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2021-11-23

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2021-10-13

Great

JPMorgan Chase Q3 EPS $3.74 Beats $3.00 Estimate<blockquote>摩根大通第三季度每股收益3.74美元，超出预期3.00美元</blockquote>

2021-10-13

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2021-10-08

👍🏻

September Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote>

2021-10-03

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2021-09-22

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2021-09-21

Like

Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>

2021-09-17

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2021-09-16

Yes

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2021-09-15

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

2021-09-13

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2021-09-12

Good

US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>

2021-09-11

Good

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2021-09-10

Ok

UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets<blockquote>老虎证券报告称，超过60%的新资金账户是从国际市场获得的</blockquote>

2021-09-08

Good

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2021-09-08

Ok

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2021-09-07

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2021-09-05

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Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>

2021-09-04

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2021-09-04

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Co&nbsp;reported a jump in third-quarter earnings on Wednesday, as the largest U.S. bank's Wall Street arm capitalized on a global dealmaking boom.</p><p><blockquote>摩根大通周三公布第三季度盈利大幅增长，这家美国最大银行的华尔街分支机构利用了全球交易热潮。</blockquote></p><p> JPMorgan's net income rose to $11.7 billion, or $3.74 per share, in the quarter ended Sept. 30, compared with $9.4 billion, or $2.92 per share, a year earlier.</p><p><blockquote>截至9月30日的季度，摩根大通净利润升至117亿美元，即每股3.74美元，而去年同期为94亿美元，即每股2.92美元。</blockquote></p><p> Analysts on average had expected earnings of $3.00 per share, according to Refinitiv.</p><p><blockquote>根据Refinitiv的数据，分析师平均预期每股收益为3.00美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9a19448ee10d9f8c7752c706a1008e4\" tg-width=\"1029\" tg-height=\"381\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The&nbsp;shares&nbsp;rose&nbsp;0.5%&nbsp;in premarket trading.</p><p><blockquote>该股在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b93eba6cab488f2d83cd244be3c9369b\" tg-width=\"850\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>THIRD-QUARTER 2021 RESULTS</b></p><p><blockquote><b>2021年第三季度业绩</b></blockquote></p><p> <ul>  <li>Reported revenue of $29.6 billion; managed revenue of $30.4 billion</li> </ul> <ul>  <li>Credit costs net benefit of $1.5 billion included $2.1 billion of net reserve release and $524 million of net charge-offs</li> </ul> <ul>  <li>Average loans up 5%; average deposits up 19%$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li> </ul> <ul>  <li>Average deposits up 20%; client investment assets up 29%</li> </ul> <ul>  <li>Average loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39%</li> </ul> <ul>  <li>Debit and credit card sales volume up 26%</li> </ul> <ul>  <li>Active mobile customers up 10%</li> </ul></p><p><blockquote><ul><li>报告营收296亿美元；管理收入304亿美元</li></ul><ul><li>信贷成本15亿美元的净收益包括21亿美元的净准备金释放和5.24亿美元的净冲销</li></ul><ul><li>平均贷款增长5%；平均存款增长19%流动性来源1.6万亿美元，包括HQLA和无抵押有价证券</li></ul><ul><li>平均存款增长20%；客户投资资产增长29%</li></ul><ul><li>平均贷款同比下降2%，环比增长1%；卡净核销率1.39%</li></ul><ul><li>借记卡和信用卡销量增长26%</li></ul><ul><li>活跃移动客户增长10%</li></ul></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>JPMorgan Chase Q3 EPS $3.74 Beats $3.00 Estimate<blockquote>摩根大通第三季度每股收益3.74美元，超出预期3.00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\">\nJPMorgan Chase Q3 EPS $3.74 Beats $3.00 Estimate<blockquote>摩根大通第三季度每股收益3.74美元，超出预期3.00美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-10-13 18:47</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>JPMorgan Chase &amp; Co&nbsp;reported a jump in third-quarter earnings on Wednesday, as the largest U.S. bank's Wall Street arm capitalized on a global dealmaking boom.</p><p><blockquote>摩根大通周三公布第三季度盈利大幅增长，这家美国最大银行的华尔街分支机构利用了全球交易热潮。</blockquote></p><p> JPMorgan's net income rose to $11.7 billion, or $3.74 per share, in the quarter ended Sept. 30, compared with $9.4 billion, or $2.92 per share, a year earlier.</p><p><blockquote>截至9月30日的季度，摩根大通净利润升至117亿美元，即每股3.74美元，而去年同期为94亿美元，即每股2.92美元。</blockquote></p><p> Analysts on average had expected earnings of $3.00 per share, according to Refinitiv.</p><p><blockquote>根据Refinitiv的数据，分析师平均预期每股收益为3.00美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9a19448ee10d9f8c7752c706a1008e4\" tg-width=\"1029\" tg-height=\"381\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The&nbsp;shares&nbsp;rose&nbsp;0.5%&nbsp;in premarket trading.</p><p><blockquote>该股在盘前交易中上涨0。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b93eba6cab488f2d83cd244be3c9369b\" tg-width=\"850\" tg-height=\"617\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>THIRD-QUARTER 2021 RESULTS</b></p><p><blockquote><b>2021年第三季度业绩</b></blockquote></p><p> <ul>  <li>Reported revenue of $29.6 billion; managed revenue of $30.4 billion</li> </ul> <ul>  <li>Credit costs net benefit of $1.5 billion included $2.1 billion of net reserve release and $524 million of net charge-offs</li> </ul> <ul>  <li>Average loans up 5%; average deposits up 19%$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities</li> </ul> <ul>  <li>Average deposits up 20%; client investment assets up 29%</li> </ul> <ul>  <li>Average loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39%</li> </ul> <ul>  <li>Debit and credit card sales volume up 26%</li> </ul> <ul>  <li>Active mobile customers up 10%</li> </ul></p><p><blockquote><ul><li>报告营收296亿美元；管理收入304亿美元</li></ul><ul><li>信贷成本15亿美元的净收益包括21亿美元的净准备金释放和5.24亿美元的净冲销</li></ul><ul><li>平均贷款增长5%；平均存款增长19%流动性来源1.6万亿美元，包括HQLA和无抵押有价证券</li></ul><ul><li>平均存款增长20%；客户投资资产增长29%</li></ul><ul><li>平均贷款同比下降2%，环比增长1%；卡净核销率1.39%</li></ul><ul><li>借记卡和信用卡销量增长26%</li></ul><ul><li>活跃移动客户增长10%</li></ul></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JPM":"摩根大通"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2175152592","content_text":"JPMorgan Chase & Co reported a jump in third-quarter earnings on Wednesday, as the largest U.S. bank's Wall Street arm capitalized on a global dealmaking boom.\nJPMorgan's net income rose to $11.7 billion, or $3.74 per share, in the quarter ended Sept. 30, compared with $9.4 billion, or $2.92 per share, a year earlier.\nAnalysts on average had expected earnings of $3.00 per share, according to Refinitiv.\n\nThe shares rose 0.5% in premarket trading.\n\nTHIRD-QUARTER 2021 RESULTS\n\nReported revenue of $29.6 billion; managed revenue of $30.4 billion\n\n\nCredit costs net benefit of $1.5 billion included $2.1 billion of net reserve release and $524 million of net charge-offs\n\n\nAverage loans up 5%; average deposits up 19%$1.6 trillion of liquidity sources, including HQLA and unencumbered marketable securities\n\n\nAverage deposits up 20%; client investment assets up 29%\n\n\nAverage loans down 2% YoY and up 1% QoQ; Card net charge-off rate of 1.39%\n\n\nDebit and credit card sales volume up 26%\n\n\nActive mobile customers up 10%","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":3691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":822696847,"gmtCreate":1634123126758,"gmtModify":1634123126876,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/822696847","repostId":"1182958686","repostType":4,"isVote":1,"tweetType":1,"viewCount":3150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":821042246,"gmtCreate":1633680166579,"gmtModify":1633680213724,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821042246","repostId":"1135993400","repostType":4,"repost":{"id":"1135993400","kind":"news","pubTimestamp":1633675137,"share":"https://www.laohu8.com/m/news/1135993400?lang=zh_CN&edition=full","pubTime":"2021-10-08 14:38","market":"us","language":"en","title":"September Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1135993400","media":"zerohedge","summary":"After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the mo","content":"<p>After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.</p><p><blockquote>在强劲的首次申请失业救济报告和稳健的ADP私人就业数据之后，所有人的目光都转向了本周和本月最重要的经济数据点，即美国东部时间周五上午830点发布的周五非农就业报告，市场普遍预计非农就业报告将达到50万份——是上个月令人失望的23.5万份的两倍多——失业率降至5.1%，平均时薪增加至4.6%。与上个月不同的是，当我们正确预测8月份就业人数将大幅下降时，这次我们同意明天的报告将是一个节拍，唯一的问题是幅度有多大。</blockquote></p><p> Here is a snapshot of what to expect tomorrow:</p><p><blockquote>以下是明天的快照：</blockquote></p><p> <ul>  <li>Total Payrolls: 500K, Last 235K</li>  <li>Private Payrolls: 450K, Last 243K</li>  <li>Unemployment Rate: 5.1%, Last 5.2%</li>  <li>Labor force participation rate: 61.8%, Last 61.7%</li>  <li>Average Hourly Earnings Y/Y: 4.6%, Last 4.3%</li>  <li>Average Weekly Hours: 34.7, Last 34.7</li> </ul> As&nbsp;Newsquawk&nbsp;writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.</p><p><blockquote><ul><li>总就业人数：50万，最后23.5万</li><li>私人就业人数：45万，最新24.3万</li><li>失业率：5.1%，去年5.2%</li><li>劳动参与率：61.8%，上次61.7%</li><li>平均时薪同比：4.6%，过去4.3%</li><li>平均每周工作时间：34.7，最后34.7</li></ul>正如Newsquawk在其NFP预览中所写，9月份的就业数据是美联储11月3日政策会议前的最后一份数据，将在美联储预期宣布缩减规模的背景下进行，在这种背景下，一份令人满意的报告可能足以让FOMC批准11月份宣布缩减每月1200亿美元的资产购买规模。</blockquote></p><p> Goldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong,&nbsp;<b>and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"</b>As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.</p><p><blockquote>高盛经济学家比正常情况更加乐观，预计9月份非农就业人数增加60万，高于市场普遍预期的+50万，他们指出“劳动力需求仍然非常强劲，<b>我们相信，9月5日全国范围内强化失业救济金到期，提振了有效劳动力供应和就业增长——就像7月和8月提前结束联邦救济金的州所做的那样。”</b>因此，高盛预计明天的人数将增加20万，10月份的增幅更大。该银行还认为，学校的重新开放促进了9月份就业增长约15万人。尽管有这些有利因素，但大数据就业信号好坏参半，餐饮活动仅小幅反弹。</blockquote></p><p> Labor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.</p><p><blockquote>本月劳动力市场指标一直具有建设性：ADP的就业数据出人意料地上升，尽管分析师继续指出，官方数据与ADP数据之间的直接关系很脆弱，尽管过去三份报告的差距低于10万。在8月和9月就业数据调查期间，首次申请失业救济人数和持续申请失业救济人数有所回落，尽管分析师指出，最近发布的数据显示申请失业救济人数上升可能会给前景蒙上阴影。ISM商业调查显示本月就业增长，制造业就业再次升至增长区域，但服务业招聘本月略有降温，但仍保持扩张；调查评论继续暗示劳动力市场紧张。美国劳工统计局将于10月8日13:30 BST/08：30EDT发布9月就业形势报告。</blockquote></p><p> <b>POLICY</b>: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.</p><p><blockquote><b>政策</b>：鉴于美联储官员实际上已经确认，除非就业数据崩溃，否则美联储将在11月3日的会议上宣布缩减资产购买规模，9月份就业报告可能会降低对交易状况的相关性。因此，交易风险可能偏向下行，而不是上行，就业人数大幅下降可能会给美联储宣布缩减规模带来障碍。此外，值得认识到华盛顿提高债务上限的努力进展如何；到目前为止，官员们尚未达成协议，正在制定权宜之计立法，以允许资金进入12月；一些分析师暗示，面对潜在的违约风险，美联储可能不愿收紧政策。</blockquote></p><p> <b>PAYROLLS:</b>The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).<b>Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.</b></p><p><blockquote><b>工资单：</b>市场普遍预计9月份美国经济将增加50万非农就业人数（上一篇。23.5万），这将低于三个月和六个月的平均增长率，尽管与12个月的平均增长率一致（3个月的平均增长率为75万/月，6个月的平均增长率为65.3万/月，12个月的平均增长率为50.3万/月——这至少在技术上表明最近几个月的就业增长率有所改善）。<b>汇总2020年3月以来的非农就业数据，相对于大流行前的水平，约有533万美国人仍处于失业状态。</b></blockquote></p><p></p><p> <b>MEASURES OF SLACK:</b>The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.</p><p><blockquote><b>松弛措施：</b>失业率预计为5.1%（此前为5.2%）；劳动力参与率此前为61.7%，而疫情前为63.2%；U6衡量就业不足的指标此前为8.8%，而疫情前为7.0%；就业与人口比率之前为58.5%，而疫情之前为61.1%。这些宽松指标可能会让我们更深入地了解美联储官员如何判断劳动力市场的进展，许多人最近几个月指出，他们正在密切关注就业不足率、参与率和就业人口比率，以便更好地应对经济中仍然存在的宽松程度。这些数据越接近大流行前的水平，分析师就会受到鼓舞。</blockquote></p><p> <b>EARNINGS:</b>Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.</p><p><blockquote><b>收益：</b>平均时薪预计为+0.4%M/M（前值为+0.6%）；平均时薪预计同比+4.6%（前值+4.3%）；平均每周工作时间预计为34.7小时（之前为34.7小时）。汇总2020年3月以来的非农就业数据，相对于大流行前的水平，仍有约533万美国人失业。</blockquote></p><p> <b>ADP:</b>The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure &amp; Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"</p><p><blockquote><b>ADP：</b>ADP全国就业报告显示，9月份美国经济新增就业岗位56.8万个，高于预期的42.8万个，好于之前的34万个（从最初报告的37.4万个下调）。ADP本身表示，尽管就业岗位新增速度较第二季度的74.8万个明显放缓，但劳动力市场复苏仍在继续取得进展。报告还指出，休闲和酒店业仍然是经济复苏的最大受益者之一，但表示招聘仍受到疫情轨迹的严重影响，尤其是对小企业而言。ADP认为，随着疫情形势的持续改善，当前的招聘瓶颈可能会消失，这可能为未来几个月的就业增长奠定基础。在数据方法方面，分析师继续指出，ADP的模型包含了许多之前的官方就业数据、其他宏观经济变量以及来自其自己的就业平台的数据；Pantheon Macroeconomics表示：“由于德尔塔变异毒株对服务业的打击，8月份就业人数疲软，这种疲软可能会限制ADP数据。”“因此，超出共识表明ADP模型的其他输入比我们预期的要强，但没有公布任何细节，因此我们不知道超出是模型驱动的还是由于就业数据更强劲在ADP的客户。”</blockquote></p><p> <b>INITIAL JOBLESS CLAIMS:</b>Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.</p><p><blockquote><b>首次申请失业救济人数：</b>与BLS就业报告调查窗口一致的当周首次申请失业救济人数约为35.1万人，与8月份就业数据调查窗口的34.9万人相比变化不大，分析师表示，季节性因素在提振每周数据方面发挥了作用，而飓风艾达可能会产生一些挥之不去的影响；9月份调查期间相应的持续申领数据已降至280.2万人，而8月份调查期间为290.8万人。总体而言，数据继续显示下降趋势，尽管最近几周初请失业金人数再次回升。</blockquote></p><p> <b>BUSINESS SURVEYS</b>: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.</p><p><blockquote><b>商业调查</b>：9月份服务业和制造业ISM报告显示出不同的趋势，服务业就业分项指数从53.7小幅放缓至53.0，表明增长但速度放缓，而制造业就业分项指数则回升至扩张区域，从之前的49.0升至50.2。在制造业方面，ISM表示，企业仍在努力实现劳资计划，但指出与前几个月相比出现了一些适度的进展迹象：“不到5%的评论指出就业方面有所改善，而8月份没有任何评论”它表示，“绝大多数小组成员表示他们的公司正在招聘或试图招聘”，其中约85%的回复是关于寻求额外人员，而近一半的受访者表示难以填补职位，比8月份有所增加。ISM表示：“有关离职率和退休的评论频率不断增加，延续了8月份开始的趋势。”与此同时，服务业就业活动连续第三个月上升；受访者指出，员工纷纷涌向薪酬更高的工作，并且缺乏替代这些员工的渠道，而其他受访者则谈到各个层面都存在劳动力短缺。</blockquote></p><p> <b>ARGUING FOR A BETTER-THAN-EXPECTED REPORT</b>:</p><p><blockquote><b>主张一份好于预期的报告</b>：</blockquote></p><p></p><p> <ul>  <li><b>End of federal enhanced unemployment beneﬁts</b>. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.<b>Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.</b>Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).</li> </ul> <img src=\"https://static.tigerbbs.com/fa8e5900cf66c76d4b64055f84e58048\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>联邦强化失业救济金结束</b>一些州联邦福利的到期提振了夏季的劳动力供应和就业率，所有剩余的此类计划都于9月5日到期。7月和8月的数据显示，从6月到8月，失去300美元补充付款的工人的找工作概率累计增加了6个百分点，失去所有福利的工人的找工作概率增加了12个百分点。<b>9月5日失去部分或全部福利的600万工人中，一些人在9月18日之前找到了工作——及时计入明天的数据。</b>高盛假设这一渠道将促进就业增长+20万，在随后的报告中会有更大的增长（到年底累计+130万）。</li></ul></blockquote></p><p> <ul>  <li><b>School reopening</b>. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.</li> </ul> <img src=\"https://static.tigerbbs.com/ff3e69723b40e0d372ec2bebecb38b1f\" tg-width=\"799\" tg-height=\"376\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>学校重新开学</b>.最大的100个学区都开放了面对面学习，促进了许多以前休假的教师和辅助人员的回归。虽然就业水平完全正常化将创造60万个工作岗位（mom sa，见下图左图），但由于混合教学模式，一些看门人和辅助人员没有返回，该部门的职位空缺仅比危机前水平高出20万个（见右图）。与此相关的是，BLS的季节性因素已经嵌入了夏季裁员中通常重新雇用教育工作者的情况，因此，如果返回工作岗位的看门人比典型的9月份少，在其他条件相同的情况下，这将减少经季节性调整的就业增长。总而言之，假设明天的报告中学校重新开放将增加大约15万人。</li></ul></blockquote></p><p> <ul>  <li><b>Job availability</b>. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.</li>  <li><b>ADP.</b>Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.</li> </ul> <b>ARGUING FOR A WEAKER-THAN-EXPECTED REPORT:</b></p><p><blockquote><ul><li><b>工作可用性</b>世界大型企业联合会（Conference Board）的劳动力差异——表示工作岗位充足的受访者与表示工作岗位难以获得的受访者之间的差异——从44.4%小幅降至42.5%，仍处于较高水平。此外，7月份JOLTS职位空缺增加了74.9万个，创下1090万个的新高。</li><li><b>ADP.</b>ADP报告中的私营部门就业人数在9月份增加了56.8万人，高于普遍预期的43万人，这意味着基础ADP样本的强劲增长。此外，学校通常不使用ADP工资软件，认为在官方工资措施中，学校重新开放会带来更大的收益。</li></ul><b>主张报告弱于预期：</b></blockquote></p><p> <ul>  <li><b>Delta variant.</b>Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.</li>  <li><b>Employer surveys</b>. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.</li> </ul> <b>NEUTRAL FACTORS:</b></p><p><blockquote><ul><li><b>德尔塔变异毒株.</b>8月份，covid感染率的反弹给服务消费和劳动力市场带来了压力。尽管美国病例数在9月初开始下降，但开放式餐桌上的餐厅座位仅小幅反弹。休闲和酒店业就业人数在9月份有所增加，但可能不会像6月和7月那样以每月约40万的速度增长。</li><li><b>雇主调查</b>我们的商业调查的就业部分持平或下降，而我们和共识预测就业增长将会回升。高盛服务业调查就业跟踪指数维持在54.5不变，制造业调查就业跟踪指数下降0.4个百分点至57.8。高盛分析师指数(GSAI)下降0.8%至68.5，但就业指数上涨1.9%至71.9。</li></ul><b>中性因素：</b></blockquote></p><p></p><p> <ul>  <li><b>Big Data.</b>High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.</li>  <li><b>Seasonality.</b>The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).</li>  <li><b>Jobless claims.</b>Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.</li>  <li><b>Job cuts.</b>Announced layoffs reported by Challenger, Gray &amp; Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).</li> </ul></p><p><blockquote><ul><li><b>大数据。</b>在8月和9月的调查周期间，劳动力市场的高频数据好坏参半，对就业增长的基本速度几乎没有提供指导。跟踪的五项指标中有三项表明涨幅等于或高于共识（Census Small Business Pulse+0.5百万，ADP+0.6百万，Google mobility+200百万），但Homebase数据是下行的异常值。从表面上看，这将表明就业人数大幅下降。人口普查家庭脉搏（-60万）也相当弱，尽管令人鼓舞，但它也表明，随着学校重新开放，与儿童保育相关的劳动力供应阻力大幅下降。</li><li><b>季节性。</b>9月份的季节性障碍相对较低：BLS调整因素通常假设私人就业人数（不包括公立学校）下降60-70万，而7月和8月平均下降约10万。持续的劳动力短缺鼓励企业在夏末减少裁员。部分抵消了这一顺风，9月份的季节性因素可能因危机而发生了不利的演变——特别是通过适应去年9月重新开放驱动的就业激增（私人就业人数+93.2万环比sa）。</li><li><b>申请失业救济。</b>尽管个人过渡或试图过渡到州计划，但9月份首次申请失业救济人数有所下降，平均每周为33.9万人，而8月份为37.8万人。在包括紧急福利在内的所有员工计划中，持续索赔大幅下降（-330万），但也是出于非经济原因（联邦增强计划到期）。从一个调查周到另一个调查周，常规州项目的持续申请减少了10.6万。</li><li><b>裁员。</b>Challenger、Gray&amp;Christmas报告的宣布裁员人数在前两个月下降14%后，9月份环比反弹11%（SA by GS）。尽管如此，根据这一指标，裁员仍接近30年来的最低点（1993年）。</li></ul></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>September Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</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\">\nSeptember Payrolls Preview: It Will Be A Beat, The Question Is How Big<blockquote>9月就业预览：这将是一个节拍，问题是有多大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-10-08 14:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.</p><p><blockquote>在强劲的首次申请失业救济报告和稳健的ADP私人就业数据之后，所有人的目光都转向了本周和本月最重要的经济数据点，即美国东部时间周五上午830点发布的周五非农就业报告，市场普遍预计非农就业报告将达到50万份——是上个月令人失望的23.5万份的两倍多——失业率降至5.1%，平均时薪增加至4.6%。与上个月不同的是，当我们正确预测8月份就业人数将大幅下降时，这次我们同意明天的报告将是一个节拍，唯一的问题是幅度有多大。</blockquote></p><p> Here is a snapshot of what to expect tomorrow:</p><p><blockquote>以下是明天的快照：</blockquote></p><p> <ul>  <li>Total Payrolls: 500K, Last 235K</li>  <li>Private Payrolls: 450K, Last 243K</li>  <li>Unemployment Rate: 5.1%, Last 5.2%</li>  <li>Labor force participation rate: 61.8%, Last 61.7%</li>  <li>Average Hourly Earnings Y/Y: 4.6%, Last 4.3%</li>  <li>Average Weekly Hours: 34.7, Last 34.7</li> </ul> As&nbsp;Newsquawk&nbsp;writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.</p><p><blockquote><ul><li>总就业人数：50万，最后23.5万</li><li>私人就业人数：45万，最新24.3万</li><li>失业率：5.1%，去年5.2%</li><li>劳动参与率：61.8%，上次61.7%</li><li>平均时薪同比：4.6%，过去4.3%</li><li>平均每周工作时间：34.7，最后34.7</li></ul>正如Newsquawk在其NFP预览中所写，9月份的就业数据是美联储11月3日政策会议前的最后一份数据，将在美联储预期宣布缩减规模的背景下进行，在这种背景下，一份令人满意的报告可能足以让FOMC批准11月份宣布缩减每月1200亿美元的资产购买规模。</blockquote></p><p> Goldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong,&nbsp;<b>and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"</b>As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.</p><p><blockquote>高盛经济学家比正常情况更加乐观，预计9月份非农就业人数增加60万，高于市场普遍预期的+50万，他们指出“劳动力需求仍然非常强劲，<b>我们相信，9月5日全国范围内强化失业救济金到期，提振了有效劳动力供应和就业增长——就像7月和8月提前结束联邦救济金的州所做的那样。”</b>因此，高盛预计明天的人数将增加20万，10月份的增幅更大。该银行还认为，学校的重新开放促进了9月份就业增长约15万人。尽管有这些有利因素，但大数据就业信号好坏参半，餐饮活动仅小幅反弹。</blockquote></p><p> Labor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.</p><p><blockquote>本月劳动力市场指标一直具有建设性：ADP的就业数据出人意料地上升，尽管分析师继续指出，官方数据与ADP数据之间的直接关系很脆弱，尽管过去三份报告的差距低于10万。在8月和9月就业数据调查期间，首次申请失业救济人数和持续申请失业救济人数有所回落，尽管分析师指出，最近发布的数据显示申请失业救济人数上升可能会给前景蒙上阴影。ISM商业调查显示本月就业增长，制造业就业再次升至增长区域，但服务业招聘本月略有降温，但仍保持扩张；调查评论继续暗示劳动力市场紧张。美国劳工统计局将于10月8日13:30 BST/08：30EDT发布9月就业形势报告。</blockquote></p><p> <b>POLICY</b>: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.</p><p><blockquote><b>政策</b>：鉴于美联储官员实际上已经确认，除非就业数据崩溃，否则美联储将在11月3日的会议上宣布缩减资产购买规模，9月份就业报告可能会降低对交易状况的相关性。因此，交易风险可能偏向下行，而不是上行，就业人数大幅下降可能会给美联储宣布缩减规模带来障碍。此外，值得认识到华盛顿提高债务上限的努力进展如何；到目前为止，官员们尚未达成协议，正在制定权宜之计立法，以允许资金进入12月；一些分析师暗示，面对潜在的违约风险，美联储可能不愿收紧政策。</blockquote></p><p> <b>PAYROLLS:</b>The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).<b>Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.</b></p><p><blockquote><b>工资单：</b>市场普遍预计9月份美国经济将增加50万非农就业人数（上一篇。23.5万），这将低于三个月和六个月的平均增长率，尽管与12个月的平均增长率一致（3个月的平均增长率为75万/月，6个月的平均增长率为65.3万/月，12个月的平均增长率为50.3万/月——这至少在技术上表明最近几个月的就业增长率有所改善）。<b>汇总2020年3月以来的非农就业数据，相对于大流行前的水平，约有533万美国人仍处于失业状态。</b></blockquote></p><p></p><p> <b>MEASURES OF SLACK:</b>The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.</p><p><blockquote><b>松弛措施：</b>失业率预计为5.1%（此前为5.2%）；劳动力参与率此前为61.7%，而疫情前为63.2%；U6衡量就业不足的指标此前为8.8%，而疫情前为7.0%；就业与人口比率之前为58.5%，而疫情之前为61.1%。这些宽松指标可能会让我们更深入地了解美联储官员如何判断劳动力市场的进展，许多人最近几个月指出，他们正在密切关注就业不足率、参与率和就业人口比率，以便更好地应对经济中仍然存在的宽松程度。这些数据越接近大流行前的水平，分析师就会受到鼓舞。</blockquote></p><p> <b>EARNINGS:</b>Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.</p><p><blockquote><b>收益：</b>平均时薪预计为+0.4%M/M（前值为+0.6%）；平均时薪预计同比+4.6%（前值+4.3%）；平均每周工作时间预计为34.7小时（之前为34.7小时）。汇总2020年3月以来的非农就业数据，相对于大流行前的水平，仍有约533万美国人失业。</blockquote></p><p> <b>ADP:</b>The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure &amp; Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"</p><p><blockquote><b>ADP：</b>ADP全国就业报告显示，9月份美国经济新增就业岗位56.8万个，高于预期的42.8万个，好于之前的34万个（从最初报告的37.4万个下调）。ADP本身表示，尽管就业岗位新增速度较第二季度的74.8万个明显放缓，但劳动力市场复苏仍在继续取得进展。报告还指出，休闲和酒店业仍然是经济复苏的最大受益者之一，但表示招聘仍受到疫情轨迹的严重影响，尤其是对小企业而言。ADP认为，随着疫情形势的持续改善，当前的招聘瓶颈可能会消失，这可能为未来几个月的就业增长奠定基础。在数据方法方面，分析师继续指出，ADP的模型包含了许多之前的官方就业数据、其他宏观经济变量以及来自其自己的就业平台的数据；Pantheon Macroeconomics表示：“由于德尔塔变异毒株对服务业的打击，8月份就业人数疲软，这种疲软可能会限制ADP数据。”“因此，超出共识表明ADP模型的其他输入比我们预期的要强，但没有公布任何细节，因此我们不知道超出是模型驱动的还是由于就业数据更强劲在ADP的客户。”</blockquote></p><p> <b>INITIAL JOBLESS CLAIMS:</b>Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.</p><p><blockquote><b>首次申请失业救济人数：</b>与BLS就业报告调查窗口一致的当周首次申请失业救济人数约为35.1万人，与8月份就业数据调查窗口的34.9万人相比变化不大，分析师表示，季节性因素在提振每周数据方面发挥了作用，而飓风艾达可能会产生一些挥之不去的影响；9月份调查期间相应的持续申领数据已降至280.2万人，而8月份调查期间为290.8万人。总体而言，数据继续显示下降趋势，尽管最近几周初请失业金人数再次回升。</blockquote></p><p> <b>BUSINESS SURVEYS</b>: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.</p><p><blockquote><b>商业调查</b>：9月份服务业和制造业ISM报告显示出不同的趋势，服务业就业分项指数从53.7小幅放缓至53.0，表明增长但速度放缓，而制造业就业分项指数则回升至扩张区域，从之前的49.0升至50.2。在制造业方面，ISM表示，企业仍在努力实现劳资计划，但指出与前几个月相比出现了一些适度的进展迹象：“不到5%的评论指出就业方面有所改善，而8月份没有任何评论”它表示，“绝大多数小组成员表示他们的公司正在招聘或试图招聘”，其中约85%的回复是关于寻求额外人员，而近一半的受访者表示难以填补职位，比8月份有所增加。ISM表示：“有关离职率和退休的评论频率不断增加，延续了8月份开始的趋势。”与此同时，服务业就业活动连续第三个月上升；受访者指出，员工纷纷涌向薪酬更高的工作，并且缺乏替代这些员工的渠道，而其他受访者则谈到各个层面都存在劳动力短缺。</blockquote></p><p> <b>ARGUING FOR A BETTER-THAN-EXPECTED REPORT</b>:</p><p><blockquote><b>主张一份好于预期的报告</b>：</blockquote></p><p></p><p> <ul>  <li><b>End of federal enhanced unemployment beneﬁts</b>. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.<b>Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.</b>Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).</li> </ul> <img src=\"https://static.tigerbbs.com/fa8e5900cf66c76d4b64055f84e58048\" tg-width=\"630\" tg-height=\"428\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>联邦强化失业救济金结束</b>一些州联邦福利的到期提振了夏季的劳动力供应和就业率，所有剩余的此类计划都于9月5日到期。7月和8月的数据显示，从6月到8月，失去300美元补充付款的工人的找工作概率累计增加了6个百分点，失去所有福利的工人的找工作概率增加了12个百分点。<b>9月5日失去部分或全部福利的600万工人中，一些人在9月18日之前找到了工作——及时计入明天的数据。</b>高盛假设这一渠道将促进就业增长+20万，在随后的报告中会有更大的增长（到年底累计+130万）。</li></ul></blockquote></p><p> <ul>  <li><b>School reopening</b>. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.</li> </ul> <img src=\"https://static.tigerbbs.com/ff3e69723b40e0d372ec2bebecb38b1f\" tg-width=\"799\" tg-height=\"376\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li><b>学校重新开学</b>.最大的100个学区都开放了面对面学习，促进了许多以前休假的教师和辅助人员的回归。虽然就业水平完全正常化将创造60万个工作岗位（mom sa，见下图左图），但由于混合教学模式，一些看门人和辅助人员没有返回，该部门的职位空缺仅比危机前水平高出20万个（见右图）。与此相关的是，BLS的季节性因素已经嵌入了夏季裁员中通常重新雇用教育工作者的情况，因此，如果返回工作岗位的看门人比典型的9月份少，在其他条件相同的情况下，这将减少经季节性调整的就业增长。总而言之，假设明天的报告中学校重新开放将增加大约15万人。</li></ul></blockquote></p><p> <ul>  <li><b>Job availability</b>. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.</li>  <li><b>ADP.</b>Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.</li> </ul> <b>ARGUING FOR A WEAKER-THAN-EXPECTED REPORT:</b></p><p><blockquote><ul><li><b>工作可用性</b>世界大型企业联合会（Conference Board）的劳动力差异——表示工作岗位充足的受访者与表示工作岗位难以获得的受访者之间的差异——从44.4%小幅降至42.5%，仍处于较高水平。此外，7月份JOLTS职位空缺增加了74.9万个，创下1090万个的新高。</li><li><b>ADP.</b>ADP报告中的私营部门就业人数在9月份增加了56.8万人，高于普遍预期的43万人，这意味着基础ADP样本的强劲增长。此外，学校通常不使用ADP工资软件，认为在官方工资措施中，学校重新开放会带来更大的收益。</li></ul><b>主张报告弱于预期：</b></blockquote></p><p> <ul>  <li><b>Delta variant.</b>Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.</li>  <li><b>Employer surveys</b>. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.</li> </ul> <b>NEUTRAL FACTORS:</b></p><p><blockquote><ul><li><b>德尔塔变异毒株.</b>8月份，covid感染率的反弹给服务消费和劳动力市场带来了压力。尽管美国病例数在9月初开始下降，但开放式餐桌上的餐厅座位仅小幅反弹。休闲和酒店业就业人数在9月份有所增加，但可能不会像6月和7月那样以每月约40万的速度增长。</li><li><b>雇主调查</b>我们的商业调查的就业部分持平或下降，而我们和共识预测就业增长将会回升。高盛服务业调查就业跟踪指数维持在54.5不变，制造业调查就业跟踪指数下降0.4个百分点至57.8。高盛分析师指数(GSAI)下降0.8%至68.5，但就业指数上涨1.9%至71.9。</li></ul><b>中性因素：</b></blockquote></p><p></p><p> <ul>  <li><b>Big Data.</b>High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.</li>  <li><b>Seasonality.</b>The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).</li>  <li><b>Jobless claims.</b>Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.</li>  <li><b>Job cuts.</b>Announced layoffs reported by Challenger, Gray &amp; Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).</li> </ul></p><p><blockquote><ul><li><b>大数据。</b>在8月和9月的调查周期间，劳动力市场的高频数据好坏参半，对就业增长的基本速度几乎没有提供指导。跟踪的五项指标中有三项表明涨幅等于或高于共识（Census Small Business Pulse+0.5百万，ADP+0.6百万，Google mobility+200百万），但Homebase数据是下行的异常值。从表面上看，这将表明就业人数大幅下降。人口普查家庭脉搏（-60万）也相当弱，尽管令人鼓舞，但它也表明，随着学校重新开放，与儿童保育相关的劳动力供应阻力大幅下降。</li><li><b>季节性。</b>9月份的季节性障碍相对较低：BLS调整因素通常假设私人就业人数（不包括公立学校）下降60-70万，而7月和8月平均下降约10万。持续的劳动力短缺鼓励企业在夏末减少裁员。部分抵消了这一顺风，9月份的季节性因素可能因危机而发生了不利的演变——特别是通过适应去年9月重新开放驱动的就业激增（私人就业人数+93.2万环比sa）。</li><li><b>申请失业救济。</b>尽管个人过渡或试图过渡到州计划，但9月份首次申请失业救济人数有所下降，平均每周为33.9万人，而8月份为37.8万人。在包括紧急福利在内的所有员工计划中，持续索赔大幅下降（-330万），但也是出于非经济原因（联邦增强计划到期）。从一个调查周到另一个调查周，常规州项目的持续申请减少了10.6万。</li><li><b>裁员。</b>Challenger、Gray&amp;Christmas报告的宣布裁员人数在前两个月下降14%后，9月份环比反弹11%（SA by GS）。尽管如此，根据这一指标，裁员仍接近30年来的最低点（1993年）。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/september-payrolls-preview-it-will-be-beat-question-how-big\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/september-payrolls-preview-it-will-be-beat-question-how-big","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135993400","content_text":"After a strong initial claims report and a solid ADP private payrolls print, all eyes turn to the most important economic data point of the week, and the month, Friday's nonfarm payrolls report due at 830am ET on Friday, where consensus expects a 500K print- more than double last month's disappointing 235K print - as well as a drop in the unemployment rate to 5.1% and an increase in average hourly earnings to 4.6%. And unlike last month, when wecorrectly predicted the big miss in August payrolls, this time we agree that tomorrow's report will be a beat, the only question is how big.\nHere is a snapshot of what to expect tomorrow:\n\nTotal Payrolls: 500K, Last 235K\nPrivate Payrolls: 450K, Last 243K\nUnemployment Rate: 5.1%, Last 5.2%\nLabor force participation rate: 61.8%, Last 61.7%\nAverage Hourly Earnings Y/Y: 4.6%, Last 4.3%\nAverage Weekly Hours: 34.7, Last 34.7\n\nAs Newsquawk writes in its NFP preview, September’s jobs data, the last before the Fed’s November 3rd policy meeting, will be framed in the context of the central bank’s expected taper announcement, where a merely satisfactory report would likely to be enough for the FOMC to greenlight a November announcement to scale-back its USD 120BN/month asset purchases.\nGoldman economists are more bullish than normal, and estimate nonfarm payrolls rose 600k in September, above consensus of +500k, and they note that \"labor demand remains very strong, and we believe the nationwide expiration of enhanced unemployment beneﬁts on September 5 boosted effective labor supply and job growth—as it did in July and August in states that ended federal beneﬁts early.\"As a result, Goldman is assuming a 200k boost in tomorrow’s numbers and a larger boost in October. The bank also believes the reopening of schools contributed to September job growth, by around 150k. Despite these tailwinds, Big Data employment signals were mixed, and dining activity rebounded only marginally.\nLabor market proxies have been constructive for the month: ADP’s gauge of payrolls surprised to the upside, although analysts continue to note that the direct relationship between the official data and the ADP’s gauge is tenuous, despite the gap being under 100k over the last three reports. The number of initial jobless claims and continuing claims has eased back between the survey periods of the August and September jobs data, although analysts note that more recent releases have shown an uptick in claims potentially clouding the outlook. The ISM business surveys have signaled employment growth in the month, with manufacturing employment rising into growth territory again, but services sector hiring cooled a little in the month, but remains expansionary; survey commentary continues to allude to a tight labour market. The Bureau of Labor Statistics will release the September employment situation report at 13:30BST/08:30EDT on October 8th.\nPOLICY: The September jobs report might have reduced relevance on trading conditions given that Fed officials have effectively confirmed that, barring a collapse in the jobs data, it is on course to announce a tapering of its asset purchases at the November 3rd meeting. Accordingly, trading risks may be skewed to the downside, rather than to the upside, where a significant payrolls miss may present obstacles to the Fed announcing its taper. Additionally, it is worth being cognizant of how efforts in Washington to raise the debt ceiling are progressing; as yet, officials have not struck a deal, and are in the process of enacting stop gap legislation to allow funding into December; some analysts suggest that the Fed may be reticent to tighten policy in the face of potential default risks.\nPAYROLLS:The consensus looks for 500k nonfarm payrolls to be added to the US economy in September (prev. 235k), which would be a cooler rate of growth than the three- and six-month average rate, though in line with the 12-month average (3-month average is 750k/month, the six-month average is 653k/month, and the 12-month average is 503k/month – that technically at least suggests an improving rate of payrolls growth in recent months).Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans remain out of work relative to pre-pandemic levels.\nMEASURES OF SLACK:The Unemployment Rate is expected at 5.1% (prev. 5.2%); Labour Force Participation previously at 61.7% vs 63.2% pre-pandemic; U6 measure of underemployment was previously at 8.8% vs 7.0% prepandemic; Employment-population ratio was previously 58.5% vs 61.1% pre-pandemic. These measures of slack are likely to provide more insight into how Fed officials are judging labour market progress, with many in recent months noting that they are closely watching the Underemployment Rate, Participation Rate, and the Employment-Population Ratio for a better handle on the level of slack that remains in the economy. Analysts would be encouraged the closer these get to pre-pandemic levels.\nEARNINGS:Average Hourly Earnings expected at +0.4% M/M (prev. +0.6%); Average Hourly Earnings expected at +4. 6% Y/Y (prev. +4.3%); Average Workweek Hours expected at 34.7hrs (prev. 34.7hrs). Aggregating the nonfarm payrolls data since March 2020, around 5.33mln Americans still remain out of work relative to pre-pandemic levels.\nADP:The ADP National Employment Report showed 568k jobs added to the US economy in September, topping expectations for 428k, and a better pace than the prior 340k (revised down from 374k initially reported). ADP itself said that the labor market recovery continued to make progress despite the marked slowdown in the rate of job additions from the 748k pace seen in Q2. It also noted that Leisure & Hospitality remained one of the biggest beneficiaries to the recovery, though said that hiring was still heavily impacted by the trajectory of the pandemic, especially for small firms. ADP thinks that the current bottlenecks in hiring will likely fade as the pandemic situation continues to improve, and that could set the stage for solid job gains in the months ahead. On the data methodology, analysts continue to note that ADP's model incorporates much of the prior official payrolls data, other macroeconomic variables, as well as data from its own payrolls platform; \"Payrolls were soft in August, thanks to the hit to the services sector from the Delta variant, and that weakness likely constrained ADP data,\" Pantheon Macroeconomics said. \"The overshoot to consensus, therefore, suggests that the other inputs to ADP’s model were stronger than we expected, but none of the details are published, so we don’t know if the overshoot was model-driven or due to stronger employment data at ADP’s clients.\"\nINITIAL JOBLESS CLAIMS:Initial jobless claims data for the week that coincides with the BLS jobs report survey window saw claims at around 351k – little changed from the 349k for the August jobs data survey window – where analysts said seasonal factors played a role in boosting the weekly data, while there may have been some lingering Hurricane Ida effects; the corresponding continuing claims data has fallen to 2.802mln in the September survey period vs 2.908mln in the August survey period. In aggregate, the data continues to point to declining trend, although in recent weeks the level of jobless claims has been picking up again.\nBUSINESS SURVEYS: The Services and Manufacturing ISM reports showed divergent trends in September, with the service sector employment sub-index easing a little to 53.0 from 53.7, signalling growth but at a slower rate, while the manufacturing employment sub-index rose back into expansionary territory, printing 50.2 from 49.0 prior. On the manufacturing sector, ISM said companies were still struggling to meet labour-management plans, but noted some modest signs of progress compared to previous months: \"Less than 5% of comments noted improvements regarding employment, compared to none in August,\" it said, \"an overwhelming majority of panelists indicate their companies are hiring or attempting to hire,\" where around 85% of responses were about seeking additional staffing, while nearly half of the respondents expressed difficulty in filling positions, an increase from August. \"The increasing frequency of comments on turnover rates and retirements continued a trend that began in August,\" ISM said. Meanwhile, in the services sector, employment activity rose for a third straight month; respondents noted that employees were flocking to better-paying jobs and there was a lack of pipeline to replace these staff, while other respondents talked of labor shortages being experienced at all levels.\nARGUING FOR A BETTER-THAN-EXPECTED REPORT:\n\nEnd of federal enhanced unemployment beneﬁts. The expiration of federal beneﬁts in some states boosted labor supply and job-ﬁnding rates over the summer, and all remaining such programs expired on September 5. The July and August indicated a cumulative 6pp boost to job-ﬁnding probabilities from June to August for workers losing $300 top-up payments and a 12pp boost for workers losing all beneﬁts.Some of the 6mn workers who lost some or all beneﬁts on September 5 got a job by September 18—in time to be counted in tomorrow’s data.Goldman assumes a +200k boost to job growth from this channel, with a larger increase in subsequent reports (+1.3mn cumulatively by year end).\n\n\n\nSchool reopening. The largest 100 school districts are all open for in-person learning, catalyzing the return of many previously furloughed teachers and support staff. While full normalization of employment levels would contribute 600k jobs (mom sa, see left panel of the chart below), some janitors and support staff did not return due to hybrid teaching models, and job openings in the sector are only 200k above the pre-crisis level (see right panel). Relatedly, the BLS’s seasonal factors already embed the usual rehiring of education workers on summer layoff, so if fewer janitors returned to work than in a typical September, this would reduce seasonally adjusted job growth, other things equal. Taken together, assume a roughly 150k boost from the reopening of schools in tomorrow’s report.\n\n\n\nJob availability. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hardto get - edged down to 42.5 from 44.4, still an elevated level. Additionally, JOLTS job openings increased by 749k in July to a new record high of 10.9mn.\nADP.Private sector employment in the ADP report increased by 568k in September, above consensus expectations for a 430k gain, implying strong growth in the underlying ADP sample. Additionally, schools generally do not use ADP payroll software, arguing for a larger gain from school reopening in the official payroll measure.\n\nARGUING FOR A WEAKER-THAN-EXPECTED REPORT:\n\nDelta variant.Rebounding covid infection rates weighed on services consumption and the labor market in August. And while US case counts began to decline in early September, restaurant seatings on Open Table rebounded only marginally. leisure and hospitality employment rose in September, but probably not at the ~400k monthly pace of June and July.\nEmployer surveys. The employment components of our business surveys were flat to down, whereas we and consensus forecast a pickup in job growth. Goldman's services survey employment tracker remained unchanged at 54.5 and the manufacturing survey employment tracker declined 0.4pt to 57.8. And while the Goldman Sachs Analyst Index (GSAI) decreased 0.8% to 68.5, the employment component rose1.9% to 71.9.\n\nNEUTRAL FACTORS:\n\nBig Data.High-frequency data on the labor market were mixed between the August and September survey weeks, on net providing little guidance about the underlying pace of job growth. Three of the five measures tracked indicate an at-or-above-consensus gain (Census Small Business Pulse +0.5mn, ADP +0.6mn,Google mobility +2mn), but the Homebase data was an outlier to the downside. At face value, it would indicate a large outright decline in payrolls. The Census Household Pulse (-0.6mn) was also quite weak, though encouragingly, it also indicated a large drop in childcare-related labor supply headwinds as schools reopened.\nSeasonality.The September seasonal hurdle is relatively low: the BLS adjustment factors generally assume a 600-700k decline in private payrolls (which exclude public schools), compared to around -100k on average in July and August. Continued labor shortages encouraged firms to lay off fewer workers at the end of summer. Partially offsetting this tailwind, the September seasonal factors may have evolved unfavorably due to the crisis—specifically by fitting to last September’s reopening-driven job surge (private payrolls +932k mom sa).\nJobless claims.Initial jobless claims fell during the September payroll month, averaging 339k per week vs. 378k in August despite a boost from individuals transitioning or attempting to transition to state programs. Across all employee programs including emergency benefits, continuing claims fell dramatically (-3.3mn)–but again for non-economic reasons (federal enhanced programs expired). Continuing claims in regular state programs decreased 106k from survey week to survey week.\nJob cuts.Announced layoffs reported by Challenger, Gray & Christmas rebounded 11% month-over-month in September after decreasing by 14% over the prior two months (SA by GS). Nonetheless, layoffs remain near the three-decade low on this measure (in 1993).","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":867803327,"gmtCreate":1633232511107,"gmtModify":1633232512729,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/867803327","repostId":"2172964606","repostType":4,"isVote":1,"tweetType":1,"viewCount":2813,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":869297929,"gmtCreate":1632289174061,"gmtModify":1632801460235,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869297929","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":1383,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869912481,"gmtCreate":1632234687443,"gmtModify":1632801873789,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869912481","repostId":"1140143812","repostType":4,"repost":{"id":"1140143812","kind":"news","pubTimestamp":1632233062,"share":"https://www.laohu8.com/m/news/1140143812?lang=zh_CN&edition=full","pubTime":"2021-09-21 22:04","market":"us","language":"en","title":"Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140143812","media":"fxstreet","summary":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls ove","content":"<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接管以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>","source":"lsy1617153743470","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>Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</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\">\nGreenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fxstreet</strong><span class=\"h-time small\">2021-09-21 22:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接管以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205\">fxstreet</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":{"GREE":"Greenidge Generation Holdings Inc."},"source_url":"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140143812","content_text":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls over 20% on Monday.\nEquity markets suffer, but retail names really fall as volatility is high.\n\nGREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?\nGREE stock news\nJust as a back story, GREE was formed as Greenidge Generation Holdings took over Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.  Support.com was a good fit for retail traders as it was a facilitator of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a much smaller entity despite having a public listing.\nAfter the merger, Support.com became a small part or subsidiary of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company. There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.\nGREE stock forecast\nAs we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.\n\nGreenidge Generation falls nearly 9% in morning trading.","news_type":1,"symbols_score_info":{"GREE":0.9}},"isVote":1,"tweetType":1,"viewCount":2460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":884336111,"gmtCreate":1631854683333,"gmtModify":1631888739628,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/884336111","repostId":"2168528707","repostType":4,"isVote":1,"tweetType":1,"viewCount":3012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885100526,"gmtCreate":1631760848865,"gmtModify":1631888739629,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/885100526","repostId":"2167592712","repostType":4,"isVote":1,"tweetType":1,"viewCount":3053,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":882528231,"gmtCreate":1631709674823,"gmtModify":1631888739636,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/882528231","repostId":"1112301233","repostType":4,"repost":{"id":"1112301233","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":1631707868,"share":"https://www.laohu8.com/m/news/1112301233?lang=zh_CN&edition=full","pubTime":"2021-09-15 20:11","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=1112301233","media":"Tiger Newspress","summary":"U.S. stock index futures edged higher on Wednesday on easing fears of an earlier-than-expected cut t","content":"<p>U.S. stock index futures edged higher on Wednesday on easing fears of an earlier-than-expected cut to monetary stimulus, even though a slowing economic recovery and uncertainty over higher corporate taxes weighed on sentiment.</p><p><blockquote>美国股指期货周三小幅走高，因对货币刺激措施削减早于预期的担忧有所缓解，尽管经济复苏放缓和公司税上调的不确定性打压了市场情绪。</blockquote></p><p> U.S. S&amp;P 500 E-minis were up 4.25 points, or 0.1% at 08:00 am ET. Dow E-minis were up 10 points, while Nasdaq 100 E-minis were up 21.75 points, or 0.14%.</p><p><blockquote>截至美国东部时间上午08:00，美国标普500 e-mini上涨4.25点，即0.1%。道琼斯电子迷你指数上涨10点，纳斯达克100电子迷你指数上涨21.75点，涨幅0.14%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42cc0404895138a163950b81a2d5277c\" tg-width=\"1080\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Apple Inc&nbsp;rose around 0.2% in premarket trading, after tumbling 1% in the last session on a somewhat lukewarm response to the unveiling of its Phone 13 and a new iPad mini.</p><p><blockquote>苹果公司在盘前交易中上涨约0.2%，此前由于对其Phone 13和新款iPad mini的推出反应有些冷淡，上一交易日下跌1%。</blockquote></p><p> Investors will parse data on U.S. industrial production at 9:15 a.m. for clues about the&nbsp;state of the economic recovery. Economists forecast that output rose in August.</p><p><blockquote>投资者将在上午9:15分析美国工业生产数据，以寻找有关经济复苏状况的线索。经济学家预测8月份产出会上升。</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>Microsoft(MSFT)</b> – Microsoft announced an 11% dividend hike, raising its quarterly payout to 62 cents per share from 56 cents, as well as announcing a $60 billion stock buyback program. Microsoft added 1.3% in the premarket.</p><p><blockquote><b>微软(MSFT)</b>——微软宣布将股息上调11%，将季度派息从每股56美分上调至62美分，并宣布了600亿美元的股票回购计划。微软盘前上涨1.3%。</blockquote></p><p> <b>Weber(WEBR)</b> – The grill maker’s stock jumped 2% in the premarket, following its first quarterly report since going public in August. Weber’s sales rose 19% from a year earlier, and the company projected full-year sales largely above current Wall Street forecasts.</p><p><blockquote><b>韦伯（WEBR）</b>-这家烧烤制造商发布自8月份上市以来的第一份季度报告后，其股价在盘前上涨2%。韦伯的销售额同比增长19%，该公司预计全年销售额将大大高于华尔街目前的预测。</blockquote></p><p> <b>Wynn Resorts(WYNN),Las Vegas Sands(LVS)</b> – Macau-related casino stocks tumbled in premarket trading as regulators begin a 45-day period of considering tighter regulations on Macau’s gaming industry. Officials say they want “sustained and healthy development” in the world’s biggest gambling hub, but investors are worried over the impact of potential changes. Wynn fell 5.3% in the premarket while Las Vegas Sands slid 4.8%.</p><p><blockquote><b>永利度假村(WYNN)、拉斯维加斯金沙(LVS)</b>-澳门相关赌场股在盘前交易中暴跌，监管机构开始为期45天的考虑加强对澳门博彩业的监管。官员们表示，他们希望这个世界上最大的赌博中心“持续健康发展”，但投资者担心潜在变化的影响。永利盘前下跌5.3%，拉斯维加斯金沙集团下跌4.8%。</blockquote></p><p> <b>Nikola(NKLA)&nbsp;–&nbsp;</b>IVECO and Nikola inaugurated joint-venture manufacturing facility for electric heavy-duty trucks in Ulm, Germany.Nikola shares jumped 3.6% in premarket trading.</p><p><blockquote><b>尼古拉（NKLA）-</b>依维柯和尼古拉在德国乌尔姆开设了电动重型卡车合资制造工厂。尼古拉股价在盘前交易中上涨3.6%。</blockquote></p><p> <b>GreenSky(GSKY)</b>&nbsp;<b>–</b>&nbsp;Goldman Sachs Group&nbsp;Inc.&nbsp;is buying specialty lender&nbsp;GreenSky&nbsp;Inc.&nbsp;for $2.2 billion, striking a deal it hopes will further its reinvention from Wall Street powerhouse to Main Street player.GreenSky stock Popped 45% in premarket trading.</p><p><blockquote><b>格林斯基(GSKY)</b> <b>–</b>高盛集团(Goldman Sachs Group Inc.)将以22亿美元收购专业贷款机构GreenSky Inc.，希望这笔交易能够进一步将其从华尔街巨头重塑为大街参与者。GreenSky股价在盘前交易中上涨45%。</blockquote></p><p> <b>Canadian National Railway(CNI)</b> – Canadian National will not improve its offer to buy&nbsp;Kansas City Southern(KSU), according to people familiar with the situation who spoke to CNBC’s David Faber. That would clear the way for&nbsp;Canadian Pacific Railway(CP) to buy Kansas City Southern, after Kansas City Southern’s board declared Canadian Pacific’s latest offer as “superior.”</p><p><blockquote><b>加拿大国家铁路（CNI）</b>-据接受CNBC记者David Faber采访的知情人士透露，加拿大国民航空不会提高收购堪萨斯城南方航空(KSU)的报价。这将为加拿大太平洋铁路公司(CP)收购堪萨斯城南方铁路公司扫清道路，此前堪萨斯城南方铁路公司董事会宣布加拿大太平洋铁路公司的最新报价“优越”。</blockquote></p><p> <b>Regeneron Pharmaceuticals(REGN)</b> – The drugmaker announced that the U.S. government would buy an additional 1.4 million doses of Regeneron’s Covid-19 antibody cocktail. That will bring the total number of doses purchased by the government to nearly 3 million. Regeneron rose 2.7% in premarket trading.</p><p><blockquote><b>再生元制药(REGN)</b>——这家制药商宣布，美国政府将额外购买140万剂再生元的Covid-19抗体鸡尾酒。这将使政府购买的疫苗总数达到近300万剂。再生元在盘前交易中上涨2.7%。</blockquote></p><p> <b>Yum China(YUMC) </b>– Yum China warned that the spread of the Covid-19 delta variant would result in a 50% to 60% hit to its third-quarter profit. The restaurant operator said it had to close or limit service at more than 500 restaurants in August due to the delta variant outbreak in China. Yum China shares tumbled 4.5% in premarket action.</p><p><blockquote><b>百胜中国(YUMC)</b>-百胜中国警告称，Covid-19德尔塔变异毒株的蔓延将导致其第三季度利润受到50%至60%的打击。该餐厅运营商表示，由于中国爆发德尔塔变异毒株疫情，8月份不得不关闭或限制500多家餐厅的服务。百胜中国股价盘前下跌4.5%。</blockquote></p><p> <b>Citrix Systems(CTXS) </b>– Citrix is working with advisers to consider a possible sale of the company, according to people familiar with the matter who spoke to Bloomberg. The maker of workplace software will gauge potential interest in the company over the next few weeks and could decide to remain independent. Citrix rallied 5% in the premarket.</p><p><blockquote><b>Citrix Systems(CTXS)</b>-据接受彭博社采访的知情人士透露，思杰正在与顾问合作，考虑出售该公司的可能性。这家工作场所软件制造商将在未来几周内评估人们对该公司的潜在兴趣，并可能决定保持独立。Citrix盘前上涨5%。</blockquote></p><p> <b>Crocs(CROX) </b>– Crocs added 1.1% in premarket trading following Tuesday’s 8.5% gain. That came after the shoe maker’s Investor Day where it projected better-than-expected full-year revenue and announced an accelerated share repurchase program.</p><p><blockquote><b>卡骆驰（CROX）</b>-Crocs继周二上涨8.5%后，在盘前交易中上涨1.1%。此前，该鞋业制造商的投资者日预计全年收入好于预期，并宣布了加速股票回购计划。</blockquote></p><p> <b>Skillsoft(SKIL) </b>– The provider of corporate digital learning programs jumped 4.5% in the premarket after reporting better-than-expected revenue and bookings for its latest quarter as well as raising its full-year guidance.</p><p><blockquote><b>Skillsoft(SKIL)</b>-这家企业数字学习项目提供商在公布最新季度的收入和预订量好于预期并上调全年指引后，盘前股价上涨4.5%。</blockquote></p><p> <b>Just Eat Takeaway(GRUB) </b>– The food delivery service’s stock slid 3.2% in premarket trading after&nbsp;Amazon(AMZN) and&nbsp;Deliveroo&nbsp;announced a partnership that will offer free food delivery in the U.K. to Amazon Prime members.</p><p><blockquote><b>就吃外卖(GRUB)</b>-在亚马逊(AMZN)和户户送宣布建立合作伙伴关系，将在英国向亚马逊Prime会员提供免费食品配送服务后，该食品配送服务公司的股价在盘前交易中下跌3.2%。</blockquote></p><p> <b>Sage Therapeutics(SAGE)</b> – The drug maker’s shares rallied 3.3% in the premarket after the FDA granted fast-track status to the company’s experimental treatment for Huntington’s disease. Sage expects to start a phase 2 trial for the treatment before the end of 2021.</p><p><blockquote><b>SAGE治疗公司(SAGE)</b>-在FDA授予该公司亨廷顿舞蹈症实验性治疗快速通道地位后，该制药商股价在盘前上涨3.3%。Sage预计将在2021年底前开始该治疗的2期试验。</blockquote></p><p></p><p> <b>SoFi Technologies(SOFI) </b>– The fintech company’s stock added 3% in premarket action after Mizuho began coverage with a “buy” rating and a $28 price target compared with Tuesday’s close of $14.50. Mizuho said SoFi is becoming a “full-fledged, super-app neo-bank” with next-generation capabilities.</p><p><blockquote><b>索菲科技(SOFI)</b>-瑞穗开始给予“买入”评级和28美元目标价（周二收盘价为14.50美元）后，这家金融科技公司的股价在盘前上涨了3%。瑞穗表示，SoFi正在成为一家具有下一代功能的“成熟的超级应用新银行”。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-15 20:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stock index futures edged higher on Wednesday on easing fears of an earlier-than-expected cut to monetary stimulus, even though a slowing economic recovery and uncertainty over higher corporate taxes weighed on sentiment.</p><p><blockquote>美国股指期货周三小幅走高，因对货币刺激措施削减早于预期的担忧有所缓解，尽管经济复苏放缓和公司税上调的不确定性打压了市场情绪。</blockquote></p><p> U.S. S&amp;P 500 E-minis were up 4.25 points, or 0.1% at 08:00 am ET. Dow E-minis were up 10 points, while Nasdaq 100 E-minis were up 21.75 points, or 0.14%.</p><p><blockquote>截至美国东部时间上午08:00，美国标普500 e-mini上涨4.25点，即0.1%。道琼斯电子迷你指数上涨10点，纳斯达克100电子迷你指数上涨21.75点，涨幅0.14%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42cc0404895138a163950b81a2d5277c\" tg-width=\"1080\" tg-height=\"357\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Apple Inc&nbsp;rose around 0.2% in premarket trading, after tumbling 1% in the last session on a somewhat lukewarm response to the unveiling of its Phone 13 and a new iPad mini.</p><p><blockquote>苹果公司在盘前交易中上涨约0.2%，此前由于对其Phone 13和新款iPad mini的推出反应有些冷淡，上一交易日下跌1%。</blockquote></p><p> Investors will parse data on U.S. industrial production at 9:15 a.m. for clues about the&nbsp;state of the economic recovery. Economists forecast that output rose in August.</p><p><blockquote>投资者将在上午9:15分析美国工业生产数据，以寻找有关经济复苏状况的线索。经济学家预测8月份产出会上升。</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>Microsoft(MSFT)</b> – Microsoft announced an 11% dividend hike, raising its quarterly payout to 62 cents per share from 56 cents, as well as announcing a $60 billion stock buyback program. Microsoft added 1.3% in the premarket.</p><p><blockquote><b>微软(MSFT)</b>——微软宣布将股息上调11%，将季度派息从每股56美分上调至62美分，并宣布了600亿美元的股票回购计划。微软盘前上涨1.3%。</blockquote></p><p> <b>Weber(WEBR)</b> – The grill maker’s stock jumped 2% in the premarket, following its first quarterly report since going public in August. Weber’s sales rose 19% from a year earlier, and the company projected full-year sales largely above current Wall Street forecasts.</p><p><blockquote><b>韦伯（WEBR）</b>-这家烧烤制造商发布自8月份上市以来的第一份季度报告后，其股价在盘前上涨2%。韦伯的销售额同比增长19%，该公司预计全年销售额将大大高于华尔街目前的预测。</blockquote></p><p> <b>Wynn Resorts(WYNN),Las Vegas Sands(LVS)</b> – Macau-related casino stocks tumbled in premarket trading as regulators begin a 45-day period of considering tighter regulations on Macau’s gaming industry. Officials say they want “sustained and healthy development” in the world’s biggest gambling hub, but investors are worried over the impact of potential changes. Wynn fell 5.3% in the premarket while Las Vegas Sands slid 4.8%.</p><p><blockquote><b>永利度假村(WYNN)、拉斯维加斯金沙(LVS)</b>-澳门相关赌场股在盘前交易中暴跌，监管机构开始为期45天的考虑加强对澳门博彩业的监管。官员们表示，他们希望这个世界上最大的赌博中心“持续健康发展”，但投资者担心潜在变化的影响。永利盘前下跌5.3%，拉斯维加斯金沙集团下跌4.8%。</blockquote></p><p> <b>Nikola(NKLA)&nbsp;–&nbsp;</b>IVECO and Nikola inaugurated joint-venture manufacturing facility for electric heavy-duty trucks in Ulm, Germany.Nikola shares jumped 3.6% in premarket trading.</p><p><blockquote><b>尼古拉（NKLA）-</b>依维柯和尼古拉在德国乌尔姆开设了电动重型卡车合资制造工厂。尼古拉股价在盘前交易中上涨3.6%。</blockquote></p><p> <b>GreenSky(GSKY)</b>&nbsp;<b>–</b>&nbsp;Goldman Sachs Group&nbsp;Inc.&nbsp;is buying specialty lender&nbsp;GreenSky&nbsp;Inc.&nbsp;for $2.2 billion, striking a deal it hopes will further its reinvention from Wall Street powerhouse to Main Street player.GreenSky stock Popped 45% in premarket trading.</p><p><blockquote><b>格林斯基(GSKY)</b> <b>–</b>高盛集团(Goldman Sachs Group Inc.)将以22亿美元收购专业贷款机构GreenSky Inc.，希望这笔交易能够进一步将其从华尔街巨头重塑为大街参与者。GreenSky股价在盘前交易中上涨45%。</blockquote></p><p> <b>Canadian National Railway(CNI)</b> – Canadian National will not improve its offer to buy&nbsp;Kansas City Southern(KSU), according to people familiar with the situation who spoke to CNBC’s David Faber. That would clear the way for&nbsp;Canadian Pacific Railway(CP) to buy Kansas City Southern, after Kansas City Southern’s board declared Canadian Pacific’s latest offer as “superior.”</p><p><blockquote><b>加拿大国家铁路（CNI）</b>-据接受CNBC记者David Faber采访的知情人士透露，加拿大国民航空不会提高收购堪萨斯城南方航空(KSU)的报价。这将为加拿大太平洋铁路公司(CP)收购堪萨斯城南方铁路公司扫清道路，此前堪萨斯城南方铁路公司董事会宣布加拿大太平洋铁路公司的最新报价“优越”。</blockquote></p><p> <b>Regeneron Pharmaceuticals(REGN)</b> – The drugmaker announced that the U.S. government would buy an additional 1.4 million doses of Regeneron’s Covid-19 antibody cocktail. That will bring the total number of doses purchased by the government to nearly 3 million. Regeneron rose 2.7% in premarket trading.</p><p><blockquote><b>再生元制药(REGN)</b>——这家制药商宣布，美国政府将额外购买140万剂再生元的Covid-19抗体鸡尾酒。这将使政府购买的疫苗总数达到近300万剂。再生元在盘前交易中上涨2.7%。</blockquote></p><p> <b>Yum China(YUMC) </b>– Yum China warned that the spread of the Covid-19 delta variant would result in a 50% to 60% hit to its third-quarter profit. The restaurant operator said it had to close or limit service at more than 500 restaurants in August due to the delta variant outbreak in China. Yum China shares tumbled 4.5% in premarket action.</p><p><blockquote><b>百胜中国(YUMC)</b>-百胜中国警告称，Covid-19德尔塔变异毒株的蔓延将导致其第三季度利润受到50%至60%的打击。该餐厅运营商表示，由于中国爆发德尔塔变异毒株疫情，8月份不得不关闭或限制500多家餐厅的服务。百胜中国股价盘前下跌4.5%。</blockquote></p><p> <b>Citrix Systems(CTXS) </b>– Citrix is working with advisers to consider a possible sale of the company, according to people familiar with the matter who spoke to Bloomberg. The maker of workplace software will gauge potential interest in the company over the next few weeks and could decide to remain independent. Citrix rallied 5% in the premarket.</p><p><blockquote><b>Citrix Systems(CTXS)</b>-据接受彭博社采访的知情人士透露，思杰正在与顾问合作，考虑出售该公司的可能性。这家工作场所软件制造商将在未来几周内评估人们对该公司的潜在兴趣，并可能决定保持独立。Citrix盘前上涨5%。</blockquote></p><p> <b>Crocs(CROX) </b>– Crocs added 1.1% in premarket trading following Tuesday’s 8.5% gain. That came after the shoe maker’s Investor Day where it projected better-than-expected full-year revenue and announced an accelerated share repurchase program.</p><p><blockquote><b>卡骆驰（CROX）</b>-Crocs继周二上涨8.5%后，在盘前交易中上涨1.1%。此前，该鞋业制造商的投资者日预计全年收入好于预期，并宣布了加速股票回购计划。</blockquote></p><p> <b>Skillsoft(SKIL) </b>– The provider of corporate digital learning programs jumped 4.5% in the premarket after reporting better-than-expected revenue and bookings for its latest quarter as well as raising its full-year guidance.</p><p><blockquote><b>Skillsoft(SKIL)</b>-这家企业数字学习项目提供商在公布最新季度的收入和预订量好于预期并上调全年指引后，盘前股价上涨4.5%。</blockquote></p><p> <b>Just Eat Takeaway(GRUB) </b>– The food delivery service’s stock slid 3.2% in premarket trading after&nbsp;Amazon(AMZN) and&nbsp;Deliveroo&nbsp;announced a partnership that will offer free food delivery in the U.K. to Amazon Prime members.</p><p><blockquote><b>就吃外卖(GRUB)</b>-在亚马逊(AMZN)和户户送宣布建立合作伙伴关系，将在英国向亚马逊Prime会员提供免费食品配送服务后，该食品配送服务公司的股价在盘前交易中下跌3.2%。</blockquote></p><p> <b>Sage Therapeutics(SAGE)</b> – The drug maker’s shares rallied 3.3% in the premarket after the FDA granted fast-track status to the company’s experimental treatment for Huntington’s disease. Sage expects to start a phase 2 trial for the treatment before the end of 2021.</p><p><blockquote><b>SAGE治疗公司(SAGE)</b>-在FDA授予该公司亨廷顿舞蹈症实验性治疗快速通道地位后，该制药商股价在盘前上涨3.3%。Sage预计将在2021年底前开始该治疗的2期试验。</blockquote></p><p></p><p> <b>SoFi Technologies(SOFI) </b>– The fintech company’s stock added 3% in premarket action after Mizuho began coverage with a “buy” rating and a $28 price target compared with Tuesday’s close of $14.50. Mizuho said SoFi is becoming a “full-fledged, super-app neo-bank” with next-generation capabilities.</p><p><blockquote><b>索菲科技(SOFI)</b>-瑞穗开始给予“买入”评级和28美元目标价（周二收盘价为14.50美元）后，这家金融科技公司的股价在盘前上涨了3%。瑞穗表示，SoFi正在成为一家具有下一代功能的“成熟的超级应用新银行”。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","REGN":"再生元制药公司","CTXS":"思杰系统","LVS":"金沙集团","GSKY":"Greensky Inc.","CROX":"卡骆驰","WEBR":"Weber Inc.","WYNN":"永利度假村","YUMC":"百胜中国","SKIL":"Skillsoft Corp.","SAGE":"Sage Therapeutics","MSFT":"微软",".IXIC":"NASDAQ Composite","AAPL":"苹果",".DJI":"道琼斯","CNI":"加拿大国家铁路"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112301233","content_text":"U.S. stock index futures edged higher on Wednesday on easing fears of an earlier-than-expected cut to monetary stimulus, even though a slowing economic recovery and uncertainty over higher corporate taxes weighed on sentiment.\nU.S. S&P 500 E-minis were up 4.25 points, or 0.1% at 08:00 am ET. Dow E-minis were up 10 points, while Nasdaq 100 E-minis were up 21.75 points, or 0.14%.\n\nApple Inc rose around 0.2% in premarket trading, after tumbling 1% in the last session on a somewhat lukewarm response to the unveiling of its Phone 13 and a new iPad mini.\nInvestors will parse data on U.S. industrial production at 9:15 a.m. for clues about the state of the economic recovery. Economists forecast that output rose in August.\nStocks making the biggest moves premarket:\nMicrosoft(MSFT) – Microsoft announced an 11% dividend hike, raising its quarterly payout to 62 cents per share from 56 cents, as well as announcing a $60 billion stock buyback program. Microsoft added 1.3% in the premarket.\nWeber(WEBR) – The grill maker’s stock jumped 2% in the premarket, following its first quarterly report since going public in August. Weber’s sales rose 19% from a year earlier, and the company projected full-year sales largely above current Wall Street forecasts.\nWynn Resorts(WYNN),Las Vegas Sands(LVS) – Macau-related casino stocks tumbled in premarket trading as regulators begin a 45-day period of considering tighter regulations on Macau’s gaming industry. Officials say they want “sustained and healthy development” in the world’s biggest gambling hub, but investors are worried over the impact of potential changes. Wynn fell 5.3% in the premarket while Las Vegas Sands slid 4.8%.\nNikola(NKLA) – IVECO and Nikola inaugurated joint-venture manufacturing facility for electric heavy-duty trucks in Ulm, Germany.Nikola shares jumped 3.6% in premarket trading.\nGreenSky(GSKY) – Goldman Sachs Group Inc. is buying specialty lender GreenSky Inc. for $2.2 billion, striking a deal it hopes will further its reinvention from Wall Street powerhouse to Main Street player.GreenSky stock Popped 45% in premarket trading.\nCanadian National Railway(CNI) – Canadian National will not improve its offer to buy Kansas City Southern(KSU), according to people familiar with the situation who spoke to CNBC’s David Faber. That would clear the way for Canadian Pacific Railway(CP) to buy Kansas City Southern, after Kansas City Southern’s board declared Canadian Pacific’s latest offer as “superior.”\nRegeneron Pharmaceuticals(REGN) – The drugmaker announced that the U.S. government would buy an additional 1.4 million doses of Regeneron’s Covid-19 antibody cocktail. That will bring the total number of doses purchased by the government to nearly 3 million. Regeneron rose 2.7% in premarket trading.\nYum China(YUMC) – Yum China warned that the spread of the Covid-19 delta variant would result in a 50% to 60% hit to its third-quarter profit. The restaurant operator said it had to close or limit service at more than 500 restaurants in August due to the delta variant outbreak in China. Yum China shares tumbled 4.5% in premarket action.\nCitrix Systems(CTXS) – Citrix is working with advisers to consider a possible sale of the company, according to people familiar with the matter who spoke to Bloomberg. The maker of workplace software will gauge potential interest in the company over the next few weeks and could decide to remain independent. Citrix rallied 5% in the premarket.\nCrocs(CROX) – Crocs added 1.1% in premarket trading following Tuesday’s 8.5% gain. That came after the shoe maker’s Investor Day where it projected better-than-expected full-year revenue and announced an accelerated share repurchase program.\nSkillsoft(SKIL) – The provider of corporate digital learning programs jumped 4.5% in the premarket after reporting better-than-expected revenue and bookings for its latest quarter as well as raising its full-year guidance.\nJust Eat Takeaway(GRUB) – The food delivery service’s stock slid 3.2% in premarket trading after Amazon(AMZN) and Deliveroo announced a partnership that will offer free food delivery in the U.K. to Amazon Prime members.\nSage Therapeutics(SAGE) – The drug maker’s shares rallied 3.3% in the premarket after the FDA granted fast-track status to the company’s experimental treatment for Huntington’s disease. Sage expects to start a phase 2 trial for the treatment before the end of 2021.\nSoFi Technologies(SOFI) – The fintech company’s stock added 3% in premarket action after Mizuho began coverage with a “buy” rating and a $28 price target compared with Tuesday’s close of $14.50. Mizuho said SoFi is becoming a “full-fledged, super-app neo-bank” with next-generation capabilities.","news_type":1,"symbols_score_info":{"ESmain":0.9,"YUMC":0.9,"GSKY":0.9,"REGN":0.9,"NKLA":0.9,"SAGE":0.9,"CTXS":0.9,"WEBR":0.9,"CROX":0.9,".DJI":0.9,".IXIC":0.9,"CNI":0.9,"SKIL":0.9,".SPX":0.9,"AAPL":0.9,"MSFT":0.9,"WYNN":0.9,"LVS":0.9,"YMmain":0.9,"GRUB":0.9,"NQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1493,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886032119,"gmtCreate":1631537145531,"gmtModify":1631888739639,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886032119","repostId":"2166303094","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888180459,"gmtCreate":1631456365671,"gmtModify":1631888739640,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888180459","repostId":"1189654544","repostType":4,"repost":{"id":"1189654544","kind":"news","pubTimestamp":1631406130,"share":"https://www.laohu8.com/m/news/1189654544?lang=zh_CN&edition=full","pubTime":"2021-09-12 08:22","market":"us","language":"en","title":"US IPO Week Ahead: The Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1189654544","media":"Renaissance Capital","summary":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion i","content":"<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</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9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。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Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>","source":"lsy1603787993745","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 Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</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 Fall IPO market kicks off with a 10 IPO week<blockquote>美国IPO周：秋季IPO市场以10周IPO拉开帷幕</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-09-12 08:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.</p><p><blockquote>在短暂的假期周经历了一波发行之后，未来一周将有10起IPO计划筹集超过30亿美元的资金。</blockquote></p><p> Tech consultancy&nbsp;<b>Thoughtworks</b>(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.</p><p><blockquote>技术咨询<b>Thoughtworks</b>(TWKS)计划以63亿美元的市值筹集7亿美元。这家敏捷软件开发商为300多家企业客户提供优质的端到端数字战略、设计和工程服务。从2017年到2020年，该公司的收入复合年增长率为14%，并在2020年和2021年上半年扩大了利润率。</blockquote></p><p> Swiss running shoe brand&nbsp;<b>On Holding</b>(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.</p><p><blockquote>瑞士跑鞋品牌<b>持有时</b>(ONON)计划以59亿美元的市值筹集5.91亿美元。On是一家全球优质运动鞋、服装和配饰供应商，采用可持续材料及其专有技术设计。尽管面临来自其他知名运动服装品牌的激烈竞争，但该公司已展现出增长和盈利能力。</blockquote></p><p> After ending talks to go public via SPAC,<b>Sportradar Group</b>(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.</p><p><blockquote>在结束通过SPAC上市的谈判后，<b>Sportradar集团</b>(SRAD)计划以79亿美元的市值筹集5.04亿美元。这家瑞士公司每年报道83项运动的750,000多场赛事，为体育联盟、博彩运营商和媒体公司提供软件、数据和内容。Sportradar已实现盈利，随着体育直播的恢复，2021年上半年增长加速。</blockquote></p><p> Drive-thru coffee chain&nbsp;<b>Dutch Bros</b>(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.</p><p><blockquote>得来速咖啡连锁店<b>荷兰兄弟</b>(BROS)计划以33亿美元的市值筹集4亿美元。这家总部位于俄勒冈州的公司在美国西部拥有471家得来速咖啡店连锁店，随着业务扩展到新州，它一直能够保持同店销售增长的记录。内部人士收到了IPO前的股息，并将把股票卖回给公司。</blockquote></p><p> Healthcare intelligence platform&nbsp;<b>Definitive Healthcare</b>(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.</p><p><blockquote>医疗智能平台<b>权威医疗保健</b>(DH)计划以33亿美元的市值筹集3.5亿美元。该公司提供医疗保健商业智能和分析平台，帮助其客户分析、导航和销售复杂的医疗保健生态系统。由于增长强劲，Definitive Healthcare尚未盈利，但将在IPO后进行杠杆化。</blockquote></p><p> Identity management platform&nbsp;<b>ForgeRock</b>(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.</p><p><blockquote>身份管理平台<b>ForgeRock</b>(FORG)计划以21亿美元的市值筹集2.48亿美元。该公司提供身份和访问管理软件，以及一个提供、认证和管理所有类型数字身份的平台。由于销售和营销费用高昂，ForgeRock无利可图，是价值数十亿美元的身份和访问市场中领先的下一代提供商。</blockquote></p><p> Immunology biotech&nbsp;<b>DICE Therapeutics</b>(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.</p><p><blockquote>免疫学生物技术<b>骰子疗法</b>(DICE)计划以5.5亿美元的市值筹集1.6亿美元。这家生物技术公司正在开发口服小分子疗法，以治疗免疫学和其他治疗领域的慢性疾病。DICE计划启动其主要候选药物S011806的1期试验，这是一种具有多种免疫学适应症的口服拮抗剂。</blockquote></p><p> Surgical robotics developer&nbsp;<b>PROCEPT BioRobotics</b>(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.</p><p><blockquote>手术机器人开发商<b>PROCEPT生物机器人</b>(PRCT)计划以11亿美元的市值筹集1.27亿美元。这家商业阶段的公司开发用于微创泌尿外科手术的手术机器人系统，最初的重点是治疗良性前列腺增生。PROCEPT BioRobotics非常无利可图，2021年上半年收入增长了六倍多。</blockquote></p><p> Oncology biotech&nbsp;<b>Tyra Biosciences</b>(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.</p><p><blockquote>肿瘤生物技术<b>泰拉生物科学公司</b>(TYRA)计划以5.84亿美元的市值筹集1.01亿美元。这家临床前生物技术公司正在开发用于癌症，特别是实体瘤的FGFR激酶抑制剂。Tyra的主要候选药物最初专注于膀胱癌，该公司预计将于2022年中期提交IND。</blockquote></p><p> Micro-cap gas delivery service&nbsp;<b>EzFill Holdings</b>(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.</p><p><blockquote>微帽气体输送服务<b>埃兹菲尔控股</b>(EZFL)计划以1.04亿美元的市值筹集2500万美元。这家移动加油公司通过移动应用程序在佛罗里达州提供按需加油服务。由于爆炸性增长，EzFill表示，它是南佛罗里达州市场的主导者。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/718698ff98644c4026f32efe91d076c6\" tg-width=\"1128\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/97fe13300d9e4cf61effc59b9706776a\" tg-width=\"1129\" tg-height=\"247\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&amp;P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</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9/9/21，文艺复兴IPO指数今年迄今上涨了7.7%，而标普500上涨了19.6%。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Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌11.0%，而ACWX指数上涨10.0%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week\">Renaissance Capital</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":{"SRAD":"Sportradar Group AG",".DJI":"道琼斯",".SPX":"S&P 500 Index","DH":"Definitive Healthcare Corp.","TWKS":"Thoughtworks Holding Inc.",".IXIC":"NASDAQ Composite","BROS":"Dutch Bros Inc.","ONON":"On Holding AG","DICE":"DICE Therapeutics, Inc.","FORG":"ForgeRock, Inc.","PRCT":"PROCEPT BioRobotics","TYRA":"Tyra Biosciences, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85972/US-IPO-Week-Ahead-The-Fall-IPO-market-kicks-off-with-a-10-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189654544","content_text":"After a wave of launches in the short holiday week, 10 IPOs are scheduled to raise over $3 billion in the week ahead.\nTech consultancy Thoughtworks(TWKS) plans to raise $700 million at a $6.3 billion market cap. This agile software developer provides premium, end-to-end digital strategy, design, and engineering services to more than 300 enterprise customers. The company grew revenue at a 14% CAGR from 2017 to 2020, and expanded margins in 2020 and the 1H21.\nSwiss running shoe brand On Holding(ONON) plans to raise $591 million at a $5.9 billion market cap. On is a global provider of premium athletic footwear, apparel, and accessories that are designed using sustainable materials and its proprietary technology. The company has demonstrated growth and profitability, though it faces significant competition from other well-known sportswear brands.\nAfter ending talks to go public via SPAC,Sportradar Group(SRAD) plans to raise $504 million at a $7.9 billion market cap. Covering over 750,000 events annually across 83 sports, this Swiss company provides software, data, and content to sports leagues, betting operators, and media companies. Sportradar is profitable, and growth accelerated in the 1H21 as live sports resumed.\nDrive-thru coffee chain Dutch Bros(BROS) plans to raise $400 million at a $3.3 billion market cap. This Oregon-based company has a chain of 471 drive-thru coffee shops in the Western US, and it has been able to maintain a track record of same-store sales growth as it has expanded to new states. Insiders received pre-IPO dividends and will sell shares back to the company.\nHealthcare intelligence platform Definitive Healthcare(DH) plans to raise $350 million at a $3.3 billion market cap. This company provides a healthcare commercial intelligence and analytics platform, helping its customers to analyze, navigate, and sell into the complex healthcare ecosystem. Unprofitable with strong growth, Definitive Healthcare will be leveraged post-IPO.\nIdentity management platform ForgeRock(FORG) plans to raise $248 million at a $2.1 billion market cap. The company provides identity and access management software, with a platform to provision, authenticate, and govern all types of digital identities. Unprofitable with high sales and marketing expenses, ForgeRock is a leading next-gen provider in the multi-billion-dollar identity and access market.\nImmunology biotech DICE Therapeutics(DICE) plans to raise $160 million at a $550 million market cap. This biotech is developing oral small molecule therapies to treat chronic diseases in immunology and other therapeutic areas. DICE plans to initiate a Phase 1 trial of its lead candidate S011806, an oral antagonist with a variety of immunology indications.\nSurgical robotics developer PROCEPT BioRobotics(PRCT) plans to raise $127 million at a $1.1 billion market cap. This commercial-stage company develops surgical robotic systems for minimally-invasive urologic surgery with an initial focus on treating benign prostatic hyperplasia. PROCEPT BioRobotics is highly unprofitable and saw revenue increase more than sixfold in the 1H21.\nOncology biotech Tyra Biosciences(TYRA) plans to raise $101 million at a $584 million market cap. This preclinical biotech is developing FGFR kinase inhibitors for cancer, specifically solid tumors. Tyra’s lead candidate is initially focused on bladder cancer, and the company expects to submit an IND for it in mid-2022.\nMicro-cap gas delivery service EzFill Holdings(EZFL) plans to raise $25 million at a $104 million market cap. This mobile-fueling company provides an on-demand fuel delivery service in Florida via mobile app. Highly unprofitable with explosive growth, EzFill states that it is the dominant player in the South Florida market.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 9/9/21, the Renaissance IPO Index was up 7.7% year-to-date, while the S&P 500 was up 19.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 11.0% year-to-date, while the ACWX was up 10.0%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"EZFL":0.9,"ONON":0.9,"DICE":0.9,"SRAD":0.9,".DJI":0.9,"DH":0.9,"BROS":0.9,"PRCT":0.9,"TYRA":0.9,"TWKS":0.9,".SPX":0.9,"FORG":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":345,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881589458,"gmtCreate":1631363119574,"gmtModify":1631888739651,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881589458","repostId":"2166375184","repostType":4,"isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883411500,"gmtCreate":1631262615300,"gmtModify":1631888739655,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"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/883411500","repostId":"1108076835","repostType":4,"repost":{"id":"1108076835","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":1631260909,"share":"https://www.laohu8.com/m/news/1108076835?lang=zh_CN&edition=full","pubTime":"2021-09-10 16:01","market":"us","language":"en","title":"UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets<blockquote>老虎证券报告称，超过60%的新资金账户是从国际市场获得的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108076835","media":"Tiger Newspress","summary":"$Leading$ online brokerage firm, UP Fintech Holding Limited  , today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.UP Fintech Holding Limited Reports Unaudit","content":"<p><a href=\"https://laohu8.com/S/LBIX\">Leading</a> online brokerage firm, UP Fintech Holding Limited (<a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>: TIGR) (“UP Fintech” or the “Company”), today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.</p><p><blockquote><a href=\"https://laohu8.com/S/LBIX\">领先的</a>网上经纪行、老虎证券控股有限公司(<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>：TIGR）（“老虎证券”或“公司”）今天公布截至2021年6月30日的第二季度收入为6020万美元，而2020年第二季度的收入为3030万美元。值得注意的是，该公司本季度超过60%的新增资金账户来自国际市场。增长是由增强的平台功能和对便捷获取全球经纪服务的需求不断增长推动的。</blockquote></p><p> <a href=\"https://ir.itiger.com/news-releases/news-release-details/fintech-holding-limited-reports-unaudited-second-quarter-2021\" target=\"_blank\"><b>UP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results</b></a></p><p><blockquote><a href=\"https://ir.itiger.com/news-releases/news-release-details/fintech-holding-limited-reports-unaudited-second-quarter-2021\" target=\"_blank\"><b>老虎证券控股有限公司报告未经审计的2021年第二季度财务业绩</b></a></blockquote></p><p> “We maintained our solid business momentum with a high client retention rate and increased operational synergies, ”commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”</p><p><blockquote>老虎证券创始人兼首席执行官巫天华先生评论道：“我们保持了稳健的业务势头，客户保留率高，运营协同效应增强。”“我对我们公司和行业的积极前景充满信心。我们的唯一重点是利用技术提高投资效率，我们致力于增加产品的广度和多样性，并利用我们在承保和ESOP（员工持股计划）方面的领先地位来吸引新客户。”</blockquote></p><p> During the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech’s local subsidiary, <a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a> (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.</p><p><blockquote>第二季度，资金账户总数增至52.91万个。该公司在2021年前六个月增加的资金账户数量超过了其整个累计运营历史。随着公司继续吸引来自多个国际市场的新客户，账户余额总额同比增长188.9%至239亿美元。在新加坡，老虎证券当地的子公司，<a href=\"https://laohu8.com/S/TIGR\">老虎证券</a>（新加坡）私人有限公司。有限公司推出了新产品和应用内功能，如行业热图、迷你美元/离岸人民币期货和OSE期货，补充了公司平台上广泛的分析工具和证券交易功能。</blockquote></p><p> The Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company’s presence in the Singaporean market.</p><p><blockquote>该公司最近还宣布，已获得原则批准成为中央存管（私人）有限公司（CDP）的结算会员，以及新加坡证券交易所交易有限公司（SGX）和新加坡交易所衍生品交易有限公司的交易会员。这些合作伙伴关系旨在改善用户体验，并进一步加强公司在新加坡市场的影响力。</blockquote></p><p> The Company’s ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter；ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.</p><p><blockquote>该公司的员工持股计划业务继续保持健康增长，新增客户51家，高于上一季度的41家；员工持股计划的采用正在加速，2021年前六个月，该公司增加的新客户比2020年全年都多。该公司是为初创企业在员工持股计划的每个阶段（从最初建立到执行和报告）提供广泛专业知识和指导的领导者。此外，本公司现正向A股公司提供员工持股计划服务，进一步扩大其潜在客户群。</blockquote></p><p> The Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million <a href=\"https://laohu8.com/S/AFG\">American</a> Depository Shares in the second quarter and even&nbsp;offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.</p><p><blockquote>该公司在17宗IPO中担任承销商或销售团队成员，共为29宗IPO提供认购，其中包括时代天使(HK：6699)和奈雪(HK：2150)等多宗备受瞩目的香港IPO。此外，公司完成了自己的后续发行650万<a href=\"https://laohu8.com/S/AFG\">美国的</a>第二季度存托股票，甚至为散户投资者提供了通过其旗舰移动交易应用程序Tiger Trade认购的机会。</blockquote></p><p> “While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients,” Wu stated. “User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”</p><p><blockquote>吴表示：“虽然市场会有起有落，竞争仍将激烈，但我们的创新平台和技术旨在为客户创造长期价值。”“用户体验一直是我们的首要任务，随着我们在短期内继续扩大全球足迹，我们看到了巨大的增长空间。”</blockquote></p><p> Safe Harbor Statement</p><p><blockquote>安全港声明</blockquote></p><p></p><p> This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. <a href=\"https://laohu8.com/S/FORD\">Forward</a>-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in <a href=\"https://laohu8.com/S/CAAS\">China</a> and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p><p><blockquote>本公告包含前瞻性陈述。这些声明是根据1995年美国私人证券诉讼改革法案的“安全港”条款做出的。这些前瞻性陈述可以通过“将”、“期望”、“预期”、“未来”、“打算”、“计划”、“相信”、“估计”和类似陈述等术语来识别。除其他陈述外，本公告中管理层的业务展望和报价以及公司的战略和运营计划包含前瞻性陈述。公司还可能在向美国证券交易委员会（“SEC”）提交的20-F和6-K表格定期报告、向股东提交的年度报告、新闻稿和其他书面材料以及其管理人员、董事或员工向第三方做出的口头声明中做出书面或口头前瞻性陈述。非历史事实的陈述，包括有关公司信念和期望的陈述，都是前瞻性陈述。<a href=\"https://laohu8.com/S/FORD\">向前</a>-前瞻性陈述涉及固有风险和不确定性。许多因素可能导致实际结果与任何前瞻性陈述中包含的结果存在重大差异，包括但不限于以下内容：公司的增长战略；全球金融市场的趋势和竞争；全球新冠肺炎疫情的影响；以及与本公司所处行业及整体经济状况有关的政府政策<a href=\"https://laohu8.com/S/CAAS\">中国</a>和其他国家。有关这些和其他风险的更多信息包含在公司向SEC提交的文件中。本新闻稿和附件中提供的所有信息均截至本新闻稿发布之日，公司不承担更新任何前瞻性声明的义务，除非适用法律要求。</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>UP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets<blockquote>老虎证券报告称，超过60%的新资金账户是从国际市场获得的</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\">\nUP Fintech Reports More Than 60% of Newly Funded Accounts Acquired From International Markets<blockquote>老虎证券报告称，超过60%的新资金账户是从国际市场获得的</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\">2021-09-10 16:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/LBIX\">Leading</a> online brokerage firm, UP Fintech Holding Limited (<a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>: TIGR) (“UP Fintech” or the “Company”), today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.</p><p><blockquote><a href=\"https://laohu8.com/S/LBIX\">领先的</a>网上经纪行、老虎证券控股有限公司(<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>：TIGR）（“老虎证券”或“公司”）今天公布截至2021年6月30日的第二季度收入为6020万美元，而2020年第二季度的收入为3030万美元。值得注意的是，该公司本季度超过60%的新增资金账户来自国际市场。增长是由增强的平台功能和对便捷获取全球经纪服务的需求不断增长推动的。</blockquote></p><p> <a href=\"https://ir.itiger.com/news-releases/news-release-details/fintech-holding-limited-reports-unaudited-second-quarter-2021\" target=\"_blank\"><b>UP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results</b></a></p><p><blockquote><a href=\"https://ir.itiger.com/news-releases/news-release-details/fintech-holding-limited-reports-unaudited-second-quarter-2021\" target=\"_blank\"><b>老虎证券控股有限公司报告未经审计的2021年第二季度财务业绩</b></a></blockquote></p><p> “We maintained our solid business momentum with a high client retention rate and increased operational synergies, ”commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”</p><p><blockquote>老虎证券创始人兼首席执行官巫天华先生评论道：“我们保持了稳健的业务势头，客户保留率高，运营协同效应增强。”“我对我们公司和行业的积极前景充满信心。我们的唯一重点是利用技术提高投资效率，我们致力于增加产品的广度和多样性，并利用我们在承保和ESOP（员工持股计划）方面的领先地位来吸引新客户。”</blockquote></p><p> During the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech’s local subsidiary, <a href=\"https://laohu8.com/S/TIGR\">Tiger Brokers</a> (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.</p><p><blockquote>第二季度，资金账户总数增至52.91万个。该公司在2021年前六个月增加的资金账户数量超过了其整个累计运营历史。随着公司继续吸引来自多个国际市场的新客户，账户余额总额同比增长188.9%至239亿美元。在新加坡，老虎证券当地的子公司，<a href=\"https://laohu8.com/S/TIGR\">老虎证券</a>（新加坡）私人有限公司。有限公司推出了新产品和应用内功能，如行业热图、迷你美元/离岸人民币期货和OSE期货，补充了公司平台上广泛的分析工具和证券交易功能。</blockquote></p><p> The Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company’s presence in the Singaporean market.</p><p><blockquote>该公司最近还宣布，已获得原则批准成为中央存管（私人）有限公司（CDP）的结算会员，以及新加坡证券交易所交易有限公司（SGX）和新加坡交易所衍生品交易有限公司的交易会员。这些合作伙伴关系旨在改善用户体验，并进一步加强公司在新加坡市场的影响力。</blockquote></p><p> The Company’s ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter；ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.</p><p><blockquote>该公司的员工持股计划业务继续保持健康增长，新增客户51家，高于上一季度的41家；员工持股计划的采用正在加速，2021年前六个月，该公司增加的新客户比2020年全年都多。该公司是为初创企业在员工持股计划的每个阶段（从最初建立到执行和报告）提供广泛专业知识和指导的领导者。此外，本公司现正向A股公司提供员工持股计划服务，进一步扩大其潜在客户群。</blockquote></p><p> The Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million <a href=\"https://laohu8.com/S/AFG\">American</a> Depository Shares in the second quarter and even&nbsp;offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.</p><p><blockquote>该公司在17宗IPO中担任承销商或销售团队成员，共为29宗IPO提供认购，其中包括时代天使(HK：6699)和奈雪(HK：2150)等多宗备受瞩目的香港IPO。此外，公司完成了自己的后续发行650万<a href=\"https://laohu8.com/S/AFG\">美国的</a>第二季度存托股票，甚至为散户投资者提供了通过其旗舰移动交易应用程序Tiger Trade认购的机会。</blockquote></p><p> “While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients,” Wu stated. “User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”</p><p><blockquote>吴表示：“虽然市场会有起有落，竞争仍将激烈，但我们的创新平台和技术旨在为客户创造长期价值。”“用户体验一直是我们的首要任务，随着我们在短期内继续扩大全球足迹，我们看到了巨大的增长空间。”</blockquote></p><p> Safe Harbor Statement</p><p><blockquote>安全港声明</blockquote></p><p></p><p> This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. <a href=\"https://laohu8.com/S/FORD\">Forward</a>-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in <a href=\"https://laohu8.com/S/CAAS\">China</a> and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.</p><p><blockquote>本公告包含前瞻性陈述。这些声明是根据1995年美国私人证券诉讼改革法案的“安全港”条款做出的。这些前瞻性陈述可以通过“将”、“期望”、“预期”、“未来”、“打算”、“计划”、“相信”、“估计”和类似陈述等术语来识别。除其他陈述外，本公告中管理层的业务展望和报价以及公司的战略和运营计划包含前瞻性陈述。公司还可能在向美国证券交易委员会（“SEC”）提交的20-F和6-K表格定期报告、向股东提交的年度报告、新闻稿和其他书面材料以及其管理人员、董事或员工向第三方做出的口头声明中做出书面或口头前瞻性陈述。非历史事实的陈述，包括有关公司信念和期望的陈述，都是前瞻性陈述。<a href=\"https://laohu8.com/S/FORD\">向前</a>-前瞻性陈述涉及固有风险和不确定性。许多因素可能导致实际结果与任何前瞻性陈述中包含的结果存在重大差异，包括但不限于以下内容：公司的增长战略；全球金融市场的趋势和竞争；全球新冠肺炎疫情的影响；以及与本公司所处行业及整体经济状况有关的政府政策<a href=\"https://laohu8.com/S/CAAS\">中国</a>和其他国家。有关这些和其他风险的更多信息包含在公司向SEC提交的文件中。本新闻稿和附件中提供的所有信息均截至本新闻稿发布之日，公司不承担更新任何前瞻性声明的义务，除非适用法律要求。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108076835","content_text":"Leading online brokerage firm, UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), today reported revenues of US$60.2 million for the second quarter ended June 30, 2021 compared to revenue of US$30.3 million in the second quarter of 2020. Notably, more than 60% of the Company’s newly funded accounts were derived from international markets in the quarter. Growth was driven by enhanced platform capabilities and rising demand for convenient access to global brokerage services.\nUP Fintech Holding Limited Reports Unaudited Second Quarter 2021 Financial Results\n“We maintained our solid business momentum with a high client retention rate and increased operational synergies, ”commented Mr. Wu Tianhua, founder and CEO of UP Fintech. “I am confident in the positive outlook for our Company and our industry. Our singular focus is to employ technology to make investing more efficient and we are committed to increasing the breadth and diversity of our product offerings, as well as leveraging our leading position in underwriting and ESOP (Employee Share Ownership Plans) to attract new clients.”\nDuring the second quarter, the total number of funded accounts increased to 529,100. The Company added more funded accounts in the first six months of 2021 than it did in its entire cumulative operating history. The total account balance increased 188.9% year-over-year to US$23.9 billion as the Company continued to attract new clients from multiple international markets. In Singapore, UP Fintech’s local subsidiary, Tiger Brokers (Singapore) Pte. Ltd., launched new products and in-APP functions such as an industry heatmap, Mini USD/CNH futures, and OSE futures, supplementing the wide range of analytical tools and securities trading functions available on the Company’s platform.\nThe Company also recently announced that it has received approval-in-principle to be admitted as a Clearing Member of The Central Depository (Pte) Limited (CDP), and a trading member of Singapore Exchange Securities Trading Limited (SGX) and Singapore Exchange Derivatives Trading Limited. These partnerships aim to improve the user experience and further strengthen the Company’s presence in the Singaporean market.\nThe Company’s ESOP business continued to exhibit healthy growth with 51 new clients, up from 41 new clients in the previous quarter；ESOP adoption is accelerating and in the first six months of 2021 the Company added more new clients than it did in all of 2020. The Company is a leader in providing extensive expertise and guidance for start-ups at every stage of their ESOP from initial establishment through to execution and reporting. In addition, the Company is now offering its ESOP service to A-Share companies, further expanding its prospective client base.\nThe Company served as an underwriter or member of the selling group in 17 IPOs, and in total provided subscriptions to 29 IPOs, including several high profile Hong Kong IPOs such as those of Angelalign (HK:6699) and Nayuki (HK:2150). In addition, The Company completed its own follow-on offering of 6.5 million American Depository Shares in the second quarter and even offered retail investors the opportunity to subscribe through its flagship mobile trading APP, Tiger Trade.\n“While the market will have its ups and downs and competition will remain intense, our innovative platform and technology have been built to create long term value for our clients,” Wu stated. “User experience has always been our top priority and we see significant room for growth as we continue to broaden our global footprint in the near-term.”\n\nSafe Harbor Statement\nThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other statements, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; trends and competition in global financial markets; the effects of the global COVID-19 pandemic; and governmental policies relating to the Company’s industry and general economic conditions in China and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880478254,"gmtCreate":1631076814778,"gmtModify":1631888739655,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880478254","repostId":"1156621493","repostType":4,"isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880478373,"gmtCreate":1631076783692,"gmtModify":1631888739661,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880478373","repostId":"1148263008","repostType":4,"isVote":1,"tweetType":1,"viewCount":1001,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817723622,"gmtCreate":1630990184166,"gmtModify":1631888739666,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817723622","repostId":"2165880909","repostType":4,"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814537979,"gmtCreate":1630841478191,"gmtModify":1631891763545,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814537979","repostId":"1157895022","repostType":4,"repost":{"id":"1157895022","kind":"news","pubTimestamp":1630810619,"share":"https://www.laohu8.com/m/news/1157895022?lang=zh_CN&edition=full","pubTime":"2021-09-05 10:56","market":"us","language":"en","title":"Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157895022","media":"MarketWatch","summary":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do ","content":"<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯·霍华德(Vance Howard)的HCM战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的HCM战术增长基金HCMGX,+0.35%在过去五年中的年化增长率比罗素1000基准指数和大型混合基金类别高出8.5-10.4个百分点。这不是一个小壮举，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化分析师从不分享他们专有系统的所有细节，但正如你将看到的，霍华德分享了很多。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12只交易所交易基金(ETF)和四只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化让我们注定要失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：有一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔500SPX（-0.03%）或道琼斯工业平均指数DJIA（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌6.5%，他就再卖出35%。他很少100%现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“有时候，不赔钱才是你想要的，”他说。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做长。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过iShares US HealthcareIYH(-0.04%)和ProShares Ultra Health CareRXL(+0.12%)ETF进行交易。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过iShares US Consumer ServicesIYC(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+0.43%)和特斯拉TSLA(+0.16%)。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和HCM Defender 500 IndexLGH，+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌1%-3%时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的HCM战术增长基金自2015年推出以来，曾连续两年表现不佳，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Beat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</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\">\nBeat the market with this quant system that’s very bullish on stocks at record highs<blockquote>利用这个非常看好历史新高股票的量化系统击败市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-09-05 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.</b>  Imagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.</p><p><blockquote><b>万斯·霍华德(Vance Howard)的HCM战术增长基金在谨慎的情况下让您进出股市。到目前为止，他的计算机科学家团队的策略已经得到了回报。</b>想象一下，当你坐下来享受生活时，你有一台赚钱机器在股市中收获收益。</blockquote></p><p> That’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.</p><p><blockquote>那是每个人的梦想，对吧？投资者万斯·霍华德认为他已经找到了。</blockquote></p><p> Howard and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.</p><p><blockquote>霍华德和他的一小队计算机程序员在佐治亚州罗斯威尔的资本管理公司工作。，有一个量化系统，张贴巨大的回报。</blockquote></p><p> His HCM Tactical Growth Fund&nbsp;HCMGX,+0.35%beats its Russell 1000&nbsp;benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.</p><p><blockquote>根据晨星公司的数据，他的HCM战术增长基金HCMGX,+0.35%在过去五年中的年化增长率比罗素1000基准指数和大型混合基金类别高出8.5-10.4个百分点。这不是一个小壮举，不仅因为它必须克服2.22%的费用。战胜市场并不容易。他的HCM Dividend Sector PlusHCMQX,-0.05%)和HCM Income PlusHCMLX,+0.30%基金也表现类似。</blockquote></p><p> There are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?</p><p><blockquote>有缺点，我在下面详述。（其中包括：潜在的长期表现不佳和定期的税单。）但首先，我们能从这位赢家身上学到什么？</blockquote></p><p> So-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.</p><p><blockquote>所谓的量化分析师从不分享他们专有系统的所有细节，但正如你将看到的，霍华德分享了很多。这位德克萨斯州牧场主有很多基于“马的感觉”的好建议——考虑到他对市场富有感染力的热情，以及他三十年的职业经验，这并不奇怪。</blockquote></p><p> Here are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.</p><p><blockquote>以下是最近对他的采访中的五个教训、12只交易所交易基金(ETF)和四只值得考虑的股票。</blockquote></p><p> <b>Lesson #1: Don’t be emotional</b></p><p><blockquote><b>第一课：不要情绪化</b></blockquote></p><p> It’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.</p><p><blockquote>难怪这么多人在市场上表现不佳。进化让我们注定要失败。为了生存，我们学会了逃避让我们害怕的事情。渴望更多令人愉快的东西——比如甜食或脂肪，以便在长时间没有食物之前储存卡路里。但在市场中，对恐惧和贪婪的情绪采取行动总是会让我们在错误的时间做错误的事情。底部卖出，顶部买入。</blockquote></p><p> Likewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.</p><p><blockquote>同样，我们被设定为相信和人群在一起会带来安全。如果你是稀树草原上的斑马，如果你单干，你更有可能被捕食者吃掉。这里的问题是，成为人群的一部分——以及人群心理——让我们变得愚蠢到纯粹的情感层面。这就是为什么人群中的人会做他们自己永远不会做的可怕的事情。你有多聪明并不重要。当你加入一个人群时，你会失去很多智商点。基本情绪占了上风。</blockquote></p><p> To do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”</p><p><blockquote>要想在市场上做得好，你必须抵制这些倾向。“个人投资者和基金经理犯的最大错误之一就是变得情绪化，”霍华德说。“放下你的情绪。”</blockquote></p><p> <b>Lesson #2: Have a system and stick to it</b></p><p><blockquote><b>第二课：有一个系统并坚持下去</b></blockquote></p><p> To exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.</p><p><blockquote>驱除情绪，要有一个系统。“不要怀疑它，”霍华德说。“这可以防止你被大流行或阿富汗吓出市场。”他评级了他的系统HCM-购买线。它基本上是一个动量和趋势跟踪系统——通常在市场上运行良好。</blockquote></p><p> The HCM-BuyLine basically works like this. First, rather than use the S&amp;P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.</p><p><blockquote>HCM-BuyLine基本上是这样工作的。首先，霍华德没有使用标准普尔500SPX（-0.03%）或道琼斯工业平均指数DJIA（-0.21%），而是混合了几个股票指数来创建自己的指数。然后他使用移动平均线来告诉他市场是处于上升趋势还是下降趋势。</blockquote></p><p> When the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.</p><p><blockquote>当移动平均线下跌3.5%时，他卖出35%。如果下跌6.5%，他就再卖出35%。他很少100%现金。</blockquote></p><p> “If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”</p><p><blockquote>“如果买入线为正，无论如何我们都会长期持有，”他说。“我们通过让数学来决定，将所有情感从等式中剔除。”</blockquote></p><p> Right now, it’s bullish. (More on this below.)</p><p><blockquote>目前，情况看涨。（更多信息见下文。）</blockquote></p><p> Your system also has to tell you when to get back in.</p><p><blockquote>你的系统还必须告诉你什么时候回去。</blockquote></p><p> “That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.</p><p><blockquote>“这就是大多数人搞砸的地方，”他说。“他们退出市场，不知道什么时候才能重新进入。”当他的定制指数连续六个交易日高于其移动平均线时，HCM-买入线会发出买入信号，然后继续高于这六天触及的高点。</blockquote></p><p> You don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.</p><p><blockquote>你不需要一个评级精确市场顶部或底部的系统。相反，买入线让霍华德在85%的时间里远离低迷的市场，在85%的好时光里远离。</blockquote></p><p> “If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”</p><p><blockquote>“如果我们能够始终如一地做到这一点，我们就会获得更高的回报和更少的生活压力，”他说。“在一盘糟糕的磁带中全力以赴一点也不好玩。”</blockquote></p><p> His system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.</p><p><blockquote>他的系统让他退出市场很慢，但让他回来很快。即使是10%的修正也不一定能让他出局。他经常买入那些回调。快速反弹是有意义的，因为从底部恢复往往会很快。</blockquote></p><p> “The HCM-BuyLine takes all the emotion out of the process,” says Howard.</p><p><blockquote>“HCM-BuyLine消除了整个过程中的所有情绪，”霍华德说。</blockquote></p><p> <b>Lesson #3: Don’t fight the tape</b></p><p><blockquote><b>第三课：不要和磁带作对</b></blockquote></p><p> This concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”</p><p><blockquote>这一概念是马蒂·茨威格经典著作《在华尔街获胜》中的核心智慧之一。</blockquote></p><p></p><p> “You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”</p><p><blockquote>“你必须站在市场的正确一边，”霍华德表示同意。“如果你试图在糟糕的市场中做多，那是很痛苦的。”</blockquote></p><p> In other words, don’t try to be a hero.</p><p><blockquote>换句话说，不要试图成为英雄。</blockquote></p><p> “Sometimes, not losing money is where you want to be,” he says.</p><p><blockquote>“有时候，不赔钱才是你想要的，”他说。</blockquote></p><p> Likewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.</p><p><blockquote>同样，不要仅仅因为市场创下新高就变得谨慎——就像现在这样。你应该喜欢新高，因为这是市场力量的标志，可能会持续下去。</blockquote></p><p> <b>Lesson #4: Keep it simple</b></p><p><blockquote><b>第四课：保持简单</b></blockquote></p><p> As you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.</p><p><blockquote>正如您将在下面看到的，霍华德不使用衍生品、掉期或指数期权等深奥工具。他甚至不交易外国股票或货币。这对个人投资者来说令人耳目一新，因为我们更难获得这些工具。</blockquote></p><p> “You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”</p><p><blockquote>“你不必交易疯狂的东西，”他说。“你可以交易普通的ETF并击败所有人。”</blockquote></p><p> <b>Lesson #5: How to trade the current market</b></p><p><blockquote><b>第5课：如何交易当前市场</b></blockquote></p><p> First, be long.</p><p><blockquote>首先，做长。</blockquote></p><p> “The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”</p><p><blockquote>“HCM-购买线非常积极。我们100%参与，”霍华德说。“市场正在扩大。它变得相当令人兴奋。我们认为它不会很快好转。我们正在买入回调。”</blockquote></p><p> One bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”</p><p><blockquote>一个看涨信号是所有现金都在观望。“如果新冠疫情有所缓解，我们可能会看到大幅反弹。我们可能会以一个伟大的秋季[季节]结束。”</blockquote></p><p> Howard uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.</p><p><blockquote>霍华德也使用动量指标来选择股票和ETF。对于行业，他倾向于以下几点。</blockquote></p><p> He likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.</p><p><blockquote>他喜欢医疗保健，可通过iShares US HealthcareIYH(-0.04%)和ProShares Ultra Health CareRXL(+0.12%)ETF进行交易。他变得更加看好生物技术，他通过iShares Biotechnology ETFIBB进行投资，-0.11%。</blockquote></p><p> He likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and&nbsp;iShares SemiconductorSOXX,+0.75%.</p><p><blockquote>他喜欢通过iShares US Consumer ServicesIYC(-0.30%)进行交易的非必需消费品，以及通过US Global JetsJETS(-1.17%)进行交易的航空公司。他还喜欢通过Invesco QQQ TrustQQQ(+0.31%)、iShares US TechnologyIYW(+0.50%)进行科技投资和iShares半导体SOXX，+0.75%。</blockquote></p><p> He likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.</p><p><blockquote>他喜欢Vanguard Small-Cap Growth Index FundVBK，+0.07%的小盘股。以及SPDR Bloomberg Barclays可转换证券CWB，+0.64%和iShares可转换债券ICVT，+0.37%的可转换债券。</blockquote></p><p> As for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.</p><p><blockquote>至于个人名称，他特别提到了科技股中的微软MSFT(-0.00%)和苹果AAPL(+0.42%)，以及亚马逊MAMZN(+0.43%)和特斯拉TSLA(+0.16%)。</blockquote></p><p> Also consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.</p><p><blockquote>另请考虑Howard的两只ETF：HCM Defender 100 IndexQQH，+0.62%和HCM Defender 500 IndexLGH，+1.32%。</blockquote></p><p> He prefers to add to holdings on 1%-3% dips.</p><p><blockquote>他更喜欢在下跌1%-3%时增持。</blockquote></p><p> <b>A few drawbacks</b></p><p><blockquote><b>一些缺点</b></blockquote></p><p> His HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.</p><p><blockquote>他的HCM战术增长基金自2015年推出以来，曾连续两年表现不佳，涨幅为1.5%至8.8%。随后，该基金卷土重来，实现了上述非常积极的五年优异表现。投资他的系统需要耐心。</blockquote></p><p> Every manager, including Warren Buffett, can have a stretch of underperformance, says Howard.</p><p><blockquote>霍华德说，每个经理人，包括沃伦·巴菲特，都可能有一段时间表现不佳。</blockquote></p><p> “We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”</p><p><blockquote>“我们正处于赔率游戏中，”他说。“即使在赔率游戏中，你也可能会遇到一两手糟糕的牌。”</blockquote></p><p> Another challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.</p><p><blockquote>另一个挑战是高流动率，战术增长每年140%。这意味着山姆大叔在好年景中会得到很大的提成。因此，如果您购买霍华德的基金，您可能希望在避税账户中购买。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/beat-the-market-with-this-quant-system-thats-very-bullish-on-stocks-at-record-highs-11630761531?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157895022","content_text":"Vance Howard’s HCM Tactical Growth Fund moves you in and out of the stock market when prudent to do so. So far his team of computer scientists’ strategy has paid off.\n\nImagine you had a money-making machine to harvest gains in the stock market while you sat back to enjoy life.\nThat’s everyone’s dream, right? Investor Vance Howard thinks he’s found it.\nHoward and his small army of computer programmers atHoward Capital Managementin Roswell, Ga., have a quantitative system that posts great returns.\nHis HCM Tactical Growth Fund HCMGX,+0.35%beats its Russell 1000 benchmark index and large-blend fund category by 8.5-10.4 percentage points annualized over the past five years, according to Morningstar. That is no small feat, and not only because it has to overcome a 2.22% fee. Beating the market is simply not easy. His HCM Dividend Sector PlusHCMQX,-0.05%) and HCM Income PlusHCMLX,+0.30%funds post similar outperformance.\nThere are drawbacks, which I detail below. (Among them: Potentially long stretches of underperformance and regular tax bills.) But first, what can we learn from this winner?\nSo-called quants never share all the details of their proprietary systems, but Howard shares a lot, as you’ll see. And this Texas rancher has a lot of good advice based on “horse sense” — not surprising, given his infectious passion for the markets, and his three decades of experience as a pro.\nHere are five lessons, 12 exchange traded funds (ETFs) and four stocks to consider, from a recent interview with him.\nLesson #1: Don’t be emotional\nIt’s no surprise so many people do poorly in the market. Evolution has programmed us to fail. For survival, we’ve learned to run from things that frightens us. And crave more of things that are pleasurable — like sweets or fats to store calories ahead of what might be a long stretch without food. But in the market, acting on the emotions of fear and greed invariably make us do the wrong thing at the wrong time. Sell at the bottom, buy at the top.\nLikewise, we’re programmed to believe being with the crowd brings safety. If you’re a zebra on the Savanna, you are more likely to get picked off by a predator if you go it alone. The problem here is being part of a crowd — and crowd psychology — dumb us down to a purely emotional level. This is why people in crowds do terrible things they would never do on their own. It doesn’t matter how smart you are. When you join a crowd, you lose a lot of IQ points. Base emotions take over.\nTo do well in the market, you have to counteract these tendencies. “One of the biggest mistakes individual investors and money managers make is getting emotional,” says Howard. “Let your emotions go.”\nLesson #2: Have a system and stick to it\nTo exorcise emotion, have a system. “And don’t second guess it,” says Howard. “This keeps you from letting the pandemic or Afghanistan scare you out of the market.” He calls his system the HCM-BuyLine. It is basically a momentum and trend-following system — which often works well in the markets.\nThe HCM-BuyLine basically works like this. First, rather than use the S&P 500SPX,-0.03%or the Dow Jones Industrial AverageDJIA,-0.21%,Howard blends several stock indices to create his own index. Then he uses a moving average that tells him whether the market is in an uptrend or downtrend.\nWhen the moving average drops 3.5%, he sells 35%. If it drops 6.5%, he sells another 35%. He rarely goes to 100% cash.\n“If the BuyLine is positive, we will stay long no matter what,” he says. “We take all the emotion out of the equation by letting the math decide.”\nRight now, it’s bullish. (More on this below.)\nYour system also has to tell you when to get back in.\n“That’s where most people screw up,” he says. “They get out of the market, and they don’t know when to get back in.” The HCM-BuyLine gives a buy signal when his custom index trades above its moving average for six consecutive sessions, and then goes on to trade above the high hit during those six days.\nYou don’t need a system that calls exact market tops or bottoms. Instead, the BuyLine keeps Howard out of down markets 85% of the time, and in for 85% of the good times.\n“If we can do that consistently, we have superior returns and a less stressful life,” he says. “Being all in during a bad tape is no fun.”\nHis system is slow to get him out of the market, but quick to get him back in. Not even a 10% correction will necessarily move him out. He’s often buying those pullbacks. Getting back in fast makes sense, because recoveries off bottoms tend to happen fast.\n“The HCM-BuyLine takes all the emotion out of the process,” says Howard.\nLesson #3: Don’t fight the tape\nThis concept is one of the core pieces of wisdom from Marty Zweig’s classic book, “Winning on Wall Street.”\n“You have to stay on the right side of market,” agrees Howard. “If you try to trade long in a bad market, it is painful.”\nIn other words, don’t try to be a hero.\n“Sometimes, not losing money is where you want to be,” he says.\nLikewise, don’t turn cautious just because the market hits new highs — like now. You should love new highs, because it is a sign of market strength that may likely endure.\nLesson #4: Keep it simple\nAs you’ll see below, Howard doesn’t use esoteric instruments such as derivatives, swaps or index options. He doesn’t even trade foreign stocks or currencies. This is refreshing for individual investors, because we have a harder time accessing those tools.\n“You don’t have to trade crazy stuff,” he says. “You can trade plain-vanilla ETFs and beat everybody out there.”\nLesson #5: How to trade the current market\nFirst, be long.\n“The HCM-BuyLine is very positive. We are 100% in,” says Howard. “The market is broadening out. It is getting pretty exciting. We do not see it turn around any time soon. We are buying pullbacks.”\nOne bullish signal is all the cash on the sidelines. “If there is any relief in Covid, we may see a big rally. We may end up with a great fall [season].”\nHoward uses momentum indicators to select stocks and ETFs, too. For sectors he favors the following.\nHe likes health care, tradable through the iShares US HealthcareIYH,-0.04%and ProShares Ultra Health CareRXL,+0.12%ETFs. He’s turning more bullish on biotech, which he plays via the iShares Biotechnology ETFIBB,-0.11%.\nHe likes consumer discretionary tradable through the iShares US Consumer ServicesIYC,-0.30%,and airlines via US Global JetsJETS,-1.17%.He also likes tech exposure via the Invesco QQQ TrustQQQ,+0.31%,iShares US TechnologyIYW,+0.50%and iShares SemiconductorSOXX,+0.75%.\nHe likes small-caps via the Vanguard Small-Cap Growth Index FundVBK,+0.07%.And convertible bonds via SPDR Bloomberg Barclays Convertible SecuritiesCWB,+0.64%and iShares Convertible BondICVT,+0.37%.\nAs for individual names, he singles out MicrosoftMSFT,-0.00%and AppleAAPL,+0.42%in tech, as well as Amazon.comAMZN,+0.43%and TeslaTSLA,+0.16%.\nAlso consider Howard’s two ETFs: The HCM Defender 100 IndexQQH,+0.62%and HCM Defender 500 IndexLGH,+1.32%.\nHe prefers to add to holdings on 1%-3% dips.\nA few drawbacks\nHis HCM Tactical Growth fund has a history of posting two-year stretches of underperformance of 1.5% to 8.8%, since it was launched in 2015. The fund then came roaring back to net the very positive five-year outperformance cited above. Investing in his system can require patience.\nEvery manager, including Warren Buffett, can have a stretch of underperformance, says Howard.\n“We are in the odds game,” he says. “Even in the odds game, you can have a bad hand or two thrown at you.”\nAnother challenge is the high turnover, which is 140% a year for Tactical Growth. This means Uncle Sam takes a big cut in the good years. So if you buy Howard’s funds, you may want to do so in a tax-protected account.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814385862,"gmtCreate":1630764505256,"gmtModify":1631891763559,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/814385862","repostId":"1186003479","repostType":4,"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814382584,"gmtCreate":1630764377148,"gmtModify":1631891763574,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087537620314880","idStr":"4087537620314880"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814382584","repostId":"1186003479","repostType":4,"isVote":1,"tweetType":1,"viewCount":469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":816627727,"gmtCreate":1630499206669,"gmtModify":1631891763613,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/816627727","repostId":"2164892112","repostType":4,"isVote":1,"tweetType":1,"viewCount":273,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869912481,"gmtCreate":1632234687443,"gmtModify":1632801873789,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869912481","repostId":"1140143812","repostType":4,"repost":{"id":"1140143812","kind":"news","pubTimestamp":1632233062,"share":"https://www.laohu8.com/m/news/1140143812?lang=zh_CN&edition=full","pubTime":"2021-09-21 22:04","market":"us","language":"en","title":"Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140143812","media":"fxstreet","summary":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls ove","content":"<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接管以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>","source":"lsy1617153743470","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>Greenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</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\">\nGreenidge Generation Holdings (GREE), Support.com (SPRT) Stock News and Forecast: Why is GREE down?<blockquote>Greenidge Generation Holdings(GREE)、Support.com(SPRT)股票新闻和预测：格力为何下跌？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fxstreet</strong><span class=\"h-time small\">2021-09-21 22:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><b>GREE shares continue to collapse after the merger deal with Support.com (SPRT).</b></li>  <li><b>GREE stock falls over 20% on Monday.</b></li>  <li><b>Equity markets suffer, but retail names really fall as volatility is high.</b></li> </ul> GREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over&nbsp;things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?</p><p><blockquote><ul><li><b>与Support.com(SPRT)合并后，格力股价继续暴跌。</b></li><li><b>格力股价周一下跌超过20%。</b></li><li><b>股市受到影响，但由于波动性很高，散户股票确实下跌。</b></li></ul>随着周一灾难性下跌的继续，格力股价继续因各种错误的原因而出名。对于那些长期持有旧SPRT股票的人来说，情况已经很黯淡，但自从格力接管以来，情况变得越来越糟。格力周一再跌22%，收盘略高于30美元。格力上周达到60美元的峰值，因此在短短四个交易日内就损失了一半的价值。投资者和交易者一定想知道的是，还会有多少痛苦？</blockquote></p><p> GREE stock news</p><p><blockquote>格力股票新闻</blockquote></p><p> Just as a back story, GREE was formed as Greenidge Generation Holdings&nbsp;took over&nbsp;Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.&nbsp; Support.com was a good fit for retail traders as it was a facilitator&nbsp;of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a&nbsp;much smaller entity despite having a public listing.</p><p><blockquote>作为背景故事，格力是在Greenidge Generation Holdings收购Support.com时成立的。Support.com的股票代码为SPRT，在社交媒体上热烈讨论该股票后，它是大型散户最喜欢的模因股票。与许多其他零售或模因名称一样，SPRT股票也出现了巨大的价格波动。回到今年三月，事情开始变得有趣，散户交易者开始真正注意到这只股票。与Greenidge的交易于三月份宣布。Support.com非常适合零售交易者，因为它是远程工作解决方案的推动者，而远程工作解决方案在大流行期间越来越受欢迎。然而，尽管Support.com公开上市，但其实体规模要小得多。</blockquote></p><p> After the merger, Support.com became&nbsp;a small part or subsidiary&nbsp;of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company.&nbsp;There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.</p><p><blockquote>合并后，Support.com成为Greenidge的一小部分或子公司。早在3月份宣布这笔交易后，SPRT股价就飙升，但又平静下来，直到8月份散户兴趣似乎有所回升。由于空头兴趣很高，SPRT股票在各种社交媒体聊天网站上流通，这意味着散户交易者决定尝试发起轧空。这显然在GME和AMC等其他模因名称中运行良好，但SPRT的情况并不完全相同。SPRT股票在整个格力公司中所占的份额要小得多。还有人担心，SPRT的飙升使合并后的格力公司的估值过高。投资者因此抛售。通常在合并或收购中，旧股票代码中的头寸会转入新股票代码。</blockquote></p><p> GREE stock forecast</p><p><blockquote>格力股票预测</blockquote></p><p> As we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.</p><p><blockquote>从下图可以看出，格力推出以来的控制点为47.56美元，成交量加权平均价格（VWAP）略低于43美元。这是一个体积阻力，因为大部分体积都在这里。否则，图表就没有太多历史数据可供查看，而且波动性使分析变得相当困难。请在所有名称中使用风险控制，尤其是像这样不稳定的名称。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4002c7efb50cc1afa912ddea168ab7b7\" tg-width=\"2097\" tg-height=\"1200\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Greenidge Generation&nbsp;falls&nbsp;nearly&nbsp;9%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/1cb93fe02339099c8852eaa00d07bd9d\" tg-width=\"1185\" tg-height=\"583\" width=\"100%\" height=\"auto\"></p><p><blockquote>Greenidge Generation早盘下跌近9%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205\">fxstreet</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":{"GREE":"Greenidge Generation Holdings Inc."},"source_url":"https://www.fxstreet.com/news/greenidge-generation-holdings-gree-supportcom-sprt-stock-news-and-forecast-why-is-gree-down-202109211205","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140143812","content_text":"GREE shares continue to collapse after the merger deal with Support.com (SPRT).\nGREE stock falls over 20% on Monday.\nEquity markets suffer, but retail names really fall as volatility is high.\n\nGREE shares continue to make a name for themselves for all the wrong reasons as the calamitous fall continues on Monday. Things were already bleak for those long from the old SPRT ticker, but since GREE took over things have gone from bad to worse. GREE fell another 22% on Monday to close just over $30. GREE peaked at $60 last week and so had lost half of its value in just four trading sessions. What investors and traders must be wondering is how much more pain is to come?\nGREE stock news\nJust as a back story, GREE was formed as Greenidge Generation Holdings took over Support.com. Support.com had traded under the ticker SPRT and was a meme stock favourite with a large retail following enthusiastically discussing the stock on social media. SPRT stock had exhibited huge price swings just as with a lot of other retail or meme names. Back in March of this year is when things started to get interesting and when retail traders started to really notice the stock. The deal with Greenidge was announced in March.  Support.com was a good fit for retail traders as it was a facilitator of remote working solutions, which grew in popularity during the pandemic. However, Support.com is a much smaller entity despite having a public listing.\nAfter the merger, Support.com became a small part or subsidiary of Greenidge. SPRT shares spiked on the announcement of this deal back in March but went quiet again until retail interest appeared to pick up in August. SPRT stock was circulating around various social media chat sites as the short interest was high, meaning the retail traders decided to try and instigate a short squeeze. This has obviously worked well in other meme names such as GME and AMC, but SPRT was not exactly in the same situation. SPRTstockwas to become a much smaller piece of the overall GREE company. There have also been valuation concerns that the SPRT spike had put a much too high valuation on the combined GREE company. Investors sold as a result. Usually in a merger or takeover, positions in the old ticker are rolled into the new one.\nGREE stock forecast\nAs we can see from the chart below, the point of control since GREE launched is at $47.56 with the Volume Weighted Average Price (VWAP) just below at $43. This is a volume resistance then as most of the volume has been here. There is not much historical data to look through for the chart otherwise, and thevolatilitymakes anyanalysisrather difficult. Please use risk control in all names, but particularily one as volatile as this.\n\nGreenidge Generation falls nearly 9% in morning trading.","news_type":1,"symbols_score_info":{"GREE":0.9}},"isVote":1,"tweetType":1,"viewCount":2460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890897687,"gmtCreate":1628090260849,"gmtModify":1633753670441,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/890897687","repostId":"1187165636","repostType":4,"isVote":1,"tweetType":1,"viewCount":402,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898576670,"gmtCreate":1628514991390,"gmtModify":1633746550338,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Ok good&nbsp;","listText":"Ok good&nbsp;","text":"Ok good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/898576670","repostId":"1169468024","repostType":4,"repost":{"id":"1169468024","kind":"news","pubTimestamp":1628514601,"share":"https://www.laohu8.com/m/news/1169468024?lang=zh_CN&edition=full","pubTime":"2021-08-09 21:10","market":"us","language":"en","title":"Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169468024","media":"Bloomberg","summary":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic","content":"<p>(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.</p><p><blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote></p><p> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.</p><p><blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote></p><p> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote></p><p> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.</p><p><blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote></p><p> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”</p><p><blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote></p><p> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.</p><p><blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote></p><p> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.</p><p><blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote></p><p> What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</blockquote></p><p> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”</p><p><blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote></p><p> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst</p><p><blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote></p><p> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.</p><p><blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote></p><p> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.</p><p><blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote></p><p> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”</p><p><blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote></p><p> Here are other takeaways from Berkshire’s second-quarter earnings:</p><p><blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote></p><p> Buybacks</p><p><blockquote>回购</blockquote></p><p> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.</p><p><blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote></p><p> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.</p><p><blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote></p><p> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.</p><p><blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote></p><p> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.</p><p><blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote></p><p> Stock Sales</p><p><blockquote>库存销售</blockquote></p><p></p><p> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.</p><p><blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote></p><p> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.</p><p><blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote></p><p> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”</p><p><blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong Associates)总裁、管理包括伯克希尔股票在内的资产的詹姆斯·阿姆斯特朗(James Armstrong)表示。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote></p><p> Car Accidents</p><p><blockquote>车祸</blockquote></p><p> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.</p><p><blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote></p><p> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.</p><p><blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote></p><p> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”</p><p><blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote></p><p> Railroad Gains</p><p><blockquote>铁路收益</blockquote></p><p> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.</p><p><blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote></p><p> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.</p><p><blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增长。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote></p><p> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”</p><p><blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</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>Berkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</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\">\nBerkshire Buoyed as U.S. Rebound Fires Up Manufacturers<blockquote>美国经济反弹提振制造商，伯克希尔哈撒韦公司受到提振</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-08-09 21:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.</p><p><blockquote>（彭博社）——沃伦·巴菲特的伯克希尔·哈撒韦公司正在收获美国经济复苏的好处。</blockquote></p><p> The conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.</p><p><blockquote>该集团旗下的制造商和零售商在去年疫情席卷美国时遭受重创后，在第二季度出现反弹。该业务集团公布了自2009年中期以来第二高的季度利润，并帮助伯克希尔哈撒韦公司在此期间的总营业利润增长了21%。</blockquote></p><p> “It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”</p><p><blockquote>爱德华·琼斯(Edward Jones)分析师吉姆·沙纳汉(Jim Shanahan)在接受电话采访时表示：“所有其他旧经济、制造业、服务业、零售业、运输业才真正反映了推动本季度业绩的广泛经济复苏。”“这里有一个住房角度，我认为这是本季度的一个非常强大的贡献者。”</blockquote></p><p> Buffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.</p><p><blockquote>巴菲特将伯克希尔打造成为一家广泛的企业，在保险、能源和零售等行业都有立足点。但去年，这种对美国经济大部分地区的敞口给其带来了压力，包括喜诗糖果在内的企业不得不在停工之初让工人休假。现在，前景似乎更加光明。</blockquote></p><p> “Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”</p><p><blockquote>伯克希尔在周六提交的监管文件中表示：“与2020年相比，我们的许多业务在2021年上半年的盈利显着增加，其中包括疫情的重大不利影响。”“2021年，我们制造、服务和零售业务的盈利受益于我们许多业务的客户需求增加，也超过了2019年的盈利。”</blockquote></p><p> Berkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.</p><p><blockquote>伯克希尔的建筑产品公司集团是本季度的一个特殊优势来源。在美国住房建设繁荣的帮助下，这些业务的盈利增长了近40%。伯克希尔股东汤姆·鲁索(Tom Russo)表示，这些业务的实力加上通过技术颠覆它们的挑战，使它们成为伯克希尔的重要组成部分。组成。</blockquote></p><p> “The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo &amp; Quinn LLC, said in a phone interview.</p><p><blockquote>“这些业务具有一定的潜在经常性，我认为这使它们具有吸引力，”Russo在接受电话采访时表示，他在Gardner Russo&amp;Quinn LLC管理着100亿美元的伯克希尔股票投资。</blockquote></p><p> What Bloomberg Intelligence Says</p><p><blockquote>彭博资讯怎么说</blockquote></p><p> “Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”</p><p><blockquote>“沃伦·巴菲特的伯克希尔·哈撒韦公司在第二季度运营部门盈利增长约30%的背景下，有望实现稳健的第二季度业绩。这是一个简单的比较，但所有四个部门的盈利均高于2016-19年的平均水平。”</blockquote></p><p> --Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst</p><p><blockquote>——高级行业分析师Matthew Palazola和助理分析师Kylie Towbin</blockquote></p><p> Still, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.</p><p><blockquote>尽管如此，伯克希尔也未能幸免于供应链压力，自疫情爆发初期以来，供应链压力一直是一个持续的经济主题。伯克希尔表示，木材和钢铁等某些材料的成本上升导致其中一些业务提高了自身价格。</blockquote></p><p> Not every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.</p><p><blockquote>并非伯克希尔的每项业务都完全反弹。Precision Castparts Corp.生产飞机零部件，去年遭受了大量减记，该公司报告称，尽管由于业务重组努力，盈利略有攀升，但在此期间收入下降。伯克希尔警告称，供应链问题可能会继续给该业务带来压力。</blockquote></p><p> “The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”</p><p><blockquote>伯克希尔在文件中表示：“Covid-19大流行导致2020年商业航空旅行和飞机产量大幅下降。”“虽然2021年美国的航空旅行将会增加，但由于行业供应链中目前的库存水平，我们预计PCC的航空航天需求短期内不会大幅增加。因此，我们预计PCC 2021年的收入和盈利将低于大流行前的水平。”</blockquote></p><p> Here are other takeaways from Berkshire’s second-quarter earnings:</p><p><blockquote>以下是伯克希尔第二季度收益的其他要点：</blockquote></p><p> Buybacks</p><p><blockquote>回购</blockquote></p><p> Berkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.</p><p><blockquote>伯克希尔哈撒韦公司撤回了巴菲特近年来最常用的资本配置杠杆之一。该集团回购了60亿美元的股票，低于今年前三个月回购的66亿美元，其中6月是该公司回购最繁忙的月份。</blockquote></p><p> That contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.</p><p><blockquote>这使得伯克希尔的现金储备保持相当稳定，为1440亿美元，略低于其创纪录的规模。近年来，巴菲特一直在努力寻找有吸引力的方式来利用这笔钱，这种情况在第二季度仍在继续。</blockquote></p><p> “He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.</p><p><blockquote>“他对回购非常敏感，”斯米德资本管理公司首席投资官比尔·斯米德表示，该公司负责监管包括伯克希尔股票在内的投资。</blockquote></p><p> Still, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.</p><p><blockquote>尽管如此，60亿美元的回购是自伯克希尔2018年调整政策以来第四高的股票回购金额。有迹象表明，相对较高水平的回购可能会持续下去。文件显示，从6月底到7月26日，伯克希尔似乎回购了至少17亿美元的股票。</blockquote></p><p> Stock Sales</p><p><blockquote>库存销售</blockquote></p><p></p><p> Buffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.</p><p><blockquote>巴菲特继续对美国股市持相当谨慎的态度。在此期间，伯克希尔哈撒韦公司最终净出售了11亿美元的股票，这是其连续第三个季度成为净卖家。</blockquote></p><p> The conglomerate is facing even more expensive stock prices as the S&amp;P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.</p><p><blockquote>随着标普500在本季度创下新高，该集团面临着更昂贵的股价。部分出售似乎来自伯克希尔减持的工业、商业和其他股票。该公司削减的具体投资将在本月晚些时候的监管文件中公布。</blockquote></p><p> “I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”</p><p><blockquote>“我认为股票并不便宜。我认为市场的许多领域都已完全定价，或者可能超过完全定价，”詹姆斯·阿姆斯特朗(James Armstrong Associates)总裁、管理包括伯克希尔股票在内的资产的詹姆斯·阿姆斯特朗(James Armstrong)表示。“没有必要将资金投入完全定价或定价过高的股票。所以我认为你只是看到了伯克希尔方面良好的纪律。”</blockquote></p><p> Car Accidents</p><p><blockquote>车祸</blockquote></p><p> Auto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.</p><p><blockquote>汽车保险公司感受到了更多司机上路带来的痛苦，伯克希尔的Geico也不例外。该公司第二季度承保利润下降了近70%。</blockquote></p><p> It was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.</p><p><blockquote>损失频率的增加和这些索赔的严重性损害了它。随着美国重新开放，更多司机开车，这一频率受到了影响。</blockquote></p><p> “The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”</p><p><blockquote>CFRA Research分析师Cathy Seifert表示：“保险业绩尤其疲软。”“我们从许多运营商那里看到的是，与去年同期相比，2020年第二季度，人们处于封锁模式，人们没有开车，因此频率和严重程度都下降了。然后，我们开始看到一点变化。因此，与去年同期相比，索赔频率显着上升。”</blockquote></p><p> Railroad Gains</p><p><blockquote>铁路收益</blockquote></p><p> Berkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.</p><p><blockquote>伯克希尔旗下的铁路公司BNSF公布了创纪录的季度利润，这得益于其过去提高生产率和经济复苏的努力。</blockquote></p><p> Freight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.</p><p><blockquote>消费品、工业、农业和煤炭等所有产品类别的货运量均有所增长。伯克希尔表示，消费品运输受益于电子商务活动和汽车运输。</blockquote></p><p> “They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”</p><p><blockquote>“他们报告销量收入增长相当强劲，”爱德华·琼斯的沙纳汉说。“BNSF业绩的真正强大之处在于利润率非常高。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://finance.yahoo.com/news/berkshire-buoyed-u-rebound-fires-130000384.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169468024","content_text":"(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. is reaping the benefits of the U.S. economic recovery.\nThe conglomerate’s collection of manufacturers and retailers bounced back during the second quarter after being hit hard as the pandemic ripped through the U.S. last year. That group of businesses posted its second-highest quarterly profit in data going back to the middle of 2009 and helped fuel a 21% gain in Berkshire’s total operating profit during the period.\n“It’s all of the other old economy, manufacturing, service, retailing, transportation businesses that just really reflect the broad economic recovery driving this performance this quarter,” Jim Shanahan, an analyst at Edward Jones, said in a phone interview. “There’s a housing angle here which I think was a really strong contributor this quarter.”\nBuffett has built Berkshire into a broad business with footholds in industries including insurance, energy and retail. But that exposure to a wide slice of the U.S. economy weighed on it last year with businesses including See’s Candies having to furlough workers at the start of the shutdowns. Now, the outlook appears brighter.\n“Many of our businesses generated significantly higher earnings over the first half of 2021 compared to 2020, which included significant adverse effects from the pandemic,” Berkshire said in a regulatory filing Saturday. “Earnings of our manufacturing, service and retail businesses in 2021 benefited from higher customer demand in many of our businesses and exceeded earnings in 2019 as well.”\nBerkshire’s group of building-products companies accounted for a particular source of strength during the quarter. Earnings at those operations were up almost 40%, helped by the boon in housing construction in the U.S. Tom Russo, a Berkshire shareholder, said the strength of those businesses combined with the challenge of disrupting them through technology makes them a good part of Berkshire’s composition.\n“The businesses have a certain underlying recurrence that I think makes them attractive,” Russo, who oversees $10 billion including investments in Berkshire shares at Gardner Russo & Quinn LLC, said in a phone interview.\nWhat Bloomberg Intelligence Says\n“Warren Buffett’s Berkshire Hathaway is on pace for a solid 2H on the back of about 30% operating unit earnings growth in 2Q. This was an easy comparison, but earnings were above 2016-19 averages in all four segments. ”\n--Matthew Palazola, a senior industry analyst, and Kylie Towbin, an associate analyst\nStill, Berkshire wasn’t immune to the supply-chain pressures that have been a persistent economic theme since the early days of the outbreak. Higher costs for certain materials such as lumber and steel caused some of those operations to ramp up their own prices, Berkshire said.\nNot every Berkshire business bounced back fully. Precision Castparts Corp., which makes parts for aircraft and suffered a large writedown last year, reported revenue declines during the period even as earnings climbed slightly due to efforts to restructure the business. And Berkshire warned that supply-chain issues could continue to weigh on that business.\n“The Covid-19 pandemic contributed to material declines in commercial air travel and aircraft production in 2020,” Berkshire said in the filing. “While air travel in the U.S. is increasing in 2021, we do not expect significant increases in PCC’s aerospace demand to occur in the near term due to the inventory levels currently within the industry supply chain. Consequently, we anticipate PCC’s revenues and earnings in 2021 will be below pre-pandemic levels.”\nHere are other takeaways from Berkshire’s second-quarter earnings:\nBuybacks\nBerkshire pulled back on one of Buffett’s more heavily used capital-deployment levers in recent years. The conglomerate bought back $6 billion of stock, down from the $6.6 billion repurchased during the first three months of the year, with June being the busiest month for repurchases for the company.\nThat contributed to Berkshire’s cash pile remaining fairly steady at $144 billion, just slightly below its record size. Buffett has struggled in recent years to find attractive ways to put that money to work, and that continued during the second quarter.\n“He’s very price-sensitive about the buybacks,” said Bill Smead, chief investment officer of Smead Capital Management, which oversees investments including in Berkshire shares.\nStill, the $6 billion of repurchases was the fourth-highest amount of stock bought back since Berkshire tweaked its policy in 2018. And there are signs the relatively high level of repurchases could continue. Berkshire appears to have bought back at least $1.7 billion of stock from the end of June through July 26, according to the filing.\nStock Sales\nBuffett continued to be rather cautious on the U.S. stock market. Berkshire ended up selling $1.1 billion of stocks, on a net basis, during the period, marking its third straight quarter of being a net seller.\nThe conglomerate is facing even more expensive stock prices as the S&P 500 hit new highs during the quarter. Some of the sales appear to come from a reduction in Berkshire’s industrial, commercial and other stock holdings. The exact investments the company trimmed will appear in a regulatory filing later this month.\n“I don’t think stocks are cheap. I think a lot of areas of the market are fully priced or maybe more than fully priced,” said James Armstrong, who manages assets including Berkshire shares as president of Henry H. Armstrong Associates. “There’s no urgency to pile money into stocks that are fully priced or overpriced. So I think you’re just seeing good discipline on Berkshire’s part.”\nCar Accidents\nAuto insurers have felt the pain from more drivers hitting the road, and Berkshire’s Geico was no exception. The company ended up posting a nearly 70% decline in underwriting profit during the second quarter.\nIt was hurt by an increase in the frequency of losses and the severity of those claims. The frequency was affected by more drivers getting behind the wheel amid reopenings in the U.S.\n“The insurance results were particularly weak,” Cathy Seifert, an analyst at CFRA Research, said. “What we saw from a lot of the carriers was, on a year-over-year basis, the second quarter of 2020, people were on lockdown mode, people weren’t driving, so both frequency and severity were down. Then, we started to see a little bit of a shift. So on a year-over-year basis, claim frequency went up significantly.”\nRailroad Gains\nBerkshire’s railroad, BNSF, posted record quarterly profit helped by its efforts in the past to boost productivity and the economic recovery.\nFreight volumes increased across all of its product categories --- consumer, industrial, agricultural and coal. Consumer-product shipping has benefited from e-commerce activity and auto shipments, Berkshire said.\n“They reported a pretty strong increase in volumes revenue,” Edward Jones’s Shanahan said. “What is really powerful about the BNSF results is that the margins are really strong.”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800658714,"gmtCreate":1627300465438,"gmtModify":1633766392091,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800658714","repostId":"1151724613","repostType":4,"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":885100526,"gmtCreate":1631760848865,"gmtModify":1631888739629,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/885100526","repostId":"2167592712","repostType":4,"isVote":1,"tweetType":1,"viewCount":3053,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886032119,"gmtCreate":1631537145531,"gmtModify":1631888739639,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/886032119","repostId":"2166303094","repostType":4,"isVote":1,"tweetType":1,"viewCount":363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836393591,"gmtCreate":1629452541213,"gmtModify":1631893654694,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836393591","repostId":"1160300429","repostType":4,"repost":{"id":"1160300429","kind":"news","pubTimestamp":1629452271,"share":"https://www.laohu8.com/m/news/1160300429?lang=zh_CN&edition=full","pubTime":"2021-08-20 17:37","market":"us","language":"en","title":"Dow Jones, Nasdaq trade lower to end week<blockquote>道琼斯指数、纳斯达克指数周末走低</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160300429","media":"Seeking Alpha","summary":"The mother of all crashes? No bubble at all? While Michael Burry and Cathie Woodkeep arguing, invest","content":"<p><ul>  <li>The mother of all crashes? No bubble at all? While Michael Burry and Cathie Woodkeep arguing, investors are starting&nbsp;to size up their portfolios as the record highs keep going. Fed taper concerns and the spread of the Delta variant don't seem to be able to weigh on sentiment for more than a day, though trading is getting choppier and warnings of a correction are getting louder. Overnight, Dow and S&amp;P futures&nbsp;slipped 0.5%, while contracts linked to the Nasdaq&nbsp;fell back 0.4%.</li>  <li>Things are especially getting eerie without an S&amp;P 500 pullback of at least 5% since last October, though Q2 corporate earnings have been strong and many investors are betting on a continuing economic recovery. The \"buy the dip\" crowd may also be becoming a possible force to be reckoned with on Wall Street, though some are still flagging caution and say there are \"clouds on the horizon.\"</li>  <li><i>Research from Citi:</i>&nbsp;\"Our panic/euphoria model remains very elevated and is warning of coming losses. This is the longest period of ebullient readings without a market correction since 1999/2000 and we anticipate that something will give. The Street is too complacent.\"</li>  <li><b>Another alert:</b>&nbsp;\"Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,\" added Richard Saperstein, chief investment officer at Treasury Partners.</li> </ul></p><p><blockquote><ul><li>所有撞车之母？一点泡沫都没有？当迈克尔·伯里(Michael Burry)和凯西·伍德基普(Cathie Woodkeep)争论时，随着创纪录的高点不断攀升，投资者开始评估他们的投资组合。美联储缩减购债规模的担忧和德尔塔变异毒株的蔓延似乎无法在超过一天的时间内打压市场情绪，尽管交易变得更加波动，回调的警告也越来越响亮。隔夜，道指和标普期货下跌0.5%，与纳斯达克挂钩的合约下跌0.4%。</li><li>尽管第二季度企业盈利强劲，许多投资者押注经济持续复苏，但自去年10月以来，标普500没有出现至少5%的回调，情况变得尤其诡异。“逢低买入”人群也可能成为华尔街一股不可忽视的力量，尽管一些人仍然表现出谨慎态度，并表示“地平线上乌云密布”。</li><li><i>花旗的研究：</i>“我们的恐慌/兴奋模型仍然非常高，并警告即将到来的损失。这是自1999/2000年以来市场没有调整的最长一段时间的热情洋溢的读数，我们预计会有一些事情发生。华尔街太自满了。”</li><li><b>另一个警报：</b>首席执行官理查德·萨珀斯坦(Richard Saperstein)补充道：“在投资者放暑假导致流动性紧张的背景下，预计股市将出现小幅调整，因为市场正在消化盈利峰值、市盈率扩大和经济增长预期上升。”Treasury Partners投资官。</li></ul></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dow Jones, Nasdaq trade lower to end week<blockquote>道琼斯指数、纳斯达克指数周末走低</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow Jones, Nasdaq trade lower to end week<blockquote>道琼斯指数、纳斯达克指数周末走低</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\">2021-08-20 17:37</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>The mother of all crashes? No bubble at all? While Michael Burry and Cathie Woodkeep arguing, investors are starting&nbsp;to size up their portfolios as the record highs keep going. Fed taper concerns and the spread of the Delta variant don't seem to be able to weigh on sentiment for more than a day, though trading is getting choppier and warnings of a correction are getting louder. Overnight, Dow and S&amp;P futures&nbsp;slipped 0.5%, while contracts linked to the Nasdaq&nbsp;fell back 0.4%.</li>  <li>Things are especially getting eerie without an S&amp;P 500 pullback of at least 5% since last October, though Q2 corporate earnings have been strong and many investors are betting on a continuing economic recovery. The \"buy the dip\" crowd may also be becoming a possible force to be reckoned with on Wall Street, though some are still flagging caution and say there are \"clouds on the horizon.\"</li>  <li><i>Research from Citi:</i>&nbsp;\"Our panic/euphoria model remains very elevated and is warning of coming losses. This is the longest period of ebullient readings without a market correction since 1999/2000 and we anticipate that something will give. The Street is too complacent.\"</li>  <li><b>Another alert:</b>&nbsp;\"Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,\" added Richard Saperstein, chief investment officer at Treasury Partners.</li> </ul></p><p><blockquote><ul><li>所有撞车之母？一点泡沫都没有？当迈克尔·伯里(Michael Burry)和凯西·伍德基普(Cathie Woodkeep)争论时，随着创纪录的高点不断攀升，投资者开始评估他们的投资组合。美联储缩减购债规模的担忧和德尔塔变异毒株的蔓延似乎无法在超过一天的时间内打压市场情绪，尽管交易变得更加波动，回调的警告也越来越响亮。隔夜，道指和标普期货下跌0.5%，与纳斯达克挂钩的合约下跌0.4%。</li><li>尽管第二季度企业盈利强劲，许多投资者押注经济持续复苏，但自去年10月以来，标普500没有出现至少5%的回调，情况变得尤其诡异。“逢低买入”人群也可能成为华尔街一股不可忽视的力量，尽管一些人仍然表现出谨慎态度，并表示“地平线上乌云密布”。</li><li><i>花旗的研究：</i>“我们的恐慌/兴奋模型仍然非常高，并警告即将到来的损失。这是自1999/2000年以来市场没有调整的最长一段时间的热情洋溢的读数，我们预计会有一些事情发生。华尔街太自满了。”</li><li><b>另一个警报：</b>首席执行官理查德·萨珀斯坦(Richard Saperstein)补充道：“在投资者放暑假导致流动性紧张的背景下，预计股市将出现小幅调整，因为市场正在消化盈利峰值、市盈率扩大和经济增长预期上升。”Treasury Partners投资官。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3732590-dow-jones-nasdaq-trade-lower-to-end-week\">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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://seekingalpha.com/news/3732590-dow-jones-nasdaq-trade-lower-to-end-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160300429","content_text":"The mother of all crashes? No bubble at all? While Michael Burry and Cathie Woodkeep arguing, investors are starting to size up their portfolios as the record highs keep going. Fed taper concerns and the spread of the Delta variant don't seem to be able to weigh on sentiment for more than a day, though trading is getting choppier and warnings of a correction are getting louder. Overnight, Dow and S&P futures slipped 0.5%, while contracts linked to the Nasdaq fell back 0.4%.\nThings are especially getting eerie without an S&P 500 pullback of at least 5% since last October, though Q2 corporate earnings have been strong and many investors are betting on a continuing economic recovery. The \"buy the dip\" crowd may also be becoming a possible force to be reckoned with on Wall Street, though some are still flagging caution and say there are \"clouds on the horizon.\"\nResearch from Citi: \"Our panic/euphoria model remains very elevated and is warning of coming losses. This is the longest period of ebullient readings without a market correction since 1999/2000 and we anticipate that something will give. The Street is too complacent.\"\nAnother alert: \"Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations,\" added Richard Saperstein, chief investment officer at Treasury Partners.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891025545,"gmtCreate":1628309309287,"gmtModify":1633751747651,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891025545","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881589458,"gmtCreate":1631363119574,"gmtModify":1631888739651,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/881589458","repostId":"2166375184","repostType":4,"isVote":1,"tweetType":1,"viewCount":538,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836398036,"gmtCreate":1629452645125,"gmtModify":1631893654680,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/836398036","repostId":"1194472519","repostType":4,"isVote":1,"tweetType":1,"viewCount":528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":875150192,"gmtCreate":1637627027482,"gmtModify":1637627027590,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/875150192","repostId":"2185306806","repostType":4,"isVote":1,"tweetType":1,"viewCount":2769,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":812270933,"gmtCreate":1630592304122,"gmtModify":1631891763598,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/812270933","repostId":"1131318558","repostType":4,"repost":{"id":"1131318558","kind":"news","pubTimestamp":1630591645,"share":"https://www.laohu8.com/m/news/1131318558?lang=zh_CN&edition=full","pubTime":"2021-09-02 22:07","market":"us","language":"en","title":"Bear Attack: Could Apple Stock Really Drop 40%?<blockquote>空头攻击：苹果股价真的会下跌40%吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1131318558","media":"Thestreet","summary":"One of two Wall Street analysts that had a sell rating on Apple stock threw in the towel. The other still thinks that AAPL shares could drop 40%. Is the sizable downside risk realistic?On the first day of September, one of the rare Wall Street bears on Apple stock  finally gave in and dropped his sell rating. The last remaining one still sees shares dropping to a price target of $90, representing risk of loss of around 40%.Could New Street’s Pierre Ferragu, the last remaining Apple bear on Wall ","content":"<p>One of two Wall Street analysts that had a sell rating on Apple stock threw in the towel. The other still thinks that AAPL shares could drop 40%. Is the sizable downside risk realistic?</p><p><blockquote>对苹果股票给予卖出评级的两位华尔街分析师之一认输了。另一位仍然认为AAPL股价可能会下跌40%。巨大的下行风险现实吗？</blockquote></p><p> On the first day of September, one of the rare Wall Street bears on Apple stock&nbsp;(<b>AAPL</b>)&nbsp;finally gave in and dropped his sell rating. The last remaining one still&nbsp;sees&nbsp;shares dropping to a price target of $90, representing risk of loss of around 40%.</p><p><blockquote>九月的第一天，华尔街罕见的看空苹果股票之一（<b>AAPL</b>）最终让步，下调了卖出评级。剩下的最后一位仍将股价跌至90美元的目标价，损失风险约为40%。</blockquote></p><p> Could New Street’s Pierre Ferragu, the last remaining Apple bear on Wall Street, be right about his downside call? The Apple Maven looks a bit closer at the argument.</p><p><blockquote>New Street的Pierre Ferragu是华尔街最后一位看空苹果的人，他对看涨期权下行的看法可能是正确的吗？这位苹果专家更仔细地观察了这场争论。</blockquote></p><p> <b>Why bearish on Apple?</b></p><p><blockquote><b>为什么看空苹果？</b></blockquote></p><p> The core of Pierre’s bearish argument&nbsp;seems to be the iPhone. The analyst has called the upcoming device launch a “12S cycle”, arguing that the best of Apple’s iPhone upgrade wave,the so-called 5G super cycle, has been left in the rearview mirror.</p><p><blockquote>Pierre看空论点的核心似乎是iPhone。这位分析师将即将推出的设备称为“12S周期”，认为苹果iPhone升级浪潮中最好的部分，即所谓的5G超级周期，已经成为过去。</blockquote></p><p> New Street subscribes to the view that the strong iPhone 12 cycle has pulled forward smartphone sales, leaving a gap in demand going forward. Interestingly, this is exactly the&nbsp;opposite opinion of bullish Wedbush analyst Dan Ives, who said the following during an interview with the Apple Maven:</p><p><blockquote>New Street赞同这样的观点，即强劲的iPhone 12周期拉动了智能手机销量，导致未来需求出现缺口。有趣的是，这与看涨的Wedbush分析师Dan Ives的观点完全相反，Dan Ives在接受《苹果专家》采访时表示：</blockquote></p><p>   “What the Street underestimates is how massive and elongated this super cycle is. […] 5G does not get fully embraced for the next two or three years, until the networks are built out. In China [where the 5G infrastructure is further ahead], the iPhone 12, especially the larger Pro versions, really sold extremely well.”  Still on the iPhone, Mr. Ferragu laid out his expectations for 2022 back in April (I am unaware of revisions since then). He believes that iPhone shipments will reach 190 million units, suggesting segment revenues of around $150 billion – a modest annual increase of 5% from COVID-19 levels.</p><p><blockquote>“华尔街低估了这个超级周期的规模和长度。[……]在网络建成之前，5G在未来两三年内不会被完全接受。在中国（5G基础设施更加领先），iPhone 12，尤其是较大的Pro版本，确实卖得非常好。”Ferragu先生仍然在iPhone上，早在4月份就提出了他对2022年的预期（我不知道自那以后有什么修改）。他认为iPhone出货量将达到1.9亿部，这意味着该部门的收入约为1500亿美元——比COVID-19水平每年小幅增长5%。</blockquote></p><p> <b>Could AAPL sink 40%?</b></p><p><blockquote><b>AAPL会下跌40%吗？</b></blockquote></p><p> Now, let’s put pen to paper. For Apple stock to be valued at $90 apiece, one of two things would need to happen: either financial performance would need to lag consensus expectations, or valuations would need to contract (or a combination of both).</p><p><blockquote>现在，让我们动笔。苹果股票的估值要达到每股90美元，需要发生两件事之一：要么财务业绩需要落后于普遍预期，要么估值需要收缩（或两者兼而有之）。</blockquote></p><p> On results,Wall Street currently sees&nbsp;fiscal 2022 EPS landing at $5.63, roughly flat against a 2021 that has been impressive so far. For AAPL to drop 40% in price, therefore, next-year earnings would need to miss consensus substantially, by at least a couple of dollars. I find this highly unlikely.</p><p><blockquote>从业绩来看，华尔街目前预计2022财年每股收益将达到5.63美元，与迄今为止令人印象深刻的2021财年基本持平。因此，苹果公司要想股价下跌40%，明年的盈利就需要大幅低于市场预期，至少下降几美元。我觉得这不太可能。</blockquote></p><p> On valuations, AAPL currently trades at a fiscal 2021 earnings multiple of 27 times. Assuming consensus-matching results in the future, this multiple would need to drop to about 16 times for AAPL shares to sink to $90. The stock’s forward P/E has not been this low in years.</p><p><blockquote>从估值来看，AAPL目前的2021财年市盈率为27倍。假设未来的结果与共识匹配，这一市盈率需要降至16倍左右，AAPL股价才能跌至90美元。该股的预期市盈率多年来从未如此低。</blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> I find it very improbable, if not virtually impossible, for Apple to ever be valued at $90 per share again. It is much more reasonable, in my opinion, that New Street’s current price target on the stock is simply stale, following AAPL’s 25% rally in the past six months.</p><p><blockquote>我发现苹果的估值即使不是几乎不可能，也不太可能再次达到每股90美元。在我看来，更合理的是，在AAPL在过去六个月内上涨了25%之后，New Street目前的股价目标已经过时了。</blockquote></p><p> Therefore, I would not be surprised to see Wall Street’s last AAPL bear eventually (soon?) give in on his downside convictions, at least in what pertains to his current price target.</p><p><blockquote>因此，看到华尔街最后一次看空苹果公司最终（很快？）屈服于他的下行信念，至少在与他当前的价格目标相关的方面，我不会感到惊讶。</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>Bear Attack: Could Apple Stock Really Drop 40%?<blockquote>空头攻击：苹果股价真的会下跌40%吗？</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\">\nBear Attack: Could Apple Stock Really Drop 40%?<blockquote>空头攻击：苹果股价真的会下跌40%吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Thestreet</strong><span class=\"h-time small\">2021-09-02 22:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>One of two Wall Street analysts that had a sell rating on Apple stock threw in the towel. The other still thinks that AAPL shares could drop 40%. Is the sizable downside risk realistic?</p><p><blockquote>对苹果股票给予卖出评级的两位华尔街分析师之一认输了。另一位仍然认为AAPL股价可能会下跌40%。巨大的下行风险现实吗？</blockquote></p><p> On the first day of September, one of the rare Wall Street bears on Apple stock&nbsp;(<b>AAPL</b>)&nbsp;finally gave in and dropped his sell rating. The last remaining one still&nbsp;sees&nbsp;shares dropping to a price target of $90, representing risk of loss of around 40%.</p><p><blockquote>九月的第一天，华尔街罕见的看空苹果股票之一（<b>AAPL</b>）最终让步，下调了卖出评级。剩下的最后一位仍将股价跌至90美元的目标价，损失风险约为40%。</blockquote></p><p> Could New Street’s Pierre Ferragu, the last remaining Apple bear on Wall Street, be right about his downside call? The Apple Maven looks a bit closer at the argument.</p><p><blockquote>New Street的Pierre Ferragu是华尔街最后一位看空苹果的人，他对看涨期权下行的看法可能是正确的吗？这位苹果专家更仔细地观察了这场争论。</blockquote></p><p> <b>Why bearish on Apple?</b></p><p><blockquote><b>为什么看空苹果？</b></blockquote></p><p> The core of Pierre’s bearish argument&nbsp;seems to be the iPhone. The analyst has called the upcoming device launch a “12S cycle”, arguing that the best of Apple’s iPhone upgrade wave,the so-called 5G super cycle, has been left in the rearview mirror.</p><p><blockquote>Pierre看空论点的核心似乎是iPhone。这位分析师将即将推出的设备称为“12S周期”，认为苹果iPhone升级浪潮中最好的部分，即所谓的5G超级周期，已经成为过去。</blockquote></p><p> New Street subscribes to the view that the strong iPhone 12 cycle has pulled forward smartphone sales, leaving a gap in demand going forward. Interestingly, this is exactly the&nbsp;opposite opinion of bullish Wedbush analyst Dan Ives, who said the following during an interview with the Apple Maven:</p><p><blockquote>New Street赞同这样的观点，即强劲的iPhone 12周期拉动了智能手机销量，导致未来需求出现缺口。有趣的是，这与看涨的Wedbush分析师Dan Ives的观点完全相反，Dan Ives在接受《苹果专家》采访时表示：</blockquote></p><p>   “What the Street underestimates is how massive and elongated this super cycle is. […] 5G does not get fully embraced for the next two or three years, until the networks are built out. In China [where the 5G infrastructure is further ahead], the iPhone 12, especially the larger Pro versions, really sold extremely well.”  Still on the iPhone, Mr. Ferragu laid out his expectations for 2022 back in April (I am unaware of revisions since then). He believes that iPhone shipments will reach 190 million units, suggesting segment revenues of around $150 billion – a modest annual increase of 5% from COVID-19 levels.</p><p><blockquote>“华尔街低估了这个超级周期的规模和长度。[……]在网络建成之前，5G在未来两三年内不会被完全接受。在中国（5G基础设施更加领先），iPhone 12，尤其是较大的Pro版本，确实卖得非常好。”Ferragu先生仍然在iPhone上，早在4月份就提出了他对2022年的预期（我不知道自那以后有什么修改）。他认为iPhone出货量将达到1.9亿部，这意味着该部门的收入约为1500亿美元——比COVID-19水平每年小幅增长5%。</blockquote></p><p> <b>Could AAPL sink 40%?</b></p><p><blockquote><b>AAPL会下跌40%吗？</b></blockquote></p><p> Now, let’s put pen to paper. For Apple stock to be valued at $90 apiece, one of two things would need to happen: either financial performance would need to lag consensus expectations, or valuations would need to contract (or a combination of both).</p><p><blockquote>现在，让我们动笔。苹果股票的估值要达到每股90美元，需要发生两件事之一：要么财务业绩需要落后于普遍预期，要么估值需要收缩（或两者兼而有之）。</blockquote></p><p> On results,Wall Street currently sees&nbsp;fiscal 2022 EPS landing at $5.63, roughly flat against a 2021 that has been impressive so far. For AAPL to drop 40% in price, therefore, next-year earnings would need to miss consensus substantially, by at least a couple of dollars. I find this highly unlikely.</p><p><blockquote>从业绩来看，华尔街目前预计2022财年每股收益将达到5.63美元，与迄今为止令人印象深刻的2021财年基本持平。因此，苹果公司要想股价下跌40%，明年的盈利就需要大幅低于市场预期，至少下降几美元。我觉得这不太可能。</blockquote></p><p> On valuations, AAPL currently trades at a fiscal 2021 earnings multiple of 27 times. Assuming consensus-matching results in the future, this multiple would need to drop to about 16 times for AAPL shares to sink to $90. The stock’s forward P/E has not been this low in years.</p><p><blockquote>从估值来看，AAPL目前的2021财年市盈率为27倍。假设未来的结果与共识匹配，这一市盈率需要降至16倍左右，AAPL股价才能跌至90美元。该股的预期市盈率多年来从未如此低。</blockquote></p><p> <b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p> I find it very improbable, if not virtually impossible, for Apple to ever be valued at $90 per share again. It is much more reasonable, in my opinion, that New Street’s current price target on the stock is simply stale, following AAPL’s 25% rally in the past six months.</p><p><blockquote>我发现苹果的估值即使不是几乎不可能，也不太可能再次达到每股90美元。在我看来，更合理的是，在AAPL在过去六个月内上涨了25%之后，New Street目前的股价目标已经过时了。</blockquote></p><p> Therefore, I would not be surprised to see Wall Street’s last AAPL bear eventually (soon?) give in on his downside convictions, at least in what pertains to his current price target.</p><p><blockquote>因此，看到华尔街最后一次看空苹果公司最终（很快？）屈服于他的下行信念，至少在与他当前的价格目标相关的方面，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://www.thestreet.com/apple/stock/bear-attack-could-apple-stock-really-drop-40\">Thestreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/bear-attack-could-apple-stock-really-drop-40","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131318558","content_text":"One of two Wall Street analysts that had a sell rating on Apple stock threw in the towel. The other still thinks that AAPL shares could drop 40%. Is the sizable downside risk realistic?\nOn the first day of September, one of the rare Wall Street bears on Apple stock (AAPL) finally gave in and dropped his sell rating. The last remaining one still sees shares dropping to a price target of $90, representing risk of loss of around 40%.\nCould New Street’s Pierre Ferragu, the last remaining Apple bear on Wall Street, be right about his downside call? The Apple Maven looks a bit closer at the argument.\nWhy bearish on Apple?\nThe core of Pierre’s bearish argument seems to be the iPhone. The analyst has called the upcoming device launch a “12S cycle”, arguing that the best of Apple’s iPhone upgrade wave,the so-called 5G super cycle, has been left in the rearview mirror.\nNew Street subscribes to the view that the strong iPhone 12 cycle has pulled forward smartphone sales, leaving a gap in demand going forward. Interestingly, this is exactly the opposite opinion of bullish Wedbush analyst Dan Ives, who said the following during an interview with the Apple Maven:\n\n “What the Street underestimates is how massive and elongated this super cycle is. […] 5G does not get fully embraced for the next two or three years, until the networks are built out. In China [where the 5G infrastructure is further ahead], the iPhone 12, especially the larger Pro versions, really sold extremely well.”\n\nStill on the iPhone, Mr. Ferragu laid out his expectations for 2022 back in April (I am unaware of revisions since then). He believes that iPhone shipments will reach 190 million units, suggesting segment revenues of around $150 billion – a modest annual increase of 5% from COVID-19 levels.\nCould AAPL sink 40%?\nNow, let’s put pen to paper. For Apple stock to be valued at $90 apiece, one of two things would need to happen: either financial performance would need to lag consensus expectations, or valuations would need to contract (or a combination of both).\nOn results,Wall Street currently sees fiscal 2022 EPS landing at $5.63, roughly flat against a 2021 that has been impressive so far. For AAPL to drop 40% in price, therefore, next-year earnings would need to miss consensus substantially, by at least a couple of dollars. I find this highly unlikely.\nOn valuations, AAPL currently trades at a fiscal 2021 earnings multiple of 27 times. Assuming consensus-matching results in the future, this multiple would need to drop to about 16 times for AAPL shares to sink to $90. The stock’s forward P/E has not been this low in years.\nThe Apple Maven’s take\nI find it very improbable, if not virtually impossible, for Apple to ever be valued at $90 per share again. It is much more reasonable, in my opinion, that New Street’s current price target on the stock is simply stale, following AAPL’s 25% rally in the past six months.\nTherefore, I would not be surprised to see Wall Street’s last AAPL bear eventually (soon?) give in on his downside convictions, at least in what pertains to his current price target.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":122,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811865088,"gmtCreate":1630310725444,"gmtModify":1704958187548,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811865088","repostId":"2163776380","repostType":4,"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835229492,"gmtCreate":1629722027516,"gmtModify":1631893654634,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Goood","listText":"Goood","text":"Goood","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835229492","repostId":"1132832038","repostType":4,"isVote":1,"tweetType":1,"viewCount":378,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832989475,"gmtCreate":1629559213597,"gmtModify":1631893654659,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/832989475","repostId":"1151608193","repostType":4,"repost":{"id":"1151608193","kind":"news","pubTimestamp":1629728324,"share":"https://www.laohu8.com/m/news/1151608193?lang=zh_CN&edition=full","pubTime":"2021-08-23 22:18","market":"us","language":"en","title":"Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151608193","media":"MarketWatch","summary":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correcti","content":"<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuy the pullback in chip stocks — and focus on these 6 companies for the long haul<blockquote>买入芯片股回调——长期关注这6家公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-23 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The iShares Semiconductor ETF is down over 6% from recent highs.</b></p><p><blockquote><b>iShares半导体ETF较近期高点下跌超过6%。</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b24e4a76a5d1cd0ff030cf1b0eeac0f\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>ISTOCKPHOTO</span></p><p><blockquote><p class=\"t-img-caption\"><span>ISTOCKPHOTO</span></p></blockquote></p><p> In the rolling correction that’s running through the stock market, chip makers have been hit harder than most.</p><p><blockquote>在股市的滚动调整中，芯片制造商受到的打击比大多数制造商都要严重。</blockquote></p><p> The iShares Semiconductor ETF&nbsp;is down over 6% from recent highs, compared to declines of 2% or less for the S&amp;P 500,Nasdaq&nbsp;Composite&nbsp;and the Dow Jones Industrial Average.</p><p><blockquote>iShares半导体ETF较近期高点下跌超过6%，而标普500、纳斯达克综合指数和道琼斯工业平均指数的跌幅为2%或更少。</blockquote></p><p> Does that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.</p><p><blockquote>这是否意味着芯片股值得买入？或者这个历史上周期性的行业是否会故技重施，进入持续下跌趋势，让你大吃一惊。</blockquote></p><p> A lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”</p><p><blockquote>很大程度上取决于您的时间表，但如果您喜欢持有多年股票而不是租用几天，那么该集团是值得买入的。主要原因：“这次不一样。”</blockquote></p><p> Those are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.</p><p><blockquote>诚然，这些是投资中最可怕的词语之一。但芯片行业已经发生了如此大的变化，现在确实有所不同——这表明它不太可能压垮你。</blockquote></p><p> You’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.</p><p><blockquote>如果你认为没有风险，那你就是个傻瓜。我去看看那些。但首先，以下是该组织现在“更安全”的三个主要原因，以及过去几天我与之交谈的六位行业专家青睐的六个名字。</blockquote></p><p> <b>1. The wicked witch of cyclicality is dead</b></p><p><blockquote><b>1.周期性的邪恶女巫死了</b></blockquote></p><p> “Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “<a href=\"https://laohu8.com/S/FBNC\">First</a> PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.</p><p><blockquote>Impax Asset Management的投资组合经理David Winborne表示：“芯片行业的需求总是由产品周期驱动而繁荣和萧条。”<a href=\"https://laohu8.com/S/FBNC\">第一</a>个人电脑，然后是服务器，然后是电话。”但他表示，现在整个经济对芯片的需求已经扩大，因此长期增长情况更容易预测。</blockquote></p><p> <a href=\"https://laohu8.com/S/JE\">Just</a> look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like <a href=\"https://laohu8.com/S/ZM\">Zoom</a>, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.</p><p><blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>看看你周围。由于我们的生活和工作日益“数字化”，从各个角度来看，终端市场需求更加多样化。将远程办公服务视为<a href=\"https://laohu8.com/S/ZM\">Zoom</a>看好该集团的Gabelli Funds投资组合经理兼科技分析师Hendi Susanto指出，在线购物、云服务、电动汽车、5G手机、智能工厂、大数据计算甚至洗衣机。</blockquote></p><p> “There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”</p><p><blockquote>Motley Fool芯片行业分析师John Rotonti表示：“现代数字经济的任何方面都离不开半导体。”“这意味着更多的芯片进入所有领域。长期需求是存在的。”</blockquote></p><p> He’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William&nbsp;Blair&nbsp;analyst Greg Scolaro.</p><p><blockquote>他不是在开玩笑。William Blair分析师Greg Scolaro预测，到2030年，芯片行业的收入将从2020年的4650亿美元翻一番，达到1万亿美元。</blockquote></p><p> All of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says <a href=\"https://laohu8.com/S/BAC\">Bank of America</a> chip sector analyst Vivek Arya. “That’s not just our view, but <a href=\"https://laohu8.com/S/AONE.U\">one</a> confirmed by a majority of large customers.”</p><p><blockquote>所有这些都意味着你所听到的普遍供应短缺“可能要到明年年底才能得到解决”，他说<a href=\"https://laohu8.com/S/BAC\">美国银行</a>芯片行业分析师Vivek Arya。“这不仅仅是我们的观点，<a href=\"https://laohu8.com/S/AONE.U\">一</a>得到了大多数大客户的确认。”</blockquote></p><p> <b>2. The players have consolidated</b></p><p><blockquote><b>2.玩家已经巩固</b></blockquote></p><p> All up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.</p><p><blockquote>在生产链的上上下下，从设计到各种类型的设备生产商再到制造，行业参与者已经整合到罗通蒂·评级“赢得”的双头垄断或垄断中。</blockquote></p><p> In chip design software, you have Cadence Design Systems&nbsp;and Synopsys.In production equipment, companies dominate specialized niches like ASML&nbsp;in extreme ultraviolet lithography&nbsp;(EUV). Manufacturing is dominated by Taiwan Semiconductor&nbsp;and Samsung Electronics.</p><p><blockquote>在芯片设计软件中，有Cadence Design Systems和Synopsys。在生产设备方面，公司在极紫外光刻（EUV）领域的ASML等专业领域占据主导地位。制造业由台积电和三星电子主导。</blockquote></p><p> These companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.</p><p><blockquote>这些公司通过在他们所做的事情上做到最好来赢得他们的利基或双头垄断地位。这使得投资者对它们很感兴趣。罗通蒂表示，整合还意味着参与者在定价和产能方面表现得更加理性。</blockquote></p><p> <b>3. Profitability has improved</b></p><p><blockquote><b>3、盈利能力有所提升</b></blockquote></p><p> This more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.</p><p><blockquote>这种更加理性的行为，加上成本削减，意味着现在的盈利能力远高于历史水平。“过去几年，芯片制造的经济性有了很大改善，”温伯恩说。现金流或EBITDA利润率现在通常超过30%，而十年前还在20%左右。</blockquote></p><p> This has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere &amp; Co. “They are not trading at a frothy multiple.”</p><p><blockquote>这对估值有影响。Villere&amp;Co.的投资组合经理Lamar Villere指出，尽管芯片股的交易价格约为市场倍数，但它们看起来很便宜，因为它们是更好的公司。“他们的市盈率并不是泡沫。”</blockquote></p><p> <b>The stocks to buy</b></p><p><blockquote><b>值得购买的股票</b></blockquote></p><p> Here are six names favored by chip experts I recently checked in with.</p><p><blockquote>以下是我最近调查的芯片专家青睐的六个名字。</blockquote></p><p> <b>New management plays</b></p><p><blockquote><b>新的管理策略</b></blockquote></p><p> Though Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm&nbsp;and ON Semiconductor.</p><p><blockquote>尽管Thrivent的高级股票研究分析师Peter Karazeris有理由对该集团持谨慎态度（见下文），但他特别指出了两家公司，它们的业绩可能会因为在新管理层的领导下而得到提振：高通和安森美半导体。</blockquote></p><p></p><p> Both have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. <a href=\"https://laohu8.com/S/ON\">ON Semiconductor</a> is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.</p><p><blockquote>两者都具有稳健的盈利能力。高通最近受到了一次性问题的打击，例如德克萨斯州的恶劣天气导致生产中断，但该公司对5G手机趋势有很好的了解。<a href=\"https://laohu8.com/S/ON\">安森美半导体</a>正在从手机扩展到汽车、工业和物联网互联设备领域等新领域。</blockquote></p><p> <b>A data center and gaming play</b></p><p><blockquote><b>数据中心和游戏</b></blockquote></p><p> Karazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.</p><p><blockquote>Karazeris还特别提到了Nvidia，该公司因其卓越的设计能力而从数据中心和游戏设备芯片需求中获得持续增长。</blockquote></p><p> <b>Design tool companies</b></p><p><blockquote><b>设计工具公司</b></blockquote></p><p> Speaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and <a href=\"https://laohu8.com/S/SNPS\">Synopsys</a>.</p><p><blockquote>说到设计，当像高通和英伟达这样的公司想要设计芯片时，他们会求助于Cadence Design Systems提供的设计工具和<a href=\"https://laohu8.com/S/SNPS\">新思科技</a>.</blockquote></p><p> Their software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.</p><p><blockquote>Motley Fool的Rotonti解释说，他们基于软件的设计工具帮助芯片创新者为他们的芯片创建蓝图，他挑出了这些名字。“他们不是世界上最快的种植者，但他们有很好的利润率。”他们也主宰着这个空间。</blockquote></p><p> <b>An EUV&nbsp;play</b></p><p><blockquote><b>EUV播放</b></blockquote></p><p> To put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.</p><p><blockquote>为了在芯片生产的早期阶段将这些蓝图放在硅上，台积电和三星等公司转向ASML。它的机器使用微小的光脉冲将芯片设计模板到硅片上，这一过程被称为极紫外光刻。“没有人知道如何做到这一点，”罗通蒂说。</blockquote></p><p> In other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.</p><p><blockquote>换句话说，它在供应做到这一点的机器方面拥有垄断地位——这对于任何想要制造领先芯片的公司来说都是必要的。</blockquote></p><p> <b>Risks</b></p><p><blockquote><b>风险</b></blockquote></p><p> Here are some of the chief risks for chip sector investors to watch.</p><p><blockquote>以下是芯片行业投资者需要关注的一些主要风险。</blockquote></p><p> <b>Oversupply</b></p><p><blockquote><b>供应过剩</b></blockquote></p><p> Chip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. <a href=\"https://laohu8.com/S/CAAS\">China</a> wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.</p><p><blockquote>芯片生产已经政治化。美国希望在国内生产更多产品，这样就不会受到中国供应链中断的影响。<a href=\"https://laohu8.com/S/CAAS\">中国</a>Winborne表示，希望到2025年生产70%的芯片，高于目前的5%。</blockquote></p><p> The upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.</p><p><blockquote>这里的结果是，有大量的政府支持来促进制造业——所以会有更多的支持。风险在于未来某个时候供应过剩。这也可能会推动芯片设备的购买，导致未来的平静，这可能会损害设备制造商的销售和利润趋势。</blockquote></p><p> Next, big tech companies like Alphabet,Apple&nbsp;and Ammazon.com&nbsp;are all doing their own chip design, which threatens specialized chip companies that do the same thing.</p><p><blockquote>接下来，像Alphabet、苹果和亚马逊这样的大型科技公司都在做自己的芯片设计，这威胁到了做同样事情的专业芯片公司。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/QTM\">Quantum</a> computing</b></p><p><blockquote><b><a href=\"https://laohu8.com/S/QTM\">量子的</a>计算机的</b></blockquote></p><p> Computers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”</p><p><blockquote>William Blair的Scolaro指出，使用基于量子物理学的芯片设计而不是传统半导体架构的计算机具有卓越的性能。“虽然量子计算可能至少在未来五年内不会成为主流，但它有潜力改变从技术到医疗保健的一切。”</blockquote></p><p> <b>A disturbing signal</b></p><p><blockquote><b>令人不安的信号</b></blockquote></p><p> A blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.</p><p><blockquote>全球采购经理人指数（PMI）在4月份达到顶峰，然后连续三个月减速。与此同时，芯片销售持续增长。在Thrivent跟踪这一指标的Karazeris指出，通常情况下，两者遵循相同的趋势。他将这种差异归因于库存建设，而库存建设的可持续性不如真实的终端市场需求。因此，他将这种背离视为芯片行业的看跌信号。</blockquote></p><p> Another cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory&nbsp;(DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.</p><p><blockquote>另一个警告信号来自动态随机存取存储器（DRAM）芯片定价的预测疲软。“这些通常是你在周期顶部而不是底部看到的事情，”卡拉泽里斯说。</blockquote></p><p> But it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.</p><p><blockquote>但全球PMI放缓也有可能更多地反映了芯片短缺，而不是表明短缺并不真实（只是库存增加）。Leuthold经济学家兼策略师吉姆·保尔森(Jim Paulsen)表示：“这种分歧并不一定意味着芯片订单会滚动并死亡。这意味着芯片制造业必须迎头赶上。”</blockquote></p><p> Ford,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.</p><p><blockquote>例如，福特刚刚宣布，由于芯片短缺，而不是潜在需求短缺，它不得不削减产量。</blockquote></p><p> Paulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including <a href=\"https://laohu8.com/S/F\">Ford</a> cars.</p><p><blockquote>保尔森预测，由于高储蓄率、就业和收入反弹以及被压抑的大件商品需求等因素，良好的经济增长是可持续的。如果他是对的，持续的经济实力将支持对所有使用芯片的产品的需求——包括<a href=\"https://laohu8.com/S/F\">福特</a>汽车。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","ON":"安森美半导体","QCOM":"高通","NVDA":"英伟达","ASML":"阿斯麦","SOXX":"iShares费城交易所半导体ETF","AAPL":"苹果","GOOG":"谷歌","SSNLF":"三星电子","CDNS":"铿腾电子","TSM":"台积电","GOOGL":"谷歌A","SNPS":"新思科技"},"source_url":"https://www.marketwatch.com/story/buy-the-pullback-in-chip-stocks-and-focus-on-these-6-companies-for-the-long-haul-11629468380?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151608193","content_text":"The iShares Semiconductor ETF is down over 6% from recent highs.\nISTOCKPHOTO\nIn the rolling correction that’s running through the stock market, chip makers have been hit harder than most.\nThe iShares Semiconductor ETF is down over 6% from recent highs, compared to declines of 2% or less for the S&P 500,Nasdaq Composite and the Dow Jones Industrial Average.\nDoes that make chip stocks a buy? Or is this historically cyclical sector up to its old tricks and headed into a sustained downtrend that will rip your face off.\nA lot depends on your timeline but if you like to own stocks for years rather than rent them for days, the group is a buy. The chief reason: “It’s different this time.”\nThose are admittedly among the scariest words in investing. But the chip sector has changed so much it really is different now – in ways that suggest it is less likely to crush you.\nYou’d be a fool to think there are no risks. I’ll go over those. But first, here are the three main reasons why the group is “safer” now – and six names favored by the half-dozen sector experts I’ve talked with over the past several days.\n1. The wicked witch of cyclicality is dead\n“Demand in the chip sector was always boom and bust, driven by product cycles,” says David Winborne, a portfolio manager at Impax Asset Management. “First PCs, then servers, then phones.” But now demand for chips has broadened across the economy so the secular growth story is more predictable, he says.\nJust look around you. Because of the increased “digitalization” of our lives and work, there’s greater diversity of end market demand from all angles. Think remote office services like Zoom, online shopping, cloud services, electric vehicles, 5G phones, smart factories, big data computing and even washing machines, points out Hendi Susanto, a portfolio manager and tech analyst at Gabelli Funds who is bullish on the group.\n“There is no aspect of the modern digital economy that can function without semiconductors,” says Motley Fool chip sector analyst John Rotonti. “That means more chips going into everything. The long-term demand is there.”\nHe’s not kidding. Chip sector revenue will double by 2030 to $1 trillion from $465 billion in 2020, predicts William Blair analyst Greg Scolaro.\nAll of this means the widespread supply shortages you’ve been hearing about “likely won’t be cured until sometime late next year,” says Bank of America chip sector analyst Vivek Arya. “That’s not just our view, but one confirmed by a majority of large customers.”\n2. The players have consolidated\nAll up and down the production chain, from design through the various types of equipment producers to manufacturing, industry players have consolidated down into what Rotonti calls “earned” duopolies or monopolies.\nIn chip design software, you have Cadence Design Systems and Synopsys.In production equipment, companies dominate specialized niches like ASML in extreme ultraviolet lithography (EUV). Manufacturing is dominated by Taiwan Semiconductor and Samsung Electronics.\nThese companies earned their niche or duopoly status by being the best at what they do. This makes them interesting for investors. The consolidation also means players behave more rationally in terms of pricing and production capacity, says Rotonti.\n3. Profitability has improved\nThis more rational behavior, combined with cost cutting, means profitability is now much higher than it was historically. “The economics of chip making has improved massively over past few years,” says Winbourne. Cash flow or EBITDA margins are often now over 30% whereas a decade ago they were in the 20% range.\nThis has implications for valuation. Though chip stocks trade at about a market multiple, they appear cheap because they are better companies, points out Lamar Villere, portfolio manager with Villere & Co. “They are not trading at a frothy multiple.”\nThe stocks to buy\nHere are six names favored by chip experts I recently checked in with.\nNew management plays\nThough Peter Karazeris, a senior equity research analyst at Thrivent, has reasons to be cautious on the group (see below), he singles out two companies whose performance may get a boost because they are under new management: Qualcomm and ON Semiconductor.\nBoth have solid profitability. Qualcomm was recently hit by one-off issues like bad weather in Texas that disrupted production, but the company has good exposure to the 5G phone trend. ON Semiconductor is expanding beyond phones into new areas like autos, industrial and the Internet of Things connected-device space.\nA data center and gaming play\nKarazeris also singles out Nvidia,which gets a continuing boost from its exposure to data center and gaming device chip demand — because of its superior design prowess.\nDesign tool companies\nSpeaking of design, when companies like Qualcomm and NVIDIA want to design chips, they turn to the design tools supplied by Cadence Design Systems and Synopsys.\nTheir software-based design tools help chip innovators create the blueprint for their chips, explains Rotonti at Motley Fool, who singles out these names. “They are not the fastest growers in the world, but they have good profit margins.” They also dominate the space.\nAn EUV play\nTo put those blueprints onto silicon in the early stages of chip production, companies like Taiwan Semiconductor and Samsung turn to ASML. Its machines use tiny bursts of light to stencil chip designs onto silicon wafers, in a process called extreme ultraviolet lithography. “No one else has figured out how to do it,” says Rotonti.\nIn other words, it has a monopoly position in supplying machines that do this – which are necessary for any company that wants to make leading edge chips.\nRisks\nHere are some of the chief risks for chip sector investors to watch.\nOversupply\nChip production has become politicized. The U.S. wants more production at home so it is not vulnerable to disruptions in Chinese supply chains. China wants to make 70% of the chips it uses by 2025, up from 5% now, says Winborne.\nThe upshot here is that there’s lots of government support to boost manufacturing – so there will be much more of it. The risk is oversupply at some point in the future. This might also create a pull forward in chip equipment purchases — leading to a lull down the road which could hurt sales and margin trends at equipment makers.\nNext, big tech companies like Alphabet,Apple and Ammazon.com are all doing their own chip design, which threatens specialized chip companies that do the same thing.\nQuantum computing\nComputers using chip designs based on quantum physics instead of traditional semiconductor architectures have superior performance, points out Scolaro at William Blair. “While it probably won’t become mainstream for at least another five years, quantum computing has the potential to transform everything from technology to healthcare.”\nA disturbing signal\nA blend of global purchasing managers (PMI) indexes peaked in April and then decelerated for three months. Meanwhile chip sales growth continued. Normally the two follow the same trend, points out Karazeris, who tracks this indicator at Thrivent. He chalks the divergence up to inventory building which is less sustainable than true end-market demand. So, he takes the divergence as a bearish signal for the chip sector.\nAnother cautionary sign comes from the forecasted weakness in pricing for dynamic random-access memory (DRAM) chips. “These are typically things you see at tops of cycles not the bottoms,” says Karazeris.\nBut it’s also possible the slowdown in the global PMI is more a reflection of chip shortages than a sign that the shortages aren’t real (and are just inventory building). “The divergence doesn’t necessarily mean that chip orders are going to roll over and die. It means chip manufacturing has to catch up,” says Leuthold economist and strategist Jim Paulsen.\nFord,for example, just announced it had to curtail production because of chip shortages, not a shortfall in underlying demand.\nPaulsen predicts decent economic growth is sustainable because of factors like high savings rates, the rebound in employment and incomes as well as pent-up demand for big ticket items. If he’s right, the continued economic strength would support demand for all the products that use chips – including Ford cars.","news_type":1,"symbols_score_info":{"TSM":0.9,"SNPS":0.9,"SSNLF":0.9,"GOOG":0.9,"ASML":0.9,"AMZN":0.9,"ON":0.9,"QCOM":0.9,"CDNS":0.9,"GOOGL":0.9,"AAPL":0.9,"NVDA":0.9,"SOXX":0.9}},"isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899373263,"gmtCreate":1628165094552,"gmtModify":1633753033023,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899373263","repostId":"1162240698","repostType":4,"repost":{"id":"1162240698","kind":"news","pubTimestamp":1628163800,"share":"https://www.laohu8.com/m/news/1162240698?lang=zh_CN&edition=full","pubTime":"2021-08-05 19:43","market":"us","language":"en","title":"10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10只具备成为“完美”公司所需条件的股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162240698","media":"MarketWatch","summary":"Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combin","content":"<p>  <b>Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.</b>  My recent column describing&nbsp;the “perfect company”&nbsp;elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.</p><p><blockquote><b>强有力的领导、明智的收购以及地方感和目标感是成功组合的一部分。</b>我最近描述“完美公司”的专栏获得了读者的几个提名。它们值得分享，甚至可以为构建投资组合提供基础。</blockquote></p><p> As a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.</p><p><blockquote>回顾一下，一位同事曾经将完美公司定义为不需要增量资本、产生功能性无限回报并保持长期视野。完美公司的领导者必须擅长分配资本，主要是通过一系列收购企业，然后在基于信任的分散结构中进行管理。</blockquote></p><p> Acknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:</p><p><blockquote>读者承认这样的公司很少见，并提出了许多例子。以下按字母顺序列出的这10个被多次提及：</blockquote></p><p> <ul>  <li>1. <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> ADBE,+0.71%</li>  <li>2. <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> (Google) GOOGL,-0.37%</li>  <li>3. <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> BRK.A,-0.88%&nbsp;BRK.B,-1.07%</li>  <li>4. <a href=\"https://laohu8.com/S/STZ\">Constellation</a> Brands STZ,-0.88%</li>  <li>5. <a href=\"https://laohu8.com/S/DHR\">Danaher</a> DHR,+1.09%</li>  <li>6. Fairfax Financial Holdings FFH,+4.70%</li>  <li>7. <a href=\"https://laohu8.com/S/ITW\">Illinois Tool</a> Works ITW,-1.31%</li>  <li>8. Johnson &amp; Johnson JNJ,-0.59%</li>  <li>9. <a href=\"https://laohu8.com/S/MKL\">Markel</a> MKL,+0.30%</li>  <li>10. <a href=\"https://laohu8.com/S/ROP\">Roper</a> Technologies ROP,-0.44%</li> </ul> These companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.&nbsp; That meets the first hurdle.</p><p><blockquote><ul><li>1.<a href=\"https://laohu8.com/S/ADBE\">土坯</a>ADBE,+0.71%</li><li>2.<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>（谷歌）GOOGL，-0.37%</li><li>3.<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>BRK.A,-0.88%BRK.B,-1.07%</li><li>4.<a href=\"https://laohu8.com/S/STZ\">星座</a>品牌STZ,-0.88%</li><li>5.<a href=\"https://laohu8.com/S/DHR\">丹纳赫</a>DHR，+1.09%</li><li>6.费尔法克斯金融控股FFH，+4.70%</li><li>7.<a href=\"https://laohu8.com/S/ITW\">伊利诺伊工具</a>工程ITW,-1.31%</li><li>8.强生JNJ，-0.59%</li><li>9.<a href=\"https://laohu8.com/S/MKL\">马克尔</a>MKL,+0.30%</li><li>10.<a href=\"https://laohu8.com/S/ROP\">罗珀</a>科技ROP,-0.44%</li></ul>这些公司所处的行业通常不需要或只需要适度的增量资本——保险、科学、技术和软件。这就遇到了第一个障碍。</blockquote></p><p> Their leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, <a href=\"https://laohu8.com/S/STZ.B\">Constellation</a>’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.&nbsp; A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.</p><p><blockquote>他们的领导力是强有力的，通常是标志性的，当然也是长期的。伯克希尔的沃伦·巴菲特，<a href=\"https://laohu8.com/S/STZ.B\">星座</a>公司的马克·伦纳德(Mark Leonard)和费尔法克斯(Fairfax)的普雷姆·瓦萨(Prem Watsa)几十年来一直是他们公司的化身，并且都培养了一大批志同道合的经理人。一系列令人印象深刻的领导者掌管着所有其他公司，例如丹纳赫(Danaher)的罗尔斯兄弟(Rales brothers)和同名公司的马克尔(Markel)家族。</blockquote></p><p> Acquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.&nbsp; As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>’s YouTube, or Berkshire’s Dairy Queen.&nbsp; Most people haven’t heard of the majority of the businesses these companies have acquired.&nbsp; ISCAR, Pall, Quipp, Vertafore anyone?</p><p><blockquote>高资本回报率、公司的机会主义特征及其相对默默无闻证明了收购纪律。至于后者，这10家公司进行的数千次收购中只有少数是与Adobe的Photoshop齐名的大牌，<a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>YouTube，或者伯克希尔的乳品皇后。大多数人没有听说过这些公司收购的大部分业务。伊斯卡、颇尔、奎普、维塔福尔有人吗？</blockquote></p><p> Acquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.</p><p><blockquote>采集频率和规模各不相同。例如，Constellation已经进行了数百次小型收购，而Illinois Tool Works则进行了大约1,000次收购。Adobe、Danaher、Fairfax和Markel已经进行了数十次或数十次收购，其中一些规模相当大。其他的在数量和大小上遍布地图。这些投资者的一个共同点是他们等待他们的推销。</blockquote></p><p> All of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.</p><p><blockquote>所有这些公司都是按照分散的路线组织的。总部将相当大的自主权授予各业务负责人。信任渗透在他们的文化中。</blockquote></p><p> The data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as&nbsp;capital allocation prowess&nbsp;and&nbsp;decentralized trust-based cultures.</p><p><blockquote>数据支持了印象。例如，这些公司在完美公司的属性排名中多次领先，例如资本配置能力和基于分散信任的文化。</blockquote></p><p> They are also notable for the&nbsp;longevity of their leadership&nbsp;and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).</p><p><blockquote>他们还因其长期的领导力和股票的内部所有权（尤其是董事，这表明他们“得到”了完美的公司）而闻名。</blockquote></p><p> Not coincidentally, all 10 companies&nbsp;rank high in attracting&nbsp;long-term focused (“quality”) shareholders. They also rank high in the caliber of their&nbsp;shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.</p><p><blockquote>并非巧合的是，所有10家公司在吸引长期关注（“优质”）股东方面都排名靠前。他们在股东沟通方面的水平也很高——从股东的角度来看，这是完美公司的合乎逻辑的补充。</blockquote></p><p> In short, readers have helpfully identified “perfect companies” in the sense my colleague described.&nbsp; Whether these companies are perfect investments depends on their prevailing stock price.&nbsp; But they certainly warrant a close look.</p><p><blockquote>简而言之，读者在我的同事描述的意义上识别“完美公司”是很有帮助的。这些公司是否是完美的投资取决于它们当时的股价。但它们确实值得仔细观察。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10只具备成为“完美”公司所需条件的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n10 stocks that have what it takes to be a ‘perfect’ company<blockquote>10只具备成为“完美”公司所需条件的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-08-05 19:43</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.</b>  My recent column describing&nbsp;the “perfect company”&nbsp;elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.</p><p><blockquote><b>强有力的领导、明智的收购以及地方感和目标感是成功组合的一部分。</b>我最近描述“完美公司”的专栏获得了读者的几个提名。它们值得分享，甚至可以为构建投资组合提供基础。</blockquote></p><p> As a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.</p><p><blockquote>回顾一下，一位同事曾经将完美公司定义为不需要增量资本、产生功能性无限回报并保持长期视野。完美公司的领导者必须擅长分配资本，主要是通过一系列收购企业，然后在基于信任的分散结构中进行管理。</blockquote></p><p> Acknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:</p><p><blockquote>读者承认这样的公司很少见，并提出了许多例子。以下按字母顺序列出的这10个被多次提及：</blockquote></p><p> <ul>  <li>1. <a href=\"https://laohu8.com/S/ADBE\">Adobe</a> ADBE,+0.71%</li>  <li>2. <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> (Google) GOOGL,-0.37%</li>  <li>3. <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> BRK.A,-0.88%&nbsp;BRK.B,-1.07%</li>  <li>4. <a href=\"https://laohu8.com/S/STZ\">Constellation</a> Brands STZ,-0.88%</li>  <li>5. <a href=\"https://laohu8.com/S/DHR\">Danaher</a> DHR,+1.09%</li>  <li>6. Fairfax Financial Holdings FFH,+4.70%</li>  <li>7. <a href=\"https://laohu8.com/S/ITW\">Illinois Tool</a> Works ITW,-1.31%</li>  <li>8. Johnson &amp; Johnson JNJ,-0.59%</li>  <li>9. <a href=\"https://laohu8.com/S/MKL\">Markel</a> MKL,+0.30%</li>  <li>10. <a href=\"https://laohu8.com/S/ROP\">Roper</a> Technologies ROP,-0.44%</li> </ul> These companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.&nbsp; That meets the first hurdle.</p><p><blockquote><ul><li>1.<a href=\"https://laohu8.com/S/ADBE\">土坯</a>ADBE,+0.71%</li><li>2.<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>（谷歌）GOOGL，-0.37%</li><li>3.<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>BRK.A,-0.88%BRK.B,-1.07%</li><li>4.<a href=\"https://laohu8.com/S/STZ\">星座</a>品牌STZ,-0.88%</li><li>5.<a href=\"https://laohu8.com/S/DHR\">丹纳赫</a>DHR，+1.09%</li><li>6.费尔法克斯金融控股FFH，+4.70%</li><li>7.<a href=\"https://laohu8.com/S/ITW\">伊利诺伊工具</a>工程ITW,-1.31%</li><li>8.强生JNJ，-0.59%</li><li>9.<a href=\"https://laohu8.com/S/MKL\">马克尔</a>MKL,+0.30%</li><li>10.<a href=\"https://laohu8.com/S/ROP\">罗珀</a>科技ROP,-0.44%</li></ul>这些公司所处的行业通常不需要或只需要适度的增量资本——保险、科学、技术和软件。这就遇到了第一个障碍。</blockquote></p><p> Their leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, <a href=\"https://laohu8.com/S/STZ.B\">Constellation</a>’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.&nbsp; A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.</p><p><blockquote>他们的领导力是强有力的，通常是标志性的，当然也是长期的。伯克希尔的沃伦·巴菲特，<a href=\"https://laohu8.com/S/STZ.B\">星座</a>公司的马克·伦纳德(Mark Leonard)和费尔法克斯(Fairfax)的普雷姆·瓦萨(Prem Watsa)几十年来一直是他们公司的化身，并且都培养了一大批志同道合的经理人。一系列令人印象深刻的领导者掌管着所有其他公司，例如丹纳赫(Danaher)的罗尔斯兄弟(Rales brothers)和同名公司的马克尔(Markel)家族。</blockquote></p><p> Acquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.&nbsp; As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, <a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>’s YouTube, or Berkshire’s Dairy Queen.&nbsp; Most people haven’t heard of the majority of the businesses these companies have acquired.&nbsp; ISCAR, Pall, Quipp, Vertafore anyone?</p><p><blockquote>高资本回报率、公司的机会主义特征及其相对默默无闻证明了收购纪律。至于后者，这10家公司进行的数千次收购中只有少数是与Adobe的Photoshop齐名的大牌，<a href=\"https://laohu8.com/S/GOOGL\">Alphabet</a>YouTube，或者伯克希尔的乳品皇后。大多数人没有听说过这些公司收购的大部分业务。伊斯卡、颇尔、奎普、维塔福尔有人吗？</blockquote></p><p> Acquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.</p><p><blockquote>采集频率和规模各不相同。例如，Constellation已经进行了数百次小型收购，而Illinois Tool Works则进行了大约1,000次收购。Adobe、Danaher、Fairfax和Markel已经进行了数十次或数十次收购，其中一些规模相当大。其他的在数量和大小上遍布地图。这些投资者的一个共同点是他们等待他们的推销。</blockquote></p><p> All of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.</p><p><blockquote>所有这些公司都是按照分散的路线组织的。总部将相当大的自主权授予各业务负责人。信任渗透在他们的文化中。</blockquote></p><p> The data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as&nbsp;capital allocation prowess&nbsp;and&nbsp;decentralized trust-based cultures.</p><p><blockquote>数据支持了印象。例如，这些公司在完美公司的属性排名中多次领先，例如资本配置能力和基于分散信任的文化。</blockquote></p><p> They are also notable for the&nbsp;longevity of their leadership&nbsp;and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).</p><p><blockquote>他们还因其长期的领导力和股票的内部所有权（尤其是董事，这表明他们“得到”了完美的公司）而闻名。</blockquote></p><p> Not coincidentally, all 10 companies&nbsp;rank high in attracting&nbsp;long-term focused (“quality”) shareholders. They also rank high in the caliber of their&nbsp;shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.</p><p><blockquote>并非巧合的是，所有10家公司在吸引长期关注（“优质”）股东方面都排名靠前。他们在股东沟通方面的水平也很高——从股东的角度来看，这是完美公司的合乎逻辑的补充。</blockquote></p><p> In short, readers have helpfully identified “perfect companies” in the sense my colleague described.&nbsp; Whether these companies are perfect investments depends on their prevailing stock price.&nbsp; But they certainly warrant a close look.</p><p><blockquote>简而言之，读者在我的同事描述的意义上识别“完美公司”是很有帮助的。这些公司是否是完美的投资取决于它们当时的股价。但它们确实值得仔细观察。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/10-stocks-that-have-what-it-takes-to-be-a-perfect-company-11628125333?mod=newsviewer_click\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ADBE":"Adobe","MKL":"Markel Corp","ITW":"伊利诺伊机械","STZ":"星座品牌","GOOG":"谷歌","ROP":"儒博实业","FAXRF":"Fairfax Financial Holdings Ltd.","BRK.A":"伯克希尔","JNJ":"强生","DHR":"丹纳赫"},"source_url":"https://www.marketwatch.com/story/10-stocks-that-have-what-it-takes-to-be-a-perfect-company-11628125333?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162240698","content_text":"Strong leadership, smart acquisitions, and a sense of place and purpose are part of a winning combination.\n\nMy recent column describing the “perfect company” elicited several nominees from readers. They’re worth sharing and may even provide the basis for constructing a portfolio.\nAs a recap, a colleague once defined the perfect company as requiring no incremental capital, yielding functionally infinite returns, and maintaining a long-term view. The perfect company’s leader must excel at allocating capital, chiefly through serial acquisitions of businesses thereafter managed in a decentralized structure based on trust.\nAcknowledging that such companies are rare, readers suggested numerous examples. These 10, listed below in alphabetical order, were mentioned multiple times:\n\n1. Adobe ADBE,+0.71%\n2. Alphabet (Google) GOOGL,-0.37%\n3. Berkshire Hathaway BRK.A,-0.88% BRK.B,-1.07%\n4. Constellation Brands STZ,-0.88%\n5. Danaher DHR,+1.09%\n6. Fairfax Financial Holdings FFH,+4.70%\n7. Illinois Tool Works ITW,-1.31%\n8. Johnson & Johnson JNJ,-0.59%\n9. Markel MKL,+0.30%\n10. Roper Technologies ROP,-0.44%\n\nThese companies operate in industries generally requiring zero or modest incremental capital — insurance, sciences, technology and software.  That meets the first hurdle.\nTheir leadership is strong, often iconic, and certainly long-term. Berkshire’s Warren Buffett, Constellation’s Mark Leonard, and Fairfax’s Prem Watsa have personified their companies for decades, and all developed a deep bench of like-minded managers.  A succession of impressive leaders has run all the others, such as the Rales brothers at Danaher and the Markel family at their eponymous company.\nAcquisition discipline is evidenced by high returns on capital deployed, the companies’ opportunistic character, and their relative obscurity.  As for the latter, only a few of the thousands of acquisitions made by these 10 companies are marquee names on the order of Adobe’s Photoshop, Alphabet’s YouTube, or Berkshire’s Dairy Queen.  Most people haven’t heard of the majority of the businesses these companies have acquired.  ISCAR, Pall, Quipp, Vertafore anyone?\nAcquisition frequency and scale vary. Constellation, for example, has made hundreds of small acquisitions while Illinois Tool Works has made perhaps 1,000. Adobe, Danaher, Fairfax, and Markel have made dozens or scores of purchases, some of considerable size. The others are all over the map in number and sizes. One thing these investors have in common is that they wait for their pitch.\nAll of these companies are organized along decentralized lines. Headquarters delegates substantial autonomy to the heads of the various businesses. Trust permeates their cultures.\nThe data back up the impressions. For instance, these companies repeatedly lead the pack in rankings of attributes of the perfect company, such as capital allocation prowess and decentralized trust-based cultures.\nThey are also notable for the longevity of their leadership and insider ownership of the stock (especially by directors, suggesting they “get” the perfect company).\nNot coincidentally, all 10 companies rank high in attracting long-term focused (“quality”) shareholders. They also rank high in the caliber of their shareholder communications — a logical add-on of the perfect company from the shareholders’ viewpoint.\nIn short, readers have helpfully identified “perfect companies” in the sense my colleague described.  Whether these companies are perfect investments depends on their prevailing stock price.  But they certainly warrant a close look.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"DHR":0.9,"ROP":0.9,"ADBE":0.9,"GOOG":0.9,"MKL":0.9,"ITW":0.9,"STZ":0.9,"JNJ":0.9,"FAXRF":0.9}},"isVote":1,"tweetType":1,"viewCount":370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806345308,"gmtCreate":1627636231104,"gmtModify":1633757564350,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806345308","repostId":"1166392380","repostType":4,"isVote":1,"tweetType":1,"viewCount":495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":822696847,"gmtCreate":1634123126758,"gmtModify":1634123126876,"author":{"id":"4087537620314880","authorId":"4087537620314880","name":"Totoroido","avatar":"https://static.tigerbbs.com/9d6f731ba4e6c392e51172cb7506f447","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087537620314880","authorIdStr":"4087537620314880"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/822696847","repostId":"1182958686","repostType":4,"isVote":1,"tweetType":1,"viewCount":3150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}