这表明苹果的估值并没有反映出他们在国际扩张中拥有的巨大机会。</blockquote></p><p> <b>Apple In The US</b></p><p><blockquote><b>美国的苹果</b></blockquote></p><p> If you are like me and from America, it may seem like everyone that wants an iPhone has one. There is a good chance you are even reading this article on Apple's signature OLED screen.</p><p><blockquote>如果你像我一样来自美国，似乎每个想要iPhone的人都有一部。很有可能你正在苹果标志性的有机发光二极管屏幕上阅读这篇文章。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e50a9091d291ea4b8efb3d37d00ad68\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> Apple's market share in the US has been growing by low single-digit percentages since 2015 and currently has a US market share of just under 50% in 2021.</p><p><blockquote>自2015年以来，苹果在美国的市场份额一直以低个位数百分比增长，目前2021年美国市场份额略低于50%。</blockquote></p><p> I see no real reason that this will change significantly. Like I mentioned above, most people that want an iPhone already own one. When dealing with such a high market share, it is hard to grow, at least substantially.</p><p><blockquote>我看不出这种情况会发生重大变化的真正原因。就像我上面提到的，大多数想要iPhone的人已经拥有了一部。在处理如此高的市场份额时，很难增长，至少很难大幅增长。</blockquote></p><p> While I will not discuss this point in-depth, it is worth noting that in 2020, only about&nbsp;50% of their revenue came from iPhone, and there is considerable room to grow in their accessories and wearables, even in the US.</p><p><blockquote>虽然我不会深入讨论这一点，但值得注意的是，在2020年，他们只有约50%的收入来自iPhone，即使在美国，他们的配件和可穿戴设备也有相当大的增长空间。</blockquote></p><p> <b>The International Market</b></p><p><blockquote><b>国际市场</b></blockquote></p><p> This is where I see a massive opportunity for Apple. They are already on their way to growing their global market share.</p><p><blockquote>这是我看到苹果巨大机会的地方。他们已经在扩大全球市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/458c0f8e1a5cec6bdd874c1d7f9de7df\" tg-width=\"640\" tg-height=\"449\" width=\"100%\" height=\"auto\"><span>Source: Statcounter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter</span></p></blockquote></p><p> Over the last 5 years, AAPL's global market share has gone from the high teens/low twenties to over 25%. Apple is also close to overtaking Samsung as the worldwide market share leader, and at current rates, it appears the overtake will happen sometime in the next twelve months.</p><p><blockquote>在过去的5年里，AAPL的全球市场份额已经从十几岁/二十多岁上升到25%以上。苹果也接近超越三星成为全球市场份额的领导者，按照目前的速度，这种超越似乎将在未来12个月的某个时候发生。</blockquote></p><p> The upward trend is seen again in Europe. Here is AAPL's European market share over the past 5 years.</p><p><blockquote>欧洲再次出现上升趋势。以下是AAPL过去5年的欧洲市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/581ba5b6950f54cb812ad7a9d0e4960e\" tg-width=\"640\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Source: Statcounter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter</span></p></blockquote></p><p> In this case, Apple just recently took over Samsung as the leading European smartphone vendor. With a population of around&nbsp;741 million people, nearly&nbsp;2x the population of the United States, taking the majority share of the smartphone market in Europe is huge.</p><p><blockquote>在这种情况下，苹果最近刚刚取代三星成为欧洲领先的智能手机供应商。欧洲拥有约7.41亿人口，几乎是美国人口的2倍，占据欧洲智能手机市场的大部分份额是巨大的。</blockquote></p><p> <b>What does that mean?</b></p><p><blockquote><b>那是什么意思？</b></blockquote></p><p> This is just the beginning, at least from a sales standpoint. Despite controlling the majority share in one of the largest continents, Apple only generated about 1/4 of its total revenue from Europe.</p><p><blockquote>这只是一个开始，至少从销售的角度来看是这样。尽管控制着最大大陆之一的大部分份额，但苹果仅从欧洲获得了约1/4的总收入。</blockquote></p><p> One of the things that makes Apple such a strong company is that their iPhones are essentially a \"gateway product.\" Once you have an iPhone, you are compelled to purchase AirPods and an Apple Watch as physical accessories. Apple also offers iCloud photo storage, Apple Music, Apple TV, and Apple Arcade, to name a few.</p><p><blockquote>苹果成为一家如此强大的公司的原因之一是，他们的iPhone本质上是一种“门户产品”。一旦你有了iPhone，你就被迫购买AirPods和苹果手表作为物理配件。苹果还提供iCloud照片存储、苹果音乐、苹果电视和苹果街机等等。</blockquote></p><p> The proliferation of the iPhone on a global scale opens the door for Apple with its massive product line. Investors should look behind the numbers and realize the true scope of the opportunity that lies within growing iPhone sales.</p><p><blockquote>iPhone在全球范围内的普及为苹果庞大的产品线打开了大门。投资者应该关注数字背后，认识到iPhone销量增长中蕴藏的真正机会范围。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p></p><p> Apple's relative undervaluation compared to competitors, as well as massive strides in international markets, makes it an appealing investment. As iPhone sales continue to grow, accessories will be quick to follow. Apple is past the stages where you will see 100% growth in a relatively short timeline. This is a stock that you buy and hold for years, and if you are smart, sell covered calls along the way.</p><p><blockquote>与竞争对手相比，苹果的估值相对被低估，以及在国际市场上的巨大进步，使其成为一项有吸引力的投资。随着iPhone销量的持续增长，配件也会迅速跟进。苹果已经过了在相对较短的时间内看到100%增长的阶段。这是一只您购买并持有多年的股票，如果您聪明的话，可以在此过程中出售担保评级。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: International Opportunity Is Huge<blockquote>苹果：国际机遇巨大</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: International Opportunity Is Huge<blockquote>苹果：国际机遇巨大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-10-15 23:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Apple is trading at lower multiples than its peers and the Nasdaq.</li>  <li>Apple is making huge strides in the European as well as international markets.</li>  <li>As iPhones sell, so will AirPods, Apple Watches, and Apple services such as Music and Arcade.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdd5b8fd99a0523d96bf052afd8c1b37\" tg-width=\"1536\" tg-height=\"988\" width=\"100%\" height=\"auto\"><span>Nikada/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>苹果的市盈率低于同行和纳斯达克。</li><li>苹果在欧洲和国际市场上都取得了巨大的进步。</li><li>随着iPhone的销售，AirPods、苹果手表以及音乐和街机等苹果服务也将随之销售。</li></ul><p class=\"t-img-caption\"><span>Nikada/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>Thesis</b></p><p><blockquote><b>论文</b></blockquote></p><p> Apple (AAPL) is the largest company in the world by market cap. While large-cap stocks like Apple are usually close to fair value, Apple makes a compelling case. Arguably the best investor of all time, Warren Buffet has invested over 40% of Berkshire Hathaway's (BRK.A)(BRK.B)&nbsp;portfolio in Apple stock. So I decided that there must be some value proposition here. After a throughout look, I came to the same conclusion as Warren Buffet. Apple stock is an excellent buy.</p><p><blockquote>苹果（AAPL）是全球市值最大的公司。虽然像苹果这样的大盘股通常接近公允价值，但苹果提出了令人信服的理由。沃伦·巴菲特可以说是有史以来最好的投资者，他将伯克希尔·哈撒韦公司(BRK.A)(BRK.B)投资组合的40%以上投资于苹果股票。所以我决定这里一定有一些价值主张。看了一遍之后，我得出了和沃伦·巴菲特一样的结论。苹果股票非常值得买入。</blockquote></p><p> Apple's potential on a global scale has not been adequately factored into the share price.</p><p><blockquote>苹果在全球范围内的潜力尚未充分纳入股价。</blockquote></p><p> <b>Current Valuation</b></p><p><blockquote><b>当前估值</b></blockquote></p><p> To understand if something is undervalued, we first need to understand its current valuation. To do so, I will briefly compare it to some similar stocks in both PE and P/FCF.</p><p><blockquote>要了解某样东西是否被低估，我们首先需要了解它当前的估值。为此，我将将其与PE和P/FCF方面的一些类似股票进行简要比较。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e3ac38cd59cd1890bbbab0bc6c0dee9d\" tg-width=\"635\" tg-height=\"515\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> As you can see, Apple is valued at lower PE and P/FCF multiples than similar companies Microsoft (MSFT) and Alphabet (GOOGL). It is also trading at a lower PE ratio than the Nasdaq index (29.25).</p><p><blockquote>正如您所看到的，苹果的市盈率和市盈率/自由现金流倍数低于类似公司微软（MSFT）和Alphabet（GOOGL）。它的市盈率也低于纳斯达克指数（29.25）。</blockquote></p><p> This establishes that Apple is not being valued at a premium to reflect the massive opportunity they have with international expansion.</p><p><blockquote>这表明苹果的估值并没有反映出他们在国际扩张中拥有的巨大机会。</blockquote></p><p> <b>Apple In The US</b></p><p><blockquote><b>美国的苹果</b></blockquote></p><p> If you are like me and from America, it may seem like everyone that wants an iPhone has one. There is a good chance you are even reading this article on Apple's signature OLED screen.</p><p><blockquote>如果你像我一样来自美国，似乎每个想要iPhone的人都有一部。很有可能你正在苹果标志性的有机发光二极管屏幕上阅读这篇文章。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e50a9091d291ea4b8efb3d37d00ad68\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：斯塔蒂斯塔</span></p></blockquote></p><p> Apple's market share in the US has been growing by low single-digit percentages since 2015 and currently has a US market share of just under 50% in 2021.</p><p><blockquote>自2015年以来，苹果在美国的市场份额一直以低个位数百分比增长，目前2021年美国市场份额略低于50%。</blockquote></p><p> I see no real reason that this will change significantly. Like I mentioned above, most people that want an iPhone already own one. When dealing with such a high market share, it is hard to grow, at least substantially.</p><p><blockquote>我看不出这种情况会发生重大变化的真正原因。就像我上面提到的，大多数想要iPhone的人已经拥有了一部。在处理如此高的市场份额时，很难增长，至少很难大幅增长。</blockquote></p><p> While I will not discuss this point in-depth, it is worth noting that in 2020, only about&nbsp;50% of their revenue came from iPhone, and there is considerable room to grow in their accessories and wearables, even in the US.</p><p><blockquote>虽然我不会深入讨论这一点，但值得注意的是，在2020年，他们只有约50%的收入来自iPhone，即使在美国，他们的配件和可穿戴设备也有相当大的增长空间。</blockquote></p><p> <b>The International Market</b></p><p><blockquote><b>国际市场</b></blockquote></p><p> This is where I see a massive opportunity for Apple. They are already on their way to growing their global market share.</p><p><blockquote>这是我看到苹果巨大机会的地方。他们已经在扩大全球市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/458c0f8e1a5cec6bdd874c1d7f9de7df\" tg-width=\"640\" tg-height=\"449\" width=\"100%\" height=\"auto\"><span>Source: Statcounter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter</span></p></blockquote></p><p> Over the last 5 years, AAPL's global market share has gone from the high teens/low twenties to over 25%. Apple is also close to overtaking Samsung as the worldwide market share leader, and at current rates, it appears the overtake will happen sometime in the next twelve months.</p><p><blockquote>在过去的5年里，AAPL的全球市场份额已经从十几岁/二十多岁上升到25%以上。苹果也接近超越三星成为全球市场份额的领导者，按照目前的速度，这种超越似乎将在未来12个月的某个时候发生。</blockquote></p><p> The upward trend is seen again in Europe. Here is AAPL's European market share over the past 5 years.</p><p><blockquote>欧洲再次出现上升趋势。以下是AAPL过去5年的欧洲市场份额。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/581ba5b6950f54cb812ad7a9d0e4960e\" tg-width=\"640\" tg-height=\"450\" width=\"100%\" height=\"auto\"><span>Source: Statcounter</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Statcounter</span></p></blockquote></p><p> In this case, Apple just recently took over Samsung as the leading European smartphone vendor. With a population of around&nbsp;741 million people, nearly&nbsp;2x the population of the United States, taking the majority share of the smartphone market in Europe is huge.</p><p><blockquote>在这种情况下，苹果最近刚刚取代三星成为欧洲领先的智能手机供应商。欧洲拥有约7.41亿人口，几乎是美国人口的2倍，占据欧洲智能手机市场的大部分份额是巨大的。</blockquote></p><p> <b>What does that mean?</b></p><p><blockquote><b>那是什么意思？</b></blockquote></p><p> This is just the beginning, at least from a sales standpoint. Despite controlling the majority share in one of the largest continents, Apple only generated about 1/4 of its total revenue from Europe.</p><p><blockquote>这只是一个开始，至少从销售的角度来看是这样。尽管控制着最大大陆之一的大部分份额，但苹果仅从欧洲获得了约1/4的总收入。</blockquote></p><p> One of the things that makes Apple such a strong company is that their iPhones are essentially a \"gateway product.\" Once you have an iPhone, you are compelled to purchase AirPods and an Apple Watch as physical accessories. Apple also offers iCloud photo storage, Apple Music, Apple TV, and Apple Arcade, to name a few.</p><p><blockquote>苹果成为一家如此强大的公司的原因之一是，他们的iPhone本质上是一种“门户产品”。一旦你有了iPhone，你就被迫购买AirPods和苹果手表作为物理配件。苹果还提供iCloud照片存储、苹果音乐、苹果电视和苹果街机等等。</blockquote></p><p> The proliferation of the iPhone on a global scale opens the door for Apple with its massive product line. Investors should look behind the numbers and realize the true scope of the opportunity that lies within growing iPhone sales.</p><p><blockquote>iPhone在全球范围内的普及为苹果庞大的产品线打开了大门。投资者应该关注数字背后，认识到iPhone销量增长中蕴藏的真正机会范围。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p></p><p> Apple's relative undervaluation compared to competitors, as well as massive strides in international markets, makes it an appealing investment. As iPhone sales continue to grow, accessories will be quick to follow. Apple is past the stages where you will see 100% growth in a relatively short timeline. This is a stock that you buy and hold for years, and if you are smart, sell covered calls along the way.</p><p><blockquote>与竞争对手相比，苹果的估值相对被低估，以及在国际市场上的巨大进步，使其成为一项有吸引力的投资。随着iPhone销量的持续增长，配件也会迅速跟进。苹果已经过了在相对较短的时间内看到100%增长的阶段。这是一只您购买并持有多年的股票，如果您聪明的话，可以在此过程中出售担保评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459836-apple-international-opportunity-is-huge\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4459836-apple-international-opportunity-is-huge","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163053361","content_text":"Summary\n\nApple is trading at lower multiples than its peers and the Nasdaq.\nApple is making huge strides in the European as well as international markets.\nAs iPhones sell, so will AirPods, Apple Watches, and Apple services such as Music and Arcade.\n\nNikada/iStock Unreleased via Getty Images\nThesis\nApple (AAPL) is the largest company in the world by market cap. While large-cap stocks like Apple are usually close to fair value, Apple makes a compelling case. Arguably the best investor of all time, Warren Buffet has invested over 40% of Berkshire Hathaway's (BRK.A)(BRK.B) portfolio in Apple stock. So I decided that there must be some value proposition here. After a throughout look, I came to the same conclusion as Warren Buffet. Apple stock is an excellent buy.\nApple's potential on a global scale has not been adequately factored into the share price.\nCurrent Valuation\nTo understand if something is undervalued, we first need to understand its current valuation. To do so, I will briefly compare it to some similar stocks in both PE and P/FCF.\nData by YCharts\nAs you can see, Apple is valued at lower PE and P/FCF multiples than similar companies Microsoft (MSFT) and Alphabet (GOOGL). It is also trading at a lower PE ratio than the Nasdaq index (29.25).\nThis establishes that Apple is not being valued at a premium to reflect the massive opportunity they have with international expansion.\nApple In The US\nIf you are like me and from America, it may seem like everyone that wants an iPhone has one. There is a good chance you are even reading this article on Apple's signature OLED screen.\nSource: Statista\nApple's market share in the US has been growing by low single-digit percentages since 2015 and currently has a US market share of just under 50% in 2021.\nI see no real reason that this will change significantly. Like I mentioned above, most people that want an iPhone already own one. When dealing with such a high market share, it is hard to grow, at least substantially.\nWhile I will not discuss this point in-depth, it is worth noting that in 2020, only about 50% of their revenue came from iPhone, and there is considerable room to grow in their accessories and wearables, even in the US.\nThe International Market\nThis is where I see a massive opportunity for Apple. They are already on their way to growing their global market share.\nSource: Statcounter\nOver the last 5 years, AAPL's global market share has gone from the high teens/low twenties to over 25%. Apple is also close to overtaking Samsung as the worldwide market share leader, and at current rates, it appears the overtake will happen sometime in the next twelve months.\nThe upward trend is seen again in Europe. Here is AAPL's European market share over the past 5 years.\nSource: Statcounter\nIn this case, Apple just recently took over Samsung as the leading European smartphone vendor. With a population of around 741 million people, nearly 2x the population of the United States, taking the majority share of the smartphone market in Europe is huge.\nWhat does that mean?\nThis is just the beginning, at least from a sales standpoint. Despite controlling the majority share in one of the largest continents, Apple only generated about 1/4 of its total revenue from Europe.\nOne of the things that makes Apple such a strong company is that their iPhones are essentially a \"gateway product.\" Once you have an iPhone, you are compelled to purchase AirPods and an Apple Watch as physical accessories. Apple also offers iCloud photo storage, Apple Music, Apple TV, and Apple Arcade, to name a few.\nThe proliferation of the iPhone on a global scale opens the door for Apple with its massive product line. Investors should look behind the numbers and realize the true scope of the opportunity that lies within growing iPhone sales.\nConclusion\nApple's relative undervaluation compared to competitors, as well as massive strides in international markets, makes it an appealing investment. As iPhone sales continue to grow, accessories will be quick to follow. Apple is past the stages where you will see 100% growth in a relatively short timeline. This is a stock that you buy and hold for years, and if you are smart, sell covered calls along the way.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824919888,"gmtCreate":1634268592227,"gmtModify":1634274404587,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/824919888","repostId":"1129314610","repostType":4,"repost":{"id":"1129314610","kind":"news","pubTimestamp":1634253682,"share":"https://www.laohu8.com/m/news/1129314610?lang=zh_CN&edition=full","pubTime":"2021-10-15 07:21","market":"us","language":"en","title":"S&P 500 surges, biggest daily percentage rise since March on earnings, data<blockquote>标普500股价飙升，盈利和数据创3月份以来最大单日百分比涨幅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129314610","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 jumped on Thursday, its biggest daily percentage advance since earl","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 jumped on Thursday, its biggest daily percentage advance since early March, as companies including <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> and <a href=\"https://laohu8.com/S/UNH\">UnitedHealth</a> climbed following strong results, while data on the labor market and inflation soothed fears over the outlook for higher rates.</p><p><blockquote>纽约（路透社）-标普500周四跳涨，创3月初以来最大单日百分比涨幅，包括<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>和<a href=\"https://laohu8.com/S/UNH\">联合健康</a>在强劲的业绩后攀升，而劳动力市场和通胀数据缓解了对加息前景的担忧。</blockquote></p><p> The technology sector jumped 2.3%, giving the S&amp;P 500 its biggest boost, with shares of <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp and <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc rising.</p><p><blockquote>科技板块上涨2.3%，给标普500带来最大提振，股价为<a href=\"https://laohu8.com/S/MSFT\">微软</a>公司和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司崛起。</blockquote></p><p> Shares of <a href=\"https://laohu8.com/S/C\">Citigroup</a>, $Bank of America Corp(BAC-N)$ and <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> also gained after they topped quarterly earnings estimates. The rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading added to profits. The S&amp;P bank index jumped 1.5%.</p><p><blockquote>本公司之股份<a href=\"https://laohu8.com/S/C\">花旗集团</a>,$美国银行(BAC-N)$和<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>在超出季度盈利预期后也有所上涨。经济的反弹使他们能够释放更多为疫情损失预留的现金，而火热的交易、股权融资和交易增加了利润。标准普尔银行指数上涨1.5%。</blockquote></p><p> Also, UnitedHealth Group Inc climbed 4.2% after the health insurer reported results and raised its full-year adjusted profit forecast on strength from its Optum unit that manages drug benefits.</p><p><blockquote>此外，联合健康集团(UnitedHealth Group Inc)股价上涨4.2%，此前该健康保险公司公布了业绩，并因其管理药品福利的Optum部门的实力而上调了全年调整后利润预测。</blockquote></p><p> Adding to optimism, data showed the number of Americans filing new claims for unemployment benefits last week fell close to a 19-month low, and a separate report showed producer prices eased in September.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至接近19个月低点，另一份报告显示，9月份生产者价格有所放缓，这增加了乐观情绪。</blockquote></p><p> Data from recent inflation reports suggested COVID-driven price increases may have peaked. Still, Federal Reserve policymakers remain divided over inflation and what to do about it.</p><p><blockquote>最近通胀报告的数据表明，新冠疫情推动的价格上涨可能已经见顶。尽管如此，美联储政策制定者在通胀以及如何应对通胀问题上仍存在分歧。</blockquote></p><p> “Some of the things that worried the market in September, and even last week, as far as the inflation aspect and higher interest rates and the Delta variant, maybe have lessened,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc., an investment advisory firm, based in Toledo, Ohio.</p><p><blockquote>Alan B.Lancz&amp;Associates Inc.总裁Alan Lancz表示：“9月份甚至上周令市场担忧的一些事情，就通胀、利率上升和德尔塔变异毒株而言，可能已经有所缓解。”</blockquote></p><p> “Not that it’s all over, but on a temporary scale at least, you can make a case for it trending in the right direction.”</p><p><blockquote>“并不是说一切都结束了，但至少在暂时的范围内，你可以证明它正朝着正确的方向发展。”</blockquote></p><p> The Dow Jones Industrial Average rose 534.75 points, or 1.56%, to 34,912.56, the S&amp;P 500 gained 74.46 points, or 1.71%, to 4,438.26 and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite added 251.8 points, or 1.73%, to 14,823.43.</p><p><blockquote>道琼斯工业平均指数上涨534.75点，涨幅1.56%，至34,912.56点；标普500上涨74.46点，涨幅1.71%，至4,438.26点；<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数上涨251.8点，或1.73%，至14,823.43点。</blockquote></p><p> While the S&amp;P 500 registered its biggest daily percentage gain since March 5, the Nasdaq notched its biggest since May 20 and the Dow its biggest since July 20.</p><p><blockquote>虽然标普500创下3月5日以来最大单日百分比涨幅，但纳斯达克创下5月20日以来最大涨幅，道琼斯指数创下7月20日以来最大涨幅。</blockquote></p><p> Gains were broad-based, with all but <a href=\"https://laohu8.com/S/AONE.U\">one</a> S&amp;P 500 sector rising more than 1%.</p><p><blockquote>收益基础广泛，除了<a href=\"https://laohu8.com/S/AONE.U\">一</a>标普500板块涨超1%。</blockquote></p><p> Shares of Moderna Inc ended up 3.2% after a panel of expert advisers to the U.S. Food and Drug Administration voted to recommend booster shots of its COVID-19 vaccine for Americans aged 65 and older and those at high risk of severe illness.</p><p><blockquote>美国专家顾问小组表示，Moderna Inc.的股价最终上涨3.2%。美国食品药品监督管理局投票建议为65岁及以上的美国人和患有严重疾病的高风险人群注射新冠肺炎疫苗。</blockquote></p><p> <a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> Inc jumped 7.4% after the drugstore chain reported fourth-quarter revenue and adjusted profit above estimates and forecast growth of 11% to 13% in the long term.</p><p><blockquote><a href=\"https://laohu8.com/S/WBA\">沃尔格林靴子联盟</a>Inc股价上涨7.4%，此前这家连锁药店公布第四季度营收和调整后利润高于预期，并预测长期增长率为11%至13%。</blockquote></p><p> U.S. companies are expected to report strong profit growth for the third quarter, but investors have been keen to hear what they say about rising costs, labor shortages and supply problems.</p><p><blockquote>预计美国企业将公布第三季度强劲的利润增长，但投资者一直渴望听到他们对成本上升、劳动力短缺和供应问题的看法。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 3.58-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为3.58比1；在纳斯达克，1.97比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 46 new lows.</p><p><blockquote>标普500创下32个52周新高，无新低；纳斯达克综合指数录得82个新高和46个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.26 billion shares, compared with the 10.8 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为92.6亿股，而过去20个交易日的平均成交量为108亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 surges, biggest daily percentage rise since March on earnings, data<blockquote>标普500股价飙升，盈利和数据创3月份以来最大单日百分比涨幅</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 surges, biggest daily percentage rise since March on earnings, data<blockquote>标普500股价飙升，盈利和数据创3月份以来最大单日百分比涨幅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-10-15 07:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 jumped on Thursday, its biggest daily percentage advance since early March, as companies including <a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> and <a href=\"https://laohu8.com/S/UNH\">UnitedHealth</a> climbed following strong results, while data on the labor market and inflation soothed fears over the outlook for higher rates.</p><p><blockquote>纽约（路透社）-标普500周四跳涨，创3月初以来最大单日百分比涨幅，包括<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>和<a href=\"https://laohu8.com/S/UNH\">联合健康</a>在强劲的业绩后攀升，而劳动力市场和通胀数据缓解了对加息前景的担忧。</blockquote></p><p> The technology sector jumped 2.3%, giving the S&amp;P 500 its biggest boost, with shares of <a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> Corp and <a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc rising.</p><p><blockquote>科技板块上涨2.3%，给标普500带来最大提振，股价为<a href=\"https://laohu8.com/S/MSFT\">微软</a>公司和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>公司崛起。</blockquote></p><p> Shares of <a href=\"https://laohu8.com/S/C\">Citigroup</a>, $Bank of America Corp(BAC-N)$ and <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> also gained after they topped quarterly earnings estimates. The rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading added to profits. The S&amp;P bank index jumped 1.5%.</p><p><blockquote>本公司之股份<a href=\"https://laohu8.com/S/C\">花旗集团</a>,$美国银行(BAC-N)$和<a href=\"https://laohu8.com/S/MSTLW\">摩根士丹利</a>在超出季度盈利预期后也有所上涨。经济的反弹使他们能够释放更多为疫情损失预留的现金，而火热的交易、股权融资和交易增加了利润。标准普尔银行指数上涨1.5%。</blockquote></p><p> Also, UnitedHealth Group Inc climbed 4.2% after the health insurer reported results and raised its full-year adjusted profit forecast on strength from its Optum unit that manages drug benefits.</p><p><blockquote>此外，联合健康集团(UnitedHealth Group Inc)股价上涨4.2%，此前该健康保险公司公布了业绩，并因其管理药品福利的Optum部门的实力而上调了全年调整后利润预测。</blockquote></p><p> Adding to optimism, data showed the number of Americans filing new claims for unemployment benefits last week fell close to a 19-month low, and a separate report showed producer prices eased in September.</p><p><blockquote>数据显示，上周美国新申请失业救济人数降至接近19个月低点，另一份报告显示，9月份生产者价格有所放缓，这增加了乐观情绪。</blockquote></p><p> Data from recent inflation reports suggested COVID-driven price increases may have peaked. Still, Federal Reserve policymakers remain divided over inflation and what to do about it.</p><p><blockquote>最近通胀报告的数据表明，新冠疫情推动的价格上涨可能已经见顶。尽管如此，美联储政策制定者在通胀以及如何应对通胀问题上仍存在分歧。</blockquote></p><p> “Some of the things that worried the market in September, and even last week, as far as the inflation aspect and higher interest rates and the Delta variant, maybe have lessened,” said Alan Lancz, president, Alan B. Lancz &amp; Associates Inc., an investment advisory firm, based in Toledo, Ohio.</p><p><blockquote>Alan B.Lancz&amp;Associates Inc.总裁Alan Lancz表示：“9月份甚至上周令市场担忧的一些事情，就通胀、利率上升和德尔塔变异毒株而言，可能已经有所缓解。”</blockquote></p><p> “Not that it’s all over, but on a temporary scale at least, you can make a case for it trending in the right direction.”</p><p><blockquote>“并不是说一切都结束了，但至少在暂时的范围内，你可以证明它正朝着正确的方向发展。”</blockquote></p><p> The Dow Jones Industrial Average rose 534.75 points, or 1.56%, to 34,912.56, the S&amp;P 500 gained 74.46 points, or 1.71%, to 4,438.26 and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite added 251.8 points, or 1.73%, to 14,823.43.</p><p><blockquote>道琼斯工业平均指数上涨534.75点，涨幅1.56%，至34,912.56点；标普500上涨74.46点，涨幅1.71%，至4,438.26点；<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数上涨251.8点，或1.73%，至14,823.43点。</blockquote></p><p> While the S&amp;P 500 registered its biggest daily percentage gain since March 5, the Nasdaq notched its biggest since May 20 and the Dow its biggest since July 20.</p><p><blockquote>虽然标普500创下3月5日以来最大单日百分比涨幅，但纳斯达克创下5月20日以来最大涨幅，道琼斯指数创下7月20日以来最大涨幅。</blockquote></p><p> Gains were broad-based, with all but <a href=\"https://laohu8.com/S/AONE.U\">one</a> S&amp;P 500 sector rising more than 1%.</p><p><blockquote>收益基础广泛，除了<a href=\"https://laohu8.com/S/AONE.U\">一</a>标普500板块涨超1%。</blockquote></p><p> Shares of Moderna Inc ended up 3.2% after a panel of expert advisers to the U.S. Food and Drug Administration voted to recommend booster shots of its COVID-19 vaccine for Americans aged 65 and older and those at high risk of severe illness.</p><p><blockquote>美国专家顾问小组表示，Moderna Inc.的股价最终上涨3.2%。美国食品药品监督管理局投票建议为65岁及以上的美国人和患有严重疾病的高风险人群注射新冠肺炎疫苗。</blockquote></p><p> <a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> Inc jumped 7.4% after the drugstore chain reported fourth-quarter revenue and adjusted profit above estimates and forecast growth of 11% to 13% in the long term.</p><p><blockquote><a href=\"https://laohu8.com/S/WBA\">沃尔格林靴子联盟</a>Inc股价上涨7.4%，此前这家连锁药店公布第四季度营收和调整后利润高于预期，并预测长期增长率为11%至13%。</blockquote></p><p> U.S. companies are expected to report strong profit growth for the third quarter, but investors have been keen to hear what they say about rising costs, labor shortages and supply problems.</p><p><blockquote>预计美国企业将公布第三季度强劲的利润增长，但投资者一直渴望听到他们对成本上升、劳动力短缺和供应问题的看法。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 3.58-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为3.58比1；在纳斯达克，1.97比1的比率有利于上涨者。</blockquote></p><p> The S&amp;P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 46 new lows.</p><p><blockquote>标普500创下32个52周新高，无新低；纳斯达克综合指数录得82个新高和46个新低。</blockquote></p><p> Volume on U.S. exchanges was 9.26 billion shares, compared with the 10.8 billion average for the full session over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为92.6亿股，而过去20个交易日的平均成交量为108亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-surges-biggest-daily-percentage-rise-since-march-on-earnings-data-idUSL1N2RA2WC\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SSO":"2倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","SH":"做空标普500-Proshares","OEF":"标普100指数ETF-iShares",".DJI":"道琼斯","SPXU":"三倍做空标普500ETF-ProShares","OEX":"标普100","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","IVV":"标普500ETF-iShares"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-surges-biggest-daily-percentage-rise-since-march-on-earnings-data-idUSL1N2RA2WC","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129314610","content_text":"NEW YORK (Reuters) - The S&P 500 jumped on Thursday, its biggest daily percentage advance since early March, as companies including Morgan Stanley and UnitedHealth climbed following strong results, while data on the labor market and inflation soothed fears over the outlook for higher rates.\nThe technology sector jumped 2.3%, giving the S&P 500 its biggest boost, with shares of Microsoft Corp and Apple Inc rising.\nShares of Citigroup, $Bank of America Corp(BAC-N)$ and Morgan Stanley also gained after they topped quarterly earnings estimates. The rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading added to profits. The S&P bank index jumped 1.5%.\nAlso, UnitedHealth Group Inc climbed 4.2% after the health insurer reported results and raised its full-year adjusted profit forecast on strength from its Optum unit that manages drug benefits.\nAdding to optimism, data showed the number of Americans filing new claims for unemployment benefits last week fell close to a 19-month low, and a separate report showed producer prices eased in September.\nData from recent inflation reports suggested COVID-driven price increases may have peaked. Still, Federal Reserve policymakers remain divided over inflation and what to do about it.\n“Some of the things that worried the market in September, and even last week, as far as the inflation aspect and higher interest rates and the Delta variant, maybe have lessened,” said Alan Lancz, president, Alan B. Lancz & Associates Inc., an investment advisory firm, based in Toledo, Ohio.\n“Not that it’s all over, but on a temporary scale at least, you can make a case for it trending in the right direction.”\nThe Dow Jones Industrial Average rose 534.75 points, or 1.56%, to 34,912.56, the S&P 500 gained 74.46 points, or 1.71%, to 4,438.26 and the Nasdaq Composite added 251.8 points, or 1.73%, to 14,823.43.\nWhile the S&P 500 registered its biggest daily percentage gain since March 5, the Nasdaq notched its biggest since May 20 and the Dow its biggest since July 20.\nGains were broad-based, with all but one S&P 500 sector rising more than 1%.\nShares of Moderna Inc ended up 3.2% after a panel of expert advisers to the U.S. Food and Drug Administration voted to recommend booster shots of its COVID-19 vaccine for Americans aged 65 and older and those at high risk of severe illness.\nWalgreens Boots Alliance Inc jumped 7.4% after the drugstore chain reported fourth-quarter revenue and adjusted profit above estimates and forecast growth of 11% to 13% in the long term.\nU.S. companies are expected to report strong profit growth for the third quarter, but investors have been keen to hear what they say about rising costs, labor shortages and supply problems.\nAdvancing issues outnumbered declining ones on the NYSE by a 3.58-to-1 ratio; on Nasdaq, a 1.97-to-1 ratio favored advancers.\nThe S&P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 46 new lows.\nVolume on U.S. exchanges was 9.26 billion shares, compared with the 10.8 billion average for the full session over the last 20 trading days.","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SDS":0.9,".SPX":0.9,"IVV":0.9,".DJI":0.9,"OEF":0.9,"SPXU":0.9,"UPRO":0.9,"SSO":0.9,"SH":0.9,".IXIC":0.9,"OEX":0.9,"ESmain":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":825811880,"gmtCreate":1634216430687,"gmtModify":1634216430784,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/825811880","repostId":"1193636194","repostType":4,"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826289338,"gmtCreate":1634024994860,"gmtModify":1634024994987,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826289338","repostId":"2174854361","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826957081,"gmtCreate":1633967858653,"gmtModify":1633967858738,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/826957081","repostId":"2174909058","repostType":4,"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826954849,"gmtCreate":1633967806945,"gmtModify":1633967807031,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826954849","repostId":"2174120900","repostType":4,"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828896396,"gmtCreate":1633879402486,"gmtModify":1633879402621,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/828896396","repostId":"1188154394","repostType":4,"repost":{"id":"1188154394","kind":"news","pubTimestamp":1633750102,"share":"https://www.laohu8.com/m/news/1188154394?lang=zh_CN&edition=full","pubTime":"2021-10-09 11:28","market":"us","language":"en","title":"S&P 500 Q3 2021 Preview: All Eyes On Earnings Momentum<blockquote>标普500 2021年第三季度预览：所有人都在关注盈利势头</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188154394","media":"seekingalpha","summary":"Summary\n\nAs we enter 21Q3 earnings season, market participants and analysts are noting the blisterin","content":"<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>As we enter 21Q3 earnings season, market participants and analysts are noting the blistering pace of earnings growth and the record percentage of companies beating analyst expectations.</li>  <li>The key question is, can this momentum be maintained?</li>  <li>To this point, 21Q3 earnings growth expectations have remained flat over the last two months having changed from 29.7% on July 30th to 29.4% on Oct. 1, a 0.3 ppts decline.</li> </ul> As we enter 21Q3 earnings season, market participants and analysts are noting the blistering pace of earnings growth and the record percentage of companies beating analyst expectations. The key question is, can this momentum be maintained?</p><p><blockquote><ul><li>随着我们进入第21季度财报季，市场参与者和分析师注意到盈利增长的惊人速度以及超出分析师预期的公司比例创纪录。</li><li>关键问题是，这种势头能否保持下去？</li><li>至此，21Q3盈利增长预期在过去两个月中保持平稳，从7月30日的29.7%变为10月1日的29.4%，下降了0.3个百分点。</li></ul>随着我们进入第21季度财报季，市场参与者和分析师注意到盈利增长的惊人速度以及超出分析师预期的公司比例创纪录。关键问题是，这种势头能否保持下去？</blockquote></p><p> The current 21Q3 earnings growth rate of 29.4% will certainly mark the beginning of a transition to more reasonable year-over-year (YoY) growth rates off the back of a historical 21Q1 and 21Q2 earnings season where YoY earnings growth was 52.8% and 96.3% respectively. This is shown in Exhibit 1.</p><p><blockquote>当前第21季度盈利增长率为29.4%，这无疑标志着继历史上第21季度和第21季度盈利季（同比盈利增长率分别为52.8%和96.3%）之后，开始向更合理的同比(YoY)增长率过渡。这如图表1所示。</blockquote></p><p> <b>Exhibit 1: S&amp;P 500 YoY Growth Rates</b></p><p><blockquote><b>图表1：标普500同比增长率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/50b40fb52d5da521d7a8b1187d6687d5\" tg-width=\"1031\" tg-height=\"498\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Of the 17 companies that have reported thus far, 82.4% have beat analyst expectations, which is below the prior four quarter average of 84.7% but still well above the long-term average of 65.8%. More interesting is that the magnitude of the beat as defined by the earnings surprise factor is only 5.2%, which is well below the prior-four quarter average of 18.3% and more in line with the long-term average surprise factor of 4.0%.</p><p><blockquote>在迄今为止发布报告的17家公司中，82.4%的公司超出了分析师的预期，低于前四个季度84.7%的平均水平，但仍远高于65.8%的长期平均水平。更有趣的是，盈利意外因素定义的超出幅度仅为5.2%，远低于前四个季度18.3%的平均水平，也更符合4.0%的长期平均意外因素。</blockquote></p><p> While it is still early into the reporting period, if the surprise factor remains around this level, we may likely see a muted improvement in earnings growth as the quarter progresses. This will be in sharp contrast to 21Q2 and 21Q3 where earnings growth dramatically improved throughout the quarter by 28.5 and 30.8 percentage points (ppts) respectively.</p><p><blockquote>虽然报告期仍处于早期阶段，但如果意外因素保持在这一水平附近，随着本季度的进展，我们可能会看到盈利增长略有改善。这将与21Q2和21Q3形成鲜明对比，这两个季度的盈利增长分别大幅提高了28.5和30.8个百分点(ppt)。</blockquote></p><p> To this point, 21Q3 earnings growth expectations have remained flat over the last two months having changed from 29.7% on July 30thto 29.4% on Oct. 1, a 0.3 ppts decline as shown in Exhibit 2. In a typical quarter, YoY growth expectations decline by an average of 3.3 percentage points (ppts) from the start of the quarter to the start of earnings season.</p><p><blockquote>至此，21Q3盈利增长预期在过去两个月中保持平稳，从7月30日的29.7%变为10月1日的29.4%，下降了0.3个百分点，如图表2所示。在典型的季度中，从季度初到财报季开始，同比增长预期平均下降3.3个百分点(ppt)。</blockquote></p><p> This is a sharp contrast from 20Q3-21Q2, where earnings growth improved heading into earnings season as analyst estimates had been overly pessimistic during the height of the pandemic.</p><p><blockquote>这与20Q3-21Q2形成鲜明对比，由于分析师在疫情最严重期间的预测过于悲观，因此盈利增长在进入财报季时有所改善。</blockquote></p><p> Perhaps the change in behavior this quarter can be attributed to heightened reservation amongst analysts in excessively raising estimates, given the current headwinds of the delta variant, supply chain bottlenecks and rising inflation.</p><p><blockquote>鉴于当前德尔塔变异毒株、供应链瓶颈和通胀上升的不利因素，也许本季度行为的变化可以归因于分析师对过度上调预期的高度保留。</blockquote></p><p> <b>Exhibit 2:S&amp;P 500 Growth Rate Change Heading into Earnings Season</b></p><p><blockquote><b>图表2：进入财报季的标普500增长率变化</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/08d3e6b4a0c4c588e2991746383127c3\" tg-width=\"1372\" tg-height=\"625\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>High expectations for energy</b></p><p><blockquote><b>对能源的高期望</b></blockquote></p><p> Energy has seen the largest improvement in earnings growth rate since July 30, improving 38.5 ppts followed by Materials (8.1 ppts), and Information Technology (1.8 ppts).</p><p><blockquote>自7月30日以来，能源的盈利增长率改善幅度最大，提高了38.5个百分点，其次是材料（8.1个百分点）和信息技术（1.8个百分点）。</blockquote></p><p> Exhibit 3 highlights the 21Q3 earnings and revenue growth rates at an index and sector level. The Energy growth rate is currently 1,391.9%, which is the highest growth rate out of the 11 sectors and is expected to be the largest YoY growth rate for the sector since Refinitiv has tracked this data.</p><p><blockquote>图表3重点介绍了指数和行业层面的21Q3盈利和收入增长率。能源增长率目前为1,391.9%，是11个行业中增长率最高的，预计将成为Refinitiv跟踪该数据以来该行业最大的同比增长率。</blockquote></p><p> <b>Exhibit 3: S&amp;P 500 21Q3 Growth Rates</b></p><p><blockquote><b>图表3：标普500 21Q3增长率</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a525dbb50a9f85aee2940d95303a292\" tg-width=\"1312\" tg-height=\"279\" referrerpolicy=\"no-referrer\"><span>Source: S&amp;P 500 Earnings Scorecard (Oct 1)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：标普500盈利记分卡（10月1日）</span></p></blockquote></p><p> While the large growth rate in large part is due to a collapse in oil prices last year, the sector is still expected to deliver this quarter or we can expect a sharp reaction. From an earnings contribution perspective, the sector is currently forecasted to contribute 6.62 ppts towards the index growth rate of 29.4%, the largest of any sector.</p><p><blockquote>虽然大幅增长率在很大程度上是由于去年油价暴跌，但该行业仍有望在本季度实现增长，否则我们可以预期会出现剧烈反应。从盈利贡献角度来看，该行业目前预计将为29.4%的指数增长率贡献6.62个百分点，是所有行业中最大的。</blockquote></p><p> This is followed by Information Technology (6.38 ppts) and Industrials (4.15 ppts). These three sectors alone are expected to contribute 17.2 ppt to the 29.4% 21Q3 earnings growth rate, which is over half of the expected contribution towards the overall index growth rate.</p><p><blockquote>其次是信息技术（6.38个百分点）和工业（4.15个百分点）。仅这三个板块预计将为21Q3 29.4%的盈利增速贡献17.2个ppt，超过对整体指数增速预期贡献的一半。</blockquote></p><p> The Energy sector will be in the limelight for the next few quarters as well, as 21Q4 YoY earnings growth is currently forecasted at a remarkable 4,933.1% and 22Q1 YoY growth of 105.6% which again will both rank the sector with the highest growth rates. This period will be reminiscent of 2017-2018 where the Energy sector consistently had the highest YoY earnings growth rate of all sectors.</p><p><blockquote>能源行业也将在未来几个季度成为人们关注的焦点，目前预计第21季度的同比盈利增长率为4,933.1%，第22季度的同比增长率为105.6%，这两个行业都将再次成为增长率最高的行业。这一时期将让人想起2017-2018年，当时能源行业的盈利同比增长率一直是所有行业中最高的。</blockquote></p><p> <b>Earnings watch in 21Q3</b></p><p><blockquote><b>21Q3盈利观察</b></blockquote></p><p></p><p> There are a handful of constituents that will be largely responsible for delivering 21Q3 earnings growth. Exhibit 4 highlights the top 20 constituents that have the largest earnings contribution (PPT) along with the expected report date, mean estimate,SmartEstimate, and Predicted Surprise (PS).</p><p><blockquote>少数成分股将在很大程度上推动21世纪第三季度盈利增长。图表4重点介绍了盈利贡献最大(PPT)的前20个成分股以及预期报告日期、平均估计、SmartEstimate和预测惊喜(PS)。</blockquote></p><p> This basket of constituents is currently expected to contribute 16.1 ppt towards the current forecasted 21Q3 index level earnings growth rate of 29.4%, which is just under 55%.</p><p><blockquote>目前预计这一篮子成分股将为当前预测的21Q3指数水平盈利增长率29.4%贡献16.1个百分点，略低于55%。</blockquote></p><p> <b>Exhibit 4: 21Q3 Earnings Watch</b></p><p><blockquote><b>图表4：21Q3盈利观察</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b89455116c10719752665c78c2b001ed\" tg-width=\"1801\" tg-height=\"764\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Most constituents in this basket come from Energy, Financials, Industrials, and Materials. Apple Inc. (AAPL), Exxon Mobil (XOM) and Chevron (CVX) round up the top three largest PPT contributors.</p><p><blockquote>该篮子中的大多数成分来自能源、金融、工业和材料。苹果公司(AAPL)、埃克森美孚(XOM)和雪佛龙(CVX)跻身PPT贡献者前三名。</blockquote></p><p> Paying attention to the PS will be important, as this will help predict any significant earnings surprise which will ultimately affect the trajectory of the index level growth rate.</p><p><blockquote>关注PS非常重要，因为这将有助于预测任何最终影响指数水平增长率轨迹的重大盈利意外。</blockquote></p><p> The PS compares the StarMine SmartEstimate to the consensus mean. By overweighting analysts who are more accurate and timelier, the SmartEstimate provides a refined view into consensus. Comparing the SmartEstimate to the mean estimate leads to our PS, which accurately predicts the direction of earnings surprise 70% of the time when the PS is greater or less than 2% / -2%.</p><p><blockquote>PS将StarMine SmartEstimate与共识平均值进行比较。通过增持更准确、更及时的分析师，SmartEstimate提供了一个完善的共识视图。将SmartEstimate与平均估计值进行比较，得出我们的PS，当PS大于或小于2%/-2%时，它在70%的时间里准确预测收益惊喜的方向。</blockquote></p><p> Within this basket, 10 constituents are expected to post a positive earnings surprise while four constituents are expected to post a negative earnings surprise. American Airlines Group (AAL), Delta Air Lines (DAL), United Airlines Holding Inc. (UAL), and Caesars Entertainment (CZR) all have a negative PS which will be worth paying attention to as any better-than-expected numbers will provide a material boost to the 21Q3 index growth rate.</p><p><blockquote>在这一篮子中，10个成分股预计将公布积极的盈利惊喜，而4个成分股预计将公布消极的盈利惊喜。美国航空集团(AAL)、达美航空(DAL)、联合航空控股公司(UAL)和凯撒娱乐(CZR)的PS均为负，值得关注，因为任何好于预期的数据将为21Q3指数增长率提供实质性提振。</blockquote></p><p> <b>A look at 2021 and 2022</b></p><p><blockquote><b>2021年和2022年一览</b></blockquote></p><p> Using the EARN app in EIKON, we can see how 2021 and 2022 EPS estimates for sectors and the S&amp;P 500 overall have trended. In Exhibit 5, we show YoY growth rates for EPS for sectors and the S&amp;P 500 overall, as of one day ago, and then at 6/30/2021, 3/31/2021 and 12/31/2020.</p><p><blockquote>使用EIKON中的EARN应用程序，我们可以了解2021年和2022年各行业和标普500整体每股收益预期的趋势。在图表5中，我们显示了截至一天前以及2021年6月30日、2021年3月31日和2020年12月31日各行业和标普500整体每股收益的同比增长率。</blockquote></p><p> Not surprisingly, given the strong YTD results, 2021E EPS for most sectors and the S&amp;P 500 overall have moved higher in each time period. The one exception is the industrials sector, which actually saw YoY growth estimates fall to a still-robust 90.3% in the most recent period from 110.5% at 6/30/2021, possibly due to the impact of rising commodity costs and supply chain disruptions. Overall, we see that earnings for the S&amp;P 500 are now expected to be up 44.7% YoY compared to the 24.4% growth rate expected at the end of last year.</p><p><blockquote>毫不奇怪，鉴于年初至今的强劲业绩，大多数行业和整个标普500的2021年每股收益在每个时间段都有所上升。一个例外是工业部门，最近一段时间的同比增长预期实际上从2021年6月30日的110.5%降至仍然强劲的90.3%，这可能是由于大宗商品成本上升和供应链中断的影响。总体而言，我们认为标普500的盈利目前预计将同比增长44.7%，而去年底预计增长率为24.4%。</blockquote></p><p> <b>Exhibit 5: EARN App Data for YoY EPS Growth</b></p><p><blockquote><b>图表5：Earn App EPS同比增长数据</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1eebbb4657cb57f7678446b7320b7b9d\" tg-width=\"1723\" tg-height=\"761\" referrerpolicy=\"no-referrer\"><span>Source: Refinitiv Eikon Workspace</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Refinitiv Eikon工作区</span></p></blockquote></p><p> Interestingly, we see the opposite impact on 2022 YoY growth rates, with the expected growth rate falling to 9.2% from 16.0% at the end of 2021Q1 as per Exhibit 6.</p><p><blockquote>有趣的是，我们看到了对2022年同比增长率的相反影响，如图6所示，预期增长率从2021年第一季度末的16.0%降至9.2%。</blockquote></p><p> <b>Exhibit 6: EARN App Data for YoY EPS Growth</b></p><p><blockquote><b>图表6：Earn App EPS同比增长数据</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f89e4a3c94d175a319e268f74e5d735\" tg-width=\"1859\" tg-height=\"636\" referrerpolicy=\"no-referrer\"><span>Source: Refinitiv Eikon Workspace</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Refinitiv Eikon工作区</span></p></blockquote></p><p> While this would seem to imply that estimated earnings growth is expected to decline for the S&amp;P 500 in 2022, this is not actually the case. The bottom-up EPS calculation from our This Week In Earnings report&nbsp;shows that as of 10/1/2021, 2022 bottom-up EPS is expected to be $219.94/share which is up 12.7% from $195.14/share at the start of the year, but below the 20.0% growth in 2021 estimate over this same time period. The decline in earnings growth is a factor of the denominator (i.e., 2021 EPS) growing faster – as we show below in Exhibit 7.</p><p><blockquote>虽然这似乎意味着标普500 2022年的盈利增长预计将下降，但事实并非如此。我们本周收益报告中自下而上的每股收益计算显示，截至2021年10月1日，2022年自下而上的每股收益预计为219.94美元/股，比年初的195.14美元/股增长12.7%，但低于同期2021年20.0%的增长预期。盈利增长的下降是分母（即2021年每股收益）增长更快的一个因素——如下图7所示。</blockquote></p><p> <b>Exhibit 7: S&amp;P 500 Bottom-up EPS Estimates</b></p><p><blockquote><b>图表7：标普500自下而上的每股收益预估</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9341d9d46dbb1c4a72f84605e3feb7e\" tg-width=\"723\" tg-height=\"162\" referrerpolicy=\"no-referrer\"><span>Source: I/B/E/S data from Refinitiv</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：路孚特I/B/E/S数据</span></p></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 Q3 2021 Preview: All Eyes On Earnings Momentum<blockquote>标普500 2021年第三季度预览：所有人都在关注盈利势头</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 Q3 2021 Preview: All Eyes On Earnings Momentum<blockquote>标普500 2021年第三季度预览：所有人都在关注盈利势头</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-10-09 11:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Summary</p><p><blockquote>总结</blockquote></p><p> <ul>  <li>As we enter 21Q3 earnings season, market participants and analysts are noting the blistering pace of earnings growth and the record percentage of companies beating analyst expectations.</li>  <li>The key question is, can this momentum be maintained?</li>  <li>To this point, 21Q3 earnings growth expectations have remained flat over the last two months having changed from 29.7% on July 30th to 29.4% on Oct. 1, a 0.3 ppts decline.</li> </ul> As we enter 21Q3 earnings season, market participants and analysts are noting the blistering pace of earnings growth and the record percentage of companies beating analyst expectations. The key question is, can this momentum be maintained?</p><p><blockquote><ul><li>随着我们进入第21季度财报季，市场参与者和分析师注意到盈利增长的惊人速度以及超出分析师预期的公司比例创纪录。</li><li>关键问题是，这种势头能否保持下去？</li><li>至此，21Q3盈利增长预期在过去两个月中保持平稳，从7月30日的29.7%变为10月1日的29.4%，下降了0.3个百分点。</li></ul>随着我们进入第21季度财报季，市场参与者和分析师注意到盈利增长的惊人速度以及超出分析师预期的公司比例创纪录。关键问题是，这种势头能否保持下去？</blockquote></p><p> The current 21Q3 earnings growth rate of 29.4% will certainly mark the beginning of a transition to more reasonable year-over-year (YoY) growth rates off the back of a historical 21Q1 and 21Q2 earnings season where YoY earnings growth was 52.8% and 96.3% respectively. This is shown in Exhibit 1.</p><p><blockquote>当前第21季度盈利增长率为29.4%，这无疑标志着继历史上第21季度和第21季度盈利季（同比盈利增长率分别为52.8%和96.3%）之后，开始向更合理的同比(YoY)增长率过渡。这如图表1所示。</blockquote></p><p> <b>Exhibit 1: S&amp;P 500 YoY Growth Rates</b></p><p><blockquote><b>图表1：标普500同比增长率</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/50b40fb52d5da521d7a8b1187d6687d5\" tg-width=\"1031\" tg-height=\"498\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Of the 17 companies that have reported thus far, 82.4% have beat analyst expectations, which is below the prior four quarter average of 84.7% but still well above the long-term average of 65.8%. More interesting is that the magnitude of the beat as defined by the earnings surprise factor is only 5.2%, which is well below the prior-four quarter average of 18.3% and more in line with the long-term average surprise factor of 4.0%.</p><p><blockquote>在迄今为止发布报告的17家公司中，82.4%的公司超出了分析师的预期，低于前四个季度84.7%的平均水平，但仍远高于65.8%的长期平均水平。更有趣的是，盈利意外因素定义的超出幅度仅为5.2%，远低于前四个季度18.3%的平均水平，也更符合4.0%的长期平均意外因素。</blockquote></p><p> While it is still early into the reporting period, if the surprise factor remains around this level, we may likely see a muted improvement in earnings growth as the quarter progresses. This will be in sharp contrast to 21Q2 and 21Q3 where earnings growth dramatically improved throughout the quarter by 28.5 and 30.8 percentage points (ppts) respectively.</p><p><blockquote>虽然报告期仍处于早期阶段，但如果意外因素保持在这一水平附近，随着本季度的进展，我们可能会看到盈利增长略有改善。这将与21Q2和21Q3形成鲜明对比，这两个季度的盈利增长分别大幅提高了28.5和30.8个百分点(ppt)。</blockquote></p><p> To this point, 21Q3 earnings growth expectations have remained flat over the last two months having changed from 29.7% on July 30thto 29.4% on Oct. 1, a 0.3 ppts decline as shown in Exhibit 2. In a typical quarter, YoY growth expectations decline by an average of 3.3 percentage points (ppts) from the start of the quarter to the start of earnings season.</p><p><blockquote>至此，21Q3盈利增长预期在过去两个月中保持平稳，从7月30日的29.7%变为10月1日的29.4%，下降了0.3个百分点，如图表2所示。在典型的季度中，从季度初到财报季开始，同比增长预期平均下降3.3个百分点(ppt)。</blockquote></p><p> This is a sharp contrast from 20Q3-21Q2, where earnings growth improved heading into earnings season as analyst estimates had been overly pessimistic during the height of the pandemic.</p><p><blockquote>这与20Q3-21Q2形成鲜明对比，由于分析师在疫情最严重期间的预测过于悲观，因此盈利增长在进入财报季时有所改善。</blockquote></p><p> Perhaps the change in behavior this quarter can be attributed to heightened reservation amongst analysts in excessively raising estimates, given the current headwinds of the delta variant, supply chain bottlenecks and rising inflation.</p><p><blockquote>鉴于当前德尔塔变异毒株、供应链瓶颈和通胀上升的不利因素，也许本季度行为的变化可以归因于分析师对过度上调预期的高度保留。</blockquote></p><p> <b>Exhibit 2:S&amp;P 500 Growth Rate Change Heading into Earnings Season</b></p><p><blockquote><b>图表2：进入财报季的标普500增长率变化</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/08d3e6b4a0c4c588e2991746383127c3\" tg-width=\"1372\" tg-height=\"625\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>High expectations for energy</b></p><p><blockquote><b>对能源的高期望</b></blockquote></p><p> Energy has seen the largest improvement in earnings growth rate since July 30, improving 38.5 ppts followed by Materials (8.1 ppts), and Information Technology (1.8 ppts).</p><p><blockquote>自7月30日以来，能源的盈利增长率改善幅度最大，提高了38.5个百分点，其次是材料（8.1个百分点）和信息技术（1.8个百分点）。</blockquote></p><p> Exhibit 3 highlights the 21Q3 earnings and revenue growth rates at an index and sector level. The Energy growth rate is currently 1,391.9%, which is the highest growth rate out of the 11 sectors and is expected to be the largest YoY growth rate for the sector since Refinitiv has tracked this data.</p><p><blockquote>图表3重点介绍了指数和行业层面的21Q3盈利和收入增长率。能源增长率目前为1,391.9%，是11个行业中增长率最高的，预计将成为Refinitiv跟踪该数据以来该行业最大的同比增长率。</blockquote></p><p> <b>Exhibit 3: S&amp;P 500 21Q3 Growth Rates</b></p><p><blockquote><b>图表3：标普500 21Q3增长率</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a525dbb50a9f85aee2940d95303a292\" tg-width=\"1312\" tg-height=\"279\" referrerpolicy=\"no-referrer\"><span>Source: S&amp;P 500 Earnings Scorecard (Oct 1)</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：标普500盈利记分卡（10月1日）</span></p></blockquote></p><p> While the large growth rate in large part is due to a collapse in oil prices last year, the sector is still expected to deliver this quarter or we can expect a sharp reaction. From an earnings contribution perspective, the sector is currently forecasted to contribute 6.62 ppts towards the index growth rate of 29.4%, the largest of any sector.</p><p><blockquote>虽然大幅增长率在很大程度上是由于去年油价暴跌，但该行业仍有望在本季度实现增长，否则我们可以预期会出现剧烈反应。从盈利贡献角度来看，该行业目前预计将为29.4%的指数增长率贡献6.62个百分点，是所有行业中最大的。</blockquote></p><p> This is followed by Information Technology (6.38 ppts) and Industrials (4.15 ppts). These three sectors alone are expected to contribute 17.2 ppt to the 29.4% 21Q3 earnings growth rate, which is over half of the expected contribution towards the overall index growth rate.</p><p><blockquote>其次是信息技术（6.38个百分点）和工业（4.15个百分点）。仅这三个板块预计将为21Q3 29.4%的盈利增速贡献17.2个ppt，超过对整体指数增速预期贡献的一半。</blockquote></p><p> The Energy sector will be in the limelight for the next few quarters as well, as 21Q4 YoY earnings growth is currently forecasted at a remarkable 4,933.1% and 22Q1 YoY growth of 105.6% which again will both rank the sector with the highest growth rates. This period will be reminiscent of 2017-2018 where the Energy sector consistently had the highest YoY earnings growth rate of all sectors.</p><p><blockquote>能源行业也将在未来几个季度成为人们关注的焦点，目前预计第21季度的同比盈利增长率为4,933.1%，第22季度的同比增长率为105.6%，这两个行业都将再次成为增长率最高的行业。这一时期将让人想起2017-2018年，当时能源行业的盈利同比增长率一直是所有行业中最高的。</blockquote></p><p> <b>Earnings watch in 21Q3</b></p><p><blockquote><b>21Q3盈利观察</b></blockquote></p><p></p><p> There are a handful of constituents that will be largely responsible for delivering 21Q3 earnings growth. Exhibit 4 highlights the top 20 constituents that have the largest earnings contribution (PPT) along with the expected report date, mean estimate,SmartEstimate, and Predicted Surprise (PS).</p><p><blockquote>少数成分股将在很大程度上推动21世纪第三季度盈利增长。图表4重点介绍了盈利贡献最大(PPT)的前20个成分股以及预期报告日期、平均估计、SmartEstimate和预测惊喜(PS)。</blockquote></p><p> This basket of constituents is currently expected to contribute 16.1 ppt towards the current forecasted 21Q3 index level earnings growth rate of 29.4%, which is just under 55%.</p><p><blockquote>目前预计这一篮子成分股将为当前预测的21Q3指数水平盈利增长率29.4%贡献16.1个百分点，略低于55%。</blockquote></p><p> <b>Exhibit 4: 21Q3 Earnings Watch</b></p><p><blockquote><b>图表4：21Q3盈利观察</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/b89455116c10719752665c78c2b001ed\" tg-width=\"1801\" tg-height=\"764\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Most constituents in this basket come from Energy, Financials, Industrials, and Materials. Apple Inc. (AAPL), Exxon Mobil (XOM) and Chevron (CVX) round up the top three largest PPT contributors.</p><p><blockquote>该篮子中的大多数成分来自能源、金融、工业和材料。苹果公司(AAPL)、埃克森美孚(XOM)和雪佛龙(CVX)跻身PPT贡献者前三名。</blockquote></p><p> Paying attention to the PS will be important, as this will help predict any significant earnings surprise which will ultimately affect the trajectory of the index level growth rate.</p><p><blockquote>关注PS非常重要，因为这将有助于预测任何最终影响指数水平增长率轨迹的重大盈利意外。</blockquote></p><p> The PS compares the StarMine SmartEstimate to the consensus mean. By overweighting analysts who are more accurate and timelier, the SmartEstimate provides a refined view into consensus. Comparing the SmartEstimate to the mean estimate leads to our PS, which accurately predicts the direction of earnings surprise 70% of the time when the PS is greater or less than 2% / -2%.</p><p><blockquote>PS将StarMine SmartEstimate与共识平均值进行比较。通过增持更准确、更及时的分析师，SmartEstimate提供了一个完善的共识视图。将SmartEstimate与平均估计值进行比较，得出我们的PS，当PS大于或小于2%/-2%时，它在70%的时间里准确预测收益惊喜的方向。</blockquote></p><p> Within this basket, 10 constituents are expected to post a positive earnings surprise while four constituents are expected to post a negative earnings surprise. American Airlines Group (AAL), Delta Air Lines (DAL), United Airlines Holding Inc. (UAL), and Caesars Entertainment (CZR) all have a negative PS which will be worth paying attention to as any better-than-expected numbers will provide a material boost to the 21Q3 index growth rate.</p><p><blockquote>在这一篮子中，10个成分股预计将公布积极的盈利惊喜，而4个成分股预计将公布消极的盈利惊喜。美国航空集团(AAL)、达美航空(DAL)、联合航空控股公司(UAL)和凯撒娱乐(CZR)的PS均为负，值得关注，因为任何好于预期的数据将为21Q3指数增长率提供实质性提振。</blockquote></p><p> <b>A look at 2021 and 2022</b></p><p><blockquote><b>2021年和2022年一览</b></blockquote></p><p> Using the EARN app in EIKON, we can see how 2021 and 2022 EPS estimates for sectors and the S&amp;P 500 overall have trended. In Exhibit 5, we show YoY growth rates for EPS for sectors and the S&amp;P 500 overall, as of one day ago, and then at 6/30/2021, 3/31/2021 and 12/31/2020.</p><p><blockquote>使用EIKON中的EARN应用程序，我们可以了解2021年和2022年各行业和标普500整体每股收益预期的趋势。在图表5中，我们显示了截至一天前以及2021年6月30日、2021年3月31日和2020年12月31日各行业和标普500整体每股收益的同比增长率。</blockquote></p><p> Not surprisingly, given the strong YTD results, 2021E EPS for most sectors and the S&amp;P 500 overall have moved higher in each time period. The one exception is the industrials sector, which actually saw YoY growth estimates fall to a still-robust 90.3% in the most recent period from 110.5% at 6/30/2021, possibly due to the impact of rising commodity costs and supply chain disruptions. Overall, we see that earnings for the S&amp;P 500 are now expected to be up 44.7% YoY compared to the 24.4% growth rate expected at the end of last year.</p><p><blockquote>毫不奇怪，鉴于年初至今的强劲业绩，大多数行业和整个标普500的2021年每股收益在每个时间段都有所上升。一个例外是工业部门，最近一段时间的同比增长预期实际上从2021年6月30日的110.5%降至仍然强劲的90.3%，这可能是由于大宗商品成本上升和供应链中断的影响。总体而言，我们认为标普500的盈利目前预计将同比增长44.7%，而去年底预计增长率为24.4%。</blockquote></p><p> <b>Exhibit 5: EARN App Data for YoY EPS Growth</b></p><p><blockquote><b>图表5：Earn App EPS同比增长数据</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1eebbb4657cb57f7678446b7320b7b9d\" tg-width=\"1723\" tg-height=\"761\" referrerpolicy=\"no-referrer\"><span>Source: Refinitiv Eikon Workspace</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Refinitiv Eikon工作区</span></p></blockquote></p><p> Interestingly, we see the opposite impact on 2022 YoY growth rates, with the expected growth rate falling to 9.2% from 16.0% at the end of 2021Q1 as per Exhibit 6.</p><p><blockquote>有趣的是，我们看到了对2022年同比增长率的相反影响，如图6所示，预期增长率从2021年第一季度末的16.0%降至9.2%。</blockquote></p><p> <b>Exhibit 6: EARN App Data for YoY EPS Growth</b></p><p><blockquote><b>图表6：Earn App EPS同比增长数据</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5f89e4a3c94d175a319e268f74e5d735\" tg-width=\"1859\" tg-height=\"636\" referrerpolicy=\"no-referrer\"><span>Source: Refinitiv Eikon Workspace</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Refinitiv Eikon工作区</span></p></blockquote></p><p> While this would seem to imply that estimated earnings growth is expected to decline for the S&amp;P 500 in 2022, this is not actually the case. The bottom-up EPS calculation from our This Week In Earnings report&nbsp;shows that as of 10/1/2021, 2022 bottom-up EPS is expected to be $219.94/share which is up 12.7% from $195.14/share at the start of the year, but below the 20.0% growth in 2021 estimate over this same time period. The decline in earnings growth is a factor of the denominator (i.e., 2021 EPS) growing faster – as we show below in Exhibit 7.</p><p><blockquote>虽然这似乎意味着标普500 2022年的盈利增长预计将下降，但事实并非如此。我们本周收益报告中自下而上的每股收益计算显示，截至2021年10月1日，2022年自下而上的每股收益预计为219.94美元/股，比年初的195.14美元/股增长12.7%，但低于同期2021年20.0%的增长预期。盈利增长的下降是分母（即2021年每股收益）增长更快的一个因素——如下图7所示。</blockquote></p><p> <b>Exhibit 7: S&amp;P 500 Bottom-up EPS Estimates</b></p><p><blockquote><b>图表7：标普500自下而上的每股收益预估</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9341d9d46dbb1c4a72f84605e3feb7e\" tg-width=\"723\" tg-height=\"162\" referrerpolicy=\"no-referrer\"><span>Source: I/B/E/S data from Refinitiv</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：路孚特I/B/E/S数据</span></p></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4459019-s-and-p-500-q3-2021-preview-all-eyes-earnings-momentum\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index"},"source_url":"https://seekingalpha.com/article/4459019-s-and-p-500-q3-2021-preview-all-eyes-earnings-momentum","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188154394","content_text":"Summary\n\nAs we enter 21Q3 earnings season, market participants and analysts are noting the blistering pace of earnings growth and the record percentage of companies beating analyst expectations.\nThe key question is, can this momentum be maintained?\nTo this point, 21Q3 earnings growth expectations have remained flat over the last two months having changed from 29.7% on July 30th to 29.4% on Oct. 1, a 0.3 ppts decline.\n\nAs we enter 21Q3 earnings season, market participants and analysts are noting the blistering pace of earnings growth and the record percentage of companies beating analyst expectations. The key question is, can this momentum be maintained?\nThe current 21Q3 earnings growth rate of 29.4% will certainly mark the beginning of a transition to more reasonable year-over-year (YoY) growth rates off the back of a historical 21Q1 and 21Q2 earnings season where YoY earnings growth was 52.8% and 96.3% respectively. This is shown in Exhibit 1.\nExhibit 1: S&P 500 YoY Growth Rates\n\nOf the 17 companies that have reported thus far, 82.4% have beat analyst expectations, which is below the prior four quarter average of 84.7% but still well above the long-term average of 65.8%. More interesting is that the magnitude of the beat as defined by the earnings surprise factor is only 5.2%, which is well below the prior-four quarter average of 18.3% and more in line with the long-term average surprise factor of 4.0%.\nWhile it is still early into the reporting period, if the surprise factor remains around this level, we may likely see a muted improvement in earnings growth as the quarter progresses. This will be in sharp contrast to 21Q2 and 21Q3 where earnings growth dramatically improved throughout the quarter by 28.5 and 30.8 percentage points (ppts) respectively.\nTo this point, 21Q3 earnings growth expectations have remained flat over the last two months having changed from 29.7% on July 30thto 29.4% on Oct. 1, a 0.3 ppts decline as shown in Exhibit 2. In a typical quarter, YoY growth expectations decline by an average of 3.3 percentage points (ppts) from the start of the quarter to the start of earnings season.\nThis is a sharp contrast from 20Q3-21Q2, where earnings growth improved heading into earnings season as analyst estimates had been overly pessimistic during the height of the pandemic.\nPerhaps the change in behavior this quarter can be attributed to heightened reservation amongst analysts in excessively raising estimates, given the current headwinds of the delta variant, supply chain bottlenecks and rising inflation.\nExhibit 2:S&P 500 Growth Rate Change Heading into Earnings Season\n\nHigh expectations for energy\nEnergy has seen the largest improvement in earnings growth rate since July 30, improving 38.5 ppts followed by Materials (8.1 ppts), and Information Technology (1.8 ppts).\nExhibit 3 highlights the 21Q3 earnings and revenue growth rates at an index and sector level. The Energy growth rate is currently 1,391.9%, which is the highest growth rate out of the 11 sectors and is expected to be the largest YoY growth rate for the sector since Refinitiv has tracked this data.\nExhibit 3: S&P 500 21Q3 Growth Rates\nSource: S&P 500 Earnings Scorecard (Oct 1)\nWhile the large growth rate in large part is due to a collapse in oil prices last year, the sector is still expected to deliver this quarter or we can expect a sharp reaction. From an earnings contribution perspective, the sector is currently forecasted to contribute 6.62 ppts towards the index growth rate of 29.4%, the largest of any sector.\nThis is followed by Information Technology (6.38 ppts) and Industrials (4.15 ppts). These three sectors alone are expected to contribute 17.2 ppt to the 29.4% 21Q3 earnings growth rate, which is over half of the expected contribution towards the overall index growth rate.\nThe Energy sector will be in the limelight for the next few quarters as well, as 21Q4 YoY earnings growth is currently forecasted at a remarkable 4,933.1% and 22Q1 YoY growth of 105.6% which again will both rank the sector with the highest growth rates. This period will be reminiscent of 2017-2018 where the Energy sector consistently had the highest YoY earnings growth rate of all sectors.\nEarnings watch in 21Q3\nThere are a handful of constituents that will be largely responsible for delivering 21Q3 earnings growth. Exhibit 4 highlights the top 20 constituents that have the largest earnings contribution (PPT) along with the expected report date, mean estimate,SmartEstimate, and Predicted Surprise (PS).\nThis basket of constituents is currently expected to contribute 16.1 ppt towards the current forecasted 21Q3 index level earnings growth rate of 29.4%, which is just under 55%.\nExhibit 4: 21Q3 Earnings Watch\n\nMost constituents in this basket come from Energy, Financials, Industrials, and Materials. Apple Inc. (AAPL), Exxon Mobil (XOM) and Chevron (CVX) round up the top three largest PPT contributors.\nPaying attention to the PS will be important, as this will help predict any significant earnings surprise which will ultimately affect the trajectory of the index level growth rate.\nThe PS compares the StarMine SmartEstimate to the consensus mean. By overweighting analysts who are more accurate and timelier, the SmartEstimate provides a refined view into consensus. Comparing the SmartEstimate to the mean estimate leads to our PS, which accurately predicts the direction of earnings surprise 70% of the time when the PS is greater or less than 2% / -2%.\nWithin this basket, 10 constituents are expected to post a positive earnings surprise while four constituents are expected to post a negative earnings surprise. American Airlines Group (AAL), Delta Air Lines (DAL), United Airlines Holding Inc. (UAL), and Caesars Entertainment (CZR) all have a negative PS which will be worth paying attention to as any better-than-expected numbers will provide a material boost to the 21Q3 index growth rate.\nA look at 2021 and 2022\nUsing the EARN app in EIKON, we can see how 2021 and 2022 EPS estimates for sectors and the S&P 500 overall have trended. In Exhibit 5, we show YoY growth rates for EPS for sectors and the S&P 500 overall, as of one day ago, and then at 6/30/2021, 3/31/2021 and 12/31/2020.\nNot surprisingly, given the strong YTD results, 2021E EPS for most sectors and the S&P 500 overall have moved higher in each time period. The one exception is the industrials sector, which actually saw YoY growth estimates fall to a still-robust 90.3% in the most recent period from 110.5% at 6/30/2021, possibly due to the impact of rising commodity costs and supply chain disruptions. Overall, we see that earnings for the S&P 500 are now expected to be up 44.7% YoY compared to the 24.4% growth rate expected at the end of last year.\nExhibit 5: EARN App Data for YoY EPS Growth\nSource: Refinitiv Eikon Workspace\nInterestingly, we see the opposite impact on 2022 YoY growth rates, with the expected growth rate falling to 9.2% from 16.0% at the end of 2021Q1 as per Exhibit 6.\nExhibit 6: EARN App Data for YoY EPS Growth\nSource: Refinitiv Eikon Workspace\nWhile this would seem to imply that estimated earnings growth is expected to decline for the S&P 500 in 2022, this is not actually the case. The bottom-up EPS calculation from our This Week In Earnings report shows that as of 10/1/2021, 2022 bottom-up EPS is expected to be $219.94/share which is up 12.7% from $195.14/share at the start of the year, but below the 20.0% growth in 2021 estimate over this same time period. The decline in earnings growth is a factor of the denominator (i.e., 2021 EPS) growing faster – as we show below in Exhibit 7.\nExhibit 7: S&P 500 Bottom-up EPS Estimates\nSource: I/B/E/S data from Refinitiv","news_type":1,"symbols_score_info":{".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828898219,"gmtCreate":1633879339186,"gmtModify":1633879339284,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828898219","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821720214,"gmtCreate":1633793510400,"gmtModify":1633793510491,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585533261543358","authorIdStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821720214","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":802043050,"gmtCreate":1627701707070,"gmtModify":1633756958976,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/802043050","repostId":"2155743150","repostType":4,"isVote":1,"tweetType":1,"viewCount":429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804180853,"gmtCreate":1627945456572,"gmtModify":1631890159726,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/804180853","repostId":"1121830825","repostType":4,"isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178210059,"gmtCreate":1626823148971,"gmtModify":1633770773859,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/178210059","repostId":"1109861258","repostType":4,"repost":{"id":"1109861258","kind":"news","pubTimestamp":1626793354,"share":"https://www.laohu8.com/m/news/1109861258?lang=zh_CN&edition=full","pubTime":"2021-07-20 23:02","market":"us","language":"en","title":"Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109861258","media":"zerohedge","summary":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in th","content":"<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准收益率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Behind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBehind The Plunge In Yields: This Is A Growth Story, Not A Rethink Of Inflation<blockquote>收益率暴跌背后：这是一个增长故事，而不是对通胀的重新思考</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-20 23:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.</p><p><blockquote>值得注意的是，隔夜交易中，近期国债涨势出现小幅逆转的初步尝试，但却遭到了进一步的买盘兴趣。最终结果是10年期国债收益率小幅下跌，使该基准收益率达到2月中旬以来的最高水平。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/48f958db8d2903a76ff6541648b287fc\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">With the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.<b>There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.</b>More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.</p><p><blockquote>距离下一个技术目标还有5个基点，随着delta引发的重新定价继续，我们将关注风险资产与美国利率之间的相互作用。我们认识到，最近走势的严重性导致动量措施捉襟见肘，这意味着增量收益将更加难以实现。这并不是说目前利率的底部很明显，而是应该预计反弹的步伐将会放缓。<b>围绕10年期国债收益率跌破1.0%的可能性有很多讨论；这将是一个短暂的努力，但不是不可能的。</b>然而，更直接的是衡量病例数的增加在多大程度上会导致收益率进一步下降。</blockquote></p><p> <b>It would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.</b>Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,<b>it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value</b>. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.</p><p><blockquote><b>如果断定此举完全是恢复新冠肺炎限制所带来的经济风险，那就过于简单化了。事实上，我们认为美联储最近不那么鸽派的努力夸大了涨势。</b>政策制定者正处于会前无线电静默期；这消除了对美联储应对新一轮大流行风险的任何官方评论的可能性。而且，<b>它让投资者在以下假设下进行操作：1）缩减仍在正轨上，2）最早明年加息可能实现，以及3）美联储对通胀的“如果不是暂时的，也会采取行动”的立场仍然有效</b>.虽然这些在某种程度上肯定仍然成立，但鉴于投资者对最近新冠疫情发展的反应，隐含的承诺可能正在减弱。</blockquote></p><p> Headlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.<b>10-year breakevens are still at 225 bp and a distance away from the mid-June lows.</b>In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.<b>A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.</b></p><p><blockquote>今天早上的头条新闻得出的结论是“市场不再担心通货膨胀”；一个表面上与美国利率价格走势一致的概念没有抓住要点。<b>10年期盈亏平衡点仍为225个基点，距离6月中旬的低点还有一段距离。</b>此外，供应驱动的通胀上升，其作用是对消费征税，而不是反映健康的实体经济，给复苏带来了下行风险。当结合对H1将代表反弹峰值的担忧时，直观地得出市场已经转向周期的下一阶段交易——即重新调整增长预期以反映新常态；在这种情况下，群体免疫将被证明是难以捉摸的，变异风险（德尔塔和其他）将成为一个持续的问题。<b>快速浏览一下接近-100个基点的实际收益率，就会强化这样的解读：这是一个增长故事，而不是对通货再膨胀的集体反思。</b></blockquote></p><p> There is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.<b>This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.</b>This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery</p><p><blockquote>价格走势还有另一个细微差别值得强调。具体来说，到目前为止，由于10岁和30岁的表现优于大盘，这一走势值得怀疑。由于货币政策预期仍在，曲线前端受益程度较小。<b>然而，今天早上，我们开始看到5年期板块领涨。如果我们看到从长期增长故事过渡到进一步定价美联储紧缩政策，这最终可能会减缓10年和30年的涨幅。</b>这并不是说，面对疫情卷土重来，联邦公开市场委员会最终使政策利率正常化的空间较小是卖出久期的令人信服的理由。相反，鉴于全球复苏面临新的阻力，人们相信货币政策制定者不会如此急于应对部分再通胀</blockquote></p><p> We’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,<b>it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.</b>Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.</p><p><blockquote>如果没有其他原因，我们将跟踪看涨重新定价性质的这种特殊演变，<b>这将有助于衡量下周FOMC会议和鲍威尔新闻发布会的预期。</b>请注意，鉴于对下周发布的Q2实际GDP的普遍预期为+8.1%，毫无疑问，H1的强劲反弹已被消化，投资者已转向交易包含更大不确定性的复苏的下一阶段。</blockquote></p><p> If the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.</p><p><blockquote>如果实际收益率的变动表明人们对反弹的担忧越来越大；10年期实际利率达到1月初以来的最低水平，距离周期低点-112.4个基点不远。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/add9a9864bc513a7f99d365620818f07\" tg-width=\"1223\" tg-height=\"687\" width=\"100%\" height=\"auto\">The decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.</p><p><blockquote>鉴于周四即将举行160亿美元的新发行10年期TIPS拍卖，雷亚尔的下跌变得更加值得注意。目前的估值不仅表明人们对德尔塔变异毒株在国内蔓延的担忧日益加剧，而且或许更重要的是，在海外蔓延。曾经有一段时间，美国利率格局完全由国内基本面决定，而经济和市场的全球化现在使美国国债收益率成为全球背景的函数。这有助于解释对UST的一轮令人印象深刻的看涨和持久性，尽管数据总体上继续表现良好。我们想起了久经考验的格言：第三次尝试阻力几乎不成立，并将在本周剩余时间内监测10年期实际收益率的-112个基点线。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/behind-plunge-yields-growth-story-not-rethink-inflation?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109861258","content_text":"In a notable turn of events, the overnight session saw an initial attempt at a modest reversal in the recent Treasury rally only to be met with further buying interest. The net result was a tick lower in 10-year yields that brought the benchmark to levels not seen since mid-February.\nWith the next technical target sill 5 bps away, we’ll be watching the interplay between risk assets and US rates as the delta-inspired repricing continues. We’re cognizant that the severity of the recent move has led to stretched momentum measures, implying incremental gains will be more difficult to achieve. This isn’t to suggest the floor for rates is evident at the moment, rather that it should be anticipated that the pace of the rally will slow.There has been plenty of chatter surrounding the possibility 10- year yields dip below 1.0%; an eventuality that would be a short-lived endeavor, but not one that’s off the table.More immediately however, will be gauging the extent to which rising case counts can carry yields even lower from here.\nIt would be an oversimplification to conclude this move is entirely a function of the economic risks posed by the reinstatement of covid-19 restrictions. In fact, we’ll argue the rally has been exaggerated by the Fed’s most recent efforts to be less dovish.Policymakers are in the pre-meeting radio period of radio silence; which eliminates the potential for any official commentary on the Fed’s take on the renewed pandemic risks. Moreover,it leaves investors operating under the assumption that 1) tapering is still on track, 2) rate hikes as early as next year could come to fruition, and 3) the Fed’s ‘will act if not transitory’ stance on inflation remains value. While these surely still hold true to some extent, the implied commitment may be waning given investors’ response to the recent covid developments.\nHeadlines this morning conclude ‘markets no longer worried about inflation’; a notion, which is ostensibly consistent with the price action in US rates, misses the mark.10-year breakevens are still at 225 bp and a distance away from the mid-June lows.In addition, rising supply-driven inflation that functions as a tax on consumption as opposed to a reflection of a healthy real economy creates downside risks for the recovery. When combined with concerns that H1 will represent the peak of the rebound, it follows intuitively that the market has moved on to trading the next stage in the cycle – i.e. recalibrating growth expectations in reflecting the new norm; one in which herd immunity will prove elusive and variant risks (delta and others) become an ongoing concern.A quick glance at real yields near -100 bp reinforces the read that this is a growth story, not a collective rethink of reflation.\nThere is yet another nuance of the price action that merits highlighting. Specifically, the move thus far has questionably been a flattening event as 10s and 30s outperform. The front end of the curve has benefited to a lesser extent as monetary policy expectations have remained in place.This morning however, we’re starting to see the 5-year sector lead the rally. In the event we’re seeing the transition from a longer-term growth story to further pricing out Fed tightening, this could ultimately serve to moderate the gains in 10s and 30s.This isn’t to suggest that less room for the FOMC to eventually normalize policy rates is a compelling reason to sell duration in the face of a resurgence of the pandemic. Instead, confidence that monetary policymakers won’t be so eager to respond to pockets of reflation given the renewed headwinds facing the global recovery\nWe’ll be tracking this particular evolution in the nature of the bullish repricing if, for no other reason,it will be instrumental in gauging what to anticipate in response to next week’s FOMC meeting and Powell’s press conference.Note that in light of the +8.1% consensus estimate for next week’s release of Q2 real GDP, there is little question that a strong rebound in H1 is priced in and investors have shifted toward trading the next stage in the recovery that contains far greater uncertainties.\nIf the move in real yields is any indication there is growing angst on the rebound; 10-year real rates reached their lowest level since early January and within striking distance of the cycle low at -112.4 bp.\nThe decline in reals is made all the more noteworthy given the proximity to Thursday’s $16 bn new issue 10-year TIPS auction. Current valuations demonstrate not only increasing worry on the spread of the delta variant domestically, but perhaps more consequentially, overseas. Whereas there was once a time when the US rates landscape was solely dictated by the domestic fundamentals, the globalization of the economy and markets now leave Treasury yields a function of the global backdrop. This helps account for the impressive round of bullishness and durability of the bid for USTs even as the data has generally continued to perform well. We’re reminded of the time tested adage that resistance hardly holds on the third attempt, and will monitor the -112 bp line in the sand in 10-year real yields over the balance of the week.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"SPY":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":825811880,"gmtCreate":1634216430687,"gmtModify":1634216430784,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/825811880","repostId":"1193636194","repostType":4,"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828898219,"gmtCreate":1633879339186,"gmtModify":1633879339284,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828898219","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821720214,"gmtCreate":1633793510400,"gmtModify":1633793510491,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821720214","repostId":"2174920514","repostType":4,"isVote":1,"tweetType":1,"viewCount":660,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":896611667,"gmtCreate":1628576823959,"gmtModify":1631890159703,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/896611667","repostId":"1127196790","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176523968,"gmtCreate":1626908803554,"gmtModify":1633769961789,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176523968","repostId":"1160993283","repostType":4,"repost":{"id":"1160993283","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":1626881542,"share":"https://www.laohu8.com/m/news/1160993283?lang=zh_CN&edition=full","pubTime":"2021-07-21 23:32","market":"us","language":"en","title":"Nio Exec Jumps Ship To Join GM's New Electric Delivery Van Unit<blockquote>蔚来高管跳槽加入通用汽车新电动送货车部门</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160993283","media":"Benzinga","summary":"Chinese startupNio, Inc.NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that $one$ of its senior talents has been poached by legacy automakerGeneral Motor CompanyGM 1.22%.The new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer; Rachad Youssef, chief product officer; Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.Armenta, Youssef and Fullove will be ba","content":"<p>Chinese startup<b>Nio, Inc.</b>NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its senior talents has been poached by legacy automaker<b>General Motor Company</b>GM 1.22%.</p><p><blockquote>中国创业公司<b>蔚来公司。</b>蔚来5.98%已发展成为一家专注于设计和技术的高端电动汽车制造商。现在看来，<a href=\"https://laohu8.com/S/AONE.U\">一</a>其高级人才已被传统汽车制造商挖走<b>通用汽车公司</b>通用汽车1.22%。</blockquote></p><p> <b>What Happened:</b>GMannounced Tuesday that it has added four new executives to the leadership team of its BrightDrop brand. The company launched BrightDrop as a new business in January to focus on the manufacturing of electric delivery vehicles.</p><p><blockquote><b>发生了什么：</b>GMAN周二宣布，其BrightDrop品牌的领导团队增加了四名新高管。该公司在一月份推出了BrightDrop作为一项新业务，专注于电动送货车的制造。</blockquote></p><p> The new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer;&nbsp;Rachad Youssef,&nbsp;chief product officer;&nbsp;Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.</p><p><blockquote>加入BrightDrop的新高管有：Anthony Armenta，他将担任首席技术官；首席产品官Rachad Youssef；Shaluinn Fullove，首席人力官；史蒂夫·霍尼亚克(Steve Hornyak)，首席收入官。</blockquote></p><p> Armenta, Youssef and Fullove will be based in BrightDrop's San Francisco Bay Area offices, and Hornyak in Atlanta, the company said.</p><p><blockquote>该公司表示，Armenta、Youssef和Fullove将在BrightDrop的旧金山湾区办事处和亚特兰大的Hornyak工作。</blockquote></p><p> Youssef was previously employed at Nio's advanced research and innovation center in Silicon Valley. His LinkedIn bio, which has&nbsp;yet to be updated with the new position, shows&nbsp;he has been with Nio since June 2016 as <a href=\"https://laohu8.com/S/VP..UK\">VP</a>, software product management.</p><p><blockquote>优素福此前受雇于蔚来位于硅谷的高级研究和创新中心。他的LinkedIn简历显示，他自2016年6月以来一直在蔚来工作，担任<a href=\"https://laohu8.com/S/VP..UK\">副总裁</a>、软件产品管理。</blockquote></p><p> Before his tenure at Nio, Youssef was employed at<b>Amazon, Inc.</b>AMZN 0.2%-owned autonomous vehicle companyZooxfor about a year-and-a-half.</p><p><blockquote>在蔚来任职之前，优素福曾受雇于<b>亚马逊公司。</b>AMZN持有自动驾驶汽车公司Zooxfor 0.2%的股份约一年半。</blockquote></p><p> <b>Why It's Important:</b>GM's appointment of new talent at BrightDrop signals a serious intent to make headway into the ecosystem of electric first-to-last-mile products, software and services to empower delivery and logistics companies.</p><p><blockquote><b>为什么它很重要：</b>通用汽车在BrightDrop任命新人才标志着其在电动第一英里到最后一英里产品、软件和服务生态系统中取得进展的严肃意图，以增强交付和物流公司的能力。</blockquote></p><p> BrightDrop is scheduled to launch the EV600 van this year, and it has signed<b>FedEx Corporation</b>FDX 0.03%<a href=\"https://laohu8.com/S/EXPR\">Express</a> as its first customer.</p><p><blockquote>BrightDrop计划在今年推出EV600厢式货车，并已签署<b>联邦快递公司</b>FDX 0.03%<a href=\"https://laohu8.com/S/EXPR\">表达</a>作为它的第一个客户。</blockquote></p><p> Nio shares were up 5.16% at $46.45 at last check Wednesday, while GM was up 1.05% at $56.74.</p><p><blockquote>周三最后一次检查时，蔚来股价上涨5.16%，至46.45美元，通用汽车股价上涨1.05%，至56.74美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nio Exec Jumps Ship To Join GM's New Electric Delivery Van Unit<blockquote>蔚来高管跳槽加入通用汽车新电动送货车部门</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNio Exec Jumps Ship To Join GM's New Electric Delivery Van Unit<blockquote>蔚来高管跳槽加入通用汽车新电动送货车部门</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\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 smaller\">2021-07-21 23:32</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Chinese startup<b>Nio, Inc.</b>NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that <a href=\"https://laohu8.com/S/AONE.U\">one</a> of its senior talents has been poached by legacy automaker<b>General Motor Company</b>GM 1.22%.</p><p><blockquote>中国创业公司<b>蔚来公司。</b>蔚来5.98%已发展成为一家专注于设计和技术的高端电动汽车制造商。现在看来，<a href=\"https://laohu8.com/S/AONE.U\">一</a>其高级人才已被传统汽车制造商挖走<b>通用汽车公司</b>通用汽车1.22%。</blockquote></p><p> <b>What Happened:</b>GMannounced Tuesday that it has added four new executives to the leadership team of its BrightDrop brand. The company launched BrightDrop as a new business in January to focus on the manufacturing of electric delivery vehicles.</p><p><blockquote><b>发生了什么：</b>GMAN周二宣布，其BrightDrop品牌的领导团队增加了四名新高管。该公司在一月份推出了BrightDrop作为一项新业务，专注于电动送货车的制造。</blockquote></p><p> The new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer;&nbsp;Rachad Youssef,&nbsp;chief product officer;&nbsp;Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.</p><p><blockquote>加入BrightDrop的新高管有：Anthony Armenta，他将担任首席技术官；首席产品官Rachad Youssef；Shaluinn Fullove，首席人力官；史蒂夫·霍尼亚克(Steve Hornyak)，首席收入官。</blockquote></p><p> Armenta, Youssef and Fullove will be based in BrightDrop's San Francisco Bay Area offices, and Hornyak in Atlanta, the company said.</p><p><blockquote>该公司表示，Armenta、Youssef和Fullove将在BrightDrop的旧金山湾区办事处和亚特兰大的Hornyak工作。</blockquote></p><p> Youssef was previously employed at Nio's advanced research and innovation center in Silicon Valley. His LinkedIn bio, which has&nbsp;yet to be updated with the new position, shows&nbsp;he has been with Nio since June 2016 as <a href=\"https://laohu8.com/S/VP..UK\">VP</a>, software product management.</p><p><blockquote>优素福此前受雇于蔚来位于硅谷的高级研究和创新中心。他的LinkedIn简历显示，他自2016年6月以来一直在蔚来工作，担任<a href=\"https://laohu8.com/S/VP..UK\">副总裁</a>、软件产品管理。</blockquote></p><p> Before his tenure at Nio, Youssef was employed at<b>Amazon, Inc.</b>AMZN 0.2%-owned autonomous vehicle companyZooxfor about a year-and-a-half.</p><p><blockquote>在蔚来任职之前，优素福曾受雇于<b>亚马逊公司。</b>AMZN持有自动驾驶汽车公司Zooxfor 0.2%的股份约一年半。</blockquote></p><p> <b>Why It's Important:</b>GM's appointment of new talent at BrightDrop signals a serious intent to make headway into the ecosystem of electric first-to-last-mile products, software and services to empower delivery and logistics companies.</p><p><blockquote><b>为什么它很重要：</b>通用汽车在BrightDrop任命新人才标志着其在电动第一英里到最后一英里产品、软件和服务生态系统中取得进展的严肃意图，以增强交付和物流公司的能力。</blockquote></p><p> BrightDrop is scheduled to launch the EV600 van this year, and it has signed<b>FedEx Corporation</b>FDX 0.03%<a href=\"https://laohu8.com/S/EXPR\">Express</a> as its first customer.</p><p><blockquote>BrightDrop计划在今年推出EV600厢式货车，并已签署<b>联邦快递公司</b>FDX 0.03%<a href=\"https://laohu8.com/S/EXPR\">表达</a>作为它的第一个客户。</blockquote></p><p> Nio shares were up 5.16% at $46.45 at last check Wednesday, while GM was up 1.05% at $56.74.</p><p><blockquote>周三最后一次检查时，蔚来股价上涨5.16%，至46.45美元，通用汽车股价上涨1.05%，至56.74美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","NGD":"New Gold"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160993283","content_text":"Chinese startupNio, Inc.NIO 5.98%has evolved as a premium maker of electric vehicles focusing on design and technology. It has now emerged that one of its senior talents has been poached by legacy automakerGeneral Motor CompanyGM 1.22%.\nWhat Happened:GMannounced Tuesday that it has added four new executives to the leadership team of its BrightDrop brand. The company launched BrightDrop as a new business in January to focus on the manufacturing of electric delivery vehicles.\nThe new executives joining BrightDrop are: Anthony Armenta, who will join as chief technology officer; Rachad Youssef, chief product officer; Shaluinn Fullove, chief people officer; and Steve Hornyak, chief revenue officer.\nArmenta, Youssef and Fullove will be based in BrightDrop's San Francisco Bay Area offices, and Hornyak in Atlanta, the company said.\nYoussef was previously employed at Nio's advanced research and innovation center in Silicon Valley. His LinkedIn bio, which has yet to be updated with the new position, shows he has been with Nio since June 2016 as VP, software product management.\nBefore his tenure at Nio, Youssef was employed atAmazon, Inc.AMZN 0.2%-owned autonomous vehicle companyZooxfor about a year-and-a-half.\nWhy It's Important:GM's appointment of new talent at BrightDrop signals a serious intent to make headway into the ecosystem of electric first-to-last-mile products, software and services to empower delivery and logistics companies.\nBrightDrop is scheduled to launch the EV600 van this year, and it has signedFedEx CorporationFDX 0.03%Express as its first customer.\nNio shares were up 5.16% at $46.45 at last check Wednesday, while GM was up 1.05% at $56.74.","news_type":1,"symbols_score_info":{"UNT":0.9,"NGD":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178235610,"gmtCreate":1626823075030,"gmtModify":1633770776461,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/178235610","repostId":"2153924256","repostType":4,"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142330548,"gmtCreate":1626131730884,"gmtModify":1633929927088,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142330548","repostId":"1119839711","repostType":4,"repost":{"id":"1119839711","kind":"news","pubTimestamp":1626126339,"share":"https://www.laohu8.com/m/news/1119839711?lang=zh_CN&edition=full","pubTime":"2021-07-13 05:45","market":"us","language":"en","title":"Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数首次收于35,000点，但所有3个股指均在银行财报公布前连续创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119839711","media":"MarketWatch","summary":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq C","content":"<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数收盘略低于35,000点的里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一综合指数连续创下纪录，以上周结束的方式开始了本周。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的收官之际，投资者正在等待美联储主席杰罗姆的半年度证词<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，一批经济报告贯穿整个星期，企业季度业绩的非正式开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数上涨126.02点，涨幅0.4%，收于创纪录的34,996.18点。</li><li>标普500指数SPX,+0.35%上涨15.08点，涨幅0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，此前盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收于历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。此次上涨发生在本周晚些时候可能成为催化剂的一些关键事件之前，包括财报季的非正式开始，<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>&amp;Co</b>鲍威尔将于周二在国会大厦作证，摩根大通+1.43%<a href=\"https://laohu8.com/S/HIL\">山丘</a>，以及有关通货膨胀的最新读数。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S.的收入，并补充说，目前，盈利已经掩盖了<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>超过计划的基础设施支出和可能更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>凯里对MarketWatch表示：“大多数人似乎都关注经济实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。”</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是美国国债收益率下降。政府债务利率的下调引发了人们对美国经济从疫情复苏的前景的质疑。COVID-19德尔塔变异毒株的蔓延已成为一个令人担忧的问题，但某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，人们对美联储货币政策的质疑也被指责为部分交易不稳定的原因。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>周一，10年期国债收益率MUBMUSD10Y, 1.365%小幅上涨不到一个基点至1.362%，而30年期国债收益率MUBMUSD30Y, 2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月1200亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管通胀和增长峰值的担忧继续渗透并令美国家庭担忧，但一些策略师表示，这些担忧对市场来说可能被“过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>由杰森·普莱德和迈克尔·雷诺兹领导的格伦梅德团队在周一的一份报告中写道：“之前的通胀担忧和当前的增长峰值担忧都可能是对近期趋势的过度推断，不会持续下去。”</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行中持续复苏的过程中，市场试图适应快速变化的信息流，可能会保持波动”，但这些因素“不应对市场造成长期破坏”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注delta驱动的COVID感染。美国以3385万例COVID病例和607156例死亡位居世界第一。安东尼·福奇博士周一表示，目前不需要加强剂，但周日CNN inview表示，看到保守派为低疫苗接种率欢呼是“令人震惊的”，并指责“意识形态僵化”阻碍了抗击疫情的斗争。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“我们长期以来一直警告说，疫苗接种不太可能引发向正常状态的平稳过渡，”本·梅说，<a href=\"https://laohu8.com/S/OXM\">牛津大学</a>经济学全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格数据。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“我们需要可持续的收入来源，而不是依赖于进一步对工人工资征税和加剧我们都致力于缩小的经济差距，”美国财政部长珍妮特·耶伦在向欧盟国家发表的关于修改国际企业税法的讲话中表示。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>她说：“我们需要制止企业将资本收入转移到低税收管辖区，以及让他们逃避支付公平份额的会计噱头。”</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Inc</b>.AVGO,+1.16%据《华尔街日报》报道，这家芯片和软件公司正在就收购SAS Institute Inc.进行谈判，这笔交易的估值可能达到150亿至200亿美元，周一股价上涨1.2%。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc</b>特拉华联邦法官驳回了Blix Inc.的诉讼，称该诉讼未能证明苹果如何损害了移动操作系统市场的竞争，该公司股价一天下跌0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>LB表示，从8月3日开始，该公司将分拆为两家上市公司，维多利亚的秘密(Victoria's Secret&amp;Co.)的内衣部门将更名为“VSCO”，而Bath&amp;BodyWorks Inc.的子公司将更名为“BBWI”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>Inc</b>.GME,-1.04%周一，Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远未接近该公司周一189.25美元的收盘价。</li><li>户外烤架制造商韦伯(Weber)已申请上市，距其标志性的圆顶状烤架问世已近50年。股票将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>证券交易所，股票代码为WEBR。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid周一下跌17.3%，这是自2020年3月16日以来的最大单日跌幅，此前一天创始人理查德·布兰森(Richard Branson)和五名机组人员乘坐该公司的VSS成功飞入亚轨道空间<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力太空飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商.BASE周一设定了首次公开募股的条款，计划发行700万股，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为“BASE”。</li><li>本公司之股份<b>现代公司</b>.MRNA周一上涨2.8%，此前该公司表示将向阿根廷供应2000万剂COVID-19疫苗。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds公司</a>.</b>尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景，但SWI周一仍下跌1.8%。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>衡量美元兑六个主要竞争对手的ICE美元指数DXY上涨0.1%。</li><li>石油期货周一收低，美国基准Cl 00 Cl.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金GC 00收跌0.3%，报每盎司1805.90美元。</li><li>欧洲股市方面，斯托克欧洲600指数收盘上涨0.7%，而伦敦股市收盘上涨0.7%<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX周一收盘上涨0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨0.7%，恒生指数恒生指数上涨0.6%，日经225指数上涨2.3%。</li></ul></blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数首次收于35,000点，但所有3个股指均在银行财报公布前连续创下历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings<blockquote>道琼斯指数首次收于35,000点，但所有3个股指均在银行财报公布前连续创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-13 05:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Dow ends just shy of 35,000 milestone.</b>  The Dow Jones Industrial Average, S&amp;P 500 index and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.</p><p><blockquote><b>道琼斯指数收盘略低于35,000点的里程碑。</b>道琼斯工业平均指数、标普500指数和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>周一综合指数连续创下纪录，以上周结束的方式开始了本周。</blockquote></p><p> The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome <a href=\"https://laohu8.com/S/POWL\">Powell</a> beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.</p><p><blockquote>创纪录的收官之际，投资者正在等待美联储主席杰罗姆的半年度证词<a href=\"https://laohu8.com/S/POWL\">鲍威尔</a>从周三开始，一批经济报告贯穿整个星期，企业季度业绩的非正式开始。</blockquote></p><p> <b>How did stock benchmarks end?</b></p><p><blockquote><b>股票基准是如何结束的？</b></blockquote></p><p> <ul>  <li>The Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.</li>  <li>S&amp;P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.</li>  <li>Nasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.</li> </ul> On Friday, the Dow and S&amp;P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.</p><p><blockquote><ul><li>道琼斯工业平均指数上涨126.02点，涨幅0.4%，收于创纪录的34,996.18点。</li><li>标普500指数SPX,+0.35%上涨15.08点，涨幅0.4%，收于创纪录的4,384.63点，此前触及盘中高点4,386.68点。</li><li>纳斯达克综合指数COMP,+0.21%上涨31.32点，即0.2%，收于创纪录的14,733.24点，此前盘中创下历史新高14,761.08点。</li></ul>周五，道琼斯指数和标普500指数收于历史新高，周涨幅分别约为0.2%和0.4%。纳斯达克综合指数本周收盘创下历史新高，周涨幅为0.4%。</blockquote></p><p> <b>What drove the market?</b></p><p><blockquote><b>是什么推动了市场？</b></blockquote></p><p> Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which<b><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a> &amp; Co</b>.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol <a href=\"https://laohu8.com/S/HIL\">Hill</a>, and fresh readings on inflation.</p><p><blockquote>周一，主要股指连续上涨至收盘纪录。此次上涨发生在本周晚些时候可能成为催化剂的一些关键事件之前，包括财报季的非正式开始，<b><a href=\"https://laohu8.com/S/JPM\">摩根大通</a>&amp;Co</b>鲍威尔将于周二在国会大厦作证，摩根大通+1.43%<a href=\"https://laohu8.com/S/HIL\">山丘</a>，以及有关通货膨胀的最新读数。</blockquote></p><p> “People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of <a href=\"https://laohu8.com/S/EQR\">Equity</a> Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in <a href=\"https://laohu8.com/S/WASH\">Washington</a> over planned infrastructure spending and potentially higher corporate taxes.</p><p><blockquote>“人们认为盈利将会强劲，这可能会推动市场走高，”<a href=\"https://laohu8.com/S/EQR\">公平</a>Amundi U.S.的收入，并补充说，目前，盈利已经掩盖了<a href=\"https://laohu8.com/S/WASH\">华盛顿州</a>超过计划的基础设施支出和可能更高的公司税。</blockquote></p><p> “Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.</p><p><blockquote>凯里对MarketWatch表示：“大多数人似乎都关注经济实力以及更好的盈利来支撑股价的可能性，而股价肯定处于高位。”</blockquote></p><p> Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.</p><p><blockquote>股市上周经历了一轮动荡，随后以繁荣告终，部分原因是美国国债收益率下降。政府债务利率的下调引发了人们对美国经济从疫情复苏的前景的质疑。COVID-19德尔塔变异毒株的蔓延已成为一个令人担忧的问题，但某些细分市场的高估值也是一个令人担忧的问题。</blockquote></p><p> Questions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.</p><p><blockquote>面对越来越多的通胀渗透证据，人们对美联储货币政策的质疑也被指责为部分交易不稳定的原因。</blockquote></p><p> Yields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.</p><p><blockquote>周一，10年期国债收益率MUBMUSD10Y, 1.365%小幅上涨不到一个基点至1.362%，而30年期国债收益率MUBMUSD30Y, 2.000%上涨1.2个基点至1.993%，接近2月份的低点。</blockquote></p><p> Federal Reserve Bank ofNew York President John <a href=\"https://laohu8.com/S/WMB\">Williams</a> told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.</p><p><blockquote>纽约联邦储备银行行长约翰<a href=\"https://laohu8.com/S/WMB\">威廉姆斯</a>周一对记者表示，缩减每月1200亿美元债券购买刺激计划的条件尚未满足。</blockquote></p><p> Although inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.</p><p><blockquote>尽管通胀和增长峰值的担忧继续渗透并令美国家庭担忧，但一些策略师表示，这些担忧对市场来说可能被“过度炒作”。</blockquote></p><p> “Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.</p><p><blockquote>由杰森·普莱德和迈克尔·雷诺兹领导的格伦梅德团队在周一的一份报告中写道：“之前的通胀担忧和当前的增长峰值担忧都可能是对近期趋势的过度推断，不会持续下去。”</blockquote></p><p> “Markets may remain volatile as they attempt to adjust to the rapidly&nbsp;evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”</p><p><blockquote>“在从大流行中持续复苏的过程中，市场试图适应快速变化的信息流，可能会保持波动”，但这些因素“不应对市场造成长期破坏”。</blockquote></p><p> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.</p><p><blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>也一直在关注delta驱动的COVID感染。美国以3385万例COVID病例和607156例死亡位居世界第一。安东尼·福奇博士周一表示，目前不需要加强剂，但周日CNN inview表示，看到保守派为低疫苗接种率欢呼是“令人震惊的”，并指责“意识形态僵化”阻碍了抗击疫情的斗争。</blockquote></p><p> “We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, <a href=\"https://laohu8.com/S/OXM\">Oxford</a> Economics’ director of global macro research wrote Monday.</p><p><blockquote>“我们长期以来一直警告说，疫苗接种不太可能引发向正常状态的平稳过渡，”本·梅说，<a href=\"https://laohu8.com/S/OXM\">牛津大学</a>经济学全球宏观研究总监周一写道。</blockquote></p><p> No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.</p><p><blockquote>在经济报告繁忙的一周之前，周一没有关键数据公布，首先是周二的消费者价格数据。</blockquote></p><p> Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.</p><p><blockquote>另外，投资者还关注20国集团财长之间的讨论，他们正试图评估全球最低税提案的潜在影响。</blockquote></p><p></p><p> “We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.</p><p><blockquote>“我们需要可持续的收入来源，而不是依赖于进一步对工人工资征税和加剧我们都致力于缩小的经济差距，”美国财政部长珍妮特·耶伦在向欧盟国家发表的关于修改国际企业税法的讲话中表示。</blockquote></p><p> “We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.</p><p><blockquote>她说：“我们需要制止企业将资本收入转移到低税收管辖区，以及让他们逃避支付公平份额的会计噱头。”</blockquote></p><p> <b>Which companies were in focus?</b></p><p><blockquote><b>哪些公司成为焦点？</b></blockquote></p><p> <ul>  <li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a> Inc</b>.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.</li>  <li><b><a href=\"https://laohu8.com/S/AAPL\">Apple</a> Inc</b>.AAPL,-0.42%&nbsp;shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.</li>  <li><b><a href=\"https://laohu8.com/S/LB\">L Brands Inc</a></b>.LB,+4.16%&nbsp;said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret &amp; Co.‘s underwear unit as “VSCO,” while the Bath &amp; BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.</li>  <li><b><a href=\"https://laohu8.com/S/GME\">GameStop</a>&nbsp;Inc</b>.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.</li>  <li>Weber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to&nbsp;trade on the <a href=\"https://laohu8.com/S/NWY\">New York</a> Stock Exchange under the ticker WEBR.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SPCE.WS\">Virgin Galactic Holdings Inc</a>.</b>&nbsp;SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into&nbsp;suborbital space on the company’s VSS <a href=\"https://laohu8.com/S/UNTY\">Unity</a>&nbsp;rocket-powered spaceplane.</li>  <li><b>Couchbase Inc</b>.&nbsp;BASE,&nbsp;a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’</li>  <li>Shares of<b>Moderna Inc</b>.&nbsp;MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.</li>  <li>Shares of<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds Corp</a>.</b>&nbsp;SWI&nbsp;were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.</li> </ul> <b>How did other assets trade?</b></p><p><blockquote><ul><li><b><a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>Inc</b>.AVGO,+1.16%据《华尔街日报》报道，这家芯片和软件公司正在就收购SAS Institute Inc.进行谈判，这笔交易的估值可能达到150亿至200亿美元，周一股价上涨1.2%。</li><li><b><a href=\"https://laohu8.com/S/AAPL\">苹果</a>Inc</b>特拉华联邦法官驳回了Blix Inc.的诉讼，称该诉讼未能证明苹果如何损害了移动操作系统市场的竞争，该公司股价一天下跌0.4%。</li><li><b><a href=\"https://laohu8.com/S/LB\">L品牌公司</a></b>LB表示，从8月3日开始，该公司将分拆为两家上市公司，维多利亚的秘密(Victoria's Secret&amp;Co.)的内衣部门将更名为“VSCO”，而Bath&amp;BodyWorks Inc.的子公司将更名为“BBWI”。</li><li><b><a href=\"https://laohu8.com/S/GME\">游戏驿站</a>Inc</b>.GME,-1.04%周一，Ascendiant Capital Markets将其12个月目标价从10美元上调至25美元，但仍远未接近该公司周一189.25美元的收盘价。</li><li>户外烤架制造商韦伯(Weber)已申请上市，距其标志性的圆顶状烤架问世已近50年。股票将于<a href=\"https://laohu8.com/S/NWY\">纽约</a>证券交易所，股票代码为WEBR。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SPCE.WS\">维珍银河控股公司</a>.</b>SPCEskid周一下跌17.3%，这是自2020年3月16日以来的最大单日跌幅，此前一天创始人理查德·布兰森(Richard Branson)和五名机组人员乘坐该公司的VSS成功飞入亚轨道空间<a href=\"https://laohu8.com/S/UNTY\">团结</a>火箭动力太空飞机。</li><li><b>沙发基地公司</b>企业应用数据库提供商.BASE周一设定了首次公开募股的条款，计划发行700万股，每股定价20至23美元。该公司已申请在纳斯达克上市，股票代码为“BASE”。</li><li>本公司之股份<b>现代公司</b>.MRNA周一上涨2.8%，此前该公司表示将向阿根廷供应2000万剂COVID-19疫苗。</li><li>本公司之股份<b><a href=\"https://laohu8.com/S/SWI\">SolarWinds公司</a>.</b>尽管这家信息技术基础设施管理软件公司提供了乐观的第二季度收入前景，但SWI周一仍下跌1.8%。</li></ul><b>其他资产是如何交易的？</b></blockquote></p><p> <ul>  <li>The ICE U.S. Dollar Index&nbsp;DXY,&nbsp;a measure of the currency against six major rivals, was up 0.1%.</li>  <li>Oil futures closed lower Monday, with the U.S. benchmark&nbsp;CL00&nbsp;CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold&nbsp;GC00&nbsp;settled 0.3% lower at $1,805.90 an ounce.</li>  <li>In European equities, the Stoxx Europe 600&nbsp;SXXP&nbsp;closed 0.7% higher, while London’s <a href=\"https://laohu8.com/S/.100.UK\">FTSE 100</a>&nbsp;UKX&nbsp;finished up 0.05% on Monday.</li>  <li>In <a href=\"https://laohu8.com/S/00662\">Asia</a>, the Shanghai Composite&nbsp;SHCOMP&nbsp;gained 0.7%, Hong Kong’s Hang Seng Index&nbsp;HSI&nbsp;rose 0.6% on the session and Japan’s Nikkei 225&nbsp;NIK&nbsp;rallied 2.3% on Monday.</li> </ul></p><p><blockquote><ul><li>衡量美元兑六个主要竞争对手的ICE美元指数DXY上涨0.1%。</li><li>石油期货周一收低，美国基准Cl 00 Cl.1,-0.51%下跌0.6%，收于每桶74.10美元。黄金GC 00收跌0.3%，报每盎司1805.90美元。</li><li>欧洲股市方面，斯托克欧洲600指数收盘上涨0.7%，而伦敦股市收盘上涨0.7%<a href=\"https://laohu8.com/S/.100.UK\">富时100</a>UKX周一收盘上涨0.05%。</li><li>在<a href=\"https://laohu8.com/S/00662\">亚洲</a>周一，上证综指上涨0.7%，恒生指数恒生指数上涨0.6%，日经225指数上涨2.3%。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/dow-set-for-pullback-from-records-tech-stocks-seen-buoyant-as-investors-await-earnings-powell-and-fresh-inflation-data-11626089989?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119839711","content_text":"Dow ends just shy of 35,000 milestone.\n\nThe Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.\nThe record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.\nHow did stock benchmarks end?\n\nThe Dow Jones Industrial AverageDJIA,+0.36%rose 126.02 points, or 0.4%, to end at a record 34,996.18.\nS&P 500 indexSPX,+0.35%added 15.08 points, or 0.4%, closing at a record 4,384.63, after touching an intraday high at 4,386.68.\nNasdaq Composite IndexCOMP,+0.21%advanced 31.32 points, or 0.2%, finishing at a record 14,733.24, after establishing an intraday all-time high at 14,761.08.\n\nOn Friday, the Dow and S&P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.\nWhat drove the market?\nMajor stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, whichJPMorgan Chase & Co.JPM,+1.43%will kick off Tuesday, Powell’s testimony on Capitol Hill, and fresh readings on inflation.\n“People are thinking earnings are going to be strong and that may propel the market higher,” said John Carey, director of Equity Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in Washington over planned infrastructure spending and potentially higher corporate taxes.\n“Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels,” Carey told MarketWatch.\nEquity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.\nQuestions about the Fed’s monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.\nYields for the 10-yearTMUBMUSD10Y,1.365%edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yieldsTMUBMUSD30Y,2.000%advanced by 1.2 basis points to 1.993%, near lows last seen in February.\nFederal Reserve Bank ofNew York President John Williams told reportersMonday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.\nAlthough inflation and peak growth concerns continue to percolate andworry U.S. households, some strategists said those concerns may be “over-hyped” for markets.\n“Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist,” Glenmede’s team led by Jason Pride and Michael Reynolds, wrote in a Monday note.\n“Markets may remain volatile as they attempt to adjust to the rapidly evolving information flow during the ongoing recovery from the pandemic,” but those factors “should not be disruptive of markets longer term.”\nInvestors also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday thatboosters weren’t needed for now, but duringa Sunday CNN inview said it was “horrifying”to see conservatives cheer for low vaccination rates, blaming “ideological rigidity” for hobbling the fight against the pandemic.\n“We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy,” Ben May, Oxford Economics’ director of global macro research wrote Monday.\nNo key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.\nSeparately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.\n“We need sustainable sources of revenue that do not rely on further taxing workers’ wages and exacerbating the economic disparities that we are all committed to reducing,” U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.\n“We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share,” she said.\nWhich companies were in focus?\n\nBroadcom Inc.AVGO,+1.16%shares rose 1.2% Monday afterThe Wall Street Journal reportedthe chip and software company was in talks to buy SAS Institute Inc. in a deal that could value the smashup at $15 billion to $20 billion.\nApple Inc.AAPL,-0.42% shares fell 0.4% a day after a Delaware federal judgedismissed a Blix Inc. suit,saying it failed to demonstrate how Apple harmed competition in the mobile operating system market.\nL Brands Inc.LB,+4.16% said it’s separating into two publiclytraded businesses next month, with theVictoria’s Secret & Co.‘s underwear unit as “VSCO,” while the Bath & BodyWorks Inc. arm under the “BBWI” ticker, starting Aug. 3.\nGameStop Inc.GME,-1.04%shares shed 1% Monday after Ascendiant Capital Markets lifted its 12-month price target to $25 from $10, but still nowhere near the company’s $189.25 closing price Monday.\nWeber, the maker of outdoor grills,has filed to go public, nearly 50 years after it’s iconic dome-like grill was made. Shares are set to trade on the New York Stock Exchange under the ticker WEBR.\nShares ofVirgin Galactic Holdings Inc. SPCEskid 17.3% Monday, it’s largest daily percent slump since March 16, 2020, a day after founder Richard Branson and five crewmates successfully flew into suborbital space on the company’s VSS Unity rocket-powered spaceplane.\nCouchbase Inc. BASE, a provider of a database for enterprise applications, set terms for its initial public offering on Monday, with plans to offer 7 million shares, priced at $20 to $23 each. The company has applied to list on Nasdaq, under the ticker ‘BASE.’\nShares ofModerna Inc. MRNArose 2.8% Monday after the company said it would supply 20 million doses of its COVID-19 vaccine to Argentina.\nShares ofSolarWinds Corp. SWI were 1.8% lower Monday, even after the information technology infrastructure management software company provided an upbeat second-quarter revenue outlook.\n\nHow did other assets trade?\n\nThe ICE U.S. Dollar Index DXY, a measure of the currency against six major rivals, was up 0.1%.\nOil futures closed lower Monday, with the U.S. benchmark CL00 CL.1,-0.51%down 0.6% settling at $74.10 a barrel. Gold GC00 settled 0.3% lower at $1,805.90 an ounce.\nIn European equities, the Stoxx Europe 600 SXXP closed 0.7% higher, while London’s FTSE 100 UKX finished up 0.05% on Monday.\nIn Asia, the Shanghai Composite SHCOMP gained 0.7%, Hong Kong’s Hang Seng Index HSI rose 0.6% on the session and Japan’s Nikkei 225 NIK rallied 2.3% on Monday.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143284017,"gmtCreate":1625796158639,"gmtModify":1633937233758,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143284017","repostId":"1195657546","repostType":4,"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124024693,"gmtCreate":1624710213112,"gmtModify":1633949381498,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/124024693","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":857152404,"gmtCreate":1635515305633,"gmtModify":1635515320547,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857152404","repostId":"1126301304","repostType":4,"repost":{"id":"1126301304","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":1635514883,"share":"https://www.laohu8.com/m/news/1126301304?lang=zh_CN&edition=full","pubTime":"2021-10-29 21:41","market":"us","language":"en","title":"Microsoft surpassed Apple in market value and became the most valuable company in the world<blockquote>微软市值超过苹果，成为全球市值最高的公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126301304","media":"Tiger Newspress","summary":"Microsoft rose nearly 1% while Apple slid more than 3% in morning trading.In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.The iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but fa","content":"<p>Microsoft&nbsp;rose&nbsp;nearly&nbsp;1%&nbsp;while&nbsp;Apple&nbsp;slid&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/18016ec3968ef3a9be7c659480b65e63\" tg-width=\"771\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/270ccfc4afc9a0f6700cd63b51f026ea\" tg-width=\"776\" tg-height=\"564\" width=\"100%\" height=\"auto\">In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.</p><p><blockquote>早盘交易中，微软上涨近1%，苹果下跌超过3%。第四季度，苹果总营收833.6亿美元，同比增长29%；净利润205.51亿美元，同比增长62%。其中，苹果第四季度大中华区营收145.63亿美元，同比增长83%。</blockquote></p><p> The iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but falling short of the expected $41.6 billion.</p><p><blockquote>iPhone仍是苹果最强劲的产品，苹果第四季度iPhone营收388.7亿美元，较同期增长47%，但不及预期的416亿美元。</blockquote></p><p> The revenue of Apple service business was 18.28 billion US dollars, a year-on-year increase of 25.6%; Mac revenue was $9.18 billion, up 1.6% year-on-year. Tim Cook, CEO of Apple, said that the revenue of services and Mac reached a record high.</p><p><blockquote>苹果服务业务营收182.8亿美元，同比增长25.6%；Mac营收91.8亿美元，同比增长1.6%。苹果首席执行官Tim Cook表示，服务和Mac的收入创下历史新高。</blockquote></p><p> Apple's wearable and accessories business revenue was 8.79 billion US dollars, a year-on-year increase of 11.5%; Ipad revenue was US $8.25 billion, up 21.4% year-on-year.</p><p><blockquote>苹果可穿戴及配件业务营收87.9亿美元，同比增长11.5%；Ipad营收82.5亿美元，同比增长21.4%。</blockquote></p><p> Cook said: \"Although the supply restriction problem is larger than expected, and we estimate that (related losses) are about 6 billion US dollars, our financial performance is very strong. Supply constraints are caused by chip shortages widely discussed in the industry and manufacturing disruptions related to the epidemic in Southeast Asia.\"</p><p><blockquote>库克表示：“尽管供应限制问题比预期的要大，我们估计（相关损失）约为60亿美元，但我们的财务表现非常强劲。供应限制是由业内广泛讨论的芯片短缺和东南亚疫情相关的制造业中断造成的。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft surpassed Apple in market value and became the most valuable company in the world<blockquote>微软市值超过苹果，成为全球市值最高的公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft surpassed Apple in market value and became the most valuable company in the world<blockquote>微软市值超过苹果，成为全球市值最高的公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-29 21:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Microsoft&nbsp;rose&nbsp;nearly&nbsp;1%&nbsp;while&nbsp;Apple&nbsp;slid&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/18016ec3968ef3a9be7c659480b65e63\" tg-width=\"771\" tg-height=\"561\" width=\"100%\" height=\"auto\"><img src=\"https://static.tigerbbs.com/270ccfc4afc9a0f6700cd63b51f026ea\" tg-width=\"776\" tg-height=\"564\" width=\"100%\" height=\"auto\">In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.</p><p><blockquote>早盘交易中，微软上涨近1%，苹果下跌超过3%。第四季度，苹果总营收833.6亿美元，同比增长29%；净利润205.51亿美元，同比增长62%。其中，苹果第四季度大中华区营收145.63亿美元，同比增长83%。</blockquote></p><p> The iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but falling short of the expected $41.6 billion.</p><p><blockquote>iPhone仍是苹果最强劲的产品，苹果第四季度iPhone营收388.7亿美元，较同期增长47%，但不及预期的416亿美元。</blockquote></p><p> The revenue of Apple service business was 18.28 billion US dollars, a year-on-year increase of 25.6%; Mac revenue was $9.18 billion, up 1.6% year-on-year. Tim Cook, CEO of Apple, said that the revenue of services and Mac reached a record high.</p><p><blockquote>苹果服务业务营收182.8亿美元，同比增长25.6%；Mac营收91.8亿美元，同比增长1.6%。苹果首席执行官Tim Cook表示，服务和Mac的收入创下历史新高。</blockquote></p><p> Apple's wearable and accessories business revenue was 8.79 billion US dollars, a year-on-year increase of 11.5%; Ipad revenue was US $8.25 billion, up 21.4% year-on-year.</p><p><blockquote>苹果可穿戴及配件业务营收87.9亿美元，同比增长11.5%；Ipad营收82.5亿美元，同比增长21.4%。</blockquote></p><p> Cook said: \"Although the supply restriction problem is larger than expected, and we estimate that (related losses) are about 6 billion US dollars, our financial performance is very strong. Supply constraints are caused by chip shortages widely discussed in the industry and manufacturing disruptions related to the epidemic in Southeast Asia.\"</p><p><blockquote>库克表示：“尽管供应限制问题比预期的要大，我们估计（相关损失）约为60亿美元，但我们的财务表现非常强劲。供应限制是由业内广泛讨论的芯片短缺和东南亚疫情相关的制造业中断造成的。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126301304","content_text":"Microsoft rose nearly 1% while Apple slid more than 3% in morning trading.In the fourth quarter, Apple's total revenue was 83.36 billion US dollars, a year-on-year increase of 29%;Net profit was US $20.551 billion, up 62% year-on-year. Among them, Apple's revenue in Greater China in the fourth quarter was US $14.563 billion, up 83% year-on-year.\nThe iPhone is still Apple's strongest product, with Apple's fourth-quarter iPhone revenue of $38.87 billion, up 47% compared with the same period, but falling short of the expected $41.6 billion.\nThe revenue of Apple service business was 18.28 billion US dollars, a year-on-year increase of 25.6%; Mac revenue was $9.18 billion, up 1.6% year-on-year. Tim Cook, CEO of Apple, said that the revenue of services and Mac reached a record high.\nApple's wearable and accessories business revenue was 8.79 billion US dollars, a year-on-year increase of 11.5%; Ipad revenue was US $8.25 billion, up 21.4% year-on-year.\nCook said: \"Although the supply restriction problem is larger than expected, and we estimate that (related losses) are about 6 billion US dollars, our financial performance is very strong. Supply constraints are caused by chip shortages widely discussed in the industry and manufacturing disruptions related to the epidemic in Southeast Asia.\"","news_type":1,"symbols_score_info":{"MSFT":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868676869,"gmtCreate":1632645895551,"gmtModify":1632646428992,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/868676869","repostId":"2170614570","repostType":4,"isVote":1,"tweetType":1,"viewCount":575,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804189901,"gmtCreate":1627945486103,"gmtModify":1631890159715,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804189901","repostId":"1107596279","repostType":4,"isVote":1,"tweetType":1,"viewCount":902,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179660243,"gmtCreate":1626519215182,"gmtModify":1633926082221,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/179660243","repostId":"2152168563","repostType":4,"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":852111052,"gmtCreate":1635251951250,"gmtModify":1635251951500,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/852111052","repostId":"1156565966","repostType":4,"isVote":1,"tweetType":1,"viewCount":3919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826957081,"gmtCreate":1633967858653,"gmtModify":1633967858738,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/826957081","repostId":"2174909058","repostType":4,"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":865849519,"gmtCreate":1632969901682,"gmtModify":1632970000266,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/865849519","repostId":"1104172212","repostType":4,"isVote":1,"tweetType":1,"viewCount":367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802049891,"gmtCreate":1627701686013,"gmtModify":1633756959559,"author":{"id":"3585533261543358","authorId":"3585533261543358","name":"Ei_888","avatar":"https://static.tigerbbs.com/117fa34406876f996514937472ec57e6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585533261543358","idStr":"3585533261543358"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize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