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2021-08-10

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2021-08-06

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2021-08-05

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You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>您可以做空凯西-伍德的方舟创新基金。但这是个好主意吗？</blockquote>

2021-08-04

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2021-08-03

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2021-08-02

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Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</blockquote>

2021-08-01

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2021-07-31

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2021-07-30

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2021-07-25

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2021-07-22

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2021-07-21

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2021-07-20

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2021-07-18

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2021-07-16

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As Stocks Soar, Demand For Downside Risk Hedges Reaches Highest Since 2018<blockquote>随着股市飙升，下行风险对冲需求达到 2018 年以来最高水平</blockquote>

2021-07-14

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2021-07-12

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2021-07-11

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

2021-07-10

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2021-07-09

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Another Summer, Another Deep-Dive into Leisure Stocks<blockquote>又一个夏天，休闲股再次深入挖掘</blockquote>

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and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/896883124","repostId":"1196813173","repostType":4,"isVote":1,"tweetType":1,"viewCount":2525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899781192,"gmtCreate":1628215394716,"gmtModify":1633752531274,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/899781192","repostId":"2157443011","repostType":4,"isVote":1,"tweetType":1,"viewCount":2490,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890762807,"gmtCreate":1628135239109,"gmtModify":1633753237997,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Cheers","listText":"Cheers","text":"Cheers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890762807","repostId":"1187380753","repostType":2,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohunote.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>您可以做空凯西-伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"<p>For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.</p><p><blockquote>对于那些看跌 ARK Invest 创新驱动选股的人来说，可能很快就会有一只新的 ETF 允许投资者做空它们。</blockquote></p><p> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.</p><p><blockquote>Tuttle Capital Management 是一家小型基金公司，拥有 10 只 ETF，管理着 2.28 亿美元，已申请推出股票代码为 SARK 的空头 ARKK ETF。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约追踪价值 230 亿美元的 ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote></p><p> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.</p><p><blockquote>反向 ETF 已经存在很长时间了，但大多数 ETF 都押注于大盘指数或特定行业，而不是像 ARK 这样的主动管理投资组合。“晨星公司全球交易所交易基金研究总监本-约翰逊（Ben Johnson）说：”据我所知，这是史无前例的。</blockquote></p><p> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.</p><p><blockquote>这已经不是华尔街第一次打破常规，以利用投资者对 ARK 及其选股首席执行官凯西-伍德（Cathie Wood）日益增长的兴趣--无论是看涨还是看跌。</blockquote></p><p> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection<b>.</b>They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.</p><p><blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理的 ETF 挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上分享标的资产的收益，但有一定程度的下行保护<b>.</b>它们传统上与标普500等单一股票或指数挂钩。</blockquote></p><p> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.</p><p><blockquote>ARKK ETF 空头备案之际，ARK 基金正在努力重现去年的出色表现。例如，ARK Innovation ETF 作为年度表现最佳的 ETF 之一，在 2020 年上涨了约 150%。今年迄今为止，该指数已下跌 4.4%，比 2 月份的峰值暴跌 24%。</blockquote></p><p> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.</p><p><blockquote>一些投资者认为，伍德对特斯拉（TSLA）和 Square（SQ）等高涨科技股的重注使该基金的投资组合过于昂贵和风险，这对其今年的业绩造成了压力，因为投资者青睐可能受益于大流行后复苏的廉价周期性股票。</blockquote></p><p> ARK did not respond to a request for comment.</p><p><blockquote>方舟没有回应置评请求。</blockquote></p><p> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.</p><p><blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟 ETF 也可能不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote></p><p> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”</p><p><blockquote>“晨星公司的约翰逊说：”通过卖空这些基金，你从这些看跌信念中获利的几率非常小，“上涨空间是有限的，你能得到的最好结果就是100%的投资回报，而这前提是方舟公司将其投资组合彻底崩溃，但这是不可能发生的。另一方面，最糟糕的情况是，如果方舟公司再像去年那样度过一年。你会被彻底烧死的。”</blockquote></p><p> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.</p><p><blockquote>尽管如此，ARK 的怀疑者已经在借入股票并卖空。FactSet 的数据显示，ARK Innovation ETF 的空头权益已从年初的 2% 增至其总流通股的近 10%。</blockquote></p><p> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”</p><p><blockquote>许多非机构投资者自己没有能力或渠道做空股票或 ETF，塔特尔资本管理公司认为这是一个机会。“该公司首席执行官马特-塔特尔（Matt Tuttle）在一封电子邮件中告诉《巴伦周刊》：”显然，人们越来越倾向于做空不盈利的科技公司，“我们的目标是为投资者创造表达观点的工具。”</blockquote></p><p> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson<b>:</b>“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”</p><p><blockquote>新提交的空头 ARKK ETF 计划收取 0.75% 的运营费用，与 ARK Innovation ETF 的费用比率一致。约翰逊说，与跟踪股票指数或商品的简单反向基金相比，该基金可能更难返回与方舟创新公司业绩完全相反的结果。<b>:</b>“你是在押注一个移动的目标，从理论上讲，当你试图这样做时，会有一定程度的滑点。”</blockquote></p><p> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.</p><p><blockquote>可以肯定的是，空头 ARKK ETF 仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准该基金。</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>You Can Short Cathie Wood’s ARK Innovation Fund. 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But Is It a Good Idea?<blockquote>您可以做空凯西-伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-05 11:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.</p><p><blockquote>对于那些看跌 ARK Invest 创新驱动选股的人来说，可能很快就会有一只新的 ETF 允许投资者做空它们。</blockquote></p><p> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.</p><p><blockquote>Tuttle Capital Management 是一家小型基金公司，拥有 10 只 ETF，管理着 2.28 亿美元，已申请推出股票代码为 SARK 的空头 ARKK ETF。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约追踪价值 230 亿美元的 ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote></p><p> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.</p><p><blockquote>反向 ETF 已经存在很长时间了，但大多数 ETF 都押注于大盘指数或特定行业，而不是像 ARK 这样的主动管理投资组合。“晨星公司全球交易所交易基金研究总监本-约翰逊（Ben Johnson）说：”据我所知，这是史无前例的。</blockquote></p><p> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.</p><p><blockquote>这已经不是华尔街第一次打破常规，以利用投资者对 ARK 及其选股首席执行官凯西-伍德（Cathie Wood）日益增长的兴趣--无论是看涨还是看跌。</blockquote></p><p> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection<b>.</b>They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.</p><p><blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理的 ETF 挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上分享标的资产的收益，但有一定程度的下行保护<b>.</b>它们传统上与标普500等单一股票或指数挂钩。</blockquote></p><p> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.</p><p><blockquote>ARKK ETF 空头备案之际，ARK 基金正在努力重现去年的出色表现。例如，ARK Innovation ETF 作为年度表现最佳的 ETF 之一，在 2020 年上涨了约 150%。今年迄今为止，该指数已下跌 4.4%，比 2 月份的峰值暴跌 24%。</blockquote></p><p> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.</p><p><blockquote>一些投资者认为，伍德对特斯拉（TSLA）和 Square（SQ）等高涨科技股的重注使该基金的投资组合过于昂贵和风险，这对其今年的业绩造成了压力，因为投资者青睐可能受益于大流行后复苏的廉价周期性股票。</blockquote></p><p> ARK did not respond to a request for comment.</p><p><blockquote>方舟没有回应置评请求。</blockquote></p><p> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.</p><p><blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟 ETF 也可能不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote></p><p> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”</p><p><blockquote>“晨星公司的约翰逊说：”通过卖空这些基金，你从这些看跌信念中获利的几率非常小，“上涨空间是有限的，你能得到的最好结果就是100%的投资回报，而这前提是方舟公司将其投资组合彻底崩溃，但这是不可能发生的。另一方面，最糟糕的情况是，如果方舟公司再像去年那样度过一年。你会被彻底烧死的。”</blockquote></p><p> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.</p><p><blockquote>尽管如此，ARK 的怀疑者已经在借入股票并卖空。FactSet 的数据显示，ARK Innovation ETF 的空头权益已从年初的 2% 增至其总流通股的近 10%。</blockquote></p><p> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”</p><p><blockquote>许多非机构投资者自己没有能力或渠道做空股票或 ETF，塔特尔资本管理公司认为这是一个机会。“该公司首席执行官马特-塔特尔（Matt Tuttle）在一封电子邮件中告诉《巴伦周刊》：”显然，人们越来越倾向于做空不盈利的科技公司，“我们的目标是为投资者创造表达观点的工具。”</blockquote></p><p> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson<b>:</b>“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”</p><p><blockquote>新提交的空头 ARKK ETF 计划收取 0.75% 的运营费用，与 ARK Innovation ETF 的费用比率一致。约翰逊说，与跟踪股票指数或商品的简单反向基金相比，该基金可能更难返回与方舟创新公司业绩完全相反的结果。<b>:</b>“你是在押注一个移动的目标，从理论上讲，当你试图这样做时，会有一定程度的滑点。”</blockquote></p><p> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.</p><p><blockquote>可以肯定的是，空头 ARKK ETF 仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准该基金。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">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":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807582349,"gmtCreate":1628043739281,"gmtModify":1633754097855,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807582349","repostId":"2156312793","repostType":4,"isVote":1,"tweetType":1,"viewCount":2179,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804280707,"gmtCreate":1627958019409,"gmtModify":1633754876893,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/804280707","repostId":"2156114224","repostType":4,"isVote":1,"tweetType":1,"viewCount":3206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805629713,"gmtCreate":1627877436532,"gmtModify":1633755677987,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/805629713","repostId":"1170689665","repostType":4,"repost":{"id":"1170689665","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":1627857540,"share":"https://www.laohunote.com/m/news/1170689665?lang=zh_CN&edition=full","pubTime":"2021-08-02 06:39","market":"us","language":"en","title":"Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170689665","media":"Tiger Newspress","summary":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Dig","content":"<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩游行本周继续。除了数百家小盘股公司外，还有不少于 143 家标普500公司正在提交报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software 和 Simon Property Group 将于周一启动。随后，Lyft、阿里巴巴-SW集团控股公司、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、优步科技、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银均有报道。Beyond Meat、Yelp、Wayfair、Moderna 和 ViacomCBS 将于周四关闭，DraftKings、Canopy Growth 和 Tripadvisor 将于周五关闭本周。中国教育公司新东方教育科技集团公司和好未来教育集团取消了原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预计，继 6 月份的 85 万人之后，7 月份非农就业人数将增加 62.5 万人。失业率略低于6%。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会（Institute for Supply Management）7 月份制造业采购经理人指数，随后是周三公布的服务业同等指数。这两项经济活动指标预计都将达到 61 左右，这将意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一 8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett &amp; Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、Heineken、Trex、Ferrari、Ultra Clean Holdings 和 Simon Property Group 预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股 104 美元，周五收盘价为 12.95 美元。该公司于周五晚上完成了 1 比 8 的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布 7 月份制造业采购经理人指数。普遍估计读数为 60.8，高于 6 月份的 60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份的建筑支出。继 5 月份下降 0.3% 后，预计环比增长 0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二 8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>伊顿、英国石油公司、安德玛、Lyft、高乐氏、安进、Akamai Technologies、康明斯、礼来公司、阿里巴巴-SW集团控股公司、Nikola、EnPro Industries、华纳音乐集团、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、邓白氏控股公司、康菲石油公司和 Jacobs Engineering Group 在评级举办会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告六月份的工厂订单。经济学家预测，本月订单增长1.0%，而5月份增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三 8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>索尼集团、CVS Health、卡夫亨氏、软银、通用汽车、Progressive、Etsy、艺电、西部数据、Uber Technologies、Roku、米高梅国际酒店集团、福克斯和 Re/Max Holdings 预计将主办财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告 7 月份轻型汽车销量。预计看涨期权经季节性调整后的年增长率为 1530 万辆，而 6 月份为 1540 万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业采购经理人指数。一致估计读数为 60.8，而 6 月份的读数为 60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>其7月份的全国就业报告。普遍估计，继 6 月份增加 692,000 人之后，非农私营部门就业人数将增加 635,000 人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四 8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman &amp; Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五 8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>BLS 发布就业报告</b>七月。经济学家预测，继6月份增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、Tripadvisor、Spectrum Brands Holdings、E.W。Scripps、Cinemark Holdings 和 Manitowoc 主办评级会议讨论财务业绩。</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>Alibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</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\">\nAlibaba,Uber, DraftKings, GM, Roku, EA, ViacomCBS, and Other Stocks for Investors to Watch This Week<blockquote>阿里巴巴、Uber、DraftKings、通用汽车、Roku、EA、维亚康姆哥伦比亚广播公司和其他投资者本周值得关注的股票</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\">2021-08-02 06:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The parade of second-quarter results continues this week. No fewer than 143 S&amp;P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.</p><p><blockquote>第二季度业绩游行本周继续。除了数百家小盘股公司外，还有不少于 143 家标普500公司正在提交报告。法拉利、Vornado Realty Trust、Take-Two Interactive Software 和 Simon Property Group 将于周一启动。随后，Lyft、阿里巴巴-SW集团控股公司、尼古拉、安德玛、礼来公司和康菲石油公司将于周二发布业绩。</blockquote></p><p> Wednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and&nbsp;ViacomCBS&nbsp;go on Thursday and&nbsp;DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation&nbsp;New Oriental Education &amp; Technology Group Inc. and&nbsp;TAL Education Group&nbsp;cancels scheduled earnings release and earnings call.</p><p><blockquote>周三将特别繁忙：通用汽车、优步科技、Etsy、艺电、西部数据、Roku、CVS Health、卡夫亨氏和软银均有报道。Beyond Meat、Yelp、Wayfair、Moderna 和 ViacomCBS 将于周四关闭，DraftKings、Canopy Growth 和 Tripadvisor 将于周五关闭本周。中国教育公司新东方教育科技集团公司和好未来教育集团取消了原定的财报发布和财报看涨期权。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/94057bf11ca8d7311db6c075ba98727b\" tg-width=\"1706\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The highlight on the&nbsp;economic&nbsp;calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.</p><p><blockquote>本周经济日历上的亮点将是周五的就业。美国劳工统计局（Bureau of Labor Statistics）预计，继 6 月份的 85 万人之后，7 月份非农就业人数将增加 62.5 万人。失业率略低于6%。</blockquote></p><p> Other data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.</p><p><blockquote>本周公布的其他数据包括周一公布的美国供应管理协会（Institute for Supply Management）7 月份制造业采购经理人指数，随后是周三公布的服务业同等指数。这两项经济活动指标预计都将达到 61 左右，这将意味着强劲的扩张。</blockquote></p><p> <b>Monday 8/2</b></p><p><blockquote><b>星期一 8/2</b></blockquote></p><p> CNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett &amp; Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.</p><p><blockquote>CNA Financial、Global Payments、JELD-WEN Holding、Loews、Arista Networks、Leggett &amp; Platt、Vornado Realty Trust、ZoomInfo Technologies、Woodward、Take-Two Interactive Software、Heineken、Trex、Ferrari、Ultra Clean Holdings 和 Simon Property Group 预计将发布财务业绩。</blockquote></p><p> GE stock&nbsp;will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.</p><p><blockquote>通用电气股票周一开盘价约为每股 104 美元，周五收盘价为 12.95 美元。该公司于周五晚上完成了 1 比 8 的反向股票分割。</blockquote></p><p> <b>The Institute for Supply</b>&nbsp;Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.</p><p><blockquote><b>供应研究所</b>管理层发布 7 月份制造业采购经理人指数。普遍估计读数为 60.8，高于 6 月份的 60.6。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.</p><p><blockquote><b>人口普查局</b>报告6月份的建筑支出。继 5 月份下降 0.3% 后，预计环比增长 0.4%。</blockquote></p><p> <b>Tuesday 8/3</b></p><p><blockquote><b>星期二 8/3</b></blockquote></p><p> Eaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun &amp; Bradstreet Holdings,ConocoPhillips, and&nbsp;Jacobs Engineering Grouphost conference calls to discuss financial results.</p><p><blockquote>伊顿、英国石油公司、安德玛、Lyft、高乐氏、安进、Akamai Technologies、康明斯、礼来公司、阿里巴巴-SW集团控股公司、Nikola、EnPro Industries、华纳音乐集团、Pitney Bowes、Tennant、Phillips 66、KKR、Gartner、Henry Schein、邓白氏控股公司、康菲石油公司和 Jacobs Engineering Group 在评级举办会议讨论财务业绩。</blockquote></p><p> <b>The Census Bureau</b>&nbsp;is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.</p><p><blockquote><b>人口普查局</b>预计将报告六月份的工厂订单。经济学家预测，本月订单增长1.0%，而5月份增长1.7%。</blockquote></p><p> <b>Wednesday 8/4</b></p><p><blockquote><b>星期三 8/4</b></blockquote></p><p> Sony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.</p><p><blockquote>索尼集团、CVS Health、卡夫亨氏、软银、通用汽车、Progressive、Etsy、艺电、西部数据、Uber Technologies、Roku、米高梅国际酒店集团、福克斯和 Re/Max Holdings 预计将主办财报评级。</blockquote></p><p> <b>The Bureau of Economic</b>&nbsp;Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.</p><p><blockquote><b>经济局</b>分析报告 7 月份轻型汽车销量。预计看涨期权经季节性调整后的年增长率为 1530 万辆，而 6 月份为 1540 万辆。</blockquote></p><p> <b>The ISM releases</b>&nbsp;its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.</p><p><blockquote><b>ISM发布</b>7月份服务业采购经理人指数。一致估计读数为 60.8，而 6 月份的读数为 60.1。</blockquote></p><p> <b>ADP releases</b>&nbsp;its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.</p><p><blockquote><b>ADP释放</b>其7月份的全国就业报告。普遍估计，继 6 月份增加 692,000 人之后，非农私营部门就业人数将增加 635,000 人。</blockquote></p><p> <b>Thursday 8/5</b></p><p><blockquote><b>星期四 8/5</b></blockquote></p><p> Zillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman &amp; Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and&nbsp;Siemensare expected to report financial results.</p><p><blockquote>Zillow Group、Beyond Meat、Yelp、Wayfair、Kellogg、Bayer、HanesBrands、Moderna、Regeneron Pharmaceuticals、Switch、Cushman &amp; Wakefield、ViacomCBS、Cigna、Duke Energy、Square、新闻集团和西门子预计将公布财务业绩。</blockquote></p><p> Friday 8/6</p><p><blockquote>星期五 8/6</blockquote></p><p> <b>The BLS releases the jobs report</b>&nbsp;for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.</p><p><blockquote><b>BLS 发布就业报告</b>七月。经济学家预测，继6月份增加85万人之后，非农就业人数将增加80万人。失业率预计将从5.9%小幅降至5.8%。</blockquote></p><p> DraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.</p><p><blockquote>DraftKings、Dominion Energy、Gannett、MGM Growth Properties、AMC Networks、Canopy Growth、Tripadvisor、Spectrum Brands Holdings、E.W。Scripps、Cinemark Holdings 和 Manitowoc 主办评级会议讨论财务业绩。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","DKNG":"DraftKings Inc.","BABA":"阿里巴巴","GM":"通用汽车",".DJI":"道琼斯","GE":"GE航空航天","EA":"艺电",".IXIC":"NASDAQ Composite","ROKU":"Roku Inc","UBER":"优步"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170689665","content_text":"The parade of second-quarter results continues this week. No fewer than 143 S&P 500 companies are on deck to report, in addition to hundreds of small caps. Ferrari, Vornado Realty Trust, Take-Two Interactive Software, and Simon Property Group will get the ball rolling on Monday. Then Lyft, Alibaba Group Holding, Nikola, Under Armour, Eli Lilly, and ConocoPhillips release their results on Tuesday.\nWednesday will be particularly busy:General Motors,Uber Technologies,Etsy,Electronic Arts,Western Digital,Roku,CVS Health,Kraft Heinz, and SoftBank all report.Beyond Meat,Yelp,Wayfair, Moderna, and ViacomCBS go on Thursday and DraftKings,Canopy Growth,and Tripadvisor will close the week on Friday.Chinese Education Corporation New Oriental Education & Technology Group Inc. and TAL Education Group cancels scheduled earnings release and earnings call.\n\nThe highlight on the economic calendar this week will be Jobs Friday. The Bureau of Labor Statistics is expected to show a gain of 625,000 nonfarm payrolls in July, following June’s 850,000. The unemployment rate is seen holding just below 6%.\nOther data out this week include the Institute for Supply Management’s Manufacturing Purchasing Managers’ Index for July on Monday, followed by the Services equivalent on Wednesday. Both measures of economic activity are forecast to come in at around 61, which would signify strong expansion.\nMonday 8/2\nCNA Financial,Global Payments,JELD-WEN Holding,Loews,Arista Networks,Leggett & Platt,Vornado Realty Trust, ZoomInfo Technologies, Woodward, Take-Two Interactive Software, Heineken, Trex, Ferrari,Ultra Clean Holdings,and Simon Property Group are expected to release financial results.\nGE stock will open for trading Monday at about $104 a share, after closing Friday at $12.95. The company completed its 1-for-8 reverse stock split Friday evening.\nThe Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.\nThe Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.\nTuesday 8/3\nEaton, BP, Under Armour, Lyft,Clorox,Amgen,Akamai Technologies,Cummins, Eli Lilly, Alibaba Group Holding, Nikola, EnPro Industries,Warner Music Group,Pitney Bowes,Tennant,Phillips 66,KKR,Gartner,Henry Schein,Dun & Bradstreet Holdings,ConocoPhillips, and Jacobs Engineering Grouphost conference calls to discuss financial results.\nThe Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.\nWednesday 8/4\nSony Group,CVS Health, Kraft Heinz, SoftBank, General Motors, Progressive, Etsy, Electronic Arts, Western Digital, Uber Technologies, Roku,MGM Resorts International,Fox, and Re/Max Holdings are expected to host earnings calls.\nThe Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.\nThe ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.\nADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.\nThursday 8/5\nZillow Group,Beyond Meat, Yelp, Wayfair, Kellogg,Bayer,HanesBrands, Moderna,Regeneron Pharmaceuticals,Switch,Cushman & Wakefield,ViacomCBS,Cigna,Duke Energy,Square,News Corp,and Siemensare expected to report financial results.\nFriday 8/6\nThe BLS releases the jobs report for July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.\nDraftKings,Dominion Energy,Gannett,MGM Growth Properties,AMC Networks,Canopy Growth, Tripadvisor,Spectrum Brands Holdings,E.W. Scripps,Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.","news_type":1,"symbols_score_info":{"BABA":0.9,".DJI":0.9,".IXIC":0.9,"UBER":0.9,"ROKU":0.9,"VIAC":0.9,".SPX":0.9,"GE":0.9,"GM":0.9,"EA":0.9,"DKNG":0.9}},"isVote":1,"tweetType":1,"viewCount":2714,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802473357,"gmtCreate":1627800401279,"gmtModify":1633756246931,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same 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!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/173950387","repostId":"1183956332","repostType":4,"isVote":1,"tweetType":1,"viewCount":851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170393954,"gmtCreate":1626402758078,"gmtModify":1633927059252,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170393954","repostId":"1108771561","repostType":4,"repost":{"id":"1108771561","kind":"news","pubTimestamp":1626400504,"share":"https://www.laohunote.com/m/news/1108771561?lang=zh_CN&edition=full","pubTime":"2021-07-16 09:55","market":"us","language":"en","title":"As Stocks Soar, Demand For Downside Risk Hedges Reaches Highest Since 2018<blockquote>随着股市飙升，下行风险对冲需求达到 2018 年以来最高水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108771561","media":"zerohedge","summary":"While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-li","content":"<p>While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even more utopian (and profitable) normal.</p><p><blockquote>尽管小盘股最近受到了冲击，但在全球流动性和回归更加乌托邦（且有利可图）常态的充满希望的梦想的基础上，整体股市继续像伊卡洛斯一样攀升至更高的高点。</blockquote></p><p> There's just one thing (well two actually, but more on that later)...</p><p><blockquote>只有一件事（实际上是两件事，但稍后会详细介绍）...</blockquote></p><p> As stocks have hit record-er and record-er highs recently, options traders have been buying puts (downside protection) with both hands and feet...</p><p><blockquote>随着股市最近屡创新高，期权交易者一直在用手和脚购买看跌期权（下行保护）……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42cb53a9d7aa49929f04ddb04a085483\" tg-width=\"944\" tg-height=\"558\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> As a result,<b>implied volatility in S&amp;P 500 puts that look three months out reached the highest level since 2018 relative to similar call contracts.</b></p><p><blockquote>结果，<b>相对于类似的看涨期权合约，三个月后标普500的隐含波动性达到了 2018 年以来的最高水平。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e3ee2406fca907d778041bc08b83881e\" tg-width=\"965\" tg-height=\"531\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> <b>Simply put, despite the appearance of price, investor anxiety is on the rise.</b></p><p><blockquote><b>简而言之，尽管出现了价格，但投资者的焦虑情绪正在上升。</b></blockquote></p><p> As Susquehanna International Group’s&nbsp;Chris Murphy pointed out in a recent note, the worry is that, should the sentiment sour, correlation between shares that recently hit fresh lows will skyrocket, making stocks drop together at the same time.</p><p><blockquote>正如萨斯奎哈纳国际集团（Susquehanna International Group）的克里斯-墨菲（Chris Murphy）在最近的一份报告中指出的那样，人们担心的是，如果市场情绪恶化，最近创下新低的股票之间的相关性将飙升，导致股票同时下跌。</blockquote></p><p>   <b>“Correlation is currently so low, but if that changes, then everything starts moving together and volatility could move up quickly and the S&amp;P could move to the downside,”</b>Murphy said.\"They’re pricing in that shift of correlation increasing.”  <b>And implied correlation is starting to pick up off those near-record lows...</b></p><p><blockquote><b>“目前的相关性很低，但如果这种情况发生变化，那么一切都会开始一起移动，波动性可能会迅速上升，标准普尔指数可能会下跌。”</b>墨菲说：“他们在这种相关性的转变中定价。”<b>隐含相关性开始从接近历史低点回升……</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/324b173aa36ad5c8e237264958a5303a\" tg-width=\"965\" tg-height=\"528\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Of course, one could argue that with downside risk so well hedged, the chances of a big plunge are reduced (or the magnitude of the drop), but we suspect that doesn't apply given the retail exposure in this rally, who have never experienced anything more than a 5% drop in their long and successful 12 month trading careers.</p><p><blockquote>当然，有人可能会说，由于下行风险得到了很好的对冲，大幅暴跌的机会（或下跌的幅度）就减少了，但考虑到这次反弹中的零售敞口，我们怀疑这并不适用，他们在漫长而成功的 12 个月交易生涯中从未经历过超过 5% 的跌幅。</blockquote></p><p> <b>And the other group that \"ain't buying it\" is bond investors</b>as yields have dramatically decoupled from equity markets' exuberance in recent months...</p><p><blockquote><b>另一个“不买账”的群体是债券投资者</b>近几个月来，随着收益率与股市的繁荣急剧脱钩……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6079a1f76f24396152b675605d5f3c75\" tg-width=\"965\" tg-height=\"534\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> It didn't end well for stocks last time...</p><p><blockquote>上次股票的结局并不好……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc457c676d14e902be329fbe1bdb929b\" tg-width=\"965\" tg-height=\"535\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> And with Powell admitting that The Fed is talking about the taper today, are options traders and bond traders sensing a catch down to reality for stocks?</p><p><blockquote>随着鲍威尔承认美联储今天正在讨论缩减规模，期权交易员和债券交易员是否感觉到了股市的现实？</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>As Stocks Soar, Demand For Downside Risk Hedges Reaches Highest Since 2018<blockquote>随着股市飙升，下行风险对冲需求达到 2018 年以来最高水平</blockquote></title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAs Stocks Soar, Demand For Downside Risk Hedges Reaches Highest Since 2018<blockquote>随着股市飙升，下行风险对冲需求达到 2018 年以来最高水平</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-16 09:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even more utopian (and profitable) normal.</p><p><blockquote>尽管小盘股最近受到了冲击，但在全球流动性和回归更加乌托邦（且有利可图）常态的充满希望的梦想的基础上，整体股市继续像伊卡洛斯一样攀升至更高的高点。</blockquote></p><p> There's just one thing (well two actually, but more on that later)...</p><p><blockquote>只有一件事（实际上是两件事，但稍后会详细介绍）...</blockquote></p><p> As stocks have hit record-er and record-er highs recently, options traders have been buying puts (downside protection) with both hands and feet...</p><p><blockquote>随着股市最近屡创新高，期权交易者一直在用手和脚购买看跌期权（下行保护）……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42cb53a9d7aa49929f04ddb04a085483\" tg-width=\"944\" tg-height=\"558\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> As a result,<b>implied volatility in S&amp;P 500 puts that look three months out reached the highest level since 2018 relative to similar call contracts.</b></p><p><blockquote>结果，<b>相对于类似的看涨期权合约，三个月后标普500的隐含波动性达到了 2018 年以来的最高水平。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e3ee2406fca907d778041bc08b83881e\" tg-width=\"965\" tg-height=\"531\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> <b>Simply put, despite the appearance of price, investor anxiety is on the rise.</b></p><p><blockquote><b>简而言之，尽管出现了价格，但投资者的焦虑情绪正在上升。</b></blockquote></p><p> As Susquehanna International Group’s&nbsp;Chris Murphy pointed out in a recent note, the worry is that, should the sentiment sour, correlation between shares that recently hit fresh lows will skyrocket, making stocks drop together at the same time.</p><p><blockquote>正如萨斯奎哈纳国际集团（Susquehanna International Group）的克里斯-墨菲（Chris Murphy）在最近的一份报告中指出的那样，人们担心的是，如果市场情绪恶化，最近创下新低的股票之间的相关性将飙升，导致股票同时下跌。</blockquote></p><p>   <b>“Correlation is currently so low, but if that changes, then everything starts moving together and volatility could move up quickly and the S&amp;P could move to the downside,”</b>Murphy said.\"They’re pricing in that shift of correlation increasing.”  <b>And implied correlation is starting to pick up off those near-record lows...</b></p><p><blockquote><b>“目前的相关性很低，但如果这种情况发生变化，那么一切都会开始一起移动，波动性可能会迅速上升，标准普尔指数可能会下跌。”</b>墨菲说：“他们在这种相关性的转变中定价。”<b>隐含相关性开始从接近历史低点回升……</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/324b173aa36ad5c8e237264958a5303a\" tg-width=\"965\" tg-height=\"528\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Of course, one could argue that with downside risk so well hedged, the chances of a big plunge are reduced (or the magnitude of the drop), but we suspect that doesn't apply given the retail exposure in this rally, who have never experienced anything more than a 5% drop in their long and successful 12 month trading careers.</p><p><blockquote>当然，有人可能会说，由于下行风险得到了很好的对冲，大幅暴跌的机会（或下跌的幅度）就减少了，但考虑到这次反弹中的零售敞口，我们怀疑这并不适用，他们在漫长而成功的 12 个月交易生涯中从未经历过超过 5% 的跌幅。</blockquote></p><p> <b>And the other group that \"ain't buying it\" is bond investors</b>as yields have dramatically decoupled from equity markets' exuberance in recent months...</p><p><blockquote><b>另一个“不买账”的群体是债券投资者</b>近几个月来，随着收益率与股市的繁荣急剧脱钩……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6079a1f76f24396152b675605d5f3c75\" tg-width=\"965\" tg-height=\"534\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> It didn't end well for stocks last time...</p><p><blockquote>上次股票的结局并不好……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc457c676d14e902be329fbe1bdb929b\" tg-width=\"965\" tg-height=\"535\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> And with Powell admitting that The Fed is talking about the taper today, are options traders and bond traders sensing a catch down to reality for stocks?</p><p><blockquote>随着鲍威尔承认美联储今天正在讨论缩减规模，期权交易员和债券交易员是否感觉到了股市的现实？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-soar-demand-downside-risk-hedges-reachest-highest-2018\">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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/stocks-soar-demand-downside-risk-hedges-reachest-highest-2018","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108771561","content_text":"While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even more utopian (and profitable) normal.\nThere's just one thing (well two actually, but more on that later)...\nAs stocks have hit record-er and record-er highs recently, options traders have been buying puts (downside protection) with both hands and feet...\n\nSource: Bloomberg\nAs a result,implied volatility in S&P 500 puts that look three months out reached the highest level since 2018 relative to similar call contracts.\n\nSource: Bloomberg\nSimply put, despite the appearance of price, investor anxiety is on the rise.\nAs Susquehanna International Group’s Chris Murphy pointed out in a recent note, the worry is that, should the sentiment sour, correlation between shares that recently hit fresh lows will skyrocket, making stocks drop together at the same time.\n\n“Correlation is currently so low, but if that changes, then everything starts moving together and volatility could move up quickly and the S&P could move to the downside,”Murphy said.\"They’re pricing in that shift of correlation increasing.”\n\nAnd implied correlation is starting to pick up off those near-record lows...\n\nSource: Bloomberg\nOf course, one could argue that with downside risk so well hedged, the chances of a big plunge are reduced (or the magnitude of the drop), but we suspect that doesn't apply given the retail exposure in this rally, who have never experienced anything more than a 5% drop in their long and successful 12 month trading careers.\nAnd the other group that \"ain't buying it\" is bond investorsas yields have dramatically decoupled from equity markets' exuberance in recent months...\n\nSource: Bloomberg\nIt didn't end well for stocks last time...\nSource: Bloomberg\nAnd with Powell admitting that The Fed is talking about the taper today, are options traders and bond traders sensing a catch down to reality for stocks?","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1215,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145578818,"gmtCreate":1626233512134,"gmtModify":1633928765041,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/145578818","repostId":"1182048444","repostType":4,"isVote":1,"tweetType":1,"viewCount":914,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146146271,"gmtCreate":1626061947293,"gmtModify":1633930507352,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/146146271","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148297712,"gmtCreate":1625976595436,"gmtModify":1633931166232,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/148297712","repostId":"1112201050","repostType":4,"repost":{"id":"1112201050","kind":"news","pubTimestamp":1625966101,"share":"https://www.laohunote.com/m/news/1112201050?lang=zh_CN&edition=full","pubTime":"2021-07-11 09:15","market":"us","language":"en","title":"The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112201050","media":"Barrons","summary":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the de","content":"<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Meme Stock Trade Is Far From Over. What Investors Need to Know.<blockquote>模因股票交易远未结束。投资者需要了解的内容。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-11 09:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It seemed to be only a matter of time.</p><p><blockquote>这似乎只是时间问题。</blockquote></p><p> When GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?</p><p><blockquote>当游戏驿站（股票代码：GME）、黑莓（BB），甚至百视达的干涸尸体在一月份突然复活时，它们何时会再次坠毁的时间已经在流逝。会是几个小时、几天还是几周？</blockquote></p><p> It has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like&nbsp;Clover Health Investments(CLOV) and&nbsp;Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.</p><p><blockquote>现在已经过去半年了，核心 “备忘录股票 ”的交易价格仍然处于研究这些股票多年的人认为离谱的水平。Clover Health Investments (CLOV) 和 Newegg Commerce (NEGG) 等新名称最近出现在留言板上，它们的股票也随之上涨。</blockquote></p><p> The collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.</p><p><blockquote>数百万散户交易员--长期以来被嘲笑为 “哑巴钱 ”--的集体努力成功地让股市飙升，并迫使反对者投降。</blockquote></p><p> That is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.</p><p><blockquote>尽管他们押注的公司几乎没有表现出业务转型的迹象，也没有表现出足以证明其估值的利润，但情况确实如此。黑莓在最近一个季度烧钱，并警告称其关键的网络安全部门将达到收入指导的低端；消息传出后，该股下跌，但在过去一年中仍上涨了一倍多。</blockquote></p><p> While trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in&nbsp;AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than&nbsp;Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.</p><p><blockquote>虽然大型经纪商的交易量较 2 月份的峰值略有下降，但仍高于疫情爆发前的两到三倍。数量惊人的这种活动发生在散户交易者青睐的股票中。例如，AMC院线控股公司（AMC）6 月份的日均交易额达到 131 亿美元，超过了苹果（AAPL）的 95 亿美元和亚马逊（AMZN）的 103 亿美元。</blockquote></p><p> Even as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.</p><p><blockquote>即使冠状病毒在美国消退，大多数新交易者表示，他们仍然致力于他们在封锁期间学到的爱好——在一项Betterment调查中，58%的日内交易者表示，他们计划在未来进行更多的交易，只有12%的人计划减少交易。业余疫情面包师已经停止揉捏酸面团面包；交易者只会变得越来越饥饿。</blockquote></p><p> A sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.</p><p><blockquote>持续的熊市会破坏这种食欲，就像互联网泡沫破裂时一样。目前，下跌是持有或买入的理由。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/25a79e71371c165f9a3a5085931fc487\" tg-width=\"979\" tg-height=\"649\"></p><p><blockquote></blockquote></p><p> “I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to&nbsp;Barron’s.</p><p><blockquote>“美国海军电子技术员布兰登-卢切克（Brandon Luczek）在给《巴伦周刊》的一封电子邮件中写道：”我看到'逢低买入'的情绪一刻也没有减弱。</blockquote></p><p> The meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.</p><p><blockquote>迷因股票飙升是由散户投资者交易的增加推动的。2020年，在线经纪商以创纪录的速度签约客户，超过1000万人开设了新账户。这一记录几乎肯定会在2021年被打破。一些顶级公司透露，在今年不到一半的时间里，经纪商已经增加了超过 1000 万个账户。</blockquote></p><p> Meme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent&nbsp;Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.</p><p><blockquote>模因股票既是这种现象的推车，也是马。他们的价格突然飙升是由新投资者推动的，然后这一行动推动更多的新人投资。数百万人在 1 月底和 2 月初下载了投资应用程序，只是为了享受乐趣。嘉信理财（SCHW）最近的一项调查发现，15%的现有交易者在2020年后开始投资。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/167386c6881a258922ad62caaf7a05f4\" tg-width=\"971\" tg-height=\"644\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/8e29e3041b91070252ab9063d1a11fa2\" tg-width=\"975\" tg-height=\"642\"><img src=\"https://static.tigerbbs.com/f9cc1c0bd6368721c0eca87e25719f16\" tg-width=\"964\" tg-height=\"641\"></p><p><blockquote></blockquote></p><p> The most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.</p><p><blockquote>激增中最突出的参与者是 Robinhood，该公司表示仅在第一季度就增加了 550 万个资金账户。但它并不孤单。例如，富达宣布，第一季度吸引了 160 万 35 岁以下的新客户，比去年同期增长了 223%。</blockquote></p><p> Under pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.</p><p><blockquote>在 Robinhood 零佣金模式的压力下，所有主要经纪商都在 2019 年将佣金降至零。这为新客户群体打开了闸门——他们可能没有那么多闲置现金进行交易，但比前辈更加活跃和多样化。经纪人正在套现。富达希望在投资者获得驾照之前就吸引他们，允许年仅 13 岁的儿童开设交易账户。Robinhood 正在乘势而上进行首次公开募股，分析师预计其估值将超过其收入的 10 倍。</blockquote></p><p> These new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”</p><p><blockquote>这些新客户的行为与他们的老同行不同。E*Trade 交易主管克里斯-拉金（Chris Larkin）说，多年来，“ETF 一直备受青睐”，E*Trade 现归摩根士丹利（MS）所有。但挑选个股显然是 “2021 年的大新闻”。</blockquote></p><p> To be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.</p><p><blockquote>可以肯定的是，随着世界各地的投资者押注疫情复苏并避免疲软的债券收益率，股票交易所交易基金仍然表现良好。</blockquote></p><p></p><p> But ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.</p><p><blockquote>但 ETF 不像股票那样点亮留言板。这并不是说顶级公司的单行道。游戏驿站二月份确实下跌，华尔街享受了幸灾乐祸的时刻。它并没有持续多久。</blockquote></p><p> “Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.</p><p><blockquote>“盈透证券（Interactive Brokers）首席策略师史蒂夫-索斯尼克（Steve Sosnick）写道：”就像蝉一样，备忘录交易者在表面上隐匿了几个月后又重新活跃起来。索斯尼克认为，模因股票的交易往往与加密货币相反，因为随着势头的变化，它们的粉丝会从一种货币转向另一种货币。</blockquote></p><p> “I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.</p><p><blockquote>“他写道：”我不认为，在比特币和其他加密货币大幅回调后，备忘录股票卷土重来完全是巧合。</blockquote></p><p> Sosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.</p><p><blockquote>索斯尼克认为备忘录股票是一个 “独立的板块”，他在电脑显示器上将其与其他股票代码分开。</blockquote></p><p> Indeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.</p><p><blockquote>事实上，华尔街对备忘录股票革命的反应一直是孤立专业人士认为不理性的市场部分。大多数卖空者不会碰这些股票，分析师也在放弃报道。</blockquote></p><p> But Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.</p><p><blockquote>但华尔街不能像蝉一样把零售大军赶走，也不能指望它们在未来 17 年内消失。股票交易已经发生了永久性的变化。今年，零售活动占股本量的 24%，高于 2019 年的 15%。新信条的追随者不是愿意让华尔街管理市场的被动观察者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/710e642d3b685b74f8c9dcaf46ef3e0b\" tg-width=\"968\" tg-height=\"643\"></p><p><blockquote></blockquote></p><p> “What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”</p><p><blockquote>“哥伦比亚法学院（Columbia Law School）专门研究证券市场的教授约书亚-米茨（Joshua Mitts）说：”这实际上反映了我们所看到的趋势的逆转，即与个别公司的接触越来越少。“技术正在拉近普通投资者与他或她所投资的公司的距离，而这只是以新的、不可预测的形式出现。”</blockquote></p><p> The swings you get can definitely make you feel some sort of way.</p><p><blockquote>你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> — Matt Kohrs, 26, who streams stock analysis daily on YouTube</p><p><blockquote>— Matt Kohrs，26 岁，每天在 YouTube 上直播股票分析</blockquote></p><p> It is now changing the lives of those who got in early and are still riding the names higher.</p><p><blockquote>它现在正在改变那些早早加入的人的生活，并且仍然在更高的名字上。</blockquote></p><p> Take Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming&nbsp;stock analysis on YouTube&nbsp;for seven hours a day.</p><p><blockquote>以马特·科尔斯为例，他很早就投资了AMC院线。今年2月，他辞去了纽约程序员的工作，搬到了费城，并开始在YouTube上每天7个小时直播股票分析。</blockquote></p><p> With 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.</p><p><blockquote>YouTube 拥有 35 万粉丝，它正在支付账单。科尔斯说，凭借广告和股票的收入，他可以拿到与以前大致相同的工资。但他也知道，像这样依赖股票收益与朝九晚五的工作完全不同。</blockquote></p><p> “The swings you get can definitely make you feel some sort of way,” he says.</p><p><blockquote>“他说：”你得到的秋千肯定会让你有某种感觉。</blockquote></p><p> Companies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.</p><p><blockquote>公司也开始做出更积极的反应。他们要么拥抱他们的新主人，要么付钱给迷因学家来理解新华尔街充满表情符号的语言，这样他们就可以阻止他们或安抚他们。</blockquote></p><p> AMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.</p><p><blockquote>AMC 甚至在上周取消了一项拟议的股权融资，因为该公司显然不喜欢 Reddit 人群的反响。过去一年，AMC 的股票数量已经增加了五倍。首席执行官亚当-阿伦（Adam Aron）在推特上表示，他看到了 “许多人赞成，许多人反对 ”对他增发 2500 万股股票的提议的反应，因此该提议将被取消，而不是在本月晚些时候的 AMC 年会上进行表决。该公司没有回答有关如何调查股东的问题。</blockquote></p><p> Forget the boardroom. Corporate policy is now being determined in the chat room.</p><p><blockquote>忘了会议室吧。公司政策现在正在聊天室里决定。</blockquote></p><p> Big investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.</p><p><blockquote>大投资者正在花费更多时间跟踪社交媒体上有关股票的讨论。美国银行在今年的一项调查中发现，大约25%的机构已经在跟踪社交媒体情绪，但大约40%的机构有兴趣在未来使用它。</blockquote></p><p> In the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.</p><p><blockquote>在过去的几个月里，美国银行、摩根士丹利和摩根大通都发布了关于如何围绕零售行动进行交易的报告，得出了有些不同的结论。</blockquote></p><p> There can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.</p><p><blockquote>正如摩根士丹利所说，信号中可能存在 “阿尔法”，但要实现这一目标可能需要一些紧张的数字运算。当然，并不是所有的留言板聊天都会导致价格持续上涨，如果没有大量的数据分析，零售订单流很难与机构流分开。对于拥有工具来确定散户投资者正在购买哪些股票和正在出售哪些股票的投资者来说，摩根大通建议做多买入兴趣最高的 20% 的股票，做空卖出兴趣最高的 20% 的股票。</blockquote></p><p> For now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.</p><p><blockquote>提供跟踪社交媒体情绪产品的另类数据公司Thinknum的鲍里斯·斯皮瓦克(Boris Spiwak)表示，目前，许多购买社交媒体情绪数据的机构似乎都在试图降低风险，而不是寻找新的机会。“他说：”他们认为这几乎就像一份保险，以限制他们的下行风险。</blockquote></p><p></p><p> For retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.</p><p><blockquote>对于零售商来说，这种方法并不总是科学的。这一行动是由社区精神支撑的。其背后的力量既是情感上的，也是道德上的，也是经济上的。</blockquote></p><p> New investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.</p><p><blockquote>新投资者表示，他们的动机是希望证明自己，并像利润一样惩罚保守派。他们互相学习市场，有时会放大或揭穿关于华尔街的阴谋论。一些人将模因股票运动与2008年金融危机引发的对大型金融机构的持续不信任联系起来。</blockquote></p><p> “Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”</p><p><blockquote>“26 岁的科尔斯说：”华尔街让我们的经济陷入困境，但没有人因此惹上麻烦。“所以，我认为他们认为我们不仅可以赚钱，还可以让华尔街的这些对冲基金付钱。”</blockquote></p><p> Claire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”</p><p><blockquote>克莱尔·赫希伯格 (Claire Hirschberg) 是一名 28 岁的工会组织者，她在 1 月份从朋友那里听说 Robinhood 上购买了价值约 50 美元的游戏驿站股票。她喜欢这个想法，但真正让她兴奋的是她父亲的反应，他是一名长期的资金经理。“她笑着说：”他很生气我买了游戏驿站，还不肯卖。“这让我想永远拿着它。”</blockquote></p><p> Just like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.</p><p><blockquote>就像老华尔街有仪式和准则一样，新华尔街也有。一位新的投资银行员工很快就会知道，在你成为合伙人之前，你不会打菲拉格慕领带。在总经理离开之前，你从不离开办公室，你也不会抱怨工作时间。坏人是监管者和参议员伊丽莎白·沃伦，而且不是按顺序。</blockquote></p><p> The new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.</p><p><blockquote>新的交易台——数百万散户交易者现在使用的应用程序和他们聚集的留言板——也有潜规则。公开承认财务损失是一种勇敢的行为，是内部坚韧和对本集团信念的证明。你不把自己当回事，也不规范语言。你是 “猿类 ”或 “弱智 ”大军的一员。你坚持住，即使这意味着你可能会失去一切。坏人依次是卖空者、做市商和华尔街精英。</blockquote></p><p> The group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.</p><p><blockquote>集体行动不仅仅是为了精神支持。交易策略取决于人们保持买入压力，迫使做空，或买入看涨期权，从而引发所谓的伽马挤压。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75d79c78a14cc8f297e17397cc54bdb5\" tg-width=\"1260\" tg-height=\"840\"><span>Keith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.</span></p><p><blockquote><p class=\"t-img-caption\"><span>基思·吉尔 (Keith Gill) 在二月份众议院金融服务委员会听证会上虚拟露面，成为 Reddit 散户交易员大军推高游戏驿站股价的代言人。</span></p></blockquote></p><p> Many short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.</p><p><blockquote>许多卖空者表示，他们不会再碰这些股票了。但显然，其他人并没有采纳这一建议，而是通过反复做空股票来给备忘录运动注入氧气。6 月中旬，AMC 的空头权益占该股流通量的 17%，低于 1 月份的 28%，但降幅不大。</blockquote></p><p> As the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”</p><p><blockquote>随着价格上涨，空头们也控制不住自己。多年来一直关注游戏驿站的韦德布什证券分析师迈克尔-帕切特（Michael Pachter）说，他们开始 “流口水，耳朵里冒出火焰”。“他说：”让我感到震惊的是精神错乱的定义，就是一遍又一遍地做同样的事情，每次都希望有不同的结果，而空头却不断出现。“[游戏驿站公牛]基思-吉尔（Keith Gill）和他的 Reddit raiders 一直在挤压他们，而且一直在起作用。”</blockquote></p><p> To beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath &amp; Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.</p><p><blockquote>为了击败卖空者，Reddit 人群需要团结起来，但该社区有时会出现裂缝。拥有最坚定粉丝群的两只模因股票——游戏驿站和 AMC——仍然拥有庞大的核心信徒大军，他们似乎不容易动摇。但其他名字似乎有更善变的支持者。几只陷入迷因疯狂的股票已经崩溃。 Bed Bath &amp; Beyond (BBBY) 在 1 月底和 6 月初两次飙升，但现在的交易价格仅略高于 1 月中旬的水平。在上涨期间买入的人已经赔钱了。</blockquote></p><p> Distrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.</p><p><blockquote>不信任已经蔓延，一些交易员担心 wallstreetbets——激发游戏驿站狂热的最初 Reddit 留言板——发展如此之快，以至于它已经失去了最初的精神，并可能变得容易受到操纵。有些人搬到了其他留言板，如 r/superstonk，希望能重现老社区的风味。</blockquote></p><p> Travis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.</p><p><blockquote>社交媒体跟踪公司 Hype Equity 的创始人特拉维斯·雷尔 (Travis Rehl) 表示，他试图将可能的操纵者与更有机的投资者情绪区分开来。他说，炒作股权通常由代表网上谈论的公司的公关公司雇佣。现在，他看到了一种不断增长的趋势，即股票突然出现在留言板上，收到积极的聊天，然后消失。</blockquote></p><p></p><p> “It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from&nbsp;Barron’s&nbsp;for comment.</p><p><blockquote>“他说：”这让人怀疑什么是真正的讨论，什么是某人只想炒作的东西。wallstreetbets 的版主禁止在该平台上操纵市场，Rehl 表示，他们似乎正在努力遏制错误信息。主持人没有回应《巴伦周刊》的置评请求。</blockquote></p><p> “If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.</p><p><blockquote>“索斯尼克说：”如果你能制造足够的轰动效应，让一只股票在短时间内上涨 10%、20%，甚至 50%，那么你就有巨大的动力去做这件事。</blockquote></p><p> The Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.</p><p><blockquote>美国证券交易委员会正在关注留言板上的有趣交易。美国证券交易委员会主席加里·詹斯勒（Gary Gensler）和一些国会议员讨论了改变市场规则，目的是增加保护散户交易者的透明度——尽管如果这些变化减缓交易速度或使交易成本更高，也可能激怒零售人群。</blockquote></p><p> Regulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”</p><p><blockquote>监管并不是唯一能遏制这一趋势的因素。fintech Betterment 行为金融和投资副总裁丹·伊根 (Dan Egan) 认为，这种势头可能会在 9 月份耗尽。即使是 “猿猴 ”也有责任。“他说：”孩子们开始重返校园；家长们也可以自由地再次上班了。“那是下一次从房间里抽出氧气的时候了。”</blockquote></p><p> Traditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.</p><p><blockquote>传统投资者可能会倾向于将整个现象视为由封锁和免费政府资金引发的暂时疯狂。但那将是一个错误。如果零佣金经纪和游戏驿站乐趣打破了数百万新投资者开户的障碍，那么只要大多数人用他们并不立即需要的钱下注，这几乎肯定是一件好事。许多新零售商表示，他们正在自学如何交易，并开始分散持股。</blockquote></p><p> In one form or another, this is the future client base of Wall Street.</p><p><blockquote>无论如何，这是华尔街未来的客户群。</blockquote></p><p> Arizona State University professor Hendrik Bessembinder published groundbreaking&nbsp;research&nbsp;in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.</p><p><blockquote>亚利桑那州立大学教授亨德里克-贝森宾德（Hendrik Bessembinder）在2018年发表了一项开创性的研究，发现“在随机选择的月份随机选择的股票，亏损的可能性大于赚钱的可能性”。简而言之，挑选单只股票并持有集中投资组合往往是一种失败的策略。</blockquote></p><p> Even so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”</p><p><blockquote>即便如此，他还是对新一波交易感到鼓舞。“贝森宾德说：”我欢迎零售交易的增加，欢迎股票市场成为一个广泛参与的地方。“经济学家不能告诉人们他们不应该找点乐子”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WKHS":"Workhorse Group, Inc.","BB":"黑莓","CLOV":"Clover Health Corp","SCHW":"嘉信理财","AMC":"AMC院线","NEGG":"Newegg Comm Inc.","BBBY":"Bed Bath & Beyond, Inc.","GME":"游戏驿站","CARV":"卡弗储蓄"},"source_url":"https://www.barrons.com/articles/the-meme-stock-trade-is-far-from-over-what-investors-need-to-know-51625875247?mod=hp_HERO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112201050","content_text":"It seemed to be only a matter of time.\nWhen GameStop (ticker: GME), BlackBerry (BB), and even the desiccated carcass of Blockbuster suddenly sprang to life in January, the clock was already ticking for when they would crash again. Would it be hours, days, or weeks?\nIt has now been half a year, and the core “meme stocks” are still trading at levels considered outrageous by people who have studied them for years. New names like Clover Health Investments(CLOV) and Newegg Commerce(NEGG) have recently popped up on message boards, and their stocks have popped, too.\nThe collective efforts of millions of retail traders—long derided as “the dumb money”—have successfully held stocks aloft and forced naysayers to capitulate.\nThat is true even as the companies they are betting on have shown scant signs of transforming their businesses, or turning profits that might justify their valuations. BlackBerry burned cash in its latest quarter and warned that its key cybersecurity division would hit the low end of its revenue guidance; the stock dipped on the news but has still more than doubled in the past year.\nWhile trading volume at the big brokers has come down slightly from its February peak, it remains two to three times as high as it was before the pandemic. And a startling amount of that activity is occurring in stocks favored by retail traders. The average daily value of shares traded in AMC Entertainment Holdings(AMC), for example, reached $13.1 billion in June, more than Apple’s(AAPL) $9.5 billion and Amazon.com’s (AMZN) $10.3 billion.\nEven as the coronavirus fades in the U.S., most new traders say they are committed to the hobby they learned during lockdown—58% of day traders in a Betterment survey said they are planning to trade even more in the future, and only 12% plan to trade less. Amateur pandemic bakers have stopped kneading sourdough loaves; traders are only getting hungrier.\nA sustained bear market would spoil such an appetite, as it did when the dot-com bubble burst. For now, dips are reasons to hold or buy.\n\n“I’ve seen that the ‘buy the dip’ sentiment hasn’t relented for a moment,” wrote Brandon Luczek, an electronics technician for the U.S. Navy who trades with friends online, in an email to Barron’s.\nThe meme stock surge has been propelled by a rise in trading by retail investors. In 2020, online brokers signed clients at a record pace, with more than 10 million people opening new accounts. That record will almost certainly be broken in 2021. Brokers had already added more than 10 million accounts less than halfway into the year, some of the top firms have disclosed.\nMeme stocks are both the cart and the horse of this phenomenon. Their sudden price spikes are driven by new investors, and then that action drives even more new people to invest. Millions of people downloaded investing apps in late January and early February just to be a part of the fun. A recent Charles Schwab(SCHW) survey found that 15% of all current traders began investing after 2020.\n\nThe most prominent player in the surge is Robinhood, which said it had added 5.5 million funded accounts in the first quarter alone. But it isn’t alone. Fidelity, for instance, announced that it had attracted 1.6 million new customers under the age of 35 in the first quarter, 223% more than a year before.\nUnder pressure from Robinhood’s zero-commission model, all of the major brokers cut commissions to zero in 2019. That opened the floodgates to a new group of customers—one that may not have as much spare cash to trade but is more active and diverse than its predecessors. And the brokers are cashing in. Fidelity is hoping to attract investors before they even have driver’s licenses, allowing children as young as 13 to open trading accounts. Robinhood is riding the momentum to an initial public offering that analysts expect to value it at more than 10 times its revenue.\nThese new customers act differently than their older peers. For years, there was a “big gravitation toward ETFs,” says Chris Larkin, head of trading at E*Trade, which is now owned by Morgan Stanley (MS). But picking single stocks is clearly “the big story of 2021.”\nTo be sure, equity exchange-traded funds are still doing well, as investors around the world bet on the pandemic recovery and avoid weak bond yields.\nBut ETFs don’t light up the message boards like stocks do. Not that it has been a one-way ride for the top names. GameStop did dip in February, and Wall Street enjoyed a moment of schadenfreude. It didn’t last.\n“Like cicadas, meme traders returned in a wild blaze of activity after being seemingly underground for several months,” wrote Steve Sosnick, chief strategist at Interactive Brokers. Sosnick believes that the meme stocks tend to trade inversely to cryptocurrencies, because their fans rotate from one to the other as the momentum shifts.\n“I don’t think it’s strictly a coincidence that meme stocks roared back to life after a significant correction in Bitcoin and other cryptocurrencies,” he wrote.\nSosnick considers meme stocks a “sector unto themselves,” one that he segregates on his computer monitor away from other stock tickers.\nIndeed, Wall Street’s reaction to the meme stock revolution has been to isolate the parts of the market that the pros deem irrational. Most short sellers won’t touch the stocks, and analysts are dropping coverage.\nBut Wall Street can’t swat the retail army away like cicadas, or count on them disappearing for the next 17 years. Stock trading has permanently shifted. This year, retail activity accounts for 24% of equity volume, up from 15% in 2019. Adherents to the new creed are not passive observers willing to let Wall Street manage the markets.\n\n“What this really reflects is a reversal of the trends that we saw toward less and less engagement with individual companies,” says Joshua Mitts, a professor at Columbia Law School specializing in securities markets. “Technology is bringing the average investor closer to the companies in which he or she invests, and that’s just taking on new and unpredictable forms.”\nThe swings you get can definitely make you feel some sort of way.\n— Matt Kohrs, 26, who streams stock analysis daily on YouTube\nIt is now changing the lives of those who got in early and are still riding the names higher.\nTake Matt Kohrs, who had invested in AMC Entertainment early. He quit his job as a programmer in New York in February, moved to Philadelphia, and started streaming stock analysis on YouTube for seven hours a day.\nWith 350,000 YouTube followers, it’s paying the bills. With his earnings from ads and from the stock, Kohrs says he can pull down roughly the same salary he made before. But he also knows that relying on earnings from stocks like this is nothing like a 9-to-5 job.\n“The swings you get can definitely make you feel some sort of way,” he says.\nCompanies are starting to react more aggressively, too. They are either embracing their new owners or paying meme-ologists to understand the emoji-filled language of the new Wall Street so they can ward them off or appease them.\nAMC even canceled a proposed equity raise this past week because the company apparently didn’t like the vibes it was getting from the Reddit crowd. AMC has already quintupled its share count over the past year. CEO Adam Aron tweeted that he had seen “many yes, many no” reactions to his proposal to issue 25 million more shares, so it will be canceled instead of being presented for a vote at AMC’s annual meeting later this month. The company did not respond to a question on how it had polled shareholders.\nForget the boardroom. Corporate policy is now being determined in the chat room.\nBig investors are spending more time tracking social-media discussions about stocks. Bank of America found in a survey this year that about 25% of institutions had already been tracking social-media sentiment, but that about 40% are interested in using it going forward.\nIn the past few months, Bank of America, Morgan Stanley, and J.P. Morgan have all produced reports on how to trade around the retail action, coming to somewhat different conclusions.\nThere can be “alpha in the signal,” as Morgan Stanley put it, but it can take some intense number-crunching to get there. Not all message-board chatter leads to sustained price gains, of course, and retail order flow cannot easily be separated from institutional flow without substantial data analysis. For investors with the tools to pinpoint which stocks retail investors are buying and which they are selling, J.P. Morgan suggests going long on the 20% of stocks with the most buying interest and short on the top 20% in selling interest.\nFor now, many of the institutions buying data on social-media sentiment appear to be trying to reduce their risks, as opposed to scouting new opportunities, according to Boris Spiwak of alternative data firm Thinknum, which offers products that track social-media sentiment. “They see it as almost like an insurance policy, to limit their downside risks,” he says.\nFor retail traders, the method isn’t always scientific. The action is sustained by a community ethos. And the force behind it is as much emotional and moral as financial.\nNew investors say they are motivated by a desire to prove themselves and punish the old guard as much as by profits. They learn from one another about the market, sometimes amplifying or debunking conspiracy theories about Wall Street. Some link the meme-stock movement to continued mistrust of big financial institutions stemming from the 2008 financial crisis.\n“Wall Street brought our economy to its knees, and no one ever got in trouble for it,” says the 26-year-old Kohrs. “So, I think they view this as not only can we make money, but we can also make these hedge funds on Wall Street pay.”\nClaire Hirschberg is a 28-year-old union organizer who bought about $50 worth of GameStop stock on Robinhood in January after hearing about it from friends. She liked the idea, but what really got her excited about it was the reaction of her father, a longtime money manager. “He was so mad I had bought GameStop and was refusing to sell,” she says, laughing. “And that just makes me want to hold it forever.”\nJust like old Wall Street has rituals and codes, the new one does, too. A new investment banking employee learns quickly that you don’t wear a Ferragamo tie until after you make associate. You never leave the office until the managing director does, and you don’t complain about the hours. And the bad guys are the regulators and Sen. Elizabeth Warren, and not in that order.\nThe new trading desk—the apps that millions of retail traders now use and the message boards where they congregate—have unspoken rules, too. Publicly acknowledging financial losses is a valiant act, evidence of internal fortitude and belief in the group. You don’t take yourself seriously and you don’t police language. You are part of an army of “apes” or “retards.” You hold through the crashes, even if it means you might lose everything. And the bad guys are the short sellers, the market makers, and the Wall Street elites, in that order.\nThe group action is not just for moral support. The trading strategy depends on people keeping up the buying pressure to force a short squeeze or to buy bullish options that trigger what’s known as a gamma squeeze.\nKeith Gill became the face of the Reddit army of retail traders pushing shares of GameStop higher when he appeared virtually before a House Financial Services Committee hearing in February.\nMany short sellers say they won’t touch these stocks anymore. But clearly, others aren’t taking that advice and are giving the meme movement oxygen by repeatedly betting against the stocks. AMC’s short interest was at 17% of the stock’s float in mid-June, down from 28% in January, but not by much.\nAs the price rises, the shorts can’t help themselves. They start “drooling, with flames coming out of their ears,” says Michael Pachter, a Wedbush Securities analyst who has covered GameStop for years. “What’s kind of shocked me is the definition of insanity, which is doing the same thing over and over and over again and hoping for a different outcome each time, and the shorts keep coming back,” he says. “And [GameStop bull] Keith Gill and his Reddit raiders keep squeezing them, and it keeps working.”\nTo beat the short sellers, the Reddit crowd needs to hold together, but the community has been showing cracks at times. The two meme stocks with the most determined fan bases—GameStop and AMC—still have enormous armies of core believers who do not seem easily swayed. But other names seem to have more-fickle backers. Several stocks caught up in the meme madness have come crashing down to earth.Bed Bath & Beyond(BBBY) spiked twice—in late January and early June—but now trades only slightly above its mid-January levels. People who bought during the upswings have lost money.\nDistrust has spread, and some traders worry that wallstreetbets— the original Reddit message board that inspired the GameStop frenzy—has grown so fast that it has lost its original spirit, and potentially grown vulnerable to manipulation. Some have moved to other message boards, like r/superstonk, in hopes of reclaiming the old community’s flavor.\nTravis Rehl, the founder of social-media tracking company Hype Equity, says that he tries to separate possible manipulators from more organic investor sentiment. Hype Equity is usually hired by public-relations firms representing companies that are being talked about online, he says. Now, he sees a growing trend of stocks that suddenly come up on message boards, receive positive chatter, and then disappear.\n“It’s called into question what is a true discussion versus what is something that somebody just wants to pump,” he says. The moderators of wallstreetbets forbid market manipulation on the platform, and Rehl say they appear to work hard to police misinformation. The moderators did not respond to a request from Barron’s for comment.\n“If you can create enough buzz to get a stock that goes up 10%, 20%, even 50% in a short period of time, there’s a tremendous incentive to do that,” Sosnick says.\nThe Securities and Exchange Commission is watching for funny business on the message boards. SEC Chairman Gary Gensler and some members of Congress have discussed changing market rules with the intention of adding transparency protecting retail traders—although changes could also anger the retail crowd if they slow down trading or make it more expensive.\nRegulations aren’t the only thing that could deflate this trend. Dan Egan, vice president of behavioral finance and investing at fintech Betterment, thinks the momentum may run out of steam in September. Even “apes” have responsibilities. “Kids start going back to schools; parents are free to go to work again,” he says. “That’s the next time there’s going to be some oxygen pulled out of the room.”\nTraditional investors may be tempted to write off the entire phenomenon as temporary madness inspired by lockdowns and free government money. But that would be a mistake. If zero-commission brokerages and fun with GameStop broke down barriers for millions of new investors to open accounts, it’s almost certainly a good thing, as long as most people bet with money they don’t need immediately. Many new retail traders say they are teaching themselves how to trade, and have begun to diversify their holdings.\nIn one form or another, this is the future client base of Wall Street.\nArizona State University professor Hendrik Bessembinder published groundbreaking research in 2018 that found that “a randomly selected stock in a randomly selected month is more likely to lose money than make money.” In short, picking single stocks and holding a concentrated portfolio tends to be a losing strategy.\nEven so, he’s encouraged by the new wave of trading. “I welcome the increase in retail trading, the idea of the stock market being a place with wide participation,” Bessembinder says. “Economists can’t tell people they shouldn’t get some fun.”","news_type":1,"symbols_score_info":{"SCHW":0.9,"CLOV":0.9,"NEGG":0.9,"CARV":0.9,"MRIN":0.9,"WKHS":0.9,"BBBY":0.9,"BB":0.9,"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141733686,"gmtCreate":1625890477545,"gmtModify":1633936319329,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/141733686","repostId":"1177397700","repostType":4,"isVote":1,"tweetType":1,"viewCount":966,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143584690,"gmtCreate":1625802157810,"gmtModify":1633937162935,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/143584690","repostId":"1175159799","repostType":4,"repost":{"id":"1175159799","kind":"news","pubTimestamp":1625799375,"share":"https://www.laohunote.com/m/news/1175159799?lang=zh_CN&edition=full","pubTime":"2021-07-09 10:56","market":"us","language":"en","title":"Another Summer, Another Deep-Dive into Leisure Stocks<blockquote>又一个夏天，休闲股再次深入挖掘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175159799","media":"Nasdaq","summary":"The U.S. hospitality industry had a horrible 2020, with hotel occupancy starting to decline at the e","content":"<p>The U.S. hospitality industry had a horrible 2020, with hotel occupancy starting to decline at the end of the first quarter when the pandemic hit, and remaining below 40% through January this year. There has been a gradual increase in each successive month thereafter, taking the number to 59.3% in May. The average daily rate (ADR) followed a similar trend, but only started recovering in March. And similarly for Revenue per available room (RevPAR).</p><p><blockquote>美国酒店业经历了可怕的 2020 年，酒店入住率在疫情爆发的第一季度末开始下降，直到今年 1 月仍低于 40%。此后每个月都在逐渐增加，5月份这一数字达到59.3%。日均利率 (ADR) 也遵循类似的趋势，但直到 3 月份才开始复苏。每间可用客房的收入（RevPAR）也是如此。</blockquote></p><p> STR data shows that demand for hotel accommodation dropped to its lowest level in April 2020, when it was below 40% of the comparable 2019 level. It has improved steadily since, reaching 87% of the comparable 2019 level in May this year.However, revenue growth reached only 71% of the 2019 level, gross operating profit was at 72% and EBITDA at 64%.</p><p><blockquote>STR数据显示，酒店住宿需求在2020年4月降至最低水平，当时低于2019年可比水平的40%。此后稳步改善，今年5月达到2019年可比水平的87%。然而，收入增长仅达到2019年水平的71%，营业毛利润为72%，EBITDA为64%。</blockquote></p><p> Labor is a constraint, according to STR, with labor costs reaching only 64% during the month. The <a href=\"https://laohu8.com/S/AFG\">American</a> Hotel &amp; Lodging Association (AHLA) says that as of Jan 21, the industry employed 4 million fewer people than in 2019. A PWC report says that hotel unemployment improved in April to 13.8% from 19.9% in March).</p><p><blockquote>据 STR 称，劳动力是一个制约因素，当月劳动力成本仅达到 64%。这个<a href=\"https://laohu8.com/S/AFG\">美国的</a>酒店和住宿协会（AHLA）表示，截至1月21日，该行业的就业人数比2019年减少了400万人。普华永道的一份报告称，4 月份酒店失业率从 3 月份的 19.9% 上升至 13.8%）。</blockquote></p><p> This ties in with the weekly survey data from Destination Analysts, which found that in the week ending Jun 25, 43% of recent travelers felt that the travel industry was having trouble providing services. They also found that as a result of these experiences, 17.3% had decided to do more research when planning their next trip, 14.9% had decided to cut back on their travel while 11.8% had already changed their destination/attraction for an upcoming trip.</p><p><blockquote>这与目的地分析师的每周调查数据有关，该数据发现，在截至6月25日的一周内，43%的近期旅行者认为旅游业在提供服务方面遇到了困难。他们还发现，由于这些经历，17.3%的人决定在计划下一次旅行时做更多的研究，14.9%的人决定减少旅行，而11.8%的人已经改变了即将到来的旅行的目的地/景点。</blockquote></p><p> However, of the 44.6% of Americans that have taken overnight trips in the last three months, 60.3% were satisfied or very satisfied with their restaurant experience. There was less enthusiasm about hotels, events, attractions, onboard commercial airlines and in-airport businesses. Still, 28.2% were encouraged to travel more.</p><p><blockquote>然而，在过去三个月内进行过通宵旅行的44.6%的美国人中，60.3%的人对他们的餐厅体验感到满意或非常满意。人们对酒店、活动、景点、商业航空公司和机场内业务的热情较低。尽管如此，28.2%的人还是被鼓励多旅行。</blockquote></p><p> The AHLA sees particular weakness in business travel, with only 29% of travelers taking a trip in first-half 2021, 36% in the second half with an additional 20% coming next year. 2019 levels are not expected to be achieved until 2023 or 2024. This is a big blow for the industry because business travel tends to be more stable and better-distributed through the year.</p><p><blockquote>AHLA认为商务旅行尤其疲软，只有29%的旅行者在2021年上半年旅行，36%在下半年，另外20%在明年。预计要到2023年或2024年才能达到2019年的水平。这对该行业来说是一个很大的打击，因为全年商务旅行往往更加稳定和分布更好。</blockquote></p><p> AnAccenture reportconcludes that this should drive hotels to target the leisure customer, who has also undergone a big change as a result of the pandemic and now expects a better focus on health and safety. The vast majority also prefers local travel where they don’t have to board a plane.</p><p><blockquote>埃森哲的报告得出结论，这应该会促使酒店瞄准休闲顾客，休闲顾客也因疫情而发生了巨大变化，现在希望更好地关注健康和安全。绝大多数人也更喜欢在当地旅行，因为他们不必登机。</blockquote></p><p> Get Smart Investing delivered to your inbox weekly</p><p><blockquote>每周将智能投资发送到您的收件箱</blockquote></p><p> Subscribe NowSponsored LinksAvoid Grammatical Errors with This Helpful Browser ExtensionGrammarly<a href=\"https://trc.taboola.com/nasdaq-nasdaq/log/3/click?pi=%2Farticles%2Fanother-summer-another-deep-dive-into-leisure-stocks-2021-07-08&amp;ri=280a40087784ebb5f8593d169de0fa12&amp;sd=v2_1f44cba24549ceff5eae4220417cc00f_739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5_1625799373_1625799373_CIi3jgYQpexOGLrixsmoLyABKAMwXjiHxgpQ____________AVgAYPgFaMnN7e355PrqbQ&amp;ui=739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5&amp;it=text&amp;ii=~~V1~~-2271844424992261882~~GYmfRNGSl0rK8-nnFPMPP75ju3kqkUmsJg8o22PFmrMndpXq_nTToVci-tV_1bYyPVPbFHdycXfyr1VxmozLcV7JbGFbjtizQN29Zpin8p1JlawpbYFtoRw_FVSAoDPy8yoVX_ZV1DUzrU9mgEqIxVpt34vkyVLCqQj-j_6Ik-WFwt9_72reDSrMsTKuuUo5nQWg8xf9hxSk2mft8VuEUpKTtSXAAAG_KGWuoC8Kedz30ZsDV4TPEZhYUq6-neqBck-h9NOhJgoaa9oN4uh4cUJ3e9P0FOqxzd67ctpPQJ21bRdWwF-LL0jq9xtEg2_2&amp;pt=text&amp;li=rbox-t2m&amp;sig=6feaf0991d322d2f1977d4ad75829318e70a01bfce29&amp;redir=https%3A%2F%2Fwww.grammarly.com%3Futm_source%3Dtaboola%26utm_campaign%3DTier2PredictiveDesktop%26utm_medium%3Dcpc%26utm_content%3Dnasdaq-nasdaq%26utm_placement%3DDesktop%26tblci%3DGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ%23tblciGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ&amp;vi=1625799373114&amp;p=grammarly-sc&amp;r=39&amp;lti=deflated&amp;ppb=CLcG&amp;cpb=EhIyMDIxMDcwOC01LVJFTEVBU0UYASCc__________8BKhlzZy50YWJvb2xhc3luZGljYXRpb24uY29tMgh3YXRlcjM0NziA-qnyBUCHxgpY____________AWMI7___________ARDv__________8BGBFkYwjXFhDVHxgjZGMI3P__________ARDc__________8BGCRkYwjcChCgEBgWZGMIqB8Q6CoYB2RjCNIDEOAGGAhkYwiWFBCcHBgYZGMIhh8QwyoYGWRjCPf__________wEQ9___________ARgJZGMI9BQQnh0YH2R4AYABAogBgvnfSA&amp;cta=true\" target=\"_blank\">Install Now</a></p><p><blockquote>立即订阅赞助链接使用这个有用的浏览器扩展避免语法错误语法<a href=\"https://trc.taboola.com/nasdaq-nasdaq/log/3/click?pi=%2Farticles%2Fanother-summer-another-deep-dive-into-leisure-stocks-2021-07-08&amp;ri=280a40087784ebb5f8593d169de0fa12&amp;sd=v2_1f44cba24549ceff5eae4220417cc00f_739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5_1625799373_1625799373_CIi3jgYQpexOGLrixsmoLyABKAMwXjiHxgpQ____________AVgAYPgFaMnN7e355PrqbQ&amp;ui=739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5&amp;it=text&amp;ii=~~V1~~-2271844424992261882~~GYmfRNGSl0rK8-nnFPMPP75ju3kqkUmsJg8o22PFmrMndpXq_nTToVci-tV_1bYyPVPbFHdycXfyr1VxmozLcV7JbGFbjtizQN29Zpin8p1JlawpbYFtoRw_FVSAoDPy8yoVX_ZV1DUzrU9mgEqIxVpt34vkyVLCqQj-j_6Ik-WFwt9_72reDSrMsTKuuUo5nQWg8xf9hxSk2mft8VuEUpKTtSXAAAG_KGWuoC8Kedz30ZsDV4TPEZhYUq6-neqBck-h9NOhJgoaa9oN4uh4cUJ3e9P0FOqxzd67ctpPQJ21bRdWwF-LL0jq9xtEg2_2&amp;pt=text&amp;li=rbox-t2m&amp;sig=6feaf0991d322d2f1977d4ad75829318e70a01bfce29&amp;redir=https%3A%2F%2Fwww.grammarly.com%3Futm_source%3Dtaboola%26utm_campaign%3DTier2PredictiveDesktop%26utm_medium%3Dcpc%26utm_content%3Dnasdaq-nasdaq%26utm_placement%3DDesktop%26tblci%3DGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ%23tblciGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ&amp;vi=1625799373114&amp;p=grammarly-sc&amp;r=39&lt;i=deflated&amp;ppb=CLcG&amp;cpb=EhIyMDIxMDcwOC01LVJFTEVBU0UYASCc__________8BKhlzZy50YWJvb2xhc3luZGljYXRpb24uY29tMgh3YXRlcjM0NziA-qnyBUCHxgpY____________AWMI7___________ARDv__________8BGBFkYwjXFhDVHxgjZGMI3P__________ARDc__________8BGCRkYwjcChCgEBgWZGMIqB8Q6CoYB2RjCNIDEOAGGAhkYwiWFBCcHBgYZGMIhh8QwyoYGWRjCPf__________wEQ9___________ARgJZGMI9BQQnh0YH2R4AYABAogBgvnfSA&amp;cta=true\" target=\"_blank\">立即安装</a></blockquote></p><p> The U.S. hospitality industry had a horrible 2020, with hotel occupancy starting to decline at the end of the first quarter when the pandemic hit, and remaining below 40% through January this year. There has been a gradual increase in each successive month thereafter, taking the number to 59.3% in May. The average daily rate (ADR) followed a similar trend, but only started recovering in March. And similarly for Revenue per available room (RevPAR).</p><p><blockquote>美国酒店业经历了可怕的2020年，当疫情袭击时，酒店入住率在第一季度末开始下降，并在今年1月保持在40%以下。此后每个月都在逐渐增加，5月份这一数字达到59.3%。日均利率 (ADR) 也遵循类似的趋势，但直到 3 月份才开始复苏。每间可用客房的收入（RevPAR）也是如此。</blockquote></p><p></p><p> STR data shows that demand for hotel accommodation dropped to its lowest level in April 2020, when it was below 40% of the comparable 2019 level. It has improved steadily since, reaching 87% of the comparable 2019 level in May this year.However, revenue growth reached only 71% of the 2019 level, gross operating profit was at 72% and EBITDA at 64%.</p><p><blockquote>STR数据显示，酒店住宿需求在2020年4月降至最低水平，当时低于2019年可比水平的40%。此后稳步改善，今年5月达到2019年可比水平的87%。然而，收入增长仅达到2019年水平的71%，营业毛利润为72%，EBITDA为64%。</blockquote></p><p> Labor is a constraint, according to STR, with labor costs reaching only 64% during the month. The <a href=\"https://laohu8.com/S/AMSWA\">American</a> Hotel &amp; Lodging Association (AHLA) says that as of Jan 21, the industry employed 4 million fewer people than in 2019. A PWC report says that hotel unemployment improved in April to 13.8% from 19.9% in March).</p><p><blockquote>据 STR 称，劳动力是一个制约因素，当月劳动力成本仅达到 64%。这个<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>酒店和住宿协会（AHLA）表示，截至1月21日，该行业的就业人数比2019年减少了400万人。普华永道的一份报告称，4 月份酒店失业率从 3 月份的 19.9% 上升至 13.8%）。</blockquote></p><p> This ties in with the weekly survey data from Destination Analysts, which found that in the week ending Jun 25, 43% of recent travelers felt that the travel industry was having trouble providing services. They also found that as a result of these experiences, 17.3% had decided to do more research when planning their next trip, 14.9% had decided to cut back on their travel while 11.8% had already changed their destination/attraction for an upcoming trip.</p><p><blockquote>这与目的地分析师的每周调查数据有关，该数据发现，在截至6月25日的一周内，43%的近期旅行者认为旅游业在提供服务方面遇到了困难。他们还发现，由于这些经历，17.3%的人决定在计划下一次旅行时做更多的研究，14.9%的人决定减少旅行，而11.8%的人已经改变了即将到来的旅行的目的地/景点。</blockquote></p><p> However, of the 44.6% of Americans that have taken overnight trips in the last three months, 60.3% were satisfied or very satisfied with their restaurant experience. There was less enthusiasm about hotels, events, attractions, onboard commercial airlines and in-airport businesses. Still, 28.2% were encouraged to travel more.</p><p><blockquote>然而，在过去三个月内进行过通宵旅行的44.6%的美国人中，60.3%的人对他们的餐厅体验感到满意或非常满意。人们对酒店、活动、景点、商业航空公司和机场内业务的热情较低。尽管如此，28.2%的人还是被鼓励多旅行。</blockquote></p><p> The AHLA sees particular weakness in business travel, with only 29% of travelers taking a trip in first-half 2021, 36% in the second half with an additional 20% coming next year. 2019 levels are not expected to be achieved until 2023 or 2024. This is a big blow for the industry because business travel tends to be more stable and better-distributed through the year.</p><p><blockquote>AHLA认为商务旅行尤其疲软，只有29%的旅行者在2021年上半年旅行，36%在下半年，另外20%在明年。预计要到2023年或2024年才能达到2019年的水平。这对该行业来说是一个很大的打击，因为全年商务旅行往往更加稳定和分布更好。</blockquote></p><p> AnAccenture reportconcludes that this should drive hotels to target the leisure customer, who has also undergone a big change as a result of the pandemic and now expects a better focus on health and safety. The vast majority also prefers local travel where they don’t have to board a plane.</p><p><blockquote>埃森哲的报告得出结论，这应该会促使酒店瞄准休闲顾客，休闲顾客也因疫情而发生了巨大变化，现在希望更好地关注健康和安全。绝大多数人也更喜欢在当地旅行，因为他们不必登机。</blockquote></p><p> Read More</p><p><blockquote>阅读更多</blockquote></p><p> Most travelers want to physically connect with friends and family, so a lot of the trips are likely to be to their homes rather than hotels.</p><p><blockquote>大多数旅行者希望与朋友和家人有身体上的联系，所以很多旅行可能是去他们的家，而不是酒店。</blockquote></p><p> Which is why this summer is likely to be another good <a href=\"https://laohu8.com/S/AONE\">one</a> for the Leisure and Recreation Products industry, currently positioned at the top 7% of 250+ Zacks-classified industries. And as many of us already know, when an industry is positioned in the top 50% (the higher the better), there’s historical data showing that it’s likely to offer above-market returns. Especially so, if the stocks we are considering also have a Zacks #1 (Strong Buy) or #2 (Buy) rank.</p><p><blockquote>这就是为什么今年夏天可能又是一个好夏天<a href=\"https://laohu8.com/S/AONE\">一</a>对于休闲和娱乐产品行业，目前在 250 多个 Zacks 分类行业中排名前 7%。我们很多人都知道，当一个行业排名前 50%（越高越好）时，历史数据显示，它很可能会提供高于市场的回报。尤其是如果我们正在考虑的股票也有Zacks#1（强力买入）或#2（买入）排名。</blockquote></p><p> So let’s see what we have here-</p><p><blockquote>让我们看看我们有什么--</blockquote></p><p> <b>Academy Sports and Outdoors, Inc.ASO</b>, which offers outdoor, apparel, footwear and sports &amp; recreation gear has the #1 rank we are looking for. With Value and Growth Scores of A; expected revenue growth of 9.9% and expected earnings growth of 23.8%; and a 90- day change in the fiscal 2022 (ending January) and 2023 earnings estimates of 62.9% and 28.1%, respectively, this stock looks like a solid pick.</p><p><blockquote><b>学院运动与户外公司ASO</b>提供户外、服装、鞋类以及运动和休闲装备的公司拥有我们正在寻找的第一名。价值和增长得分为A；预期收入增长9.9%，预期盈利增长23.8%；2022 财年（截至 1 月）和 2023 财年的 90 天盈利预期分别变化了 62.9% 和 28.1%，这只股票看起来是一个可靠的选择。</blockquote></p><p> Number two on the list is<b>Clarus CorporationCLAR</b>, which designs and manufactures outdoor equipment and apparel for climbing, mountaineering, backpacking, skiing and other outdoor recreation activities. While this Zacks Rank #1 stock’s Value and Growth Scores of F are less than desirable, the expected revenue growth of 32.7% and earnings growth of 81.4% are pretty encouraging. The estimate revision trend for 2021 shows a 23-cent increase to $1.27 in the last 90 days. The 2022 estimate shows a 30-cent increase to $1.55.</p><p><blockquote>名单上的第二个是<b>克拉鲁斯公司CLAR</b>设计和制造用于攀岩、登山、背包旅行、滑雪和其他户外娱乐活动的户外装备和服装。虽然这只 Zacks 排名第一的股票的价值和 F 级增长得分并不理想，但 32.7% 的预期收入增长和 81.4% 的盈利增长还是相当令人鼓舞的。2021 年的估计修正趋势显示，在过去 90 天内上涨了 23 美分，达到 1.27 美元。2022 年的预测显示上涨 30 美分，达到 1.55 美元。</blockquote></p><p> Next we have<b>Smith &amp; Wesson Brands, Inc.SWBI</b>, the well-known manufacturer of pistols, revolvers, rifles, handcuffs and other related products and accessories. Apart from its Value, Growth and Momentum Scores of A, SWBI also has a Zacks #1 rank, which together indicate strong upside potential. And while the company is seeing somewhat difficult comps from a strong 2020, the estimate revision trend shows that it continues to move in the right direction.</p><p><blockquote>接下来我们有<b>史密斯威森品牌公司SWBI</b>、手枪、左轮手枪、步枪、手铐等相关产品及配件的知名制造商。除了价值、增长和动量得分为 A 之外，SWBI 还拥有 Zacks 排名第一的排名，这两者共同表明了强大的上行潜力。尽管该公司看到了强劲的 2020 年业绩带来的一些困难，但预估修正趋势表明，它将继续朝着正确的方向发展。</blockquote></p><p> So we find that the fiscal 2022 (ending April) earnings estimate is up 145.8% in the last 90 days. The 2023 wasn’t available 90 days ago, but since it became available 60 days ago, it has increased 66.3%.</p><p><blockquote>因此，我们发现 2022 财年（截至 4 月）盈利预期在过去 90 天内增长了 145.8%。2023 年在 90 天前还没有上市，但自从 60 天前上市以来，它已经上涨了 66.3%。</blockquote></p><p> #1 ranked<b>YETI Holdings, Inc.YETI</b>is known for its outdoor products targeting activities like hunting, fishing, camping, barbecue, farm and ranch, etc. The stock has got an encouraging B for Growth, but an F for everything else, which is not so hot. But a look at its double-digit revenue and earnings growth estimates for 2021 and 2022 are nothing short of exciting.</p><p><blockquote>排名第一<b>YETI 控股公司</b>以其针对狩猎、钓鱼、露营、烧烤、农场和牧场等活动的户外产品而闻名。该股的增长获得了令人鼓舞的 B 级，但其他方面都获得了 F 级，这并不那么热门。但看看其 2021 年和 2022 年两位数的收入和盈利增长预测，简直令人兴奋。</blockquote></p><p></p><p> Moreover, there’s also a positive estimate revision trend: the 2021 earnings estimate is up 8.8% while the 2022 estimate is up 9.1% in the last 90 days.</p><p><blockquote>此外，还有一个积极的预测修正趋势： 在过去的 90 天里，2021 年的盈利预测增长了 8.8%，而 2022 年的盈利预测增长了 9.1%。</blockquote></p><p> <b>Lazydays Holdings, Inc.LAZY</b>is the last <a href=\"https://laohu8.com/S/AONE.U\">one</a> I’m discussing here. You can head over to theindustry pageon zacks.com for more choices (it’s a really long list). This <a href=\"https://laohu8.com/S/AONE\">one</a> has got an A for both Value and Growth and a B for Momentum. It’s currently expected to grow revenue and earnings by a respective 20.7% and 22.4% this year.</p><p><blockquote><b>Lazydays 控股公司懒惰</b>是最后一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>我在这里讨论。您可以前往 zacks.com 上的行业页面查看更多选择（名单很长）。这个<a href=\"https://laohu8.com/S/AONE\">一</a>价值和增长都得到了A，动力得到了B。目前预计今年的收入和盈利将分别增长 20.7% 和 22.4%。</blockquote></p><p> While estimates from 90 days ago aren’t available, I’m seeing a 17-cent jump in the 2021 estimate in the last 60 days and a 20-cent jump in the 2022 estimate. And this is definitely a good trend.</p><p><blockquote>虽然没有 90 天前的估计值，但我认为 2021 年的估计值在过去 60 天里上涨了 17 美分，2022 年的估计值上涨了 20 美分。这绝对是一个很好的趋势。</blockquote></p><p> <u><b>Year-to-Date Price Performance</b></u><img src=\"https://static.tigerbbs.com/3f67ac3639c296d20c6476ab01f8959b\" tg-width=\"620\" tg-height=\"508\" referrerpolicy=\"no-referrer\"><i>Image Source: ZacksInvestment Research</i></p><p><blockquote><u><b>年初至今的价格表现</b></u><i>图片来源：ZacksInvestment Research</i></blockquote></p><p> <b>5 Stocks Set to Double</b></p><p><blockquote><b>5只股票将翻倍</b></blockquote></p><p> Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.</p><p><blockquote>每只股票都被 Zacks 专家精心挑选为 2020 年涨幅 +100% 或以上的头号热门股票。每一个都来自不同的行业，具有独特的品质和催化剂，可以推动非凡的增长。</blockquote></p><p> Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.</p><p><blockquote>本报告中的大多数股票都在华尔街的雷达下飞行，这提供了进入底层的绝佳机会。</blockquote></p><p> Number two on the list is<b>Clarus CorporationCLAR</b>, which designs and manufactures outdoor equipment and apparel for climbing, mountaineering, backpacking, skiing and other outdoor recreation activities. While this Zacks Rank #1 stock’s Value and Growth Scores of F are less than desirable, the expected revenue growth of 32.7% and earnings growth of 81.4% are pretty encouraging. The estimate revision trend for 2021 shows a 23-cent increase to $1.27 in the last 90 days. The 2022 estimate shows a 30-cent increase to $1.55.</p><p><blockquote>名单上的第二个是<b>克拉鲁斯公司CLAR</b>设计和制造用于攀岩、登山、背包旅行、滑雪和其他户外娱乐活动的户外装备和服装。虽然这只 Zacks 排名第一的股票的价值和 F 级增长得分并不理想，但 32.7% 的预期收入增长和 81.4% 的盈利增长还是相当令人鼓舞的。2021 年的估计修正趋势显示，在过去 90 天内上涨了 23 美分，达到 1.27 美元。2022 年的预测显示上涨 30 美分，达到 1.55 美元。</blockquote></p><p> Next we have<b>Smith &amp; Wesson Brands, Inc.SWBI</b>, the well-known manufacturer of pistols, revolvers, rifles, handcuffs and other related products and accessories. Apart from its Value, Growth and Momentum Scores of A, SWBI also has a Zacks #1 rank, which together indicate strong upside potential. And while the company is seeing somewhat difficult comps from a strong 2020, the estimate revision trend shows that it continues to move in the right direction.</p><p><blockquote>接下来我们有<b>史密斯威森品牌公司SWBI</b>、手枪、左轮手枪、步枪、手铐等相关产品及配件的知名制造商。除了价值、增长和动量得分为 A 之外，SWBI 还拥有 Zacks 排名第一的排名，这两者共同表明了强大的上行潜力。尽管该公司看到了强劲的 2020 年业绩带来的一些困难，但预估修正趋势表明，它将继续朝着正确的方向发展。</blockquote></p><p></p>","source":"lsy1603171495471","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Another Summer, Another Deep-Dive into Leisure Stocks<blockquote>又一个夏天，休闲股再次深入挖掘</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\">\nAnother Summer, Another Deep-Dive into Leisure Stocks<blockquote>又一个夏天，休闲股再次深入挖掘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-07-09 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The U.S. hospitality industry had a horrible 2020, with hotel occupancy starting to decline at the end of the first quarter when the pandemic hit, and remaining below 40% through January this year. There has been a gradual increase in each successive month thereafter, taking the number to 59.3% in May. The average daily rate (ADR) followed a similar trend, but only started recovering in March. And similarly for Revenue per available room (RevPAR).</p><p><blockquote>美国酒店业经历了可怕的 2020 年，酒店入住率在疫情爆发的第一季度末开始下降，直到今年 1 月仍低于 40%。此后每个月都在逐渐增加，5月份这一数字达到59.3%。日均利率 (ADR) 也遵循类似的趋势，但直到 3 月份才开始复苏。每间可用客房的收入（RevPAR）也是如此。</blockquote></p><p> STR data shows that demand for hotel accommodation dropped to its lowest level in April 2020, when it was below 40% of the comparable 2019 level. It has improved steadily since, reaching 87% of the comparable 2019 level in May this year.However, revenue growth reached only 71% of the 2019 level, gross operating profit was at 72% and EBITDA at 64%.</p><p><blockquote>STR数据显示，酒店住宿需求在2020年4月降至最低水平，当时低于2019年可比水平的40%。此后稳步改善，今年5月达到2019年可比水平的87%。然而，收入增长仅达到2019年水平的71%，营业毛利润为72%，EBITDA为64%。</blockquote></p><p> Labor is a constraint, according to STR, with labor costs reaching only 64% during the month. The <a href=\"https://laohu8.com/S/AFG\">American</a> Hotel &amp; Lodging Association (AHLA) says that as of Jan 21, the industry employed 4 million fewer people than in 2019. A PWC report says that hotel unemployment improved in April to 13.8% from 19.9% in March).</p><p><blockquote>据 STR 称，劳动力是一个制约因素，当月劳动力成本仅达到 64%。这个<a href=\"https://laohu8.com/S/AFG\">美国的</a>酒店和住宿协会（AHLA）表示，截至1月21日，该行业的就业人数比2019年减少了400万人。普华永道的一份报告称，4 月份酒店失业率从 3 月份的 19.9% 上升至 13.8%）。</blockquote></p><p> This ties in with the weekly survey data from Destination Analysts, which found that in the week ending Jun 25, 43% of recent travelers felt that the travel industry was having trouble providing services. They also found that as a result of these experiences, 17.3% had decided to do more research when planning their next trip, 14.9% had decided to cut back on their travel while 11.8% had already changed their destination/attraction for an upcoming trip.</p><p><blockquote>这与目的地分析师的每周调查数据有关，该数据发现，在截至6月25日的一周内，43%的近期旅行者认为旅游业在提供服务方面遇到了困难。他们还发现，由于这些经历，17.3%的人决定在计划下一次旅行时做更多的研究，14.9%的人决定减少旅行，而11.8%的人已经改变了即将到来的旅行的目的地/景点。</blockquote></p><p> However, of the 44.6% of Americans that have taken overnight trips in the last three months, 60.3% were satisfied or very satisfied with their restaurant experience. There was less enthusiasm about hotels, events, attractions, onboard commercial airlines and in-airport businesses. Still, 28.2% were encouraged to travel more.</p><p><blockquote>然而，在过去三个月内进行过通宵旅行的44.6%的美国人中，60.3%的人对他们的餐厅体验感到满意或非常满意。人们对酒店、活动、景点、商业航空公司和机场内业务的热情较低。尽管如此，28.2%的人还是被鼓励多旅行。</blockquote></p><p> The AHLA sees particular weakness in business travel, with only 29% of travelers taking a trip in first-half 2021, 36% in the second half with an additional 20% coming next year. 2019 levels are not expected to be achieved until 2023 or 2024. This is a big blow for the industry because business travel tends to be more stable and better-distributed through the year.</p><p><blockquote>AHLA认为商务旅行尤其疲软，只有29%的旅行者在2021年上半年旅行，36%在下半年，另外20%在明年。预计要到2023年或2024年才能达到2019年的水平。这对该行业来说是一个很大的打击，因为全年商务旅行往往更加稳定和分布更好。</blockquote></p><p> AnAccenture reportconcludes that this should drive hotels to target the leisure customer, who has also undergone a big change as a result of the pandemic and now expects a better focus on health and safety. The vast majority also prefers local travel where they don’t have to board a plane.</p><p><blockquote>埃森哲的报告得出结论，这应该会促使酒店瞄准休闲顾客，休闲顾客也因疫情而发生了巨大变化，现在希望更好地关注健康和安全。绝大多数人也更喜欢在当地旅行，因为他们不必登机。</blockquote></p><p> Get Smart Investing delivered to your inbox weekly</p><p><blockquote>每周将智能投资发送到您的收件箱</blockquote></p><p> Subscribe NowSponsored LinksAvoid Grammatical Errors with This Helpful Browser ExtensionGrammarly<a href=\"https://trc.taboola.com/nasdaq-nasdaq/log/3/click?pi=%2Farticles%2Fanother-summer-another-deep-dive-into-leisure-stocks-2021-07-08&amp;ri=280a40087784ebb5f8593d169de0fa12&amp;sd=v2_1f44cba24549ceff5eae4220417cc00f_739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5_1625799373_1625799373_CIi3jgYQpexOGLrixsmoLyABKAMwXjiHxgpQ____________AVgAYPgFaMnN7e355PrqbQ&amp;ui=739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5&amp;it=text&amp;ii=~~V1~~-2271844424992261882~~GYmfRNGSl0rK8-nnFPMPP75ju3kqkUmsJg8o22PFmrMndpXq_nTToVci-tV_1bYyPVPbFHdycXfyr1VxmozLcV7JbGFbjtizQN29Zpin8p1JlawpbYFtoRw_FVSAoDPy8yoVX_ZV1DUzrU9mgEqIxVpt34vkyVLCqQj-j_6Ik-WFwt9_72reDSrMsTKuuUo5nQWg8xf9hxSk2mft8VuEUpKTtSXAAAG_KGWuoC8Kedz30ZsDV4TPEZhYUq6-neqBck-h9NOhJgoaa9oN4uh4cUJ3e9P0FOqxzd67ctpPQJ21bRdWwF-LL0jq9xtEg2_2&amp;pt=text&amp;li=rbox-t2m&amp;sig=6feaf0991d322d2f1977d4ad75829318e70a01bfce29&amp;redir=https%3A%2F%2Fwww.grammarly.com%3Futm_source%3Dtaboola%26utm_campaign%3DTier2PredictiveDesktop%26utm_medium%3Dcpc%26utm_content%3Dnasdaq-nasdaq%26utm_placement%3DDesktop%26tblci%3DGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ%23tblciGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ&amp;vi=1625799373114&amp;p=grammarly-sc&amp;r=39&amp;lti=deflated&amp;ppb=CLcG&amp;cpb=EhIyMDIxMDcwOC01LVJFTEVBU0UYASCc__________8BKhlzZy50YWJvb2xhc3luZGljYXRpb24uY29tMgh3YXRlcjM0NziA-qnyBUCHxgpY____________AWMI7___________ARDv__________8BGBFkYwjXFhDVHxgjZGMI3P__________ARDc__________8BGCRkYwjcChCgEBgWZGMIqB8Q6CoYB2RjCNIDEOAGGAhkYwiWFBCcHBgYZGMIhh8QwyoYGWRjCPf__________wEQ9___________ARgJZGMI9BQQnh0YH2R4AYABAogBgvnfSA&amp;cta=true\" target=\"_blank\">Install Now</a></p><p><blockquote>立即订阅赞助链接使用这个有用的浏览器扩展避免语法错误语法<a href=\"https://trc.taboola.com/nasdaq-nasdaq/log/3/click?pi=%2Farticles%2Fanother-summer-another-deep-dive-into-leisure-stocks-2021-07-08&amp;ri=280a40087784ebb5f8593d169de0fa12&amp;sd=v2_1f44cba24549ceff5eae4220417cc00f_739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5_1625799373_1625799373_CIi3jgYQpexOGLrixsmoLyABKAMwXjiHxgpQ____________AVgAYPgFaMnN7e355PrqbQ&amp;ui=739155c7-32f9-4cfc-bd2a-7c945c8cc6a6-tuct6dec6e5&amp;it=text&amp;ii=~~V1~~-2271844424992261882~~GYmfRNGSl0rK8-nnFPMPP75ju3kqkUmsJg8o22PFmrMndpXq_nTToVci-tV_1bYyPVPbFHdycXfyr1VxmozLcV7JbGFbjtizQN29Zpin8p1JlawpbYFtoRw_FVSAoDPy8yoVX_ZV1DUzrU9mgEqIxVpt34vkyVLCqQj-j_6Ik-WFwt9_72reDSrMsTKuuUo5nQWg8xf9hxSk2mft8VuEUpKTtSXAAAG_KGWuoC8Kedz30ZsDV4TPEZhYUq6-neqBck-h9NOhJgoaa9oN4uh4cUJ3e9P0FOqxzd67ctpPQJ21bRdWwF-LL0jq9xtEg2_2&amp;pt=text&amp;li=rbox-t2m&amp;sig=6feaf0991d322d2f1977d4ad75829318e70a01bfce29&amp;redir=https%3A%2F%2Fwww.grammarly.com%3Futm_source%3Dtaboola%26utm_campaign%3DTier2PredictiveDesktop%26utm_medium%3Dcpc%26utm_content%3Dnasdaq-nasdaq%26utm_placement%3DDesktop%26tblci%3DGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ%23tblciGiAMA8PNIiTHpXwfI80QgUGi9otCulqnNQ0QQHd4vgNlqSD67j4o7NOExYHF9tSoAQ&amp;vi=1625799373114&amp;p=grammarly-sc&amp;r=39&lt;i=deflated&amp;ppb=CLcG&amp;cpb=EhIyMDIxMDcwOC01LVJFTEVBU0UYASCc__________8BKhlzZy50YWJvb2xhc3luZGljYXRpb24uY29tMgh3YXRlcjM0NziA-qnyBUCHxgpY____________AWMI7___________ARDv__________8BGBFkYwjXFhDVHxgjZGMI3P__________ARDc__________8BGCRkYwjcChCgEBgWZGMIqB8Q6CoYB2RjCNIDEOAGGAhkYwiWFBCcHBgYZGMIhh8QwyoYGWRjCPf__________wEQ9___________ARgJZGMI9BQQnh0YH2R4AYABAogBgvnfSA&amp;cta=true\" target=\"_blank\">立即安装</a></blockquote></p><p> The U.S. hospitality industry had a horrible 2020, with hotel occupancy starting to decline at the end of the first quarter when the pandemic hit, and remaining below 40% through January this year. There has been a gradual increase in each successive month thereafter, taking the number to 59.3% in May. The average daily rate (ADR) followed a similar trend, but only started recovering in March. And similarly for Revenue per available room (RevPAR).</p><p><blockquote>美国酒店业经历了可怕的2020年，当疫情袭击时，酒店入住率在第一季度末开始下降，并在今年1月保持在40%以下。此后每个月都在逐渐增加，5月份这一数字达到59.3%。日均利率 (ADR) 也遵循类似的趋势，但直到 3 月份才开始复苏。每间可用客房的收入（RevPAR）也是如此。</blockquote></p><p></p><p> STR data shows that demand for hotel accommodation dropped to its lowest level in April 2020, when it was below 40% of the comparable 2019 level. It has improved steadily since, reaching 87% of the comparable 2019 level in May this year.However, revenue growth reached only 71% of the 2019 level, gross operating profit was at 72% and EBITDA at 64%.</p><p><blockquote>STR数据显示，酒店住宿需求在2020年4月降至最低水平，当时低于2019年可比水平的40%。此后稳步改善，今年5月达到2019年可比水平的87%。然而，收入增长仅达到2019年水平的71%，营业毛利润为72%，EBITDA为64%。</blockquote></p><p> Labor is a constraint, according to STR, with labor costs reaching only 64% during the month. The <a href=\"https://laohu8.com/S/AMSWA\">American</a> Hotel &amp; Lodging Association (AHLA) says that as of Jan 21, the industry employed 4 million fewer people than in 2019. A PWC report says that hotel unemployment improved in April to 13.8% from 19.9% in March).</p><p><blockquote>据 STR 称，劳动力是一个制约因素，当月劳动力成本仅达到 64%。这个<a href=\"https://laohu8.com/S/AMSWA\">美国的</a>酒店和住宿协会（AHLA）表示，截至1月21日，该行业的就业人数比2019年减少了400万人。普华永道的一份报告称，4 月份酒店失业率从 3 月份的 19.9% 上升至 13.8%）。</blockquote></p><p> This ties in with the weekly survey data from Destination Analysts, which found that in the week ending Jun 25, 43% of recent travelers felt that the travel industry was having trouble providing services. They also found that as a result of these experiences, 17.3% had decided to do more research when planning their next trip, 14.9% had decided to cut back on their travel while 11.8% had already changed their destination/attraction for an upcoming trip.</p><p><blockquote>这与目的地分析师的每周调查数据有关，该数据发现，在截至6月25日的一周内，43%的近期旅行者认为旅游业在提供服务方面遇到了困难。他们还发现，由于这些经历，17.3%的人决定在计划下一次旅行时做更多的研究，14.9%的人决定减少旅行，而11.8%的人已经改变了即将到来的旅行的目的地/景点。</blockquote></p><p> However, of the 44.6% of Americans that have taken overnight trips in the last three months, 60.3% were satisfied or very satisfied with their restaurant experience. There was less enthusiasm about hotels, events, attractions, onboard commercial airlines and in-airport businesses. Still, 28.2% were encouraged to travel more.</p><p><blockquote>然而，在过去三个月内进行过通宵旅行的44.6%的美国人中，60.3%的人对他们的餐厅体验感到满意或非常满意。人们对酒店、活动、景点、商业航空公司和机场内业务的热情较低。尽管如此，28.2%的人还是被鼓励多旅行。</blockquote></p><p> The AHLA sees particular weakness in business travel, with only 29% of travelers taking a trip in first-half 2021, 36% in the second half with an additional 20% coming next year. 2019 levels are not expected to be achieved until 2023 or 2024. This is a big blow for the industry because business travel tends to be more stable and better-distributed through the year.</p><p><blockquote>AHLA认为商务旅行尤其疲软，只有29%的旅行者在2021年上半年旅行，36%在下半年，另外20%在明年。预计要到2023年或2024年才能达到2019年的水平。这对该行业来说是一个很大的打击，因为全年商务旅行往往更加稳定和分布更好。</blockquote></p><p> AnAccenture reportconcludes that this should drive hotels to target the leisure customer, who has also undergone a big change as a result of the pandemic and now expects a better focus on health and safety. The vast majority also prefers local travel where they don’t have to board a plane.</p><p><blockquote>埃森哲的报告得出结论，这应该会促使酒店瞄准休闲顾客，休闲顾客也因疫情而发生了巨大变化，现在希望更好地关注健康和安全。绝大多数人也更喜欢在当地旅行，因为他们不必登机。</blockquote></p><p> Read More</p><p><blockquote>阅读更多</blockquote></p><p> Most travelers want to physically connect with friends and family, so a lot of the trips are likely to be to their homes rather than hotels.</p><p><blockquote>大多数旅行者希望与朋友和家人有身体上的联系，所以很多旅行可能是去他们的家，而不是酒店。</blockquote></p><p> Which is why this summer is likely to be another good <a href=\"https://laohu8.com/S/AONE\">one</a> for the Leisure and Recreation Products industry, currently positioned at the top 7% of 250+ Zacks-classified industries. And as many of us already know, when an industry is positioned in the top 50% (the higher the better), there’s historical data showing that it’s likely to offer above-market returns. Especially so, if the stocks we are considering also have a Zacks #1 (Strong Buy) or #2 (Buy) rank.</p><p><blockquote>这就是为什么今年夏天可能又是一个好夏天<a href=\"https://laohu8.com/S/AONE\">一</a>对于休闲和娱乐产品行业，目前在 250 多个 Zacks 分类行业中排名前 7%。我们很多人都知道，当一个行业排名前 50%（越高越好）时，历史数据显示，它很可能会提供高于市场的回报。尤其是如果我们正在考虑的股票也有Zacks#1（强力买入）或#2（买入）排名。</blockquote></p><p> So let’s see what we have here-</p><p><blockquote>让我们看看我们有什么--</blockquote></p><p> <b>Academy Sports and Outdoors, Inc.ASO</b>, which offers outdoor, apparel, footwear and sports &amp; recreation gear has the #1 rank we are looking for. With Value and Growth Scores of A; expected revenue growth of 9.9% and expected earnings growth of 23.8%; and a 90- day change in the fiscal 2022 (ending January) and 2023 earnings estimates of 62.9% and 28.1%, respectively, this stock looks like a solid pick.</p><p><blockquote><b>学院运动与户外公司ASO</b>提供户外、服装、鞋类以及运动和休闲装备的公司拥有我们正在寻找的第一名。价值和增长得分为A；预期收入增长9.9%，预期盈利增长23.8%；2022 财年（截至 1 月）和 2023 财年的 90 天盈利预期分别变化了 62.9% 和 28.1%，这只股票看起来是一个可靠的选择。</blockquote></p><p> Number two on the list is<b>Clarus CorporationCLAR</b>, which designs and manufactures outdoor equipment and apparel for climbing, mountaineering, backpacking, skiing and other outdoor recreation activities. While this Zacks Rank #1 stock’s Value and Growth Scores of F are less than desirable, the expected revenue growth of 32.7% and earnings growth of 81.4% are pretty encouraging. The estimate revision trend for 2021 shows a 23-cent increase to $1.27 in the last 90 days. The 2022 estimate shows a 30-cent increase to $1.55.</p><p><blockquote>名单上的第二个是<b>克拉鲁斯公司CLAR</b>设计和制造用于攀岩、登山、背包旅行、滑雪和其他户外娱乐活动的户外装备和服装。虽然这只 Zacks 排名第一的股票的价值和 F 级增长得分并不理想，但 32.7% 的预期收入增长和 81.4% 的盈利增长还是相当令人鼓舞的。2021 年的估计修正趋势显示，在过去 90 天内上涨了 23 美分，达到 1.27 美元。2022 年的预测显示上涨 30 美分，达到 1.55 美元。</blockquote></p><p> Next we have<b>Smith &amp; Wesson Brands, Inc.SWBI</b>, the well-known manufacturer of pistols, revolvers, rifles, handcuffs and other related products and accessories. Apart from its Value, Growth and Momentum Scores of A, SWBI also has a Zacks #1 rank, which together indicate strong upside potential. And while the company is seeing somewhat difficult comps from a strong 2020, the estimate revision trend shows that it continues to move in the right direction.</p><p><blockquote>接下来我们有<b>史密斯威森品牌公司SWBI</b>、手枪、左轮手枪、步枪、手铐等相关产品及配件的知名制造商。除了价值、增长和动量得分为 A 之外，SWBI 还拥有 Zacks 排名第一的排名，这两者共同表明了强大的上行潜力。尽管该公司看到了强劲的 2020 年业绩带来的一些困难，但预估修正趋势表明，它将继续朝着正确的方向发展。</blockquote></p><p> So we find that the fiscal 2022 (ending April) earnings estimate is up 145.8% in the last 90 days. The 2023 wasn’t available 90 days ago, but since it became available 60 days ago, it has increased 66.3%.</p><p><blockquote>因此，我们发现 2022 财年（截至 4 月）盈利预期在过去 90 天内增长了 145.8%。2023 年在 90 天前还没有上市，但自从 60 天前上市以来，它已经上涨了 66.3%。</blockquote></p><p> #1 ranked<b>YETI Holdings, Inc.YETI</b>is known for its outdoor products targeting activities like hunting, fishing, camping, barbecue, farm and ranch, etc. The stock has got an encouraging B for Growth, but an F for everything else, which is not so hot. But a look at its double-digit revenue and earnings growth estimates for 2021 and 2022 are nothing short of exciting.</p><p><blockquote>排名第一<b>YETI 控股公司</b>以其针对狩猎、钓鱼、露营、烧烤、农场和牧场等活动的户外产品而闻名。该股的增长获得了令人鼓舞的 B 级，但其他方面都获得了 F 级，这并不那么热门。但看看其 2021 年和 2022 年两位数的收入和盈利增长预测，简直令人兴奋。</blockquote></p><p></p><p> Moreover, there’s also a positive estimate revision trend: the 2021 earnings estimate is up 8.8% while the 2022 estimate is up 9.1% in the last 90 days.</p><p><blockquote>此外，还有一个积极的预测修正趋势： 在过去的 90 天里，2021 年的盈利预测增长了 8.8%，而 2022 年的盈利预测增长了 9.1%。</blockquote></p><p> <b>Lazydays Holdings, Inc.LAZY</b>is the last <a href=\"https://laohu8.com/S/AONE.U\">one</a> I’m discussing here. You can head over to theindustry pageon zacks.com for more choices (it’s a really long list). This <a href=\"https://laohu8.com/S/AONE\">one</a> has got an A for both Value and Growth and a B for Momentum. It’s currently expected to grow revenue and earnings by a respective 20.7% and 22.4% this year.</p><p><blockquote><b>Lazydays 控股公司懒惰</b>是最后一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>我在这里讨论。您可以前往 zacks.com 上的行业页面查看更多选择（名单很长）。这个<a href=\"https://laohu8.com/S/AONE\">一</a>价值和增长都得到了A，动力得到了B。目前预计今年的收入和盈利将分别增长 20.7% 和 22.4%。</blockquote></p><p> While estimates from 90 days ago aren’t available, I’m seeing a 17-cent jump in the 2021 estimate in the last 60 days and a 20-cent jump in the 2022 estimate. And this is definitely a good trend.</p><p><blockquote>虽然没有 90 天前的估计值，但我认为 2021 年的估计值在过去 60 天里上涨了 17 美分，2022 年的估计值上涨了 20 美分。这绝对是一个很好的趋势。</blockquote></p><p> <u><b>Year-to-Date Price Performance</b></u><img src=\"https://static.tigerbbs.com/3f67ac3639c296d20c6476ab01f8959b\" tg-width=\"620\" tg-height=\"508\" referrerpolicy=\"no-referrer\"><i>Image Source: ZacksInvestment Research</i></p><p><blockquote><u><b>年初至今的价格表现</b></u><i>图片来源：ZacksInvestment Research</i></blockquote></p><p> <b>5 Stocks Set to Double</b></p><p><blockquote><b>5只股票将翻倍</b></blockquote></p><p> Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.</p><p><blockquote>每只股票都被 Zacks 专家精心挑选为 2020 年涨幅 +100% 或以上的头号热门股票。每一个都来自不同的行业，具有独特的品质和催化剂，可以推动非凡的增长。</blockquote></p><p> Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.</p><p><blockquote>本报告中的大多数股票都在华尔街的雷达下飞行，这提供了进入底层的绝佳机会。</blockquote></p><p> Number two on the list is<b>Clarus CorporationCLAR</b>, which designs and manufactures outdoor equipment and apparel for climbing, mountaineering, backpacking, skiing and other outdoor recreation activities. While this Zacks Rank #1 stock’s Value and Growth Scores of F are less than desirable, the expected revenue growth of 32.7% and earnings growth of 81.4% are pretty encouraging. The estimate revision trend for 2021 shows a 23-cent increase to $1.27 in the last 90 days. The 2022 estimate shows a 30-cent increase to $1.55.</p><p><blockquote>名单上的第二个是<b>克拉鲁斯公司CLAR</b>设计和制造用于攀岩、登山、背包旅行、滑雪和其他户外娱乐活动的户外装备和服装。虽然这只 Zacks 排名第一的股票的价值和 F 级增长得分并不理想，但 32.7% 的预期收入增长和 81.4% 的盈利增长还是相当令人鼓舞的。2021 年的估计修正趋势显示，在过去 90 天内上涨了 23 美分，达到 1.27 美元。2022 年的预测显示上涨 30 美分，达到 1.55 美元。</blockquote></p><p> Next we have<b>Smith &amp; Wesson Brands, Inc.SWBI</b>, the well-known manufacturer of pistols, revolvers, rifles, handcuffs and other related products and accessories. Apart from its Value, Growth and Momentum Scores of A, SWBI also has a Zacks #1 rank, which together indicate strong upside potential. And while the company is seeing somewhat difficult comps from a strong 2020, the estimate revision trend shows that it continues to move in the right direction.</p><p><blockquote>接下来我们有<b>史密斯威森品牌公司SWBI</b>、手枪、左轮手枪、步枪、手铐等相关产品及配件的知名制造商。除了价值、增长和动量得分为 A 之外，SWBI 还拥有 Zacks 排名第一的排名，这两者共同表明了强大的上行潜力。尽管该公司看到了强劲的 2020 年业绩带来的一些困难，但预估修正趋势表明，它将继续朝着正确的方向发展。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/another-summer-another-deep-dive-into-leisure-stocks-2021-07-08\">Nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nasdaq.com/articles/another-summer-another-deep-dive-into-leisure-stocks-2021-07-08","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175159799","content_text":"The U.S. hospitality industry had a horrible 2020, with hotel occupancy starting to decline at the end of the first quarter when the pandemic hit, and remaining below 40% through January this year. There has been a gradual increase in each successive month thereafter, taking the number to 59.3% in May. The average daily rate (ADR) followed a similar trend, but only started recovering in March. And similarly for Revenue per available room (RevPAR).\nSTR data shows that demand for hotel accommodation dropped to its lowest level in April 2020, when it was below 40% of the comparable 2019 level. It has improved steadily since, reaching 87% of the comparable 2019 level in May this year.However, revenue growth reached only 71% of the 2019 level, gross operating profit was at 72% and EBITDA at 64%.\nLabor is a constraint, according to STR, with labor costs reaching only 64% during the month. The American Hotel & Lodging Association (AHLA) says that as of Jan 21, the industry employed 4 million fewer people than in 2019. A PWC report says that hotel unemployment improved in April to 13.8% from 19.9% in March).\nThis ties in with the weekly survey data from Destination Analysts, which found that in the week ending Jun 25, 43% of recent travelers felt that the travel industry was having trouble providing services. They also found that as a result of these experiences, 17.3% had decided to do more research when planning their next trip, 14.9% had decided to cut back on their travel while 11.8% had already changed their destination/attraction for an upcoming trip.\nHowever, of the 44.6% of Americans that have taken overnight trips in the last three months, 60.3% were satisfied or very satisfied with their restaurant experience. There was less enthusiasm about hotels, events, attractions, onboard commercial airlines and in-airport businesses. Still, 28.2% were encouraged to travel more.\nThe AHLA sees particular weakness in business travel, with only 29% of travelers taking a trip in first-half 2021, 36% in the second half with an additional 20% coming next year. 2019 levels are not expected to be achieved until 2023 or 2024. This is a big blow for the industry because business travel tends to be more stable and better-distributed through the year.\nAnAccenture reportconcludes that this should drive hotels to target the leisure customer, who has also undergone a big change as a result of the pandemic and now expects a better focus on health and safety. The vast majority also prefers local travel where they don’t have to board a plane.\nGet Smart Investing delivered to your inbox weekly\nSubscribe NowSponsored LinksAvoid Grammatical Errors with This Helpful Browser ExtensionGrammarlyInstall Now\nThe U.S. hospitality industry had a horrible 2020, with hotel occupancy starting to decline at the end of the first quarter when the pandemic hit, and remaining below 40% through January this year. There has been a gradual increase in each successive month thereafter, taking the number to 59.3% in May. The average daily rate (ADR) followed a similar trend, but only started recovering in March. And similarly for Revenue per available room (RevPAR).\nSTR data shows that demand for hotel accommodation dropped to its lowest level in April 2020, when it was below 40% of the comparable 2019 level. It has improved steadily since, reaching 87% of the comparable 2019 level in May this year.However, revenue growth reached only 71% of the 2019 level, gross operating profit was at 72% and EBITDA at 64%.\nLabor is a constraint, according to STR, with labor costs reaching only 64% during the month. The American Hotel & Lodging Association (AHLA) says that as of Jan 21, the industry employed 4 million fewer people than in 2019. A PWC report says that hotel unemployment improved in April to 13.8% from 19.9% in March).\nThis ties in with the weekly survey data from Destination Analysts, which found that in the week ending Jun 25, 43% of recent travelers felt that the travel industry was having trouble providing services. They also found that as a result of these experiences, 17.3% had decided to do more research when planning their next trip, 14.9% had decided to cut back on their travel while 11.8% had already changed their destination/attraction for an upcoming trip.\nHowever, of the 44.6% of Americans that have taken overnight trips in the last three months, 60.3% were satisfied or very satisfied with their restaurant experience. There was less enthusiasm about hotels, events, attractions, onboard commercial airlines and in-airport businesses. Still, 28.2% were encouraged to travel more.\nThe AHLA sees particular weakness in business travel, with only 29% of travelers taking a trip in first-half 2021, 36% in the second half with an additional 20% coming next year. 2019 levels are not expected to be achieved until 2023 or 2024. This is a big blow for the industry because business travel tends to be more stable and better-distributed through the year.\nAnAccenture reportconcludes that this should drive hotels to target the leisure customer, who has also undergone a big change as a result of the pandemic and now expects a better focus on health and safety. The vast majority also prefers local travel where they don’t have to board a plane.\nRead More\nMost travelers want to physically connect with friends and family, so a lot of the trips are likely to be to their homes rather than hotels.\nWhich is why this summer is likely to be another good one for the Leisure and Recreation Products industry, currently positioned at the top 7% of 250+ Zacks-classified industries. And as many of us already know, when an industry is positioned in the top 50% (the higher the better), there’s historical data showing that it’s likely to offer above-market returns. Especially so, if the stocks we are considering also have a Zacks #1 (Strong Buy) or #2 (Buy) rank.\nSo let’s see what we have here-\nAcademy Sports and Outdoors, Inc.ASO, which offers outdoor, apparel, footwear and sports & recreation gear has the #1 rank we are looking for. With Value and Growth Scores of A; expected revenue growth of 9.9% and expected earnings growth of 23.8%; and a 90- day change in the fiscal 2022 (ending January) and 2023 earnings estimates of 62.9% and 28.1%, respectively, this stock looks like a solid pick.\nNumber two on the list isClarus CorporationCLAR, which designs and manufactures outdoor equipment and apparel for climbing, mountaineering, backpacking, skiing and other outdoor recreation activities. While this Zacks Rank #1 stock’s Value and Growth Scores of F are less than desirable, the expected revenue growth of 32.7% and earnings growth of 81.4% are pretty encouraging. The estimate revision trend for 2021 shows a 23-cent increase to $1.27 in the last 90 days. The 2022 estimate shows a 30-cent increase to $1.55.\nNext we haveSmith & Wesson Brands, Inc.SWBI, the well-known manufacturer of pistols, revolvers, rifles, handcuffs and other related products and accessories. Apart from its Value, Growth and Momentum Scores of A, SWBI also has a Zacks #1 rank, which together indicate strong upside potential. And while the company is seeing somewhat difficult comps from a strong 2020, the estimate revision trend shows that it continues to move in the right direction.\nSo we find that the fiscal 2022 (ending April) earnings estimate is up 145.8% in the last 90 days. The 2023 wasn’t available 90 days ago, but since it became available 60 days ago, it has increased 66.3%.\n#1 rankedYETI Holdings, Inc.YETIis known for its outdoor products targeting activities like hunting, fishing, camping, barbecue, farm and ranch, etc. The stock has got an encouraging B for Growth, but an F for everything else, which is not so hot. But a look at its double-digit revenue and earnings growth estimates for 2021 and 2022 are nothing short of exciting.\nMoreover, there’s also a positive estimate revision trend: the 2021 earnings estimate is up 8.8% while the 2022 estimate is up 9.1% in the last 90 days.\nLazydays Holdings, Inc.LAZYis the last one I’m discussing here. You can head over to theindustry pageon zacks.com for more choices (it’s a really long list). This one has got an A for both Value and Growth and a B for Momentum. It’s currently expected to grow revenue and earnings by a respective 20.7% and 22.4% this year.\nWhile estimates from 90 days ago aren’t available, I’m seeing a 17-cent jump in the 2021 estimate in the last 60 days and a 20-cent jump in the 2022 estimate. And this is definitely a good trend.\nYear-to-Date Price PerformanceImage Source: ZacksInvestment Research\n5 Stocks Set to Double\nEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.\nMost of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.\nNumber two on the list isClarus CorporationCLAR, which designs and manufactures outdoor equipment and apparel for climbing, mountaineering, backpacking, skiing and other outdoor recreation activities. While this Zacks Rank #1 stock’s Value and Growth Scores of F are less than desirable, the expected revenue growth of 32.7% and earnings growth of 81.4% are pretty encouraging. The estimate revision trend for 2021 shows a 23-cent increase to $1.27 in the last 90 days. The 2022 estimate shows a 30-cent increase to $1.55.\nNext we haveSmith & Wesson Brands, Inc.SWBI, the well-known manufacturer of pistols, revolvers, rifles, handcuffs and other related products and accessories. Apart from its Value, Growth and Momentum Scores of A, SWBI also has a Zacks #1 rank, which together indicate strong upside potential. And while the company is seeing somewhat difficult comps from a strong 2020, the estimate revision trend shows that it continues to move in the right direction.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":924,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":151728962,"gmtCreate":1625108157656,"gmtModify":1633944695677,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586649461380855","authorIdStr":"3586649461380855"},"themes":[],"title":"","htmlText":"Like and comment and I'll do the same !","listText":"Like and comment and I'll do the same !","text":"Like and comment and I'll do the same !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/151728962","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://www.laohunote.com/m/news/1178516480?lang=zh_CN&edition=full","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 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 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</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 notches fifth straight record closing high, fifth straight quarterly gain<blockquote>标普500连续第五次创下收盘历史新高，连续第五个季度上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-01 07:11</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p><p><blockquote>纽约（路透社）--标普500周三连续第五次创下收盘新高，投资者在结束本月和本季度时基本上对积极的经济数据不屑一顾，转而关注周五备受期待的就业报告。</blockquote></p><p> In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p><p><blockquote>在 2021 年上半年的最后一个交易日，各指数表现低迷，区间震荡，蓝筹股道琼斯指数上涨，而纳斯达克指数则小幅走低。</blockquote></p><p> All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p><p><blockquote>这三个指数均连续第五个季度上涨，其中标准普尔指数上涨 8.2%，纳斯达克指数上涨 9.5%，道琼斯指数上涨 4.6%。标普500上半年表现创1998年以来第二好，上涨14.5%。</blockquote></p><p> “It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p><p><blockquote>“康涅狄格州费尔菲尔德 Dakota Wealth 高级投资组合经理罗伯特-帕夫利克（Robert Pavlik）说：”这是一个不错的季度。“截至昨晚收盘，标准普尔指数今年迄今已上涨超过 14%，超过道琼斯指数和纳斯达克指数。这表明股市正在全面反弹。”</blockquote></p><p> For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p><p><blockquote>本月，领头羊标普500指数连续第五次上涨，而道琼斯指数则结束了四个月的连涨，收盘小幅走低。纳斯达克在6月份也取得了进展。</blockquote></p><p> This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p><p><blockquote>本月，投资者的兴趣从对经济敏感的周期性股票转向成长型股票。</blockquote></p><p> “Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p><p><blockquote>“帕夫利克补充说：”今年迄今为止的领先行业是你所期望的。“能源、金融和工业，这表明经济环境正处于周期的早期阶段”。</blockquote></p><p> “(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p><p><blockquote>“帕夫利克补充说：”在人们开始接受（美联储主席杰罗姆）鲍威尔关注短暂通胀的言论后，（投资者）开始转向成长型（股票）。</blockquote></p><p> “Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p><p><blockquote>“一些重新开放的行业已经有点长了，这正在引导人们恢复增长”。</blockquote></p><p> (Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p><p><blockquote>（图表：6 月份成长型股票跑赢价值，年初至今差距缩小）</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p><p><blockquote>“纽约因弗内斯律师事务所首席投资策略师蒂姆-格里斯基（Tim Ghriskey）说：”整体股市继续上涨，在相当长一段时间内涨幅非常稳定。“虽然按历史标准来看，估值肯定很高，但受益于经济复苏，估值一直处于相当稳定的水平。”</blockquote></p><p> The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p><p><blockquote>根据薪资处理商 ADP 的数据，6 月份私营部门新增就业岗位 692,000 个，轻松超出预期。经济学家在劳工部将于周五发布的更全面的就业报告中补充说，这一数字比私人就业人数高出 9.2 万人。</blockquote></p><p> The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p><p><blockquote>道琼斯工业平均指数上涨 210.22 点，或 0.61%，至 34,502.51 点；标普500指数上涨 5.7 点，或 0.13%，至 4,297.5 点；纳斯达克综合指数下跌 24.38 点，或 0.17%，至 14,503.95 点。</blockquote></p><p> Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p><p><blockquote>在标准普尔的 11 个主要板块中，有 6 个板块收高，其中能源板块涨幅最大。房地产是当天最大的输家。</blockquote></p><p> Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p><p><blockquote>在德国国防部宣布将购买该飞机制造商的五架 P-8A 海上管制飞机后，波音公司股价上涨了 1.6%。</blockquote></p><p> Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p><p><blockquote>沃尔玛周二宣布将开始销售仅限处方的胰岛素类似物，股价上涨 2.7%。</blockquote></p><p> Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p><p><blockquote>美光科技在发布季度财报前上涨了 2.5%，但在芯片制造商公布季度财报后的盘后交易中股价相对持平。</blockquote></p><p> Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p><p><blockquote>纽约证券交易所上涨发行量超过下跌发行量，比例为 1.35 比 1；在纳斯达克，1.19 比 1 的比率有利于下跌者。</blockquote></p><p> The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p><p><blockquote>标普500创下20个52周新高，没有新低；纳斯达克综合指数创下70个新高和36个新低。</blockquote></p><p> Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 108.5 亿股，而过去 20 个交易日的平均成交量为 110.5 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading 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