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HelloKitty55

HelloKitty55

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2021-10-15

Ok

Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>

2021-08-19

Fed is always serious. Just that position change frequently.

Stocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减购债计划是严肃的，股市以丑陋的方式收盘</blockquote>

2021-08-12

Yes, gambling.

Bitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币ETF备案潮与资金需求降温相冲突</blockquote>

2021-12-15

Ok

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

2021-12-12

Ok

抱歉，原内容已删除

2021-12-09

Ok

抱歉，原内容已删除

2021-09-06

Good idea

抱歉，原内容已删除

2021-08-14

Could also drop some more?

抱歉，原内容已删除

2021-09-08

Ok

抱歉，原内容已删除

2021-09-05

Yes

Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>

去老虎APP查看更多动态

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This comprehensive inventory allows brands to connect and engage with new and existing customers with relevant, contextual messages across the consumer journey. Advertisers can choose from multiple formats including display, audio, and Streaming TV ads via Fire TV.&#34;</p><p><blockquote>亚马逊DSP使广告商能够通过亚马逊网站和应用程序以及领先的出版商网站和第三方交易所以编程方式大规模接触亚马逊受众。这一全面的清单使品牌能够在整个消费者旅程中通过相关的上下文信息与新老客户建立联系和互动。广告商可以通过Fire TV从多种格式中进行选择，包括显示、音频和流媒体电视广告。”</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174601579","content_text":"Marin Software soared nearly 39% in premarket trading after an integration with Amazon ads' demand-side platform.The integration will allow brands to easily manage, measure, and optimize their Amazon Advertising campaigns - from Sponsored Products, Sponsored Brands, and Sponsored Display to display, video, and audio ads - all within the MarinOne platform. 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Advertisers can choose from multiple formats including display, audio, and Streaming TV ads via Fire TV.\"","news_type":1,"symbols_score_info":{"AMZN":0.9,"MRIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2907,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":694026590,"gmtCreate":1641725637493,"gmtModify":1641725637879,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/694026590","repostId":"2201216295","repostType":4,"isVote":1,"tweetType":1,"viewCount":2796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695759808,"gmtCreate":1641616416606,"gmtModify":1641616418367,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/695759808","repostId":"1122531820","repostType":4,"repost":{"id":"1122531820","kind":"news","pubTimestamp":1641551848,"share":"https://www.laohu8.com/m/news/1122531820?lang=zh_CN&edition=full","pubTime":"2022-01-07 18:37","market":"us","language":"en","title":"Stock Futures Tick Up Ahead of Jobs Report<blockquote>就业报告公布前股指期货上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122531820","media":"WSJ","summary":"U.S. stock futures edged up ahead of the latest jobs report that is expected to provide insight into","content":"<p><html><head></head><body>U.S. stock futures edged up ahead of the latest jobs report that is expected to provide insight into the labor market recovery and monetary policy ahead.</p><p><blockquote><html><head></head><body>在最新的就业报告公布之前，美国股指期货小幅上涨，预计该报告将提供对劳动力市场复苏和未来货币政策的洞察。</body></html></blockquote></p><p>Futures tied to the S&amp;P 500 added 0.2% Friday, pointing to the broad-market index recouping losses after closing down 0.1% in Thursday’s choppy session.Dow Jones Industrial Average futures climbed 0.3% and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>-100 futures were relatively flat.</p><p><blockquote>与标普500相关的期货周五上涨0.2%，表明大盘指数在周四震荡收盘下跌0.1%后收复失地。道琼斯工业平均指数期货上涨0.3%，<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>-100期指较为平淡。</blockquote></p><p>Stocks came under pressure this week after theFederal Reserve’s minutes confirmed its intention to pull back stimulus and suggested it might do so sooner and faster than previously planned, due to high inflation. The S&amp;P 500 is down 1.5% this week, on track for the worst weekly performance since mid-December.</p><p><blockquote>本周，美联储会议纪要确认其打算撤回刺激措施，并暗示由于高通胀，可能会比之前计划更早更快地撤回刺激措施，股市面临压力。标普500本周下跌1.5%，有望创下12月中旬以来最差单周表现。</blockquote></p><p>Government bonds have sold off as markets price in the possibility of earlier interest rate increases and the Fed shrinking its portfolio of bonds in the near future. The yield on the benchmark 10-year Treasury note steadied, edging down to 1.728% Friday from 1.733% Thursday after four consecutive days of rises. Yields increase as bond prices decline.</p><p><blockquote>由于市场消化了提前加息的可能性以及美联储在不久的将来缩减债券投资组合，政府债券遭到抛售。基准10年期国债收益率企稳，在连续四天上涨后，从周四的1.733%小幅降至周五的1.728%。随着债券价格下跌，收益率上升。</blockquote></p><p>“Everything happening in markets this week was about expectations on how fast the Fed is going to tighten policy,” said Fahad Kamal, chief investment officer at Kleinwort Hambros. “This is a transition year where we go from record policy support toward actual tightening. There will be huge volatility as we figure out how to work in this paradigm.”</p><p><blockquote>Kleinwort Hambros首席投资官Fahad Kamal表示：“本周市场上发生的一切都与美联储收紧政策的速度有关。”“今年是我们从创纪录的政策支持转向实际紧缩的过渡年。当我们弄清楚如何在这种范式中工作时，将会出现巨大的波动。”</blockquote></p><p>Meme stock<a href=\"https://laohu8.com/S/GME\">GameStop</a>surged over 18% in premarket trading after The Wall Street Journal reported the company was planning to enter the cryptocurrency and nonfungible token markets.<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>,another company popular with retail traders, jumped 6.5%.</p><p><blockquote>模因股票<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>在《华尔街日报》报道该公司计划进入加密货币和不可替代代币市场后，盘前交易中股价飙升超过18%。<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>另一家受散户交易者欢迎的公司股价上涨6.5%。</blockquote></p><p>The jobs report for December is slated to go out at 8:30 a.m. ET, with data on nonfarm payrolls, the unemployment rate and average hourly earnings. Economists are forecasting that U.S. companies added jobs at a faster pace in December, although the surveys were done before the recent sharp rise in Covid-19 cases.</p><p><blockquote>12月份就业报告定于美国东部时间上午8:30发布，其中包括非农就业、失业率和平均时薪等数据。经济学家预测，美国公司在12月份增加就业岗位的速度会更快，尽管这些调查是在最近Covid-19病例急剧上升之前进行的。</blockquote></p><p>Fed officials have said labor market health is a crucial factor in their monetary policy decisions. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> will be scrutinizing the report closely to see if it is consistent with the Fed’s plans outlined in the minutes and whether wages are continuing to increase, which could mean more sustained inflation.</p><p><blockquote>美联储官员曾表示，劳动力市场健康状况是他们货币政策决策的关键因素。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>将密切关注该报告，看看它是否与会议纪要中概述的美联储计划一致，以及工资是否继续上涨，这可能意味着更持续的通胀。</blockquote></p><p>“If the data shows the labor market is still running pretty hot, it strengthens the case for hawks that the Fed needs to get on and tighten policy,” said Sebastian Mackay, a multiasset fund manager at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a>.</p><p><blockquote>多资产基金经理塞巴斯蒂安·麦凯(Sebastian Mackay)表示：“如果数据显示劳动力市场仍然相当火爆，这就强化了鹰派认为美联储需要继续收紧政策的理由。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>.</blockquote></p><p>Oil prices edged up. Global benchmark Brent crude added 0.7% and traded at $82.54 a barrel, the highest level in over eight weeks. Oil supply could potentially be lower due to freezing conditions in North Dakota and Alberta, Canada and if protests in crude producer Kazakhstan affect output, according to analysts at ING.</p><p><blockquote>油价小幅上涨。全球基准布伦特原油上涨0.7%，至每桶82.54美元，为八周多来的最高水平。荷兰国际集团分析师表示，由于加拿大北达科他州和艾伯塔省的冰冻条件，以及原油生产国哈萨克斯坦的抗议活动影响产量，石油供应可能会减少。</blockquote></p><p>Bitcoin extended its fall into a third day, declining 3.7% compared with its level at 5 p.m. ET on Thursday. It traded at around $41,500, the lowest since September.</p><p><blockquote>比特币连续第三天下跌，较下午5点的水平下跌3.7%。美国东部时间周四。其交易价格约为41,500美元，为9月份以来的最低水平。</blockquote></p><p>Lighting company <a href=\"https://laohu8.com/S/AYI\">Acuity</a> Brands and transport firmGreenbrier Companies scheduled to report earnings ahead of the opening bell.</p><p><blockquote>照明公司<a href=\"https://laohu8.com/S/AYI\">敏锐</a>品牌和运输公司Greenbrier公司计划在开盘前公布收益。</blockquote></p><p>Overseas, the pan-continental Stoxx Europe 600 ticked down 0.1%. Bank stocks climbed, with UBS rising 2.7% and Deutsche Bank up 2.5% as higher bond yields suggest lenders could charge more interest on loans.</p><p><blockquote>海外方面，泛大陆斯托克欧洲600指数下跌0.1%。银行股攀升，瑞银上涨2.7%，德意志银行上涨2.5%，因债券收益率上升表明银行可能会收取更多贷款利息。</blockquote></p><p>European government bond yields rose, with the 10-year German bund yield climbing to minus 0.09%. If it surpasses 0, it will be in positive territory for the first time since 2019.</p><p><blockquote>欧洲国债收益率走高，10年期德债收益率攀升至负0.09%。如果超过0，将自2019年以来首次处于正值区域。</blockquote></p><p>In Asia, major stock benchmarks were mixed. The Shanghai Composite Index fell 0.2%, while Hong Kong’s Hang Seng Index rose 1.7%, led by gains in technology stocks. E-commerce giants <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> rose 3.2% and <a href=\"https://laohu8.com/S/JD\">JD.com</a> gained 3.1%. South Korea’s Kospi Index rose 1.2%, buoyed by Samsung Electronics, which climbed 1.8% after it said it expects a 52% increase in fourth-quarter operating profit.</p><p><blockquote>在亚洲，主要股票基准涨跌互现。上证综指跌0.2%，港股恒生指数涨1.7%，科技股领涨。电商巨头<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>上涨3.2%<a href=\"https://laohu8.com/S/JD\">京东</a>上涨3.1%。韩国综合股价指数上涨1.2%，受三星电子提振，三星电子上涨1.8%，此前该公司表示预计第四季度营业利润将增长52%。</blockquote></p><p></body></html></p><p><blockquote></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>Stock Futures Tick Up Ahead of Jobs Report<blockquote>就业报告公布前股指期货上涨</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; 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\">\nStock Futures Tick Up Ahead of Jobs Report<blockquote>就业报告公布前股指期货上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2022-01-07 18:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stock futures edged up ahead of the latest jobs report that is expected to provide insight into the labor market recovery and monetary policy ahead.</p><p><blockquote><html><head></head><body>在最新的就业报告公布之前，美国股指期货小幅上涨，预计该报告将提供对劳动力市场复苏和未来货币政策的洞察。</body></html></blockquote></p><p>Futures tied to the S&amp;P 500 added 0.2% Friday, pointing to the broad-market index recouping losses after closing down 0.1% in Thursday’s choppy session.Dow Jones Industrial Average futures climbed 0.3% and <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>-100 futures were relatively flat.</p><p><blockquote>与标普500相关的期货周五上涨0.2%，表明大盘指数在周四震荡收盘下跌0.1%后收复失地。道琼斯工业平均指数期货上涨0.3%，<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>-100期指较为平淡。</blockquote></p><p>Stocks came under pressure this week after theFederal Reserve’s minutes confirmed its intention to pull back stimulus and suggested it might do so sooner and faster than previously planned, due to high inflation. The S&amp;P 500 is down 1.5% this week, on track for the worst weekly performance since mid-December.</p><p><blockquote>本周，美联储会议纪要确认其打算撤回刺激措施，并暗示由于高通胀，可能会比之前计划更早更快地撤回刺激措施，股市面临压力。标普500本周下跌1.5%，有望创下12月中旬以来最差单周表现。</blockquote></p><p>Government bonds have sold off as markets price in the possibility of earlier interest rate increases and the Fed shrinking its portfolio of bonds in the near future. The yield on the benchmark 10-year Treasury note steadied, edging down to 1.728% Friday from 1.733% Thursday after four consecutive days of rises. Yields increase as bond prices decline.</p><p><blockquote>由于市场消化了提前加息的可能性以及美联储在不久的将来缩减债券投资组合，政府债券遭到抛售。基准10年期国债收益率企稳，在连续四天上涨后，从周四的1.733%小幅降至周五的1.728%。随着债券价格下跌，收益率上升。</blockquote></p><p>“Everything happening in markets this week was about expectations on how fast the Fed is going to tighten policy,” said Fahad Kamal, chief investment officer at Kleinwort Hambros. “This is a transition year where we go from record policy support toward actual tightening. There will be huge volatility as we figure out how to work in this paradigm.”</p><p><blockquote>Kleinwort Hambros首席投资官Fahad Kamal表示：“本周市场上发生的一切都与美联储收紧政策的速度有关。”“今年是我们从创纪录的政策支持转向实际紧缩的过渡年。当我们弄清楚如何在这种范式中工作时，将会出现巨大的波动。”</blockquote></p><p>Meme stock<a href=\"https://laohu8.com/S/GME\">GameStop</a>surged over 18% in premarket trading after The Wall Street Journal reported the company was planning to enter the cryptocurrency and nonfungible token markets.<a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a>,another company popular with retail traders, jumped 6.5%.</p><p><blockquote>模因股票<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>在《华尔街日报》报道该公司计划进入加密货币和不可替代代币市场后，盘前交易中股价飙升超过18%。<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>另一家受散户交易者欢迎的公司股价上涨6.5%。</blockquote></p><p>The jobs report for December is slated to go out at 8:30 a.m. ET, with data on nonfarm payrolls, the unemployment rate and average hourly earnings. Economists are forecasting that U.S. companies added jobs at a faster pace in December, although the surveys were done before the recent sharp rise in Covid-19 cases.</p><p><blockquote>12月份就业报告定于美国东部时间上午8:30发布，其中包括非农就业、失业率和平均时薪等数据。经济学家预测，美国公司在12月份增加就业岗位的速度会更快，尽管这些调查是在最近Covid-19病例急剧上升之前进行的。</blockquote></p><p>Fed officials have said labor market health is a crucial factor in their monetary policy decisions. <a href=\"https://laohu8.com/S/ISBC\">Investors</a> will be scrutinizing the report closely to see if it is consistent with the Fed’s plans outlined in the minutes and whether wages are continuing to increase, which could mean more sustained inflation.</p><p><blockquote>美联储官员曾表示，劳动力市场健康状况是他们货币政策决策的关键因素。<a href=\"https://laohu8.com/S/ISBC\">投资者</a>将密切关注该报告，看看它是否与会议纪要中概述的美联储计划一致，以及工资是否继续上涨，这可能意味着更持续的通胀。</blockquote></p><p>“If the data shows the labor market is still running pretty hot, it strengthens the case for hawks that the Fed needs to get on and tighten policy,” said Sebastian Mackay, a multiasset fund manager at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a>.</p><p><blockquote>多资产基金经理塞巴斯蒂安·麦凯(Sebastian Mackay)表示：“如果数据显示劳动力市场仍然相当火爆，这就强化了鹰派认为美联储需要继续收紧政策的理由。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>.</blockquote></p><p>Oil prices edged up. Global benchmark Brent crude added 0.7% and traded at $82.54 a barrel, the highest level in over eight weeks. Oil supply could potentially be lower due to freezing conditions in North Dakota and Alberta, Canada and if protests in crude producer Kazakhstan affect output, according to analysts at ING.</p><p><blockquote>油价小幅上涨。全球基准布伦特原油上涨0.7%，至每桶82.54美元，为八周多来的最高水平。荷兰国际集团分析师表示，由于加拿大北达科他州和艾伯塔省的冰冻条件，以及原油生产国哈萨克斯坦的抗议活动影响产量，石油供应可能会减少。</blockquote></p><p>Bitcoin extended its fall into a third day, declining 3.7% compared with its level at 5 p.m. ET on Thursday. It traded at around $41,500, the lowest since September.</p><p><blockquote>比特币连续第三天下跌，较下午5点的水平下跌3.7%。美国东部时间周四。其交易价格约为41,500美元，为9月份以来的最低水平。</blockquote></p><p>Lighting company <a href=\"https://laohu8.com/S/AYI\">Acuity</a> Brands and transport firmGreenbrier Companies scheduled to report earnings ahead of the opening bell.</p><p><blockquote>照明公司<a href=\"https://laohu8.com/S/AYI\">敏锐</a>品牌和运输公司Greenbrier公司计划在开盘前公布收益。</blockquote></p><p>Overseas, the pan-continental Stoxx Europe 600 ticked down 0.1%. Bank stocks climbed, with UBS rising 2.7% and Deutsche Bank up 2.5% as higher bond yields suggest lenders could charge more interest on loans.</p><p><blockquote>海外方面，泛大陆斯托克欧洲600指数下跌0.1%。银行股攀升，瑞银上涨2.7%，德意志银行上涨2.5%，因债券收益率上升表明银行可能会收取更多贷款利息。</blockquote></p><p>European government bond yields rose, with the 10-year German bund yield climbing to minus 0.09%. If it surpasses 0, it will be in positive territory for the first time since 2019.</p><p><blockquote>欧洲国债收益率走高，10年期德债收益率攀升至负0.09%。如果超过0，将自2019年以来首次处于正值区域。</blockquote></p><p>In Asia, major stock benchmarks were mixed. The Shanghai Composite Index fell 0.2%, while Hong Kong’s Hang Seng Index rose 1.7%, led by gains in technology stocks. E-commerce giants <a href=\"https://laohu8.com/S/BABA\">Alibaba</a> rose 3.2% and <a href=\"https://laohu8.com/S/JD\">JD.com</a> gained 3.1%. South Korea’s Kospi Index rose 1.2%, buoyed by Samsung Electronics, which climbed 1.8% after it said it expects a 52% increase in fourth-quarter operating profit.</p><p><blockquote>在亚洲，主要股票基准涨跌互现。上证综指跌0.2%，港股恒生指数涨1.7%，科技股领涨。电商巨头<a href=\"https://laohu8.com/S/BABA\">阿里巴巴-SW</a>上涨3.2%<a href=\"https://laohu8.com/S/JD\">京东</a>上涨3.1%。韩国综合股价指数上涨1.2%，受三星电子提振，三星电子上涨1.8%，此前该公司表示预计第四季度营业利润将增长52%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/global-stock-markets-dow-update-01-07-2022-11641544560?mod=markets_lead_pos3\">WSJ</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/global-stock-markets-dow-update-01-07-2022-11641544560?mod=markets_lead_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122531820","content_text":"U.S. stock futures edged up ahead of the latest jobs report that is expected to provide insight into the labor market recovery and monetary policy ahead.Futures tied to the S&P 500 added 0.2% Friday, pointing to the broad-market index recouping losses after closing down 0.1% in Thursday’s choppy session.Dow Jones Industrial Average futures climbed 0.3% and Nasdaq-100 futures were relatively flat.Stocks came under pressure this week after theFederal Reserve’s minutes confirmed its intention to pull back stimulus and suggested it might do so sooner and faster than previously planned, due to high inflation. The S&P 500 is down 1.5% this week, on track for the worst weekly performance since mid-December.Government bonds have sold off as markets price in the possibility of earlier interest rate increases and the Fed shrinking its portfolio of bonds in the near future. The yield on the benchmark 10-year Treasury note steadied, edging down to 1.728% Friday from 1.733% Thursday after four consecutive days of rises. Yields increase as bond prices decline.“Everything happening in markets this week was about expectations on how fast the Fed is going to tighten policy,” said Fahad Kamal, chief investment officer at Kleinwort Hambros. “This is a transition year where we go from record policy support toward actual tightening. There will be huge volatility as we figure out how to work in this paradigm.”Meme stockGameStopsurged over 18% in premarket trading after The Wall Street Journal reported the company was planning to enter the cryptocurrency and nonfungible token markets.AMC Entertainment,another company popular with retail traders, jumped 6.5%.The jobs report for December is slated to go out at 8:30 a.m. ET, with data on nonfarm payrolls, the unemployment rate and average hourly earnings. Economists are forecasting that U.S. companies added jobs at a faster pace in December, although the surveys were done before the recent sharp rise in Covid-19 cases.Fed officials have said labor market health is a crucial factor in their monetary policy decisions. Investors will be scrutinizing the report closely to see if it is consistent with the Fed’s plans outlined in the minutes and whether wages are continuing to increase, which could mean more sustained inflation.“If the data shows the labor market is still running pretty hot, it strengthens the case for hawks that the Fed needs to get on and tighten policy,” said Sebastian Mackay, a multiasset fund manager at Invesco.Oil prices edged up. Global benchmark Brent crude added 0.7% and traded at $82.54 a barrel, the highest level in over eight weeks. Oil supply could potentially be lower due to freezing conditions in North Dakota and Alberta, Canada and if protests in crude producer Kazakhstan affect output, according to analysts at ING.Bitcoin extended its fall into a third day, declining 3.7% compared with its level at 5 p.m. ET on Thursday. It traded at around $41,500, the lowest since September.Lighting company Acuity Brands and transport firmGreenbrier Companies scheduled to report earnings ahead of the opening bell.Overseas, the pan-continental Stoxx Europe 600 ticked down 0.1%. Bank stocks climbed, with UBS rising 2.7% and Deutsche Bank up 2.5% as higher bond yields suggest lenders could charge more interest on loans.European government bond yields rose, with the 10-year German bund yield climbing to minus 0.09%. If it surpasses 0, it will be in positive territory for the first time since 2019.In Asia, major stock benchmarks were mixed. The Shanghai Composite Index fell 0.2%, while Hong Kong’s Hang Seng Index rose 1.7%, led by gains in technology stocks. E-commerce giants Alibaba rose 3.2% and JD.com gained 3.1%. South Korea’s Kospi Index rose 1.2%, buoyed by Samsung Electronics, which climbed 1.8% after it said it expects a 52% increase in fourth-quarter operating profit.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695570069,"gmtCreate":1641530980458,"gmtModify":1641530980837,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/695570069","repostId":"2201622652","repostType":4,"isVote":1,"tweetType":1,"viewCount":3002,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695636679,"gmtCreate":1641438925871,"gmtModify":1641438926251,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695636679","repostId":"1163571034","repostType":4,"isVote":1,"tweetType":1,"viewCount":2934,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695354075,"gmtCreate":1641350649895,"gmtModify":1641350650318,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/695354075","repostId":"1158741589","repostType":4,"repost":{"id":"1158741589","kind":"news","pubTimestamp":1641348441,"share":"https://www.laohu8.com/m/news/1158741589?lang=zh_CN&edition=full","pubTime":"2022-01-05 10:07","market":"us","language":"en","title":"Is Apple Stock's Next Stop $2 Trillion or $4 Trillion?<blockquote>苹果股票的下一站是2万亿美元还是4万亿美元？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158741589","media":"Motley Fool","summary":"Apple(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to ","content":"<p><html><head></head><body><b>Apple</b>(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to top $3 trillion in market capitalization on Monday. It&#39;s a big feat, and a big round number. What can the world&#39;s most valuable company do for an encore later in 2022?</p><p><blockquote><html><head></head><body><b>苹果</b>（纳斯达克：AAPL）以flair开启了新的一年，周一成为第一家市值突破3万亿美元的上市公司。这是一个伟大的壮举，也是一个很大的整数。这家全球最有价值的公司能为2022年晚些时候的安可做些什么？</body></html></blockquote></p><p>Will the first company to hit $3 trillion become the first one to surpass $4 trillion? It&#39;s a logical choice, and inertia is certainly in its favor. However, it&#39;s just as easy to see Apple fall to $2 trillion -- especially if the market corrects after a year that was more than kind for the titans of tech while neglecting most of the smaller growth stocks.</p><p><blockquote>第一家冲击3万亿美元的公司会成为第一家突破4万亿美元的公司吗？这是一个合乎逻辑的选择，惯性当然对它有利。然而，很容易看到苹果跌至2万亿美元——特别是如果市场在对科技巨头有利的一年之后出现调整，而忽视了大多数规模较小的成长型股票。</blockquote></p><p>The battlefield is set. Will Apple fall to $2 trillion? Will it keep climbing to $4 trillion? The math is easy with Apple at $3 trillion, as it basically boils down to whether it will lose a third of its value or rise by a third of its value. Let&#39;s check with both camps.</p><p><blockquote>战场已定。苹果会跌至2万亿美元吗？它会继续攀升至4万亿美元吗？苹果的市值为3万亿美元，计算起来很简单，因为它基本上可以归结为它是会损失三分之一的价值还是会上涨三分之一的价值。让我们向两个阵营核实一下。</blockquote></p><p><b>The case for $2 trillion</b></p><p><blockquote><b>2万亿美元的案例</b></blockquote></p><p>The consumer tech tastemaker has been a wealth-altering investment over the years, but that doesn&#39;t mean that it only moves up. Apple has shed more than a third of its value five times over the past 16 years, averaging a major drawdown every three years. The last pullback was naturally two years ago, when the market initially tanked as a result of the COVID-19 crisis hitting the U.S., but Apple fared better than most growth stocks with a mere 35% decline at that point. The stock has more than tripled from the last drawdown 22 months ago, so one might even suggest that Apple is due for a swift correction.</p><p><blockquote>多年来，消费科技引领者一直是一项改变财富的投资，但这并不意味着它只会上涨。在过去的16年里，苹果已经五次缩水超过三分之一，平均每三年大幅缩水一次。上一次回调自然是在两年前，当时市场最初因新冠肺炎危机袭击美国而暴跌，但苹果的表现优于大多数成长型股票，当时仅下跌了35%。自22个月前上次下跌以来，该股已上涨两倍多，因此有人甚至可能认为苹果将迅速调整。</blockquote></p><p>Right now it&#39;s easy to be bullish on Apple. As big as the class act of Cupertino may be, it still managed to grow its net sales by 33% in fiscal 2021. However, just as the stock averages a drawdown every three years, it has seen a spike in sales once every three years when there&#39;s a major iPhone upgrade. Apple&#39;s top line saw double-digit growth in fiscal 2012, 2015, 2018, and 2021. The years between those pops all saw single-digit or sometimes even negative top-line growth. History looks set to repeat, as analysts see net sales climbing just 4% this year and 5% in fiscal 2023.</p><p><blockquote>现在很容易看好苹果。尽管库比蒂诺的集体诉讼规模可能很大，但该公司在2021财年的净销售额仍然增长了33%。然而，正如该股平均每三年下跌一次一样，当iPhone进行重大升级时，其销量每三年就会飙升一次。苹果的营收在2012、2015、2018和2021财年实现了两位数增长。在这两次流行之间的几年里，营收增长都是个位数，有时甚至是负增长。历史似乎即将重演，分析师预计今年净销售额仅增长4%，2023财年仅增长5%。</blockquote></p><p>Another thing about the iPhone -- clearly the primary driver here at 52% of the $365.8 billion in sales Apple posted for all of fiscal 2021 -- is that it&#39;s not growing market share. This continues to be an Android world for the masses, and that&#39;s not expected to change anytime soon.</p><p><blockquote>iPhone的另一件事是它的市场份额并没有增长——显然是苹果2021财年3658亿美元销售额的52%——显然是主要驱动力。对于大众来说，这仍然是一个Android世界，预计这种情况不会很快改变。</blockquote></p><p>The iPhone&#39;s market share peaked nine years ago. It&#39;s been sliding outside of the short-lived spikes, with Android growing at the expense of Apple&#39;s iOS. Here&#39;s the percentage of worldwide smartphone shipments that are expected to be iPhones in the coming years, according to industry tracker IDC:</p><p><blockquote>iPhone的市场份额在九年前达到顶峰。随着Android的增长以牺牲苹果的iOS为代价，它一直在滑出短暂的高峰。根据行业跟踪机构IDC的数据，以下是未来几年iPhone预计占全球智能手机出货量的百分比：</blockquote></p><p><ul><li>2021 -- 16.2%</li><li>2022 -- 15.9%</li><li>2023 -- 15.6%</li><li>2024 -- 15.3%</li><li>2025 -- 15.1%</li></ul>The iPhone may have the high-end market cornered, and the new M1-powered Macs look pretty sweet. However, these are premium products. If the economy buckles -- and you know that&#39;s a very realistic scenario right now -- Apple could easily give back a third of the monster gains it has garnered over the past two years.</p><p><blockquote><ul><li>2021--16.2%</li><li>2022--15.9%</li><li>2023--15.6%</li><li>2024--15.3%</li><li>2025--15.1%</li></ul>iPhone可能会垄断高端市场，而新的M1驱动的MAC看起来相当不错。然而，这些都是优质产品。如果经济崩溃——你知道这是目前非常现实的情况——苹果可以很容易地收回过去两年获得的巨额收益的三分之一。</blockquote></p><p><b>The case for $4 trillion</b></p><p><blockquote><b>4万亿美元的案例</b></blockquote></p><p>Apple stock isn&#39;t exactly cheap, and at 33 times trailing earnings it&#39;s a rich price for a stock that musters double-digit growth just once every three years. However, there&#39;s something to be said about essentially cornering the market for people willing to pay a premium for phones, tablets, and computers.</p><p><blockquote>苹果的股票并不便宜，其往绩市盈率为33倍，对于一只每三年才出现两位数增长的股票来说，这是一个很高的价格。然而，对于愿意为手机、平板电脑和电脑支付高价的人来说，这基本上是垄断了市场。</blockquote></p><p>Apple&#39;s ability to command a healthy mark-up on its products makes it special, and that&#39;s before we consider the high-margin power of its services segment, which now accounts for nearly a fifth of its revenue. Apple may be at $3 trillion for the time being, but the company itself has never been as potent as it is right now.</p><p><blockquote>苹果对其产品进行健康加价的能力使其与众不同，这是在我们考虑其服务部门的高利润能力之前，该部门目前占其收入的近五分之一。苹果目前可能达到3万亿美元，但该公司本身从未像现在这样强大。</blockquote></p><p>What if this isn&#39;t the peak? What if the mobile5G revolution extends the upgrade cycle? Apple has routinely defined markets -- for everything from tablets to smartphones to smartwatches -- where others have fallen short. Do you really think an Apple car wouldn&#39;t sell briskly if it ever came out? Apple is unique in that it succeeds far more than it fails when it thinks outside the box. It&#39;s true that the stock&#39;s valuation isn&#39;t for the timid, and it&#39;s not as if its 0.5% yield is wooing income investors. However, Apple finds a way to make magic happen. Hitting $4 trillion would be just the next trick for tech&#39;s ultimate magician that can always read your mind. It&#39;s a gift that you don&#39;t want to be against.</p><p><blockquote>如果这不是高峰呢？如果mobile5G革命延长了升级周期怎么办？苹果经常定义市场——从平板电脑到智能手机再到智能手表的所有产品——而其他公司却做不到这一点。你真的认为苹果汽车一旦上市就不会畅销吗？苹果的独特之处在于，当它跳出框框思考时，它的成功远远多于失败。确实，该股的估值不适合胆小的人，而且其0.5%的收益率也没有吸引收益投资者。然而，苹果找到了一种让奇迹发生的方法。对于总能读懂你心思的科技终极魔术师来说，达到4万亿美元将是下一个魔术。这是一份你不想反对的礼物。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Apple Stock's Next Stop $2 Trillion or $4 Trillion?<blockquote>苹果股票的下一站是2万亿美元还是4万亿美元？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Apple Stock's Next Stop $2 Trillion or $4 Trillion?<blockquote>苹果股票的下一站是2万亿美元还是4万亿美元？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2022-01-05 10:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Apple</b>(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to top $3 trillion in market capitalization on Monday. It&#39;s a big feat, and a big round number. What can the world&#39;s most valuable company do for an encore later in 2022?</p><p><blockquote><html><head></head><body><b>苹果</b>（纳斯达克：AAPL）以flair开启了新的一年，周一成为第一家市值突破3万亿美元的上市公司。这是一个伟大的壮举，也是一个很大的整数。这家全球最有价值的公司能为2022年晚些时候的安可做些什么？</body></html></blockquote></p><p>Will the first company to hit $3 trillion become the first one to surpass $4 trillion? It&#39;s a logical choice, and inertia is certainly in its favor. However, it&#39;s just as easy to see Apple fall to $2 trillion -- especially if the market corrects after a year that was more than kind for the titans of tech while neglecting most of the smaller growth stocks.</p><p><blockquote>第一家冲击3万亿美元的公司会成为第一家突破4万亿美元的公司吗？这是一个合乎逻辑的选择，惯性当然对它有利。然而，很容易看到苹果跌至2万亿美元——特别是如果市场在对科技巨头有利的一年之后出现调整，而忽视了大多数规模较小的成长型股票。</blockquote></p><p>The battlefield is set. Will Apple fall to $2 trillion? Will it keep climbing to $4 trillion? The math is easy with Apple at $3 trillion, as it basically boils down to whether it will lose a third of its value or rise by a third of its value. Let&#39;s check with both camps.</p><p><blockquote>战场已定。苹果会跌至2万亿美元吗？它会继续攀升至4万亿美元吗？苹果的市值为3万亿美元，计算起来很简单，因为它基本上可以归结为它是会损失三分之一的价值还是会上涨三分之一的价值。让我们向两个阵营核实一下。</blockquote></p><p><b>The case for $2 trillion</b></p><p><blockquote><b>2万亿美元的案例</b></blockquote></p><p>The consumer tech tastemaker has been a wealth-altering investment over the years, but that doesn&#39;t mean that it only moves up. Apple has shed more than a third of its value five times over the past 16 years, averaging a major drawdown every three years. The last pullback was naturally two years ago, when the market initially tanked as a result of the COVID-19 crisis hitting the U.S., but Apple fared better than most growth stocks with a mere 35% decline at that point. The stock has more than tripled from the last drawdown 22 months ago, so one might even suggest that Apple is due for a swift correction.</p><p><blockquote>多年来，消费科技引领者一直是一项改变财富的投资，但这并不意味着它只会上涨。在过去的16年里，苹果已经五次缩水超过三分之一，平均每三年大幅缩水一次。上一次回调自然是在两年前，当时市场最初因新冠肺炎危机袭击美国而暴跌，但苹果的表现优于大多数成长型股票，当时仅下跌了35%。自22个月前上次下跌以来，该股已上涨两倍多，因此有人甚至可能认为苹果将迅速调整。</blockquote></p><p>Right now it&#39;s easy to be bullish on Apple. As big as the class act of Cupertino may be, it still managed to grow its net sales by 33% in fiscal 2021. However, just as the stock averages a drawdown every three years, it has seen a spike in sales once every three years when there&#39;s a major iPhone upgrade. Apple&#39;s top line saw double-digit growth in fiscal 2012, 2015, 2018, and 2021. The years between those pops all saw single-digit or sometimes even negative top-line growth. History looks set to repeat, as analysts see net sales climbing just 4% this year and 5% in fiscal 2023.</p><p><blockquote>现在很容易看好苹果。尽管库比蒂诺的集体诉讼规模可能很大，但该公司在2021财年的净销售额仍然增长了33%。然而，正如该股平均每三年下跌一次一样，当iPhone进行重大升级时，其销量每三年就会飙升一次。苹果的营收在2012、2015、2018和2021财年实现了两位数增长。在这两次流行之间的几年里，营收增长都是个位数，有时甚至是负增长。历史似乎即将重演，分析师预计今年净销售额仅增长4%，2023财年仅增长5%。</blockquote></p><p>Another thing about the iPhone -- clearly the primary driver here at 52% of the $365.8 billion in sales Apple posted for all of fiscal 2021 -- is that it&#39;s not growing market share. This continues to be an Android world for the masses, and that&#39;s not expected to change anytime soon.</p><p><blockquote>iPhone的另一件事是它的市场份额并没有增长——显然是苹果2021财年3658亿美元销售额的52%——显然是主要驱动力。对于大众来说，这仍然是一个Android世界，预计这种情况不会很快改变。</blockquote></p><p>The iPhone&#39;s market share peaked nine years ago. It&#39;s been sliding outside of the short-lived spikes, with Android growing at the expense of Apple&#39;s iOS. Here&#39;s the percentage of worldwide smartphone shipments that are expected to be iPhones in the coming years, according to industry tracker IDC:</p><p><blockquote>iPhone的市场份额在九年前达到顶峰。随着Android的增长以牺牲苹果的iOS为代价，它一直在滑出短暂的高峰。根据行业跟踪机构IDC的数据，以下是未来几年iPhone预计占全球智能手机出货量的百分比：</blockquote></p><p><ul><li>2021 -- 16.2%</li><li>2022 -- 15.9%</li><li>2023 -- 15.6%</li><li>2024 -- 15.3%</li><li>2025 -- 15.1%</li></ul>The iPhone may have the high-end market cornered, and the new M1-powered Macs look pretty sweet. However, these are premium products. If the economy buckles -- and you know that&#39;s a very realistic scenario right now -- Apple could easily give back a third of the monster gains it has garnered over the past two years.</p><p><blockquote><ul><li>2021--16.2%</li><li>2022--15.9%</li><li>2023--15.6%</li><li>2024--15.3%</li><li>2025--15.1%</li></ul>iPhone可能会垄断高端市场，而新的M1驱动的MAC看起来相当不错。然而，这些都是优质产品。如果经济崩溃——你知道这是目前非常现实的情况——苹果可以很容易地收回过去两年获得的巨额收益的三分之一。</blockquote></p><p><b>The case for $4 trillion</b></p><p><blockquote><b>4万亿美元的案例</b></blockquote></p><p>Apple stock isn&#39;t exactly cheap, and at 33 times trailing earnings it&#39;s a rich price for a stock that musters double-digit growth just once every three years. However, there&#39;s something to be said about essentially cornering the market for people willing to pay a premium for phones, tablets, and computers.</p><p><blockquote>苹果的股票并不便宜，其往绩市盈率为33倍，对于一只每三年才出现两位数增长的股票来说，这是一个很高的价格。然而，对于愿意为手机、平板电脑和电脑支付高价的人来说，这基本上是垄断了市场。</blockquote></p><p>Apple&#39;s ability to command a healthy mark-up on its products makes it special, and that&#39;s before we consider the high-margin power of its services segment, which now accounts for nearly a fifth of its revenue. Apple may be at $3 trillion for the time being, but the company itself has never been as potent as it is right now.</p><p><blockquote>苹果对其产品进行健康加价的能力使其与众不同，这是在我们考虑其服务部门的高利润能力之前，该部门目前占其收入的近五分之一。苹果目前可能达到3万亿美元，但该公司本身从未像现在这样强大。</blockquote></p><p>What if this isn&#39;t the peak? What if the mobile5G revolution extends the upgrade cycle? Apple has routinely defined markets -- for everything from tablets to smartphones to smartwatches -- where others have fallen short. Do you really think an Apple car wouldn&#39;t sell briskly if it ever came out? Apple is unique in that it succeeds far more than it fails when it thinks outside the box. It&#39;s true that the stock&#39;s valuation isn&#39;t for the timid, and it&#39;s not as if its 0.5% yield is wooing income investors. However, Apple finds a way to make magic happen. Hitting $4 trillion would be just the next trick for tech&#39;s ultimate magician that can always read your mind. It&#39;s a gift that you don&#39;t want to be against.</p><p><blockquote>如果这不是高峰呢？如果mobile5G革命延长了升级周期怎么办？苹果经常定义市场——从平板电脑到智能手机再到智能手表的所有产品——而其他公司却做不到这一点。你真的认为苹果汽车一旦上市就不会畅销吗？苹果的独特之处在于，当它跳出框框思考时，它的成功远远多于失败。确实，该股的估值不适合胆小的人，而且其0.5%的收益率也没有吸引收益投资者。然而，苹果找到了一种让奇迹发生的方法。对于总能读懂你心思的科技终极魔术师来说，达到4万亿美元将是下一个魔术。这是一份你不想反对的礼物。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2022/01/04/is-apple-stocks-next-stop-2-trillion-or-4-trillion/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.fool.com/investing/2022/01/04/is-apple-stocks-next-stop-2-trillion-or-4-trillion/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158741589","content_text":"Apple(NASDAQ:AAPL)kicked off the New Year with flair, becoming the first publicly traded company to top $3 trillion in market capitalization on Monday. It's a big feat, and a big round number. What can the world's most valuable company do for an encore later in 2022?Will the first company to hit $3 trillion become the first one to surpass $4 trillion? It's a logical choice, and inertia is certainly in its favor. However, it's just as easy to see Apple fall to $2 trillion -- especially if the market corrects after a year that was more than kind for the titans of tech while neglecting most of the smaller growth stocks.The battlefield is set. Will Apple fall to $2 trillion? Will it keep climbing to $4 trillion? The math is easy with Apple at $3 trillion, as it basically boils down to whether it will lose a third of its value or rise by a third of its value. Let's check with both camps.The case for $2 trillionThe consumer tech tastemaker has been a wealth-altering investment over the years, but that doesn't mean that it only moves up. Apple has shed more than a third of its value five times over the past 16 years, averaging a major drawdown every three years. The last pullback was naturally two years ago, when the market initially tanked as a result of the COVID-19 crisis hitting the U.S., but Apple fared better than most growth stocks with a mere 35% decline at that point. The stock has more than tripled from the last drawdown 22 months ago, so one might even suggest that Apple is due for a swift correction.Right now it's easy to be bullish on Apple. As big as the class act of Cupertino may be, it still managed to grow its net sales by 33% in fiscal 2021. However, just as the stock averages a drawdown every three years, it has seen a spike in sales once every three years when there's a major iPhone upgrade. Apple's top line saw double-digit growth in fiscal 2012, 2015, 2018, and 2021. The years between those pops all saw single-digit or sometimes even negative top-line growth. History looks set to repeat, as analysts see net sales climbing just 4% this year and 5% in fiscal 2023.Another thing about the iPhone -- clearly the primary driver here at 52% of the $365.8 billion in sales Apple posted for all of fiscal 2021 -- is that it's not growing market share. This continues to be an Android world for the masses, and that's not expected to change anytime soon.The iPhone's market share peaked nine years ago. It's been sliding outside of the short-lived spikes, with Android growing at the expense of Apple's iOS. Here's the percentage of worldwide smartphone shipments that are expected to be iPhones in the coming years, according to industry tracker IDC:2021 -- 16.2%2022 -- 15.9%2023 -- 15.6%2024 -- 15.3%2025 -- 15.1%The iPhone may have the high-end market cornered, and the new M1-powered Macs look pretty sweet. However, these are premium products. If the economy buckles -- and you know that's a very realistic scenario right now -- Apple could easily give back a third of the monster gains it has garnered over the past two years.The case for $4 trillionApple stock isn't exactly cheap, and at 33 times trailing earnings it's a rich price for a stock that musters double-digit growth just once every three years. However, there's something to be said about essentially cornering the market for people willing to pay a premium for phones, tablets, and computers.Apple's ability to command a healthy mark-up on its products makes it special, and that's before we consider the high-margin power of its services segment, which now accounts for nearly a fifth of its revenue. Apple may be at $3 trillion for the time being, but the company itself has never been as potent as it is right now.What if this isn't the peak? What if the mobile5G revolution extends the upgrade cycle? Apple has routinely defined markets -- for everything from tablets to smartphones to smartwatches -- where others have fallen short. Do you really think an Apple car wouldn't sell briskly if it ever came out? Apple is unique in that it succeeds far more than it fails when it thinks outside the box. It's true that the stock's valuation isn't for the timid, and it's not as if its 0.5% yield is wooing income investors. However, Apple finds a way to make magic happen. Hitting $4 trillion would be just the next trick for tech's ultimate magician that can always read your mind. It's a gift that you don't want to be against.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":695031209,"gmtCreate":1641262799609,"gmtModify":1641262799952,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/695031209","repostId":"2200886475","repostType":4,"isVote":1,"tweetType":1,"viewCount":2987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692714716,"gmtCreate":1641218662879,"gmtModify":1641218663265,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692714716","repostId":"2200470447","repostType":4,"isVote":1,"tweetType":1,"viewCount":2936,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692439089,"gmtCreate":1641137396059,"gmtModify":1641137396421,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692439089","repostId":"1190287173","repostType":4,"repost":{"id":"1190287173","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":1640961087,"share":"https://www.laohu8.com/m/news/1190287173?lang=zh_CN&edition=full","pubTime":"2021-12-31 22:31","market":"us","language":"en","title":"Stocks Open Little Changed as S&P 500 Wraps up a Stellar Year of Gains<blockquote>标普500结束了辉煌的一年，股市开盘变化不大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190287173","media":"Tiger Newspress","summary":"U.S. stocks were little changed Friday morning as investors close out a stellar 2021.The Dow Jones I","content":"<p><html><head></head><body>U.S. stocks were little changed Friday morning as investors close out a stellar 2021.</p><p><blockquote><html><head></head><body>周五上午，随着投资者结束2021年的辉煌业绩，美国股市几乎没有变化。</body></html></blockquote></p><p>The Dow Jones Industrial Average dipped about 22 points. The S&amp;P 500 was marginally lower. The Nasdaq Composite traded near the flatline.</p><p><blockquote>道琼斯工业平均指数下跌约22点。标普500略低。纳斯达克综合指数在持平线附近交易。</blockquote></p><p>The major averages are all up double-digits this year as the global economy began its recovery from the 2020 Covid lockdowns, while the Federal Reserve maintained supportive measures first implemented at the onset of the pandemic.</p><p><blockquote>随着全球经济开始从2020年新冠疫情封锁中复苏，主要平均指数今年均上涨了两位数，而美联储则维持了疫情爆发时首次实施的支持措施。</blockquote></p><p>“2021 was another exceptional year for U.S. equity markets,” Wells Fargo Investment Institute’s Chris Haverland said in a note. “The markets were supported by encouraging news on the pandemic and highly accommodative fiscal and monetary policies.”</p><p><blockquote>富国银行投资研究所的克里斯·哈弗兰(Chris Haverland)在一份报告中表示：“2021年对美国股市来说是又一个非凡的一年。”“有关疫情的令人鼓舞的消息以及高度宽松的财政和货币政策支撑了市场。”</blockquote></p><p>Strong corporate earnings also boosted U.S. stocks, Haverland said. The estimated year-over-year earnings growth rate for 2021 is 45.1%, according to FactSet. That would mark the highest annual earnings growth rate for the index since FactSet began tracking the metric in 2008.</p><p><blockquote>Haverland表示，强劲的企业盈利也提振了美国股市。FactSet的数据显示，预计2021年盈利同比增长率为45.1%。这将标志着该指数自2008年FactSet开始跟踪该指标以来的最高年度盈利增长率。</blockquote></p><p>“The economic and earnings rebound that started in 2020 carried over into 2021, lifting equity markets to record highs. While returns in 2020 were driven by price-to-earnings multiple expansion, returns in 2021 were driven by earnings growth,” Haverland said.</p><p><blockquote>Haverland表示：“2020年开始的经济和盈利反弹延续到2021年，将股市推升至历史新高。虽然2020年的回报是由市盈率倍数扩张推动的，但2021年的回报是由盈利增长推动的。”</blockquote></p><p>Entering Friday’s session, the S&amp;P 500 was up 27.2% year to date. That puts the market benchmark on track for its third straight annual gain. Energy and real estate have been the best-performing sectors in the S&amp;P 500 this year, surging more than 40% each. Tech and financials are also up more than 30%.</p><p><blockquote>进入周五交易时段，标普500今年迄今已上涨27.2%。这使得市场基准有望连续第三年上涨。能源和房地产是今年标普500中表现最好的板块，分别飙升了40%以上。科技股和金融股也上涨了30%以上。</blockquote></p><p>The 30-stock Dow was up 18.9% through Thursday’s close, also putting it on pace for its third consecutive yearly gain. Home Depot and Microsoft have led the Dow gains, rising more than 50% each.</p><p><blockquote>截至周四收盘，道琼斯30只股票上涨18.9%，也有望连续第三年上涨。家得宝和微软领涨道指，涨幅均超过50%。</blockquote></p><p>The tech-focused Nasdaq has risen 22.1% this year, putting the composite on track for its ninth annual gain in 10 years. Names like Alphabet, Apple, Meta Platforms and Tesla have led Nasdaq’s gains this year.</p><p><blockquote>以科技股为主的纳斯达克今年上涨了22.1%，使该综合指数有望实现10年来第九次年度上涨。Alphabet、苹果、Meta Platforms和特斯拉等公司今年引领了纳斯达克的上涨。</blockquote></p><p>Many investors and strategists expect tougher conditions next year as the Fed tapers off its pandemic-era easy monetary policy and addresses persistent inflation.</p><p><blockquote>许多投资者和策略师预计，随着美联储缩减大流行时期的宽松货币政策并解决持续的通胀问题，明年的情况将更加严峻。</blockquote></p><p></body></html></p><p><blockquote></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>Stocks Open Little Changed as S&P 500 Wraps up a Stellar Year of Gains<blockquote>标普500结束了辉煌的一年，股市开盘变化不大</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStocks Open Little Changed as S&P 500 Wraps up a Stellar Year of Gains<blockquote>标普500结束了辉煌的一年，股市开盘变化不大</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\">2021-12-31 22:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>U.S. stocks were little changed Friday morning as investors close out a stellar 2021.</p><p><blockquote><html><head></head><body>周五上午，随着投资者结束2021年的辉煌业绩，美国股市几乎没有变化。</body></html></blockquote></p><p>The Dow Jones Industrial Average dipped about 22 points. The S&amp;P 500 was marginally lower. The Nasdaq Composite traded near the flatline.</p><p><blockquote>道琼斯工业平均指数下跌约22点。标普500略低。纳斯达克综合指数在持平线附近交易。</blockquote></p><p>The major averages are all up double-digits this year as the global economy began its recovery from the 2020 Covid lockdowns, while the Federal Reserve maintained supportive measures first implemented at the onset of the pandemic.</p><p><blockquote>随着全球经济开始从2020年新冠疫情封锁中复苏，主要平均指数今年均上涨了两位数，而美联储则维持了疫情爆发时首次实施的支持措施。</blockquote></p><p>“2021 was another exceptional year for U.S. equity markets,” Wells Fargo Investment Institute’s Chris Haverland said in a note. “The markets were supported by encouraging news on the pandemic and highly accommodative fiscal and monetary policies.”</p><p><blockquote>富国银行投资研究所的克里斯·哈弗兰(Chris Haverland)在一份报告中表示：“2021年对美国股市来说是又一个非凡的一年。”“有关疫情的令人鼓舞的消息以及高度宽松的财政和货币政策支撑了市场。”</blockquote></p><p>Strong corporate earnings also boosted U.S. stocks, Haverland said. The estimated year-over-year earnings growth rate for 2021 is 45.1%, according to FactSet. That would mark the highest annual earnings growth rate for the index since FactSet began tracking the metric in 2008.</p><p><blockquote>Haverland表示，强劲的企业盈利也提振了美国股市。FactSet的数据显示，预计2021年盈利同比增长率为45.1%。这将标志着该指数自2008年FactSet开始跟踪该指标以来的最高年度盈利增长率。</blockquote></p><p>“The economic and earnings rebound that started in 2020 carried over into 2021, lifting equity markets to record highs. While returns in 2020 were driven by price-to-earnings multiple expansion, returns in 2021 were driven by earnings growth,” Haverland said.</p><p><blockquote>Haverland表示：“2020年开始的经济和盈利反弹延续到2021年，将股市推升至历史新高。虽然2020年的回报是由市盈率倍数扩张推动的，但2021年的回报是由盈利增长推动的。”</blockquote></p><p>Entering Friday’s session, the S&amp;P 500 was up 27.2% year to date. That puts the market benchmark on track for its third straight annual gain. Energy and real estate have been the best-performing sectors in the S&amp;P 500 this year, surging more than 40% each. Tech and financials are also up more than 30%.</p><p><blockquote>进入周五交易时段，标普500今年迄今已上涨27.2%。这使得市场基准有望连续第三年上涨。能源和房地产是今年标普500中表现最好的板块，分别飙升了40%以上。科技股和金融股也上涨了30%以上。</blockquote></p><p>The 30-stock Dow was up 18.9% through Thursday’s close, also putting it on pace for its third consecutive yearly gain. Home Depot and Microsoft have led the Dow gains, rising more than 50% each.</p><p><blockquote>截至周四收盘，道琼斯30只股票上涨18.9%，也有望连续第三年上涨。家得宝和微软领涨道指，涨幅均超过50%。</blockquote></p><p>The tech-focused Nasdaq has risen 22.1% this year, putting the composite on track for its ninth annual gain in 10 years. Names like Alphabet, Apple, Meta Platforms and Tesla have led Nasdaq’s gains this year.</p><p><blockquote>以科技股为主的纳斯达克今年上涨了22.1%，使该综合指数有望实现10年来第九次年度上涨。Alphabet、苹果、Meta Platforms和特斯拉等公司今年引领了纳斯达克的上涨。</blockquote></p><p>Many investors and strategists expect tougher conditions next year as the Fed tapers off its pandemic-era easy monetary policy and addresses persistent inflation.</p><p><blockquote>许多投资者和策略师预计，随着美联储缩减大流行时期的宽松货币政策并解决持续的通胀问题，明年的情况将更加严峻。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190287173","content_text":"U.S. stocks were little changed Friday morning as investors close out a stellar 2021.The Dow Jones Industrial Average dipped about 22 points. The S&P 500 was marginally lower. The Nasdaq Composite traded near the flatline.The major averages are all up double-digits this year as the global economy began its recovery from the 2020 Covid lockdowns, while the Federal Reserve maintained supportive measures first implemented at the onset of the pandemic.“2021 was another exceptional year for U.S. equity markets,” Wells Fargo Investment Institute’s Chris Haverland said in a note. “The markets were supported by encouraging news on the pandemic and highly accommodative fiscal and monetary policies.”Strong corporate earnings also boosted U.S. stocks, Haverland said. The estimated year-over-year earnings growth rate for 2021 is 45.1%, according to FactSet. That would mark the highest annual earnings growth rate for the index since FactSet began tracking the metric in 2008.“The economic and earnings rebound that started in 2020 carried over into 2021, lifting equity markets to record highs. While returns in 2020 were driven by price-to-earnings multiple expansion, returns in 2021 were driven by earnings growth,” Haverland said.Entering Friday’s session, the S&P 500 was up 27.2% year to date. That puts the market benchmark on track for its third straight annual gain. Energy and real estate have been the best-performing sectors in the S&P 500 this year, surging more than 40% each. Tech and financials are also up more than 30%.The 30-stock Dow was up 18.9% through Thursday’s close, also putting it on pace for its third consecutive yearly gain. Home Depot and Microsoft have led the Dow gains, rising more than 50% each.The tech-focused Nasdaq has risen 22.1% this year, putting the composite on track for its ninth annual gain in 10 years. Names like Alphabet, Apple, Meta Platforms and Tesla have led Nasdaq’s gains this year.Many investors and strategists expect tougher conditions next year as the Fed tapers off its pandemic-era easy monetary policy and addresses persistent inflation.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2457,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":692978071,"gmtCreate":1640835719406,"gmtModify":1640835719787,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/692978071","repostId":"1158401825","repostType":4,"isVote":1,"tweetType":1,"viewCount":659,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696496562,"gmtCreate":1640743802403,"gmtModify":1640743995095,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696496562","repostId":"2194555438","repostType":4,"isVote":1,"tweetType":1,"viewCount":1305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696302966,"gmtCreate":1640613782273,"gmtModify":1640613845637,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696302966","repostId":"1154609715","repostType":4,"repost":{"id":"1154609715","kind":"news","pubTimestamp":1640600232,"share":"https://www.laohu8.com/m/news/1154609715?lang=zh_CN&edition=full","pubTime":"2021-12-27 18:17","market":"us","language":"en","title":"U.S. Stock Futures Muted After Christmas Holiday<blockquote>圣诞假期后美国股指期货表现低迷</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154609715","media":"Wall Street Journal","summary":"U.S. stock futures were muted, with little news driving markets after the Christmas holiday.\nFutures","content":"<p>U.S. stock futures were muted, with little news driving markets after the Christmas holiday.</p><p><blockquote>美国股指期货表现低迷，圣诞假期后几乎没有消息推动市场。</blockquote></p><p> Futures for the S&amp;P 500 were flat Monday. The index hit its&nbsp;68th record close of 2021&nbsp;Thursday. U.S. markets were closed Friday for the holiday. Contracts for the tech-focused Nasdaq-100 edged up less than 0.1% Monday, and futures for the Dow Jones Industrial Average ticked down 0.1%.</p><p><blockquote>标普500期货周一持平。该指数周四创下2021年第68个收盘纪录。美国市场周五因假期休市。以科技股为主的纳斯达克100指数合约周一小幅上涨不到0.1%，道琼斯工业平均指数期货下跌0.1%。</blockquote></p><p> Investors are braced for higher volatility over the holiday season. Concerns over&nbsp;the rapid spread of the Omicron variant&nbsp;of Covid-19 and the economic impact of measures countries may take to stem its spread have weighed on markets in recent weeks. Some investors expect that will be&nbsp;mitigated by vaccines and the rollout of booster shots&nbsp;in some nations.</p><p><blockquote>投资者准备迎接假期期间更高的波动性。最近几周，对Covid-19奥密克戎变种迅速传播以及各国可能采取的遏制其传播措施的经济影响的担忧令市场承压。一些投资者预计，疫苗和一些国家推出加强注射将缓解这种情况。</blockquote></p><p> “Everything seems to be serious but manageable. Anything that changes that, this could probably make a big impact,” said Luca Paolini, chief strategist at Pictet Asset Management.</p><p><blockquote>百达资产管理公司首席策略师卢卡·保利尼表示：“一切似乎都很严重，但都是可控的。任何改变这一点的事情都可能产生重大影响。”</blockquote></p><p> Market moves can be amplified during the holiday season due to a lack of liquidity, or how readily buyers and sellers can find each other. With many traders off, prices people are willing to buy and sell at may be higher or lower because there are fewer counterparties.</p><p><blockquote>由于缺乏流动性，或者买家和卖家很容易找到彼此，市场波动在假期期间可能会被放大。由于许多交易者关闭，人们愿意买卖的价格可能会更高或更低，因为交易对手更少。</blockquote></p><p> “We are in kind of this Christmas trading range, but low liquidity makes any potential shock bigger,” Mr. Paolini added.</p><p><blockquote>“我们正处于圣诞节交易区间，但低流动性会使任何潜在的冲击变得更大，”保利尼先生补充道。</blockquote></p><p> In bond markets, the yield on the benchmark 10-year Treasury note ticked down to 1.481% from 1.492% Thursday. Yields and prices move inversely.</p><p><blockquote>在债券市场，基准10年期国债收益率从周四的1.492%降至1.481%。收益率和价格走势相反。</blockquote></p><p> Overseas, the pan-continental Stoxx Europe 600 edged down 0.2%. Markets in the U.K. were closed.</p><p><blockquote>海外方面，泛大陆斯托克欧洲600指数小幅下跌0.2%。英国市场休市。</blockquote></p><p> In Asia, China’s Shanghai Composite closed almost 0.1% lower. South Korea’s Kospi and Japan’s Nikkei 225 each declined 0.4%. Markets in Hong Kong and Australia were closed.</p><p><blockquote>在亚洲，中国上证综指收盘下跌近0.1%。韩国综合指数和日本日经225指数均下跌0.4%。香港和澳大利亚市场休市。</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>U.S. Stock Futures Muted After Christmas Holiday<blockquote>圣诞假期后美国股指期货表现低迷</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\">\nU.S. Stock Futures Muted After Christmas Holiday<blockquote>圣诞假期后美国股指期货表现低迷</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-12-27 18:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. stock futures were muted, with little news driving markets after the Christmas holiday.</p><p><blockquote>美国股指期货表现低迷，圣诞假期后几乎没有消息推动市场。</blockquote></p><p> Futures for the S&amp;P 500 were flat Monday. The index hit its&nbsp;68th record close of 2021&nbsp;Thursday. U.S. markets were closed Friday for the holiday. Contracts for the tech-focused Nasdaq-100 edged up less than 0.1% Monday, and futures for the Dow Jones Industrial Average ticked down 0.1%.</p><p><blockquote>标普500期货周一持平。该指数周四创下2021年第68个收盘纪录。美国市场周五因假期休市。以科技股为主的纳斯达克100指数合约周一小幅上涨不到0.1%，道琼斯工业平均指数期货下跌0.1%。</blockquote></p><p> Investors are braced for higher volatility over the holiday season. Concerns over&nbsp;the rapid spread of the Omicron variant&nbsp;of Covid-19 and the economic impact of measures countries may take to stem its spread have weighed on markets in recent weeks. Some investors expect that will be&nbsp;mitigated by vaccines and the rollout of booster shots&nbsp;in some nations.</p><p><blockquote>投资者准备迎接假期期间更高的波动性。最近几周，对Covid-19奥密克戎变种迅速传播以及各国可能采取的遏制其传播措施的经济影响的担忧令市场承压。一些投资者预计，疫苗和一些国家推出加强注射将缓解这种情况。</blockquote></p><p> “Everything seems to be serious but manageable. Anything that changes that, this could probably make a big impact,” said Luca Paolini, chief strategist at Pictet Asset Management.</p><p><blockquote>百达资产管理公司首席策略师卢卡·保利尼表示：“一切似乎都很严重，但都是可控的。任何改变这一点的事情都可能产生重大影响。”</blockquote></p><p> Market moves can be amplified during the holiday season due to a lack of liquidity, or how readily buyers and sellers can find each other. With many traders off, prices people are willing to buy and sell at may be higher or lower because there are fewer counterparties.</p><p><blockquote>由于缺乏流动性，或者买家和卖家很容易找到彼此，市场波动在假期期间可能会被放大。由于许多交易者关闭，人们愿意买卖的价格可能会更高或更低，因为交易对手更少。</blockquote></p><p> “We are in kind of this Christmas trading range, but low liquidity makes any potential shock bigger,” Mr. Paolini added.</p><p><blockquote>“我们正处于圣诞节交易区间，但低流动性会使任何潜在的冲击变得更大，”保利尼先生补充道。</blockquote></p><p> In bond markets, the yield on the benchmark 10-year Treasury note ticked down to 1.481% from 1.492% Thursday. Yields and prices move inversely.</p><p><blockquote>在债券市场，基准10年期国债收益率从周四的1.492%降至1.481%。收益率和价格走势相反。</blockquote></p><p> Overseas, the pan-continental Stoxx Europe 600 edged down 0.2%. Markets in the U.K. were closed.</p><p><blockquote>海外方面，泛大陆斯托克欧洲600指数小幅下跌0.2%。英国市场休市。</blockquote></p><p> In Asia, China’s Shanghai Composite closed almost 0.1% lower. South Korea’s Kospi and Japan’s Nikkei 225 each declined 0.4%. Markets in Hong Kong and Australia were closed.</p><p><blockquote>在亚洲，中国上证综指收盘下跌近0.1%。韩国综合指数和日本日经225指数均下跌0.4%。香港和澳大利亚市场休市。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/global-stock-markets-dow-update-12-27-2021-11640595239?mod=markets_lead_pos2\">Wall Street Journal</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"},"source_url":"https://www.wsj.com/articles/global-stock-markets-dow-update-12-27-2021-11640595239?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154609715","content_text":"U.S. stock futures were muted, with little news driving markets after the Christmas holiday.\nFutures for the S&P 500 were flat Monday. The index hit its 68th record close of 2021 Thursday. U.S. markets were closed Friday for the holiday. Contracts for the tech-focused Nasdaq-100 edged up less than 0.1% Monday, and futures for the Dow Jones Industrial Average ticked down 0.1%.\nInvestors are braced for higher volatility over the holiday season. Concerns over the rapid spread of the Omicron variant of Covid-19 and the economic impact of measures countries may take to stem its spread have weighed on markets in recent weeks. Some investors expect that will be mitigated by vaccines and the rollout of booster shots in some nations.\n“Everything seems to be serious but manageable. Anything that changes that, this could probably make a big impact,” said Luca Paolini, chief strategist at Pictet Asset Management.\nMarket moves can be amplified during the holiday season due to a lack of liquidity, or how readily buyers and sellers can find each other. With many traders off, prices people are willing to buy and sell at may be higher or lower because there are fewer counterparties.\n“We are in kind of this Christmas trading range, but low liquidity makes any potential shock bigger,” Mr. Paolini added.\nIn bond markets, the yield on the benchmark 10-year Treasury note ticked down to 1.481% from 1.492% Thursday. Yields and prices move inversely.\nOverseas, the pan-continental Stoxx Europe 600 edged down 0.2%. Markets in the U.K. were closed.\nIn Asia, China’s Shanghai Composite closed almost 0.1% lower. South Korea’s Kospi and Japan’s Nikkei 225 each declined 0.4%. Markets in Hong Kong and Australia were closed.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698417374,"gmtCreate":1640491571112,"gmtModify":1640491571481,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698417374","repostId":"2193917872","repostType":4,"isVote":1,"tweetType":1,"viewCount":1108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698684662,"gmtCreate":1640382969857,"gmtModify":1640382970223,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698684662","repostId":"1194211953","repostType":4,"isVote":1,"tweetType":1,"viewCount":872,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698343023,"gmtCreate":1640310228374,"gmtModify":1640310230718,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698343023","repostId":"1179225984","repostType":4,"repost":{"id":"1179225984","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":1640262946,"share":"https://www.laohu8.com/m/news/1179225984?lang=zh_CN&edition=full","pubTime":"2021-12-23 20:35","market":"us","language":"en","title":"Ortho Clinical Diagnostics shares surged 11% in premarket trading<blockquote>Ortho Clinical Diagnostics股价在盘前交易中飙升11%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179225984","media":"Tiger Newspress","summary":"Ortho Clinical Diagnostics shares surged 11% in premarket trading.\nQuidel Corporation(NASDAQ:QDEL)ha","content":"<p>Ortho&nbsp;Clinical&nbsp;Diagnostics&nbsp;shares&nbsp;surged&nbsp;11%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/d23b5b89b89ee4bfdc55d23585e0005f\" tg-width=\"700\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Ortho Clinical Diagnostics股价在盘前交易中飙升11%。</blockquote></p><p> Quidel Corporation(NASDAQ:QDEL)has agreed to acquire Ortho Clinical Diagnostics(NASDAQ:OCDX)for $24.68 per share of common stock for a&nbsp;total equity value of nearly $6B, the companies announced Thursday. Both Ortho Clinical (OCDX) and Quidel (QDEL) shares are currently on hold for trading.</p><p><blockquote>Quidel Corporation（纳斯达克：QDEL）周四宣布，已同意以每股24.68美元的普通股收购Ortho Clinical Diagnostics（纳斯达克：OCDX），总股本价值近60亿美元。Ortho Clinical(OCDX)和Quidel(QDEL)股票目前均暂停交易。</blockquote></p><p> According to the definitive agreement signed by the parties, Quidel (QDEL) has offered cash and newly issued shares in the combined company indicating a 25% premium for Ortho’s closing price on Dec. 22, 2022.</p><p><blockquote>根据双方签署的最终协议，Quidel(QDEL)已提供现金和合并后公司新发行的股票，较Ortho 2022年12月22日的收盘价溢价25%。</blockquote></p><p> Per the terms, for each Ortho (OCDX) share they won, Ortho investors are set to receive $7.14 in cash per common share and 0.1055 shares of common stock in the combined entity. They will own nearly 38% of the combined company, which will be led by Quidel’s current President and CEO, Douglas Bryant.</p><p><blockquote>根据条款，Ortho投资者每赢得一股Ortho(OCDX)股票，将获得每股普通股7.14美元现金和合并后实体中0.1055股普通股。他们将拥有合并后公司近38%的股份，该公司将由Quidel现任总裁兼首席执行官Douglas Bryant领导。</blockquote></p><p> With the acquisition of Ortho Clinical (OCDX), a player in vitro diagnostic, Quidel (QDEL) expects to generate an estimated $90M cost synergies by year three in the combined company. The deal is also anticipated to yield revenue synergies over $100M by 2025 and opportunitiesfor adjusted EBITDA margin expansion.</p><p><blockquote>通过收购体外诊断公司Ortho Clinical(OCDX)，Quidel(QDEL)预计到第三年将在合并后的公司产生约9000万美元的成本协同效应。预计到2025年，该交易还将产生超过1亿美元的收入协同效应，并带来调整后EBITDA利润率扩张的机会。</blockquote></p><p> A few days ago, JPMorgan identified Quidel (QDEL) as one of its&nbsp;top picks to short in 2022.</p><p><blockquote>几天前，摩根大通将Quidel(QDEL)确定为2022年做空的首选之一。</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>Ortho Clinical Diagnostics shares surged 11% in premarket trading<blockquote>Ortho Clinical Diagnostics股价在盘前交易中飙升11%</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\">\nOrtho Clinical Diagnostics shares surged 11% in premarket trading<blockquote>Ortho Clinical Diagnostics股价在盘前交易中飙升11%</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\">2021-12-23 20:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Ortho&nbsp;Clinical&nbsp;Diagnostics&nbsp;shares&nbsp;surged&nbsp;11%&nbsp;in&nbsp;premarket&nbsp;trading.<img src=\"https://static.tigerbbs.com/d23b5b89b89ee4bfdc55d23585e0005f\" tg-width=\"700\" tg-height=\"619\" referrerpolicy=\"no-referrer\"></p><p><blockquote>Ortho Clinical Diagnostics股价在盘前交易中飙升11%。</blockquote></p><p> Quidel Corporation(NASDAQ:QDEL)has agreed to acquire Ortho Clinical Diagnostics(NASDAQ:OCDX)for $24.68 per share of common stock for a&nbsp;total equity value of nearly $6B, the companies announced Thursday. Both Ortho Clinical (OCDX) and Quidel (QDEL) shares are currently on hold for trading.</p><p><blockquote>Quidel Corporation（纳斯达克：QDEL）周四宣布，已同意以每股24.68美元的普通股收购Ortho Clinical Diagnostics（纳斯达克：OCDX），总股本价值近60亿美元。Ortho Clinical(OCDX)和Quidel(QDEL)股票目前均暂停交易。</blockquote></p><p> According to the definitive agreement signed by the parties, Quidel (QDEL) has offered cash and newly issued shares in the combined company indicating a 25% premium for Ortho’s closing price on Dec. 22, 2022.</p><p><blockquote>根据双方签署的最终协议，Quidel(QDEL)已提供现金和合并后公司新发行的股票，较Ortho 2022年12月22日的收盘价溢价25%。</blockquote></p><p> Per the terms, for each Ortho (OCDX) share they won, Ortho investors are set to receive $7.14 in cash per common share and 0.1055 shares of common stock in the combined entity. They will own nearly 38% of the combined company, which will be led by Quidel’s current President and CEO, Douglas Bryant.</p><p><blockquote>根据条款，Ortho投资者每赢得一股Ortho(OCDX)股票，将获得每股普通股7.14美元现金和合并后实体中0.1055股普通股。他们将拥有合并后公司近38%的股份，该公司将由Quidel现任总裁兼首席执行官Douglas Bryant领导。</blockquote></p><p> With the acquisition of Ortho Clinical (OCDX), a player in vitro diagnostic, Quidel (QDEL) expects to generate an estimated $90M cost synergies by year three in the combined company. The deal is also anticipated to yield revenue synergies over $100M by 2025 and opportunitiesfor adjusted EBITDA margin expansion.</p><p><blockquote>通过收购体外诊断公司Ortho Clinical(OCDX)，Quidel(QDEL)预计到第三年将在合并后的公司产生约9000万美元的成本协同效应。预计到2025年，该交易还将产生超过1亿美元的收入协同效应，并带来调整后EBITDA利润率扩张的机会。</blockquote></p><p> A few days ago, JPMorgan identified Quidel (QDEL) as one of its&nbsp;top picks to short in 2022.</p><p><blockquote>几天前，摩根大通将Quidel(QDEL)确定为2022年做空的首选之一。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QDEL":"窥得儿医药","OCDX":"Ortho Clinical Diagnostics Holdings plc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179225984","content_text":"Ortho Clinical Diagnostics shares surged 11% in premarket trading.\nQuidel Corporation(NASDAQ:QDEL)has agreed to acquire Ortho Clinical Diagnostics(NASDAQ:OCDX)for $24.68 per share of common stock for a total equity value of nearly $6B, the companies announced Thursday. Both Ortho Clinical (OCDX) and Quidel (QDEL) shares are currently on hold for trading.\nAccording to the definitive agreement signed by the parties, Quidel (QDEL) has offered cash and newly issued shares in the combined company indicating a 25% premium for Ortho’s closing price on Dec. 22, 2022.\nPer the terms, for each Ortho (OCDX) share they won, Ortho investors are set to receive $7.14 in cash per common share and 0.1055 shares of common stock in the combined entity. They will own nearly 38% of the combined company, which will be led by Quidel’s current President and CEO, Douglas Bryant.\nWith the acquisition of Ortho Clinical (OCDX), a player in vitro diagnostic, Quidel (QDEL) expects to generate an estimated $90M cost synergies by year three in the combined company. The deal is also anticipated to yield revenue synergies over $100M by 2025 and opportunitiesfor adjusted EBITDA margin expansion.\nA few days ago, JPMorgan identified Quidel (QDEL) as one of its top picks to short in 2022.","news_type":1,"symbols_score_info":{"QDEL":0.9,"OCDX":0.9}},"isVote":1,"tweetType":1,"viewCount":1046,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691736521,"gmtCreate":1640240895706,"gmtModify":1640240896058,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691736521","repostId":"2193186771","repostType":4,"isVote":1,"tweetType":1,"viewCount":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691348495,"gmtCreate":1640141312146,"gmtModify":1640141312529,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691348495","repostId":"1161633992","repostType":4,"repost":{"id":"1161633992","kind":"news","pubTimestamp":1640139393,"share":"https://www.laohu8.com/m/news/1161633992?lang=zh_CN&edition=full","pubTime":"2021-12-22 10:16","market":"us","language":"en","title":"Why Alibaba Stock Popped over 6% Today?<blockquote>为什么阿里巴巴-SW股价今天上涨超过6%？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1161633992","media":"Motley Fool","summary":"What happened\nShares of Alibaba(NYSE:BABA)stock bounced back from yesterday's tech sell-off, gaining","content":"<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of&nbsp;<b>Alibaba</b>(NYSE:BABA)stock bounced back from yesterday's tech sell-off, gaining 6.89% on Tuesday as stock market analysts debated whether the company's just-announced&nbsp;turnaround plan&nbsp;will work or not.</p><p><blockquote>本公司之股份<b>阿里巴巴-SW</b>（纽约证券交易所股票代码：BABA）股价从昨天的科技股抛售中反弹，周二上涨6.89%，股市分析师争论该公司刚刚宣布的扭亏为盈计划是否有效。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> Hong Kong-based investment bank CLSA led off with the bull argument, calling Alibaba stock \"cheap\" at its recent price under $123 a share. CLSA predicts that as Chinese consumer spending grows, as Alibaba expands further into international markets, and as Alibaba's own technology improves, these three \"strategic engines\" will propel the company's growth, reports&nbsp;TheFly.com.</p><p><blockquote>总部位于香港的投资银行里昂证券率先提出了牛市论点，称阿里巴巴-SW股票近期低于每股123美元的价格“便宜”。据TheFly.com报道，里昂证券预计，随着中国消费者支出的增长、阿里巴巴-SW进一步向国际市场扩张以及阿里巴巴-SW自身技术的提高，这三大“战略引擎”将推动公司的增长。</blockquote></p><p> Of these three \"engines,\" CLSA places the greatest weight on Alibaba's technological prowess, saying the company \"enjoys unparalleled competitive advantages and a strong technological lead,\" in particular in cloud-based computing, which will be \"the next big growth pillar\" for Alibaba stock.</p><p><blockquote>在这三个“引擎”中，里昂证券最重视阿里巴巴-SW的技术实力，称该公司“享有无与伦比的竞争优势和强大的技术领先地位”，特别是在基于云的计算领域，这将是阿里巴巴-SW股票的“下一个巨大增长支柱”。</blockquote></p><p> In its bearish rebuttal, though, U.K. stock broker Atlantic Equities says it has little confidence that Alibaba's Taobao and Tmall subsidiaries will perform well in the near term. The analyst agrees that Alibaba stock looks \"inexpensive\" at 17.5 times earnings. Still, Atlantic worries that Alibaba's \"aggressive\" spending on improving the technology that so impresses CLSA won't necessarily pay off for Alibaba. And in particular, Atlantic sees the company's investments in \"AliCloud\" as being only a \"modest\" catalyst for the stock.</p><p><blockquote>不过，英国股票经纪商大西洋股票(Atlantic Equities)在其悲观反驳中表示，对阿里巴巴-SW旗下淘宝和天猫子公司短期内表现良好没有信心。该分析师同意阿里巴巴-SW股票的市盈率为17.5倍，看起来“便宜”。尽管如此，《大西洋月刊》担心，阿里巴巴-SW在改进令里昂证券印象深刻的技术方面的“积极”支出不一定会为阿里巴巴-SW带来回报。特别是，《大西洋月刊》认为该公司对“阿里云”的投资只是该股的“适度”催化剂。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> For today, it appears that investors are buying CLSA's argument over Atlantic Equities'.</p><p><blockquote>今天，投资者似乎正在购买里昂证券对大西洋股票的看法。</blockquote></p><p> Ultimately, though, this debate is going to come down to growth. Sure, 17.5 times earnings&nbsp;<i>looks</i>&nbsp;like avalue price&nbsp;for Alibaba stock -- but only if the company can produce enough growth to justify the valuation. While it's true that Alibaba has exhibited some fine growth in the past (a 30% compound rate of growth in earnings over the last five years for example, according to&nbsp;S&amp;P Global Market Intelligence&nbsp;data), over the&nbsp;<i>next</i>&nbsp;five years, most analysts don't see the company producing even 10% annual earnings growth -- but less than 9% instead.</p><p><blockquote>不过，这场争论最终将归结为增长问题。当然，市盈率为17.5倍<i>长相</i>就像阿里巴巴-SW股票的avalue价格一样——但前提是该公司能够产生足够的增长来证明估值的合理性。虽然阿里巴巴-SW在过去确实表现出了一些良好的增长（例如，根据标准普尔全球市场情报数据，过去五年盈利复合增长率为30%），但在<i>下一个</i>五年来，大多数分析师认为该公司的年盈利增长率甚至不会达到10%，而是低于9%。</blockquote></p><p> If that's the best Alibaba ends up doing, I fear that today's rebound in stock price&nbsp;will be short-lived.</p><p><blockquote>如果这是阿里巴巴-SW最终做的最好的事情，我担心今天的股价反弹将是短暂的。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Alibaba Stock Popped over 6% Today?<blockquote>为什么阿里巴巴-SW股价今天上涨超过6%？</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\">\nWhy Alibaba Stock Popped over 6% Today?<blockquote>为什么阿里巴巴-SW股价今天上涨超过6%？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-22 10:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What happened</p><p><blockquote>发生了什么</blockquote></p><p> Shares of&nbsp;<b>Alibaba</b>(NYSE:BABA)stock bounced back from yesterday's tech sell-off, gaining 6.89% on Tuesday as stock market analysts debated whether the company's just-announced&nbsp;turnaround plan&nbsp;will work or not.</p><p><blockquote>本公司之股份<b>阿里巴巴-SW</b>（纽约证券交易所股票代码：BABA）股价从昨天的科技股抛售中反弹，周二上涨6.89%，股市分析师争论该公司刚刚宣布的扭亏为盈计划是否有效。</blockquote></p><p> So what</p><p><blockquote>那又怎样</blockquote></p><p> Hong Kong-based investment bank CLSA led off with the bull argument, calling Alibaba stock \"cheap\" at its recent price under $123 a share. CLSA predicts that as Chinese consumer spending grows, as Alibaba expands further into international markets, and as Alibaba's own technology improves, these three \"strategic engines\" will propel the company's growth, reports&nbsp;TheFly.com.</p><p><blockquote>总部位于香港的投资银行里昂证券率先提出了牛市论点，称阿里巴巴-SW股票近期低于每股123美元的价格“便宜”。据TheFly.com报道，里昂证券预计，随着中国消费者支出的增长、阿里巴巴-SW进一步向国际市场扩张以及阿里巴巴-SW自身技术的提高，这三大“战略引擎”将推动公司的增长。</blockquote></p><p> Of these three \"engines,\" CLSA places the greatest weight on Alibaba's technological prowess, saying the company \"enjoys unparalleled competitive advantages and a strong technological lead,\" in particular in cloud-based computing, which will be \"the next big growth pillar\" for Alibaba stock.</p><p><blockquote>在这三个“引擎”中，里昂证券最重视阿里巴巴-SW的技术实力，称该公司“享有无与伦比的竞争优势和强大的技术领先地位”，特别是在基于云的计算领域，这将是阿里巴巴-SW股票的“下一个巨大增长支柱”。</blockquote></p><p> In its bearish rebuttal, though, U.K. stock broker Atlantic Equities says it has little confidence that Alibaba's Taobao and Tmall subsidiaries will perform well in the near term. The analyst agrees that Alibaba stock looks \"inexpensive\" at 17.5 times earnings. Still, Atlantic worries that Alibaba's \"aggressive\" spending on improving the technology that so impresses CLSA won't necessarily pay off for Alibaba. And in particular, Atlantic sees the company's investments in \"AliCloud\" as being only a \"modest\" catalyst for the stock.</p><p><blockquote>不过，英国股票经纪商大西洋股票(Atlantic Equities)在其悲观反驳中表示，对阿里巴巴-SW旗下淘宝和天猫子公司短期内表现良好没有信心。该分析师同意阿里巴巴-SW股票的市盈率为17.5倍，看起来“便宜”。尽管如此，《大西洋月刊》担心，阿里巴巴-SW在改进令里昂证券印象深刻的技术方面的“积极”支出不一定会为阿里巴巴-SW带来回报。特别是，《大西洋月刊》认为该公司对“阿里云”的投资只是该股的“适度”催化剂。</blockquote></p><p> Now what</p><p><blockquote>现在怎么办</blockquote></p><p> For today, it appears that investors are buying CLSA's argument over Atlantic Equities'.</p><p><blockquote>今天，投资者似乎正在购买里昂证券对大西洋股票的看法。</blockquote></p><p> Ultimately, though, this debate is going to come down to growth. Sure, 17.5 times earnings&nbsp;<i>looks</i>&nbsp;like avalue price&nbsp;for Alibaba stock -- but only if the company can produce enough growth to justify the valuation. While it's true that Alibaba has exhibited some fine growth in the past (a 30% compound rate of growth in earnings over the last five years for example, according to&nbsp;S&amp;P Global Market Intelligence&nbsp;data), over the&nbsp;<i>next</i>&nbsp;five years, most analysts don't see the company producing even 10% annual earnings growth -- but less than 9% instead.</p><p><blockquote>不过，这场争论最终将归结为增长问题。当然，市盈率为17.5倍<i>长相</i>就像阿里巴巴-SW股票的avalue价格一样——但前提是该公司能够产生足够的增长来证明估值的合理性。虽然阿里巴巴-SW在过去确实表现出了一些良好的增长（例如，根据标准普尔全球市场情报数据，过去五年盈利复合增长率为30%），但在<i>下一个</i>五年来，大多数分析师认为该公司的年盈利增长率甚至不会达到10%，而是低于9%。</blockquote></p><p> If that's the best Alibaba ends up doing, I fear that today's rebound in stock price&nbsp;will be short-lived.</p><p><blockquote>如果这是阿里巴巴-SW最终做的最好的事情，我担心今天的股价反弹将是短暂的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/21/why-alibaba-stock-popped-65-today/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://www.fool.com/investing/2021/12/21/why-alibaba-stock-popped-65-today/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161633992","content_text":"What happened\nShares of Alibaba(NYSE:BABA)stock bounced back from yesterday's tech sell-off, gaining 6.89% on Tuesday as stock market analysts debated whether the company's just-announced turnaround plan will work or not.\nSo what\nHong Kong-based investment bank CLSA led off with the bull argument, calling Alibaba stock \"cheap\" at its recent price under $123 a share. CLSA predicts that as Chinese consumer spending grows, as Alibaba expands further into international markets, and as Alibaba's own technology improves, these three \"strategic engines\" will propel the company's growth, reports TheFly.com.\nOf these three \"engines,\" CLSA places the greatest weight on Alibaba's technological prowess, saying the company \"enjoys unparalleled competitive advantages and a strong technological lead,\" in particular in cloud-based computing, which will be \"the next big growth pillar\" for Alibaba stock.\nIn its bearish rebuttal, though, U.K. stock broker Atlantic Equities says it has little confidence that Alibaba's Taobao and Tmall subsidiaries will perform well in the near term. The analyst agrees that Alibaba stock looks \"inexpensive\" at 17.5 times earnings. Still, Atlantic worries that Alibaba's \"aggressive\" spending on improving the technology that so impresses CLSA won't necessarily pay off for Alibaba. And in particular, Atlantic sees the company's investments in \"AliCloud\" as being only a \"modest\" catalyst for the stock.\nNow what\nFor today, it appears that investors are buying CLSA's argument over Atlantic Equities'.\nUltimately, though, this debate is going to come down to growth. Sure, 17.5 times earnings looks like avalue price for Alibaba stock -- but only if the company can produce enough growth to justify the valuation. While it's true that Alibaba has exhibited some fine growth in the past (a 30% compound rate of growth in earnings over the last five years for example, according to S&P Global Market Intelligence data), over the next five years, most analysts don't see the company producing even 10% annual earnings growth -- but less than 9% instead.\nIf that's the best Alibaba ends up doing, I fear that today's rebound in stock price will be short-lived.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693421558,"gmtCreate":1640066504284,"gmtModify":1640066504676,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/693421558","repostId":"1117226796","repostType":4,"repost":{"id":"1117226796","kind":"news","pubTimestamp":1640057164,"share":"https://www.laohu8.com/m/news/1117226796?lang=zh_CN&edition=full","pubTime":"2021-12-21 11:26","market":"us","language":"en","title":"Palantir: 3 Reasons Against It And Why It's Still A Buy<blockquote>Palantir：反对它的3个理由以及为什么它仍然值得买入</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117226796","media":"Seeking Alpha","summary":"Summary\n\nPalantir Technologies is a battleground stock. Listening to the bears' arguments is a good ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir Technologies is a battleground stock. Listening to the bears' arguments is a good idea for bulls.</li>  <li>PLTR dilutes its shareholders, but that is not necessarily a huge problem.</li>  <li>Despite some interest rate headwinds, PLTR seems like a good investment to me, thanks to a strong moat and great growth outlook.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7230cdd890b86f9941b99b1503d04049\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>spxChrome/E+ via Getty Images</span></p><p><blockquote><ul><li>Palantir Technologies是一只战场股票。听空头的论点对多头来说是个好主意。</li><li>PLTR稀释了其股东，但这不一定是一个大问题。</li><li>尽管存在一些利率阻力，但PLTR对我来说似乎是一项不错的投资，这要归功于强大的护城河和巨大的增长前景。</li></ul><p class=\"t-img-caption\"><span>spxChrome/E+来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Palantir Technologies (PLTR) is an embattled growth stock, and in recent weeks, bears have been winning as shares continued to decline. There are, indeed some important bear arguments, such as dilution, reliance on government contracts, and rising interest rates. I do, however, still believe that Palantir Technologies is an attractive long-term investment, due to the act that its technology could lead to massive growth for many years to come.</p><p><blockquote>Palantir Technologies(PLTR)是一只陷入困境的成长型股票，最近几周，随着股价持续下跌，空头一直在获胜。确实有一些重要的看跌论点，例如稀释、对政府合同的依赖以及利率上升。然而，我仍然相信Palantir Technologies是一项有吸引力的长期投资，因为其技术可能会在未来许多年带来巨大增长。</blockquote></p><p> <b>3 Issues Brought Up By Bears</b></p><p><blockquote><b>空头提出的3个问题</b></blockquote></p><p> Palantir is a growth stock that brings out highly convinced bulls as well as highly convinced bears. Generally, I am in the bullish camp here, but taking a look at the bear arguments can be a good idea as well. Three of the most common arguments against Palantir are the following ones:</p><p><blockquote>Palantir是一只成长型股票，可以带来高度确信的多头和高度确信的空头。总的来说，我在这里是看涨阵营，但看看看跌的论点也是一个好主意。反对Palantir的三个最常见的论点如下：</blockquote></p><p> <b>1. Shareholder Dilution</b></p><p><blockquote><b>1.股东稀释</b></blockquote></p><p> Growth on a company-wide basis is important, but growth on a per-share basis is even more important. There are many examples that show that changes in a company's share count can create or destroy a lot of shareholder value. Apple (AAPL), for example, has seen its net income grow by roughly 190% over the last decade:</p><p><blockquote>全公司的增长很重要，但每股的增长更重要。有许多例子表明，公司股票数量的变化可以创造或破坏大量股东价值。例如，苹果(AAPL)的净利润在过去十年中增长了约190%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b5263c8346cfbbb898f1d1ac9a5bead\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Thanks to a declining share count, its earnings per share rose by a much more attractive 350%, however -- buybacks created a lot of shareholder value. There are also examples where a rising share count destroyed a lot of shareholder value, e.g. at Citigroup (C):</p><p><blockquote>然而，由于股票数量下降，其每股收益增长了更具吸引力的350%——回购创造了大量股东价值。也有股票数量增加破坏了大量股东价值的例子，例如花旗集团（C）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fc39008812f5e2d0082dedc95b025c68\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Massive share issuance during the Great Recession has resulted in a 75% earnings per share decline since 2007, even though net profits were up over the same time frame. Looking at the changes in a company's share count thus makes sense, as those changes can have a large impact in the long run. At Palantir, we see that the share count has been rising considerably since the company went public. During the most recent quarter, Palantir's share count looked like this:</p><p><blockquote>自2007年以来，大衰退期间的大规模股票发行导致每股收益下降75%，尽管同期净利润有所增长。因此，关注公司股票数量的变化是有意义的，因为从长远来看，这些变化可能会产生很大的影响。在Palantir，我们看到自公司上市以来，股票数量一直在大幅增加。最近一个季度，Palantir的股票数量如下所示：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917ca4d7a390ced61d7c92d528f84fc1\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: Palantir Press Release</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir新闻稿</span></p></blockquote></p><p> Compared to the second quarter, Palantir's average share count was&nbsp;1.895 billion, which makes for a 3.5% quarterly increase, which pencils out to an annual growth rate in the mid-teens. That is, of course, not negligible at all, and bears to have an argument when they state that shareholders get diluted at a meaningful pace. On the other hand, Palantir's business growth rate is way higher than 3% per quarter, as the company has guided for ~40% revenue growth this year, and since Palantir should also deliver outsized business growth in the coming years. Even if Palantir's share count were to climb by 10%-15% a year going forward, revenue per share would still climb by 25%+ a year thanks to the fact that PLTR is growing rapidly. I also believe that dilution will, over the years, decline. Not only has this been the case at many other growth companies, e.g. Amazon (AMZN), Alphabet (GOOG), or Meta (FB), but it is also logical from an option rewards perspective. Option rewards are especially generous when a company is not yet publicly traded and when its future is still more uncertain, but as a company matures, employees get more comfortable as risks for the company decline, and they do not demand large option packages any longer. Last but not least, Palantir also generates strong free cash flows that should allow the company to do share buybacks in the future, which should help improve the dilution rate as well.</p><p><blockquote>与第二季度相比，Palantir的平均股票数量为18.95亿股，季度增长3.5%，年增长率在十几岁左右。当然，这一点根本不可忽视，当他们说股东以有意义的速度被稀释时，就值得争论。另一方面，Palantir的业务增长率远高于每季度3%，因为该公司预计今年的收入增长约为40%，而且Palantir也应该在未来几年实现巨大的业务增长。即使Palantir的股票数量未来每年增长10%-15%，由于PLTR的快速增长，每股收入仍将每年增长25%以上。我还相信，随着时间的推移，稀释度将会下降。这不仅适用于许多其他成长型公司，例如亚马逊（AMZN）、Alphabet（GOOG）或Meta（FB），但从期权回报的角度来看，这也是合乎逻辑的。当一家公司尚未公开交易且其未来仍然更加不确定时，期权奖励尤其丰厚，但随着公司成熟，随着公司风险的下降，员工会变得更加舒适，他们不再要求大笔期权套餐。最后但并非最不重要的是，Palantir还产生了强劲的自由现金流，这应该使该公司能够在未来进行股票回购，这也应该有助于提高稀释率。</blockquote></p><p> <b>2. Reliance on government contracts</b></p><p><blockquote><b>2.对政府合同的依赖</b></blockquote></p><p></p><p> In a recent bearish&nbsp;article, fellow Seeking Alpha contributor On The Pulse argued that Palantir was overvalued and that its reliance on government contracts was an issue. Palantir Technologies is, indeed, reliant on government contracts to a large degree today, but I do not believe that this is a major issue. First, Palantir has diversified away from government contracts in the recent past, thanks to massive growth in its commercial business:</p><p><blockquote>在最近的一篇看跌文章中，The Pulse的Seeking Alpha撰稿人认为Palantir被高估，其对政府合同的依赖是一个问题。Palantir Technologies如今确实在很大程度上依赖政府合同，但我不认为这是一个主要问题。首先，由于商业业务的大幅增长，Palantir最近实现了多元化，摆脱了政府合同：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de23409915ee3811691b986a42ece899\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Palantir Technologies presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir技术演示</span></p></blockquote></p><p> In fact, Palantir's commercial business has been growing much faster than its government business in the recent past, which shows that commercial customers from all kinds of industries apparently see a lot of value in Palantir's technology -- otherwise, they wouldn't be buying at a rapid pace. With</p><p><blockquote>事实上，Palantir的商业业务近年来的增长速度远远快于其政府业务，这表明来自各个行业的商业客户显然看到了Palantir技术的巨大价值——否则，他们不会购买Palantir技术。速度很快。和</blockquote></p><p> With the commercial business growth rate outpacing the government business growth rate, Palantir will, over the years, become a company that is less and less dependent on government contracts, and that will ultimately turn into a B2B-focused software/technology player. Even if Palantir were to remain a government-focused company forever, which seems unlikely based on the current growth rates of the individual business units, that would not necessarily be an issue. Working for the government means that there is very little counterparty risk and that existing relations can easily be used to get future contracts. Last but not least, with government budgets rising relatively steadily, good government connections allow for considerable growth opportunities -- especially in the defense tech/security tech space Palantir is active in, as there is a huge need for further investments in this space.</p><p><blockquote>随着商业业务增长率超过政府业务增长率，Palantir将在多年后成为一家越来越不依赖政府合同的公司，并最终成为一家专注于B2B的软件/技术公司。即使Palantir永远是一家以政府为中心的公司（根据各个业务部门目前的增长率，这似乎不太可能），但这也不一定是一个问题。为政府工作意味着交易对手风险很小，现有关系可以很容易地用来获得未来的合同。最后但并非最不重要的一点是，随着政府预算相对稳定地增长，良好的政府关系带来了相当大的增长机会——特别是在Palantir活跃的国防技术/安全技术领域，因为该领域非常需要进一步投资。</blockquote></p><p> The claim that a government focus leads to lacking scalability is also false, I believe. Per Palantir's most recent quarterly report (linked above), its operating expenses rose by $9 million between Q3 2020 and Q3 2021 -- whereas revenues rose by $103 million in the same time frame. This backs out changes in share-based compensation. If one were to include those SBC expenses, Palantir's expenses actually<i>declined</i>year-over-year while the company managed to grow its revenue by close to 40%. The claim that Palantir will not generate any scale advantages over the years thus seems to be unfounded, I believe. Instead, the data suggest that Palantir will be able to grow its margins considerably -- the company was able to grow its adjusted gross profit by a massive $90 million while growing its adjusted operating expenses by just $9 million -- making for excellent operating leverage.</p><p><blockquote>我认为，政府关注导致缺乏可扩展性的说法也是错误的。根据Palantir最新的季度报告（上面链接），2020年第三季度至2021年第三季度期间，其运营费用增加了900万美元，而同期收入增加了1.03亿美元。这抵消了股权激励的变化。如果将这些SBC费用包括在内，Palantir的费用实际上<i>拒绝</i>而该公司的收入同比增长了近40%。因此，我认为Palantir多年来不会产生任何规模优势的说法似乎是没有根据的。相反，数据表明Palantir将能够大幅提高其利润率——该公司调整后毛利润大幅增长9000万美元，而调整后运营费用仅增长900万美元——从而实现出色的运营杠杆。</blockquote></p><p> <b>3. Exposure to rising rates</b></p><p><blockquote><b>3.利率上升的风险</b></blockquote></p><p> Massive inflation will force the Fed to raise rates in 2022 and beyond, and that could be an issue for growth stocks. Companies that are not profitable today, or that have the vast majority of their profits in the distant future, are more exposed to a rising discount rate compared to companies that have low or no growth and that generate a large amount of all future profits in the near term. This could result in outperformance of value stocks versus growth stocks in the coming years, I believe. Palantir, which is not profitable yet, naturally belongs in the \"growth\" bucket that could see an above-average impact from rising interest rates. There is no real counter-argument here, I believe -- it is indeed true that the impact of rising rates on Palantir, all else equal, will be larger compared to a value stock like AbbVie (ABBV), for example.</p><p><blockquote>大规模通胀将迫使美联储在2022年及以后加息，这可能是成长型股票的一个问题。与增长较低或没有增长且在短期内产生大量未来利润的公司相比，今天不盈利或绝大多数利润在遥远未来的公司更容易面临贴现率上升的风险。我相信，这可能会导致未来几年价值股优于成长股。Palantir尚未盈利，自然属于“增长”类别，利率上升可能会产生高于平均水平的影响。我认为，这里没有真正的反驳——确实，在其他条件相同的情况下，利率上升对Palantir的影响将比艾伯维(ABBV)等价值股更大。</blockquote></p><p> This being an incremental negative for Palantir doesn't mean that shares have to be avoided under any circumstances, however. Indeed, even despite some potential headwinds from rising rates, Palantir could still be an attractive investment if other arguments have a larger weight -- I believe this to be true, as I see PLTR's massive growth potential and huge moat outweighing some near-term headwinds from rising rates.</p><p><blockquote>然而，这对Palantir来说是一个增量负面影响，并不意味着在任何情况下都必须避免股票。事实上，即使利率上升带来了一些潜在的阻力，如果其他论点具有更大的权重，Palantir仍然可能是一项有吸引力的投资——我相信这是真的，因为我认为PLTR巨大的增长潜力和巨大的护城河超过了近期的一些阻力来自利率上升。</blockquote></p><p> <b>Why Palantir Is Still Attractive</b></p><p><blockquote><b>为什么Palantir仍然有吸引力</b></blockquote></p><p> Bears bring up a range of arguments against Palantir, and as shown above, those can have merit. I believe that they might be overblown in some cases, but taking a look at the bear's arguments doesn't hurt -- in fact, it seems like a good idea to look at both sides in order to make a more informed decision. Dilution is indeed an issue, although I do not believe that this will be too much of a headwind, since PLTR's business growth easily outpaces dilution and since dilution, overall, should slow down over the years. Government reliance will wane over the years due to an above-average commercial business growth rate, and in general, doing business with the government is not a bad thing anyway. The claim that PLTR lacks scalability seems to be false, from what I see in PLTR's data.</p><p><blockquote>看空者提出了一系列反对Palantir的论点，如上所示，这些论点可能有其优点。我相信在某些情况下他们可能被夸大了，但看看空头的论点并没有什么坏处——事实上，为了做出更明智的决定，看看双方似乎是个好主意。稀释确实是一个问题，尽管我不认为这会是太大的阻力，因为PLTR的业务增长很容易超过稀释，而且总体而言，稀释应该会在几年内放缓。由于高于平均水平的商业业务增长率，对政府的依赖将会随着时间的推移而减弱，总的来说，与政府做生意无论如何都不是一件坏事。从我在PLTR的数据中看到的来看，PLTR缺乏可扩展性的说法似乎是错误的。</blockquote></p><p></p><p> Palantir is, despite these arguments, attractive, I believe: The company is growing rapidly, has decades-long growth potential in both its government business as well as on the commercial side, and Palantir seems to have a very wide moat. This combination could turn Palantir into one of the largest and most important companies eventually -- although investors shouldn't expect this to happen in the very near term. Instead, I believe that there is a good chance that Palantir will grow at a considerable rate throughout the 2020s and beyond, as our world becomes ever more data-hungry -- both governments, as well as enterprises, will try to get the most value out of all of this data, and Palantir, with its tailored solutions, will be there to offer that value to its customers. With new tools such as the recently-showcased&nbsp;Foundry&nbsp;for crypto, Palantir is at the forefront of all kinds of emerging technologies. Thanks to the fact that Palantir has access to top talent -- the result of SBC and of an&nbsp;excellent working environment-- I believe that there is a good chance that Palantir will be able to be highly competitive in all kinds of future markets in the Big Data/AI space that may not even exist yet.</p><p><blockquote>尽管有这些论点，我相信Palantir仍然很有吸引力：该公司发展迅速，在政府业务和商业方面都具有数十年的增长潜力，而且Palantir似乎拥有非常宽的护城河。这种合并最终可能会将Palantir变成最大、最重要的公司之一——尽管投资者不应指望这种情况会在短期内发生。相反，我相信Palantir很有可能在整个2020年代及以后以相当大的速度增长，因为我们的世界变得越来越需要数据——政府和企业都将努力获得最大的价值从所有这些数据中获得，Palantir将凭借其量身定制的解决方案，为其客户提供这种价值。凭借最近展示的Foundry for Crypto等新工具，Palantir处于各种新兴技术的前沿。由于Palantir能够接触到顶尖人才——SBC的结果和良好的工作环境——我相信Palantir很有可能能够在未来的各种市场中具有高度竞争力。大数据/人工智能领域可能还不存在。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> In general, I am not much of a growth investor -- instead, I primarily focus on attractively priced stocks with strong cash flows, oftentimes those that pay dividends. Palantir, however, is somewhat of an outlier in my portfolio -- it's a growth stock, it is not really profitable yet, and most of its potential is years away. Due to the highly attractive combination of a massive market opportunity, excellent talent, and a wide moat, Palantir still seems like an attractive long-term investment to me. This isn't a stock that will make investors rich quickly, but I believe that there is a very good chance that Palantir will turn into a very dominant, important company over the next 10+ years. At 19x next year's revenue, PLTR is not cheap, but when we expect that the company will grow at a strong rate for many years, that also doesn't seem outlandish to me at all. It makes sense to listen to the bears' arguments, but I believe that the pros outweigh the cons here.</p><p><blockquote>总的来说，我不是一个成长型投资者——相反，我主要关注价格有吸引力、现金流强劲的股票，通常是那些支付股息的股票。然而，Palantir在我的投资组合中有点异类——它是一只成长型股票，尚未真正盈利，而且其大部分潜力还需要数年时间。由于巨大的市场机会、优秀的人才和宽阔的护城河的极具吸引力的组合，Palantir对我来说仍然是一项有吸引力的长期投资。这不是一只能让投资者快速致富的股票，但我相信Palantir很有可能在未来10多年成为一家非常占主导地位的重要公司。PLTR明年收入的19倍并不便宜，但当我们预计该公司将在许多年内以强劲的速度增长时，这对我来说一点也不奇怪。听空头的论点是有道理的，但我相信这里利大于弊。</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>Palantir: 3 Reasons Against It And Why It's Still A Buy<blockquote>Palantir：反对它的3个理由以及为什么它仍然值得买入</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\">\nPalantir: 3 Reasons Against It And Why It's Still A Buy<blockquote>Palantir：反对它的3个理由以及为什么它仍然值得买入</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-21 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Palantir Technologies is a battleground stock. Listening to the bears' arguments is a good idea for bulls.</li>  <li>PLTR dilutes its shareholders, but that is not necessarily a huge problem.</li>  <li>Despite some interest rate headwinds, PLTR seems like a good investment to me, thanks to a strong moat and great growth outlook.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7230cdd890b86f9941b99b1503d04049\" tg-width=\"1536\" tg-height=\"1044\" width=\"100%\" height=\"auto\"><span>spxChrome/E+ via Getty Images</span></p><p><blockquote><ul><li>Palantir Technologies是一只战场股票。听空头的论点对多头来说是个好主意。</li><li>PLTR稀释了其股东，但这不一定是一个大问题。</li><li>尽管存在一些利率阻力，但PLTR对我来说似乎是一项不错的投资，这要归功于强大的护城河和巨大的增长前景。</li></ul><p class=\"t-img-caption\"><span>spxChrome/E+来自Getty Images</span></p></blockquote></p><p> <b>Article Thesis</b></p><p><blockquote><b>文章论文</b></blockquote></p><p> Palantir Technologies (PLTR) is an embattled growth stock, and in recent weeks, bears have been winning as shares continued to decline. There are, indeed some important bear arguments, such as dilution, reliance on government contracts, and rising interest rates. I do, however, still believe that Palantir Technologies is an attractive long-term investment, due to the act that its technology could lead to massive growth for many years to come.</p><p><blockquote>Palantir Technologies(PLTR)是一只陷入困境的成长型股票，最近几周，随着股价持续下跌，空头一直在获胜。确实有一些重要的看跌论点，例如稀释、对政府合同的依赖以及利率上升。然而，我仍然相信Palantir Technologies是一项有吸引力的长期投资，因为其技术可能会在未来许多年带来巨大增长。</blockquote></p><p> <b>3 Issues Brought Up By Bears</b></p><p><blockquote><b>空头提出的3个问题</b></blockquote></p><p> Palantir is a growth stock that brings out highly convinced bulls as well as highly convinced bears. Generally, I am in the bullish camp here, but taking a look at the bear arguments can be a good idea as well. Three of the most common arguments against Palantir are the following ones:</p><p><blockquote>Palantir是一只成长型股票，可以带来高度确信的多头和高度确信的空头。总的来说，我在这里是看涨阵营，但看看看跌的论点也是一个好主意。反对Palantir的三个最常见的论点如下：</blockquote></p><p> <b>1. Shareholder Dilution</b></p><p><blockquote><b>1.股东稀释</b></blockquote></p><p> Growth on a company-wide basis is important, but growth on a per-share basis is even more important. There are many examples that show that changes in a company's share count can create or destroy a lot of shareholder value. Apple (AAPL), for example, has seen its net income grow by roughly 190% over the last decade:</p><p><blockquote>全公司的增长很重要，但每股的增长更重要。有许多例子表明，公司股票数量的变化可以创造或破坏大量股东价值。例如，苹果(AAPL)的净利润在过去十年中增长了约190%：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b5263c8346cfbbb898f1d1ac9a5bead\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Thanks to a declining share count, its earnings per share rose by a much more attractive 350%, however -- buybacks created a lot of shareholder value. There are also examples where a rising share count destroyed a lot of shareholder value, e.g. at Citigroup (C):</p><p><blockquote>然而，由于股票数量下降，其每股收益增长了更具吸引力的350%——回购创造了大量股东价值。也有股票数量增加破坏了大量股东价值的例子，例如花旗集团（C）：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fc39008812f5e2d0082dedc95b025c68\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Massive share issuance during the Great Recession has resulted in a 75% earnings per share decline since 2007, even though net profits were up over the same time frame. Looking at the changes in a company's share count thus makes sense, as those changes can have a large impact in the long run. At Palantir, we see that the share count has been rising considerably since the company went public. During the most recent quarter, Palantir's share count looked like this:</p><p><blockquote>自2007年以来，大衰退期间的大规模股票发行导致每股收益下降75%，尽管同期净利润有所增长。因此，关注公司股票数量的变化是有意义的，因为从长远来看，这些变化可能会产生很大的影响。在Palantir，我们看到自公司上市以来，股票数量一直在大幅增加。最近一个季度，Palantir的股票数量如下所示：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/917ca4d7a390ced61d7c92d528f84fc1\" tg-width=\"640\" tg-height=\"539\" width=\"100%\" height=\"auto\"><span>Source: Palantir Press Release</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir新闻稿</span></p></blockquote></p><p> Compared to the second quarter, Palantir's average share count was&nbsp;1.895 billion, which makes for a 3.5% quarterly increase, which pencils out to an annual growth rate in the mid-teens. That is, of course, not negligible at all, and bears to have an argument when they state that shareholders get diluted at a meaningful pace. On the other hand, Palantir's business growth rate is way higher than 3% per quarter, as the company has guided for ~40% revenue growth this year, and since Palantir should also deliver outsized business growth in the coming years. Even if Palantir's share count were to climb by 10%-15% a year going forward, revenue per share would still climb by 25%+ a year thanks to the fact that PLTR is growing rapidly. I also believe that dilution will, over the years, decline. Not only has this been the case at many other growth companies, e.g. Amazon (AMZN), Alphabet (GOOG), or Meta (FB), but it is also logical from an option rewards perspective. Option rewards are especially generous when a company is not yet publicly traded and when its future is still more uncertain, but as a company matures, employees get more comfortable as risks for the company decline, and they do not demand large option packages any longer. Last but not least, Palantir also generates strong free cash flows that should allow the company to do share buybacks in the future, which should help improve the dilution rate as well.</p><p><blockquote>与第二季度相比，Palantir的平均股票数量为18.95亿股，季度增长3.5%，年增长率在十几岁左右。当然，这一点根本不可忽视，当他们说股东以有意义的速度被稀释时，就值得争论。另一方面，Palantir的业务增长率远高于每季度3%，因为该公司预计今年的收入增长约为40%，而且Palantir也应该在未来几年实现巨大的业务增长。即使Palantir的股票数量未来每年增长10%-15%，由于PLTR的快速增长，每股收入仍将每年增长25%以上。我还相信，随着时间的推移，稀释度将会下降。这不仅适用于许多其他成长型公司，例如亚马逊（AMZN）、Alphabet（GOOG）或Meta（FB），但从期权回报的角度来看，这也是合乎逻辑的。当一家公司尚未公开交易且其未来仍然更加不确定时，期权奖励尤其丰厚，但随着公司成熟，随着公司风险的下降，员工会变得更加舒适，他们不再要求大笔期权套餐。最后但并非最不重要的是，Palantir还产生了强劲的自由现金流，这应该使该公司能够在未来进行股票回购，这也应该有助于提高稀释率。</blockquote></p><p> <b>2. Reliance on government contracts</b></p><p><blockquote><b>2.对政府合同的依赖</b></blockquote></p><p></p><p> In a recent bearish&nbsp;article, fellow Seeking Alpha contributor On The Pulse argued that Palantir was overvalued and that its reliance on government contracts was an issue. Palantir Technologies is, indeed, reliant on government contracts to a large degree today, but I do not believe that this is a major issue. First, Palantir has diversified away from government contracts in the recent past, thanks to massive growth in its commercial business:</p><p><blockquote>在最近的一篇看跌文章中，The Pulse的Seeking Alpha撰稿人认为Palantir被高估，其对政府合同的依赖是一个问题。Palantir Technologies如今确实在很大程度上依赖政府合同，但我不认为这是一个主要问题。首先，由于商业业务的大幅增长，Palantir最近实现了多元化，摆脱了政府合同：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de23409915ee3811691b986a42ece899\" tg-width=\"640\" tg-height=\"308\" width=\"100%\" height=\"auto\"><span>Source: Palantir Technologies presentation</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Palantir技术演示</span></p></blockquote></p><p> In fact, Palantir's commercial business has been growing much faster than its government business in the recent past, which shows that commercial customers from all kinds of industries apparently see a lot of value in Palantir's technology -- otherwise, they wouldn't be buying at a rapid pace. With</p><p><blockquote>事实上，Palantir的商业业务近年来的增长速度远远快于其政府业务，这表明来自各个行业的商业客户显然看到了Palantir技术的巨大价值——否则，他们不会购买Palantir技术。速度很快。和</blockquote></p><p> With the commercial business growth rate outpacing the government business growth rate, Palantir will, over the years, become a company that is less and less dependent on government contracts, and that will ultimately turn into a B2B-focused software/technology player. Even if Palantir were to remain a government-focused company forever, which seems unlikely based on the current growth rates of the individual business units, that would not necessarily be an issue. Working for the government means that there is very little counterparty risk and that existing relations can easily be used to get future contracts. Last but not least, with government budgets rising relatively steadily, good government connections allow for considerable growth opportunities -- especially in the defense tech/security tech space Palantir is active in, as there is a huge need for further investments in this space.</p><p><blockquote>随着商业业务增长率超过政府业务增长率，Palantir将在多年后成为一家越来越不依赖政府合同的公司，并最终成为一家专注于B2B的软件/技术公司。即使Palantir永远是一家以政府为中心的公司（根据各个业务部门目前的增长率，这似乎不太可能），但这也不一定是一个问题。为政府工作意味着交易对手风险很小，现有关系可以很容易地用来获得未来的合同。最后但并非最不重要的一点是，随着政府预算相对稳定地增长，良好的政府关系带来了相当大的增长机会——特别是在Palantir活跃的国防技术/安全技术领域，因为该领域非常需要进一步投资。</blockquote></p><p> The claim that a government focus leads to lacking scalability is also false, I believe. Per Palantir's most recent quarterly report (linked above), its operating expenses rose by $9 million between Q3 2020 and Q3 2021 -- whereas revenues rose by $103 million in the same time frame. This backs out changes in share-based compensation. If one were to include those SBC expenses, Palantir's expenses actually<i>declined</i>year-over-year while the company managed to grow its revenue by close to 40%. The claim that Palantir will not generate any scale advantages over the years thus seems to be unfounded, I believe. Instead, the data suggest that Palantir will be able to grow its margins considerably -- the company was able to grow its adjusted gross profit by a massive $90 million while growing its adjusted operating expenses by just $9 million -- making for excellent operating leverage.</p><p><blockquote>我认为，政府关注导致缺乏可扩展性的说法也是错误的。根据Palantir最新的季度报告（上面链接），2020年第三季度至2021年第三季度期间，其运营费用增加了900万美元，而同期收入增加了1.03亿美元。这抵消了股权激励的变化。如果将这些SBC费用包括在内，Palantir的费用实际上<i>拒绝</i>而该公司的收入同比增长了近40%。因此，我认为Palantir多年来不会产生任何规模优势的说法似乎是没有根据的。相反，数据表明Palantir将能够大幅提高其利润率——该公司调整后毛利润大幅增长9000万美元，而调整后运营费用仅增长900万美元——从而实现出色的运营杠杆。</blockquote></p><p> <b>3. Exposure to rising rates</b></p><p><blockquote><b>3.利率上升的风险</b></blockquote></p><p> Massive inflation will force the Fed to raise rates in 2022 and beyond, and that could be an issue for growth stocks. Companies that are not profitable today, or that have the vast majority of their profits in the distant future, are more exposed to a rising discount rate compared to companies that have low or no growth and that generate a large amount of all future profits in the near term. This could result in outperformance of value stocks versus growth stocks in the coming years, I believe. Palantir, which is not profitable yet, naturally belongs in the \"growth\" bucket that could see an above-average impact from rising interest rates. There is no real counter-argument here, I believe -- it is indeed true that the impact of rising rates on Palantir, all else equal, will be larger compared to a value stock like AbbVie (ABBV), for example.</p><p><blockquote>大规模通胀将迫使美联储在2022年及以后加息，这可能是成长型股票的一个问题。与增长较低或没有增长且在短期内产生大量未来利润的公司相比，今天不盈利或绝大多数利润在遥远未来的公司更容易面临贴现率上升的风险。我相信，这可能会导致未来几年价值股优于成长股。Palantir尚未盈利，自然属于“增长”类别，利率上升可能会产生高于平均水平的影响。我认为，这里没有真正的反驳——确实，在其他条件相同的情况下，利率上升对Palantir的影响将比艾伯维(ABBV)等价值股更大。</blockquote></p><p> This being an incremental negative for Palantir doesn't mean that shares have to be avoided under any circumstances, however. Indeed, even despite some potential headwinds from rising rates, Palantir could still be an attractive investment if other arguments have a larger weight -- I believe this to be true, as I see PLTR's massive growth potential and huge moat outweighing some near-term headwinds from rising rates.</p><p><blockquote>然而，这对Palantir来说是一个增量负面影响，并不意味着在任何情况下都必须避免股票。事实上，即使利率上升带来了一些潜在的阻力，如果其他论点具有更大的权重，Palantir仍然可能是一项有吸引力的投资——我相信这是真的，因为我认为PLTR巨大的增长潜力和巨大的护城河超过了近期的一些阻力来自利率上升。</blockquote></p><p> <b>Why Palantir Is Still Attractive</b></p><p><blockquote><b>为什么Palantir仍然有吸引力</b></blockquote></p><p> Bears bring up a range of arguments against Palantir, and as shown above, those can have merit. I believe that they might be overblown in some cases, but taking a look at the bear's arguments doesn't hurt -- in fact, it seems like a good idea to look at both sides in order to make a more informed decision. Dilution is indeed an issue, although I do not believe that this will be too much of a headwind, since PLTR's business growth easily outpaces dilution and since dilution, overall, should slow down over the years. Government reliance will wane over the years due to an above-average commercial business growth rate, and in general, doing business with the government is not a bad thing anyway. The claim that PLTR lacks scalability seems to be false, from what I see in PLTR's data.</p><p><blockquote>看空者提出了一系列反对Palantir的论点，如上所示，这些论点可能有其优点。我相信在某些情况下他们可能被夸大了，但看看空头的论点并没有什么坏处——事实上，为了做出更明智的决定，看看双方似乎是个好主意。稀释确实是一个问题，尽管我不认为这会是太大的阻力，因为PLTR的业务增长很容易超过稀释，而且总体而言，稀释应该会在几年内放缓。由于高于平均水平的商业业务增长率，对政府的依赖将会随着时间的推移而减弱，总的来说，与政府做生意无论如何都不是一件坏事。从我在PLTR的数据中看到的来看，PLTR缺乏可扩展性的说法似乎是错误的。</blockquote></p><p></p><p> Palantir is, despite these arguments, attractive, I believe: The company is growing rapidly, has decades-long growth potential in both its government business as well as on the commercial side, and Palantir seems to have a very wide moat. This combination could turn Palantir into one of the largest and most important companies eventually -- although investors shouldn't expect this to happen in the very near term. Instead, I believe that there is a good chance that Palantir will grow at a considerable rate throughout the 2020s and beyond, as our world becomes ever more data-hungry -- both governments, as well as enterprises, will try to get the most value out of all of this data, and Palantir, with its tailored solutions, will be there to offer that value to its customers. With new tools such as the recently-showcased&nbsp;Foundry&nbsp;for crypto, Palantir is at the forefront of all kinds of emerging technologies. Thanks to the fact that Palantir has access to top talent -- the result of SBC and of an&nbsp;excellent working environment-- I believe that there is a good chance that Palantir will be able to be highly competitive in all kinds of future markets in the Big Data/AI space that may not even exist yet.</p><p><blockquote>尽管有这些论点，我相信Palantir仍然很有吸引力：该公司发展迅速，在政府业务和商业方面都具有数十年的增长潜力，而且Palantir似乎拥有非常宽的护城河。这种合并最终可能会将Palantir变成最大、最重要的公司之一——尽管投资者不应指望这种情况会在短期内发生。相反，我相信Palantir很有可能在整个2020年代及以后以相当大的速度增长，因为我们的世界变得越来越需要数据——政府和企业都将努力获得最大的价值从所有这些数据中获得，Palantir将凭借其量身定制的解决方案，为其客户提供这种价值。凭借最近展示的Foundry for Crypto等新工具，Palantir处于各种新兴技术的前沿。由于Palantir能够接触到顶尖人才——SBC的结果和良好的工作环境——我相信Palantir很有可能能够在未来的各种市场中具有高度竞争力。大数据/人工智能领域可能还不存在。</blockquote></p><p> <b>Takeaway</b></p><p><blockquote><b>外卖</b></blockquote></p><p> In general, I am not much of a growth investor -- instead, I primarily focus on attractively priced stocks with strong cash flows, oftentimes those that pay dividends. Palantir, however, is somewhat of an outlier in my portfolio -- it's a growth stock, it is not really profitable yet, and most of its potential is years away. Due to the highly attractive combination of a massive market opportunity, excellent talent, and a wide moat, Palantir still seems like an attractive long-term investment to me. This isn't a stock that will make investors rich quickly, but I believe that there is a very good chance that Palantir will turn into a very dominant, important company over the next 10+ years. At 19x next year's revenue, PLTR is not cheap, but when we expect that the company will grow at a strong rate for many years, that also doesn't seem outlandish to me at all. It makes sense to listen to the bears' arguments, but I believe that the pros outweigh the cons here.</p><p><blockquote>总的来说，我不是一个成长型投资者——相反，我主要关注价格有吸引力、现金流强劲的股票，通常是那些支付股息的股票。然而，Palantir在我的投资组合中有点异类——它是一只成长型股票，尚未真正盈利，而且其大部分潜力还需要数年时间。由于巨大的市场机会、优秀的人才和宽阔的护城河的极具吸引力的组合，Palantir对我来说仍然是一项有吸引力的长期投资。这不是一只能让投资者快速致富的股票，但我相信Palantir很有可能在未来10多年成为一家非常占主导地位的重要公司。PLTR明年收入的19倍并不便宜，但当我们预计该公司将在许多年内以强劲的速度增长时，这对我来说一点也不奇怪。听空头的论点是有道理的，但我相信这里利大于弊。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475960-palantir-3-reasons-against-it-and-why-its-still-a-buy\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4475960-palantir-3-reasons-against-it-and-why-its-still-a-buy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117226796","content_text":"Summary\n\nPalantir Technologies is a battleground stock. Listening to the bears' arguments is a good idea for bulls.\nPLTR dilutes its shareholders, but that is not necessarily a huge problem.\nDespite some interest rate headwinds, PLTR seems like a good investment to me, thanks to a strong moat and great growth outlook.\n\nspxChrome/E+ via Getty Images\nArticle Thesis\nPalantir Technologies (PLTR) is an embattled growth stock, and in recent weeks, bears have been winning as shares continued to decline. There are, indeed some important bear arguments, such as dilution, reliance on government contracts, and rising interest rates. I do, however, still believe that Palantir Technologies is an attractive long-term investment, due to the act that its technology could lead to massive growth for many years to come.\n3 Issues Brought Up By Bears\nPalantir is a growth stock that brings out highly convinced bulls as well as highly convinced bears. Generally, I am in the bullish camp here, but taking a look at the bear arguments can be a good idea as well. Three of the most common arguments against Palantir are the following ones:\n1. Shareholder Dilution\nGrowth on a company-wide basis is important, but growth on a per-share basis is even more important. There are many examples that show that changes in a company's share count can create or destroy a lot of shareholder value. Apple (AAPL), for example, has seen its net income grow by roughly 190% over the last decade:\nData by YCharts\nThanks to a declining share count, its earnings per share rose by a much more attractive 350%, however -- buybacks created a lot of shareholder value. There are also examples where a rising share count destroyed a lot of shareholder value, e.g. at Citigroup (C):\nData by YCharts\nMassive share issuance during the Great Recession has resulted in a 75% earnings per share decline since 2007, even though net profits were up over the same time frame. Looking at the changes in a company's share count thus makes sense, as those changes can have a large impact in the long run. At Palantir, we see that the share count has been rising considerably since the company went public. During the most recent quarter, Palantir's share count looked like this:\nSource: Palantir Press Release\nCompared to the second quarter, Palantir's average share count was 1.895 billion, which makes for a 3.5% quarterly increase, which pencils out to an annual growth rate in the mid-teens. That is, of course, not negligible at all, and bears to have an argument when they state that shareholders get diluted at a meaningful pace. On the other hand, Palantir's business growth rate is way higher than 3% per quarter, as the company has guided for ~40% revenue growth this year, and since Palantir should also deliver outsized business growth in the coming years. Even if Palantir's share count were to climb by 10%-15% a year going forward, revenue per share would still climb by 25%+ a year thanks to the fact that PLTR is growing rapidly. I also believe that dilution will, over the years, decline. Not only has this been the case at many other growth companies, e.g. Amazon (AMZN), Alphabet (GOOG), or Meta (FB), but it is also logical from an option rewards perspective. Option rewards are especially generous when a company is not yet publicly traded and when its future is still more uncertain, but as a company matures, employees get more comfortable as risks for the company decline, and they do not demand large option packages any longer. Last but not least, Palantir also generates strong free cash flows that should allow the company to do share buybacks in the future, which should help improve the dilution rate as well.\n2. Reliance on government contracts\nIn a recent bearish article, fellow Seeking Alpha contributor On The Pulse argued that Palantir was overvalued and that its reliance on government contracts was an issue. Palantir Technologies is, indeed, reliant on government contracts to a large degree today, but I do not believe that this is a major issue. First, Palantir has diversified away from government contracts in the recent past, thanks to massive growth in its commercial business:\nSource: Palantir Technologies presentation\nIn fact, Palantir's commercial business has been growing much faster than its government business in the recent past, which shows that commercial customers from all kinds of industries apparently see a lot of value in Palantir's technology -- otherwise, they wouldn't be buying at a rapid pace. With\nWith the commercial business growth rate outpacing the government business growth rate, Palantir will, over the years, become a company that is less and less dependent on government contracts, and that will ultimately turn into a B2B-focused software/technology player. Even if Palantir were to remain a government-focused company forever, which seems unlikely based on the current growth rates of the individual business units, that would not necessarily be an issue. Working for the government means that there is very little counterparty risk and that existing relations can easily be used to get future contracts. Last but not least, with government budgets rising relatively steadily, good government connections allow for considerable growth opportunities -- especially in the defense tech/security tech space Palantir is active in, as there is a huge need for further investments in this space.\nThe claim that a government focus leads to lacking scalability is also false, I believe. Per Palantir's most recent quarterly report (linked above), its operating expenses rose by $9 million between Q3 2020 and Q3 2021 -- whereas revenues rose by $103 million in the same time frame. This backs out changes in share-based compensation. If one were to include those SBC expenses, Palantir's expenses actuallydeclinedyear-over-year while the company managed to grow its revenue by close to 40%. The claim that Palantir will not generate any scale advantages over the years thus seems to be unfounded, I believe. Instead, the data suggest that Palantir will be able to grow its margins considerably -- the company was able to grow its adjusted gross profit by a massive $90 million while growing its adjusted operating expenses by just $9 million -- making for excellent operating leverage.\n3. Exposure to rising rates\nMassive inflation will force the Fed to raise rates in 2022 and beyond, and that could be an issue for growth stocks. Companies that are not profitable today, or that have the vast majority of their profits in the distant future, are more exposed to a rising discount rate compared to companies that have low or no growth and that generate a large amount of all future profits in the near term. This could result in outperformance of value stocks versus growth stocks in the coming years, I believe. Palantir, which is not profitable yet, naturally belongs in the \"growth\" bucket that could see an above-average impact from rising interest rates. There is no real counter-argument here, I believe -- it is indeed true that the impact of rising rates on Palantir, all else equal, will be larger compared to a value stock like AbbVie (ABBV), for example.\nThis being an incremental negative for Palantir doesn't mean that shares have to be avoided under any circumstances, however. Indeed, even despite some potential headwinds from rising rates, Palantir could still be an attractive investment if other arguments have a larger weight -- I believe this to be true, as I see PLTR's massive growth potential and huge moat outweighing some near-term headwinds from rising rates.\nWhy Palantir Is Still Attractive\nBears bring up a range of arguments against Palantir, and as shown above, those can have merit. I believe that they might be overblown in some cases, but taking a look at the bear's arguments doesn't hurt -- in fact, it seems like a good idea to look at both sides in order to make a more informed decision. Dilution is indeed an issue, although I do not believe that this will be too much of a headwind, since PLTR's business growth easily outpaces dilution and since dilution, overall, should slow down over the years. Government reliance will wane over the years due to an above-average commercial business growth rate, and in general, doing business with the government is not a bad thing anyway. The claim that PLTR lacks scalability seems to be false, from what I see in PLTR's data.\nPalantir is, despite these arguments, attractive, I believe: The company is growing rapidly, has decades-long growth potential in both its government business as well as on the commercial side, and Palantir seems to have a very wide moat. This combination could turn Palantir into one of the largest and most important companies eventually -- although investors shouldn't expect this to happen in the very near term. Instead, I believe that there is a good chance that Palantir will grow at a considerable rate throughout the 2020s and beyond, as our world becomes ever more data-hungry -- both governments, as well as enterprises, will try to get the most value out of all of this data, and Palantir, with its tailored solutions, will be there to offer that value to its customers. With new tools such as the recently-showcased Foundry for crypto, Palantir is at the forefront of all kinds of emerging technologies. Thanks to the fact that Palantir has access to top talent -- the result of SBC and of an excellent working environment-- I believe that there is a good chance that Palantir will be able to be highly competitive in all kinds of future markets in the Big Data/AI space that may not even exist yet.\nTakeaway\nIn general, I am not much of a growth investor -- instead, I primarily focus on attractively priced stocks with strong cash flows, oftentimes those that pay dividends. Palantir, however, is somewhat of an outlier in my portfolio -- it's a growth stock, it is not really profitable yet, and most of its potential is years away. Due to the highly attractive combination of a massive market opportunity, excellent talent, and a wide moat, Palantir still seems like an attractive long-term investment to me. This isn't a stock that will make investors rich quickly, but I believe that there is a very good chance that Palantir will turn into a very dominant, important company over the next 10+ years. At 19x next year's revenue, PLTR is not cheap, but when we expect that the company will grow at a strong rate for many years, that also doesn't seem outlandish to me at all. It makes sense to listen to the bears' arguments, but I believe that the pros outweigh the cons here.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":1317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693946019,"gmtCreate":1639964680082,"gmtModify":1639964841728,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587095479419511","authorIdStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/693946019","repostId":"1164517103","repostType":4,"repost":{"id":"1164517103","kind":"news","pubTimestamp":1639874793,"share":"https://www.laohu8.com/m/news/1164517103?lang=zh_CN&edition=full","pubTime":"2021-12-19 08:46","market":"us","language":"en","title":"US IPO Week Ahead: The IPO market decks the halls with 1 IPO in the short holiday week<blockquote>美国IPO一周即将到来：IPO市场在短暂的假期周内以1起IPO占据大厅</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164517103","media":"renaissancecap...","summary":"Just one IPO is scheduled to go public in the shortened holiday week.\nOTC-listed Cerberus Cyber Sent","content":"<p>Just one IPO is scheduled to go public in the shortened holiday week.</p><p><blockquote>在缩短的假期周内，只有一家IPO计划上市。</blockquote></p><p> OTC-listed&nbsp;<a href=\"https://laohu8.com/S/CISO\"><b>Cerberus Cyber Sentinel</b></a> plans to raise $10 million at a $631 million market cap. The company provides a range of cybersecurity consulting and related services, including Secured Managed Services and Compliance Services, among others. Cerberus Cyber Sentinel has delivered explosive growth, but it is unprofitable with negative cash flow.</p><p><blockquote>OTC上市<a href=\"https://laohu8.com/S/CISO\"><b>地狱犬网络哨兵</b></a>计划以6.31亿美元的市值筹集1000万美元。该公司提供一系列网络安全咨询和相关服务，包括安全托管服务和合规服务等。Cerberus Cyber Sentinel实现了爆炸性增长，但现金流为负，无法盈利。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dfff81a3d62b2a5b41793d751f8e793\" tg-width=\"696\" tg-height=\"121\" width=\"100%\" height=\"auto\">IPO Market Snapshot</p><p><blockquote>IPO市场快照</blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/16/21, the Renaissance IPO Index was down 14% year-to-date, while the S&amp;P 500 was up 24%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 29% year-to-date, while the ACWX was up 6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年12月16日，文艺复兴IPO指数今年迄今下跌14%，而标普500上涨24%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Moderna（MRNA）。Renaissance International IPO指数今年迄今下跌29%，而ACWX指数上涨6%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括美团-W大众点评和软银。</blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: The IPO market decks the halls with 1 IPO in the short holiday week<blockquote>美国IPO一周即将到来：IPO市场在短暂的假期周内以1起IPO占据大厅</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\">\nUS IPO Week Ahead: The IPO market decks the halls with 1 IPO in the short holiday week<blockquote>美国IPO一周即将到来：IPO市场在短暂的假期周内以1起IPO占据大厅</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-12-19 08:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Just one IPO is scheduled to go public in the shortened holiday week.</p><p><blockquote>在缩短的假期周内，只有一家IPO计划上市。</blockquote></p><p> OTC-listed&nbsp;<a href=\"https://laohu8.com/S/CISO\"><b>Cerberus Cyber Sentinel</b></a> plans to raise $10 million at a $631 million market cap. The company provides a range of cybersecurity consulting and related services, including Secured Managed Services and Compliance Services, among others. Cerberus Cyber Sentinel has delivered explosive growth, but it is unprofitable with negative cash flow.</p><p><blockquote>OTC上市<a href=\"https://laohu8.com/S/CISO\"><b>地狱犬网络哨兵</b></a>计划以6.31亿美元的市值筹集1000万美元。该公司提供一系列网络安全咨询和相关服务，包括安全托管服务和合规服务等。Cerberus Cyber Sentinel实现了爆炸性增长，但现金流为负，无法盈利。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8dfff81a3d62b2a5b41793d751f8e793\" tg-width=\"696\" tg-height=\"121\" width=\"100%\" height=\"auto\">IPO Market Snapshot</p><p><blockquote>IPO市场快照</blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/16/21, the Renaissance IPO Index was down 14% year-to-date, while the S&amp;P 500 was up 24%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 29% year-to-date, while the ACWX was up 6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至21年12月16日，文艺复兴IPO指数今年迄今下跌14%，而标普500上涨24%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Moderna（MRNA）。Renaissance International IPO指数今年迄今下跌29%，而ACWX指数上涨6%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括美团-W大众点评和软银。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/89650/US-IPO-Week-Ahead-The-IPO-market-decks-the-halls-with-1-IPO-in-the-short-ho\">renaissancecap...</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":{"CISO":"CISO Global"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/89650/US-IPO-Week-Ahead-The-IPO-market-decks-the-halls-with-1-IPO-in-the-short-ho","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164517103","content_text":"Just one IPO is scheduled to go public in the shortened holiday week.\nOTC-listed Cerberus Cyber Sentinel plans to raise $10 million at a $631 million market cap. The company provides a range of cybersecurity consulting and related services, including Secured Managed Services and Compliance Services, among others. Cerberus Cyber Sentinel has delivered explosive growth, but it is unprofitable with negative cash flow.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 12/16/21, the Renaissance IPO Index was down 14% year-to-date, while the S&P 500 was up 24%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Moderna (MRNA). The Renaissance International IPO Index was down 29% year-to-date, while the ACWX was up 6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Meituan-Dianping and SoftBank.","news_type":1,"symbols_score_info":{"CISO":0.9}},"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":824825180,"gmtCreate":1634304139550,"gmtModify":1634304375511,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587095479419511","idStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/824825180","repostId":"1122645691","repostType":4,"repost":{"id":"1122645691","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":1634301436,"share":"https://www.laohu8.com/m/news/1122645691?lang=zh_CN&edition=full","pubTime":"2021-10-15 20:37","market":"us","language":"en","title":"Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122645691","media":"Tiger Newspress","summary":"U.S. stock futures edged higher on Friday and pointed to weekly gains for major indexes, after resul","content":"<p>U.S. stock futures edged higher on Friday and pointed to weekly gains for major indexes, after results from Goldman Sachs&nbsp;and&nbsp;retail sales data.</p><p><blockquote>在高盛公布业绩和零售销售数据后，美国股指期货周五小幅走高，主要股指每周上涨。</blockquote></p><p> At 08:35 a.m. ET, Dow e-minis were up 188 points, or 0.54%, S&amp;P 500 e-minis were up 19.25 points, or 0.43%, and Nasdaq 100 e-minis were up 52.5 points, or 0.35%.</p><p><blockquote>截至美国东部时间上午08:35，道指e-minis上涨188点，涨幅0.54%，标普500 e-minis上涨19.25点，涨幅0.43%，纳斯达克100 e-minis上涨52.5点，涨幅0.35%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8eb8e4448c14bc75ba9cf20cd469b47d\" tg-width=\"404\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Goldman Sachs crushed analysts’ estimates on strong investment banking and trading results.The&nbsp;shares rose more&nbsp;than 2%&nbsp;in premarket trading.</p><p><blockquote>高盛打破了分析师对强劲投资银行和交易业绩的预期。该股在盘前交易中上涨超过2%。</blockquote></p><p> Strong results from a clutch of banks, including Citigroup&nbsp;and Morgan Stanley, propelled the S&amp;P 500&nbsp;to its biggest daily percentage gain since early March on Thursday, while data on the labor market and inflation eased fears over the outlook for higher rates.</p><p><blockquote>包括花旗集团和摩根士丹利在内的一批银行的强劲业绩推动标普500周四创下3月初以来的最大单日百分比涨幅，而劳动力市场和通胀数据缓解了人们对加息前景的担忧。</blockquote></p><p> U.S. retail sales climb 0.7% in September, above forecast.Consumers spent at a much faster pace than expected in September, defying expectation for a pullback, the Census Bureau reported Friday.</p><p><blockquote>美国9月份零售额增长0.7%，高于预期。人口普查局周五报告称，9月份消费者支出速度远快于预期，出乎预期。</blockquote></p><p> Retail sales for the month increased 0.7%, against the Dow Jones estimate for a decline of 0.2%. Excluding auto-related sales, the number rose 0.8%, better than the 0.5% forecast.</p><p><blockquote>本月零售额增长0.7%，而道琼斯预期为下降0.2%。不包括汽车相关销售，该数字增长0.8%，好于0.5%的预期。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Moderna(MRNA)</b> – Moderna added 3.3% in premarket trading after rising 3.2% yesterday, following an FDA panel recommendation for a booster dose of its Covid-19 vaccine. The panel recommended approval of a booster for people 65 and over as well as those at high risk.</p><p><blockquote><b>现代（MRNA）</b>-Moderna在昨天上涨3.2%后，在FDA小组建议其Covid-19疫苗加强剂量后，在盘前交易中上涨3.3%。该小组建议批准65岁及以上人群以及高危人群使用加强剂。</blockquote></p><p> <b>Virgin Galactic(SPCE)</b> – Virgin Galactic shares tumbled 17.5% in the premarket after it said it would delay the launch of its commercial space service to the fourth quarter of 2022 from the third quarter. The company is taking the extra time to work on improvements to its space vehicles.</p><p><blockquote><b>维珍银河(SPCE)</b>-维珍银河表示将把商业太空服务的推出从第三季度推迟到2022年第四季度，该公司股价盘前暴跌17.5%。该公司正在花额外的时间改进其太空飞行器。</blockquote></p><p> <b>TSMC(TSM)</b>&nbsp;–&nbsp;TSMC stock surged about 2% in premarket trading&nbsp;after&nbsp;Japan&nbsp;planning to subsidize&nbsp;TSMC plant.The world's leading contract chipmaker announced Thursday that it will build its first-ever Japanese plant, responding to years of calls by the Ministry of Economy, Trade and Industry to set up shop.</p><p><blockquote><b>台积电(TSM)</b>-日本计划补贴台积电工厂后，台积电股价在盘前交易中飙升约2%。这家全球领先的合同芯片制造商周四宣布，将在日本建造第一家工厂，以回应经济产业省多年来对开设工厂的评级。</blockquote></p><p> <b>Nio(NIO)</b>&nbsp;–&nbsp;Nio stock rose nearly&nbsp;2% in premarket trading.The&nbsp;chinese electric vehicle maker&nbsp;said it would double the capacity of its Hefei plant to 240,000 vehicles a year, up from 120,000 units.</p><p><blockquote><b>蔚来(蔚来)</b>-蔚来股价在盘前交易中上涨近2%。这家中国电动汽车制造商表示，将把合肥工厂的产能从12万辆提高到24万辆。</blockquote></p><p> <b>fuboTV(FUBO)</b> – fuboTV’s Sportsbook unit struck a deal with Nascar to become the racing circuit’s authorized gaming operator. fuboTV shares added 2.2% in premarket trading.</p><p><blockquote><b>fuboTV（富博）</b>-fuboTV的体育博彩部门与Nascar达成协议，成为赛道的授权游戏运营商。fuboTV股价在盘前交易中上涨2.2%。</blockquote></p><p> <b>Alcoa(AA)</b> – Alcoa reported an adjusted quarterly profit of $2.05 per share, beating the consensus estimate of $1.80. The aluminum producer’s revenue topped estimates as well on higher aluminum prices. Alcoa jumped 6.8% in premarket action.</p><p><blockquote><b>美国铝业(AA)</b>-美国铝业公布调整后季度利润为每股2.05美元，超过市场普遍预期的1.80美元。由于铝价上涨，该铝生产商的收入也超出了预期。美国铝业(Alcoa)盘前上涨6.8%。</blockquote></p><p> <b>Western Digital(WDC)</b>&nbsp;–&nbsp;Western Digital&nbsp;stock&nbsp;dipped&nbsp;2.1%&nbsp;in premarket trading.Goldman Sachs downgraded the storage hardware maker's stock to \"neutral\" from \"buy\".</p><p><blockquote><b>西部数据(WDC)</b>-西部数据股价在盘前交易中下跌2.1%。高盛将这家存储硬件制造商的股票评级从“买入”下调至“中性”。</blockquote></p><p> <b>Truist Financial(TFC)</b> – The bank beat estimates by 21 cents with adjusted quarterly earnings of $1.42 per share and revenue also above estimates. Truist’s results were helped by stronger fee income as well as loan and deposit growth.</p><p><blockquote><b>Truist Financial(TFC)</b>-该银行超出预期21美分，调整后季度收益为每股1.42美元，收入也高于预期。Truist的业绩得益于更强劲的费用收入以及贷款和存款增长。</blockquote></p><p> <b>PNC Financial(PNC) </b>– PNC reported adjusted quarterly earnings of $3.75 per share, compared with a consensus estimate of $3.20 and revenue also topping Wall Street forecasts. PNC benefited from the recapture of credit loss provisions as well as the integration of BBVA USA, a deal that closed last October. PNC rose 1.3% in premarket trading.</p><p><blockquote><b>PNC金融(PNC)</b>–PNC报告调整后季度收益为每股3.75美元，而市场普遍预期为3.20美元，营收也超出华尔街预期。PNC受益于信贷损失准备金的收回以及BBVA USA的整合，该交易于去年10月完成。PNC在盘前交易中上涨1.3%。</blockquote></p><p> <b>Pearson(PSO)</b> – Pearson tumbled 11.3% in premarket trading after the educational materials company said higher education sales have fallen 7% so far this year, even though the company maintained its full-year guidance. Pearson said enrollments at community colleges in the U.S. appear to have been hit by the delta variant of Covid-19.</p><p><blockquote><b>皮尔逊(PSO)</b>-教育材料公司培生集团表示，尽管该公司维持全年指引，但今年迄今为止高等教育销售额已下降7%，该公司在盘前交易中下跌11.3%。Pearson表示，美国社区大学的入学人数似乎受到了Covid-19德尔塔变异毒株的打击。</blockquote></p><p> <b>Corsair Gaming(CRSR)</b> – Corsair shares slid 5.5% in the premarket after the maker of video game-related peripheral products said supply chain issues were hurting sales. Corsair said 2021 will still be a “strong growth year.”</p><p><blockquote><b>海盗船游戏(CRSR)</b>-视频游戏相关周边产品制造商Corsair表示供应链问题正在损害销售，该公司股价在盘前下跌5.5%。Corsair表示，2021年仍将是“强劲增长的一年”。</blockquote></p><p> <b>23andMe(ME)</b> – The consumer genetics company’s stock surged 9% in premarket trading, following a positive mention by EMJ Capital founder and portfolio manager Eric Jackson on CNBC’s “Closing Bell” Thursday. Jackson said 23andMe should be more properly thought of as a therapeutics company in addition to being a subscription service, which he thinks bodes well for future growth.</p><p><blockquote><b>23andMe（我）</b>–在EMJ Capital创始人兼投资组合经理Eric Jackson周四在CNBC的“收盘钟声”中积极提及后，这家消费者遗传学公司的股价在盘前交易中飙升9%。杰克逊表示，除了订阅服务之外，23andMe还应该被更恰当地视为一家治疗公司，他认为这对未来的增长来说是个好兆头。</blockquote></p><p></p><p> <b>Del Taco(TACO)</b> – The restaurant chain reported adjusted quarterly earnings of 11 cents per share, a penny above estimates, with revenue essentially in line with Wall Street forecasts. However, comparable sales rose 1.8%, short of the 2.1% estimate from analysts surveyed by FactSet. Shares slid 3.6% in the premarket.</p><p><blockquote><b>玉米饼（玉米饼）</b>-该连锁餐厅报告调整后季度收益为每股11美分，比预期高出1美分，收入基本符合华尔街的预测。然而，可比销售额增长1.8%，低于FactSet调查分析师预期的2.1%。盘前股价下跌3.6%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</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\">\nToplines Before US Market Open on Friday<blockquote>周五美国市场开盘前的营收</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-10-15 20:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock futures edged higher on Friday and pointed to weekly gains for major indexes, after results from Goldman Sachs&nbsp;and&nbsp;retail sales data.</p><p><blockquote>在高盛公布业绩和零售销售数据后，美国股指期货周五小幅走高，主要股指每周上涨。</blockquote></p><p> At 08:35 a.m. ET, Dow e-minis were up 188 points, or 0.54%, S&amp;P 500 e-minis were up 19.25 points, or 0.43%, and Nasdaq 100 e-minis were up 52.5 points, or 0.35%.</p><p><blockquote>截至美国东部时间上午08:35，道指e-minis上涨188点，涨幅0.54%，标普500 e-minis上涨19.25点，涨幅0.43%，纳斯达克100 e-minis上涨52.5点，涨幅0.35%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8eb8e4448c14bc75ba9cf20cd469b47d\" tg-width=\"404\" tg-height=\"184\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Goldman Sachs crushed analysts’ estimates on strong investment banking and trading results.The&nbsp;shares rose more&nbsp;than 2%&nbsp;in premarket trading.</p><p><blockquote>高盛打破了分析师对强劲投资银行和交易业绩的预期。该股在盘前交易中上涨超过2%。</blockquote></p><p> Strong results from a clutch of banks, including Citigroup&nbsp;and Morgan Stanley, propelled the S&amp;P 500&nbsp;to its biggest daily percentage gain since early March on Thursday, while data on the labor market and inflation eased fears over the outlook for higher rates.</p><p><blockquote>包括花旗集团和摩根士丹利在内的一批银行的强劲业绩推动标普500周四创下3月初以来的最大单日百分比涨幅，而劳动力市场和通胀数据缓解了人们对加息前景的担忧。</blockquote></p><p> U.S. retail sales climb 0.7% in September, above forecast.Consumers spent at a much faster pace than expected in September, defying expectation for a pullback, the Census Bureau reported Friday.</p><p><blockquote>美国9月份零售额增长0.7%，高于预期。人口普查局周五报告称，9月份消费者支出速度远快于预期，出乎预期。</blockquote></p><p> Retail sales for the month increased 0.7%, against the Dow Jones estimate for a decline of 0.2%. Excluding auto-related sales, the number rose 0.8%, better than the 0.5% forecast.</p><p><blockquote>本月零售额增长0.7%，而道琼斯预期为下降0.2%。不包括汽车相关销售，该数字增长0.8%，好于0.5%的预期。</blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Moderna(MRNA)</b> – Moderna added 3.3% in premarket trading after rising 3.2% yesterday, following an FDA panel recommendation for a booster dose of its Covid-19 vaccine. The panel recommended approval of a booster for people 65 and over as well as those at high risk.</p><p><blockquote><b>现代（MRNA）</b>-Moderna在昨天上涨3.2%后，在FDA小组建议其Covid-19疫苗加强剂量后，在盘前交易中上涨3.3%。该小组建议批准65岁及以上人群以及高危人群使用加强剂。</blockquote></p><p> <b>Virgin Galactic(SPCE)</b> – Virgin Galactic shares tumbled 17.5% in the premarket after it said it would delay the launch of its commercial space service to the fourth quarter of 2022 from the third quarter. The company is taking the extra time to work on improvements to its space vehicles.</p><p><blockquote><b>维珍银河(SPCE)</b>-维珍银河表示将把商业太空服务的推出从第三季度推迟到2022年第四季度，该公司股价盘前暴跌17.5%。该公司正在花额外的时间改进其太空飞行器。</blockquote></p><p> <b>TSMC(TSM)</b>&nbsp;–&nbsp;TSMC stock surged about 2% in premarket trading&nbsp;after&nbsp;Japan&nbsp;planning to subsidize&nbsp;TSMC plant.The world's leading contract chipmaker announced Thursday that it will build its first-ever Japanese plant, responding to years of calls by the Ministry of Economy, Trade and Industry to set up shop.</p><p><blockquote><b>台积电(TSM)</b>-日本计划补贴台积电工厂后，台积电股价在盘前交易中飙升约2%。这家全球领先的合同芯片制造商周四宣布，将在日本建造第一家工厂，以回应经济产业省多年来对开设工厂的评级。</blockquote></p><p> <b>Nio(NIO)</b>&nbsp;–&nbsp;Nio stock rose nearly&nbsp;2% in premarket trading.The&nbsp;chinese electric vehicle maker&nbsp;said it would double the capacity of its Hefei plant to 240,000 vehicles a year, up from 120,000 units.</p><p><blockquote><b>蔚来(蔚来)</b>-蔚来股价在盘前交易中上涨近2%。这家中国电动汽车制造商表示，将把合肥工厂的产能从12万辆提高到24万辆。</blockquote></p><p> <b>fuboTV(FUBO)</b> – fuboTV’s Sportsbook unit struck a deal with Nascar to become the racing circuit’s authorized gaming operator. fuboTV shares added 2.2% in premarket trading.</p><p><blockquote><b>fuboTV（富博）</b>-fuboTV的体育博彩部门与Nascar达成协议，成为赛道的授权游戏运营商。fuboTV股价在盘前交易中上涨2.2%。</blockquote></p><p> <b>Alcoa(AA)</b> – Alcoa reported an adjusted quarterly profit of $2.05 per share, beating the consensus estimate of $1.80. The aluminum producer’s revenue topped estimates as well on higher aluminum prices. Alcoa jumped 6.8% in premarket action.</p><p><blockquote><b>美国铝业(AA)</b>-美国铝业公布调整后季度利润为每股2.05美元，超过市场普遍预期的1.80美元。由于铝价上涨，该铝生产商的收入也超出了预期。美国铝业(Alcoa)盘前上涨6.8%。</blockquote></p><p> <b>Western Digital(WDC)</b>&nbsp;–&nbsp;Western Digital&nbsp;stock&nbsp;dipped&nbsp;2.1%&nbsp;in premarket trading.Goldman Sachs downgraded the storage hardware maker's stock to \"neutral\" from \"buy\".</p><p><blockquote><b>西部数据(WDC)</b>-西部数据股价在盘前交易中下跌2.1%。高盛将这家存储硬件制造商的股票评级从“买入”下调至“中性”。</blockquote></p><p> <b>Truist Financial(TFC)</b> – The bank beat estimates by 21 cents with adjusted quarterly earnings of $1.42 per share and revenue also above estimates. Truist’s results were helped by stronger fee income as well as loan and deposit growth.</p><p><blockquote><b>Truist Financial(TFC)</b>-该银行超出预期21美分，调整后季度收益为每股1.42美元，收入也高于预期。Truist的业绩得益于更强劲的费用收入以及贷款和存款增长。</blockquote></p><p> <b>PNC Financial(PNC) </b>– PNC reported adjusted quarterly earnings of $3.75 per share, compared with a consensus estimate of $3.20 and revenue also topping Wall Street forecasts. PNC benefited from the recapture of credit loss provisions as well as the integration of BBVA USA, a deal that closed last October. PNC rose 1.3% in premarket trading.</p><p><blockquote><b>PNC金融(PNC)</b>–PNC报告调整后季度收益为每股3.75美元，而市场普遍预期为3.20美元，营收也超出华尔街预期。PNC受益于信贷损失准备金的收回以及BBVA USA的整合，该交易于去年10月完成。PNC在盘前交易中上涨1.3%。</blockquote></p><p> <b>Pearson(PSO)</b> – Pearson tumbled 11.3% in premarket trading after the educational materials company said higher education sales have fallen 7% so far this year, even though the company maintained its full-year guidance. Pearson said enrollments at community colleges in the U.S. appear to have been hit by the delta variant of Covid-19.</p><p><blockquote><b>皮尔逊(PSO)</b>-教育材料公司培生集团表示，尽管该公司维持全年指引，但今年迄今为止高等教育销售额已下降7%，该公司在盘前交易中下跌11.3%。Pearson表示，美国社区大学的入学人数似乎受到了Covid-19德尔塔变异毒株的打击。</blockquote></p><p> <b>Corsair Gaming(CRSR)</b> – Corsair shares slid 5.5% in the premarket after the maker of video game-related peripheral products said supply chain issues were hurting sales. Corsair said 2021 will still be a “strong growth year.”</p><p><blockquote><b>海盗船游戏(CRSR)</b>-视频游戏相关周边产品制造商Corsair表示供应链问题正在损害销售，该公司股价在盘前下跌5.5%。Corsair表示，2021年仍将是“强劲增长的一年”。</blockquote></p><p> <b>23andMe(ME)</b> – The consumer genetics company’s stock surged 9% in premarket trading, following a positive mention by EMJ Capital founder and portfolio manager Eric Jackson on CNBC’s “Closing Bell” Thursday. Jackson said 23andMe should be more properly thought of as a therapeutics company in addition to being a subscription service, which he thinks bodes well for future growth.</p><p><blockquote><b>23andMe（我）</b>–在EMJ Capital创始人兼投资组合经理Eric Jackson周四在CNBC的“收盘钟声”中积极提及后，这家消费者遗传学公司的股价在盘前交易中飙升9%。杰克逊表示，除了订阅服务之外，23andMe还应该被更恰当地视为一家治疗公司，他认为这对未来的增长来说是个好兆头。</blockquote></p><p></p><p> <b>Del Taco(TACO)</b> – The restaurant chain reported adjusted quarterly earnings of 11 cents per share, a penny above estimates, with revenue essentially in line with Wall Street forecasts. However, comparable sales rose 1.8%, short of the 2.1% estimate from analysts surveyed by FactSet. Shares slid 3.6% in the premarket.</p><p><blockquote><b>玉米饼（玉米饼）</b>-该连锁餐厅报告调整后季度收益为每股11美分，比预期高出1美分，收入基本符合华尔街的预测。然而，可比销售额增长1.8%，低于FactSet调查分析师预期的2.1%。盘前股价下跌3.6%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","TSM":"台积电","MRNA":"Moderna, Inc.","AA":"美国铝业","PNC":"PNC金融",".DJI":"道琼斯","FUBO":"fuboTV Inc.","WDC":"西部数据","SPCE":"维珍银河","CRSR":"Corsair Gaming, Inc.",".IXIC":"NASDAQ Composite","PSO":"培生","TFC":"Truist Financial Corp","TACO":"BERTO ACQUISITION CORP",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122645691","content_text":"U.S. stock futures edged higher on Friday and pointed to weekly gains for major indexes, after results from Goldman Sachs and retail sales data.\nAt 08:35 a.m. ET, Dow e-minis were up 188 points, or 0.54%, S&P 500 e-minis were up 19.25 points, or 0.43%, and Nasdaq 100 e-minis were up 52.5 points, or 0.35%.\n\nGoldman Sachs crushed analysts’ estimates on strong investment banking and trading results.The shares rose more than 2% in premarket trading.\nStrong results from a clutch of banks, including Citigroup and Morgan Stanley, propelled the S&P 500 to its biggest daily percentage gain since early March on Thursday, while data on the labor market and inflation eased fears over the outlook for higher rates.\nU.S. retail sales climb 0.7% in September, above forecast.Consumers spent at a much faster pace than expected in September, defying expectation for a pullback, the Census Bureau reported Friday.\nRetail sales for the month increased 0.7%, against the Dow Jones estimate for a decline of 0.2%. Excluding auto-related sales, the number rose 0.8%, better than the 0.5% forecast.\nStocks making the biggest moves premarket:\nModerna(MRNA) – Moderna added 3.3% in premarket trading after rising 3.2% yesterday, following an FDA panel recommendation for a booster dose of its Covid-19 vaccine. The panel recommended approval of a booster for people 65 and over as well as those at high risk.\nVirgin Galactic(SPCE) – Virgin Galactic shares tumbled 17.5% in the premarket after it said it would delay the launch of its commercial space service to the fourth quarter of 2022 from the third quarter. The company is taking the extra time to work on improvements to its space vehicles.\nTSMC(TSM) – TSMC stock surged about 2% in premarket trading after Japan planning to subsidize TSMC plant.The world's leading contract chipmaker announced Thursday that it will build its first-ever Japanese plant, responding to years of calls by the Ministry of Economy, Trade and Industry to set up shop.\nNio(NIO) – Nio stock rose nearly 2% in premarket trading.The chinese electric vehicle maker said it would double the capacity of its Hefei plant to 240,000 vehicles a year, up from 120,000 units.\nfuboTV(FUBO) – fuboTV’s Sportsbook unit struck a deal with Nascar to become the racing circuit’s authorized gaming operator. fuboTV shares added 2.2% in premarket trading.\nAlcoa(AA) – Alcoa reported an adjusted quarterly profit of $2.05 per share, beating the consensus estimate of $1.80. The aluminum producer’s revenue topped estimates as well on higher aluminum prices. Alcoa jumped 6.8% in premarket action.\nWestern Digital(WDC) – Western Digital stock dipped 2.1% in premarket trading.Goldman Sachs downgraded the storage hardware maker's stock to \"neutral\" from \"buy\".\nTruist Financial(TFC) – The bank beat estimates by 21 cents with adjusted quarterly earnings of $1.42 per share and revenue also above estimates. Truist’s results were helped by stronger fee income as well as loan and deposit growth.\nPNC Financial(PNC) – PNC reported adjusted quarterly earnings of $3.75 per share, compared with a consensus estimate of $3.20 and revenue also topping Wall Street forecasts. PNC benefited from the recapture of credit loss provisions as well as the integration of BBVA USA, a deal that closed last October. PNC rose 1.3% in premarket trading.\nPearson(PSO) – Pearson tumbled 11.3% in premarket trading after the educational materials company said higher education sales have fallen 7% so far this year, even though the company maintained its full-year guidance. Pearson said enrollments at community colleges in the U.S. appear to have been hit by the delta variant of Covid-19.\nCorsair Gaming(CRSR) – Corsair shares slid 5.5% in the premarket after the maker of video game-related peripheral products said supply chain issues were hurting sales. Corsair said 2021 will still be a “strong growth year.”\n23andMe(ME) – The consumer genetics company’s stock surged 9% in premarket trading, following a positive mention by EMJ Capital founder and portfolio manager Eric Jackson on CNBC’s “Closing Bell” Thursday. Jackson said 23andMe should be more properly thought of as a therapeutics company in addition to being a subscription service, which he thinks bodes well for future growth.\nDel Taco(TACO) – The restaurant chain reported adjusted quarterly earnings of 11 cents per share, a penny above estimates, with revenue essentially in line with Wall Street forecasts. However, comparable sales rose 1.8%, short of the 2.1% estimate from analysts surveyed by FactSet. Shares slid 3.6% in the premarket.","news_type":1,"symbols_score_info":{"AA":0.9,"FUBO":0.9,"CRSR":0.9,"TSM":0.9,"YMmain":0.9,"NIO":0.9,".IXIC":0.9,"WDC":0.9,"SPCE":0.9,"PSO":0.9,".SPX":0.9,"NQmain":0.9,"TFC":0.9,"MRNA":0.9,"ESmain":0.9,"TACO":0.9,"PNC":0.9,".DJI":0.9,"ME":0.9}},"isVote":1,"tweetType":1,"viewCount":613,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":831469204,"gmtCreate":1629341291508,"gmtModify":1631883982681,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587095479419511","idStr":"3587095479419511"},"themes":[],"htmlText":"Fed is always serious. Just that position change frequently.","listText":"Fed is always serious. Just that position change frequently.","text":"Fed is always serious. Just that position change frequently.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/831469204","repostId":"1173912409","repostType":4,"repost":{"id":"1173912409","kind":"news","pubTimestamp":1629328047,"share":"https://www.laohu8.com/m/news/1173912409?lang=zh_CN&edition=full","pubTime":"2021-08-19 07:07","market":"us","language":"en","title":"Stocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减购债计划是严肃的，股市以丑陋的方式收盘</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1173912409","media":"Barrons","summary":"Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.\nTh","content":"<p>Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.</p><p><blockquote>美联储7月会议纪要公布后，周三股市遭到抛售。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;dropped 383 points, or 1.1%, while the S&amp;P 500&nbsp;fell 1.1%. The Nasdaq Composite&nbsp;declined 0.9%. All three finished near their lows of the day.</p><p><blockquote>道琼斯工业平均指数下跌383点，跌幅1.1%，标普500下跌1.1%。纳斯达克综合指数下跌0.9%。三者收盘均接近当日低点。</blockquote></p><p> Fed governors have been dropping hints in recent weeks that the beginning of the end of the central bank’s bond buying was nearing, and the minutes confirmed that&nbsp;taperingis at hand. “Most participants noted that …it could be appropriate to start reducing the pace of asset purchases this year,” the minutes read.</p><p><blockquote>最近几周，美联储理事一直在暗示央行债券购买即将结束，会议纪要证实了缩减购债规模。会议纪要中写道：“大多数与会者指出……今年开始放慢资产购买步伐可能是合适的。”</blockquote></p><p> The assessment comes as&nbsp;the economy has recovered quickly, and reflects that the Fed is now focused on when—and how quickly—to remove support from the economy.</p><p><blockquote>这一评估是在经济迅速复苏之际做出的，反映出美联储现在关注的是何时以及以多快的速度取消对经济的支持。</blockquote></p><p> The selloff was broad. About 83% of S&amp;P 500 stocks fell on the day, according to FactSet. This dynamics often reflects concern about how the market will perform without the Fed there to support it.</p><p><blockquote>抛售是广泛的。FactSet的数据显示，当天约83%的标普500股票下跌。这种动态通常反映了人们对如果没有美联储的支持，市场将如何表现的担忧。</blockquote></p><p> Now, it’s just a question of when tapering will begin. It’ “is going to be September or December,” said Dave Wagner, portfolio manager and analyst at Aptus Capital Advisors. “Everyone is focusing on Jackson Hole in my opinion,” he continued, referring to the conclave of central bankers that occurs later this month in Jackson Hole, Wyo.</p><p><blockquote>现在，只是何时开始缩减规模的问题。Aptus Capital Advisors的投资组合经理兼分析师戴夫·瓦格纳(Dave Wagner)表示，“将是9月或12月”。“在我看来，每个人都在关注杰克逊霍尔，”他继续说道，指的是本月晚些时候在怀俄明州杰克逊霍尔举行的央行行长秘密会议。</blockquote></p><p> Strangely, the bond market didn’t react all that much, with the 10-year Treasury yield closing at 1.27%, where it hovered for most of the day. The 2-year yield, which often moves higher when market participants see the Fed hiking short-term interest rates sooner, ended at 0.21%, lower than the 0.22% it hit in the morning.</p><p><blockquote>奇怪的是，债券市场并没有做出太大反应，10年期国债收益率收于1.27%，全天大部分时间都在该水平徘徊。当市场参与者看到美联储更快加息时，2年期国债收益率通常会走高，收于0.21%，低于上午触及的0.22%。</blockquote></p><p> “I don’t think we’ve learned anything new,” said Tom Graff, head of fixed income at Brown Advisory. Graff added that the consensus for a short-term interest rate hikes in 2022 or 2023 hasn’t changed.</p><p><blockquote>布朗咨询公司固定收益主管汤姆·格拉夫表示：“我认为我们没有学到任何新东西。”格拉夫补充说，2022年或2023年短期加息的共识没有改变。</blockquote></p><p> A weak market, however, couldn’t keep some stocks down. For some, it was about earnings.Lowe’s&nbsp;(ticker: LOW) stock rose 9.6% after&nbsp;reporting a profit&nbsp;of $4.25 a share, beating estimates of $4.01 a share, on sales of $27.6 billion, above expectations for $26.9 billion.TJX&nbsp;(TJX) stock rose 6% after reporting&nbsp;a profit&nbsp;of 64 cents a share, beating estimates of 59 cents a share, on sales of $12.1 billion, above expectations for $11 billion.</p><p><blockquote>然而，疲软的市场并不能让一些股票下跌。对于一些人来说，这与盈利有关。Lowe's（股票代码：LOW）公布每股利润4.25美元，超出预期每股4.01美元，销售额276亿美元，高于预期269亿美元，股价上涨9.6%。TJX(TJX)股价上涨6%，公布每股利润64美分，超出预期每股59美分，销售额为121亿美元，高于预期110亿美元。</blockquote></p><p> Others were buoyed by analyst upgrades, with ViacomCBS (VIAC) stock rose 3.7% after getting upgraded to Overweight from Equal Weight at Wells Fargo, and BlackBerry (BB) stock gained 4.2% after getting upgraded to Hold from Sell at Canaccord Genuity.</p><p><blockquote>其他人则受到分析师升级的提振，维亚康姆哥伦比亚广播公司(VIAC)股票在富国银行(Wells Fargo)将评级从“同等权重”上调至“跑赢大盘”后上涨3.7%；黑莓(BB)股票在Canaccord Genuity将评级从“卖出”上调至“持有”后上涨4.2%。</blockquote></p><p> Tilray&nbsp;(TLRY) stock rose 1.1% after the company bought senior secured convertible notes in marijuana company&nbsp;MedMen Enterprises.&nbsp;The notes would convert into an equity stake if&nbsp;cannabis is legalized in the U.S.</p><p><blockquote>Tilray（TLRY）股价上涨1.1%，此前该公司购买了大麻公司MedMen Enterprises的高级担保可转换票据。如果大麻在美国合法化，这些票据将转换为股权。</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>Stocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减购债计划是严肃的，股市以丑陋的方式收盘</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; 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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\">\nStocks End the Day in an Ugly Way After Fed Minutes Show Taper Talk Is Serious<blockquote>美联储会议纪要显示缩减购债计划是严肃的，股市以丑陋的方式收盘</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-19 07:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.</p><p><blockquote>美联储7月会议纪要公布后，周三股市遭到抛售。</blockquote></p><p> The&nbsp;Dow Jones Industrial Average&nbsp;dropped 383 points, or 1.1%, while the S&amp;P 500&nbsp;fell 1.1%. The Nasdaq Composite&nbsp;declined 0.9%. All three finished near their lows of the day.</p><p><blockquote>道琼斯工业平均指数下跌383点，跌幅1.1%，标普500下跌1.1%。纳斯达克综合指数下跌0.9%。三者收盘均接近当日低点。</blockquote></p><p> Fed governors have been dropping hints in recent weeks that the beginning of the end of the central bank’s bond buying was nearing, and the minutes confirmed that&nbsp;taperingis at hand. “Most participants noted that …it could be appropriate to start reducing the pace of asset purchases this year,” the minutes read.</p><p><blockquote>最近几周，美联储理事一直在暗示央行债券购买即将结束，会议纪要证实了缩减购债规模。会议纪要中写道：“大多数与会者指出……今年开始放慢资产购买步伐可能是合适的。”</blockquote></p><p> The assessment comes as&nbsp;the economy has recovered quickly, and reflects that the Fed is now focused on when—and how quickly—to remove support from the economy.</p><p><blockquote>这一评估是在经济迅速复苏之际做出的，反映出美联储现在关注的是何时以及以多快的速度取消对经济的支持。</blockquote></p><p> The selloff was broad. About 83% of S&amp;P 500 stocks fell on the day, according to FactSet. This dynamics often reflects concern about how the market will perform without the Fed there to support it.</p><p><blockquote>抛售是广泛的。FactSet的数据显示，当天约83%的标普500股票下跌。这种动态通常反映了人们对如果没有美联储的支持，市场将如何表现的担忧。</blockquote></p><p> Now, it’s just a question of when tapering will begin. It’ “is going to be September or December,” said Dave Wagner, portfolio manager and analyst at Aptus Capital Advisors. “Everyone is focusing on Jackson Hole in my opinion,” he continued, referring to the conclave of central bankers that occurs later this month in Jackson Hole, Wyo.</p><p><blockquote>现在，只是何时开始缩减规模的问题。Aptus Capital Advisors的投资组合经理兼分析师戴夫·瓦格纳(Dave Wagner)表示，“将是9月或12月”。“在我看来，每个人都在关注杰克逊霍尔，”他继续说道，指的是本月晚些时候在怀俄明州杰克逊霍尔举行的央行行长秘密会议。</blockquote></p><p> Strangely, the bond market didn’t react all that much, with the 10-year Treasury yield closing at 1.27%, where it hovered for most of the day. The 2-year yield, which often moves higher when market participants see the Fed hiking short-term interest rates sooner, ended at 0.21%, lower than the 0.22% it hit in the morning.</p><p><blockquote>奇怪的是，债券市场并没有做出太大反应，10年期国债收益率收于1.27%，全天大部分时间都在该水平徘徊。当市场参与者看到美联储更快加息时，2年期国债收益率通常会走高，收于0.21%，低于上午触及的0.22%。</blockquote></p><p> “I don’t think we’ve learned anything new,” said Tom Graff, head of fixed income at Brown Advisory. Graff added that the consensus for a short-term interest rate hikes in 2022 or 2023 hasn’t changed.</p><p><blockquote>布朗咨询公司固定收益主管汤姆·格拉夫表示：“我认为我们没有学到任何新东西。”格拉夫补充说，2022年或2023年短期加息的共识没有改变。</blockquote></p><p> A weak market, however, couldn’t keep some stocks down. For some, it was about earnings.Lowe’s&nbsp;(ticker: LOW) stock rose 9.6% after&nbsp;reporting a profit&nbsp;of $4.25 a share, beating estimates of $4.01 a share, on sales of $27.6 billion, above expectations for $26.9 billion.TJX&nbsp;(TJX) stock rose 6% after reporting&nbsp;a profit&nbsp;of 64 cents a share, beating estimates of 59 cents a share, on sales of $12.1 billion, above expectations for $11 billion.</p><p><blockquote>然而，疲软的市场并不能让一些股票下跌。对于一些人来说，这与盈利有关。Lowe's（股票代码：LOW）公布每股利润4.25美元，超出预期每股4.01美元，销售额276亿美元，高于预期269亿美元，股价上涨9.6%。TJX(TJX)股价上涨6%，公布每股利润64美分，超出预期每股59美分，销售额为121亿美元，高于预期110亿美元。</blockquote></p><p> Others were buoyed by analyst upgrades, with ViacomCBS (VIAC) stock rose 3.7% after getting upgraded to Overweight from Equal Weight at Wells Fargo, and BlackBerry (BB) stock gained 4.2% after getting upgraded to Hold from Sell at Canaccord Genuity.</p><p><blockquote>其他人则受到分析师升级的提振，维亚康姆哥伦比亚广播公司(VIAC)股票在富国银行(Wells Fargo)将评级从“同等权重”上调至“跑赢大盘”后上涨3.7%；黑莓(BB)股票在Canaccord Genuity将评级从“卖出”上调至“持有”后上涨4.2%。</blockquote></p><p> Tilray&nbsp;(TLRY) stock rose 1.1% after the company bought senior secured convertible notes in marijuana company&nbsp;MedMen Enterprises.&nbsp;The notes would convert into an equity stake if&nbsp;cannabis is legalized in the U.S.</p><p><blockquote>Tilray（TLRY）股价上涨1.1%，此前该公司购买了大麻公司MedMen Enterprises的高级担保可转换票据。如果大麻在美国合法化，这些票据将转换为股权。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-today-51629283162?mod=hp_LEAD_1\">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":{".DJI":"道琼斯","BB":"黑莓","LOW":"劳氏",".IXIC":"NASDAQ Composite","TLRY":"Tilray Inc.",".SPX":"S&P 500 Index","TJX":"The TJX Companies Inc."},"source_url":"https://www.barrons.com/articles/stock-market-today-51629283162?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173912409","content_text":"Stocks sold off Wednesday after the release of the minutes of the Federal Reserve’s July meeting.\nThe Dow Jones Industrial Average dropped 383 points, or 1.1%, while the S&P 500 fell 1.1%. The Nasdaq Composite declined 0.9%. All three finished near their lows of the day.\nFed governors have been dropping hints in recent weeks that the beginning of the end of the central bank’s bond buying was nearing, and the minutes confirmed that taperingis at hand. “Most participants noted that …it could be appropriate to start reducing the pace of asset purchases this year,” the minutes read.\nThe assessment comes as the economy has recovered quickly, and reflects that the Fed is now focused on when—and how quickly—to remove support from the economy.\nThe selloff was broad. About 83% of S&P 500 stocks fell on the day, according to FactSet. This dynamics often reflects concern about how the market will perform without the Fed there to support it.\nNow, it’s just a question of when tapering will begin. It’ “is going to be September or December,” said Dave Wagner, portfolio manager and analyst at Aptus Capital Advisors. “Everyone is focusing on Jackson Hole in my opinion,” he continued, referring to the conclave of central bankers that occurs later this month in Jackson Hole, Wyo.\nStrangely, the bond market didn’t react all that much, with the 10-year Treasury yield closing at 1.27%, where it hovered for most of the day. The 2-year yield, which often moves higher when market participants see the Fed hiking short-term interest rates sooner, ended at 0.21%, lower than the 0.22% it hit in the morning.\n“I don’t think we’ve learned anything new,” said Tom Graff, head of fixed income at Brown Advisory. Graff added that the consensus for a short-term interest rate hikes in 2022 or 2023 hasn’t changed.\nA weak market, however, couldn’t keep some stocks down. For some, it was about earnings.Lowe’s (ticker: LOW) stock rose 9.6% after reporting a profit of $4.25 a share, beating estimates of $4.01 a share, on sales of $27.6 billion, above expectations for $26.9 billion.TJX (TJX) stock rose 6% after reporting a profit of 64 cents a share, beating estimates of 59 cents a share, on sales of $12.1 billion, above expectations for $11 billion.\nOthers were buoyed by analyst upgrades, with ViacomCBS (VIAC) stock rose 3.7% after getting upgraded to Overweight from Equal Weight at Wells Fargo, and BlackBerry (BB) stock gained 4.2% after getting upgraded to Hold from Sell at Canaccord Genuity.\nTilray (TLRY) stock rose 1.1% after the company bought senior secured convertible notes in marijuana company MedMen Enterprises. The notes would convert into an equity stake if cannabis is legalized in the U.S.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"VIAC":0.9,".IXIC":0.9,"TJX":0.9,"TLRY":0.9,"BB":0.9,"LOW":0.9}},"isVote":1,"tweetType":1,"viewCount":418,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895944149,"gmtCreate":1628720968581,"gmtModify":1633744951242,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587095479419511","idStr":"3587095479419511"},"themes":[],"htmlText":"Yes, gambling.","listText":"Yes, gambling.","text":"Yes, gambling.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/895944149","repostId":"1197984437","repostType":4,"repost":{"id":"1197984437","kind":"news","pubTimestamp":1628695457,"share":"https://www.laohu8.com/m/news/1197984437?lang=zh_CN&edition=full","pubTime":"2021-08-11 23:24","market":"us","language":"en","title":"Bitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币ETF备案潮与资金需求降温相冲突</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197984437","media":"finance.yahoo","summary":"(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of op","content":"<p>(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of optimism among Bitcoin exchange-traded fund advocates this month -- but it’s unclear whether investors share that enthusiasm.</p><p><blockquote>（彭博社）——美国证券交易委员会主席Gary Gensler本月在比特币交易所交易基金倡导者中点燃了新一波乐观情绪，但尚不清楚投资者是否也有这种热情。</blockquote></p><p> Digital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018, according to data compiled by CoinShares. The outflows total roughly $93 million over that stretch. Much of it is thanks to money being yanked away from Bitcoin products, according to the digital-asset manager.</p><p><blockquote>根据CoinShares汇编的数据，Grayscale、Bitwise、21Shares和其他公司的数字资产投资产品连续第五周出现资金外流，这是自2018年1月以来最长的连续流出。在此期间，资金外流总额约为9300万美元。这位数字资产管理公司表示，这在很大程度上要归功于比特币产品的资金被抽走。</blockquote></p><p> The cooling appetite stands in contrast to the growing pile of cryptocurrency ETF filings, with at least 18 applications landing with the SEC this year. That tally grew by three in the past two weeks after Gensler signaled that regulators may be more open to a Bitcoin ETF if it was based around futures rather than the cryptocurrency itself. However, even if the SEC finally green-lights the fund structure, it’s not a sure bet that a Bitcoin ETF would be met with huge demand, according to Meltem Demirors of Coinshares.</p><p><blockquote>这种降温的兴趣与越来越多的加密货币ETF申请形成鲜明对比，今年至少有18份申请提交给了SEC。Gensler表示，如果比特币ETF基于期货而不是加密货币本身，监管机构可能会对其更加开放，这一数字在过去两周内增加了三个。然而，Coinshares的Meltem Demirors表示，即使SEC最终批准了该基金结构，也不能肯定比特币ETF会满足巨大的需求。</blockquote></p><p> “There’s so many venues for people to buy and sell Bitcoin, to get exposure to Bitcoin in tax-managed accounts,” said Demirors, chief strategy officer at CoinShares. “We’re not really sure what the demand will look like because is the maturation of crypto in the U.S. is already quite high.”</p><p><blockquote>CoinShares首席战略官Demirors表示：“人们有很多地方可以买卖比特币，通过税务管理账户接触比特币。”“我们并不真正确定需求会是什么样子，因为美国加密货币的成熟度已经相当高。”</blockquote></p><p> After setting an all-time high of nearly $65,000 in April, Bitcoin resumed its volatile price swings. The world’s largest cryptocurrency dropped below $30,000 in June as environmental and regulatory concerns hammered sentiment. Bitcoin has since rebounded to more than $46,000, even as the U.S. Senate passed an infrastructure bill that would allow for broad oversight of virtual currencies.</p><p><blockquote>在4月份创下近65,000美元的历史新高后，比特币恢复了价格波动。由于环境和监管担忧打击了市场情绪，全球最大的加密货币在6月份跌破30,000美元。此后，比特币已反弹至46,000美元以上，尽管美国。参议院通过了一项基础设施法案，允许对虚拟货币进行广泛监管。</blockquote></p><p> However, fund flows have yet to match the rebound. Bitcoin funds and futures are on track for a third straight month of outflows, the longest streak in data going back to 2014, according to Bloomberg Intelligence. The bulk of that decline is due to decreasing open interest in Bitcoin futures, meaning traders let their contracts roll off without renewing.</p><p><blockquote>然而，资金流尚未与反弹相匹配。根据彭博资讯的数据，比特币基金和期货有望连续第三个月出现资金外流，这是自2014年以来最长的数据连续流出。下降的主要原因是比特币期货的未平仓合约减少，这意味着交易员让他们的合约在没有续签的情况下到期。</blockquote></p><p> The outflows might even be bigger, if not for the fact that the $30 billion Grayscale Bitcoin Trust (ticker GBTC) -- the largest crypto fund -- doesn’t allow for share redemptions. That’s after shares of the trust ballooned by the hundreds of millions earlier this year amid the crypto craze. As a result, GBTC has traded at a persistent discount to its underlying Bitcoin since March.</p><p><blockquote>如果不是因为价值300亿美元的灰度比特币信托基金（股票代码GBTC）——最大的加密货币基金——不允许股票赎回，资金流出可能会更大。今年早些时候，在加密货币热潮中，该信托的股价飙升了数亿美元。因此，自3月份以来，GBTC的交易价格一直低于其基础比特币。</blockquote></p><p> But still, in the eyes of Bloomberg Intelligence’s James Seyffart, it’s just a matter of time before investors flood back into crypto funds.</p><p><blockquote>但在彭博资讯(Bloomberg Intelligence)的James Seyffart看来，投资者重新涌入加密货币基金只是时间问题。</blockquote></p><p> “I think there’s still demand for Bitcoin products that people can access on the traditional financial system rails, if you will,” Seyffart said. “Flows tend to follow performance in areas and products like this, so with the recent weeks of performance for Bitcoin, I wouldn’t be surprised to see those flow numbers potentially turn around.”</p><p><blockquote>塞法特说：“我认为，如果你愿意的话，人们仍然可以在传统金融系统轨道上访问比特币产品。”“流量往往会跟随此类领域和产品的表现，因此根据比特币最近几周的表现，看到这些流量数字可能出现逆转，我不会感到惊讶。”</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币ETF备案潮与资金需求降温相冲突</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\">\nBitcoin ETF Filing Flood Collides With Cooling Demand for Funds<blockquote>比特币ETF备案潮与资金需求降温相冲突</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">finance.yahoo</strong><span class=\"h-time small\">2021-08-11 23:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of optimism among Bitcoin exchange-traded fund advocates this month -- but it’s unclear whether investors share that enthusiasm.</p><p><blockquote>（彭博社）——美国证券交易委员会主席Gary Gensler本月在比特币交易所交易基金倡导者中点燃了新一波乐观情绪，但尚不清楚投资者是否也有这种热情。</blockquote></p><p> Digital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018, according to data compiled by CoinShares. The outflows total roughly $93 million over that stretch. Much of it is thanks to money being yanked away from Bitcoin products, according to the digital-asset manager.</p><p><blockquote>根据CoinShares汇编的数据，Grayscale、Bitwise、21Shares和其他公司的数字资产投资产品连续第五周出现资金外流，这是自2018年1月以来最长的连续流出。在此期间，资金外流总额约为9300万美元。这位数字资产管理公司表示，这在很大程度上要归功于比特币产品的资金被抽走。</blockquote></p><p> The cooling appetite stands in contrast to the growing pile of cryptocurrency ETF filings, with at least 18 applications landing with the SEC this year. That tally grew by three in the past two weeks after Gensler signaled that regulators may be more open to a Bitcoin ETF if it was based around futures rather than the cryptocurrency itself. However, even if the SEC finally green-lights the fund structure, it’s not a sure bet that a Bitcoin ETF would be met with huge demand, according to Meltem Demirors of Coinshares.</p><p><blockquote>这种降温的兴趣与越来越多的加密货币ETF申请形成鲜明对比，今年至少有18份申请提交给了SEC。Gensler表示，如果比特币ETF基于期货而不是加密货币本身，监管机构可能会对其更加开放，这一数字在过去两周内增加了三个。然而，Coinshares的Meltem Demirors表示，即使SEC最终批准了该基金结构，也不能肯定比特币ETF会满足巨大的需求。</blockquote></p><p> “There’s so many venues for people to buy and sell Bitcoin, to get exposure to Bitcoin in tax-managed accounts,” said Demirors, chief strategy officer at CoinShares. “We’re not really sure what the demand will look like because is the maturation of crypto in the U.S. is already quite high.”</p><p><blockquote>CoinShares首席战略官Demirors表示：“人们有很多地方可以买卖比特币，通过税务管理账户接触比特币。”“我们并不真正确定需求会是什么样子，因为美国加密货币的成熟度已经相当高。”</blockquote></p><p> After setting an all-time high of nearly $65,000 in April, Bitcoin resumed its volatile price swings. The world’s largest cryptocurrency dropped below $30,000 in June as environmental and regulatory concerns hammered sentiment. Bitcoin has since rebounded to more than $46,000, even as the U.S. Senate passed an infrastructure bill that would allow for broad oversight of virtual currencies.</p><p><blockquote>在4月份创下近65,000美元的历史新高后，比特币恢复了价格波动。由于环境和监管担忧打击了市场情绪，全球最大的加密货币在6月份跌破30,000美元。此后，比特币已反弹至46,000美元以上，尽管美国。参议院通过了一项基础设施法案，允许对虚拟货币进行广泛监管。</blockquote></p><p> However, fund flows have yet to match the rebound. Bitcoin funds and futures are on track for a third straight month of outflows, the longest streak in data going back to 2014, according to Bloomberg Intelligence. The bulk of that decline is due to decreasing open interest in Bitcoin futures, meaning traders let their contracts roll off without renewing.</p><p><blockquote>然而，资金流尚未与反弹相匹配。根据彭博资讯的数据，比特币基金和期货有望连续第三个月出现资金外流，这是自2014年以来最长的数据连续流出。下降的主要原因是比特币期货的未平仓合约减少，这意味着交易员让他们的合约在没有续签的情况下到期。</blockquote></p><p> The outflows might even be bigger, if not for the fact that the $30 billion Grayscale Bitcoin Trust (ticker GBTC) -- the largest crypto fund -- doesn’t allow for share redemptions. That’s after shares of the trust ballooned by the hundreds of millions earlier this year amid the crypto craze. As a result, GBTC has traded at a persistent discount to its underlying Bitcoin since March.</p><p><blockquote>如果不是因为价值300亿美元的灰度比特币信托基金（股票代码GBTC）——最大的加密货币基金——不允许股票赎回，资金流出可能会更大。今年早些时候，在加密货币热潮中，该信托的股价飙升了数亿美元。因此，自3月份以来，GBTC的交易价格一直低于其基础比特币。</blockquote></p><p> But still, in the eyes of Bloomberg Intelligence’s James Seyffart, it’s just a matter of time before investors flood back into crypto funds.</p><p><blockquote>但在彭博资讯(Bloomberg Intelligence)的James Seyffart看来，投资者重新涌入加密货币基金只是时间问题。</blockquote></p><p> “I think there’s still demand for Bitcoin products that people can access on the traditional financial system rails, if you will,” Seyffart said. “Flows tend to follow performance in areas and products like this, so with the recent weeks of performance for Bitcoin, I wouldn’t be surprised to see those flow numbers potentially turn around.”</p><p><blockquote>塞法特说：“我认为，如果你愿意的话，人们仍然可以在传统金融系统轨道上访问比特币产品。”“流量往往会跟随此类领域和产品的表现，因此根据比特币最近几周的表现，看到这些流量数字可能出现逆转，我不会感到惊讶。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/bitcoin-etf-filing-flood-collides-150226371.html\">finance.yahoo</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":{"COIN":"Coinbase Global, Inc."},"source_url":"https://finance.yahoo.com/news/bitcoin-etf-filing-flood-collides-150226371.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197984437","content_text":"(Bloomberg) -- U.S. Securities and Exchange Commission Chair Gary Gensler ignited a fresh wave of optimism among Bitcoin exchange-traded fund advocates this month -- but it’s unclear whether investors share that enthusiasm.\nDigital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018, according to data compiled by CoinShares. The outflows total roughly $93 million over that stretch. Much of it is thanks to money being yanked away from Bitcoin products, according to the digital-asset manager.\nThe cooling appetite stands in contrast to the growing pile of cryptocurrency ETF filings, with at least 18 applications landing with the SEC this year. That tally grew by three in the past two weeks after Gensler signaled that regulators may be more open to a Bitcoin ETF if it was based around futures rather than the cryptocurrency itself. However, even if the SEC finally green-lights the fund structure, it’s not a sure bet that a Bitcoin ETF would be met with huge demand, according to Meltem Demirors of Coinshares.\n“There’s so many venues for people to buy and sell Bitcoin, to get exposure to Bitcoin in tax-managed accounts,” said Demirors, chief strategy officer at CoinShares. “We’re not really sure what the demand will look like because is the maturation of crypto in the U.S. is already quite high.”\nAfter setting an all-time high of nearly $65,000 in April, Bitcoin resumed its volatile price swings. The world’s largest cryptocurrency dropped below $30,000 in June as environmental and regulatory concerns hammered sentiment. Bitcoin has since rebounded to more than $46,000, even as the U.S. Senate passed an infrastructure bill that would allow for broad oversight of virtual currencies.\nHowever, fund flows have yet to match the rebound. Bitcoin funds and futures are on track for a third straight month of outflows, the longest streak in data going back to 2014, according to Bloomberg Intelligence. The bulk of that decline is due to decreasing open interest in Bitcoin futures, meaning traders let their contracts roll off without renewing.\nThe outflows might even be bigger, if not for the fact that the $30 billion Grayscale Bitcoin Trust (ticker GBTC) -- the largest crypto fund -- doesn’t allow for share redemptions. That’s after shares of the trust ballooned by the hundreds of millions earlier this year amid the crypto craze. As a result, GBTC has traded at a persistent discount to its underlying Bitcoin since March.\nBut still, in the eyes of Bloomberg Intelligence’s James Seyffart, it’s just a matter of time before investors flood back into crypto funds.\n“I think there’s still demand for Bitcoin products that people can access on the traditional financial system rails, if you will,” Seyffart said. “Flows tend to follow performance in areas and products like this, so with the recent weeks of performance for Bitcoin, I wouldn’t be surprised to see those flow numbers potentially turn around.”","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":607495483,"gmtCreate":1639575817965,"gmtModify":1639575866802,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587095479419511","idStr":"3587095479419511"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607495483","repostId":"1144636661","repostType":4,"repost":{"id":"1144636661","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":1639573288,"share":"https://www.laohu8.com/m/news/1144636661?lang=zh_CN&edition=full","pubTime":"2021-12-15 21:01","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144636661","media":"Tiger Newspress","summary":"U.S. Stock futures traded flat Wednesday morning as investors looked ahead to the Federal Reserve's ","content":"<p>U.S.&nbsp;Stock futures traded flat Wednesday morning as investors&nbsp;looked ahead to the Federal Reserve's final monetary policy decision of 2021&nbsp;and weighed the central bank's potential response to persistent inflationary pressures.</p><p><blockquote>美国股指期货周三上午持平，投资者展望美联储2021年最终货币政策决定，并权衡央行对持续通胀压力的潜在反应。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 16 points, or 0.05%, S&amp;P 500 e-minis were up 0.75 point, or 0.02%, and Nasdaq 100 e-minis were down 9.25 points, or 0.06%.</p><p><blockquote>截至美国东部时间上午8:00，道琼斯电子迷你指数上涨16点，涨幅0.05%，标普500电子迷你指数上涨0.75点，涨幅0.02%，纳斯达克100电子迷你指数下跌9.25点，涨幅0.06%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/34286b7e4b17094339c3a583ba0a4e13\" tg-width=\"1080\" tg-height=\"379\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> All eyes on Wednesday will be on the Federal Reserve's monetary policy statement and press conference by Federal Reserve Chair Jerome Powell. Many market participants expect these will set the stage for the Fed to speed the withdrawal of its crisis-era stimulus programs, with the firming economic recovery and soaring inflation suggesting the central bank has room for a more hawkish tilt to policy. </p><p><blockquote>周三所有人的目光都将集中在美联储的货币政策声明和美联储主席杰罗姆·鲍威尔的新闻发布会上。许多市场人士预计，这些将为美联储加快退出危机时期的刺激计划奠定基础，经济复苏企稳和通胀飙升表明美联储有空间在政策上更加鹰派。</blockquote></p><p> Last week's Consumer Price Index showed the&nbsp;fastest surge in U.S. consumer prices since 1982&nbsp;on a year-over-year basis in November. And on Tuesday, the U.S. Producer Price Index jumped by the most on record at a 9.6% year-over-year increase for last month.</p><p><blockquote>上周的消费者价格指数显示，11月份美国消费者价格同比涨幅为1982年以来最快。周二，美国生产者价格指数上个月同比上涨9.6%，创有记录以来最大涨幅。</blockquote></p><p> Specifically, many investors anticipate the Fed will ramp up the rate of tapering of its asset-purchasing program, which took place at a rate of $120 billion per month in combined Treasuries and agency mortgage-backed securities from the start of the pandemic through November. Last month, the Fed began dialing back these purchases by $15 billion, and announced another $15 billion reduction for December.</p><p><blockquote>具体来说，许多投资者预计美联储将加快资产购买计划的缩减速度，从疫情开始到11月，美国国债和机构抵押贷款支持证券的缩减速度为每月1200亿美元。上个月，美联储开始将这些购买量减少150亿美元，并宣布12月份再减少150亿美元。</blockquote></p><p> <b>Stocks making the biggest moves premarket: </b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/TM\">Toyota</a> </b>– <a href=\"https://laohu8.com/S/TM\">Toyota</a> gained 2.2% in premarket trading, after announcing it would produce a record 800,000 vehicles in January. Toyota is ramping up output to make up for prior production lost to parts shortages.</p><p><blockquote><b><a href=\"https://laohu8.com/S/TM\">丰田</a></b>–<a href=\"https://laohu8.com/S/TM\">丰田</a>在宣布1月份将生产创纪录的80万辆汽车后，盘前交易中股价上涨2.2%。丰田正在提高产量，以弥补之前因零部件短缺而造成的产量损失。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/VIR\">Vir Biotechnology, Inc.</a></b> – <a href=\"https://laohu8.com/S/VIR\">Vir Biotechnology, Inc.</a> is rallying 4.3% in the premarket, putting it in position to rise for a fifth straight day. The drugmaker announced further data showing that its Covid-19 antibody therapy – developed in partnership with&nbsp;GlaxoSmithKline(GSK) – was effective against the omicron variant.</p><p><blockquote><b><a href=\"https://laohu8.com/S/VIR\">维尔生物技术公司。</a></b>–<a href=\"https://laohu8.com/S/VIR\">维尔生物技术公司。</a>盘前上涨4.3%，连续第五天上涨。该制药商宣布的进一步数据显示，其与葛兰素史克(GSK)合作开发的Covid-19抗体疗法对奥密克戎病毒变种有效。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/LLY\">Eli Lilly and</a></b> – The drugmaker raised its 2022 profit and revenue forecast ahead of today’s meeting with the investment community, noting that it is on track to meet its goal of delivering 20 new treatments in the 10-year period through 2023. Lilly moved higher by 4.7% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/LLY\">礼来公司和</a></b>–该制药商在今天与投资界举行会议之前上调了2022年利润和收入预测，并指出该公司有望实现在截至2023年的10年内提供20种新疗法的目标。礼来公司盘前股价上涨4.7%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/RRD\">R.R.Donnelley</a></b> – <a href=\"https://laohu8.com/S/RRD\">R.R.Donnelley</a> agreed to be acquired by Chatham Asset Management – the printing company’s top shareholder – for about $897 million. Donnelley terminated an earlier buyout deal it reached with private equity firm Atlas Holdings after determining that Chatham’s bid was a “superior proposal.” The stock fell 2.8% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/RRD\">唐纳利</a></b>–<a href=\"https://laohu8.com/S/RRD\">唐纳利</a>同意被印刷公司的最大股东查塔姆资产管理公司以约8.97亿美元收购。唐纳利在确定查塔姆的出价是一个“优越的提议”后，终止了早些时候与私募股权公司Atlas Holdings达成的收购协议。该股盘前下跌2.8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/DPZ\">Domino's Pizza</a></b> – Domino’s fell 2.1% in premarket trading after Barclays downgraded the stock to “underweight” from “equal weight.” Barclays said solid fundamentals and Covid headwinds in the industry as a whole helped Domino’s outperform during the pandemic, but noted that those headwinds for its competitors are now fading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/DPZ\">达美乐披萨</a></b>-达美乐在盘前交易中下跌2.1%，此前巴克莱将该股评级从“同等权重”下调至“跑输大盘”。巴克莱表示，整个行业坚实的基本面和新冠疫情不利因素帮助达美乐在疫情期间表现出色，但指出其竞争对手的这些不利因素现在正在消退。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/REGN\">Regeneron Pharmaceuticals</a></b> – Regeneron was downgraded to “market perform” from “outperform” at Bernstein, which cites the risk to Regeneron’s best-selling eye drug Eylea from the future release of biosimilars. Regeneron slid 1.8% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/REGN\">再生元制药</a></b>-伯恩斯坦将再生元的评级从“跑赢大盘”下调至“与大盘持平”，理由是再生元最畅销的眼科药物Eylea未来发布的生物仿制药面临风险。再生元盘前下跌1.8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SIX\">Six Flags Entertainment</a></b> – The theme park operator’s stock rose 2.2% in the premarket after Goldman Sachs upgraded it to “buy” from “neutral,” noting resilient ticket pricing as well as guidance from Six Flags that Goldman considers conservative.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SIX\">六旗娱乐</a></b>–高盛将该主题公园运营商的股价从“中性”上调至“买入”，并指出门票定价弹性以及高盛认为保守的六旗游乐园指引，该主题公园运营商的股价在盘前上涨2.2%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/TWNK\">Hostess Brands Inc</a></b> – The maker of Twinkies and other snack foods was rated “buy” in new coverage at Citi, which said Hostess is exiting the pandemic in a strong position with innovation driving market share gains. Hostess was up 1.1% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/TWNK\">女主人品牌公司</a></b>-这家夹馅面包和其他休闲食品制造商在花旗的新报道中被评为“买入”，该公司表示，Hostess在摆脱疫情时处于强势地位，创新推动了市场份额的增长。Hostess盘前上涨1.1%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/UPS\">United Parcel Service Inc</a></b> – UBS named the delivery service’s stock as a “top pick,” saying UPS should benefit from increased consumer spending and that it has a greater chance of margin expansion than its rivals. UPS rose 1.1% in premarket trading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/UPS\">联合包裹服务公司</a></b>-瑞银将这家快递服务公司的股票列为“首选”，称UPS应该受益于消费者支出的增加，并且与竞争对手相比，它有更大的机会扩大利润率。UPS在盘前交易中上涨1.1%。</blockquote></p><p></p><p> <b><a href=\"https://laohu8.com/S/CCMP\">Cabot Microelectronics</a></b> – The advanced materials supplier agreed to be acquired by rivalEntegris(ENTG) in a cash-and-stock deal. Based on Tuesday’s closing prices, the transaction is worth $197.53 per CMC share, compared with CMC’s Tuesday close of $145.97. Entegris fell 3% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/CCMP\">卡博特微电子</a></b>-先进材料供应商同意被竞争对手Tegris(ENTG)以现金加股票的方式收购。根据周二收盘价，此次交易价值每股CMC 197.53美元，而CMC周二收盘价为145.97美元。Entegris盘前下跌3%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/BLMN\">Bloomin</a></b> – The Outback Steakhouse parent surged 5.3% in premarket trading after Jefferies added the stock to its “franchise picks” list, saying the company was positioned to benefit from positive structural changes in the casual dining category.</p><p><blockquote><b><a href=\"https://laohu8.com/S/BLMN\">布卢明</a></b>–杰富瑞(Jefferies)将该股添加到其“特许经营精选”名单中，称该公司有望受益于休闲餐饮类别的积极结构性变化，该公司股价在盘前交易中飙升5.3%。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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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\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-15 21:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S.&nbsp;Stock futures traded flat Wednesday morning as investors&nbsp;looked ahead to the Federal Reserve's final monetary policy decision of 2021&nbsp;and weighed the central bank's potential response to persistent inflationary pressures.</p><p><blockquote>美国股指期货周三上午持平，投资者展望美联储2021年最终货币政策决定，并权衡央行对持续通胀压力的潜在反应。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 16 points, or 0.05%, S&amp;P 500 e-minis were up 0.75 point, or 0.02%, and Nasdaq 100 e-minis were down 9.25 points, or 0.06%.</p><p><blockquote>截至美国东部时间上午8:00，道琼斯电子迷你指数上涨16点，涨幅0.05%，标普500电子迷你指数上涨0.75点，涨幅0.02%，纳斯达克100电子迷你指数下跌9.25点，涨幅0.06%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/34286b7e4b17094339c3a583ba0a4e13\" tg-width=\"1080\" tg-height=\"379\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> All eyes on Wednesday will be on the Federal Reserve's monetary policy statement and press conference by Federal Reserve Chair Jerome Powell. Many market participants expect these will set the stage for the Fed to speed the withdrawal of its crisis-era stimulus programs, with the firming economic recovery and soaring inflation suggesting the central bank has room for a more hawkish tilt to policy. </p><p><blockquote>周三所有人的目光都将集中在美联储的货币政策声明和美联储主席杰罗姆·鲍威尔的新闻发布会上。许多市场人士预计，这些将为美联储加快退出危机时期的刺激计划奠定基础，经济复苏企稳和通胀飙升表明美联储有空间在政策上更加鹰派。</blockquote></p><p> Last week's Consumer Price Index showed the&nbsp;fastest surge in U.S. consumer prices since 1982&nbsp;on a year-over-year basis in November. And on Tuesday, the U.S. Producer Price Index jumped by the most on record at a 9.6% year-over-year increase for last month.</p><p><blockquote>上周的消费者价格指数显示，11月份美国消费者价格同比涨幅为1982年以来最快。周二，美国生产者价格指数上个月同比上涨9.6%，创有记录以来最大涨幅。</blockquote></p><p> Specifically, many investors anticipate the Fed will ramp up the rate of tapering of its asset-purchasing program, which took place at a rate of $120 billion per month in combined Treasuries and agency mortgage-backed securities from the start of the pandemic through November. Last month, the Fed began dialing back these purchases by $15 billion, and announced another $15 billion reduction for December.</p><p><blockquote>具体来说，许多投资者预计美联储将加快资产购买计划的缩减速度，从疫情开始到11月，美国国债和机构抵押贷款支持证券的缩减速度为每月1200亿美元。上个月，美联储开始将这些购买量减少150亿美元，并宣布12月份再减少150亿美元。</blockquote></p><p> <b>Stocks making the biggest moves premarket: </b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b><a href=\"https://laohu8.com/S/TM\">Toyota</a> </b>– <a href=\"https://laohu8.com/S/TM\">Toyota</a> gained 2.2% in premarket trading, after announcing it would produce a record 800,000 vehicles in January. Toyota is ramping up output to make up for prior production lost to parts shortages.</p><p><blockquote><b><a href=\"https://laohu8.com/S/TM\">丰田</a></b>–<a href=\"https://laohu8.com/S/TM\">丰田</a>在宣布1月份将生产创纪录的80万辆汽车后，盘前交易中股价上涨2.2%。丰田正在提高产量，以弥补之前因零部件短缺而造成的产量损失。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/VIR\">Vir Biotechnology, Inc.</a></b> – <a href=\"https://laohu8.com/S/VIR\">Vir Biotechnology, Inc.</a> is rallying 4.3% in the premarket, putting it in position to rise for a fifth straight day. The drugmaker announced further data showing that its Covid-19 antibody therapy – developed in partnership with&nbsp;GlaxoSmithKline(GSK) – was effective against the omicron variant.</p><p><blockquote><b><a href=\"https://laohu8.com/S/VIR\">维尔生物技术公司。</a></b>–<a href=\"https://laohu8.com/S/VIR\">维尔生物技术公司。</a>盘前上涨4.3%，连续第五天上涨。该制药商宣布的进一步数据显示，其与葛兰素史克(GSK)合作开发的Covid-19抗体疗法对奥密克戎病毒变种有效。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/LLY\">Eli Lilly and</a></b> – The drugmaker raised its 2022 profit and revenue forecast ahead of today’s meeting with the investment community, noting that it is on track to meet its goal of delivering 20 new treatments in the 10-year period through 2023. Lilly moved higher by 4.7% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/LLY\">礼来公司和</a></b>–该制药商在今天与投资界举行会议之前上调了2022年利润和收入预测，并指出该公司有望实现在截至2023年的10年内提供20种新疗法的目标。礼来公司盘前股价上涨4.7%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/RRD\">R.R.Donnelley</a></b> – <a href=\"https://laohu8.com/S/RRD\">R.R.Donnelley</a> agreed to be acquired by Chatham Asset Management – the printing company’s top shareholder – for about $897 million. Donnelley terminated an earlier buyout deal it reached with private equity firm Atlas Holdings after determining that Chatham’s bid was a “superior proposal.” The stock fell 2.8% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/RRD\">唐纳利</a></b>–<a href=\"https://laohu8.com/S/RRD\">唐纳利</a>同意被印刷公司的最大股东查塔姆资产管理公司以约8.97亿美元收购。唐纳利在确定查塔姆的出价是一个“优越的提议”后，终止了早些时候与私募股权公司Atlas Holdings达成的收购协议。该股盘前下跌2.8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/DPZ\">Domino's Pizza</a></b> – Domino’s fell 2.1% in premarket trading after Barclays downgraded the stock to “underweight” from “equal weight.” Barclays said solid fundamentals and Covid headwinds in the industry as a whole helped Domino’s outperform during the pandemic, but noted that those headwinds for its competitors are now fading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/DPZ\">达美乐披萨</a></b>-达美乐在盘前交易中下跌2.1%，此前巴克莱将该股评级从“同等权重”下调至“跑输大盘”。巴克莱表示，整个行业坚实的基本面和新冠疫情不利因素帮助达美乐在疫情期间表现出色，但指出其竞争对手的这些不利因素现在正在消退。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/REGN\">Regeneron Pharmaceuticals</a></b> – Regeneron was downgraded to “market perform” from “outperform” at Bernstein, which cites the risk to Regeneron’s best-selling eye drug Eylea from the future release of biosimilars. Regeneron slid 1.8% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/REGN\">再生元制药</a></b>-伯恩斯坦将再生元的评级从“跑赢大盘”下调至“与大盘持平”，理由是再生元最畅销的眼科药物Eylea未来发布的生物仿制药面临风险。再生元盘前下跌1.8%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/SIX\">Six Flags Entertainment</a></b> – The theme park operator’s stock rose 2.2% in the premarket after Goldman Sachs upgraded it to “buy” from “neutral,” noting resilient ticket pricing as well as guidance from Six Flags that Goldman considers conservative.</p><p><blockquote><b><a href=\"https://laohu8.com/S/SIX\">六旗娱乐</a></b>–高盛将该主题公园运营商的股价从“中性”上调至“买入”，并指出门票定价弹性以及高盛认为保守的六旗游乐园指引，该主题公园运营商的股价在盘前上涨2.2%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/TWNK\">Hostess Brands Inc</a></b> – The maker of Twinkies and other snack foods was rated “buy” in new coverage at Citi, which said Hostess is exiting the pandemic in a strong position with innovation driving market share gains. Hostess was up 1.1% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/TWNK\">女主人品牌公司</a></b>-这家夹馅面包和其他休闲食品制造商在花旗的新报道中被评为“买入”，该公司表示，Hostess在摆脱疫情时处于强势地位，创新推动了市场份额的增长。Hostess盘前上涨1.1%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/UPS\">United Parcel Service Inc</a></b> – UBS named the delivery service’s stock as a “top pick,” saying UPS should benefit from increased consumer spending and that it has a greater chance of margin expansion than its rivals. UPS rose 1.1% in premarket trading.</p><p><blockquote><b><a href=\"https://laohu8.com/S/UPS\">联合包裹服务公司</a></b>-瑞银将这家快递服务公司的股票列为“首选”，称UPS应该受益于消费者支出的增加，并且与竞争对手相比，它有更大的机会扩大利润率。UPS在盘前交易中上涨1.1%。</blockquote></p><p></p><p> <b><a href=\"https://laohu8.com/S/CCMP\">Cabot Microelectronics</a></b> – The advanced materials supplier agreed to be acquired by rivalEntegris(ENTG) in a cash-and-stock deal. Based on Tuesday’s closing prices, the transaction is worth $197.53 per CMC share, compared with CMC’s Tuesday close of $145.97. Entegris fell 3% in the premarket.</p><p><blockquote><b><a href=\"https://laohu8.com/S/CCMP\">卡博特微电子</a></b>-先进材料供应商同意被竞争对手Tegris(ENTG)以现金加股票的方式收购。根据周二收盘价，此次交易价值每股CMC 197.53美元，而CMC周二收盘价为145.97美元。Entegris盘前下跌3%。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/BLMN\">Bloomin</a></b> – The Outback Steakhouse parent surged 5.3% in premarket trading after Jefferies added the stock to its “franchise picks” list, saying the company was positioned to benefit from positive structural changes in the casual dining category.</p><p><blockquote><b><a href=\"https://laohu8.com/S/BLMN\">布卢明</a></b>–杰富瑞(Jefferies)将该股添加到其“特许经营精选”名单中，称该公司有望受益于休闲餐饮类别的积极结构性变化，该公司股价在盘前交易中飙升5.3%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144636661","content_text":"U.S. Stock futures traded flat Wednesday morning as investors looked ahead to the Federal Reserve's final monetary policy decision of 2021 and weighed the central bank's potential response to persistent inflationary pressures.\nAt 8:00 a.m. ET, Dow e-minis were up 16 points, or 0.05%, S&P 500 e-minis were up 0.75 point, or 0.02%, and Nasdaq 100 e-minis were down 9.25 points, or 0.06%.\n\nAll eyes on Wednesday will be on the Federal Reserve's monetary policy statement and press conference by Federal Reserve Chair Jerome Powell. Many market participants expect these will set the stage for the Fed to speed the withdrawal of its crisis-era stimulus programs, with the firming economic recovery and soaring inflation suggesting the central bank has room for a more hawkish tilt to policy. \nLast week's Consumer Price Index showed the fastest surge in U.S. consumer prices since 1982 on a year-over-year basis in November. And on Tuesday, the U.S. Producer Price Index jumped by the most on record at a 9.6% year-over-year increase for last month.\nSpecifically, many investors anticipate the Fed will ramp up the rate of tapering of its asset-purchasing program, which took place at a rate of $120 billion per month in combined Treasuries and agency mortgage-backed securities from the start of the pandemic through November. Last month, the Fed began dialing back these purchases by $15 billion, and announced another $15 billion reduction for December.\nStocks making the biggest moves premarket: \nToyota – Toyota gained 2.2% in premarket trading, after announcing it would produce a record 800,000 vehicles in January. Toyota is ramping up output to make up for prior production lost to parts shortages.\nVir Biotechnology, Inc. – Vir Biotechnology, Inc. is rallying 4.3% in the premarket, putting it in position to rise for a fifth straight day. The drugmaker announced further data showing that its Covid-19 antibody therapy – developed in partnership with GlaxoSmithKline(GSK) – was effective against the omicron variant.\nEli Lilly and – The drugmaker raised its 2022 profit and revenue forecast ahead of today’s meeting with the investment community, noting that it is on track to meet its goal of delivering 20 new treatments in the 10-year period through 2023. Lilly moved higher by 4.7% in the premarket.\nR.R.Donnelley – R.R.Donnelley agreed to be acquired by Chatham Asset Management – the printing company’s top shareholder – for about $897 million. Donnelley terminated an earlier buyout deal it reached with private equity firm Atlas Holdings after determining that Chatham’s bid was a “superior proposal.” The stock fell 2.8% in the premarket.\nDomino's Pizza – Domino’s fell 2.1% in premarket trading after Barclays downgraded the stock to “underweight” from “equal weight.” Barclays said solid fundamentals and Covid headwinds in the industry as a whole helped Domino’s outperform during the pandemic, but noted that those headwinds for its competitors are now fading.\nRegeneron Pharmaceuticals – Regeneron was downgraded to “market perform” from “outperform” at Bernstein, which cites the risk to Regeneron’s best-selling eye drug Eylea from the future release of biosimilars. Regeneron slid 1.8% in the premarket.\nSix Flags Entertainment – The theme park operator’s stock rose 2.2% in the premarket after Goldman Sachs upgraded it to “buy” from “neutral,” noting resilient ticket pricing as well as guidance from Six Flags that Goldman considers conservative.\nHostess Brands Inc – The maker of Twinkies and other snack foods was rated “buy” in new coverage at Citi, which said Hostess is exiting the pandemic in a strong position with innovation driving market share gains. Hostess was up 1.1% in the premarket.\nUnited Parcel Service Inc – UBS named the delivery service’s stock as a “top pick,” saying UPS should benefit from increased consumer spending and that it has a greater chance of margin expansion than its rivals. UPS rose 1.1% in premarket trading.\nCabot Microelectronics – The advanced materials supplier agreed to be acquired by rivalEntegris(ENTG) in a cash-and-stock deal. Based on Tuesday’s closing prices, the transaction is worth $197.53 per CMC share, compared with CMC’s Tuesday close of $145.97. Entegris fell 3% in the premarket.\nBloomin – The Outback Steakhouse parent surged 5.3% in premarket trading after Jefferies added the stock to its “franchise picks” list, saying the company was positioned to benefit from positive structural changes in the casual dining 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idea","listText":"Good idea","text":"Good idea","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/817821860","repostId":"1121396906","repostType":4,"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897279482,"gmtCreate":1628930960646,"gmtModify":1633688413853,"author":{"id":"3587095479419511","authorId":"3587095479419511","name":"HelloKitty55","avatar":"https://static.tigerbbs.com/d60ee63e7e29d36d5bc7561ef9bc3ed6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587095479419511","idStr":"3587095479419511"},"themes":[],"htmlText":"Could also drop some more?","listText":"Could also drop some more?","text":"Could also drop some 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15:59","market":"us","language":"en","title":"Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168498795","media":"The Wall Street Journal","summary":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the ch","content":"<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎不会受到坏消息的影响，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</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>Speak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</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\">\nSpeak No Evil of the S&P 500’s Neverending Records<blockquote>不要说标普500永无止境的记录的坏话</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-09-03 15:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.</b>  <img src=\"https://static.tigerbbs.com/6573eb955692f754acc1285622febd53\" tg-width=\"878\" tg-height=\"520\" width=\"100%\" height=\"auto\">The S&amp;P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.</p><p><blockquote><b>无论如何购买股票的投资者都不应该自欺欺人地认为未来将带来过去十年的丰厚回报。</b>标普500就像三只聪明的猴子：不看邪恶，不听邪恶，不说邪恶。无论发生什么，它都会上升。自11月以来，市场几乎直线上涨，尽管发生了一系列令人不安的事件，每个事件都可能证明至少5%的回调是合理的。投资者的韧性令人难以置信。</blockquote></p><p> Some things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.</p><p><blockquote>一些无关紧要的事情：清洁能源股票泡沫破裂；国债收益率大幅上升（至3月）；国债收益率大幅下跌（自3月以来）；我国关于赚钱的打压；美联储转向缩减债券购买；以及德尔塔变异毒株的崛起。</blockquote></p><p> On the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.</p><p><blockquote>乐观的一面是，市场被多种力量推高，而不是单一地区的疯狂过剩，这很好。我们不必担心清洁能源的泡沫会破裂，拖垮市场，因为它已经破裂了，没有拖垮市场。</blockquote></p><p> Throughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.</p><p><blockquote>纵观这一切，股市稳步上涨，自去年大选前不久以来没有出现过5%的下跌。每当市场的一部分——科技股、廉价股、小型股、石油股、资产负债表强劲的股票——停止表现时，就会有其他东西介入拯救更广泛的指数。市场似乎不会受到坏消息的影响，这是不寻常的。从表面上看，这也很可怕，表明投资者对危险沾沾自喜。</blockquote></p><p> It is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.</p><p><blockquote>长时间没有回调的情况远非史无前例，自1963年以来，市场持续200多个交易日没有下跌5%以来，已经出现了10次。但它们与最近的运行不同。在其他情况下，市场在表面之下要平静得多。这一次，重大事件导致板块、规模和股票类型之间的大幅波动，但都没有干扰其稳步上涨。</blockquote></p><p> Similarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.</p><p><blockquote>同样，从3月份开始，刺激和疫苗驱动的所有资产类别的冒险意愿都减弱了，因此我们不应该太担心投资者情绪的转变。再说一次，这已经发生了。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7d8b995934c7f60fadb5834dd078e232\" tg-width=\"320\" tg-height=\"412\" width=\"100%\" height=\"auto\">Yet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&amp;P 500 is what puzzles me.</p><p><blockquote>然而，令我不安的是，无论如何，市场似乎都在上涨。经济方面的好消息推高了对增长敏感的股票，如制造商和银行。令人不安的经济消息意味着债券收益率下降，从而推高未来盈利的股票（见：大型科技公司），这些股票的扩张依赖于创新而不是经济增长，我理解这一点。两者都应该推高更广泛的标普500，这让我感到困惑。</blockquote></p><p> The only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.</p><p><blockquote>我唯一的解释是旧的：“蒂娜”——除了股票别无选择——因为债券等替代品的收益率太低了。由于进入股票的储蓄多于套现或被IPO吸收的储蓄，价格必须上涨。这不是一个令人满意的故事，但它有点工作。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/37942e27b25662943d254580733d2954\" tg-width=\"325\" tg-height=\"413\" width=\"100%\" height=\"auto\">In both good and bad times investors want to buy stocks, so the S&amp;P goes up. But<i>which</i>stocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).</p><p><blockquote>无论顺境还是逆境，投资者都想购买股票，因此标准普尔指数都会上涨。但<i>哪个</i>他们选择购买的股票在顺境和逆境之间有所不同。在繁荣时期，他们想要冒险的股票（便宜的价值、周期性股票、小公司、新兴市场）。在经济不景气时，他们想要避险股票（成长型、防御型公司、大型公司、发达市场，尤其是美国）。</blockquote></p><p> The problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.</p><p><blockquote>蒂娜的问题在于，股票的理由不是它们在未来提供良好的回报，而是它们提供比债券更好的回报。债券的回报率很低——通胀保值国债30年通胀后肯定会出现亏损——所以做得更好并不能说明什么。如果较低的回报伴随着较低的风险，那很好，但充其量风险和以往一样高，甚至可能高得多。</blockquote></p><p> A simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.</p><p><blockquote>量化股票回报可能低多少的一个简单方法是使用收益率，即远期市盈率的倒数。如果公司符合分析师的利润预测，未来的回报率应该在4%左右——仅略高于2000年互联网泡沫最严重时的指标。如果企业盈利低于预期，未来的回报可能会大幅降低。如果估值也下跌，回报就会受到双重打击，就像互联网泡沫破裂后那样，当时回报多年来一直为负。</blockquote></p><p></p><p> Quantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.</p><p><blockquote>量化风险要困难得多。通胀风险比以前更高，对股市的政治（税收和监管）和地缘政治（贸易和供应链）威胁也是如此。分析师严重高估收益或公司大幅夸大收益的风险至少和往常一样高。如果股市暴跌，央行肯定会尽力提供帮助，但不能使用降息的传统支持。负利率和购买更广泛的资产等替代工具是可用的，但其风险却不太为人所知。</blockquote></p><p> Getting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.</p><p><blockquote>考虑到更安全的替代品的昂贵程度，以相同或更高的风险获得较低的回报可能仍然是可以接受的。但无论如何购买股票的投资者都不应该自欺欺人地认为，未来的通胀率将比上个世纪高出6.5%左右，更不用说比过去十年的通胀率高出12%了。</blockquote></p><p> The awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.</p><p><blockquote>投资者面临的可怕选择是加入猴子的行列，假装一切都很好，或者接受安全资产的可怕回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5\">The Wall Street Journal</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","SPY":"标普500ETF"},"source_url":"https://www.wsj.com/articles/speak-no-evil-of-the-s-p-500s-neverending-records-11630590653?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168498795","content_text":"Investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the chunky returns of the past decade.\n\nThe S&P 500 is like the three wise monkeys: See no evil, hear no evil, speak no evil.Whatever happens, it just goes up. The market has gone up almost in a straight line since November despite a troubling list of events that could each have justified at least a 5% correction. Investors are incredibly resilient.\nSome things that didn’t matter:a burst bubble in clean-energy stocks;a sharp rise in Treasury yields(to March);a big fall in Treasury yields(since March); China’s crackdown on moneymaking; the Federal Reserve’sshift toward tapering bond purchases; and the rise of the Delta variant.\nOn the optimistic side, it is great that the market has been pushed up by a variety of forces, not by wild excess in a single area. We need not worry that the bubble in clean energy will burst and bring down the market, because it has already burst without bringing down the market.\nThroughout all this, the stock market has risen steadily,without a 5% fall since shortly before the election last year. Every time part of the market—technology stocks, cheap stocks, smaller stocks, oil stocks, strong-balance-sheet stocks—stops performing, something else steps in to rescue the broader index. The market seems invulnerable to bad news, and that is unusual. On the face of it, it is also scary, suggesting investors are complacent about danger.\nIt is far from unprecedented to go a long time without a correction, with 10 episodes since 1963 when the market lasted more than 200 trading days without a 5% drop. But they were different from the recent run. In every other case, the market was far calmer below the surface. This time, major events led to big swings between sectors, size and types of stock, but none disturbed its steady rise.\nSimilarly, the stimulus- and vaccine-driven willingness to take risk across every asset class faded from March onward, so we shouldn’t be too concerned about a switch in investor sentiment. Again, it has already happened.\nYet,I find it disconcerting that the market seems to go up no matter what. Good news on the economy pushes up stocks sensitive to growth, such as manufacturers and banks. Troubling news on the economy means lower bond yields and so pushes up stocks with profits far in the future (see: Big Tech) whose expansion depends on innovation rather than economic growth, which I understand. That both should push up the wider S&P 500 is what puzzles me.\nThe only explanation I have is the old one: “TINA”—There Is No Alternative to Stocks—because yields on alternatives such as bonds are so low. With more savings going into stocks than is cashed out or soaked up by IPOs, the price has to rise. It isn’t a satisfactory story, but it kind of works.\nIn both good and bad times investors want to buy stocks, so the S&P goes up. Butwhichstocks they choose to buy differs between good and bad times. In good times they want risk-on stocks (cheap value, cyclicals, smaller companies, emerging markets). In bad times they want risk-off stocks (growth, defensive firms, larger companies, developed markets and especially the U.S.).\nThe problem with TINA is that the justification for stocks isn’t that they offer good returns in the future, but that they offer better returns than bonds. Bonds offer miserable returns—a guaranteed loss after inflation for 30 years on Treasury inflation-protected securities—so doing better than that isn’t saying much. If lower rewards came with lower risks, that would be fine, but at best the risks are as high as ever, perhaps much higher.\nA simplistic way to quantify how much lower the rewards of stocks are likely to be is to use the earnings yield, the inverse of the forward price/earnings ratio. If companies match analyst profit forecasts, future returns should be about 4%—only slightly higher than was suggested by the measure at the height of the dot-com bubble in 2000. If corporate earnings miss forecasts, future returns could be substantially lower. If valuations fall too, returns are doubly hit, as they were after the dot-com bubble burst, when returns ended up negative for years.\nQuantifying risks is much harder. Inflation risk is higher than before, and so are political (tax and regulation) and geopolitical (trade and supply chain) threats to stocks. The risk that analysts have horribly overestimated earnings or companies are massively overstating earnings is at least as high as usual. Central banks are sure to try to help if stocks plunge, but can’t use the traditional support of rate cuts. Alternative tools such as negative rates and buying a wider range of assets are available, but their risks are less well understood.\nGetting a lower reward for the same or higher risk may still be acceptable, given how expensive the safer alternatives are. But investors buying stocks no matter what shouldn’t fool themselves that the future will deliver the 6.5% or so above inflation of the past century, let alone the 12% above inflation of the past decade.\nThe awful choice investors have is to join the monkeys in pretending all is well, or accept the terrible returns of safe assets.","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}